PPCC: Pisitófilos Creditófagos. Verano 2023

[sudden and sharp]

[...] NO SE SUICIDEN TODAVÍA...

Bueno no sé...

Powell pide paciencia con los tipos: "Queda un largo camino con la inflación"
https://www.eleconomista.es/flash/20230726/#flash_39903
Jerome Powell, presidente de la Reserva Federal, ha comparecido en rueda de prensa tras la decisión de subir tipos por undécima vez desde que comenzó el ciclo. La gran duda se encuentra no tanto en esta alza, que se daba por descontada, sino en las próximas. En ese sentido el presidente ha remarcado que quiere ver con más detenimiento los nuevos datos porque "los efectos completos del endurecimiento aún estar por verse". 







Lo dicho: NO SE SUICIDEN TODAVÍA...





--------------
[ Hay puentes para todos. (Pero os buscais el vuestro.) ]

[sudden and sharp]

PSOE y Sumar subirán Sociedades y la tributación de las rentas altas
https://www.eleconomista.es/economia/noticias/12384733/07/23/psoe-y-sumar-subiran-sociedades-y-la-tributacion-de-las-rentas-altas.html
 - Yolanda Díaz quiere recortar las deducciones, las exenciones y las correcciones para las empresas
 - Ambas formaciones coinciden en hacer permanente la llamada 'tasa de solidaridad'





-------------
[ Esta es mi Yoli...     ]

[Saturio]

https://edition.cnn.com/2023/07/26/economy/england-homelessness-increase/index.html

This measure of homelessness in England has reached a 25-year high

London CNN — The number of households living in temporary accommodation in England has hit its highest level since at least 1998, according to official data.

Close to 105,000 households were living in temporary accommodation — such as a hostel or a room in a shared house — in the first quarter of 2023, up 10% from the same period last year, and the highest number since the government started keeping records 25 years ago, the UK housing department said Tuesday.

Local authorities in England have a duty to provide accommodation for households that have become “unintentionally homeless.” While authorities process a household’s application for housing, they often provide temporary accommodation.(...)

The UK government said Monday that it was on track to hit a target of 1 million new homes over five years by January 2025, when the next general election is due to be held. The figure refers to homes in England, the department told CNN Wednesday.

“Once again, we see the crippling cost that years of no investment in housing benefit, and a shameful lack of social house building, is having by trapping families in temporary accommodation,” Matt Downie, chief executive at Crisis, said in a statement Tuesday.

“Not only do people not have the stability and security of a home, but they’re often left to cope in just one room, with no facilities to cook meals or do washing.”

Eso es porque se acaban las casas.

[sudden and sharp]

NH logra los mayores ingresos de su historia hasta junio gracias al aumento de los precios por habitación
https://www.eleconomista.es/transportes-turismo/noticias/12386397/07/23/nh-logra-los-mayores-ingresos-de-su-historia-hasta-junio-gracias-al-aumento-de-los-precios-por-habitacion.html
 - El grupo hotelero ha facturado 1.026 millones en el primer semestre y ha vuelto a beneficio tras ganar 45 millones





------
Nah, imposible. Lo he leído in intehnes.

[BENDITALIQUIDEZ]

[...] NO SE SUICIDEN TODAVÍA...

Bueno no sé...

Powell pide paciencia con los tipos: "Queda un largo camino con la inflación"
https://www.eleconomista.es/flash/20230726/#flash_39903
Jerome Powell, presidente de la Reserva Federal, ha comparecido en rueda de prensa tras la decisión de subir tipos por undécima vez desde que comenzó el ciclo. La gran duda se encuentra no tanto en esta alza, que se daba por descontada, sino en las próximas. En ese sentido el presidente ha remarcado que quiere ver con más detenimiento los nuevos datos porque "los efectos completos del endurecimiento aún estar por verse". 







Lo dicho: NO SE SUICIDEN TODAVÍA...





--------------
[ Hay puentes para todos. (Pero os buscais el vuestro.) ]

Dejó bien claro el otro día en Madrid que esta vez la senda que sigan los tipos de interés va a ser "más difícil de predecir".

Y hoy creo que ha dicho que la FED es consciente de que el mercado se dedica a anticipar sus acciones pero que eso no significa que lo que haga el mercado los condicione.

Yo creo que está claro que saben que quieren forzarlos a bajar la presión antes de que se capitule, o a que haya una capitulación de "mentirijillas" como en las fases coyunturales, pero esta vez es diferente, hace falta destruir cualquier esperanza de "comprar cuando haya sangre en las calles".

Esta vez es diferente, y yo creo que la FED está avisando de que no sirve de nada intentar predecir lo que va a hacer porque hasta que no cumpla sus objetivos no va a parar.

Habla de inflación al 2%---> quiere decir acabar con la sobrevaloración de activos.

Habla de que el mercado intenta anticipar sus movimientos pero que eso no lo desvía de sus objetivos---> quiere decir que no va a dejar al muerto medio vivo, que lo va a matar del todo así que da igual lo que haga el mercado porque ellos van a cumplir sus objetivos.

Ha sido claro para quien haya querido escucharle, obviamente, todos los que le preguntaban estaban con unas ganas de que bajase tipos que no se podían aguantar, se notaba en el ambiente.

BONUS TRACK DE LA RUEDA DE PRENSA:

- El que lo felicita por la elección de la corbata antes de preguntar (vaya cara que ha puesto Powell).
- El que se pone a preguntar y aparece en cámara con el cuello de la camisa rota (debía de ser su camisa favorita).

[Derby]

https://www.ft.com/content/110bd237-cbf2-463d-b1b5-edcb98245851

Federal Reserve raises US interest rates to highest level in 22 years

US central bank implements quarter-point increase as inflation concerns linger

The Federal Reserve raised its benchmark interest rate by a quarter of a percentage point on Wednesday to the highest level in 22 years, as it wrestles with how much more to squeeze the US economy to bring inflation under control.

The Federal Open Market Committee lifted the federal funds rate to a new target range of 5.25-5.5 per cent with unanimous support, resuming its most aggressive monetary tightening campaign in decades.

Wednesday’s increase followed a brief reprieve at the previous meeting in June, when the FOMC held the benchmark rate steady. At the time, Fed chair Jay Powell indicated the central bank would take a more gradual approach to rate rises to account for months of earlier increases and the fallout of a regional banking crisis this spring.

In a statement, the committee said inflation remained “elevated”, jobs gains in recent months had been “robust” and economic activity was expanding “at a moderate pace”.

The committee said it remained “highly attentive to inflation risks”, and would “continue to assess additional information and its implications for monetary policy”.

In a press conference following the decision, Powell refused to be drawn on whether the Fed would increase rates again at its next meeting in September.

“I would say it is certainly possible that we would raise funds again at the September meeting if the data warranted,” he said. “And I would also say it’s possible that we would choose to hold steady at that meeting. We’re going to be making careful assessments . . . meeting by meeting.”

US stocks shot higher, with the S&P 500 index hitting its highest level since April 2022, after Powell’s remarks on the September meeting. The two-year Treasury yield, which moves with interest rate expectations, dipped.

“We have covered a lot of ground and the full effects of our tightening have yet to be felt,” Powell said, adding the committee would “take a data-dependent approach” to determine whether more rate rises were necessary.

Powell said it was “a good thing” that the Fed’s rate rises had managed to “achieve disinflation . . . without any meaningful negative impact on the labour market”. But he warned that “stronger growth could lead over time to higher inflation”, requiring more tightening from the Fed.

“What our eyes are telling us is that [monetary] policy has not been restrictive enough for long enough to have its full desired effect.”

However, Powell raised hopes that the Fed would be able to pull off a “soft landing”, noting that the central bank’s own economists had reversed their call that the world’s largest economy would enter a recession.

“The staff now has a noticeable slowdown and growth starting later this year in the forecast,” he said. “Given the resilience of the economy recently they are no longer forecasting a recession.”

Having raised its benchmark rate from near zero in March 2022 to more than 5 per cent, the Fed is now closer to a level of borrowing costs it deems “sufficiently restrictive” to bring inflation down to its longstanding 2 per cent target in a timely manner.

Powell last month said the Fed was “not so far away from the destination”. But officials have resisted ruling out any further rate increases in case inflation — which fell to an annual rate of 3 per cent in June, according to the consumer price index — does not keep falling this year.

One complication for the central bank is that the US economy has defied expectations of a sharper slowdown this year. The labour market has cooled off but remains strong, helping to buoy consumer spending. Headline inflation has fallen as energy and food prices have eased, although “core” measures that strip out those volatile costs still hover well above the Fed’s target.

Concerns that some price gains — especially those across the services sector — were still elevated prompted officials last month to revise up their forecasts for core inflation, as measured by the personal consumption expenditures price index. In turn, they upped their predictions for the level at which the fed funds rate would peak this year.

In June, most officials saw the benchmark rate topping out at 5.5-5.75 per cent, suggesting one further quarter-point increase after a July move.

However, market participants and economists are sceptical the Fed will follow through with further rate rises this year.

“We think that the Fed is done raising rates,” said Bob Michele, chief investment officer at JPMorgan Asset Management. “We see enough signs of inflation moderating. By the time they meet in September, that is likely to be evident in both inflation and the growth.”

After the July gathering, the Fed next meets in September, giving it two more full rounds of monthly data on jobs, inflation and consumer spending.

Christopher Waller, a governor and one of the FOMC’s most hawkish members, recently said the September gathering would be a “live meeting”, meaning the Fed could raise rates then.

But many economists believe the Fed has a high bar for more tightening in September. Should data indicate the need for another rate rise, most expect it to be implemented at the November meeting.

[sudden and sharp]

[...] NO SE SUICIDEN TODAVÍA...

Bueno no sé...

Powell pide paciencia con los tipos: "Queda un largo camino con la inflación"
https://www.eleconomista.es/flash/20230726/#flash_39903
Jerome Powell, presidente de la Reserva Federal, ha comparecido en rueda de prensa tras la decisión de subir tipos por undécima vez desde que comenzó el ciclo. La gran duda se encuentra no tanto en esta alza, que se daba por descontada, sino en las próximas. En ese sentido el presidente ha remarcado que quiere ver con más detenimiento los nuevos datos porque "los efectos completos del endurecimiento aún estar por verse". 







Lo dicho: NO SE SUICIDEN TODAVÍA...





--------------
[ Hay puentes para todos. (Pero os buscais el vuestro.) ]

Dejó bien claro el otro día en Madrid que esta vez la senda que sigan los tipos de interés va a ser "más difícil de predecir".

Y hoy creo que ha dicho que la FED es consciente de que el mercado se dedica a anticipar sus acciones pero que eso no significa que lo que haga el mercado los condicione.

Yo creo que está claro que saben que quieren forzarlos a bajar la presión antes de que se capitule, o a que haya una capitulación de "mentirijillas" como en las fases coyunturales, pero esta vez es diferente, hace falta destruir cualquier esperanza de "comprar cuando haya sangre en las calles".

Esta vez es diferente, y yo creo que la FED está avisando de que no sirve de nada intentar predecir lo que va a hacer porque hasta que no cumpla sus objetivos no va a parar.

Habla de inflación al 2%---> quiere decir acabar con la sobrevaloración de activos.

Habla de que el mercado intenta anticipar sus movimientos pero que eso no lo desvía de sus objetivos---> quiere decir que no va a dejar al muerto medio vivo, que lo va a matar del todo así que da igual lo que haga el mercado porque ellos van a cumplir sus objetivos.

Ha sido claro para quien haya querido escucharle, obviamente, todos los que le preguntaban estaban con unas ganas de que bajase tipos que no se podían aguantar, se notaba en el ambiente.

BONUS TRACK DE LA RUEDA DE PRENSA:

- El que lo felicita por la elección de la corbata antes de preguntar (vaya cara que ha puesto Powell).
- El que se pone a preguntar y aparece en cámara con el cuello de la camisa rota (debía de ser su camisa favorita).

Ojalá sepan lo que hacen. Reuniéndose todos los meses no pierden nada por ir a prueba y error.




[ No deberiamos creernos que lo estudian mucho. ]

[Derby]

https://www.ft.com/content/42b661fb-59b3-495a-afd0-4daa1cad7ce9

Nato steps up Black Sea patrols to counter Russian threats to ports and ships

Alliance warns of ‘new risks for escalation’ after Moscow pulled out of grain export deal

Nato will increase air force patrol flights and drone deployments in and around the Black Sea, warning that Russia’s threats against civilian ships and attacks on Ukraine’s ports have “created new risks for miscalculation and escalation”.

In recent days Russia has withdrawn from a UN-brokered deal to allow Ukrainian grain exports via the Black Sea, increased its bomb and missile strikes on the country’s ports and warned it would attack civilian merchant ships, in what western officials say is an attempt to cripple Ukraine’s agricultural industry and disrupt global food markets.

“Russia’s actions . . . pose substantial risks to the stability of the Black Sea region, which is of strategic importance to Nato,” said secretary-general Jens Stoltenberg. “Allies are stepping up support to Ukraine and increasing our vigilance. We remain ready to defend every inch of allied territory from any aggression.”

Russian attacks on grain silos and port infrastructure on the Black Sea coast and the Danube river, which forms Ukraine’s border with Nato member Romania, along with its withdrawal from the grain export deal, have pushed up wheat prices, renewing concerns about food inflation.

The Chicago benchmark price of red winter wheat has risen 15 per cent since the start of July, although prices cooled slightly on Wednesday after a pause in Russia’s attacks on Ukrainian port infrastructure.

Linda Thomas-Greenfield, US ambassador to the UN, said one of Russia’s attacks this week destroyed 60,000 tonnes of grain, enough to feed more than 270,000 people for a year. She also said Moscow’s attacks on Chornomorsk, a port south of Odesa which facilitates nearly 70 per cent of Ukrainian wheat exports to developing countries, will take at least a year to repair.

“The world is paying the price for Russia’s barbaric attacks,” she said. “We must all urge Russia to cease its attacks on global food security — and extend, expand, and fully implement the Black Sea Grain Initiative.”

The US-led military alliance on Wednesday said it was “stepping up surveillance and reconnaissance in the Black Sea region, including with maritime patrol aircraft and drones” in response to Russian actions it said had “created serious impediments to freedom of navigation”.

“If you look at the levels of violence that have been going on in the Black Sea and some of the [Russian] statements . . . then you can see there is certainly a change of intent from the Russians,” said a western official. “Russia is demonstrating a level of risk around the Black Sea that we’ve not seen . . . demonstrated previously.”

The US state department on Monday warned Washington believes Moscow may conduct a “false flag” operation against a civilian ship in the Black Sea intending to blame it on Ukraine.

John Kirby, US National Security Council spokesman, said seaborne grain exports would not happen for “some time” and that Washington was working with Ukraine on alternative routes.

“We’re working with Ukraine and other European partners to see if there’s other ways to get grain to market,” he said, adding that the US and its allies were looking at truck and rail routes as well as other EU ports.

The UK ministry of defence on Wednesday said the Kremlin’s Black Sea naval fleet, based on the annexed peninsula of Crimea, has altered its posture “in preparedness to enforce a blockade” and has moved a modern corvette into the area, providing a “realistic possibility that it will form part of a task group to intercept commercial vessels Russia believes are heading to Ukraine”.

Turkey, which was a signatory to the grain export deal, and fellow Nato members Bulgaria and Romania have Black Sea coastlines. Nato allies held a special council with Ukraine on Wednesday to discuss Russia’s escalation of aggression towards the Black Sea region.

[Derby]

https://www.marketwatch.com/story/netflix-criticized-for-posting-ai-jobs-paying-up-to-900-000-while-writers-and-actors-are-on-strike-1de748f

Netflix criticized for posting AI jobs paying up to $900,000 while writers and actors are on strike

‘That amount of earnings could qualify 35 actors and their families for SAG-AFTRA health insurance’

Among the many reasons why Hollywood actors have joined screenwriters in a historic industry-stopping strike are calls for better pay, plus greater protections against the rise of artificial intelligence in developing scripts or using artist’s likenesses in movie and TV productions.

So it shouldn’t come as a surprise that Netflix is catching some heat for posting several AI-related positions paying six-figure salaries, even as the Writers Guild of America strike enters its fourth month. Netflix currently has at least five open positions with “AI” or “machine learning” in the job title posted on LinkedIn within the last month. One, described as “Product Manager, Machine Learning Platform,” would pay between $300,000 to $900,000 a year. In the product manager listing, Netflix writes that AI is “powering innovation in all areas,” and it helps the streaming giant “buy and create great content.”

Rob Delaney, who recently starred in a “Black Mirror” episode (“Joan is Awful”) on Netflix that featured a studio manipulating actors’ digital likenesses against their will, suggested that Netflix’s AI job salaries could be used to better compensate writers and actors.

“So $900k/yr per soldier in their godless AI army, when that amount of earnings could qualify 35 actors and their families for SAG-AFTRA health insurance, is just ghoulish,” Delaney told The Intercept. “Having been poor and rich in this business, I can assure you there’s enough money to go around; it’s just about priorities.”

Roughly 87% of SAG-AFTRA members make less than $26,000 a year from their acting jobs, according to members, making them ineligible for health coverage through the union.(...)

[asustadísimos]

[La subida de tipos de hoy, por la Fed, es mucho más importante de lo que parece. Todo encaja.]

[Derby]

https://thehill.com/business/4121466-powell-housing-market-has-a-ways-to-go-before-prices-cool/

Powell: Housing market has ‘a ways to go’ before prices cool

Home prices are nearing their peak, but the housing market could have “a ways to go” before balancing out, Federal Reserve Chair Jerome Powell said on Tuesday after the central bank’s decision to raise interest rates.

“There are many people who have low-rate mortgages and whereas they might want to sell in a normal situation, they’re not going to because they have such so much value in their mortgage, which means that the supply of existing homes is really, really tight, which is keeping prices up,” Powell said.

Mortgage rates rose rapidly from their historic lows during the pandemic amid the Federal Reserve’s aggressive effort to curb inflation, moving above 7 percent at their peak in November.

Prices remain high as stubborn mortgage rates are keep would be sellers anchored to their homes, lowering the number of homes for sale, driving prices, and hampering affordability.

Rates are down slightly from their high point halfway through the year after rising modestly in the weeks following the central bank’s previous decision to pause rate hikes.

Meanwhile, sales of existing home sales declined in June, falling by 3.3 percent from a month before. 

Existing home sales — completed transactions that include single-family homes, townhomes, condominiums and co-ops — declined 3.3 percent from May to a seasonally adjusted annual rate of 4.16 million, according to data released last week by the National Association of Realtors (NAR).

“Home sales fell but home prices have held firm in most parts of the country,” NAR’s Chief Economist Lawrence Yun said in a statement. “The national median home price in June was slightly less than the record high of nearly $414,000 in June of last year.   

But Powell acknowledged Tuesday buyers could soon see a reprieve with a record number of new construction coming online over the next year.

New construction soared past expectations in May before falling in June. Privately owned housing starts fell to a seasonally adjusted annual rate of 1.43 million units last month, down 8 percent from the revised estimate in May at more than 1.55 million.

[Derby]

https://www.asiafinancial.com/china-evergrande-ev-unit-posts-10-billion-two-year-loss

China Evergrande EV Unit Posts $10 Billion Two-Year Loss

The struggling electric vehicle unit has been under pressure with its parent company trying to find a way out of a two-year debt crisis

China Evergrande’s New Energy Vehicle Group has revealed a combined net loss of 71.12 billion yuan ($9.95 billion) for 2021 and 2022 in long overdue financial reports published on Wednesday.

Evergrande NEV’s net loss was 56.27 billion yuan for 2021 and net loss from continuing operations was 14.85 billion yuan for 2022, compared with a net loss of 7.4 billion yuan in 2020 when its business was predominately health management.

The company, which has been under pressure since its parent China Evergrande group got sucked into a debt crisis in mid-2021, had warned it might have to wind up operations unless it obtained new funding.

Last year, the firm had to delay mass production of its first flagship model, the Hengchi 5. Evergrande said last month it had delivered more than 1,000 cars as of end May.

[Cadavre Exquis]

https://www.expansion.com/economia/2023/07/25/64beb206468aeb5c038b45a4.html

https://www.expansion.com/economia/financial-times/2023/07/25/64bffd07e5fdea54078b4572.html

Saludos.

[Cadavre Exquis]

https://www.pressreader.com/spain/expansion-nacional/20230726/page/11/textview

La filial británica de Telefónica recortará 2.000 empleos

Saludos.

[Cadavre Exquis]

https://www.expansion.com/empresas/banca/2023/07/26/64c02cb0e5fdea864a8b4612.html

Saludos.