Fund manager says meme stock phenomenon is not a fad
European Economics Preview: ECB Monetary Policy Announcement Due
The monetary policy announcement is due from the European Central Bank on Thursday, headlining a light day for the European economic news.
The main refi rate is expected to be retained at a record low zero percent. Markets expect the bank to maintain its current asset purchase programme and to avoid any tapering talk.
The outcome of the governing council meeting of the ECB is due at 7.45 am ET.
After the meeting, ECB Chief Christine Lagarde holds the press conference in Frankfurt at 8.30 am ET.
Other economic reports due for the day are as follows:
At 2.00 am ET, Statistics Norway publishes consumer and producer prices for May. Inflation is expected to slow marginally to 2.9 percent from 3 percent in April.
At 2.45 am ET, France industrial output data is due. Economists forecast production to climb 0.5 percent on month, slower than the 0.8 percent increase in March.
At 3.00 am ET, consumer prices from the Czech Republic and industrial production from Slovakia are due. The Czech inflation is seen at 3.2 percent in May versus 3.1 percent in April.
Half an hour later, Statistics Sweden publishes consumer price figures for May. Economists expect inflation to ease to 2 percent from 2.2 percent in April.
At 4.00 am ET, Italy’s industrial production data is due. Production is expected to climb 0.3 percent on month in April, reversing a 0.1 percent fall in March.
During Trump's Disastrous 2020 the Name Donald Hit Record Low Popularity
In 2020, the American people not only rejected Trump’s attempt to capture a second presidential term, they also stopped naming their babies Donald in droves.
According to HuffPost, the Social Security Administration’s latest list of popular baby names shows the name Donald plummeted 55 spots – from the 555th most popular name for boys in 2019 to the 610th in 2020. The name sits at its lowest position in the list’s history, which began tracking names in the 1880s.
The former president’s first name ranks below the names Axton, Dariel, Marvin and Brycen. The name Donald did rise in popularity slightly when Trump first took office in 2017 but began to decline not long after, with 2020 marking its steepest descent.
As HuffPost points out, presidents’ names usually see a decline in popularity while in office. Ronald Reagan, Richard Nixon, Gerald Ford, and George H.W. Bush, all saw their first names tick down in the rankings.
The name Karen also took a hit last year. The name became a consistent negative meme that originated with black Twitter and crossed over so much so it dropped in popularity 171 spots in 2020 – plummeting from 660th on the list to 831, its lowest spot since 1927.
But Trump may find solace in some other naming news. Republican lawmakers in Oklahoma, over Democrats’ objections, recently named a highway after him. Starting in November, a portion of U.S. 287 that stretches from Boise City to the Texas border will be renamed the President Donald J. Trump Highway.
Opinion | Why Won’t Republicans Rebuild America?
By Paul Krugman
On June 26, 1956, Congress approved the Interstate Highway Act. Dwight Eisenhower signed the bill three days later. The legislation allocated $24.8 billion in federal funds for a down payment on the construction of an interstate highway system.
Stock futures flat after S&P 500 hits new high, despite rising inflation
U.S. stock futures were flat Thursday night after the S&P 500 hit a new high during regular trading, despite hotter-than-expected inflation data.
Futures tied to the Dow Jones Industrial Average and the S&P 500 were close to flat at the start of the overnight session. Nasdaq futures rose 0.1%.
During the regular session, the Dow Jones Industrial Average rose 19 points, or 0.06% to 34,466.24. The S&P 500 ended the day up 0.47% at 4,239.18. The Nasdaq Composite ended the day up 0.78% at 14,020.33.
The Labor Department reported consumer price index data on Thursday, showing inflation is rising at its fastest pace since 2008 as the economy rebounds from the pandemic-related recession.
The CPI represents a basket including food, energy, groceries and prices across a spectrum of goods, and jumped 5% in May from a year earlier.
Markets shrugged off the news, however.
"A significant degree of this inflation may prove transitory as nearly half of the above-average spike in inflation comes from the base effects of last year's weakened economy and even supply shortages should prove transitory as companies increase productivity and begin to meet pent-up demand," Jason Pride, CIO of private wealth at Glenmede.
Separately, initial jobless claims for the week ended June 5 came in at 376,000 — the lowest tally of the Covid pandemic — according to a separate Labor Department report released Thursday.
Avalanche vs. Golden Knights live blog: Real-time updates from Game 6 of the second round of the Stanley Cup Playoffs – The Denver Post
Live updates, tweets, photos, analysis and more from the Avalanche playoff game against the Vegas Golden Knights at T-Mobile Arena in Denver on June 10, 2021.
Mobile users, if you can’t see the live blog, tap here.
Fund manager says meme stock phenomenon is not a fad
(CNN Business)Didi, China’s giant ride-hailing company, filed paperwork for an initial public offering in the United States with the Securities and Exchange Commission on Thursday.
The company, which describes itself as the world’s largest mobility platform, offers ride hailing, taxi and carpooling services in China. Didi is also investing in autonomous driving. It intends to list on either the New York Stock Exchange or the Nasdaq, under the ticker DIDI. The filing did not disclose how much the company plans to raise in the IPO.
Didi said it operates in 15 countries, but more than 93% of its sales come within China. It posted a profit of $837 million in the first three months of this year after full-year losses in 2018, 2019 and 2020.
Didi’s principal shareholders include Softbank’s vision fund, Uber (UBER) and Tencent, according to the SEC filing.