US STOCKS-S P 500 Dips Ahead Of CPI Earnings
The market currently expects that the central bank will raise the Fed funds futures rate by 75 basis points in its latest salvo against red-hot inflation, a tactic which some fear could tip an already cooling economy into recession.
"There´s nervousness about earnings season and the CPI report, but I think the market has a sense as to what CPI is going to bring this week," said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut.
NEW YORK, July 11 (Reuters) - The S&P 500 fell on Monday as dearth of catalysts left market participants warily embarking on a week back-end loaded with crucial economic data and the unofficial kick-off of second-quarter earnings season.
HONG KONG, July 5 (Reuters) - Macau's executive council on Tuesday published draft rules for a retendering of casino licences ahead of the year-end expiration of such rights granted to gaming companies in the world's biggest gambling hub.
CBDCs could help unbanked households As of 2020, 5% of US adults, or roughly 16 million individuals, were unbanked, meaning they rely on nonbank products and services for cash, according to the Federal Reserve's 2020 Survey of Household Economics and Decisionmaking. Underbanked rates were higher among Black and Hispanic adults and those from historically excluded and low income groups. For those who have bank accounts, it's already possible to set up direct deposit with the government for federal money like tax refunds or stimulus payments. With a CBDC, the Federal Reserve could make such funds instantly available by depositing them into a digital wallet, regardless of whether the person had a bank account.
Later in the week a raft of economic data - including consumer prices, retail sales and factory output - should provide a glimpse of the extent to which inflation has peaked and the economy has cooled down as the Federal Reserve moves closer to next week's policy meeting, which is expected to culminate in the second straight 75 basis point interest rate hike.
"We´re hoping for a slowdown, which would put the Federal Reserve in a softer stance, but on the other hand, there are lots of reasons to believe inflation could stay high and the Fed will remain aggressive."
Risk-off sentiment, further stoked by Macao's first casino shutdown in over two years to curb the spread of COVID-19, also sent the Nasdaq into negative territory, with market leading tech- and tech-adjacent megacap stocks weighing heaviest.
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That's what the digital dollar would promise. CBDCs could bypass the traditional banking system by allowing money to flow directly between parties, just like exchanging cash or transferring funds electronically.
If the US government monitors everything you buy -- from milk at your local store to poker chips during your next casino trip -- there's potential for abuse. "All sorts of profiling could emerge out of that, and hackers might deem that database to be quite valuable, too," Peebles said. "So you could picture predatory marketing to the elderly, for example, if the data got out."
Only Macau's casinos have been allowed to stay open in a move to protect jobs, the government said. Macau gets more than 80% of its tax revenues from the industry with most of the population employed directly or indirectly by the casino resorts.
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The territory had largely been COVID-free since an outbreak in October 2021. A shopping mall inside the Four Seasons hotel owned by Las Vegas Sands Macau unit Sands China was also requested to shut this week after several cases were found.
The measures come as the government has stopped short of imposing a full lockdown, seen in Chinese cities such as Shanghai.
However the city is effectively closed with most facilities shut and restaurants only providing takeaway.
HONG KONG, July 7 (Reuters) - Macau shut down a popular shopping mall adjacent to MGM China's casino resort on the city's main peninsula after several COVID-19 infections were found, as authorities raced to the biggest outbreak yet in the world's biggest gambling hub.
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