McCarthy says talks with Biden have made no progress

House Speaker Kevin McCarthy said on Tuesday there was “no progress” in debt ceiling negotiations between House Republicans and the White House, as the United States closer to the risk of a first payment default. “We haven’t made any progress,” the California Republican told CNBC’s “Squawk Box.” “I’m still optimistic. I’m not anymore.” Congress must … Read more

62% of Americans are living paycheck to paycheck amid inflation

While the cost of living remains high, 62% of Americans now say they are living paycheck to paycheck, according to a recent report. More and more people have found a side hustle to make ends meet, according to the report. It’s also a good time to make some key changes to your spending and saving … Read more

stocks, news, earnings and data

27 minutes ago European stocks open higher European stocks were up on Monday morning, with the Stoxx 600 index up 0.5% at 8.20am London time. Oil and gas stocks climbed 1.44%, mining stocks 1.36% and banks continued to regain positive momentum, up 1.2%. See the table… Stoxx 600 index. An hour ago Bailey: British banks … Read more

Banking stress brings the United States closer to recession

The recent banking turmoil could bring the United States closer to a recession, Minneapolis Fed Chairman Neel Kashkari said in an interview with CBS’ “Face The Nation.” “What’s not clear to us is the extent to which these banking strains are leading to a generalized credit crunch,” he said.

Deutsche Bank is not Credit Suisse

A branch of Deutsche Bank AG in the financial district of Frankfurt, Germany, Friday, May 6, 2022. Alex Kraus | Bloomberg | Getty Images This report comes from today’s CNBC Daily Open, our new international markets newscast. CNBC Daily Open updates investors on everything they need to know, wherever they are. Like what you see? … Read more

Stock market today: live updates

28 minutes ago Outflow of deposits from smaller banks has slowed, sources say The movement of deposits from smaller banks to giants like JPMorgan Chase and Wells Fargo has slowed in recent days, sources told CNBC. Customers grew increasingly nervous after the shutdown of Silicon Valley Bank sparked a crisis in the banking industry. While … Read more

European leaders battle banking crisis amid market rout

German Chancellor Olaf Scholz said Deutsche Bank was profitable after shares fell more than 10% during European trading. Ludovic Marine | AFP | Getty Images BRUSSELS — European leaders made a point of stressing on Friday that the region’s banking sector was stable and solid after German Banksudden slide as markets opened for trade. German … Read more

China is a “relative safe haven” in the face of banking stress

Citi economists said: “We have long debated our view that China can be a major growth hedge this year – if anything, the recent global banking strains may have bolstered this thesis. “ The People’s Bank of China’s decision to cut its reserve requirement ratio showed “assurance of political support amid global volatilities,” Citi economists … Read more

Stock market today: live updates

10 minutes ago Torrid jumps 9% on earnings pace Direct-to-consumer fashion company Torrid gained nearly 9% after the bell as investors cheered better-than-expected earnings and shrugged off disappointing forecasts. Torrid posted a fourth-quarter earnings loss of 4 cents per share, lower than the 7 cents expected by analysts polled by FactSet. Same-store sales fell less … Read more

Jerome Powell flipped the script

Federal Reserve Board Chairman Jerome Powell holds a news conference following a meeting of the Federal Open Market Committee at the Federal Reserve on March 22, 2023 in Washington, DC. Alex Wang | Getty Images News | Getty Images This report comes from today’s CNBC Daily Open, our new international markets newscast. CNBC Daily Open … Read more