Dollar Jumps Ahead of Trump Tariff Deadline
A gauge of the dollar's strength rose as much as 0.5%, reaching its strongest level since June 27. That left the greenback higher versus the majority of G-10 currencies, strengthening the most versus the yen and the Australian and New Zealand dollars, while pushing a measure of emerging-market currencies toward its steepest drop since April.
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Yahoo
25 minutes ago
- Yahoo
Saks Is Losing Luxury Shoppers in the Wake of Its Neiman Marcus Takeover
Saks Global is going through some growing pains. The parent company of Saks Fifth Avenue bought Neiman Marcus in a $2.7 billion acquisition last year, bringing both department-store behemoths under the same umbrella (along with Bergdorf Goodman). And though the move was meant to unite the luxury titans, the brands have run into some trouble: Consumers are opting to shop at other high-end retailers instead, such as Bloomingdale's and Nordstrom, Bloomberg reported. More from Robb Report This $6.7 Million Ultra-Modern U.K. Home Appeared in the Robert Pattinson Sci-Fi Film 'Mickey 17' Singaporeans Are Splurging Despite a Global Luxury Slump A Modernist Home in Montecito Designed by a Pioneering Architect Just Listed for $18 Million Saks Fifth Ave. saw its sales drop 16 percent year-over-year from the quarter ending June 30, while Neiman Marcus and Bergdorf's combined sales fell 10 percent in the same time period, according to Bloomberg's Second Measure, a spending index that tracks consumers' debit- and credit-card use. June also marked the largest sales drop across the three department stores, according to the data, with Saks seeing a 28 percent decrease in sales and Neiman Marcus and Bergdorf declining by 26 percent. Over at Bloomingdale's and Nordstrom, meanwhile, sales rose over 10 percent at both retailers during the same period. In June specifically, Bloomingdale's sales increased by 13 percent, the Second Measure data says. Bloomberg's spending index does have some limits, though. It tracks more debit purchases that credit card transactions; as a result, the info doesn't paint a complete picture of sales at the retailers, since consumers Saks, Neiman Marcus, and Bergdorf use credit cards more frequently compared to other customers, while Bloomingdale's and Nordstrom shoppers often opt for debit cards. Even so, Second Measure is helpful in tracking trends across different retailers. Part of the reason for Saks Global's troubles, in addition to general economic uncertainty, is an increase in order complaints since January, such as damaged packaging and rejected refunds, according to Mary Ross Gilbert, a Bloomberg analyst that studied customer reviews. This has led consumers to look elsewhere for their luxury goods. On top of that, the conglomerate is dealing with some financial woes, recently taking on more debt, in part, to pay off its overdue bills from vendors, who have slowed or even stopped shipments over fears of a lack of payment, Bloomberg reported. Saks isn't alone in its struggles. A trend of declining sales has been popping up across the luxury industry, thanks to looming tariffs in the U.S. and weakened demand in China, among other challenges. LVMH, for one, was below its estimated sales for Q1 this year, Reuters reported, while Gucci saw its sales drop 25 percent in the first three months of 2025, according to Vogue Business. This year's figures come on top of declining numbers at the end of 2024, with Kering (Gucci's parent company), seeing a year-over-year drop of 12 percent. As for Saks Global, things may be on the up and up. For one, the brand's new storefront has been met positively, a spokesperson for the company told Bloomberg. And shipments from vendors are increasing, too, in the wake of new financing, something that Saks says will 'continue as we execute on our plan to begin paying outstanding balances in July,' the spokesperson told the publication. Making those vendors happy will be a key step to putting the retailer back on the right track. Click here to read the full article.
CNBC
28 minutes ago
- CNBC
Yen stumbles as Trump imposes 25% tariffs on Japan
The yen fell broadly on Tuesday while the dollar held steady as U.S. President Donald Trump unveiled 25% tariffs on goods from Japan and South Korea in the latest development of his chaotic trade war. Trump on Monday began telling trade partners – from powerhouse suppliers like Japan and South Korea to minor players – that sharply higher U.S. tariffs will start August 1. He later said that he was open to extensions if countries made proposals. The announcement rattled investor sentiment, sending the Japanese yen and South Korean won down roughly 1% overnight. Both currencies remained under pressure early on Tuesday, with the yen falling to a two-week low of 146.44 per dollar. The won rose 0.4% to 1370.20 per dollar. Investors entered the week with much confusion over Trump's tariff plans ahead of an initial July 9 deadline. While the new August 1 date offers a brief reprieve, the outlook remains uncertain and global economic concerns persist. "There is still a lot of uncertainty as to where tariff rates will eventually settle and which countries will get what rates, so uncertainty about the global economy is still high and that will keep investors on edge for the time being," said Carol Kong, a currency strategist at Commonwealth Bank of Australia. "This is just the start and we'll get more headlines out for sure over the coming days." Japanese Prime Minister Shigeru Ishiba said on Tuesday that Japan would continue negotiations with the United States to seek a trade deal that benefits both countries. South Korea has said it plans to intensify trade talks with the U.S. and views Trump's plan for a 25% tariff from August 1 as effectively extending a grace period on implementing reciprocal tariffs. Other currencies meanwhile gained some ground on Tuesday, after sliding in the prior session when the dollar rebounded. The euro was up 0.27% to $1.1741 after having slid 0.67% on Monday, while sterling edged up 0.17% to $1.3626. The European Union will not receive a letter from the United States setting out higher tariffs, EU sources familiar with the matter told Reuters on Monday, and is eyeing possible exemptions from the U.S. baseline levy of 10%. Against a basket of currencies, the dollar was little changed at 97.40, holding on to most of its gains from Monday when it rose 0.5%. The Australian dollar last traded 0.32% higher at $0.6513, having tumbled 0.9% in the previous session as risk appetite soured. The New Zealand dollar advanced 0.22% to $0.6015, reversing some of Monday's 0.8% fall. The Reserve Bank of Australia announces its rate decision later on Tuesday, where expectations are for the central bank to deliver another rate cut owing to easing inflation and a slowing economy. "Given the ever-shifting balance of risks and the heightened uncertainty it creates for hiring and investment in the Australian economy, more RBA cuts are set to follow," said Carl Ang, fixed income research analyst at MFS Investment Management. "A 3.1% terminal rate by early 2026 remains the base case for this RBA cutting cycle."
Yahoo
33 minutes ago
- Yahoo
Stocks Just Hit Rare Golden Cross For 1st Time Since 2023 — Here's What It Means For Investors
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. The S&P 500 and Nasdaq 100 indices have formed a 'golden cross' on their charts, indicating the possibility of a 'long-term bull market,' according to the experts. What Happened: According to an iShares MSCI World ETF (NYSE:URTH) chart, tracking the MSCI World Index shared by Barchart, global stocks have formed a 'Golden Cross' for the first time since January 2023. This comes as the SPDR S&P 500 ETF Trust (NYSE:SPY) and Invesco QQQ Trust ETF (NASDAQ:QQQ), which track the S&P 500 index and the Nasdaq 100 index, respectively, also formed 'golden crosses' on their charts. Last time, when URTH formed a golden cross, where the 50-day moving average surpasses the 200-day moving average, the returns rose to 43% over the next two GoSun's Breakthrough Rooftop EV Charger Already Has 2,000+ Units Reserved — Historical data dating back to 1975 suggest that the formation of this positive technical indicator on the charts has led the S&P 500 index 88% of the time higher over the next year. The average return after a 'golden cross' was 12.29% in the last 50 years, as per the data shared by Subu Trade.A portfolio manager at Revere Asset Management, Connor Bates, shared QQQ's chart and highlighted how the securities have trended upwards after the formation of this cross in the last five years/Meanwhile, Ed Yardeni of Yardeni Research said in his QuickTakes note that 'those 'golden crosses' tend to be bullish breakout patterns, indicating the possibility of a long-term bull market.'Why It Matters: According to Benzinga Pro, the SPY made a golden cross last week, and its current 50-day moving average of $587.15 was above its 200-day moving average of $582.68. Similarly, QQQ made a golden cross on June 23, and its current 50-day moving average of $515.59 was above the 200-day moving average of $503.23. After the truncated trading week on Thursday, the SPY was up 0.79% at $625.34, while the QQQ advanced 0.98% to $556.22, according to Benzinga Pro data. On Monday, the futures of the S&P 500, Dow Jones, and Nasdaq 100 indices were trading lower. Read Next: Named a TIME Best Invention and Backed by 5,000+ Users, Kara's Air-to-Water Pod Cuts Plastic and Costs — And You Can Invest At Just $6.37/Share If there was a new fund backed by Jeff Bezos offering a 7-9% target yield with monthly dividends would you invest in it? Photo courtesy: Shutterstock This article Stocks Just Hit Rare Golden Cross For 1st Time Since 2023 — Here's What It Means For Investors originally appeared on Melden Sie sich an, um Ihr Portfolio aufzurufen.
