IMF chief economist: inflation pressures in U.S. transitory, risks on upside
LONDON (Reuters) – The U.S. is seeing transitory pressures around inflation, with risks on the upside, International Monetary Fund chief economist Gita Gopinath said on Wednesday.
“There are supply demand mismatches showing up in delivery delays, putting pressure on prices (in the U.S.),” Gopinath said during a webinar at the annual meeting of the European Bank for Reconstruction and Development.
Gold Futures Down Marginally As Dollar Ticks Higher
Gold prices are edging lower Wednesday morning with traders largely staying cautious as they look ahead to U.S. jobs data for clues about the Federal Reserve’s monetary policy stance.
The dollar’s modest uptick is also weighing on gold prices.
The dollar index has pared some gains after advancing to 92.16. It is currently hovering around 92.10, up 0.07% from the previous close.
Gold futures for August are down $2.50 or 0.14% at $1,761.10 an ounce, recovering from a low of $1,753.20.
Silver futures for September are rising $0.080 at $25.981 an ounce.
Federal Reserve Governor Christopher Waller said on Tuesday that the central bank may need to start dialing down its massive asset purchase program as soon as this year to allow the option of raising interest rates by late next year.
St. Louis Fed President James Bullard had remarked last week that stronger than expected inflation had led him to anticipate a first Fed rate hike in 2022.
UniFirst Boosts FY21 Outlook – Quick Facts
While reporting financial results for the third quarter on Wednesday, UniFirst Corp. (UNF) raised its earnings and revenue outlook for the full-year 2021, based on its results to date as well as its outlook for the remainder of the year.
For fiscal 2021, the company now projects earnings in a range of $7.80 to $8.00 per share on revenues between $1.810 billion and $1.817 billion.
Previously, the company expected earnings in the range of $7.30 to $7.65 per share on revenues between $1.793 billion and $1.803 billion.
On average, analysts polled by Thomson Reuters expect the company to report earnings of $7.66 per share on revenues of $1.80 billion for the year. Analysts’ estimates typically exclude special items.
“However, as we look forward to fiscal 2022, we do expect our margins to be pressured by the current inflationary environment as well as a rebound of certain costs that trended lower during the pandemic,” said Steven Sintros, President and CEO.
Andrew Yang Concedes In Democratic Party’s New York City Mayoral Primary
Former presidential candidate Andrew Yang conceded defeat after he was placed a distant fourth in the Democratic Party’s New York City mayoral primary.
“I am a numbers guy. And I am not going to be the next mayor of New York city based on upon the numbers that have come in tonight. I am conceding this race,” Yang said in a speech as the results from early and primary day in-person voting came in.
With about 85 percent of the results of the election held on Tuesday came in, no candidate is assured of outright victory.
Eric Adams, Maya Wiley and Kathryn Garcia are in the first three positions.
The mayoral primary winner is likely to be determined using ranked-choice voting tabulation. The absentee ballot deadline is June 29. It may take weeks for the winner is announced, reports say.
Yang, once seen as the front-runner in the New York City mayoral primary, had promised to launch a $1 billion cash relief program; reopen the city and bring back tourism; and make the city safer, cleaner, and healthier during his election campaign. He also vowed to create good jobs, improve wages, and expand economic opportunity.
The son of immigrants from Taiwan, 46 year -oldYang qualified for and participated in seven of the first eight Democratic debates in the 2020 US presidential election.
Andrew Yang was the first candidate to concede, and ranked-choice voting was used for the first time — which is expected to delay final results.
Didi Global Prices IPO At $14/ADS, High End Of Expected Range
Chinese ride hailing company Didi Global Inc. (DIDI) said that it has priced its initial public offering of 316.80 million American Depositary Shares or “ADSs”, at a price of $14.00 per ADS for a total offering size of $4.4 billion.
Previously, the company had expected to price its initial public offering of 288.00 million ADSs between $13.00 and $14.00 per ADS.
The ADSs are expected to begin trading on the New York Stock Exchange on June 30, 2021, under the symbol “DIDI.” The closing of the offering is expected to occur on July 2, 2021.
The company has granted the underwriters an option, exercisable within 30 days from the date of the final prospectus, to purchase up to an aggregate of 47.52 million additional ADSs at US$14.00 per ADS.
Arthur J. Gallagher Acquires Stellar Benefits Group For Undisclosed Terms – Quick Facts
Insurance brokerage Arthur J. Gallagher & Co. (AJG) announced Wednesday the acquisition of Solon, Ohio-based Stellar Benefits Group, LLC. Terms of the transaction were not disclosed.
Founded in 2003, Stellar Benefits is a full-service employee benefits consulting firm offering comprehensive health and welfare programs for businesses of all sizes, ranging from individual offices to multinational corporations.
Ronald Rafal, Alan Greenberg and their associates will continue to operate from their current location under the direction of Tom Lannen, head of Gallagher’s Great Lakes region employee benefit consulting and brokerage division.