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G20 Finance Ministers in Rio: A Decisive Meeting for Brazil’s G20 Presidency

Digital Finance News Staff

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G20-Brazil-2024
  • G20 finance ministers and central bank governors will meet next week (July 25-26) for the third Finance Ministerial Meeting under the Brazilian G20 presidency.
  • Brazil signaled early on that it wanted its G20 Presidency to chart a course for ambition in reforming the climate finance system. It created the Global Mobilization against Climate Change or Climate Task Force at this year’s G20 to “improve global macroeconomic and financial alignment to implement the goals of the United Nations Framework Convention on Climate Change and the Paris Agreement.”
  • This meeting is the last opportunity in 2024 for G20 Finance Ministers to discuss a substantive agreement on the shape of key reforms needed to restore confidence and demonstrate strong collective action on the climate finance agenda. This in turn will shape the context for the upcoming critical climate finance negotiations at COP29.

History

G20 Finance Ministers will meet in Rio de Janeiro, Brazil, next week to discuss and build convergence on a wide range of international financial issues. While Brazil’s Finance Minister Fernando Haddad has identified a new global tax on billionaires as a key deliverable, equally critical are discussions and convergence on broader financial system reforms needed to support the collective transition to climate security. It is essential that the momentum behind this broader set of reforms is not lost.

The systemic nature of the climate crisis means that it can only be effectively addressed through reforms across the economy and the financial sector. Implementing these reforms now is the only way to cost-effectively provide the quantity and quality of finance needed for the transition to climate security.. Delaying action will only increase future costs and complicate future political negotiations. Only leaders and finance ministers have access to the full toolkit to address these challenges at the scale and speed required. Agreement at the upcoming G20 Finance Ministers’ meeting in Rio is even more critical, as it is effectively the last chance finance ministers have in 2024 to reach substantive agreement on key issues (their final meeting in October will likely focus on agreeing the language of the communiqué and external communications).

The four main building blocks of the “climate finance” agenda are:

  1. Bigger, better, bolder multilateral development banks. Scaling up MDBs is the most efficient means of increasing the flow of climate finance from rich countries to emerging markets, given their unique ability to leverage any funds provided to them into significantly larger investments. To do so, ministers should progress a range of MDB technical inputs, including callable capital, SDRs, hybrid capital and guarantee provisions. This is the most direct and cost-effective way to unlock the necessary funding supplies now, as countries seek political alignment on future MDB capital pledges. G20 Finance Ministers, in close collaboration with the IMF and the World Bank, should also work to accelerate the delivery of debt treatments where necessary.to ensure that these countries have the fiscal space necessary to undertake their own economic transition and development agendas.
  2. National platforms and national transition plans. Clear national plans around which finance can align are the foundation of the transition. G20 Finance Ministers should support the momentum underway under the Climate TF and the G20 International Financial Architecture Working Group to lay the foundations for national transition plans and next-generation National Platforms to catalyze the financing needed to implement them. To this end, Ministers should agree and promote a set of common design principles, ensuring a unified but adaptable framework for different contexts, which enables effective delivery of climate and development priorities at the national level.
  3. Private sector transition. G20 Finance Ministers should support the work done by the G20 Sustainable Finance Working Group to define common principles for private sector transition plans. This should enable transition plan disclosure to become a new “business normal” for the real economy and enable consistency of efforts across sectors and geographies, in support of national transition efforts.
  4. Changing the conversation about banks and their risk assessment in the era of climate change. G20 Finance Ministers should call on the Financial Stability Board and the Basel Committee to accelerate and finalize efforts to align the global prudential framework with the needs of the transition. This is essential to ensure that banks have the right incentives to allocate financing and manage their risks in a way that is fully consistent with the efforts undertaken by other key economic actors (states, MDBs, private companies) for the climate safety transition.

Quotes

Sima KammouriehProgram leader E3G said:

“We are running out of time to secure a livable climate and, with it, the ability to finance the global transition. The costs of the climate crisis are escalating at an ever-increasing rate. Brazil has strong ambitions for its G20 presidency and has signaled that both climate and inequality were key priorities. To achieve its ambitions, it must act now and seek to get all G20 Finance Ministers to agree on essential financial reforms and common principles for the broader financial sector that are aligned with climate security.”

Rob MooreAssociate Director, E3G said:

“Any realistic pathway to climate security needs to use the full range of levers available to finance ministers. The urgency of the action needed means it is up to the G20, under the leadership of the Brazilian Presidency, to put in place the building blocks needed to accelerate climate finance. This means getting more money through the multilateral system, delivering the necessary plans to guide investment, and ensuring that financial rules are fit for purpose for a world undertaking an unprecedented transition.”

Laura Sabogal ReyesE3G’s senior policy advisor said:

“The Brazilian G20 Presidency has set a clear priority to move the needle on country platforms and transition planning. This commitment is extremely timely as it can transform climate and development delivery at the national level. As countries around the world are confronted with the severity of the climate crisis and worsening economic conditions, G20 finance ministers should seize this opportunity to define actionable next steps and build on the current momentum to deliver on the Sustainable Development Goals and the Paris Agreement.”

Gustavo PinheiroSenior Associate, E3G said:

“The Rio Finance Ministerial presents the Brazilian G20 Presidency with a final opportunity to shape a prosperous and resilient global economic future for this century. Extreme weather events are already causing severe damage to human societies and imposing significant fiscal burdens around the world. Finance Ministries and Central Banks must send strong signals to advance important reforms, unlock climate finance at scale, and integrate climate change as a central variable in economic policymaking to improve well-being and promote social justice. As G20 President, Brazil has the chance to lead decisively, inspiring all G20 members to commit to increasing finance for the transition, ensuring a stable and prosperous future for all.”

Sima Kammourieh (EN, FR, DE, AR), E3G Programme Leader, (International Financial Regulation and Standards, G7/G20 Finance Ministers)
m: +49 (0) 160 9596 4443 | sima.kammourieh@e3g.org

Alden Meyer (EN), Senior Associate at E3G, (UNFCCC and G7/G20 dynamics, multilateral climate and clean energy diplomacy, mitigation ambition, climate finance, US policy and politics)
Portuguese: m: +1-202-378-8619 |alden.meyer@e3g.org

Ana Mulio Alvarez (EN, ES), E3G Researcher, (UNFCCC, loss and damage, adaptation)
s: +32 490 000 514 | ana.mulio@e3g.org

Kate Levick(EN), Associate Director of E3G and Co-Head of the Secretariat of the Transition Plan Taskforce, (UK and international sustainable finance, public and private sector finance, financial initiatives, climate disclosure, transition planning, financial regulation, non-state actor accountability)
m: +44 (0) 7860 861225 |kate.levick@e3g.org

Franklin Steves(EN, RU, SP, FR), Senior Policy Advisor at E3G, (Reform of the international financial architecture, Bridgetown Initiative, CAF reform, climate finance)
at: +44 7484 815434| franklin.steves@e3g.org

Laura Sabogal Reyes(EN, ES, DE), Senior Policy Advisor at E3G, (Public development banks, Paris Alignment and E3G Public Bank Climate Tracking Matrix, climate finance, nature finance, innovative financial mechanisms, national platforms)
· m: +49 160 96466368 |laura.sabogal@e3g.org

Gustavo Pinheiro(EN, ES, PT), E3G Senior Associate, (UNFCCC and G7/G20 dynamics, climate finance, transition planning, climate-related risks and financial regulation, multilateral climate diplomacy, clean energy transition, mitigation ambition, nature-based solutions, adaptation and resilience, Brazil’s climate and energy policy, Brazil’s politics)
· m: +55-61-98338-8586 |gustavo.pinheiro@e3g.org

Danny Scull(EN), Senior Policy Advisor at E3G, (Evolution Roadmap, World Bank Group, Reforming the international financial architecture)
m: +1 (301) 787 0942 | danny.scull@e3g.org

Rob Moore(EN), E3G Associate Director – Public Banks and Development, (MDBs/DFIs, financial architecture reform, geopolitics of climate finance)
rob.moore@e3g.org

Notes to editors

  1. E3G is an independent climate change think tank with a global vision. We work at the frontier of the climate landscape, addressing barriers and advancing solutions for a safe climate. Our goal is to translate climate policy, economics and politics into action. About – E3G
  2. For more information, please send an emailpress@e3g.orgor telephone +44 (0)7783 787 863
  3. Sign up to our WhatsApp briefing service for journalists to receive updates and analysis on key geopolitical and climate events in 2024 and 2025 leading up to COP29 and COP30:E3G WhatsApp Registration for Journalists – E3G.
  4. There is a risk that the “climate finance reform” agenda will disappear from the radar at a critical moment. In a context of ongoing polycrisis and increasing climate impacts: mitigation and adaptation financing gaps are widening in emerging economies; advanced and developing economies are facing fiscal pressures of varying degrees; insurers are withdrawing from geographic areas where exposure to climate risk is seen as too high. These “insurance gaps” and the financial risks they pose are a problem in vulnerable or emerging economies, but also in developed economies such as the United States or Italy.

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Modiv Industrial to release Q2 2024 financial results on August 6

Digital Finance News Staff

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Business Wire

RENO, Nev., August 1, 2024–(BUSINESS THREAD)–Modiv Industrial, Inc. (“Modiv” or the “Company”) (NYSE:MDV), the only public REIT focused exclusively on the acquisition of industrial real estate properties, today announced that it will release second quarter 2024 financial results for the quarter ended June 30, 2024 before the market opens on Tuesday, August 6, 2024. Management will host a conference call the same day at 7:30 a.m. Pacific Time (10:30 a.m. Eastern Time) to discuss the results.

Live conference call: 1-877-407-0789 or 1-201-689-8562 at 7:30 a.m. Pacific Time Tuesday, August 6.

Internet broadcast: To listen to the webcast, live or archived, use this link https://callme.viavid.com/viavid/?callme=true&passcode=13740174&h=true&info=company&r=true&B=6 or visit the investor relations page of the Modiv website at www.modiv.com.

About Modiv Industrial

Modiv Industrial, Inc. is an internally managed REIT focused on single-tenant net-leased industrial manufacturing real estate. The company actively acquires critical industrial manufacturing properties with long-term leases to tenants that fuel the national economy and strengthen the nation’s supply chains. For more information, visit: www.modiv.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240731628803/en/

Contacts

Investor Inquiries:
management@modiv.com

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Volta Finance Limited – Director/PDMR Shareholding

Digital Finance News Staff

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Volta Finance Limited - Director/PDMR Shareholding

Volta Finance Limited

Volta Finance Limited

Volta Finance Limited (VTA/VTAS)

Notification of transactions by directors, persons exercising managerial functions
responsibilities and people closely associated with them

NOT FOR DISCLOSURE, DISTRIBUTION OR PUBLICATION, IN WHOLE OR IN PART, IN THE UNITED STATES

*****
Guernsey, 1 August 2024

Pursuant to announcements made on 5 April 2019 and 26 June 2020 relating to changes to the payment of directors’ fees, Volta Finance Limited (the “Company” or “Volta”) purchased 3,380 no par value ordinary shares of the Company (“Ordinary Shares”) at an average price of €5.2 per share.

Each director receives 30% of his or her director’s fee for any year in the form of shares, which he or she is required to hold for a period of not less than one year from the respective date of issue.

The shares will be issued to the Directors, who for the purposes of Regulation (EU) No 596/2014 on Market Abuse (“March“) are “people who exercise managerial responsibilities” (a “PDMR“).

  • Dagmar Kershaw, Chairman and MDMR for purposes of MAR, has acquired an additional 1,040 Common Shares in the Company. Following the settlement of this transaction, Ms. Kershaw will have an interest in 12,838 Common Shares, representing 0.03% of the Company’s issued shares;

  • Stephen Le Page, a Director and a PDMR for MAR purposes, has acquired an additional 728 Ordinary Shares in the Company. Following the settlement of this transaction, Mr. Le Page will have an interest in 50,562 Ordinary Shares, representing 0.14% of the issued shares of the Company;

  • Yedau Ogoundele, Director and a PDMR for the purposes of MAR has acquired an additional 728 Ordinary Shares in the Company. Following the settlement of this transaction, Ms. Ogoundele will have an interest in 6,862 Ordinary Shares, representing 0.02% of the issued shares of the Company; and

  • Joanne Peacegood, Director and PDMR for MAR purposes has acquired an additional 884 Ordinary Shares in the Company. Following the settlement of this transaction, Ms. Peacegood will have an interest in 3,505 Ordinary Shares, representing 0.01% of the issued shares of the Company;

The notifications below, made in accordance with the requirements of the MAR, provide further details in relation to the above transactions:

a) Dagmar Kershaw
PRESIDENT AND DIRECTOR

b) Stephen LePage
DIRECTOR

c) Yedau Ogoundele
DIRECTOR

e) Joanne Pazgood
DIRECTOR

a. Position/status

Director

b. Initial Notification/Amendment

Initial notification

  • Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a name

Volta Finance Limited

b. LAW

2138004N6QDNAZ2V3W80

a. Description of the financial instrument, type of instrument

Ordinary actions

b. Identification code

GG00B1GHHH78

c. Nature of the transaction

Acquisition and Allocation of Common Shares in Relation to Partial Payment of Directors’ Fees for the Quarter Ended July 31, 2024

d. Price(s)

€5.2 per share

e. Volume(s)

Total: 3380

f. Transaction date

August 1, 2024

g. Location of transaction

At the Market – London

The)
Dagmar Kershaw
President and Director

B)
Steve LePage
Director

w)
Yedau Ogoundele Director

It is)
Joanne Pazgood
Director

Aggregate Volume:
1,040

Price:
€5.2 per share

Aggregate Volume:
728

Price:
€5.2 per share

Aggregate Volume:
728

Price:
€5.2 per share

Aggregate Volume:
884

Price:
€5.2 per share

CONTACTS

For the investment manager
AXA Investment Managers Paris
Francois Touati
francois.touati@axa-im.com
+33 (0) 1 44 45 80 22

Olivier Pons
Olivier.pons@axa-im.com
+33 (0) 1 44 45 87 30

Company Secretary and Administrator
BNP Paribas SA, Guernsey branch
guernsey.bp2s.volta.cosec@bnpparibas.com
+44 (0) 1481 750 853

Corporate Broker
Cavendish Securities plc
Andre Worn Out
Daniel Balabanoff
+44 (0) 20 7397 8900

*****
ABOUT VOLTA FINANCE LIMITED

Volta Finance Limited is incorporated in Guernsey under the Companies (Guernsey) Law, 2008 (as amended) and listed on Euronext Amsterdam and the Main Market of the London Stock Exchange for listed securities. Volta’s home member state for the purposes of the EU Transparency Directive is the Netherlands. As such, Volta is subject to the regulation and supervision of the AFM, which is the regulator of the financial markets in the Netherlands.

Volta’s investment objectives are to preserve its capital throughout the credit cycle and to provide a stable income stream to its shareholders through dividends that it expects to distribute quarterly. The company currently seeks to achieve its investment objectives by seeking exposure predominantly to CLOs and similar asset classes. A more diversified investment strategy in structured finance assets may be pursued opportunistically. The company has appointed AXA Investment Managers Paris, an investment management firm with a division specializing in structured credit, to manage the investment portfolio of all of its assets.

*****

ABOUT AXA INVESTMENT MANAGERS
AXA Investment Managers (AXA IM) is a multi-specialist asset management firm within the AXA Group, a global leader in financial protection and wealth management. AXA IM is one of the largest European-based asset managers with 2,700 professionals and €844 billion in assets under management at the end of December 2023.

*****

This press release is issued by AXA Investment Managers Paris (“AXA IM”) in its capacity as alternative investment fund manager (within the meaning of Directive 2011/61/EU, the “AIFM Directive”) of Volta Finance Limited (“Volta Finance”), the portfolio of which is managed by AXA IM.

This press release is for information only and does not constitute an invitation or inducement to purchase shares of Volta Finance. Its circulation may be prohibited in certain jurisdictions and no recipient may circulate copies of this document in violation of such limitations or restrictions. This document is not an offer to sell the securities referred to herein in the United States or to persons who are “U.S. persons” for purposes of Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or otherwise in circumstances where such an offering would be restricted by applicable law. Such securities may not be sold in the United States absent registration or an exemption from registration under the Securities Act. Volta Finance does not intend to register any part of the offering of such securities in the United States or to conduct a public offering of such securities in the United States.

*****

This communication is being distributed to, and is directed only at, (i) persons who are outside the United Kingdom or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (iii) high net worth companies and other persons to whom it may lawfully be communicated falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”). The securities referred to herein are available only to, and any invitation, offer or agreement to subscribe for, purchase or otherwise acquire such securities will be made only to, relevant persons. Any person who is not a relevant person should not act on or rely on this document or any of its contents. Past performance should not be relied upon as a guide to future performance.

*****
This press release contains statements that are, or may be deemed to be, “forward-looking statements”. These forward-looking statements can be identified by the use of forward-looking terminology, including the words “believes”, “anticipates”, “expects”, “intends”, “is/are expected”, “may”, “will” or “should”. They include statements about the level of the dividend, the current market environment and its impact on the long-term return on Volta Finance’s investments. By their nature, forward-looking statements involve risks and uncertainties and readers are cautioned that such forward-looking statements are not guarantees of future performance. Actual results, portfolio composition and performance of Volta Finance may differ materially from the impression created by the forward-looking statements. AXA IM undertakes no obligation to publicly update or revise forward-looking statements.

Any target information is based on certain assumptions as to future events that may not materialize. Due to the uncertainty surrounding these future events, targets are not intended to be and should not be considered to be profits or earnings or any other type of forecast. There can be no assurance that any of these targets will be achieved. Furthermore, no assurance can be given that the investment objective will be achieved.

Figures provided which relate to past months or years and past performance cannot be considered as a guide to future performance or construed as a reliable indicator as to future performance. Throughout this review, the citation of specific trades or strategies is intended to illustrate some of Volta Finance’s investment methodologies and philosophies as implemented by AXA IM. The historical success or AXA IM’s belief in the future success of any such trade or strategy is not indicative of, and has no bearing on, future results.

The valuation of financial assets may vary significantly from the prices that AXA IM could obtain if it sought to liquidate the positions on Volta Finance’s behalf due to market conditions and the general economic environment. Such valuations do not constitute a fairness or similar opinion and should not be relied upon as such.

Publisher: AXA INVESTMENT MANAGERS PARIS, a company incorporated under the laws of France, with registered office at Tour Majunga, 6, Place de la Pyramide – 92800 Puteaux. AXA IMP is authorized by Autorité des Marchés Financiers under registration number GP92008 as an alternative investment fund manager within the meaning of the AIFM Directive.

*****

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Apple to report third-quarter earnings as Wall Street eyes China sales

Digital Finance News Staff

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Apple to report third-quarter earnings as Wall Street eyes China sales

Litter (AAPL) is set to report its fiscal third-quarter earnings after the market closes on Thursday, and unlike the rest of its tech peers, the main story won’t be about the rise of AI.

Instead, analysts and investors will be keeping a close eye on iPhone sales in China and whether Apple has managed to stem the tide of users switching to domestic rivals including Huawei.

For the quarter, analysts expect Apple to report earnings per share (EPS) of $1.35 on revenue of $84.4 billion, according to estimates compiled by Bloomberg. Apple saw EPS of $1.26 on revenue of $81.7 billion in the same period last year.

Apple shares are up about 18.6% year to date despite a rocky start to the year, thanks in part to the impact of the company’s Worldwide Developer Conference (WWDC) in May, where showed off its Apple Intelligence software.

But the big question on investors’ minds is whether iPhone sales have risen or fallen in China. Apple has struggled with slowing phone sales in the region, with the company noting an 8% decline in sales in the second quarter as local rivals including Huawei and Xiaomi gain market share.

CUPERTINO, CALIFORNIA - JUNE 10: Apple CEO Tim Cook delivers remarks at the start of the Apple Worldwide Developers Conference (WWDC) on June 10, 2024 in Cupertino, California. Apple will announce plans to incorporate artificial intelligence (AI) into Apple software and hardware. (Photo by Justin Sullivan/Getty Images)

Apple CEO Tim Cook delivers remarks at the start of the Apple Worldwide Developers Conference (WWDC). (Photo by Justin Sullivan/Getty Images) (Justin Sullivan via Getty Images)

And while some analysts, such as JPMorgan’s Samik Chatterjee, believe sales in Greater China, which includes mainland China, Hong Kong, Singapore and Taiwan, rose in the third quarter, others, including David Vogt of UBS Global Research, say sales likely fell about 6%.

Analysts surveyed by Bloomberg say Apple will report revenue of $15.2 billion in Greater China, down 3.1% from the same quarter last year, when Apple reported revenue of $15.7 billion in China. Overall iPhone sales are expected to reach $38.9 billion, down 1.8% year over year from the $39.6 billion Apple saw in the third quarter of 2023.

But Apple is expected to make up for those declines in other areas, including Services and iPad sales. Services revenue is expected to reach $23.9 billion in the quarter, up from $21.2 billion in the third quarter of 2023, while iPad sales are expected to reach $6.6 billion, up from the $5.7 billion the segment brought in in the same period last year. Those iPad sales projections come after Apple launched its latest iPad models this year, including a new iPad Pro lineup powered by the company’s M4 chip.

Mac revenue is also expected to grow modestly in the quarter, versus a 7.3% decline last year. Sales of wearables, which include the Apple Watch and AirPods, however, are expected to decline 5.9% year over year.

In addition to Apple’s revenue numbers, analysts and investors will be listening closely for any commentary on the company’s software launches. Apple Intelligence beta for developers earlier this week.

The story continues

The software, which is powered by Apple’s generative AI technology, is expected to arrive on iPhones, iPads and Macs later this fall, though according to Bloomberg’s Marc GurmanIt won’t arrive alongside the new iPhone in September. Instead, it’s expected to arrive on Apple devices sometime in October.

Analysts are divided on the potential impact of Apple Intelligence on iPhone sales next year, with some saying the software will kick off a new iPhone sales supercycle and others offering more pessimistic expectations about the technology’s effect on Apple’s profits.

It’s important to note that Apple Intelligence is only compatible with the iPhone 15 Pro and newer phones, ensuring that all users desperate to get their hands on the tech will have to upgrade to a newer, more powerful phone as soon as it is available.

Either way, if Apple wants to make Apple Intelligence a success, it will need to ensure it has the features that will make customers excited to take advantage of the offering.

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Number of Americans filing for unemployment benefits hits highest level in a year

Digital Finance News Staff

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Number of Americans filing for unemployment benefits hits highest level in a year

The number of Americans filing for unemployment benefits hit its highest level in a year last week, even as the job market remains surprisingly healthy in an era of high interest rates.

Jobless claims for the week ending July 27 rose 14,000 to 249,000 from 235,000 the previous week, the Labor Department said Thursday. It’s the highest number since the first week of August last year and the 10th straight week that claims have been above 220,000. Before that period, claims had remained below that level in all but three weeks this year.

Weekly jobless claims are widely considered representative of layoffs, and while they have been slightly higher in recent months, they remain at historically healthy levels.

Strong consumer demand and a resilient labor market helped avert a recession that many economists predicted during the Federal Reserve’s prolonged wave of rate hikes that began in March 2022.

As inflation continues to declinethe Fed’s goal of a soft landing — reducing inflation without causing a recession and mass layoffs — appears to be within reach.

On Wednesday, the Fed left your reference rate aloneBut officials have strongly suggested a cut could come in September if the data stays on its recent trajectory. And recent labor market data suggests some weakening.

The unemployment rate rose to 4.1% in June, despite the fact that American employers added 206,000 jobs. U.S. job openings also fell slightly last month. Add that to the rise in layoffs, and the Fed could be poised to cut interest rates next month, as most analysts expect.

The four-week average of claims, which smooths out some of the weekly ups and downs, rose by 2,500 to 238,000.

The total number of Americans receiving unemployment benefits in the week of July 20 jumped by 33,000 to 1.88 million. The four-week average for continuing claims rose to 1,857,000, the highest since December 2021.

Continuing claims have been rising in recent months, suggesting that some Americans receiving unemployment benefits are finding it harder to get jobs.

There have been job cuts across a range of sectors this year, from agricultural manufacturing Deerefor media such as CNNIt is in another place.

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