The British pound sterling fell sharply after British PM Boris Johnson announced he was asking for Parliament to be suspended from mid-September until mid-October ー a highly controversial move known as "progrogue" which was given formal approval by Queen Elizabeth II Wednesday.
Critics say the move is intended to keep MPs from avoiding a no-deal Brexit and plunged the British government into crisis once again, two months before a looming deadline. The surprise move drew immediate outrage from opposition leaders, and the leader of the Liberal Democrat party had even written to the queen in hopes of her witholding consent for the suspension.
At midday in London, the GBP was down 1 percent against the U.S dollar, a sign that investors once again believe the UK is increasingly likely to "crash out" of the European Union on October 31.
Johnson's plan would extend a previously planned suspension for political party conferences and would further shorten the time Parliament has to debate Brexit after it returns from its summer recess next week.
Other members of Parliament took to Twitter to express shock at the maneuver to keep Parliament from assembling.
An online petition to demand Parliament not be prorogued had received more than 300,000 signatures in a matter of hours. Meanwhile, word of organized protests spread across social media.
The news from London helped push Treasury yields lower in the U.S., which had already been under pressure over China trade tensions. The yield on the 30-year Treasury dripped below 2 percent ー a signal that the combination of geopolitical worries from London to Beijing is increasing the odds of a global recession.
Officials and power operators are bracing the public for blackouts caused by higher-than-average temperatures this summer. Utility officials in California and Arizona are warning of potential interruptions this summer due to the strain on energy supplies. Heat waves and drought conditions weaken power grids and available electricity reserves. This also makes hydroelectric power less reliable and raises the risk of wildfires.
Cisco DeVries, CEO of OhmConnect, joins Cheddar News to discuss.
The markets opened lower on Thursday as investors hold their breath ahead of the May consumer price index, which will give investors a better picture of the state of inflation in the United States. Michele Schneider, a partner and the director of trading research and education for MarketGauge.com, joined Cheddar to discuss. "If the CPI read is softer than what's expected, we actually might get a rally," she said. "If it's more than expected, then I think it will spook the market."
With real estate being a largely male-dominated industry, Stephanie Shojaee, vice president and chief marketing officer at development company Shoma Group, joined Cheddar News to discuss how she took on the gender gap for women to achieve leadership roles, starting at her own company. “It's been very important to teach all the women that work here, especially the younger ones, that they shouldn't change themselves," she said. "You need to be happy with who you are and just keep breaking barriers."
We are already starting to feel the effects of summer. Heat waves in Texas and California are already sending temperatures soaring. That could spell trouble for the nation's power supply. there are new concerns about outages in many areas of the country. Cheddar's Shannon Lanier explains the two main causes of blackouts, and what states are doing to keep the lights on and the air conditioning running.
Pinterest is making a big move as it pushes further into online shopping. The image-focused social media site is acquiring A.I.-powered shopping platform THE YES as it focuses on enhancing the user shopping experience. THE YES's technology gives users a personalized feed of products based on their preferences, and Pinterest is banking on the tech to give it an advantage among other social media apps with built-in shopping features. Julie Bornstein, founder and CEO of THE YES, joins Closing Bell to discuss the company's unique technology, why it agreed to sell to Pinterest, her vision as she takes over shopping initiatives, and more.
Keith Barr, CEO of InterContinental Hotel Group, says he is expecting an 'incredible' summer for his business as pandemic conditions have normalized and people are ready to travel.
Dann Ryan, Chief Investment Officer at Sincerus Advisory, discusses what drove markets lower on Wednesday, as well as what investors are anticipating when it comes to the upcoming CPI report and Fed decision.
