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  • The 151st Open: Rory McIlroy pulls out of pre-tournament press conference at Royal Liverpool

    The 151st Open: Rory McIlroy pulls out of pre-tournament press conference at Royal Liverpool

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    Rory McIlroy is looking for first major victory in nine years at The Open; McIlroy claimed a two-shot win and the Claret Jug the last time it was held at Royal Liverpool; Watch live throughout the week on Sky Sports Golf

    Last Updated: 17/07/23 4:43pm

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    Speaking on the range at Royal Liverpool, Rory McIlroy suggests his focus has already transferred to preparing for The Open less than 24 hours after winning the Scottish Open

    Speaking on the range at Royal Liverpool, Rory McIlroy suggests his focus has already transferred to preparing for The Open less than 24 hours after winning the Scottish Open

    Rory McIlroy has cancelled his pre-tournament press conference at The 151st Open ahead of his bid for a fifth major victory.

    McIlroy, who produced a thrilling finish to win the Genesis Scottish Open on Sunday, had been listed to speak to the media at 9am on Tuesday at Royal Liverpool.

    The former world No 1 has now been removed from Tuesday’s schedule and looks set to skip his press conference for the second successive major.

    A look at Rory McIlroy's best shots from his 2014 Open Championship win at this year's venue, Royal Liverpool

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    A look at Rory McIlroy’s best shots from his 2014 Open Championship win at this year’s venue, Royal Liverpool

    A look at Rory McIlroy’s best shots from his 2014 Open Championship win at this year’s venue, Royal Liverpool

    In a statement, the R&A said: “We have been advised that Rory McIlroy will no longer be taking part in a preview press conference.”

    McIlroy did speak to broadcast media during Monday’s On the Range show, live on Sky Sports, where the Northern Irishman said he was hoping to build on Sunday’s impressive Rolex Series win.

    “Ball striking wise, I think I led the field in terms of stats from tee to green [at The Scottish Open], so that’s something,” McIlroy said. “Great iron play, wedge play, controlling my flight. I’m really happy, I’ve got a new goal, a new purpose and you go again.

    Highlights from a dramatic final round as Rory McIlroy secured a dramatic victory over Robert MacIntyre at the Scottish Open

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    Highlights from a dramatic final round as Rory McIlroy secured a dramatic victory over Robert MacIntyre at the Scottish Open

    Highlights from a dramatic final round as Rory McIlroy secured a dramatic victory over Robert MacIntyre at the Scottish Open

    “If I get myself into a similar position this week, I will certainly draw on what I did last week. But as of right now and getting prepared for this tournament, all that has to be put on the backburner. I just have to focus on getting ready to tee off on Thursday.”

    McIlroy won The Open the last time it was held at Royal Liverpool in 2014, the first of back-to-back major titles, with the 34-year-old looking to draw on those experiences from his previous victory.

    Four-time major champion Dame Laura Davies looks ahead to The Open at Royal Liverpool and backs World No 2 Rory McIlroy to win it

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    Four-time major champion Dame Laura Davies looks ahead to The Open at Royal Liverpool and backs World No 2 Rory McIlroy to win it

    Four-time major champion Dame Laura Davies looks ahead to The Open at Royal Liverpool and backs World No 2 Rory McIlroy to win it

    “[Winning here] feels like such a long time ago,” McIlroy added. “You’re trying to rekindle the memories as I was driving from the airport last night and getting onto the Wirral.

    “I haven’t been here since 2014, so trying to get those memories back again and trying to re familiarise myself with the range and the club, the first tee and everything. It’s nice to comeback anywhere you’ve had success, it’s always a nice feeling.”

    Faldo: McIlroy should act like defending champion

    Sir Nick Faldo has urged McIlroy to act like he “owns the ring” as he bids to end his lengthy major drought.

    The world No 2 has not won a major since the 2014 PGA Championship, a month on from his victory at Royal Liverpool, with Faldo believing McIlroy should behave as if he is the defending champion this week.

    The waiting is almost over for the final men’s major of the year, with round-the-clock coverage from The 151st Open at Royal Liverpool live from July 20-23 on Sky Sports Golf

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    The waiting is almost over for the final men’s major of the year, with round-the-clock coverage from The 151st Open at Royal Liverpool live from July 20-23 on Sky Sports Golf

    The waiting is almost over for the final men’s major of the year, with round-the-clock coverage from The 151st Open at Royal Liverpool live from July 20-23 on Sky Sports Golf

    “Yeah, why not?” Faldo said. “It’s like saying ‘I own the ring, you ain’t gonna knock me down’. I felt that way when I came back to Muirfield in 1992 after winning in 1987. I was playing well, I was world number one, one of the favourites and all that and I thought ‘yeah, this is my spot, I’m gonna defend winning at Muirfield’.

    “He’s got to be feeling good going back to somewhere he’s won before. He’s playing well. I think the most important thing is he just wants to be a golfer right now, give me a bit of space, let me breathe, let me just go and play.

    “He’s one of the top few players in the world and it’s probably a nice feeling for him – he knows if he plays really well he knows the names he’s got to beat.

    The best of the action from a thrilling final round of The 150th Open Championship from St Andrews, where Cameron Smith claimed a maiden major title

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    The best of the action from a thrilling final round of The 150th Open Championship from St Andrews, where Cameron Smith claimed a maiden major title

    The best of the action from a thrilling final round of The 150th Open Championship from St Andrews, where Cameron Smith claimed a maiden major title

    “Nine years is a long time, not many players go nine years [between major wins] but he’s so talented. It’s not like his game’s gone downhill. If he can find a way to almost hit the reset button, he’s still in his prime age; he’s just got to find that little bit of trust and determination. Can you fend off everybody else?

    “You’ve got three days playing against yourself before you then take on the rest of the guys. I’ve got kind of a good vibe. I think he could pull another one out. I think he has a hell of a chance.”

    The 151st Open takes place from July 20-23, with exclusive coverage throughout tournament week live on Sky Sports. Live coverage of the opening round begins on Thursday July 20 from 6.30am on Sky Sports Golf.

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  • U.S. stock futures little changed after short-lived Wagner mutiny in Russia; oil futures rise

    U.S. stock futures little changed after short-lived Wagner mutiny in Russia; oil futures rise

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    U.S. stock-index futures opened near unchanged and attempted to edge higher Sunday night, as investors reacted to chaotic weekend events that saw a short-lived rebellion that pitted the mercenary Wagner Group against the Russian military leadership. After advancing to within around two hours of Moscow, the mutiny was abruptly halted, with Wagner Group leader Yevgeny Prigozhin reportedly agreeing to depart for Belarus. Analysts said the events, while a potential plus for Ukraine 16 months after Russia’s invasion, appeared to weaken Russian President Vladimir Putin’s hold on the country, That raises concerns about the potential for further internal strife, a recipe for uncertainty that could feed volatility in financial markets. Futures on the Dow Jones Industrial Average
    YM00,
    +0.09%
    rose 20 points, while S&P 500
    ES00,
    +0.10%
    futures ticked up 2.75 points and Nasdaq-100 futures
    NQ00,
    +0.16%
    edged up 11.25 points shortly after the start of electronic trading. Moves for all three contracts amounted to less than 0.1%. Stocks fell last week, with the S&P 500
    SPX,
    -0.77%
    snappng a streak of five straight weekly gains. Oil futures rose, with West Texas Intermediate crude for August delivery
    CL.1,
    +1.26%

    CL00,
    +1.26%    ,
    the U.S. benchmark, up 48 cents, or 0.7%, at $69.64 a barrel on the New York Mercantile Exchange.

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  • Rate cuts, hikes and pauses: The world’s central banks just made very different decisions

    Rate cuts, hikes and pauses: The world’s central banks just made very different decisions

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    Dollar, yuan, yen and euro notes.

    Ullstein Bild Dtl. | Ullstein Bild | Getty Images

    From hawkish pauses to rate hikes and dovish tones, the world’s biggest central banks last week struck very different tones on monetary policy.

    The European Central Bank on Thursday hiked rates and surprised markets with a worsening inflation outlook, which led investors to price in even more rate increases in the euro zone.

    This followed a Federal Reserve meeting where the central bank decided to pause rate hikes. Just days before that, China’s central bank lowered its key medium-term lending rates to stimulate the economy. In Japan, where inflation is above target, the central bank has left its ultra-loose policy unchanged.

    “Taking all these different approaches together shows that not only seems there to be a new divergence on the right approach for monetary policy but it also illustrates that the global economy is no longer synchronized but rather a collection of very different cycles,” Carsten Brzeski, global head of macro at ING Germany, told CNBC via email.

    In Europe, inflation has come down in the bloc which uses the euro but remains well above the ECB target. This is also the case in the U.K., where the Bank of England is expected to raise rates Thursday after very strong labor data.

    The Fed, which started its hiking cycle before the ECB, decided to take a break in June — but said there would be another two rate increases later this year, meaning its hiking cycle is not yet complete.

    The picture is different in Asia, however. China’s economic recovery is stalling, with falls in both domestic and external demand leading policymakers to step up support measures in an effort to revive activity.

    In Japan — which has battled a deflationary environment for many years — the central bank said it expects inflation to come down later this year and opted not to normalize policy yet.

    “Each central bank [tries] to solve for its own economy, which obviously includes considerations for changes in financial conditions imposed from abroad,” Erik Nielsen, group chief economics advisor at UniCredit said via email.

    Market impact

    The euro rose to a 15-year high against the Japanese yen on Friday, according to Reuters, off the back of the divergent monetary policy decisions. The euro also broke above the $1.09 threshold as investors digested the ECB’s hawkish tone last Thursday.

    In bond markets, the yield on the German 2-year bond hit a fresh 3-month higher Friday, given expectations that the ECB will continue with its approach in the short term.

    “Makes sense we start seeing this divergence. In the past, it was clear there was a lot of room to cover for pretty much all the major central banks, while now, given the different stages the jurisdictions are in the cycle, there will be more nuanced decisions to be made,” Konstantin Veit, portfolio manager at PIMCO, told CNBC’s Street Signs Europe on Friday.

    “This indeed will create opportunities for the investors.”

    ECB President Christine Lagarde was asked during a press conference to compare her team’s decision to increase rates, versus the Federal Reserve’s decision to pause.

    “We are not thinking about pausing,” she said. “Are we done? Have we finished the journey? No, we are not at [the] destination,” she said, pointing to at least another potential rate hike in July.

    For some economists, it is only a matter of time before the ECB finds itself in a similar position to that of the Fed.

    “The Fed is leading the ECB [as] the U.S. economy is leading the eurozone economy by a few quarters. This means that, at the latest after the September meeting, the ECB will also be confronted with the debate on whether or not to pause,” Brzeski said.

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  • Rose Zhang becomes first player since 1951 to win title on her LPGA debut

    Rose Zhang becomes first player since 1951 to win title on her LPGA debut

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    LPGA Mizuho Americas Open champion, Rose Zhang: “What is happening? I just can’t believe it. It was just last week when I won NCAAs with my teammates. To turn pro and come out here, it’s just been amazing”; Zhang to take membership on LPGA Tour which comes with the victory

    Last Updated: 05/06/23 8:10am

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    Highlights from day four of the Mizuho Americas Open where Rose Zhang becomes the first player since 1951 to win on the LPGA Tour on a professional debut.

    Highlights from day four of the Mizuho Americas Open where Rose Zhang becomes the first player since 1951 to win on the LPGA Tour on a professional debut.

    Rose Zhang enjoyed a dream start to her professional career with victory in her first event in the Mizuho Americas Open.

    Zhang, who only joined the paid ranks nine days ago, defeated Jennifer Kupcho on the second hole of a play-off after the pair had finished tied on nine under par at Liberty National Golf Club.

    Kupcho set the clubhouse target after a closing 69 and Zhang needed to par the 18th to win in regulation, but found a bunker off the tee and was unable to get up and down from short of the green.

    The 20-year-old American is the first player to win on the LPGA Tour in their professional debut since Beverly Hanson in 1951.

    “What is happening? I just can’t believe it,” said Zhang after two putts for par on the second play-off hole were enough to beat Kupcho.

    “It was just last week when I won NCAAs with my teammates. To turn pro and come out here, it’s just been amazing.”

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    Zhang confirmed she will be taking membership on the LPGA Tour which comes with the victory – after finishing her finals at Stanford and moving next week.

    “I understand there is going to be a lot of bumps in the road and I’m expecting a lot of obstacles,” she said. “But I think this is just the start. This is just a stepping stone.

    “It’s crazy that this is my first win, first professional win already, but no doubt there is going to be a lot more things happening down the road.

    “I’m just going to be continuing to learn inside the ropes.”

    Zhang spent a record 141 weeks at the top of the women’s amateur rankings, surpassing the previous best of 135 set by Ireland’s Leona Maguire.

    She became the first women’s player to win two NCAA individual titles following her successful title defence at the end of May, a victory which saw her exceed the number of wins Tiger Woods achieved at Stanford.

    Zhang also won the Augusta National Women’s Amateur in April and the US Women’s Amateur two years ago, as well as helping the United States to Curtis Cup wins over Great Britain and Ireland in 2021 and 2022.

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  • ECB not ready to ‘pause’ rate hikes as inflation fight continues, Lagarde says

    ECB not ready to ‘pause’ rate hikes as inflation fight continues, Lagarde says

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    The European Central Bank on Thursday lifted interest rates by 25 basis points, slowing the pace of tightening as it delivered a seventh straight increase, indicating it’s not ready to press the pause button.

    “We are not pausing,” ECB President Christine Lagarde told reporters at a news conference, adding that the stance was “very clear.”

    The increase lifted the ECB’s main rate to 3.25%, near a 15-year high.

    “The inflation outlook continues to be too high for too long,” the ECB Governing Council said in a statement at the conclusion of its policy meeting.

    “Headline inflation has declined over recent months, but underlying price pressures remain strong. At the same time, the past rate increases are being transmitted forcefully to euro area financing and monetary conditions, while the lags and strength of transmission to the real economy remain uncertain,” the ECB said.

    Lagarde told reporters that the lending survey informed the decision to lift rates by a quarter point rather than a half point. She said there was a strong consensus behind the quarter-point move, while acknowledging some policy makers had preferred a half-point hike.

    The euro
    EURUSD,
    -0.38%
    initially slumped after the statement, but rebounded sharply to trim a loss versus the U.S. dollar after Lagarde said the ECB wasn’t prepared to pause the rate-hiking cycle. The euro was down 0.2% at $1.1035 after trading as low as $1.1003. The euro has rallied 3% versus the dollar so far in 2023.

    European government bond yields were also lifted after Lagarde ruled out a pause. The yield on the 10-year German government bond
    TMBMKDE-10Y,
    2.242%    ,
    or bund, was up around a half of a basis point at 2.289%.

    The ECB move comes after the Federal Reserve on Wednesday delivered a 10th consecutive rate increase, but signaled that it was prepared to hold off on further tightening depending on incoming economic and financial data. Asked if the ECB could continue on a tightening path if the U.S. central bank paused, Lagarde dismissed the notion that ECB decisions were “dependent” on the Fed.

    Market participants, meanwhile, have priced in three Fed rate cuts by year-end. The ECB, in contrast, was expected to deliver further monetary tightening.

    Inflation in the eurozone continued to run at a 7% year-over-year clip in April, roughly in line with market expectations, but a modest acceleration from March. Core inflation, excluding food, energy, alcohol and tobacco, ticked down a tenth to 5.6% from 5.7%.

    A slowing eurozone economy, however, has bolstered arguments for bringing the monetary tightening cycle to an end, economists said. The ECB’s bank lending survey released Tuesday showed a tightening in conditions, with the largest tightening in credit standards for the last two quarters since the sovereign debt crisis.

    The ECB in March shrugged off worries about the banking sector, delivering a half-point rate hike but signaling that future decisions would be made on a meeting-by-meeting basis, abandoning a longstanding policy of “forward guidance” aimed at massaging market expectations around future rate moves.

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  • PGA Tour: Tony Finau claims Mexico Open title as Jon Rahm charge falls short

    PGA Tour: Tony Finau claims Mexico Open title as Jon Rahm charge falls short

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    World No 1 Jon Rahm had closed to within two shots of Mexico Open leader Tony Finau after a sensational, bogey-free 10-under round of 61 on Saturday, but Finau proved too strong in the final round, finishing with a five-under round of 65, which saw him round off the tournament on 24-under

    Last Updated: 30/04/23 11:13pm

    Tony Finau claimed PGA Tour Mexico Open title victory, as he held off Jon Rahm

    Tony Finau showed superb consistency to hold off the charge of Jon Rahm and claim the PGA Tour Mexico Open title by three shots on Sunday, finishing on 24-under.

    World No 1 Rahm had closed to within two shots of leader Finau after a sensational, bogey-free 10-under round of 61 on Saturday, but the USA’s Finau proved too strong on the final day, finishing with a five-under round of 66.

    His impressive final-day display followed previous rounds of 65, 64 and 65 to leave him victorious, three shots ahead of defending champion Rahm and five ahead of compatriot Brandon Wu.

    Rahm produced a final-round 67, but fell short of adding another win this year, having already claimed The Masters and three further PGA Tour titles.

    Sunday’s victory brings the sixth PGA Tour title of 33-year-old Finau’s career – four of which have come since July 2022.

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  • European stocks break two-day declining streak

    European stocks break two-day declining streak

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    European stocks finished higher Friday, with the Stoxx Europe 600 index STOXX Europe 600 Index rising 0.34% to 469.00.

    The German DAX DAX increased 0.54% to 15,881.66, the French CAC 40 index CAC 40 Index increased 0.51% to 7,577.00 and the FTSE 100 index FTSE 100 Index increased 0.15% to 7,914.13.

    Among Stoxx Europe 600 constituents, health…

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  • Tiger Woods undergoes ‘successful’ ankle surgery following Masters withdrawal

    Tiger Woods undergoes ‘successful’ ankle surgery following Masters withdrawal

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    A statement posted on Tiger Woods’ social media on Wednesday announced the 15-time major winner had undergone a procedure to address post-traumatic arthritis; Woods withdrew from The Masters ahead of the resumption of the third round at Augusta National

    Last Updated: 19/04/23 9:24pm

    Tiger Woods has undergone surgery on his ankle

    Tiger Woods has undergone surgery on his ankle following his recent withdrawal from The Masters.

    The 15-time major champion pulled out of this year’s tournament at Augusta National ahead of the resumption of the third round due to reaggravating his plantar fasciitis.

    An update posted on Woods’ social media on Wednesday confirmed he has since had surgery to address arthritis stemming from ankle problems.

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    “Earlier today, Tiger Woods underwent a subtalar fusion procedure to address post-traumatic arthritis from his previous talus fracture,” the statement said.

    “It was performed by Dr Martin O’Malley at HSS Sports Medicine Institute in New York City. He has determined the surgery to be successful.

    “Tiger is currently recovering and looks forward to beginning his rehabilitation.”

    Woods, making just his second start of the year in The Masters, battled cold and wet conditions to close a second-round 74 on Saturday morning and secure a record-equalling 23rd consecutive cut in the tournament.

    Butch Harmon reflects on Tiger Woods' Masters 2023 journey and how this looks for the rest of his golfing career in the near future

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    Butch Harmon reflects on Tiger Woods’ Masters 2023 journey and how this looks for the rest of his golfing career in the near future

    Butch Harmon reflects on Tiger Woods’ Masters 2023 journey and how this looks for the rest of his golfing career in the near future

    He snuck through on the cut mark of three over, despite bogeying his final two holes, with Woods falling further behind after a nightmare start to his third round.

    Woods looked in physical discomfort as he made two bogeys and two double-bogeys over his first seven holes, leaving the former world No 1 on nine over for the tournament and bottom of the leaderboard by three shots.

    He subsequently elected against returning to play what would have been an extended Sunday for him and has only completed 72 holes twice since career-threatening leg injuries in a car crash in February 2021.

    Woods withdrew from the Hero World Challenge last November with plantar fasciitis too, although played at the PNC Championship later that month and featured at February’s Genesis Invitational.

    Speaking at The Masters, Nick Faldo says Tiger Woods has to 'get realistic' over his injury problems

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    Speaking at The Masters, Nick Faldo says Tiger Woods has to ‘get realistic’ over his injury problems

    Speaking at The Masters, Nick Faldo says Tiger Woods has to ‘get realistic’ over his injury problems

    “Every year from here going forward is to play in all the majors – I am not going to play too much more than that,” Woods previously said.

    He is next scheduled to feature at the PGA Championship, an event he has won four times, although it remains to be seen whether he will be fit to feature at Oak Hill Country Club from May 18-21.

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  • The Masters: Storylines to follow ahead of a marathon Sunday at Augusta National

    The Masters: Storylines to follow ahead of a marathon Sunday at Augusta National

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    Brooks Koepka leads the way at The Masters following the suspension of play on Saturday

    We take a look at some of the main talking points as The Masters heads into a packed final day, with the third round still to be completed following heavy rain which forced Saturday’s play to be suspended…

    Koepka vs Rahm: A two-horse race?

    Brooks Koepka and Jon Rahm have been the class acts of the field so far at Augusta National. Indeed, their performances in the first two rounds ensured it was the first time two players had been at 10 under par or better through 36 holes.

    It is 32-year-old Koepka who holds the advantage though, leading world No 3 Rahm by four shots on 13 under up to the point where play was suspended on Saturday afternoon.

    They will resume on Sunday on the seventh green with Koepka facing a putt to save par and Rahm having an opportunity to birdie, showing how much things could change with another 11 holes of the third round for the leaders to play.

    As if a showdown between two golfers at the top of their game was not enough, there is the added drama of a probable showdown between LIV Golf defector Brooks and PGA Tour star Rahm for the right to pull on the fabled Green Jacket for the first time.

    Smash GC captain Koepka triumphed in the most recent LIV event in Orlando ahead of The Masters and if he were to triumph it would hand a significant boost to the breakaway tour.

    Koepka to seal his fifth major?

    From a personal point of view, victory in the Masters would take Koepka three-quarters of the way to completing the Grand Slam of golf’s four majors.

    Highlights from the third round of the 2023 Masters at Augusta National

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    Highlights from the third round of the 2023 Masters at Augusta National

    Highlights from the third round of the 2023 Masters at Augusta National

    The American already has two PGA Championships and two US Opens to his name, and a triumph on Sunday would leave just The Open Championship remaining to complete the set ahead of this July’s tournament at Royal Liverpool.

    It would put him among an elite group too, with only six other male players in the modern era having won five majors before turning 33: Tiger Woods, Jack Nicklaus, Seve Ballesteros, Tom Watson, Gary Player and Arnold Palmer.

    His statistics so far in this tournament are pointing towards success for Koepka too. He leads the way in Shots Gained Approach (+2.76) and is second for Shots Gained Putting (+1.76), while his six birdie or better scores on par-fives is tied for second as well.

    Spanish success for Rahm?

    Rahm spoke ahead of the tournament how aware he is of the history of his fellow Spaniards at The Masters, and he would join compatriots Ballesteros, Jose Maria Olazabal and Sergio Garcia in donning the Green Jacket if he were to emerge victorious.

    Win probability leaders entering Sunday

    Player Win probability %
    Brooks Koepka 55.3
    Jon Rahm 34.7
    Collin Morikawa 2.2
    Viktor Hovland 2.0

    It will not be lost on him either that April 9 marks the late Ballesteros’ birthday and is the same date that Garcia clinched the 2017 Masters title.

    The 28-year-old, who has one previous major under his belt in the form of the 2021 US Open, has yet to better his fourth place at Augusta National in 2018, although four of his six appearances at The Masters have resulted in top-10 finishes.

    He is aiming to become the sixth player to win the Masters and US Open before the age of 29, and only the third from outside the USA to win both, but will need to arrest a slide which saw him at one over par for his round and losing 1.25 strokes putting to the field before play was suspended.

    Chasing pack charging?

    Should Koepka and Rahm falter, there is a group of players, including several major winners, behind them waiting to pounce.

    Matt Fitzpatrick is among the group chasing the leaders at The Masters

    Matt Fitzpatrick is among the group chasing the leaders at The Masters

    Last year’s surprise US Open champion Matt Fitzpatrick, and former PGA Championship and Open winner Collin Morikawa are both lurking on five under par, tied for fourth with Norway’s Viktor Hovland – a player widely tipped as a future major winner.

    Three-time Masters champion Phil Mickelson – back at Augusta National after missing last year’s tournament – and 2013 US Open winner Justin Rose are a further shot back tied for seventh in a group which includes another expected future major winner in Patrick Cantlay.

    Still leading the chasing pack, though, in third at six under is Sam Bennett, whose total of 136 across the first two rounds was the lowest 36-hole score by an amateur at The Masters since Ken Venturi in 1956. It is worth noting, however, that no amateur player has won The Masters.

    What to make of Tiger?

    When he made the cut for the 23rd time at The Masters, Tiger Woods equalled a mark held by Fred Couples and Gary Player.

    Tiger Woods props up The Masters leaderboard after finding the water twice on the rain-soaked course at Augusta

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    Tiger Woods props up The Masters leaderboard after finding the water twice on the rain-soaked course at Augusta

    Tiger Woods props up The Masters leaderboard after finding the water twice on the rain-soaked course at Augusta

    But while Couples still seemed to be enjoying himself despite currently being tied for 49th on four over par, five-time champion Woods appeared to be struggling both physically and mentally on a day which saw him drop to last place and nine under par when play was suspended.

    After starting the third round with a bogey, Woods made three consecutive pars, but then it was another bogey followed by back-to-back double-bogeys which left him three shots behind his nearest competitor, Charl Schwartzel.

    The question now remains as to whether Woods will continue with his round and complete the tournament or decide to withdraw to save his body from further punishment.

    Will the weather be a factor?

    Play will resume at 8.30am local time (1.30pm BST), dependent on the condition of the course after the overnight rain, with just over 11 holes – or three and a bit hours – left of the third round still to complete.

    Cloudy and breezy conditions are expected on Sunday, with no further rain or storm disruption, although any delay to the resumption would leave tournament officials in a race against time to get 72 holes completed before nightfall on Sunday.

    A statement from Augusta National said the live broadcast – the global broadcast window – will remain as originally scheduled from 2pm-7pm local time (7pm-Midnight BST), with the tournament set to be finished without the need of taking the opening major of the year into a fifth day.

    Who will win The Masters? Watch the conclusion of the third round live on Sunday from 1.30pm on Sky Sports Golf, ahead of the final round later that day. A host of bonus feeds will be available throughout the day via the red button on Sky Sports Golf!

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  • EU regulators distance themselves from Credit Suisse bond writedowns

    EU regulators distance themselves from Credit Suisse bond writedowns

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    BRUSSELS — European regulators distanced themselves from the Swiss decision to wipe out $17 billion of Credit Suisse‘s bonds in the wake of the bank’s rescue, saying they would write down shareholders’ investments first.

    Dominique Laboureix, chair of the EU’s Single Resolution Board, had a clear message for investors in an exclusive interview with CNBC.

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    “In [a banking] resolution here, in the European context, we would follow the hierarchy, and we wanted to tell it very clearly to the investors, to avoid to be misunderstood: we have no choice but to respect this hierarchy,” Laboureix said Wednesday.

    It comes after Swiss regulator FINMA announced earlier this month that Credit Suisse’s additional tier-one (AT1) bonds, widely regarded as relatively risky investments, would be written down to zero, while stock investors would receive over $3 billion as part of the bank’s takeover by UBS, angering bondholders.

    In a joint statement with the ECB Banking Supervision and the European Banking Authority, the Single Resolution Board said on March 20 that the “common equity instruments are the first ones to absorb losses, and only after their full use would Additional Tier 1 be required to be written down.”

    The standard hierarchy or framework sees equity investments classed as secondary to bonds when a bank is rescued.

    The Swiss decision has led some Credit Suisse AT1 bondholders to consider legal action, and it sparked uncertainty for bondholders around the world.

    Switzerland’s second largest bank Credit Suisse is seen here next to a Swiss flag in downtown Geneva.

    Fabrice Coffrini | AFP | Getty Images

    “As a resolution authority in charge of the banking union resolution framework, I can tell you that I will respect fully and entirely the legal framework. So in resolution, when adopting a resolution scheme, I will respect this hierarchy starting by absorbing equity stack, and then the AT1 and then the Tier 2 and then the rest,” Laboureix said.

    Switzerland is not part of the European Union and so does not fall under the region’s banking regulation.

    The Single Resolution Board became operational in 2015 in the wake of the Global Financial Crisis and sovereign debt crisis. Its main function is to ensure that there’s the least possible impact on the real economy if a bank fails in the euro zone.

    Tougher on Silicon Valley Bank

    The recent banking turmoil started in the U.S. with the fall of Silvergate Capital, a bank focused on cryptocurrency. Shortly after, regulators closed Silicon Valley Bank and then Signature Bank following significant deposit outflows in an effort to prevent contagion across the sector.

    Since then, First Republic Bank received support from other banks and in Switzerland, authorities asked UBS to rescue Credit Suisse. Late last week, Deutsche Bank shares slid leading some to question if the German bank could be next, although analysts have stressed that its financial position looks strong.

    For regulators in the euro zone, the collapse of Silicon Valley Bank, and perhaps subsequent events, could have been avoided if tougher banking rules were in place.

    “A bank like this would have been under strict rules,” Laboureix said. “I’m not judging … but what I understand is that these mid-sized banks, so-called mid-sized banks in the U.S., were in reality, big banks compared to ours in the banking union.”

    Rolling back banking regulation was 'clearly a mistake,' former central banker says

    European lawmakers have previously told CNBC that U.S. regulators made mistakes in preventing the failure of SVB and others.

    One of the key differences between the U.S. and Europe is that the former has a more relaxed set of capital rules for smaller banks.

    Basel III, for instance — a set of reforms that strengthens the supervision and risk management of banks and has been developed since 2008 — applies to most European banks. But American lenders with a balance sheet below $250 billion do not have to follow them.

    Despite the recent turbulence, European regulators argue the sector is strong and resilient, particularly because of the level of controls introduced since the Global Financial Crisis.

    “If you look at the past events — I mean, Covid, Archegoes, Greensill, the Gilt crisis in the U.K. last September, etc, etc — during the three last years, the resilience of the European banking system was very strong based on very good solvency and very good liquidity and a very good profitability,” Laboureix said.

    “I really believe that yes, there is a good resiliency in our banking system. That does not mean that we don’t have to be vigilant.”

    — CNBC’s Elliot Smith contributed to this report

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  • Rory McIlroy’s best year ever? How success on PGA Tour and DP World Tour helped return to world No 1

    Rory McIlroy’s best year ever? How success on PGA Tour and DP World Tour helped return to world No 1

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    After climbing back to world No 1 this year, relive Rory McIlroy’s three PGA Tour wins in 2022

    After climbing back to world No 1 this year, relive Rory McIlroy’s three PGA Tour wins in 2022

    Statistics show that Rory McIlroy is a better player now that at any other time in his career. 

    If you were prepared to go deep into his career statistics you will consistently come across two glaring weaknesses; wedge play and putting. 2022 has seen him improve drastically in both of those categories – in some style as well – as he went on his way to a consistently brilliant year and a well deserved return to World No 1.

    Isolating his statistics from the time of The Masters in April to the end of the year, he has been the leading wedge player on the PGA Tour – that’s a simply sensational improvement. Who would have thought that, as over his career he has consistently been ranked outside of the top-50 in the wedge play rankings?

    Highlights from day four of the CJ Cup in South Carolina as Rory McIlroy retained the title and moved back to world No 1.

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    Highlights from day four of the CJ Cup in South Carolina as Rory McIlroy retained the title and moved back to world No 1.

    Highlights from day four of the CJ Cup in South Carolina as Rory McIlroy retained the title and moved back to world No 1.

    Then you look at his putting, and for the first time ever he is well inside the top 20 best putters on Tour. Again, that’s a category that has seen him miles off the pace compared to others historically, despite many wins and periods of domination.

    When you factor in his well documented strength in hitting the golf ball to these huge and important short game improvements, you start forming an opinion that this guy no longer has any weaknesses. Looking at reasons for these huge improvements, I see a combination of the two personnel additions to his team as the outstanding ones.

    He is now into his second season working with the ex- PGA Tour player and Sky Sports analyst, Brad Faxon. These two years have shown steady putting improvement for McIlroy, as Brad has led Rory to a more instinctive and reactionary style of putting.

    Gone are the days of over analysis and – to borrow the often quoted phase of Gary Player – the “paralysis by analysis”. Instead, there is now a flow to how McIlroy putts both in terms of routine as well as stroke.

    Rory McIlroy said it means a lot to finish in Europe's No 1 spot for the fourth time in his career and feels he's on a journey to becoming a complete golfer.

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    Rory McIlroy said it means a lot to finish in Europe’s No 1 spot for the fourth time in his career and feels he’s on a journey to becoming a complete golfer.

    Rory McIlroy said it means a lot to finish in Europe’s No 1 spot for the fourth time in his career and feels he’s on a journey to becoming a complete golfer.

    In terms of his wedge play it has come down to old fashioned hard work, combined with a change to a less spinning ball and a lower, more driven flight that make it easier to control distance.

    When you throw in the addition of Bob Rotella, the well known and hugely respected sports psychologist, who also worked with Brad throughout his career, you get a consistency of ideas and approach that marries into the instinctive style of golf that McIlroy has always played and one that comes naturally to him.

    Great golf improvement often follows evolution of something that comes naturally which, in Brad and Bob, Rory has found two kindred spirits in how they see golf being played that resonate with him. There is a skill in picking coaches and its crucial to choose people whose ideas will blend and enhance yours – McIlroy has clearly done that and the results have followed.

    After becoming world number one again with victory at the CJ Cup, Sky Sports Golf pundit Rob Lee is confident Rory McIlroy can now go on to win the Masters to complete a career Grand Slam.

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    After becoming world number one again with victory at the CJ Cup, Sky Sports Golf pundit Rob Lee is confident Rory McIlroy can now go on to win the Masters to complete a career Grand Slam.

    After becoming world number one again with victory at the CJ Cup, Sky Sports Golf pundit Rob Lee is confident Rory McIlroy can now go on to win the Masters to complete a career Grand Slam.

    When he came second to Scottie Scheffler at The Masters with that run on the last day, it was validation for him to say ‘hey, these new ideas are working and are relatively easy for me to implement’. Confidence comes from validation, so that finish was the start of new proof that he was on the right track and had the right people around. There’s no doubt that the Sunday at Augusta was the springboard to a great summer.

    Just a couple of months prior to this second place at The Masters, McIlroy took on a very high risk shot from the 18th fairway in the Slync.io Dubai Desert Classic and made a bogey on the closing par-five that effectively blew the tournament.

    The Open Films: McIlroy 2014

    December 31, 2022, 5:00pm

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    While this swashbuckling style of play makes him compelling to watch, it is not the style of play employed by the likes of Jack Nicklaus and Tiger Woods – players who are in the category of the real greats of the game and a category McIlroy has entered and will ultimately be judged in. Post-Dubai he seemed to take on a more measured approach, akin to theirs, relating to course management and in-play decision making.

    Having worked with Rotella myself during my career, I recognised his ideas in McIlroy’s play and interviews. I recall highlighting and giving examples of this new approach in my role with Golf Channel after three rounds at Augusta, whose ideas seemingly underpinning a lot of his golf this year.

    Although this approach led to great consistency in the majors it didn’t lead to an all-important win and the irony is that it may well have cost him winning The Open at St Andrews.

    Rory McIlroy says he'll have to 'keep plugging away' as his wait for a fifth major continues after surrendering his lead on the final day of The Open.

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    Rory McIlroy says he’ll have to ‘keep plugging away’ as his wait for a fifth major continues after surrendering his lead on the final day of The Open.

    Rory McIlroy says he’ll have to ‘keep plugging away’ as his wait for a fifth major continues after surrendering his lead on the final day of The Open.

    Entering the last round in a share of the lead, he made no mistakes as he hit all 18 greens in regulation. However, in doing so, he became somewhat over-conservative and didn’t make enough birdies or take enough chances on a course that was yielding lots of birdies to other contenders.

    Making mistakes didn’t cost him that title, like Dubai in the year, but it was the over-measured play and lack of spark to make birdies and offset the charging Cameron Smith that cost him. The Open illustrates just how hard it is to get the balance right – hitting all 18 greens with no bogeys was not enough. As the song by Kenny Rogers goes: “You’ve got to know when to hold ’em and know when to fold ’em!”

    Golf at the top level is a sport where it feels you never get to the finishing line and even when you think you have it, you don’t! You are constantly evolving and learning throughout your career.

    Rory McIlroy: Back on Top

    January 1, 2023, 8:00pm

    Live on

    2022 has been a great year for McIlroy, with huge strides made, but as well as it’s gone for him there will have been big learnings too. While the measured decision making has proved fruitful in terms of the consistency of top-10 finishes in all four majors, he will have realised the importance of blending this new approach with flashes of that swashbuckling style of his that draws us all in and separates him.

    I would also credit Rotella’s influence on how McIlroy has used the narrative around LIV and the central role that he has taken off the course to his advantage. Many of the really greats in sport talk of getting an edge mentally and they talk about cultivating this edge by taking offence to someone or something, or making things personal.

    Tiger Woods described Rory McIlroy as a 'true leader' following his calls for Greg Norman to quit as LIV Golf CEO to allow a settlement to be negotiated in golf’s civil war.

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    Tiger Woods described Rory McIlroy as a ‘true leader’ following his calls for Greg Norman to quit as LIV Golf CEO to allow a settlement to be negotiated in golf’s civil war.

    Tiger Woods described Rory McIlroy as a ‘true leader’ following his calls for Greg Norman to quit as LIV Golf CEO to allow a settlement to be negotiated in golf’s civil war.

    This edge becomes the fuel that energise them in the battle field of preparation and competition and I believe McIlroy, with the help of Rotella, has cultivated the emergence of LIV in a positive way to help fuel his concentration and focus this year. They have found a way of using LIV psychologically to put himself in a place where he’s out to prove something and chase it, which I think historically has always been his best mindset.

    What next for McIlroy?

    The next couple of months are really important, as he reenergises and resets himself. He doesn’t want to lose the momentum he enjoyed in 2022. We’ve seen him before after quite extensive breaks come out of the blocks slow and kind of lose the initiative a little bit, then try new things.

    It’s key that he keeps his focus of thought and to continue working along the lines we saw in 2022 as its a path that has yielded results and him becoming the best edition of a golfer that I’ve witnessed in his career to date.

    It’s also a path I’m convinced where more majors will be added to his already sensational golfing CV.

    Watch Rory McIlroy in PGA Tour and DP World Tour action throughout 2023 live on Sky Sports Golf!

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  • Google appeals huge Android antitrust fine to EU’s top court

    Google appeals huge Android antitrust fine to EU’s top court

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    LONDON (AP) — Google is challenging a record European Union antitrust fine that took aim at the Android operating system’s role in restricting mobile competition and consumer choice.

    The company said Thursday that it filed the appeal against the 4.125 billion euro ($4.3 billion) penalty “because there are areas that require legal clarification from the European Court of Justice,” the EU’s top court.

    Google previously appealed to a lower tribunal, which had slightly lowered the original 4.34 billion-euro penalty in a decision largely siding with the European Commission. It’s the largest-ever antitrust fine issued by the commission, the 27-nation bloc’s top competition watchdog.

    In its 2018 decision, the commission found that the dominance of Google’s Android resulted in less competition and consumer choice. The U.S. tech giant had argued that free and open-source Android resulted in cheaper phones and spurred competition with its chief rival, Apple. Android is the most popular mobile operating system, beating Apple’s iOS.

    “Android has created more choice for everyone, not less, and supports thousands of successful businesses in Europe and around the world,” Google said Thursday.

    The fine was one of three blockbuster antitrust penalties that the commission hit Google with between 2017 and 2019, highlighting the bloc’s early role in cracking down on tech giants.

    Google also is appealing its first EU antitrust penalty, a 2.4 billion-euro fine for unfairly favoring its Google Shopping comparison service, to the Court of Justice, which can only rule on points of law.

    It’s appealing the third penalty, a 1.49 billion-euro fine for abusing its dominance in online search ads, to the EU court’s lower tribunal.

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  • Europe’s biggest buyer of bonds is starting to think about selling

    Europe’s biggest buyer of bonds is starting to think about selling

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    Christine Lagarde, president of the European Central Bank speaks at an event. The central bank is due to meet in mid-December for more monetary policy decisions.

    Bloomberg | Bloomberg | Getty Images

    The European Central Bank could be about to answer a lingering question in the coming weeks that could have major repercussions for financial markets.

    At its December meeting, the ECB is set to discuss and reveal more concrete details on how it will unwind 8.8 trillion euros ($9.21 trillion) from its balance sheet — in a process known as quantitative tightening.

    For years, the central bank has been ultra loose with its monetary policy, buying sovereign debt across Europe to keep borrowing costs low for governments and, subsequently, for individuals to help stimulate growth.

    However, with inflation at record highs and a number of rate hikes under its belt, markets are now awaiting details on how and when the ECB will sell these bonds.

    “The biggest question in December is what they’ll do regarding QT,” Marchel Alexandrovich, European economist at Saltmarsh Economics, told CNBC over the phone.

    Back in October, ECB President Christine Lagarde said the discussions over bond sales will consider three main factors: the inflation outlook, the measures taken so far, and the transmission lag — given that it takes a while for any monetary decision to have an impact on the economy.

    Speaking Monday, Lagarde confirmed the timeline. “In December, we will also lay out the key principles for reducing the bond holdings in our asset purchase program portfolio,” she told European lawmakers.

    ‘Measured and predictable’

    ECB officials have suggested that the process will be “gradual” and “predictable” — meaning it’s not likely to be meeting dependent.

    At the moment, the central bank is applying a meeting-by-meeting approach to interest rate decisions, arguing there is a high degree of uncertainty preventing it from guiding the markets with more detail in the medium term.

    “It is appropriate that the balance sheet is normalized over time in a measured and predictable way,” Lagarde said Monday.

    As such, economists do not expect every detail to be outlined in December.

    “In December, the ECB will lay out some general principals about how it intends to conduct QT but not yet specify the precise amounts and timings of the balance sheet run-off,” Franziska Palmas, senior Europe economist at Capital Economics, said via email.

    She added that the upcoming changes to the balance sheet will likely be applied only to the APP (Asset Purchase Program) holdings and not to PEPP (Pandemic Emergency Purchase Program).

    APP started in mid-2014 to deal with persistently low inflation levels. It was frozen between January and October 2019 and then lasted until July 2022. On the other hand, PEPP was a more flexible bond purchase program introduced during the coronavirus pandemic.

    As part of the broader stimulus actions, the ECB has been reinvesting profits it made during these asset purchases. Instead of starting to unwind its balance sheet by selling the actual bonds, some expect the ECB to stop these reinvestments.

    “The ECB will shrink APP holdings only by ceasing to reinvest the proceeds of maturing APP assets, not by actively selling them. The pace of QT may be particularly slow initially, with the ECB still reinvesting the majority of the proceeds from maturing assets,” Palmas said.

    Economists at Nomura also expect the ECB to slow down these reinvestments as a first step in reducing its balance sheet.

    “We believe the ECB will allow only 1/3 of APP portfolio redemptions to be rolled off, with the remainder reinvested,” they said in a research note after the last ECB meeting. This is seen starting in the second quarter of 2023, according to the same note.

    Frederik Ducrozet, the head of macroeconomic research at Pictet Wealth Management and an avid ECB watcher, said the bank “will probably introduce so-called caps on monthly reinvestments under the APP programme, up to which the ECB will stop reinvesting the proceeds of maturating securities.”

    He added that this would likely start in March.

    The ECB’s cumulative net purchases of government debt as of October 2022 stood at 2.74 trillion euros.

    Why investors worry about the euro

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  • Closing prices for crude oil, gold and other commodities

    Closing prices for crude oil, gold and other commodities

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    Benchmark U.S. crude oil for January delivery rose 96 cents to $77.24 a barrel Monday. Brent crude for January delivery fell 44 cents to $83.19 a barrel.

    Wholesale gasoline for December delivery was unchanged at $2.33 a gallon. December heating oil fell 2 cents to $3.22 a gallon. December natural gas fell 31 cents to $6.71 per 1,000 cubic feet.

    Gold for February delivery fell $13.50 to $1,755.30 an ounce. Silver for March delivery fell 48 cents $21.13 an ounce and March copper fell 1 cent to $3.62 a pound.

    The dollar fell to 138.89 Japanese yen from 139.05 yen. The euro fell to $1.0339 from $1.0412.

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  • Closing prices for crude oil, gold and other commodities

    Closing prices for crude oil, gold and other commodities

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    Benchmark U.S. crude oil for January delivery fell $1.66 to $76.28 a barrel Friday. Brent crude for January delivery fell $1.71 to $83.63 a barrel.

    Wholesale gasoline for December delivery fell 14 cents to $2.33 a gallon. December heating oil fell 12 cents to $3.24 a gallon. December natural gas fell 29 cents to $7.02 per 1,000 cubic feet.

    Gold for December delivery rose $8.40 to $1,754 an ounce. Silver for December delivery rose 6 cents $21.43 an ounce and December copper rose 1 cent to $3.63 a pound.

    The dollar rose to 139.05 Japanese yen from 138.48 yen. The euro fell to $1.0412 from $1.0413.

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  • Jon Rahm: Rory McIlroy’s stand against LIV and performances ‘incredible’ | Fears for Sergio Garcia’s legacy

    Jon Rahm: Rory McIlroy’s stand against LIV and performances ‘incredible’ | Fears for Sergio Garcia’s legacy

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    Jon Rahm has hailed Rory McIlroy’s efforts as ‘incredible’ on and off the golf course this year

    World No 5 Jon Rahm has hailed Rory McIlroy’s stand against LIV Golf in tandem with his golfing performances this year, and admits he is worried for the legacy of fellow Spaniard Sergio Garcia.

    McIlroy is targeting more Dubai success this week, live on Sky Sports Golf, as the world No 1 aims to round off a memorable 2022 with DP World Tour Championship victory.

    A runner-up finish at The Masters and eighth-place showing at the PGA Championship were followed by him claiming fifth at the US Open and then narrowly missing out on victory at The Open, before McIlroy brought his FedExCup-winning form from the PGA Tour back across to Europe in the autumn.

    McIlroy is aiming to clinch DP World Tour Championship victory this week, live on Sky Sports

    McIlroy is aiming to clinch DP World Tour Championship victory this week, live on Sky Sports

    McIlroy claimed joint-second with Rahm at the BMW PGA Championship in the first of three consecutive top-four finishes on the DP World Tour, lifting him to top spot, with the 33-year-old now looking to become the first player since Henrik Stenson to win the FedExCup and DP World Tour order of merit in the same year.

    All the while, McIlroy, who won the CJ Cup back on the PGA Tour on his last outing, has been a loyal supporter of golf’s established tours in their legal battle with Saudi-funded breakaway circuit LIV, and believes it may take chief-executive Greg Norman exiting LIV Golf to get any resolution within the sport.

    Rahm, when asked how he rated McIlroy’s actions on and off the golf course, was full of praise…

    “How do I rate? You’re putting me in a difficult position here,” he said.

    “He’s played amazing golf to win the FedExCup, and to have a chance to win the Race to Dubai as well.

    McIlroy's performances this year saw him become FedExCup champion

    McIlroy’s performances this year saw him become FedExCup champion

    “This would be I think the second time in his career he wins both, which is quite an accomplishment. He’s played amazing. I think the only thing he will tell you that’s missing is a major championship off having a pretty amazing year.

    “It’s great to see somebody with his platform to take a stand as he did, whether you agree with it or not, he’s taken a stand on what he believes in and that’s it. I think it’s great.

    Speaking at a press conference, Rahm was full of praise for McIlroy and admitted he worries for Sergio Garcia's legacy

    Speaking at a press conference, Rahm was full of praise for McIlroy and admitted he worries for Sergio Garcia’s legacy

    “He’s had a lot of input. He’s been on the board of the PGA Tour and tried to make a change.

    “To be honest, with how long those meetings are and how much as players we talk to each other to play as good as he has, is pretty remarkable.

    “I mean, in this profession, we are all basically CEOs of our own little golf company, and now he has invested in so much more. Again, the role he’s had in both is quite incredible.”

    McIlroy says Greg Norman needs to step down from his position as LIV Golf chief executive immediately because golf's tours need an 'adult in the room' to help end their feud

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    McIlroy says Greg Norman needs to step down from his position as LIV Golf chief executive immediately because golf’s tours need an ‘adult in the room’ to help end their feud

    McIlroy says Greg Norman needs to step down from his position as LIV Golf chief executive immediately because golf’s tours need an ‘adult in the room’ to help end their feud

    On the flip side, Ryder Cup legend Garcia was one of the first to leave the PGA and DP World Tours and join LIV.

    The Spaniard has 16 career wins on the DP World Tour and has appeared in 320 tournaments since turning pro in 1999. The 2017 Masters champion has reached as high as No 2 in the world.

    The 42-year-old’s decision to join LIV may also see him ineligible to compete in the Ryder Cup, an event he has appeared in 10 times in his career and scored the most points (28.5) in the competition’s history.

    Rahm, while saying he hopes Garcia’s legacy remain untarnished, admits he can see how it might be to some.

    “I hope not [Garcia’s legacy affected]. It’s very unprecedented, right, what we’ve been dealing with in the game of golf, in the last…it hasn’t even been that long, what, six months. And there’s certainly going to be a before and after at some point, and there’s definitely some division going on.

    Garcia's legacy may well be tainted for some due to his LIV Golf exploits, Rahm admits

    Garcia’s legacy may well be tainted for some due to his LIV Golf exploits, Rahm admits

    “But I think to the core fans who have been fans of Sergio, I don’t think they care, really, where he plays. Some of them might, but most of them I don’t really think they care.

    “It still shouldn’t change what he’s done in the game; what he’s done in the Ryder Cup, European Tour, PGA Tour, shouldn’t be affected by where he decides to play golf, at least in my mind.

    “It could have somewhat of an impact. I have a hard time believing a lot of those players are going to have a positive impact with their legacy right now.

    Garcia is the most successful Ryder Cup player in history, but may not even be eligible to play now

    Garcia is the most successful Ryder Cup player in history, but may not even be eligible to play now

    “We don’t know what’s going to happen, but if it does, I hope it’s not a big one, let’s say it that way. He’s done a lot for the game of golf, so it would be sad to see that change.”

    Rahm: We need to stop giving LIV publicity | ‘I’m not totally against LIV players gaining ranking points’

    Regarding World Ranking points and LIV golf, Rahm admitted he is not against some LIV players being rewarded, but said there would have to be adjustments made.

    “We need to stop giving LIV the publicity. They are not asking for it. That’s the first thing I’m going to say,” he added.

    “I think a lot of people are against them having World Ranking points. I’m not necessarily against it but there should be adjustments.

    “If your requirement is to have World Ranking points as 72 holes and a cut, maybe you don’t award them 100 per cent of the points since they are not fulfilling all of the requirements.

    “I also believe, it’s probably a couple-year process, so they need to respect that as every other tour has.

    “But, like we say, if there’s some requirements and it’s only 54 holes and you don’t have a cut, maybe you award them, let’s say the winner will get 30 or I give them 75 per cent of them, I don’t know.

    “They do have some incredible players. To say that Dustin [Johnson] wasn’t one of the best players this year would be a mistake.”

    Watch the DP World Tour Championship throughout the week live on Sky Sports. Live coverage begins on Thursday with Featured Groups from 5am on Sky Sports Golf, ahead of full coverage from 7am.

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  • Adidas lowers earnings outlook after breakup with Yeezy

    Adidas lowers earnings outlook after breakup with Yeezy

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    Shoe and sports apparel maker Adidas has lowered its earnings forecast for the full year to account for losses from ending its partnership with rapper Ye, formerly known as Kanye West, in response to Ye’s antisemitic remarks

    FRANKFURT, Germany — Shoe and sportswear maker Adidas on Wednesday lowered its earnings forecast for the full year to account for losses from ending its partnership with rapper Ye, formerly known as Kanye West, in response to the artist’s antisemitic remarks.

    Adidas cut its sales outlook for the year as part of its third-quarter earnings statement, to a low single digit increase from a mid-single digit increase, and net profit from continuing operations to 250 million euros ($252 million) instead of 500 million euros.

    The company, based in Herzogenaurach, Germany, had previously said ending the partnership with Ye’s Yeezy brand would cost it 250 million euros. The Yeezy brand accounted for up to 15% of Adidas’ net income, according to Morningstar analyst David Swartz. Adidas has ended production of all Yeezy products and ceased royalty payments.

    For weeks, Ye made antisemitic comments in interviews and social media, including a Twitter post earlier this month that he would soon go “death con 3 on JEWISH PEOPLE,” an apparent reference to the U.S. defense readiness condition scale known as DEFCON. He was suspended from both Twitter and Instagram.

    The company had already cut its year forecasts on Oct. 20, five days before it announced it was ending the relationship with Yeezy. The earlier outlook revision cited slowing activity in China, where severe restrictions aimed at limiting the spread of COVID-19 have held back the economy, and clearance of elevated inventory levels.

    Net income for the third quarter from continuing operations was 66 million euros, down from 479 million euros in the same quarter a year ago. The decrease largely reflected 300 million in one-time costs, most of it from winding down the company’s business in Russia.

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  • Why Apple raised the price of the iPhone, but not in the U.S. and China

    Why Apple raised the price of the iPhone, but not in the U.S. and China

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    Customer inspects iPhone 14 Pro Max inside an Apple store in Marunouchi, Tokyo.

    Stanislav Kogiku | SOPA Images | Lightrocket | Getty Images

    Apple‘s newest iPhones, the series 14 models, come with better displays, cameras, and satellite messaging, among other features and updates. But depending on where you live, they also may come with a higher price tag.

    While some analysts projected that Apple might increase the price of its latest iPhones across the board due to continued supply chain challenges and inflation, potential buyers in the U.S. and China saw no increases compared to the series 13 models.

    But for consumers in markets like the U.K., Japan, Germany, and Australia, the newest models also came with significant price increases.

    For example, the base iPhone 14 model starts at $799 in the U.S., the same price that the company charged for the iPhone 13 at its release last year.

    In the U.K., the base iPhone 14 costs £849, or roughly $975. The base iPhone 13 was priced at £779, an increase of £70 or roughly $80.

    That price difference only increases with the more enhanced models. For example, the iPhone 14 Pro Max in the U.K. is £150 more expensive than the equivalent last year’s model.

    The reason Apple took the step to increase the price of phones in those markets has to do with currency fluctuations.

    “Essentially every currency around the world has weakened against the dollar,” Apple CFO Luca Maestri said on the company’s fourth-quarter earnings call with analysts last week. “The strong dollar makes it difficult in a number of areas. Obviously, our pricing in emerging markets makes it difficult, and the translation of that revenue back into dollars is affected.”

    While Apple reported that its revenue increased 8% in the quarter to $90.15 billion, Apple CEO Tim Cook told CNBC last week that the company would have grown “double-digits” if not for the strong dollar.

    “The foreign exchange headwinds were over 600 basis points for the quarter,” Cook told CNBC’s Steve Kovach. “So it was significant. We would have grown in double digits without the foreign exchange headwinds.” 

    Foreign currency exchange is “a very significant factor that is affecting our results, both revenue and gross margin,” Maestri said. Apple does hedge against its currency exposures “in as many places as possible around the world,” he said, but those sorts of protections do start to reduce as the company needs to continue to buy new contracts.

    But Apple also examines the foreign exchange landscape when it launches new products, Maestri said, which led to these most recent price increases.

    “In some cases, for example, customers in international markets had to … they saw some price increases when we launched the new products, which is not something that, for example, U.S. customers have seen,” he said. “And that’s unfortunately the situation that we’re in right now with the strong dollar.”

    While recent currency fluctuations versus the U.S. dollar are causing some international buyers to pay more for an iPhone, there have been instances where Apple instead absorbed those costs.

    In 2019, when the U.S. dollar also saw a rise in value compared to other currencies, Apple adjusted foreign prices in some markets and reset them to near or the same as they had been in local currencies a year prior.

    However, the reason Apple did that was due to a decline in sales as a result of the price increase. For example, in Turkey, where the local lira had fallen 33% against the dollar in 2019, Apple’s sales were down $700 million.

    “We’ve decided to go back to [iPhone prices] more commensurate with what our local prices were a year ago, in hopes of helping the sales in those areas,” Cook told Reuters in an interview at the time.

    But in 2022, Apple says it has not seen any drop off in demand in those markets. Maestri noted that it saw double-digit growth in India, Indonesia, Mexico, Vietnam, and other countries even in their respective reported currencies.

    “It’s important for us to look at how these markets perform in local currency because it really gives us a good sense for the customer response to our products, the engagement with our ecosystem, and in general, the strength of the brand,” Maestri said on the earnings call. “And I have to say, in that respect, we feel very, very good about the progress that we’re making in a lot of markets around the world.”

    The U.S dollar has also risen steadily against the Chinese yuan over the six months, but there have been some signs that demand for the new Apple iPhones in the country might be weakening. While Maestri said Apple saw new September quarter records in Greater China, a recent report from Jeffries said that China sales of the four new iPhone 14 models over their first 38 days of being sold are down by 28% compared to the iPhone 13 models over the same period of time.

    Here are some other comparisons of the prices of the base iPhone model between the 14 and 13 series:

    Australia:

    • iPhone 13: 1,349 Australian dollars
    • iPhone 14: 1,399 Australian dollars

    Japan:

    • iPhone 13: 98,800 Japanese yen
    • iPhone 14: 119,800 Japanese yen

    Germany:

    • iPhone 13: 899 euros
    • iPhone 14: 999 euros

    Companies feeling impact of strong dollar

    Apple isn’t the only company acknowledging the impact that currency headwinds are having on its business and pricing decisions.

    McDonald’s reported that currency dragged down its revenue by 7 percentage points, accounting for its 5% year-over-year decline in sales – which would have increased by 2% without the currency impact. With 60% of its sales coming from outside of the U.S., “Obviously, we’re translating those sales back into less U.S. dollars,” CFO Ian Borden said on the company’s earnings call last week.

    At P&G, the currency hit keeps getting bigger. The consumer products company reported a 6% decline in net sales due to “unfavorable foreign exchange,” which followed 3% and 4% negative currency impacts in each of its previous two quarters. The company had to raise its forecast for the exchange rate impact this year to $1.3 billion, with CFO Andre Schulten saying on the company’s earnings call last week, “Foreign exchange has continued its strong move against us.”

    James Quincey, CEO of Coca-Cola, which makes approximately 80% of its earnings outside the U.S., said the dollar has been a high single-digit headwind this year. “It’s likely to be a big headwind like that next year,” Quincey said on CNBC’s “Squawk on the Street” last week.

    Coca-Cola, like Apple, has looked to offset some of the currency headwinds by raising prices, something it said it expects to continue to do as the U.S. dollar shows little signs of waning. “We are expecting pricing to be ahead of normal next year on top of what’s happened this year,” Quincey said.

    So far, Coca-Cola has not reported demand dropping as a result of the higher prices, but Quincey did say there are some potential consumer concerns on the horizon.

    “We do see our consumers are beginning to respond in a traditional way they would in a recession; delaying discretionary and high-ticket discretionary items and perhaps going to more private label or discount dollar channels,” Quincey said, noting “some effects of reduction of purchasing power out there in the marketplace.”

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  • Stocks end lower as hot jobs data signals aggressive Fed

    Stocks end lower as hot jobs data signals aggressive Fed

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    NEW YORK — Stocks gave up early gains and ended lower on Wall Street after an unexpectedly strong report on the job market raised concerns that the Federal Reserve will need to keep the pressure on inflation with aggressive interest rate increases. Those high rates are intended to slow the economy, and the fear is the Fed may go too far and cause a recession. Several companies rose after reporting solid earnings or outlooks, including Pfizer and Uber. The S&P 500 fell 0.4% Tuesday. Long-term Treasury yields reversed course from an early slide and rose back near multiyear highs.

    THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.

    Stocks on Wall Street gave up early gains and turned lower in afternoon trading Tuesday after an unexpectedly strong report on the job market raised concerns that the Federal Reserve will need to keep the pressure on inflation with aggressive interest rate increases.

    The S&P 500 fell 0.4% as of 3:31 p.m. Eastern. It had been up as much as 1% shortly after trading opened. The Dow Jones Industrial Average fell 72 points, or 0.2%, to 32,660 and the Nasdaq fell 0.8%.

    Big technology stocks were the biggest weights on the market. The companies, with their big valuations, have more heft in pushing the broader market up or down. Also, rising interest rates tend to make the sector look less attractive because of its those high valuations. Apple fell 1.6%.

    Small company stocks held up better than the rest of the market. The Russell 2000 rose 0.4%.

    The Labor Department reported that U.S. job openings rose unexpectedly in September, suggesting that the labor market is not cooling as fast as the Fed hoped for as it tries to slow economic growth.

    The latest jobs data, which comes ahead of a broader employment report on Friday, is disappointing for investors who are looking for signs that inflation is easing and that the Fed might consider tempering its interest rate increases.

    “That really fuels the expectation that the Fed has to do more hiking,” said Jason Draho, head of asset allocation for the Americas at UBS Global Wealth Management. “The labor market is still too tight for the Fed.”

    Wall Street is concerned that the central bank is being too aggressive in slowing the economy, running the risk that it could bring on a recession.

    Long-term Treasury yields turned higher after the report in job openings came out and rose back near multiyear highs. Those high rates have helped push mortgage rates above 7% this year.

    The yield on the 10-year Treasury rose to 4.06% from 3.93% earlier in the morning.

    The yield on the two-year Treasury, which tends to reflect market expectations of future moves by the Federal Reserve, rose to 4.53% from 4.40%.

    “The issue for investors is figuring out how long the hiking cycle will last,” Draho said. “(Fed Chair Jerome) Powell will want to leave all options on the table.”

    Stocks are coming off a strong rally in October that resulted in big monthly gains for some of the major indexes. Even so, they remain in the red for the year, including the S&P 500, which is down 19%.

    Several big companies made solid gains following encouraging earnings reports and forecasts.

    Pfizer rose 3.3% after reporting strong results and raising its profit forecast for the year. Uber surged 12.4% after giving investors a strong forecast for future bookings. Rival Lyft rose 4.5%.

    Earnings remain a big focus for investors this week. CVS reports its results on Wednesday and Starbucks reports earnings on Thursday.

    Outside of earnings, Abiomed surged 50.1% after health care giant Johnson & Johnson said it will pay $16.6 billion for the heart pump maker. Johnson & Johnson fell 0.1%.

    The Fed is beginning a two-day policy meeting that’s expected to result in its sixth interest rate increase of the year as the central bank fights the worst inflation in four decades. The widespread expectation is for the Fed to push through another increase that’s triple the usual size, or three-quarters of a percentage point.

    For its final policy meeting of the year, in December, opinions are currently split among investors as to whether the Fed will make another three-quarters point move or dial back to a half-point increase.

    “The big focus is not so much on what the rate hike is going to be, but really what the comments are coming out of this week’s meeting in terms of any indications of whether there’ll be a little bit of softening as we move into early next year,” said Greg Bassuk, CEO at AXS Investments.

    ———

    AP Business writers Joe McDonald, Elaine Kurtenbach and Matt Ott contributed to this report.

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  • Euro zone inflation hits record high of 10.7% as growth slows sharply

    Euro zone inflation hits record high of 10.7% as growth slows sharply

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    Inflation in the euro zone remains extremely high. Protestors in Italy used empty shopping trolleys to demonstrate the cost-of-living crisis.

    Stefano Montesi – Corbis | Corbis News | Getty Images

    Euro zone inflation rose above the 10% level in the month of October, highlighting the severity of the cost-of-living crisis in the region and adding more pressure on the European Central Bank.

    Preliminary data on Monday from Europe’s statistics office showed headline inflation came in at an annual 10.7% last month. This represents the highest ever monthly reading since the euro zone’s formation. The 19-member bloc has faced higher prices, particularly on energy and food, for the past 12 months. But the increases have been accentuated by Russia’s invasion of Ukraine in late February.

    This proved to be the case once again, with energy costs expected to have had the highest annual rise in October, at 41.9% from 40.7% in September. Food, alcohol and tobacco prices also rose in the same period, jumping 13.1% from 11.8% in the previous month.

    Monday’s data comes after individual countries reported flash estimates last week. In Italy, headline inflation came in above analysts’ expectations at 12.8% year-on-year. Germany also said inflation jumped to 11.6% and in France the number reached 7.1%. The different values reflect measures taken by national governments, as well as the level of dependency that there nations have, or had, on Russian hydrocarbons.

    There are, however, euro nations where inflation rose by more than 20%. This includes Estonia, Latvia and Lithuania.

    The European Central Bank — whose primary target is to control inflation — on Thursday confirmed further rate hikes in the coming months in an attempt to bring prices down. It said in a statement that it had made “substantial progress” in normalizing rates in the region, but it “expects to raise interest rates further, to ensure the timely return of inflation to its 2% medium-term inflation target.”

    The ECB decided to raise rates by 75 basis points for a second consecutive time last week.

    Speaking at a subsequent press conference, ECB President Christine Lagarde said the likelihood of a recession in the euro zone had intensified.

    Growth figures released Monday showed a GDP (gross domestic product) figure of 0.2% for the euro area in October. This is after the region grew at a rate of 0.8% in the second quarter. Only Belgium, Latvia and Austria registered GDP rates below zero.

    So far, the 19-member bloc has dodged a recession but an economic slowdown is evident. Several economists predict there will be a contraction in GDP during the current quarter.

    The euro traded below parity against the U.S. dollar in early European trading hours Monday and ahead of the new data releases, and barely moved after the new figures. The euro has been weaker against the greenback and that’s also something the ECB has been concerned about with concerns that this will push up inflation in the euro zone even further.

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