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According to Bloomberg, — Hedge funds piled into bullish dollar bets this month despite the currency’s slide on softening economic data and increasing expectations that the Federal Reserve’s most aggressive rate-hiking cycle in a generation is near an end. A metric of net dollar positioning that measures leveraged funds’ long bets on the greenback
Against eight currencies rose to its highest level since February 2022 as of Nov. 21, according to data from the Commodity Futures Trading Commission aggregated by Bloomberg. It stood at net long 103,042 contracts, just above a previous year-to-date high seen in
April, after bottoming around a net short position of around 72,000 contracts in March. According to Reuters, – Total capital invested into European tech startups is projected to fall to $45 billion this year, down 55% from 2021, when investment volumes surpassed $100
Billion for the first time, according to a report from venture capital firm Atomico. The decline was mostly due to later-stage companies delaying fundraising, as well as a slower pace of deployment by investors, the report said. In 2022, capital invested in Europe was $82 billion.
According to Bloomberg, — SenseTime Group Inc. shares plummeted after short-seller Grizzly Research released a critical report on the company’s core AI business. The Shanghai-based artificial intelligence software developer did not immediately respond to a request for comment on the report, which alleged that SenseTime had inflated its revenue
And that its core business had become unprofitable. Its shares in Hong Kong slumped as much as 9.7%, their biggest intraday drop since April. According to Bloomberg, — Private cryptocurrencies that failed the fundamental tests of financial services will eventually exit the monetary scene, according to Singapore’s central bank chief.
That will leave a future monetary system made up of three key components — central bank digital currencies, tokenized bank liabilities and “well-regulated” stablecoins, Monetary Authority of Singapore’s Managing Director Ravi Menon said in Hong Kong on Tuesday. According to Reuters, – DP World Australia, one of the country’s largest ports operators,
Said on Tuesday hackers had accessed files containing personal details of employees after a cyber incident early this month forced it to suspend operations for three days. The breach, spotted on Nov. 10, crippled operations at the company, which manages about 40% of
The goods that flow in and out of Australia, affecting its container terminals in Melbourne, Sydney, Brisbane and Western Australia’s Fremantle. According to Bloomberg, — The dollar extended its losing streak on further bets the Federal Reserve is almost done with its rate-hiking cycle. Treasuries steadied after a rally.
The greenback fell for a fourth day and headed for its worst month since November last year as traders turned more optimistic about the likelihood of Fed rate cuts. The South Korean won and Japanese yen led the gains in Asia, with the won jumping the most in nearly two weeks.
According to Reuters, – People’s Bank of China Governor Pan Gongsheng said monetary policy would be kept accommodative, though inflation was “bottoming out” and was likely to pick-up in coming months. China’s economy gained momentum in recent months, paving the way for achieving the official
Growth target, Pan told the HKMA-BIS High-Level Conference in Hong Kong on Tuesday. The government has set a growth target of around 5% for this year. According to Bloomberg, — Oil edged higher after a string of losses as the market weighed
The possibility of deeper output cuts from OPEC+ against signs supply is running ahead of demand. West Texas Intermediate traded near $75 a barrel, while global benchmark Brent was close to $80. WTI briefly rose on Monday on reports that alliance heavyweight Saudi Arabia is asking
Other members to reduce their production quotas before closing down 0.9%. According to Reuters, – The spot price of gold has climbed to a six-month high, buoyed by hopes that monetary tightening in western countries is largely done and dusted. While signs that the U.S. Federal Reserve and other western central banks have finished
Increasing interest rates are a definite positive for the precious metal, they’re not the only factor. According to Reuters, – Yields on 10-year Japanese government bonds and most other tenors fell on Tuesday, tracking moves in U.S. Treasuries after poor housing data overnight boosted bets for near-term Federal Reserve rate cuts.
However, the longest-dated JGB yields climbed following a weak result at an auction of 40-year securities. According to Reuters, – Government-backed Japanese chip foundry venture Rapidus is hunting high and low – including among industry veterans and overseas – to find engineers to help it
Revive a chip industry that was once the envy of the world. Underpinned by billions of dollars in subsidies, Rapidus aims to mass manufacture 2-nanometre logic chips, competing with industry leading companies such as Taiwan’s TSMC, which has spent decades refining its processes.
According to Bloomberg, — A loaded liquefied natural gas tanker is stuck at an export terminal in Australia and will disrupt some shipments, adding to supply concerns ahead of the Northern Hemisphere winter. The vessel lost power at a berth at the Australia Pacific LNG facility, on Curtis Island in
Queensland, and is currently unable to leave, Origin Energy Ltd. said Tuesday in a statement. Cesi Qingdao is moored at APLNG and had been scheduled to sail to Wenzhou, China, according to ship-tracking data compiled by Bloomberg. According to Bloomberg, — Investors desperate for returns in China’s lackluster equities
Are scooping up some of the smallest and most volatile stocks, sparking a $25 billion rally in one corner of the market in a little over a month. The Beijing Stock Exchange 50 Index, a gauge of early-stage innovative companies listed in the capital, has gained more than 50% since its Oct. 23 low.
Volumes on the measure, which attracted little interest since its launch in November 2022, have surged in recent weeks and are now catching the attention of financial authorities. According to Reuters, – Meta Platforms’ paid no-ads subscription service launched in Europe
This month faced one of its biggest tests as advocacy group NOYB on Tuesday filed a complaint with an Austrian regulator, saying that it amounted to paying a fee to ensure privacy. Meta announced the service for Facebook and Instagram last month.
It said the move was in compliance with EU rules that users must be given a choice on whether their data can be collected and used for targeted ads. According to Reuters, – MG Real Estate forecasts it is “a matter of time” before global property
Markets face greater volumes of forced selling, with banks increasingly reluctant to refinance troubled or lower quality assets at current interest rates. Property developers in China, Germany and Sweden have in particular suffered as a result of a sharp rise in borrowing costs in recent years, with some projects financed at rock-bottom
Rates now close to, or breaching, key loan terms. According to Reuters, – Toyota group companies plan to cut their holdings in supplier Denso by selling around 10% of the company by year-end, a share sale likely worth around $4.7 billion, two sources familiar with the matter said.
Toyota’s portion will represent almost half of the roughly 10%, with the total sale seen at around 700 billion at current market prices, the two sources said. According to Reuters, – It’s next-level stuff. “Layer 2” cryptocurrencies native to projects built on top of “layer 1” blockchains such
As Bitcoin and Ethereum – have found a new lease of life after a year in the doldrums, buoyed by a rising crypto tide. According to Reuters, – HSBC Holdings has hired UBS Group banker Gautam Anand as the global coordinator for affluent Indian clients across the Middle East, North
Africa and Europe, according to an internal memo seen by Reuters on Tuesday. According to Reuters, – Asian stocks nudged higher on Tuesday, while the dollar wallowed near three-month lows as investors remained convinced the Federal Reserve was done with its rate-hike cycle and looked ahead to a crucial inflation report later this week.
MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.29% higher and set for a near 7% gain in November, its strongest monthly performance since January. According to Reuters, – Japan’s Nikkei share average fell on Tuesday as investors locked in profits from recent gains, with the yen’s rebound against the dollar also weighing on
Sentiment. The Nikkei closed 0.12% lower at 33,408.39 after opening 0.22% higher. According to Reuters, – A key measure of Japan’s trend inflation accelerated to 2.2% in October, data showed on Tuesday, marking a fresh record high in a sign of broadening price pressure
That heightens the case for the central bank to dial back its massive monetary stimulus. The data adds to recent growing signs that prospects of sustained wage increases are prodding firms to hike prices for their services, a trend the central bank sees as a prerequisite for ending ultra-low interest rates.
According to Bloomberg, — An accident at Impala Platinum Holdings Ltd.’s mine in Rustenburg left 11 people dead. Operations have been suspended after the incident on Monday afternoon, when a personnel conveyance that was hoisting employees to the surface suddenly began descending, the company said in a statement on Tuesday.
Seventy-five people were injured and transferred to four hospitals in the region, it said. According to Reuters, – Businesses say more ambitious policies are needed urgently to drive the transition to clean energy, including an end to fossil fuel subsidies and agreement on a global carbon price, as climate talks begin in Dubai this week.
Their expectations the COP28 U.N. summit, beginning on Thursday, will deliver clear action are low as governments disagree over the future role of fossil fuels, leaders are distracted by war, and global economic weakness has led to backtracking across the world on climate promises.
According to Reuters, – Alibaba’s cloud service said it suffered a near two-hour long disruption affecting customers in mainland China, Hong Kong and the United States on Monday, its second outage within a month. The impact was mainly felt by several of Alibaba Cloud’s database management products, including PostgreSQL, Redis and MySQL editions.
Beijing, Shanghai, Hong Kong, and Virginia in the U.S. were among eight regions affected. According to Reuters, – A Russian court has extended the pre-trial detention of Wall Street Journal reporter Evan Gershkovich for two months until Jan. 30, 2024, the court’s press service said on Tuesday.
Gershkovich was arrested on March 29 in the Urals city of Yekaterinburg on charges of espionage that carry up to 20 years in prison. The reporter denies the charges. According to Reuters, – Norway’s $1.5 trillion sovereign wealth fund, the world’s largest, should expand its portfolio to include private equity investments in unlisted companies,
The country’s central bank said in a recommendation to the government on Tuesday. The Norwegian According to Bloomberg, — Central bankers from Australia, England and Thailand warned that the monetary policy outlook remains uncertain, despite growing global expectations that interest rates are at or close to their peak.
The Reserve Bank of Australia is grappling with “a wide range of uncertainties and experiences,” Governor Michele Bullock said at a monetary conference in Hong Kong. Economic activity has held up more than expected and services inflation is proving “a bit sticky,” she added.
According to Reuters, – The Russian rouble firmed on Tuesday, hovering close to a multi-month high, supported by exporters paying monthly taxes as the market assessed a central bank announcement that it would adjust its formula for currency interventions in the new year.
At 0801 GMT, the rouble was 0.2% stronger against the dollar at 88.59 and had gained 0.4% to trade at 96.92 versus the euro. It had firmed 0.2% against the yuan to 12.37. According to Reuters, – The EU is falling behind Britain in tapping into savers’ money
To boost the stock market, despite reforms in continental Europe being a step in the right direction, an official with Germany’s bourse told Reuters. “In terms of policy change, in the UK there’s a realisation that we need to incentivise more capital; we’re not there yet in Germany,” said Stefan Maassen, head of Capital Markets
Corporates at Deutsche Boerse, which operates the Frankfurt Stock Exchange. According to Reuters, – President Xi Jinping has called for stronger rule of law related to foreign affairs given “external risks and challenges” as China opens up to the outside world, state media reported on Tuesday.
Xi, speaking during a study session of the Communist’s Party’s powerful political bureau, said that to protect its overseas citizens and interests, it was necessary to deepen international cooperation on law enforcement, strengthen consular protection and assistance, and build strong rule of law.
According to Bloomberg, — The European Central Bank isn’t yet at a point where it should consider reducing borrowing costs, according to Bundesbank President Joachim Nagel. “It would be premature to lower interest rates soon or to speculate about such steps,” the German central banker said Tuesday in Nicosia.
“It is not just the level of interest rates that matters for the stance, but also expectations about the future path of interest rates. The main effect of the policy tightening on inflation is yet to unfold.” According to Reuters, – The Wall Street Journal said on Tuesday that Russia’s continued imprisonment
Of U.S. reporter Evan Gershkovich was a “brazen and outrageous attack” on a free press, and called for his immediate release. A Russian court said on Tuesday it had extended the pre-trial detention of Gershkovich, who denies the Russian espionage charges, for two months until Jan. 30.
According to Reuters, – Rules governing the use of artificial intelligence should support innovation, Google’s chief legal officer Kent Walker said on Tuesday, echoing pleas by a wide swath of businesses and tech groups as the European Union races to agree AI rules next month.
EU countries and EU lawmakers are now thrashing out the final details of a draft proposal by the European Commission and aim to get a deal on Dec. 6. According to Bloomberg, — Bayer AG hired several teams of bankers for a strategy simulation
Game that studied various breakup scenarios, according to people familiar with the matter. Their conclusion: Sweeping changes to the troubled German conglomerate won’t be easy. The Leverkusen-based company hired two separate teams as it explored the pros and cons of
A breakup, said the people, who asked not to be identified as the talks are private. Team Red simulated an activist campaign calling for splitting up Bayer’s businesses, the people said. Team Blue advised on how to respond to the approach.
According to Reuters, – IT service provider Atos said on Tuesday it was considering the sale of additional assets to address the group’s capital raising plan and upcoming debt maturities in 2025. “Atos is assessing the feasibility to access the debt and equity capital markets, and/or
Is considering the sale of additional assets, to address its capital raising plan, the 1.5 billion euros term loan A maturing in January 2025 and the 750 million euros bonds maturing in May 2025,” the group said in a statement. According to Bloomberg, — Meituan recorded a third straight quarter of profit, after
Strong travel demand helped the food delivery giant defy slowing growth for its core business under China’s uneven economic recovery. Sales rose 22% to 76.5 billion yuan in the quarter ended September, compared to an average projection for 76.01 billion yuan. Net income almost tripled to 3.59 billion yuan.
According to Reuters, – Pay TV operator Sky Italia is teaming up with Swisscom’s Fastweb to start offering mobile connectivity services in Italy in early 2024, the two firms said in a joint statement on Tuesday. Under the multi-year partnership, Comcast unit Sky Italia and Fastweb will provide an
Offer including 5G mobile networks and covering 99% of the country. According to Bloomberg, — Rishi Sunak triggered a diplomatic spat with Greece over the repatriation of the Parthenon marbles by canceling at the last minute a one-on-one in London. “I express my annoyance for the fact that the British Prime Minister canceled our scheduled
Meeting just hours before it was due to take place,” said Greek Prime Minister Kyriakos Mitsotakis in a Monday-night statement. Their appointment had been set for midday Tuesday. According to Reuters, – UBS Chairman Colm Kelleher has called for the Swiss financial
Industry regulator FINMA to be given more powers after the downfall of Credit Suisse showed the authority lacked sufficient “teeth.” “People should be looking at giving the regulators more teeth,” Kelleher said at the FT’s Global Banking Summit in London on Tuesday.
“It is obvious that in the case of Switzerland, FINMA did not have sufficient teeth at the time.” According to Bloomberg, — German Chancellor Olaf Scholz promised that his government will forge ahead with investments needed to modernize the economy and maintain international competitiveness even after this month’s court ruling upended its budget planning.
The Constitutional Court judgment means Scholz’s ruling alliance has to move tens of billions of euros in special funds into the regular federal budget. That will drastically limit its room for maneuver and potentially threatens projects ranging from greening manufacturing to building out solar energy and expanding battery and semiconductor production.
According to Bloomberg, — UK inflation is becoming more “home-grown” and will be “challenging to squeeze out of the system,” according to Bank of England Deputy Governor Dave Ramsden. Speaking in a Bloomberg TV interview from Hong Kong, Ramsden said monetary policy would
Have to stay “restrictive for an extended period of time” in order to get inflation back down from 4.6% to the 2% target. That’s despite BOE forecasts which show a bleak growth outlook for the economy, with a 50-50 chance that it will dip into a recession.
According to Reuters, – More measures may be needed to stop blow-ups at complex crypto firms like FTX from destabilising the wider financial system, the global Financial Stability Board said on Tuesday. The FSB, which groups regulators, central banks and treasury officials from the G20
Economies, said turmoil in crypto markets last year when FTX collapsed highlighted how “multifunction” crypto firms, that combine trading and other activities, can exacerbate vulnerabilities. According to Reuters, – The rapid adoption of artificial intelligence could reduce wages, but so far is creating, not destroying jobs, especially for the young and highly-skilled,
Research published by the European Central Bank showed on Tuesday. Firms have invested heavily in artificial intelligence, or AI, leaving economists striving to understand the impact on the labour market and driving fears among the wider public for the future of their jobs.
According to Bloomberg, — Taiwan cut its growth forecast for this year to the slowest pace since the global financial crisis in a setback to the ruling Democratic Progressive Party ahead of January elections. The economy will likely expand 1.42% in 2023, the statistics bureau said in a statement Tuesday.
That would be the weakest annual growth since 2009, and compared with an August projection of 1.6%. Gross domestic product is set to grow 3.35% in 2024, up slightly from an earlier forecast of 3.32%. According to Reuters, – Chancellor Olaf Scholz on Tuesday sought to reassure the German people
And businesses that his government would modernise the economy and support vital industries like chip factories, despite a court ruling that tore a hole in the federal budget. Speaking to parliament, Scholz went into Germany’s recent history of the COVID pandemic, the
War in Ukraine and soaring energy prices to extend a suspension of self-imposed borrowing limits to tackle a crisis that has knocked his coalition. According to Reuters, – Global asset manager Invesco expects better returns from Asian credit markets in 2024 compared with the last two years as bets rise that the U.S. Federal
Reserve will pause its interest rate hiking cycle. Asian investment-grade corporate bonds “will return in mid-teen percentages,” on average, as the Fed holds off on further rate rises, Freddy Wong, head of Asia Pacific at Invesco Fixed Income, told the Reuters Global Markets Forum . According to Reuters, – Mid-sized
U.S. businesses owned by minorities have untapped revenue potential worth $1.3 trillion annually, JPMorgan Chase found in a study on a segment where major lenders are chasing growth. These minority-owned business enterprises represent roughly 30% of the middle market but generate only 20% of the total revenue and closing this gap could boost the economy,
The study said. According to Bloomberg, — Abu Dhabi could become a global financial center, according to billionaire Alan Howard who pitched the emerging hedge fund region as the best time zone to trade for macro money managers. In a rare public appearance, the co-founder of Brevan Howard Asset Management counted
The city’s robust regulation, rule of law and favorable taxation as a lure for financial firms moving to the capital of the United Arab Emirates. According to Reuters, – Global stocks steadied on Tuesday, underpinned by the conviction among investors that the Federal Reserve will not raise rates again, which kept the dollar
At three-month lows and supported gold above $2,000 an ounce. Traders will have to weigh up data this week on how the U.S. economy fared in the third quarter, along with a key read of consumer inflation and spending – both of which could
Be instrumental in setting expectations for the timing of the first rate cut. According to Reuters, – Britain plans further measures to encourage people to buy shares in an effort to boost economic growth and help convince companies to list in London rather than the United States.
The Conservative government has come under pressure from Britain’s financial sector to ease rules as the City of London faces stiff competition for initial public offerings from New York and European Union financial centres since Brexit. According to Bloomberg, — The rebound in Adyen NV and its European fintech peers this
Month has been notable, but investors should brace for a bumpy road ahead. After a string of profit warnings knocked off €30 billion in combined market value this year, the three European payment processors — Adyen, Nexi SpA and Worldline SA — have been on a recovery path.
In just a month, their combined market capitalization increased by more than 50%, helped by reassuring company updates and private equity firms’ interest in the sector. According to Reuters, – There is a risk that more people could die from diseases than from
Bombings in Gaza if the enclave’s health system is not put back on its feet quickly, a World Health Organization spokesperson said on Tuesday. “Eventually we will see more people dying from disease than from bombardment if we are not able to put back together this health system,” said the WHO’s Margaret Harris.
According to Bloomberg, — Electricite de France SA is selling the first green bond in Europe that can be used to finance nuclear energy projects. EDF is seeking to raise at least €500 million from the notes, which mature in 2027, according
To a person familiar with the matter, who asked not to be identified because they’re not authorized to speak about it. Initial price discussions are around 105 to 110 basis points over mid-swaps. According to Bloomberg, — Hedge-fund manager George Jarkesy said he didn’t recall more
Than 800 times during questioning at the SEC about deceiving investors. A judge at the agency said he was so evasive his testimony was all but worthless. A decade later, Jarkesy may have the last laugh. According to Bloomberg, — Researchers working inside a unit of BlackRock Inc. estimate that
A reform of public financial institutions could free up as much as $4 trillion in additional investment to help emerging markets tackle the fallout of climate change. In a paper published on Tuesday, the BlackRock Investment Institute laid out how it thinks
A reform of multilateral development banks such as the World Bank might allow them to make better use of the capital at their disposal. Doing so would play a key role in filling the so-called climate financing gap that emerging markets currently face, BlackRock said.
According to Reuters, – European shares fell for a second session on Tuesday, stalling November’s strong run of gains, after European Central Bank policymakers’ latest comments dampened expectations of interest rate cuts next year. The pan-European STOXX 600 index dropped 0.5%, with market heavyweights such as Novo Nordisk and LVMH falling more than 2%.
According to Reuters, – Despite growing excitement that spot bitcoin exchange-traded funds will soon win regulatory approval, some cryptocurrency ETF pioneers plan to sit out what is expected to be a fierce industry battle for market share. Demand for a bitcoin ETF, which would allow retail and institutional investors to easily
Bet on the price of the world’s biggest cryptocurrency, is expected to draw in as much as $3 billion from investors in the first few days of trading and pull in billions more thereafter. According to Reuters, – The Biden administration on Tuesday will auction off 35,000 acres of
Land in Wyoming to oil and gas drillers, the first in a series of such sales that will coincide with a United Nations’ conference aimed at combating fossil fuel-driven climate change in Dubai. The Interior Department’s U.S. Bureau of Land Management will offer 63 drilling parcels
On nearly 44,000 acres in six Western states over the next two weeks. The Wyoming sale is by far the largest, with 37 parcels. According to Reuters, – Latin American fintech Clara has launched a payment account in Brazil
That it expects will help it reach 6 billion reais in transactions in 2024, the firm said on Tuesday, as it eyes growth in the region’s largest economy. Clara, which also provides corporate cards and expense management solutions, said the new product would allow clients in Brazil to expand their payment methods, adding bank
Slips and express wire transfers to its traditional credit card. According to Reuters, – Director John Woo opted not to have any actor dialogue in the action-thriller film “Silent Night,” and focus on his own unique visual and sound techniques to engage audiences.
Woo, known for helping to pioneer the action genre in both Hollywood and Hong Kong cinema with films including “Mission: Impossible 2,” said during an interview that less dialogue in a movie creates more opportunities for actors to connect with audiences through nonverbal communication.
According to Reuters, – U.S. stock index futures were largely muted on Tuesday, as investors awaited comments from a host of Federal Reserve officials for clues on the monetary policy path, while Zscaler shares declined following the company’s quarterly update. Wall Street ended lower on Monday with investors taking a post-Thanksgiving pause, though all
Three major indexes remained on course for monthly gains, snapping three straight months of losses, on growing rate cut optimism. According to Reuters, – More people could die from disease than from bombings in the Gaza Strip if its health system is not repaired, a World Health Organization spokesperson said on Tuesday.
According to Reuters, – A challenge to the U.S. Securities and Exchange Commission’s powers to protect investors from fraud comes before the Supreme Court on Wednesday in another in a series of legal attacks against federal agencies that regulate financial markets.
The justices are due to hear arguments in an appeal by President Joe Biden’s administration of a lower court’s ruling restricting the SEC’s power to enforce securities laws through the agency’s longstanding in-house tribunal system. The case involves hedge fund manager George Jarkesy, who the SEC fined and barred from
The industry after determining he had committed securities fraud. According to Reuters, – For the second year in a row, Texas has closed the majority of its public oyster reefs for harvesting due to declining populations. Wildlife officials say these dwindling numbers are caused by extreme weather events fueled
By climate change, as well as by overharvesting. According to Reuters, – Canada’s Bank of Nova Scotia reported a drop in fourth-quarter profit on Tuesday, as a murky economic climate prompted the lender to set aside bigger funds for potential loan defaults.
Lenders have been bracing for a surge in loan defaults as effects of the central bank’s monetary policy tightening flow through and the economy flirts with a recession. According to Reuters, – Novavax’s updated vaccine has been granted emergency-use authorization by the World Health Organization for active immunization to prevent COVID-19 in individuals
Aged 12 and older, the company said on Tuesday. The single-target vaccine is aimed at the XBB.1.5 Omicron subvariant of the coronavirus, which was dominant in the U.S. for much of this year but has since been overtaken by other variants as the virus evolves.
According to Bloomberg, — Austrian property tycoon Rene Benko transferred an 11.5% stake in Signa Holding GmbH to Swiss businessman Arthur Eugster in a sign of maneuvering around the embattled property and retail group as it holds last-ditch talks to secure emergency funding.
AE Familienholding AG and Eugster/Frismag AG — two companies controlled by the Swiss coffee-machine component maker — acquired the stakes from an entity controlled by the Benko Family Trust, according to a notification to the Austrian corporate registry. According to Reuters, – On a small farm outside Havana, a Cuban family-run business produces
Gluten-free flour from banana, coconut and yucca, preferring locally-sourced ingredients to pricey imports as Cubans seek innovative solutions to a growing food crisis. Cuba purchases most of the food it consumes from abroad, but revenues have plunged following the coronavirus pandemic, hampered by stiff U.S. sanctions and floundering tourism, once
A mainstay of the Caribbean island economy. According to Bloomberg, — A spate of attacks on merchant shipping near Yemen and Somalia, likely triggered by the war in Gaza, have prompted the US to warn vessel operators to be extra careful when navigating the region.
On Nov. 19, Houthis seized of the Galaxy Leader car carrier while a Liberia-flagged chemicals tanker was targeted over the weekend. Both have an Israeli connection. At the same time, there have also been at least four other suspicious approaches to
Ships in the Indian Ocean in the past few weeks — many of them taking place in the Red Sea or the Gulf of Aden — according to the UK navy. According to Bloomberg, — Goldman Sachs Group Inc. Chief Executive Officer David Solomon argued recent proposals by regulators to force banks
To hold more capital won’t make the world’s financial system any safer and could impact everything from flight prices to pensioners’ retirement savings. The proposed rules — which the Federal Reserve, Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency unveiled in July — would require the biggest US banks
To set aside more capital for a variety of different businesses. Solomon said one area that would be impacted would be uncollateralized derivatives, which he said airlines often use to hedge the price of jet fuel so they can have stability in their pricing.
According to Reuters, – Israeli defence electronics firm Elbit Systems reported higher quarterly profit on Tuesday and said it boosted production to help supply Israel’s military during the country’s war with Hamas. One of Israel’s largest defence contractors, Elbit said it earned $1.65 per diluted share
Excluding one-time items in the third quarter, up from $1.40 per share a year earlier but lower than expectations of $1.70 based on LSEG data. According to Bloomberg, — Reddit Inc. is again holding talks with potential investors for an initial public offering for the social media company, according to people familiar
With the matter, as hopefuls prepare for a long-awaited reopening of the market for new listings. The San Francisco-based firm, whose users helped fuel the meme-stock frenzy that made 2021 a banner year for equities, is weighing an IPO as soon as in the first quarter, the people said.
Reddit was working with Morgan Stanley and Goldman Sachs Group Inc. on the listing, Bloomberg News reported last year, and was considering a valuation of as much as $15 billion. According to Bloomberg, — European biotech startup Cradle raised $24 million, gaining
Funds for its effort to use AI to help scientists design and engineer proteins faster and more cost-effectively. Index Ventures and Kindred Capital participated in the Series A round, along with Chris Gibson, the co-founder of Recursion Pharmaceuticals Inc., and Tom Glocer, the former chief executive
Officer of Thomson Reuters Corp. and a Merck Co. board member, Cradle said Tuesday. The startup has raised a total of $33 million so far, including a seed round last year. According to Reuters, – Advocates for the energy transition are concerned ahead of the
COP28 summit in Dubai about the high cost of capital available to make change happen, as policymakers ratchet up their rhetoric on the need for tight monetary policy. COP28 is widely expected to focus on climate finance, specifically to build on the G20
Nations’ commitment to triple renewables deployment to about 11,000 gigawatts by 2030, which will need funds of around $4.5 trillion. According to Bloomberg, — Lending to euro-area businesses fell for the first time in eight years — adding to evidence that steep European Central Bank interest-rate hikes are weighing on the economy.
Credit to non-financial corporations shrank by an annual 0.3% in October, data showed Tuesday. That’s the first contraction since 2015, when longer-term ECB loans known as TLTROs, alongside the start of quantitative easing, ended three years of declines. According to Reuters, – Italian Infrastructure and Transport Minister Matteo Salvini said
On Tuesday he was not necessarily against selling stakes in state-controlled railways group Ferrovie dello Stato, but at the moment, no such plans are on the table. On Monday Salvini, who is also deputy prime minister, was quoted as saying that he was against selling a stake in the company.
According to Bloomberg, — Bank of Nova Scotia missed fiscal fourth-quarter profit estimates as the company set aside more money than expected for potentially souring loans. Provisions for credit losses totaled C$1.26 billion , more than the C$870 million analysts had expected.
The Canadian lender earned $1.26 a share on an adjusted basis, it said in a statement Tuesday, short of the C$1.67 average estimate of analysts in a Bloomberg survey. According to Reuters, – Britain’s pound was holding near its highest level in almost three
Months on Tuesday and remains on track for its biggest monthly rise in a year against the dollar as resilient data and a higher-for-longer rates message support the currency. Bank of England Deputy Governor Dave Ramsden on Tuesday told a conference in Hong Kong
That monetary policy would need to remain restrictive for some time to defeat inflation, pouring cold water on the idea that interest rate cuts are imminent. According to Bloomberg, — Norway’s $1.5 trillion wealth fund recommended that private equity be added to its investment portfolio, reflecting a broader shift among large pension
And sovereign funds to diversify beyond public assets. “An increasingly larger share of global value creation takes place in the unlisted market,” Norges Bank Governor Ida Wolden Bache said Tuesday. “We believe that such an opening could give higher returns for the fund over time.
We think it will be possible to invest in unlisted equities in a way that meet our expectations on transparency and responsibility.” According to Reuters, – A Virgin Atlantic passenger jet flying from London to New York powered by 100% sustainable aviation fuel took off at 1149 GMT on Tuesday, as the aviation
World seeks to showcase the potential of low carbon options to secure its future. As the world de-carbonises, airlines are banking on fuel made from waste to reduce their emissions by up to 70%, enabling them to keep operating before electric and hydrogen-powered air travel becomes a reality in the decades to come.
According to Reuters, – Euro zone bond yields were little changed on Tuesday after falling sharply the previous day, although Italian yields ticked higher, with the focus on speeches from European Central Bank officials and inflation data due later in the week.
Germany’s 10-year bond yield was last unchanged on the day at 2.555%, after falling 9 bps on Monday. Yields fall as bond prices rise, and vice versa. According to Reuters, – Britain’s competition regulator said on Tuesday Photoshop owner Adobe’s $20 billion buyout of cloud-based designer platform Figma would “likely harm
Innovation for software used by the vast majority of UK digital designers”. The deal would eliminate competition and remove Figma as a threat to Adobe’s flagship Photoshop and Illustrator products, according to findings from an in-depth probe that the Competition and Markets Authority launched in July, after Adobe refused to offer concessions to ease
Its concerns. According to Reuters, – Brazil’s annual inflation came in slightly above market expectations in mid-November but remained within striking distance of the top end of the central bank’s target range, likely allowing it to deliver further interest rate cuts.
The IPCA-15 consumer price index stood at 4.84% in the year to mid-November, data from statistics agency IBGE showed on Tuesday, up from 4.82% at the end of last month and overshooting forecasts of 4.80% in a Reuters poll of economists. According to Yahoo Finance,Stocks on Wall Street trod water ahead of the bell Tuesday
As cautious investors assessed signs the roaring November rally could be overdone. Futures on the SP 500 , the Dow Jones Industrial Average and the tech-heavy Nasdaq 100 hugged the flatline after a downbeat close to start the week. According to Reuters, – General Motors is to scale back spending on its self-driving
Unit Cruise after a pedestrian accident last month, Financial Times reported on Tuesday. GM and Cruise did not immediately respond to Reuters’ request for a comment. According to Bloomberg, — UBS Chairman Colm Kelleher warned against growing risks in private credit as the market continues to boom.
“There is clearly an asset bubble going on” in the asset class, Kelleher said at the FT Global Banking Summit in London on Tuesday. “What it needs is just one thing to trigger a fiduciary crisis.” According to Reuters, – Symphony, the markets infrastructure and tech firm, is teaming up
With Google to ramp up its voice analytics offering to banks and investment firms, executives told Reuters, as regulators get tough on communications compliance. The U.S. Securities and Exchange Commission has imposed more than $2 billion in fines for missteps in this space, largely linked to the failure to track or record business-related
Text messages sent over unauthorised platforms during COVID-19 lockdowns. According to Reuters, – Latin American venture capital firm NXTP has raised $98 million for a fund targeting technology startups largely in Brazil and Mexico, it said on Tuesday. Despite current macroeconomic headwinds, there is an “enormous” opportunity to invest in
Latin American startups, said NXTP managing partner Darly Bendo. According to Bloomberg, — South Korea could be viewed as a favorable ally in Africa as the nation touts its rice growing expertise across a continent dominated by China’s influence, according to the nation’s agriculture and food minister.
Seoul is pledging financial support to African nations that agree to cultivate 150 hectares of rice paddies with South Korean varieties, and 10 countries including Senegal and Kenya have committed to the offer so far, said Agriculture, Food and Rural Affairs Minister Chung Hwang-keun.
He plans to showcase the plan to more leaders from the continent at a summit in South Korea in May. According to Reuters, – NATO boss Jens Stoltenberg urged members of the alliance on Tuesday to “stay the course” in supporting Ukraine in its war against Russia’s invasion as both
The United States and European Union struggle to agree on further military aid. “It’s our obligation to ensure that we provide Ukraine with the weapons they need,” Stoltenberg told reporters as he arrived for a gathering of foreign ministers from NATO countries at the alliance’s headquarters in Brussels.
According to Reuters, – China’s Alipay plans to sell its 3.4% stake in Indian food delivery giant Zomato for nearly $400 million through block deals on Indian stock exchanges, according to three sources and a Reuters review of the deal’s term sheet.
Alipay will offload its entire 3.44% stake in the deal, the term sheet seen by Reuters showed. According to Reuters, – In Texas, oil and gas producer Occidental Petroleum is constructing a giant facility to suck 500,000 metric tons of carbon dioxide out of the atmosphere annually
To keep it from warming the climate, a project backed by hundreds of millions of dollars from investment firm BlackRock. In Louisiana, a consortium of companies that includes Swiss firm Climeworks is teaming up to build a similar facility that can pull a million metric tons of the greenhouse gas
Out of the sky each year, boosted by hundreds of millions of dollars in grants from the U.S. government. According to Reuters, -Fashion company Shein has confidentially filed to go public in the United States, according to two sources familiar with the matter, in what is likely to be one
Of the most valuable China-founded companies to list in New York. Goldman Sachs, JPMorgan Chase and Morgan Stanley have been hired as lead underwriters on the initial public offering , and Singapore-based Shein could launch its new share sale some time in 2024, the sources said.
According to Reuters, – London’s High Court will rule on Wednesday whether the London Metal Exchange unlawfully cancelled billions of dollars of nickel trades in March last year, brought by two U.S.-based financial companies, staff at the court said. Hedge fund Elliott Associates and market maker Jane Street Global Trading are claiming $472
Million in compensation for the voided nickel trades on March 8, 2022, after the LME suspended trading for more than a week. According to Reuters, – U.S. stocks were poised to open lower on Tuesday after a strong run of gains in November as investors remained cautious ahead of Federal Reserve officials’
Comments that could offer some clues on the interest rate path. A rally on Wall Street in November came to a halt on Monday, with the markets taking a post-Thanksgiving pause and watching out for fresh policy cues after data signaling easing inflation bolstered hopes the Fed was likely done raising interest rates.
According to Reuters, – U.S. annual home price growth accelerated again in September, underscoring the rebound of the housing market as it entered the final quarter of the year, data showed on Tuesday. Home prices rose 6.1% on a year-over-year basis in September, up from an upwardly revised
5.8% increase in the prior month, the Federal Housing Finance Agency said. According to Reuters, – The wife of Ukraine’s military spy chief has been poisoned with heavy metals and is undergoing treatment in a hospital, a spokesperson for the agency told Reuters on Tuesday.
Marianna Budanova is the wife of Kyrylo Budanov, who heads Ukrainian military intelligence agency GUR, which has been prominently involved in clandestine operations against Russian forces throughout the 21-month war. According to Bloomberg, — PDD Holdings Inc.’s revenue beat expectations, almost doubling
After the company behind hit shopping app Temu ramped up discounts and marketing to grab price-sensitive consumers from rivals such as Shein and Amazon.com Inc. The e-commerce platform reported sales of 68.8 billion yuan in the September quarter, versus the average estimate of 54.9 billion yuan. Net income rose 47%.
Its shares rose more than 9% in pre-market trading in New York. According to Yahoo Finance,It so far doesn’t matter how high mortgage rates go; home prices continue to set record highs. The SP CoreLogic Case-Shiller National Home Price Index increased 0.7% in September from
August on a seasonally adjusted basis, marking the eighth straight month of growth and an all-time high for the index. Home values were also up 3.9% over the last 12 months, according to the latest data released Tuesday, besting the 2.5% annual gain logged in August.
According to Reuters, – SpringWorks Therapeutics’ drug for treating adult patients with a type of rare non-cancerous soft-tissue tumor will be sold in the U.S. at a list price of $29,000 for a 30-day supply, the company said on a conference call on Tuesday.
The monotherapy branded as Ogsiveo became the first approved treatment for desmoid tumors — abnormal growths that occur in connective tissues and are associated with a high rate of recurrence — following the U.S. health regulator’s nod on Monday. According to Bloomberg, — Amazon.com Inc. is looking for office space in Miami as founder
Jeff Bezos plans his move from the Seattle area. Amazon is seeking roughly 50,000 square feet of office space, according to people familiar with the matter, who asked not to be identified because the plans are private. According to Bloomberg, — US regulators’ swift action in March to ring-fence the banking
Sector after the collapse of Silicon Valley Bank might have had an unintended consequence of driving cash out of bond funds, by enhancing the appeal of deposits. That’s the assessment of two Federal Reserve Bank of New York researchers writing in a Liberty Street Economics blog post Tuesday.
According to Bloomberg, — Home prices in the US extended their climb, reaching a fresh record high. A national gauge of prices rose 0.7% in September from August, according to seasonally adjusted data from SP CoreLogic Case-Shiller. It was the eighth straight month of gains for the index, which doesn’t provide a specific
Dollar figure for homes. According to Bloomberg, — There is no prospect the Bank of England will loosen monetary policy anytime soon as interest rates need to be “held higher and longer than many are expecting,” policymaker Jonathan Haskel said.
In the text of a speech due to be given at the University of Warwick later Tuesday, Haskel said it was not true that “with inflation falling interest rates can be cut sooner rather than later.” He added that the UK labor market remains “historically tight.”
According to Reuters, – Finland will close its entire border with Russia to travellers for the next two weeks in a bid to halt the unusually large flow of asylum seekers to the Nordic nation, which the government and its allies say is an orchestrated move by Moscow.
Finland last week shut all but one of its border posts to travellers from Russia, keeping open only the northernmost crossing located in the Arctic. But this too would now close, the government said on Tuesday. According to Bloomberg, — OPEC+ is no closer to resolving the deadlock over oil-output
Quotas for some African members that has already forced the group to delay a critical meeting amid faltering prices, according to delegates. The Saudi-led alliance hasn’t been able to reach an agreement with Angola and Nigeria, which are pushing back against lower quota limits for 2024 that reflect their diminished
Production capabilities, delegates said, asking not to be named because the information was private. The stalemate may not be resolved before the scheduled OPEC+ meeting on Nov. 30, potentially requiring a further delay, one delegate said. According to Bloomberg, — Micron Technology Inc., the largest US maker of computer memory
Semiconductors, fell in pre-market trading despite raising its revenue guidance for the quarter and beating estimates. Shares were down 4% at 9:11 a.m. in New York. The company raised its outlook for adjusted revenue in the first quarter of the fiscal year to $4.7 billion, from as much as $4.6 billion previously.
The company also, however, said it expects $990 million in adjusted operating expenses, far exceeding analysts’ expectations. According to Bloomberg, — The UK has paid £1.41 billion to lenders that issued small business loans during the Covid-19 pandemic that are now suspected of being fraudulent.
That’s a jump from the £640 million total refunded by the end of 2022, as banks that participated in the state-guaranteed emergency support programs three years ago work through a total of £77 billion in loans. According to Reuters, – Russian shells struck a residential building
And private houses on Tuesday, killing four and injuring at least five people, local Ukrainian officials said. According to Reuters, – U.S. Federal Reserve Governor Christopher Waller said on Tuesday he is “increasingly confident” that the current setting of the central bank’s benchmark interest
Rate will prove adequate to lower inflation to the Fed’s 2% target. “I am increasingly confident that policy is currently well positioned to slow the economy and get inflation back to 2%,” Waller said in comments prepared for delivery at the American Enterprise Institute think tank.
According to Reuters, – Rupert Murdoch is set to be questioned under oath on Tuesday and Wednesday as part of voting technology company Smartmatic’s $2.7 billion defamation lawsuit against Fox Corp over coverage of debunked vote-rigging claims involving the 2020 U.S. presidential election, a person familiar with the matter said.
According to Reuters, – Senior Biden administration officials met with RSV vaccine makers this week to underscore the need for manufacturers such as Sanofi and AstraZeneca to urgently meet demand as winter approaches, the White House said on Tuesday. At a meeting at the White House on Monday, officials and manufacturers also agreed to
Plan now to meet next year’s demand for the vaccines targeting respiratory syncytial virus, which generally causes mild, cold-like symptoms but can develop into severe illness in infants and older adults. According to Yahoo Finance,Shoppers are making a list — and checking it twice for the best possible deals.
On Cyber Monday, consumers spent $12.4 billion online, up 9.6% compared to last year, per Adobe Analytics’ data on e-commerce. As people looked to cash in last minute deals between 10 to 11 PM eastern, $15.7 million was spent every minute. According to Reuters, – Peru’s economy minister on Tuesday said that the Andean country’s
Mining sector was preventing the economy from sinking into a deeper repression, and said progress kick-starting projects was a key priority in the near term. “If it weren’t for mining, we would probably be facing a larger recession this year,” Economy
Minister Alex Contreras said at a conference as the nation prepares to launch a package of stimulus measures to turn back to growth. According to Reuters, – The U.S. central bank will likely need to raise borrowing costs further in order to bring inflation back down to its 2% target over a reasonable period,
Federal Reserve Governor Michelle Bowman said on Tuesday. “My baseline economic outlook continues to expect that we will need to increase the federal funds rate further to keep policy sufficiently restrictive to bring inflation down to our 2% target in a timely way,” Bowman said in prepared remarks to a banking association
In Salt Lake City, Utah. According to Bloomberg, — Federal Reserve Governor Michelle Bowman said she expects to support additional tightening of monetary policy to return inflation to the central bank’s goal. “My baseline economic outlook continues to expect that we will need to increase the
Federal funds rate further to keep policy sufficiently restrictive to bring inflation down to our 2% target in a timely way,” Bowman said in a speech in Salt Lake City, Utah. “However, monetary policy is not on a preset course, and I will continue to closely watch
The incoming data as I assess the implications for the economic outlook and the appropriate path of monetary policy.” According to Yahoo Finance,Two Federal Reserve governors in separate speeches Tuesday offered different approaches to getting inflation down, reflecting a division within the central bank about whether interest rates need to go higher.
Fed Governor Michelle Bowman said she thinks the Fed will have to raise rates further to bring inflation down “to our 2% target in a timely way.” According to Reuters, – Jordan’s King Abdullah said on Tuesday Israel’s military campaigns
In Gaza and army operations in the West Bank “negate human values and the right of life.” In remarks carried on state media, the monarch who again called for an end to the war, said the Israeli siege on the enclave that prevented for weeks the entry of medicine, food and
Fuel and cut electricity supplies, amounted to war crimes. According to Reuters, – Canada’s American Lithium Corp on Tuesday said it submitted an early environmental permit study for its Falchani lithium project in southern Peru and expects approval in coming months, which could help fast-track construction permits.
American Lithium said its semi-detailed environmental impact assessment already allows for the drilling of up to 420 platforms across the project. According to Reuters, – BioMarin Pharmaceutical said on Tuesday it will price its therapy for severe hemophilia A at 28,933.53 euros per vial for insurers covering a majority
Of the population in Germany, Europe’s largest pharmaceutical market. The company has fixed the reimbursement amount for the therapy, Roctavian, with the German National Association of Statutory Health Insurance Funds, Germany’s primary public health insurance body. According to Reuters, – Brazil created more formal jobs than expected in October, according
To labor ministry data released on Tuesday, once again driven by the service sector. Formal job creation reached a net 190,366 positions in the month, while economists polled by Reuters were expecting 123,400. According to Yahoo Finance,Investors can add a recent string of IPO rumblings to the list
Of risk-on signs that have flooded the market in the month of November. Fast-fashion retailer Shein has confidentially filed for an initial public offering in the US, according to multiple press reports Tuesday. This comes as social media website Reddit and Kim Kardashian’s clothing brand Skims
Are also exploring options to go public in 2024, according to Bloomberg. According to Reuters, – The South African rand was stable on Tuesday, supported by the conviction among global investors that the U.S. Federal Reserve will not raise interest rates again.
At 1606 GMT, the rand traded at 18.6500 against the dollar , the same level as its previous close. According to Yahoo Finance,If you haven’t heard much about Russia’s war in Ukraine lately, it’s not because no news is good news.
In fact, the war in Ukraine may be tipping in exactly the direction Russian President Vladimir Putin wants. Ukraine failed to make major breakthroughs in its much-touted 2023 offensive, intended to break Russian lines in eastern and southern Ukraine and push Russian forces back toward the Crimean peninsula.
Billions of dollars’ worth of American and European military hardware arrived too late, giving Russian forces months to build stout defenses Ukraine proved unable to penetrate, except for small breakthroughs. Exhaustion and winter mud have now effectively ended that offensive. According to Reuters, – Euro zone bond yields dropped on Tuesday tracking moves in U.S.
Treasuries, with the focus on speeches from European Central Bank officials and inflation data due later in the week. Germany’s 10-year bond yield was down 6 basis points at 2.49%, after falling 9 bps on Monday. Yields fall as bond prices rise, and vice versa.
According to Reuters, – The conservative U.S. political network led by billionaire Charles Koch on Tuesday endorsed Nikki Haley for the 2024 Republican presidential nomination, giving the former South Carolina governor a boost among party rivals struggling to make a dent against frontrunner Donald Trump.
The influential group, which pushes for tax cuts and less government regulation, has signaled that beating former President Trump in the Republican nominating contest is a top priority, arguing that he would lose the November 2024 election to President Joe Biden. Biden beat incumbent Trump in the 2020 White House race.
According to Reuters, – Pfizer Inc is disappointed in its performance versus rival GSK in the RSV vaccine market and is working to pick up market share in 2024, Chief Financial Officer David Denton said on Tuesday. Reuters reported in October that Pfizer’s shot was lagging behind the GSK vaccine, which
Accounted for close to two-thirds of RSV shots given in the U.S. since early September. GSK was helped by being the lone shot offered by CVS. According to Reuters, – Federal Reserve policymakers look increasingly likely to end this year
With interest rates on hold and begin 2024 mulling the timing of their first cut in borrowing costs as they try to engineer a “soft landing” for the economy. That was the overall message on Tuesday from Fed Governor Christopher Waller, a hawkish
And influential voice at the U.S. central bank, who noted that any rate cuts would have “nothing to with trying to save the economy or recession,” but rather would be aimed at ensuring monetary policy does not become overly tight as inflation recedes.
According to Reuters, – An influential committee of European Union lawmakers voted on Tuesday in favour of a draft law aimed at shifting clearing of euro-denominated derivatives from a post-Brexit London to the bloc. Long a Brexit battleground between London and Brussels, the EU wants better oversight
Of clearing in euro denominated interest rate swaps bought by EU-based market participants, the bulk of which are cleared by the London Stock Exchange Group in the United Kingdom. According to Reuters, – EU antitrust regulators have asked Microsoft’s rivals whether the
U.S. software giant’s proposal to unbundle its chat and video app Teams from its Office product is sufficient to address their concerns, according to a questionnaire seen by Reuters. Microsoft announced its offer in August, a month after the European Commission opened
An investigation into its bundling of Office and Teams, following a 2020 complaint by Salesforce-owned Slack, a rival rival workspace messaging app. According to Reuters, – Roundhill Investments announced the closure of its exchange-traded fund tracking the performance of meme stocks nearly two years after its launch, putting
Another nail in the coffin of the popular pandemic-era trade. The Roundhill MEME ETF, with net assets of just $2.7 million, consists of companies that exhibit a combination of elevated social media activity and high short interest, according to Roundhill’s website. According to Reuters, – Three of the world’s cornerstone institutions – the International
Monetary Fund, the World Bank and the Bank for International Settlements – are to work together for the first time to “tokenise” some of the financial instruments that underpin their global work, a BIS official said on Tuesday. The trio will also work with Switzerland’s central bank which has been pioneering tokenisation,
The process of turning conventional assets into uniquely coded “tokens” that can be used in faster new systems. According to Reuters, – Wall Street’s main indexes reversed course to gain on Tuesday after dovish comments from some Federal Reserve officials bolstered hopes of a potential rate cut next year.
Board Governor Christopher Waller hinted at lower interest rates in the months ahead if inflation continued to ease, while Chicago Fed President Austan Goolsbee said he believed overall inflation was coming down at a pace not seen since the 1950s. According to Reuters, – U.S. in-store retail sales swelled last week by the most since
December courtesy of aggressive discounts, but the year-over-year sales gain for the week covering the traditional Black Friday shopping season kick-off was the smallest in six years. The Johnson Redbook Index, which samples about 9,000 U.S. general merchandise retailers,
Rose by 6.3% on a year-over-year basis in the week ended Nov. 25 from the prior week’s 3.4% gain, Redbook Research said on Tuesday. Sales volumes increased for retailers during the Black Friday weekend where cost-aware consumers sought out larger discounts on expensive purchases, according to the report.
According to Reuters, – President Joe Biden’s re-election campaign enlisted former U.S. House Speaker Nancy Pelosi on Tuesday to warn about threats to the Affordable Care Act , better known as Obamacare, after former President Donald Trump pledged new efforts to replace the law if he wins a second term.
THE TAKE: Tuesday’s push, a Pelosi call with reporters and campaign staff, highlights a new Biden campaign strategy, dubbed “Trump’s America in 2025,” which plans to highlight what Democrats think the Republican former president will do in office if elected, as well as his multiple legal troubles.
According to Reuters, – The biggest U.S. ETF tracking clean energy shares was on track for record annual outflows as a rapid rise in interest rates, surging raw materials costs and supply chain disruptions make the fund less attractive to investors.
The iShares Global Clean Energy ETF has reported over $1 billion in net outflows so far this year, according to Lipper data. The one-time pandemic favorite had seen net inflows of over $2 billion each in 2020 and 2021, but investors have since exited the ETF in the face of higher interest rates.
According to Reuters, – Only “surprises” could cause Brazil’s central bank to change its current pace of monetary easing, Fernanda Guardado, director of international affairs at the authority said on Tuesday. According to Reuters, – Hedge funds cut their exposure in equities, mainly in healthcare,
While adding a bit of small-cap stocks to their portfolios last week, according to a BofA Securities note about its clients flow trends. The bank said that overall its hedge fund clientele sold more than bought stocks for a second consecutive week, dumping stakes in most sectors, despite a higher concentration on healthcare.
According to Reuters, – The head of one of Chile’s top mining associations on Tuesday urged the government to speed up efforts to expand the lithium industry without waiting to hammer out deals with miners SQM and Albemarle as it seeks to boost state control.
Chile’s government under President Gabriel Boric this year announced plans to only allow public-private partnerships for lithium contracts, and appointed state run copper producer Codelco to negotiate with SQM and Albemarle, the only producers in Chile of the light metal used for electric car batteries.
According to Reuters, – The U.S. Food and Drug Administration said on Tuesday it was investigating the safety risk of CAR-T therapies made by companies such as Gilead and Johnson Johnson after receiving reports of adverse events in patients. The U.S. health regulator is investigating the identified risk of T-cell malignancy with
Serious outcomes, including hospitalization and death, and is evaluating the need for regulatory action. According to Reuters, – Breeze Airways is taking early steps to fly to international sun destinations and parts of Europe, the founder of the U.S. low-cost domestic carrier
Said on Tuesday, as more airlines seek higher-yield routes outside of the United States. Breeze is seeking flag carrier approval from the Federal Aviation Administration that would eventually allow it to take advantage of “peak of the season” travel to destinations like Ireland, Breeze Chief Executive David Neeleman told reporters in Montreal.
According to Reuters, – Panama’s top court on Tuesday ruled that First Quantum Minerals Ltd’s new contract According to Reuters, – Scenarios used by the financial system to assess climate risk need updating to account for growing economic uncertainty and setbacks to the green transition from the COVID-19 pandemic and Ukraine war, the
International Monetary Fund said on Tuesday. It said many governments had prioritised post-pandemic recovery over carbon emission targets while Russia’s invasion of Ukraine in February 2022 had caused widespread “carbon lock-in” as countries rushed to secure fossil fuel sources. According to Reuters, – Reduced supply from major copper producers Panama and Peru may
Flip the global copper market into a deficit from surplus in 2024 or at least tighten oversupply if the disruptions are not resolved in coming months, analysts said on Tuesday. Panama’s top court on Tuesday ruled that Canadian miner First Quantum’s contract to operate
The Cobre Panama mine there is unconstitutional, while a union representing half of the workers at Peru’s Las Bambas mine went on strike. According to Reuters, – JPMorgan Chase President and Chief Operating Officer Daniel Pinto said he expects its Chase UK consumer bank to break even in the next 12 to 18 months.
“We have acquired around two million customers” in the United Kingdom, Pinto told a Financial Times conference on Tuesday. “A big percentage of those are fairly actively engaged, and we have nearly $20 billion in terms of deposits.” According to Reuters, – Brazil’s central government reported a primary budget surplus in October
That was larger than expected, Treasury data showed on Tuesday, although it was down significantly from a year earlier. The budget surplus before debt interest payments totaled 18.3 billion reais for the month, surpassing the 15.6 billion reais surplus forecast by economists polled by Reuters.
According to Reuters, – Amazon is trying to lure big corporate customers to it AWS cloud computing service by offering to guard them against legal and reputational damage that can come from the output of artificial intelligence. AWS CEO Adam Selipsky, at Amazon’s annual cloud computing conference in Las Vegas, announced
A new safeguard against objectionable content on generative AI applications, called Guardrails for Bedrock. The service allows users to filter out harmful content, he said. According to Reuters, – The European Central Bank may need to take on a bigger role in
Supervising shadow banks as they are now bigger than conventional lenders and may be sitting on elevated risk, the outgoing head of the ECB’s supervision arm told European newspapers. Shadow banks, a collective term for non-bank financial firms such as insurers, hedge funds
Or investment funds, have grown to 51 trillion euros in assets, but face laxer regulation than conventional lenders, which poses a growing threat to overall financial stability. According to Bloomberg, — The federal government will back mortgages of more than $1 million in additional areas, including San Diego and Breckenridge, Colorado, as US home prices
Reach records. The ceiling for government backing on mortgages on single-family homes in the highest-cost areas will increase to nearly $1.15 million in 2024, according to a Tuesday announcement by the Federal Housing Finance Agency. That limit, the maximum for a loan to be bought by Fannie Mae and Freddie Mac, is up from
About $1.09 million this year. According to Reuters, – Meta Platforms, which owns WhatsApp, Instagram and Facebook, on Tuesday said it would appeal a judge’s ruling that a U.S. regulator can seek to reduce the amount of money the social media company makes from users under 18.
Judge Timothy Kelly of the U.S. District Court for the District of Columbia denied a motion filed by Meta on Monday for the court to hear the dispute with the Federal Trade Commission . According to Yahoo Finance,Amazon Web Services is one of the largest cloud providers in the
World, and in healthcare, it is looking to expand its relationships with big pharmaceutical companies Pfizer and Amgen for greater use of cloud computing in drug discovery and manufacturing. The company discussed both during the AWS re:Invent event in Las Vegas this week, at
Which AWS CEO Adam Selipsky lead a keynote address along with Pfizer EVP Lidia Fonseca to reveal the details of the partnership. According to Bloomberg, — The Rockefeller Foundation, established in 1913 by Standard Oil tycoon John D. Rockefeller, announced Tuesday that it aims to make its $6 billion endowment net zero emissions by 2050.
That makes it the largest private foundation in the US with such a target. Rockefeller follows a number of other US institutions, including Harvard University, which pledged in 2020 to get its $50 billion-plus endowment to net zero on the same timeline. According to Yahoo Finance,Goldman Sachs CEO David Solomon is finishing 2023 talking about
The same subject that was front and center for him as the year began — the “noise” surrounding one of Wall Street’s most storied banks. “Broadly speaking, morale at the firm is pretty good,” Solomon said Tuesday morning during the FT Global Banking Summit in London. “Is there noise sometimes from certain people?
Absolutely…It goes with the territory,” he added. According to Reuters, – Venture Global LNG sought permission from federal regulators to place utilities systems into service at its Calcasieu Pass export plant in Louisiana, in a filing with the U.S. Federal Energy Regulatory Commission on Tuesday.
The U.S. liquefied natural gas company is embroiled in contract arbitration cases with several customers over its insistence it does not have to provide contracted cargoes while the plant is undergoing commissioning. According to Bloomberg, — Amazon.com Inc. has joined the chatbot race, announcing Amazon
Q, a digital assistant that will help corporate customers search for information, write code and review business metrics. Amazon Web Services, the retailer’s cloud-computing division, is infusing generative artificial intelligence into more products, expanding its efforts to reclaim ground in a field led by its main rivals.
According to Reuters, – Peru’s state-owned energy firm Petroperu is looking to improve its financial portfolio within two to three years in order to launch a minority share offer, Chairman Pedro Chira said on Tuesday. The company also hopes to turn a profit in 2025 after administrative and financial restructuring,
He added during a press conference with foreign media in Lima. According to Bloomberg, — Two Federal Reserve officials who led the push for higher interest rates to curb inflation last year signaled they could be comfortable holding rates steady for now, reinforcing expectations that the central bank’s current hiking cycle is done.
Governor Christopher Waller, one of the most hawkish Fed officials, said policy is well positioned to return inflation to the Fed’s 2% goal, suggesting policymakers may not need to raise rates again. Governor Michelle Bowman said she remains willing to support rate hikes if inflation
Progress stalls, but stopped short of endorsing an increase next month. According to Yahoo Finance,This week, Amazon Web Services, or AWS, kicked off re:Invent 2023 — its biggest conference of the year — with a show of force. After a rock band banged out a rendition of “My Hero” by Foo Fighters on Tuesday morning,
AWS CEO Adam Selipsky unveiled a deluge of announcements primarily related to AI. Star partners, including Nvidia CEO Jensen Huang and Anthropic CEO Dario Amodei, dropped by for cameos. According to Reuters, – Eleven people suffered bouts of dangerously low blood sugar in Lebanon
This year, one of whom required hospitalization, after injecting suspected fake versions of Novo Nordisk’s diabetes drug Ozempic, according Lebanese health officials. A director for the Lebanese Ministry of Public Health, Rita Karam, said officials suspected the drugs were fake after discovering the doses were different from the ones calibrated for authentic Ozempic injector pens.
According to Reuters, – Republican Senator John Thune said on Tuesday a deal is in the works to resolve a months-long standoff over pilot training requirements that has stalled a major aviation reform bill. The U.S. House of Representatives in July voted to pass legislation to raise the mandatory
Commercial pilot retirement age to 67 from 65 and make other aviation reforms. According to Reuters, – U.S. stocks were little changed on Tuesday as investors digested conflicting remarks from Federal Reserve officials, with upbeat consumer data providing some lift. According to Reuters, – U.S. Treasury yields were mostly lower on Tuesday, with the benchmark
10-year note at two-month lows after comments from a Federal Reserve official signaled a cut in interest rates from the central bank may be on the horizon. Yields moved lower, especially the two-year U.S. Treasury, after Fed Governor Christopher Waller, seen as a hawkish member of the central bank, said there are good economic arguments
You could lower the policy rate if inflation continues falling for several more months. According to Reuters, – Federal Reserve Bank of New York President John Williams said Tuesday longer-term inflation expectations have been encouragingly steady, and he welcomed declining inflation pressures.
“The recent news about the long-run anchoring of inflation expectations in the United States is mostly reassuring: available measures of longer-run inflation expectations in the United States have remained remarkably stable,” Williams said in a chapter of a new Bank for International Settlements report.
According to Bloomberg, — Options in GameStop Corp. are seeing wild volume as traders bet that the stock will rally 50% in little over a week. A Dec. 8 $20 call option changed hands 17,500 times by midday in New York.
The vast majority of the positions were newly opened and traded in small blocks throughout the morning — a sign that appetite could be coming from individual retail traders. According to Bloomberg, — Clued-in investors big and small are bidding up stocks, a fresh
Sign of confidence that November’s impressive equity rally has room to run. In a month where $5 trillion has been added to share values, Goldman Sachs Group Inc.’s corporate clients showed a “big tick up” in repurchase activity. Same thing at the buyback desk at Bank of America Corp., which just had the busiest
Week of execution orders in the firm’s data history. According to Reuters, – The Biden administration has been circulating on Capitol Hill the first breakdown of which U.S. states have benefited from the billions of dollars spent on arming Ukraine, in a move to gather more support from Republicans who have voted against aid
For Kyiv. While three of the eight Republican members of Congress from Pennsylvania have been voting against funding to help stop Russia’s invasion, the data shows the Keystone State has received $2.364 billion – the most of any state – in spending and investments to build arms and ammunition, according to documents seen by Reuters.
According to Reuters, – Republican mega-donor Bernie Marcus said on Tuesday he would likely still give money to Donald Trump’s 2024 presidential bid if the former president was convicted of a crime – but the billionaire does not plan to be one of his biggest financial backers.
Marcus, a co-founder of home improvement retailer The Home Depot, announced earlier this month that he was supporting Trump, the runaway frontrunner for the 2024 Republican nomination contest that kicks off on Jan. 15 in Iowa. Trump faces four criminal cases, including state and federal charges stemming from his
Efforts to overturn his 2020 election loss to Democrat Joe Biden. Trump, 77, denies any wrongdoing and has pleaded not guilty in all four cases. According to Reuters, – Walt Disney CEO Bob Iger told employees that he faced a “myriad of challenges” upon returning to the company but remained upbeat about its prospects.
“I knew that there were myriad challenges that I would face coming back,” Iger said in remarks at a company-wide town hall Tuesday at the New Amsterdam Theatre, according to people who attended the meeting. “I won’t say that it was easy, but I’ve never second-guessed the decision to come back.”
According to Yahoo Finance,Disney CEO Bob Iger said he is content with his decision to return to the company despite the many challenges he’s faced so far. “I knew that there were myriad challenges that I would face coming back,” Iger said during a town hall he hosted with employees on Tuesday.
“I won’t say that it was easy, but I’ve never second guessed the decision to come back, and being back still feels great.” According to Reuters, – The Canadian dollar strengthened to an eight-week high against its U.S. counterpart on Tuesday as investors grew more optimistic that central banks will
Succeed in lowering inflation without tanking the global economy. The loonie was trading 0.4% higher at 1.3565 to the greenback, or 73.72 U.S. cents, after touching its strongest since Oct. 2 at 1.3561. According to Yahoo Finance,Legendary investor and polymath Charlie Munger, Berkshire Hathaway’s
Vice chairman and Warren Buffett’s right-hand man and friend of nearly six decades, died on Tuesday in California, the company announced. He was 99. Together, Buffett and Munger built Berkshire Hathaway into one of the most successful and long-lasting business partnerships that enthralled millions worldwide.
According to Reuters, – Ten of Walt Disney’s animation workers who operate remotely across six U.S. states are seeking to unionize, the Animation Guild said on Tuesday. The workers have filed with the National Labor Relations Board for an official union election and sought representation by the Animation Guild and the International Alliance of Theatrical
Stage Employees . According to Reuters, – UnitedHealth Group on Tuesday forecast 2024 profit below Wall Street expectations, indicating that medical costs are likely to remain elevated for the health insurance giant. The largest U.S. health insurer’s forecast comes ahead of its investor day on Wednesday,
Where it is expected to provide its outlook on medical costs. According to Reuters, – Charles Munger, who died on Tuesday, went from working for Warren Buffett’s grandfather for 20 cents an hour during the Great Depression to spending more than four decades as Buffett’s second-in-command and foil atop Berkshire Hathaway Inc.
Munger’s family had advised that he died peacefully on Tuesday morning at a California hospital, said Berkshire. According to Reuters, – Argentina’s president-elect Javier Milei met on Tuesday with top U.S. officials in Washington and his economic team huddled with IMF officers as he seeks to formulate
A plan to reshape the country’s foreign policy and lead its economy out of crisis. Milei told reporters as he left the White House that his meeting had been “excellent.” He had been scheduled to meet with national security adviser Jake Sullivan and Juan Gonzalez, the National Security Council’s senior director for the Western Hemisphere.
According to Reuters, – Charlie Munger, the longtime vice chairman and second-in-command to Warren Buffett at Berkshire Hathaway , died on Tuesday morning at a California hospital. According to Reuters, – As China-founded e-commerce behemoth Shein moves to list in New York,
U.S. lawmakers are again calling on it to prove that forced labor is not used to make its $5 t-shirts and $10 sweaters. Shein confidentially filed for an initial public offering on Monday and could launch sales of its shares some time in 2024.
The Singapore-based company has not determined the size of the deal or the valuation at IPO. Bloomberg reported earlier this month that it targeted up to $90 billion in the float. According to Yahoo Finance,The market cheerleading around AI may be new, but investors pouring into high-flying tech names has run its course before.
So, in other words, buyer beware. The staggering rise of the “Magnificent 7” resembles bubbles of the past, which analysts say carries risks for late-arrivinginvestors who stand a lower and lower likelihood of generating strong returns as prices climb. Parallels to the dot-com boom in the late nineties and the eventual bust that followed—who
Could forget Pets.com and Webvan?—have gained renewed attention. According to Reuters, – A look at the day ahead in Asian markets. Interest rate decisions and guidance from New Zealand and Thailand, and inflation figures from Australia will be the main events for Asian markets on Wednesday, as a curiously
Directionless week for risk assets reaches the midway point. According to Reuters, – Canada’s commodity-linked main stock index ended higher on Tuesday, recouping its earlier decline, as gains for energy and gold mining shares offset weakness in financials following Bank of Nova Scotia’s profit miss.
The Toronto Stock Exchange’s SP/TSX composite index ended up 4.11 points at 20,036.77, after earlier hitting its lowest intraday level in two weeks. According to Reuters, – Late payments on U.S. commercial property loans rose in November, driven by growing distress among office properties, according to a new report by Kroll Bond Rating Agency.
The delinquency rate on U.S. commercial mortgage-backed securities reached 4.4% in November, climbing 19 basis points from October’s 4.21%, according to a Tuesday report by KBRA. According to Reuters, – OpenAI is not expected to offer Microsoft and other investors a seat on its new nine-person board, the Information reported on Tuesday, citing a source.
The report said Microsoft and other shareholders such as Khosla Ventures, Thrive Capital and Sequoia Capital are not expected to be offered a board seat. According to Reuters, – Videogame software provider Unity Software will eliminate 265 jobs or 3.8% of its global workforce and end an agreement with a digital video effects
Company founded by the “Lord of the Rings” director as part of a “reset,” the company said on Tuesday. The move follows a tumultuous period for the San Francisco-based company, which makes a software toolkit used by many videogame developers including the maker of the popular “Pokemon Go” mobile game.
According to Bloomberg, — Miriam Adelson, the widow of casino magnate Sheldon Adelson, is selling $2 billion of stock in Las Vegas Sands Corp. so the family can acquire a majority stake in an unidentified professional sports team. The family already has a binding purchase agreement for a team, according to a regulatory filing Tuesday.
The Adelsons will use the proceeds from the offering as well as cash on hand to purchase the team, “subject to customary league approvals.” According to Bloomberg, — If the US Treasury had tried to act tactically, like a company,
To lock in low long-term borrowing costs during the pandemic, it would have damaged bond markets and the dollar, a former Treasury official wrote in a blog post. Rebutting a point of view put forth last month by billionaire investor Stan Druckenmiller,
Amar Reganti wrote that unlike a company, the US needs to consider how its issuance will affect overall debt markets. Selling bonds predictably allows the US to keep its borrowing costs lower over time, wrote Reganti, now a fixed-income strategist at Wellington Management.
According to Reuters, – Shell PLC has authorized contractor McDermott International Ltd to start engineering work on its Manatee gas field development project off Trinidad and Tobago’s east coast, the contractor disclosed on Tuesday. Trinidad is Latin America’s largest liquefied natural gas exporter, but its flagship Atlantic
LNG project and its petrochemical plants have been operating at reduced capacity due to a shortage of natural gas. According to Reuters, – Hewlett Packard Enterprise beat estimates for quarterly profit on Tuesday due to easing costs but unfavorable macroeconomic conditions led to a dour forecast for the current quarter.
On an adjusted basis, the “edge-to-cloud” firm earned 52 cents per share, beating analysts’ average estimate of 50 cents, according to LSEG data. According to Bloomberg, — Hewlett Packard Enterprise Co. provided a revenue outlook in the current quarter that was just shy of expectations, after reporting a steeper decline
In server sales than analysts expected. Revenue will be $6.9 billion to $7.3 billion in the period ending in January, HPE said Tuesday in a statement. At the midpoint, that would miss analysts’ average estimate of $7.27 billion, according to data compiled by Bloomberg.
Profit, excluding some items, will be about 46 cents, in line with the average projection. The company also affirmed its earlier full-year guidance of 2% to 4% revenue growth in constant currency. According to Yahoo Finance,Charlie Munger passed away at 99 years old on Tuesday.
While he’s known to be Warren Buffett’s long-time investing partner at Berkshire Hathaway , he also left quite the mark on Costco . He first came across the wholesale retailer through Sol Price, founder of Price Club , Munger recounted to podcast Acquired last month.
Costco later asked Buffett to sit on the board, but the billionaire declined, sending Munger to the company instead. According to Reuters, – Splunk beat quarterly estimates for revenue on Tuesday, helped by resilient demand for its cybersecurity offerings in an uncertain economy.
The cybersecurity firm’s stock has risen over 75% this year as investors laud Splunk’s move to incorporate artificial intelligence into its products and its focus on subscription or renewable contract models. According to Yahoo Finance,Charlie Munger, vice chairman of Berkshire Hathaway and a
Legend of the investing world, died on Nov. 28 at the age of 99. To commemorate Munger’s monumental legacy, we’ve compiled some of our favorite Charlie quotes: According to Reuters, – Bank of Nova Scotia has asked an advocacy group to end a campaign demanding the Canadian lender divest from Israel-based weapons manufacturer Elbit
Systems, accusing the campaign of spreading misinformation and saying protesters endangered staff and customers safety, according to an e-mail seen by Reuters.Scotiabank’s 1832 Asset Management mutual fund is the third-biggest shareholder in Elbit with about a 5.04% stake in the $9.4 billion company, according to LSEG data.
Scotia’s exposure to the weapons maker has triggered a number of protests at the bank’s branches in recent weeks. It also disrupted Canada’s prestigious Giller Prize Gala on Nov. 14, a literary award sponsored by Scotiabank. Toronto Police said they arrested three protesters.
According to Reuters, – Apple is pulling the plug on its credit-card partnership with Goldman Sachs Group, the Wall Street Journal reported on Tuesday. The tech giant recently sent a proposal to the Wall Street bank to exit the contract
In the next roughly 12 to 15 months, the report said, citing people briefed on the matter. According to Reuters, – For years, Hota Industrial Mfg. Co has made gears, shafts and other auto parts in Taiwan and shipped them to large foreign carmakers such as Tesla, Ford Motor and General Motors.
But soaring shipping costs during the pandemic and escalating cross-strait tensions have forced some of Hota’s customers to re-evaluate their reliance on Taiwan, a democratically governed island that China claims as its own and has not ruled out taking by force. According to Reuters, – Chinese food delivery giant Meituan on Wednesday confirmed it had
Authorised a share buyback of up to $1 billion in value, a day after its chief executive expressed the board’s intention to do so. Meituan CEO Wang Xing had said on Tuesday that the board had authorised a share buyback
Of up to $1 billion but it would depend on the company’s cash position due to plans to invest in new initiatives and explore overseas investments. According to Bloomberg, — China’s deepening property rout is pushing the nation’s central bank toward a style of policy it has long criticized: Quantitative easing.
Bloomberg News has reported that the People’s Bank of China may provide at least 1 trillion yuan in low-cost funding to construction projects via so-called Pledged Supplemental Lending. Under that program, the central bank has provided cheap long-term cash to policy banks to fund lending to the housing and infrastructure sectors.
According to Bloomberg, — The dollar weakened and Treasuries extended their November rally on speculation the Federal Reserve is done with interest-rate hikes and will be able to ease policy next year. The Japanese yen, Korean won and New Zealand dollar were among the biggest gainers against the greenback.
Fed swaps are anticipating over 100 basis points of rate cuts by the end of 2024 after Governor Christopher Waller said the bank is well positioned to push inflation to a 2% target. According to Reuters, – The Federal Aviation Administration said on Tuesday it had adopted
A new aircraft certification policy requiring key flight control design changes to be considered “major” like the system involved in two fatal Boeing 737 MAX crashes in 2018 and 2019. In late 2020, Congress passed sweeping legislation to reform how the FAA certifies new airplanes,
Including requiring manufacturers to disclose to the FAA certain safety-critical information, including information on systems that manipulate flight controls without direct pilot input or commands after the crashes that killed 346 people. According to Reuters, – Hamas and Israel were expected to release more hostages and prisoners
On Wednesday, the last day of a prolonged six-day truce in the Gaza Strip conflict, as attention focused on whether mediator Qatar could negotiate another extension. The Palestinian militant group Hamas and allied group Islamic Jihad freed 12 hostages on Tuesday, bringing the total released since the truce began on Friday to 81.
Those have been mostly Israeli women and children along with foreign citizens. According to Reuters, – Richard “Alex” Murdaugh, a disgraced former powerhouse lawyer in South Carolina already serving life in prison for the murder of his wife and son, received a
27-year sentence on Tuesday for his guilty plea to nearly two dozen financial crimes. The sentence handed down in a Charleston courtroom, part of the plea deal Murdaugh reached earlier this month, will be served concurrently with the two life terms imposed eight months ago
Following his murder trial, said a spokesman for the state attorney general’s office. According to Bloomberg, — Japanese exporters are making bullish assumptions about the outlook for the yen, allowing themselves to more easily beat earnings expectations and keep the nation’s equities benchmarks among the world’s best performers.
Companies on the Topix 500 Index that released guidance for the fiscal year ending in March 2024 as a whole based their view on the yen averaging 140.22 per dollar during the period, according to data compiled by Bloomberg. That’s 5% above the current market rate, higher than the average since the start of
The fiscal year and stronger than the median forecast of foreign exchange strategists. According to Bloomberg, — Billionaire investor Bill Ackman is betting the Federal Reserve will begin cutting interest rates sooner than markets are predicting. The Pershing Square Capital Management founder said such a move could happen as soon as the first quarter.
Traders are fully pricing in a rate cut in June, with the chance of a cut happening in May priced at about 80%, according to swaps market data. According to Bloomberg, — The amount of debt facing heightened exposure to environmental
Risks has more than doubled to over $4 trillion in less than a decade, according to Moody’s Investors Service. Sixteen sectors currently face “high or very high environmental credit risk,” compared to just nine sectors in 2015, Moody’s said in a report Tuesday.
Among the most exposed include oil and gas, mining and chemicals, according to the report. The ratings provider explored the potential credit impact from environmental pressures — including climate change, waste and pollution — on 90 sectors accounting for $82 trillion of debt.
According to Reuters, – Increasing taxes on polluting activities and cutting fossil fuel subsidies could generate trillions of dollars to tackle climate change, an advisory panel to the COP28 talks in Dubai said. Summit host the United Arab Emirates, a major oil producer, has said the two-week meeting
Starting on Thursday must deliver “tangible action” on climate funding, which has been squeezed by rising debt burdens, faltering political will and patchy efforts by private finance. According to Reuters, – Consumer demand for refurbished and pre-owned goods in Britain and across Europe has created a billion pound business for Amazon, its UK boss said.
Many retailers and manufacturers expect that trend to continue as shoppers, hit by rising prices and borrowing costs, look to save cash and buy more sustainably. According to Bloomberg, — Oil edged higher as traders counted down to a key OPEC+ meeting
On supply, and weighed signs that the Federal Reserve is done hiking interest rates. West Texas Intermediate rose toward $77 a barrel after rallying by more than 2% on Tuesday, with global benchmark Brent near $82. The producer group is due to meet online on Thursday to set policy for 2024, but has yet
To resolve a dispute over output quotas, according to delegates. According to Reuters, – The dollar fell broadly on Wednesday to hit its lowest against the yen in more than two months and languished near a three-month trough against its major
Peers, as expectations mount the Federal Reserve could begin lowering rates by early next year. The Australian dollar held near a four-month peak while the New Zealand dollar scaled a roughly four-month top of $0.61495 in early Asia trade. Australian inflation data is due later in the day, followed by a rate decision from
The Reserve Bank of New Zealand . According to Reuters, – Uber will open up its platform to London’s black cabs early next year, the ride-hailing firm said on Wednesday, signalling a dramatic turnaround in its relationship with drivers of the British capital’s iconic taxis.
In recent years, London’s black cab drivers – who have to pass a test called “The Knowledge” requiring them to memorise thousands of routes within the city – blocked the streets in protests against the ride-hailing service. According to Reuters, – Russia’s Internal Affairs ministry is preparing a bill that
Would oblige foreigners entering the country to sign a “loyalty agreement” that would bar them from discrediting official policies, the TASS state news agency reported early on Wednesday. The agreement would be aimed at protecting Russia’s “national interests,” TASS reported, citing the document.
According to Bloomberg, — The British government’s reliance on market mechanisms to achieve its net-zero targets won’t be enough to rid the country of fossil fuels by 2050, a parliamentary committee said. Global fossil fuel financing of $742 billion in 2021 still outpaces investment in renewables,
Underlining the risks of leaving decarbonization to the private sector, the Environmental Audit Committee said on a report on Wednesday. Backsliding by the UK government is causing confusion, just as global policy makers redouble their green transition efforts. According to Bloomberg, — Goldman Sachs Group Inc., which has been trying to jettison its
Struggling credit card business, now has a potential way out of its partnership with Apple Inc. The iPhone maker, which offers a credit card and savings account with Goldman, recently sent a term sheet to the financial giant that would be a first step toward severing the
Contract, according to a person familiar with the matter. The process could still take multiple years, said the person, who asked not to be identified because the discussions are private. The partnership had been slated to last at least another five years.
According to Reuters, – Once a North Korean experiment in limited capitalism, the Rason Special Economic Zone appears to be the epicentre of the isolated country’s growing cooperation with Russia, experts say, including possible shipments of arms for the war in Ukraine. With apartment blocks and booming markets flooded with imported goods, the Rason SEZ,
Established in the 1990s on the border with China and Russia, was a dream destination for many North Koreans before tighter sanctions hit and pandemic-era border closings choked off nearly all trade and tourism, two experts who study Rason said. According to Reuters, – Warren Buffett’s Berkshire Hathaway has accused billionaire Jimmy Haslam
Of promising secret payments to staff that would inflate the price Berkshire would have to pay for the Haslam family’s 20% stake in truck stop operator Pilot Travel Centers. Berkshire made the accusation in partially redacted filings made public on Tuesday in a countersuit against the Haslam family in Delaware Chancery Court, where the Haslams
Have been suing Buffett’s company over Pilot. According to Bloomberg, — Australia’s monthly inflation gauge snapped two months of acceleration in October, bolstering the case for the Reserve Bank to resume pausing interest rates next week. The consumer price indicator rose 4.9% from a year earlier, the first reading for the
Fourth quarter and lower than economists’ estimate of 5.2%, Australian Bureau of Statistics data showed Wednesday. According to Bloomberg, — The thing many Berkshire Hathaway Inc. investors may have enjoyed almost as much as the 3,800,000% return Charlie Munger helped engineer were his quips along the way.
Munger, who died Tuesday in California about a month shy of his 100th birthday, was the longtime business partner of Warren Buffett, with the pair transforming Berkshire from a failing textile mill into a $783 billion behemoth spanning industries from insurance to energy.
According to Reuters, – If the United States expects to win the next arms race then Washington is mistaken, a senior Russian diplomat said in remarks published on Wednesday, adding that a military conflict between Moscow and NATO cannot be ruled out.
Sergei Ryabkov, Russia’s deputy foreign minister in charge of ties with the U.S., non-proliferation and arms control, told the Izvestia daily that present circumstances were not “conducive” to arms talks with Washington. According to Bloomberg, — Argentine President-elect Javier Milei met with US officials days ahead
Of his inauguration as the libertarian looks to shore up support for his plans to fix the crisis-torn economy. Milei met with National Security Advisor Jake Sullivan and top officials from the State Department and National Security Council. As well, economic adviser Luis Caputo and campaign manager Nicolas Posse held discussions
With the International Monetary Fund and Treasury Department. According to Reuters, – Oil prices rose on Wednesday as a storm in the Black Sea region disrupted oil exports from Kazakhstan and Russia, raising fears of supply tightness, while investors awaited a crucial decision by OPEC+, which may deepen or extend output cuts.
Brent crude futures gained 33 cents, or 0.4%, at $82.01 a barrel at 0127 GMT. U.S. West Texas Intermediate crude futures climbed 45 cents, or 0.6%, to $76.86 a barrel. According to Reuters, – New Zealand’s central bank held the cash rate steady at 5.5% on
Wednesday, but noted inflation remained too high and that further policy tightening might be needed if price pressures did not ease. The decision to hold the cash rate was in line with expectations from 28 economists in a Reuters poll, all of whom forecast the Reserve Bank of New Zealand to leave the cash
Rate at a near 15-year high for the fourth consecutive meeting. According to Bloomberg, — The Philippines has kicked off marketing of its first ever US-currency Islamic note as the country aims to expand its funding base and capitalize on a recent drop in dollar borrowing costs.
The Southeast Asian nation is offering a benchmark-sized, five-and-a-half year sukuk at 115 basis points, according to a person with knowledge of the matter. Philippine Finance Secretary Benjamin Diokno said this week that the government expects to raise around $1 billion from the deal.
According to Reuters, – Bank of Japan board member Seiji Adachi said on Wednesday the country’s economy had yet to reach a stage where the central bank could debate an exit from ultra-easy monetary policy. While inflation could overshoot its projections, the central bank must wait for clear signs
That prices and wages would rise in tandem, and keep inflation sustainably at its 2% target, Adachi said in a speech. According to Bloomberg, — Nomura Holdings Inc. is aiming for an additional $100 million in cost reductions in its wholesale banking division, as Japan’s largest brokerage seeks to lift its performance.
The progress of this key division towards its earnings targets is “significantly behind,” according to Chief Executive Officer Kentaro Okuda in a presentation for institutional investors at the firm’s annual investment forum. The international business is slow there, though it’s held up by robust performance in Japan, he said.
According to Bloomberg, — New Zealand’s central bank kept interest rates unchanged for a fourth straight meeting but signaled there’s an increased risk it could hike again next year. The local dollar jumped. The Reserve Bank’s Monetary Policy Committee held the Official Cash Rate at 5.5% Wednesday
In Wellington, as expected by all 23 economists surveyed. The bank’s new forecasts show a higher track for the OCR through 2024, implying a greater chance of an increase, and no reduction until mid-2025. According to Bloomberg, — China’s 5Y Capital is on track to surpass its target of raising
$700 million for a closely watched venture fund, in a sign that investors are regaining confidence in the world’s biggest internet arena. The oversubscribed US-dollar fund has a hard cap of $800 million and is set to close early next year, according to people familiar with the matter, who asked not to be named discussing
Private information. Known for early bets on Chinese tech leaders like Xiaomi Corp. and Kuaishou Technology, Shanghai-based 5Y had previously put off a plan for another growth fund targeting later-stage startups, one of the people added. According to Reuters, – Japan’s space agency was hit with a cyberattack but the information
The hackers accessed did not include anything important for rocket and satellite operations, a spokesperson said on Wednesday. “There was a possibility of unauthorised access by exploiting the vulnerability of network equipment,” the spokesperson at Japan Aerospace Exploration Agency said, declining to elaborate on details such as when the attack took place.
According to Reuters, – As Asia’s banking sector navigates a peak in global interest rates and risks of slower growth, investors are wagering that banks in India and Indonesia have the strongest loan and profitability profiles to provide returns next year. Over the past 18 months Asian central banks tracked the U.S. Federal Reserve tightening
Monetary policy to battle inflation, but their interest rates hikes were smaller and slower, resulting in better interest income for the region’s banks without loan growth suffering. According to Reuters, – Asian stocks briefly made one-week highs on Wednesday, bonds rallied
And the dollar sank on new hints at U.S. interest rate cuts, while the New Zealand dollar jumped after its central bank said another hike may be necessary if inflation proves stubborn. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.5% in early trade before
Weakness in Hong Kong tech shares dragged it back to flat. According to Reuters, – Nomura Holdings said on Wednesday it would reduce risk weighted assets by up to 6% for its struggling wholesale business as the top Japanese investment bank scrambles to shore up its capital efficiency.
Nomura plans to allocate resources within the group by adjusting the amount of positions in overseas macro products and shifting resources to Japan-related business, CEO Kentaro Okuda told investors on Wednesday. According to Bloomberg, — The dollar slid to the weakest level since early August as
Swap traders ramp up bets the Federal Reserve will cut interest rates as early as May. The Bloomberg Dollar Spot Index fell for a fifth day as fears of a recession and dovish Fed commentary spurred investors to wager the central bank will have to reverse its most aggressive tightening cycle since the 1980s.
According to Reuters, – A frigate of the Russian Black Sea Fleet launched an attack with four cruise missiles on Ukraine’s military infrastructure, Russia’s defence ministry said early on Wednesday. “The crew of a frigate of the Black Sea Fleet received a task of launching a strike with
Kalibr cruise missiles in the shortest possible time against enemy military infrastructure,” the ministry said on its Telegram messaging app. According to Reuters, – When Japan’s Rakuten launched a mobile service network in 2020, the e-commerce and fintech giant promised to disrupt the world’s third-largest telecoms market.
It’s done that in part, but the greater shake-up has been to its finances. By any measure, cash-bleeding Rakuten Mobile is deeply troubled. According to Reuters, – China’s Didi Global ride-hailing app was disrupted earlier this week by an underlying system software failure and not a cyberattack, the company said in
A statement on its social media account on Wednesday. The country’s largest ride-hailing company faced widespread criticism this week after users in several cities were unable to book rides on Monday evening and complained about encountering glitches while using the app in the following days.
According to Reuters, – New Zealand’s new government will introduce legislation to reform the Reserve Bank of New Zealand’s mandate and lift a ban on the sale of cigarettes to future generations within its first 100 days, Prime Minister Christopher Luxon said in a statement on Wednesday.
The centre-right National Party, led by Luxon, returned to power alongside the populist New Zealand First party and libertarian ACT New Zealand after six years of rule by governments led by the left-leaning Labour Party. According to Bloomberg, — For years, Adrian Cheng had all the trappings of a third-generation
Scion preparing to lead one of Hong Kong’s wealthiest clans into a new era. He infused his property projects with art, burnished Tsim Sha Tsui’s waterfront as a cultural district and invested in digital tokens. This month, his heir-apparent status at the $26 billion family empire was thrown into
Doubt after his father Henry Cheng said the conglomerate is still looking for a successor. According to Bloomberg, — Saudi Aramco is forecast to cut the price of its flagship oil grade to Asia for the first time since June as an influx of cheaper US and European
Barrels drives up competition in the world’s biggest importing region. The state-owned Saudi Arabian producer will reduce the official selling price of Arab Light by $1.05 a barrel for January from the previous month, according to the median estimate in a Bloomberg survey of six refiners and traders.
That would be the biggest decline since February. According to Reuters, – China’s manufacturing activity likely contracted for a second consecutive month in November, a Reuters poll showed on Wednesday, keeping alive calls for further stimulus measures as factory owners struggle for orders both at home and abroad.
While the official purchasing managers’ index is expected to have improved to 49.7 in November from last month’s unexpected drop to 49.5, the median forecast of 31 economists in a Reuters poll has the index staying below the 50-point level demarcating contraction from expansion.
According to Reuters, – Okta said on Tuesday that hackers stole information on all users of its customer support system in a network breach two months ago. The San Francisco-based company notified customers that it has determined hackers downloaded a report containing data including names and email addresses of all clients that use its
Customer support system, the company said in an emailed statement to Reuters. According to Bloomberg, — India and China are key coffee markets for Nestle SA, with the food giant bullish on the outlook for consumption growth in the world’s most populous countries, according to the global head of strategy.
“We have a really strong footprint in Asia and we are really bullish about those markets that have very low per capita consumption,” Philipp Navratil, head of Nestle’s coffee strategic business unit, said in an interview in Vietnam’s Dak Lak province. “China is really a big focus, and India is a big focus.”
According to Reuters, – Toyota Motor said on Wednesday its October global vehicle production hit a record for that month, helped by an easing of the semiconductor shortage and defying the impact of an accident at a supplier facility. The world’s largest automaker by sales said it produced 900,285 vehicles worldwide, up
16.7% from the same period a year earlier. According to Bloomberg, — Jack Ma urged Alibaba staff to take a page from hard-charging rival PDD Holdings Inc. in a surprise internal memo, in which the billionaire called on the company he co-founded decades ago to embark on fundamental change.
Ma, who has mostly stayed away from day-to-day operations since 2020, stunned employees Wednesday by replying to a staff post on Alibaba’s internal forum. In his brief message, the entrepreneur praised PDD’s decisions in past years. But Ma was convinced Alibaba Group Holding Ltd. will change and “correct its course,”
He said in a post confirmed by people familiar with the forum.
1 Comment
0:00:00 – Intro
0:00:06 – ATTENTION
0:00:12 – Recommendation
0:00:18 – Timestamps reminder
0:00:23 – Buy Me a Coffee
0:00:27 – (Bloomberg) Hedge Fund Dollar Bulls Hold Fast Even as US Currency Erases Gains
0:01:09 – (Reuters) European tech startup funding to fall to $45 billion in 2023 -Atomico
0:01:41 – (Bloomberg) SenseTime Plummets After Short-Seller Targets Chinese AI Firm
0:02:11 – (Bloomberg) Singapore Central Banker Sees Private Cryptocurrencies Failing
0:02:38 – (Reuters) DP World says hackers stole Australian ports employee data
0:03:09 – (Bloomberg) Dollar Set for Worst Month in a Year, Yields Hold: Markets Wrap
0:03:36 – (Reuters) UPDATE 1-PBOC governor says monetary stance to stay accommodative, inflation expected to pick up
0:04:03 – (Bloomberg) Oil Edges Higher as Saudis Push OPEC+ to Trim Production Quotas
0:04:32 – (Reuters) Column-Soft China and India may undermine gold's rally hopes: Russell
0:04:53 – (Reuters) JGB 10-year yields sink on Fed view, superlong yields up on poor auction
0:05:14 – (Reuters) Rapidus hunts for engineers to help Japan regain faded chip glory
0:05:43 – (Bloomberg) Stranded Gas Tanker in Australia Could Cause Rise in Global LNG Prices
0:06:16 – (Bloomberg) One Corner of China’s Weak Market Is Seeing a $25 Billion Rally
0:06:50 – (Reuters) Exclusive-Meta Platforms' paid ad-free service targeted in Austrian privacy complaint
0:07:18 – (Reuters) Forced sales ahead for indebted global real estate markets -M&G
0:07:48 – (Reuters) Exclusive-Toyota group companies plan $4.7 billion sale of Denso stake -sources
0:08:13 – (Reuters) Cryptoverse: 'Layer two' tokens enjoy new life as bitcoin soars
0:08:30 – (Reuters) HSBC taps UBS' Gautam Anand for key South Asia private banking role – memo
0:08:46 – (Reuters) GLOBAL MARKETS-Asian stocks subdued as traders brace for inflation data
0:09:13 – (Reuters) Nikkei ends lower as investors book profits, yen rebound weighs
0:09:34 – (Reuters) Japan's price trend gauge hits record, heightens case for BOJ exit
0:10:04 – (Bloomberg) Accident at Impala Platinum South African Mine Leaves 11 Dead
0:10:29 – (Reuters) Gloomy businesses urge COP28 to act on carbon price, fossil fuel subsidies
0:11:00 – (Reuters) Alibaba Cloud suffers second service outage in a month
0:11:29 – (Reuters) UPDATE 1-Russian court extends pre-trial detention for WSJ reporter Gershkovich
0:11:53 – (Reuters) UPDATE 2-Norway's wealth fund should invest in private equity, central bank says
0:12:11 – (Bloomberg) Global Central Bankers Warn of Uncertainty Amid Rate Debate
0:12:41 – (Reuters) Russian rouble firms as tax payments peak
0:13:14 – (Reuters) EU trailing UK capital market reforms, Frankfurt bourse official says
0:13:43 – (Reuters) UPDATE 1-China's Xi urges stronger rule of law overseas amid 'external risks'
0:14:13 – (Bloomberg) ECB’s Nagel Says Premature to Even Talk About Rate Cuts
0:14:44 – (Reuters) WSJ says Russia's continued detention of Gershkovich is attack on free press
0:15:07 – (Reuters) AI legal framework needs to promote innovation, senior Google executive says
0:15:33 – (Bloomberg) Bayer Sees No Quick Fixes After Bankers Game Out Breakup
0:16:10 – (Reuters) Atos considers sale of additional assets
0:16:42 – (Bloomberg) Meituan Posts Third Straight Profit After Chinese Travel Grew
0:17:10 – (Reuters) Pay Tv firm Sky teams up with Fastweb to launch mobile phone offer in Italy
0:17:34 – (Bloomberg) UK’s Sunak Annoys Greece by Scrapping Meeting Over Elgin Marbles
0:18:01 – (Reuters) UPDATE 1-UBS chairman says Swiss financial regulator needs more teeth
0:18:27 – (Bloomberg) Scholz Says Unforgivable If Budget Shock Halts Germany’s Transformation
0:19:01 – (Bloomberg) UK Inflation More Home-Grown, Says BOE Deputy Governor
0:19:33 – (Reuters) Global regulators to assess if more crypto safeguards needed
0:20:04 – (Reuters) AI threatens wages, not jobs – so far, ECB paper finds
0:20:31 – (Bloomberg) Taiwan Cuts 2023 Growth Outlook to Lowest Since Financial Crisis
0:21:07 – (Reuters) UPDATE 1-Germany's Scholz vows to modernise economy, back Ukraine, despite budget woes
0:21:36 – (Reuters) Invesco positive on Asian credit in 2024 as Fed pause looms
0:22:04 – (Reuters) US minority-owned businesses have $1.3 trillion growth potential, JPMorgan says
0:22:30 – (Bloomberg) Billionaire Howard Pitches Abu Dhabi as Global Financial Hub
0:22:56 – (Reuters) GLOBAL MARKETS-Stocks steady as dollar dithers ahead of US data
0:23:24 – (Reuters) Britain to promote share ownership in bid to encourage London IPOs
0:23:48 – (Bloomberg) Adyen-Led Fintech Comeback Faces Wall of Worries: Tech Watch
0:24:21 – (Reuters) More people at risk of death from disease than bombings in Gaza – WHO
0:24:44 – (Bloomberg) EDF is Selling Europe’s First Green Bond For Nuclear Energy
0:25:12 – (Bloomberg) Ex-Hedge Fund Boss Fights SEC at Supreme Court With Musk’s Help
0:25:32 – (Bloomberg) BlackRock Unveils Path to Unleashing $4 Trillion Investment Boom
0:26:07 – (Reuters) UPDATE 1-November rally in European stocks stalls after comments from ECB officials
0:26:31 – (Reuters) Analysis-In spot bitcoin ETF race, some pioneers stick to the sidelines
0:27:02 – (Reuters) US kicks off a spate of oil and gas auctions just as COP28 gets underway
0:27:34 – (Reuters) Fintech Clara launches payment account in Brazil eyeing $1 billion in transactions
0:28:03 – (Reuters) Actions speak louder than words in dialogue-free film 'Silent Night'
0:28:32 – (Reuters) US STOCKS-Futures subdued ahead of comments from Fed officials; Zscaler falls
0:29:01 – (Reuters) UPDATE 1-Disease could be bigger killer than bombs in Gaza – WHO
0:29:13 – (Reuters) SEC's in-house enforcement powers at risk in US Supreme Court case
0:29:50 – (Reuters) Climate change, overharvesting exacerbating Texas oyster decline
0:30:08 – (Reuters) UPDATE 1-Scotiabank's fourth-quarter profit drops on hit from higher provisions
0:30:31 – (Reuters) UPDATE 1-WHO authorizes emergency use of Novavax's updated COVID vaccine
0:30:59 – (Bloomberg) Signa’s Benko Hands Stake in Holding Company to Swiss Investor
0:31:32 – (Reuters) Cuban family business produces flour from coconut and yucca as shortages fester
0:32:01 – (Bloomberg) US Warns of Evolving Threats to Ships Sailing Through Red Sea
0:32:37 – (Bloomberg) Goldman CEO Says Proposed Bank Rules Could Impact Airfares, Pensions
0:33:19 – (Reuters) Israeli defence firm Elbit Q3 profit up, ramps up production for war
0:33:49 – (Bloomberg) Reddit Leads Class of 2024 IPO Candidates Testing the Water
0:34:26 – (Bloomberg) Google Alum’s AI Startup Raises $24 Million for Biotech Work
0:35:03 – (Reuters) High cost of capital a bane for energy transition ahead of COP28
0:35:32 – (Bloomberg) ECB Hikes Pull Business Lending Down for First Time Since 2015
0:36:03 – (Reuters) Italy's Salvini says would consider a sound plan to sell railway stake
0:36:26 – (Bloomberg) Scotiabank Misses on Higher-Than-Expected Credit Provisions
0:36:58 – (Reuters) Sterling steady at highest in almost three months
0:37:26 – (Bloomberg) Norway’s $1.5 Trillion Wealth Fund Recommends Adding Private Equity
0:38:02 – (Reuters) UPDATE 1-Virgin Atlantic jet takes off for maiden transatlantic flight on low-carbon fuel
0:38:33 – (Reuters) Euro zone bond yields hold steady after sharp drop
0:39:01 – (Reuters) UPDATE 1-UK regulator says Adobe's $20 bln Figma deal could harm sector
0:39:32 – (Reuters) UPDATE 1-Brazil's inflation exceeds forecasts but rate cuts still in sight
0:40:06 – (Yahoo Finance) Stock market news today: US futures flat as November rally runs out of steam
0:40:26 – (Reuters) UPDATE 1-GM to cut spending on Cruise after accident – FT
0:40:43 – (Bloomberg) UBS Chair Kelleher Warns Bubble Is Forming in Private Credit
0:41:04 – (Reuters) Google, Symphony unveil AI JV to help banks manage voice calls compliance risk
0:41:34 – (Reuters) Venture capital firm NXTP to target Brazil, Mexico tech startups with $98 million fund
0:41:58 – (Bloomberg) Korea Touts Rice Prowess to Africa Amid Market Squeeze
0:42:34 – (Reuters) Stoltenberg urges NATO allies to 'stay the course' on Ukraine
0:43:01 – (Reuters) Exclusive-China's Alipay plans near $400 million stake sale in India's Zomato-sources
0:43:25 – (Reuters) UPDATE 1-Two US projects highlight divide over carbon removal’s role in climate fight
0:43:59 – (Reuters) China's Shein files for US IPO in major test for investor appetite
0:44:26 – (Reuters) Ruling due on Wednesday in nickel trades lawsuit against LME
0:44:55 – (Reuters) US STOCKS-Wall St set for weak open as traders await policy cues from Fed speakers
0:45:23 – (Reuters) US annual home price growth at 6.1% in September, FHFA says
0:45:47 – (Reuters) UPDATE 1-Ukraine says spymaster's wife was poisoned
0:46:12 – (Bloomberg) PDD Surges 14% After Hit App Temu Wrests Shoppers From Shein
0:46:44 – (Yahoo Finance) Home prices again clock in a record high in September despite higher mortgage rates
0:47:18 – (Reuters) UPDATE 1-SpringWorks' non-cancerous tumor drug to be priced at $29,000 per month in US
0:47:47 – (Bloomberg) Amazon Seeks More Miami Office Space as Bezos Moves South
0:48:07 – (Bloomberg) US Steps After SVB Likely Spurred Bond-Fund Outflows, Study Says
0:48:29 – (Bloomberg) US Home Prices Hit Record With Eight Straight Months of Gains
0:48:52 – (Bloomberg) No Prospect UK Rates Will Be Cut Soon, BOE’s Haskel Says
0:49:20 – (Reuters) UPDATE 2-Finland will close Russian border for 2 weeks to stop asylum seekers
0:49:48 – (Bloomberg) OPEC+ No Closer to Resolving Africa Oil Output Quota Dispute
0:50:26 – (Bloomberg) Micron Falls Despite Raising Earnings Outlook, Beating Estimates