China’s Steps to Cool Bond Rally Sap Demand for Wealth Products
Inflows into wealth-management products slid 90% in August State banks seen selling long-dated debt to cool rally Signs that Chinese officials are pushing back on the record-breaking bond rally are deterring at least one group of investors that have been a key driver...
Brazil’s Economic Activity Posts First Monthly Drop Since March
Central bank seen lifting rates by quarter-point next week Economic activity fell 0.4% on month in July; est. was -0.7% Brazil’s economic activity fell less than expected in July, snapping a series of gains as central bankers are expected to mull the start of a cycle...
An 86-Year-Old Investor Warns Peers on Value-Stock Betrayal
Jim Cullen stays disciplined while peers chase growth trades Money manager has endured market cycles over six-decade career Jim Cullen knows the urge. Embattled cheap-stock managers sense their careers are under siege, ignore their mandate — and grab a few expensive...
China Bond Yields Sink to Record Low With Intervention in Focus
State banks were seen selling long-dated bonds to cool rally Inflows into bonds will continue given weak economy: analyst China’s bond traders defied signs of intervention to push sovereign yields to a record low, setting the stage for a showdown with authorities...
Leveraged ETFs With Record $117 Billion Blamed for Volatility
Such funds may be exerting a bigger influence on broad market Rebalancing flows have grown bigger as volatility returns After weeks of stomach-churning volatility, Wall Street pundits are blaming a burgeoning leveraged investment strategy for exacerbating stock-market...
Trump Tariff Threat Bodes Badly for Stocks, Lazard Strategist Says
Ron Temple says tariffs could rekindle threat of stagflation Recommends defensive plays, staples, infrastructure stocks Donald Trump’s plans to impose sweeping tariffs on foreign-produced goods are likely to reignite the risk of high inflation and low US economic...
China’s Attempt to Boost Demand Is Stifled by Wall of Austerity
Beijing shifts emphasis from infrastructure with consumer aid But local officials are tightening belts due to budget crunch Finance chiefs in Beijing are testing new ways to boost the economy by encouraging demand, breaking with long-established practice as threats to...
China Detains Investment Bankers, Takes Passports in Corruption Sweep
State-owned brokers have made staff hand in travel documents Regulators are scrutinizing IPOs, capital raising activities China is turning up the heat on its army of 8,700 investment bankers. After being forced to take big pay cuts and adhere to other belt-tightening...
RBNZ Seen Cutting Rates Further, Faster Than It Currently Forecasts
Investors bet on more aggressive easing as economy stalls Some economists say cash rate must fall below neutral level New Zealand’s central bank will cut interest rates further and faster than it says it will as the economy contracts and inflation slows, according to...
VW Chairman Says EU Must Do More to Help Ailing Car Industry
Carmaker is mulling first-ever German factory closures VW’s Pötsch sees talks with unions lasting to end-2024 Volkswagen AG Chairman Hans Dieter Pötsch urged the European Union to alter its emissions targets and provide clarity to the car industry as the automaker...
Oil Steadies While US Stockpile Gain Adds to Oversupply Worries
Benchmark Brent has collapsed by about a fifth this quarter API reports US crude, gasoline inventories fell last week Oil steadied after a plunge to the lowest prices in more than a year, while an unexpected increase in US crude stockpiles added to concerns about an...
Morgan Stanley’s Mike Wilson Says the AI Theme Is ‘Overcooked’
Technology’s transformative potential is not short-term story Traders hunker down in defensives as they seek new growth idea The artificial intelligence boom that powered the S&P 500 Index to record highs earlier this year is fizzling out, so the stock market...
US Online Grocery Prices Plunge the Most on Record in August
US consumers may finally be getting some relief from their grocery bills — especially if they shop for food online. Data by Adobe Inc. shows that online grocery prices fell 3.7% in August from a month earlier, the largest decline since the firm began tracking the...
Brookfield to Offer Private Equity Product for Retail Investors
Brookfield Asset Management plans to launch a private equity product tailored to rich individuals as the firm expands further into retail wealth. “We did it in credit, we did it in real estate, we did it in infrastructure, and now we’re doing it in private...
Ally Drops After CFO Flags Consumer Stress, Underperformance
Ally Financial Inc. fell after Chief Financial Officer Russ Hutchinson highlighted intensifying credit deterioration among its borrowers and said the auto-lender may experience some underperformance. Borrowers have shown signs of vulnerability throughout the year and...
UBS’s Cheong Turns Bearish and Sees 10% Drop Coming for S&P 500
Equity derivatives strategist recommends buying tail hedges “I am tactically bearish for the next two months,” Cheong said UBS AG’s top strategist for US equity derivatives said she’s expecting the S&P 500 to fall at least 10% from its peak within a month. “I am...
China’s Deflationary Spiral Is Now Entering Dangerous New Stage
Prices seen as falling through 2025 as wages, demand languish Long-term deflation could be major setback to China’s economy Deflation stalking China since last year is now showing signs of spiraling, threatening to worsen the outlook for the world’s second-largest...
Consumers Shift Spending to Pay for Basic Staples, Citi CFO Says
Net credit losses rise in bank’s consumer credit-card business Mason sees investment-banking fees up 20% in the third quarter Credit losses are rising as US consumers shift spending to basic needs and away from purchases that aren’t vital, according to Citigroup...
Made-in-America Industrial Bets Are Dethroning the Likes of ARKK
ARKK dethroned as biggest thematic fund, ceding spot to PAVE Issuers have launched a number of industrials ETFs this year Wall Street traders may be going all-in on futuristic technologies this year, but one old-school bet on the economy is still flourishing in the...
Chinese Stocks on Verge of Five-Year Low as Recovery Hopes Fade
CSI 300 gauge is close to erasing its rebound since February Skepticism abounds over China’s earnings, economic recovery Chinese stocks are on the brink of falling to a five-year low seen in February as bearish sentiment grips the market amid a lack of earnings and...
China Deflation Risk Grows as Signs of Economic Weakness Mount
Slowest core CPI since 2021 boosts case for stronger stimulus Weak demand puts China’s growth target of around 5% at risk China’s core inflation cooled to the weakest in more than three years, fueling calls for greater efforts to boost household spending as weak...
Asia Stock Outlook Worsens as Downturn Fears Grow, Analysts Say
Risk aversion likely to prevail again this week: Shinkin Asset Aussie dollar could soon come under severe strain: IG Markets The outlook for Asian stocks is deteriorating as the worse-than-expected US payrolls report on Friday undermined earlier optimism over a soft...
Klarna-Backer Atomico Raises $1.24 Billion to Spur Startup Growth in Europe
Venture capital firm to allocate $754 million to growth deals Atomico CEO: funds closed in “toughest environment” for VCs Atomico, a London-based venture firm that has backed fintech darlings Stripe Inc. and Klarna Bank AB, has raised $1.24 billion for two new funds....
China Bulls Getting Tired of Waiting for Elusive Stock Recovery
JPMorgan, UBS Global, Nomura downgraded China in recent weeks People are ‘throwing in the towel,’ Magellan’s Lam says Weakness in Chinese equities is eroding the confidence of some of Wall Street’s staunchest supporters, with hopes for a turnaround fading in the...
Big Lots Prepares Bankruptcy Filing With Plans to Sell Stores
Retailer intends to have stalking horse bidder lined up Discount chain has suffered declining sales, losses for years Discount home goods retailer Big Lots Inc. is preparing to file for bankruptcy as soon as Sunday, and plans to sell its chain of stores via a...
US Hiring Comes Up Short in Possible Warning Sign for Fed
Jobs missed forecasts in August as prior months revised down Three-month payroll growth slows to lowest since mid-2020 US hiring fell short of forecasts in August after downward revisions to the prior two months, a development likely to fuel ongoing debate over how...
Oil Set for Deep Weekly Loss Even as OPEC+ Delays Adding Barrels
Key coalition members won’t raise production by 180k b/d Concern about demand weakness continues to hang over market Oil is poised for one of its biggest weekly losses this year, even as OPEC+ delayed a planned increase in output. Brent traded near $73 a barrel on...
CBOE Starts Platform for Trading Private Company Shares
CBOE Private Markets registered an alternative trading system London-based Globacap to provide technology for new venture CBOE Global Markets Inc. is partnering with a London-based tech firm to create a US trading platform for shares of closely held companies, a...
Warren Buffett’s Haul From Bank of America Stock Sales Nears $7 Billion
Warren Buffett extended his sales of Bank of America Corp. shares into September, reaping a total of $6.97 billion since the spree of disposals started in mid-July. In the latest round of transactions, disclosed in a regulatory filing Thursday, his Berkshire Hathaway...
Oil Swings as OPEC+ Production Pause Vies With Risk-Off Mood
Brent trades near $73 a barrel after falling to 2023 lows US crude inventories dropped by 6.87 million barrels Oil fluctuated between gains and losses after risk-off sentiment in broader markets vied with an OPEC+ agreement to pause its planned crude production...
Iron Ore Sinks as Steel Group Warns of ‘Flash in a Pan’ Recovery
Steel ingredient drops closer to $90 a ton amid oversupply Mills are losing money, people are pessimistic: GF Futures Iron ore slumped to its lowest level since 2022 and traded near $90 a ton as China’s main steel industry group advised mills to be cautious in...
China’s Earnings Setback Sows Fresh Doubts About Stock Rebound
Major tech firms’ EPS growth was the slowest since late 2022 Morgan Stanley sees more downward earnings revisions coming China’s stock market is facing darker prospects after a weak earnings season dashed hopes for any imminent recovery in flagging consumption that...
Goldman’s Rubner Sees Potential Correction If Jobs Data Is Weak
End of September is historically worst two weeks for S&P 500 Buybacks power to fade, hedge funds can further cut exposure The stock market could be heading for correction if payrolls data comes in weak on Friday, according to Scott Rubner, managing director for...
Bond Volatility in US to Eclipse Europe as Economy Cools
One-month implied US volatility rises with 50bps cut in play Slew of data is adding to picture of slowdown in US economy Bond traders are bracing for wilder market swings in the US than in Europe amid signs the world’s largest economy is faltering. A measure of...
US Trade Deficit Widens to $78.8 Billion, Largest in Two Years
Shortfall in goods and services trade increased 7.9% in July Goods trade deficit with China widened to largest since 2022 The US trade deficit widened to a two-year high in July, fueled by a surge in imports of goods and partly reflecting stepped-up efforts by...
Dollar Tree Sinks Most in 12 Years on Soft Spending
Economic environment weighs on higher income shoppers Customers spent less per trip as they focus on essentials Dollar Tree Inc. shares fell the most in more than a decade after the chain lowered its full-year guidance as its higher income customers also begin to pull...
New Zealand House Prices Fall for Sixth Month as Rates Take Toll
New Zealand house prices fell for a sixth straight month in August, weighed down by elevated interest rates and uncertainty over job security in a weakening economy, according to CoreLogic Inc. Values dropped 0.5% from July, when they declined a revised 1%, the...
Luxury Slump Leads Some Swiss Watchmakers to Seek State Aid
Girard-Perregaux and Ulysse Nardin among brands getting help Work stoppages follow drop in demand for Swiss watch industry Swiss luxury watchmakers are turning to the government for financial aid to help them weather a downturn in demand. Girard-Perregaux and Ulysse...
Australia’s Economy Stays Subdued as Consumers Cut Spending
Per capita GDP declined for a sixth consecutive quarter Household spending fell in quarter, detracting from GDP Australia’s economic weakness persisted in the three months through June as consumers hunkered down in the face of elevated borrowing costs and stubbornly...
S&P Is Watching New Zealand’s Current Account Gap, Weak Economy
Analyst ‘broadly comfortable’ with sovereign rating outlook Interest-rate cuts expected to restore GDP per capita growth S&P Global Ratings is “broadly comfortable” with New Zealand’s sovereign rating outlook, though it’s closely watching the nation’s large...
Goldman Sees US GDP Hit If Trump Wins, Boost If Democrats Sweep
Goldman economists lay out potential post-election effects Tariff policy, immigration measures seen as key elements Goldman Sachs Group Inc. economists gamed out the potential economic implications of a Republican or Democratic victory in the November elections,...
US Manufacturing Activity Contracts for a Fifth Straight Month
ISM August factory index at 47.2 after 46.8 a month earlier Orders gauge shows steepest contraction since May 2023 US manufacturing activity shrank in August for a fifth month, reflecting faster rates of declines in orders and production. The Institute for Supply...
China’s Gray Market Is Dominating Luxury Brands’ Online Sales
Dewu’s growing popularity is weighing on luxury sales, shares Hot luxury items sold at discounts up to 66% on Dewu China’s gray market — where brand new, authentic products are sold at steep discounts — is increasingly dwarfing some global luxury giants’ official...
Tesla Gets Outsold in Spain by Upstart Chinese Car Brand Omoda
Chery Automobile Co.’s Omoda outsold Tesla, Jeep and Fiat in Spain last month, a promising sign for the Chinese automaker’s ambitious push into Europe. Omoda sold 744 new cars in August, a 8,167% increase over the nine cars registered in August of last year, according...
VW Weighs First-Ever Germany Plant Closures to Cut Costs
German automaker heads for showdown with unions over plans EV slowdown, jittery Europe consumers weigh on manufacturers Volkswagen AG is considering unprecedented factory closures in Germany, setting up a showdown with powerful unions as the country’s most important...
China’s Sputtering Growth Engines Raise Urgency for Stimulus
Economists say government must do more to hit growth target Manufacturing PMI posts 4th straight month in contraction zone China’s remaining growth engines are showing signs of sputtering while the property market continues to drag on the economy, highlighting the...
Buffett Sells BofA Stock Again, and Soon He May Trade in Secret
Warren Buffett’s Berkshire Hathaway Inc. won’t have to swiftly disclose its rapid-fire sales of Bank of America Corp. stock too much longer. That is, if he keeps whittling the investment. A fresh round of disposals disclosed late Friday trimmed the conglomerate’s...
Once-In-Lifetime Wall Street Rally Raises Soft-Landing Stakes
Dovish Fed helps markets bounce back from early-August rout Data on jobs, manufacturing will test faith of economic bulls It began badly. But four weeks on from the worst volatility blowup since the pandemic, August will go down as another grand gesture of confidence...
Walmart Posts Best Month Since 2014 as Discount Rivals Slump
Dollar General’s results disappoint, dragging down Dollar Tree Walmart hit the sweet spot with shoppers, JonesTrading says August was a blowout month for Walmart Inc. — and a disastrous one for some of its discount-chain competitors — as consumers rein in spending....
Canada’s Economy Grows But Weak Details Keep September Rate Cut Likely
Government spending, investment ex-inventories drive growth Household consumption softens as Canadians feel rates pinch Canada’s economy grew more than expected in the second quarter, but falling per-capita gross domestic product and softening household consumption...
Used Tractors and Thrifty Growers Dominate Biggest US Farm Show
Growers hunt for bargains as weaker incomes prompt cost cuts BigIron Auctions has biggest-ever offering of used equipment Fancy new technology usually is the star at trade shows. But at the Farm Progress Show, the largest outdoor agriculture event in the US, used...
Germany’s Struggling Economy Starts to Take a Toll on Its Banks
Germany’s banks are starting to feel the pinch from the stagnating economy. Risk provisioning by the country’s largest lenders rose almost 50% in the first half of the year, with many banks saying that loans to companies and consumers in trouble were a big part of the...
Dollar General Sinks Most Ever After Painting Grim Picture of Budget Shoppers
Retailer slashes 2024 forecasts for comparable sales, earnings Company’s shares sink 32%, biggest decline since 2009 IPO Dollar General Inc. shares plummeted the most on record after the discount retailer reduced its full-year sales forecast. Its chief executive...
US Pending Home Sales Gauge Drops to Lowest on Record
Index of contract signings decreased 5.5% to 70.2 in July Falling mortgage rates should spur more sales, NAR said A gauge of pending US sales of existing homes sunk in July to the lowest level on record, as high prices and borrowing costs continue to scare buyers...
Nvidia Pays Price of Lofty Expectations, Stoking Fear for Rivals
A narrower sales forecast beat weighed on its stock and peers Advanced Micro Devices and Broadcom are among stocks falling Nvidia Corp.’s earnings report needed to be perfect for a stock that’s added nearly $2 trillion in market value in the past year. In the end, a...
Salesforce Rises on Profit Outlook Driven By Cost Curbs
Amy Weaver is stepping down as chief financial officer Company reports slowest ever year-over-year revenue growth Salesforce Inc. shares rose after the company gave an earnings forecast for the fiscal year that topped analysts’ estimates, seemingly satisfying...
China’s 5% Growth Target Faces Rising Doubt as UBS Cuts Outlook
JPMorgan and Nomura also predict GDP will expand less than 5% Property slump has dragged down consumption, household wealth China’s annual growth target looks increasingly out of reach to economists, with UBS Group AG adding to a string of recent forecast cuts as...
BYD Aims for 50% Overseas Sales as It Posts Strong First Half
Chinese carmaker posted 33% jump in second-quarter net income BYD also building data centers to overcome security concerns BYD Co. expects overseas deliveries to account for almost half of total sales in the future, suggesting it will continue to set up global...
Australian Inflation Cools, RBA Set to Retain Hawkish Bias
Core consumer prices declined for a second month in July Australian government subsidies take effect this quarter A gauge of Australian monthly inflation cooled in July, suggesting price pressures began to ease in the current quarter though not fast enough to warrant...
Kroger Egg Pricing Turns Merger Trial Into Inflation Fight
Price increases on consumer items in spotlight at FTC hearing Agency challenging proposed deal between Kroger, Albertsons Kroger Co. hiked prices on milk and eggs more than needed to account for inflation, the company’s top pricing executive testified during a court...
S&P Election-Week Options Imply Greater Chance of Big Move Lower
Investors trying to gauge the sentiment toward equities around the US presidential election can now look directly at S&P 500 Index options linked to the period of the vote, in addition to Cboe Volatility Index futures. For months, there’s been a persistent premium...
Pfizer Follows Lilly With Site Selling Directly to Patients
While lawmakers assail drug prices, Pfizer embraces its brand Company struggles with post-Covid lull, bridge to new drugs Struggling with plunging demand for its Covid products, Pfizer Inc. has a new plan to reach potential customers: Using telehealth to sell drugs...
US Home-Price Gains Outpace Inflation With 5.4% Annual Increase
Listings are ticking up but affordability remains an obstacle In June, New York prices rose fastest, followed by San Diego Home-price gains in the U.S. slowed in June as buyers pulled back from the market while listings started to climb. A national measure of prices...
Not Just ‘Bottom-Feeders’: Aimco Sees Boom in Private Equity Secondary Deals
‘Discounts are starting to stabilize,’ CIO Puffer says PJT forecasts secondaries may hit record $145 billion in 2024 Smaller investors are beginning to test the secondary market for private equity holdings, providing greater stability to pricing, according to...
PDD’s $55 Billion Stock Crash Sends Warning on China Economy
PDD’s stock plunges 29% after a disappointing sales outlook Beijing has been struggling with slowing economic growth One of the last remaining bright spots for Chinese consumption is rapidly fading, as the nation’s economic malaise takes a toll on demand for even the...
Hedge Fund Arbitrage Tactic Sees Payoff in PDD’s Record Plunge
Strategy involves buying convertibles and selling shares short Gains on short position more than offset drop in bond price PDD Holdings Inc.’s record stock slide delivered gains to a popular hedge-fund strategy that seizes on the disconnect between the stock and...
BYD Says Fate of Lithium Project Is in Hands of Chile Government
BYD should get preferential prices for SQM lithium carbonate Terms yet to be settled, BYD Executive Vice President Li says BYD Co. said the timing of its lithium project in Chile remains up in the air as the Chinese electric vehicle juggernaut continues to negotiate...
Fed Cuts May Send $1 Trillion FX ‘Avalanche’ to China, Jen Says
Firms may convert foreign-exchange into yuan as Fed cuts Such a move may lead to a 10% advance in the yuan: Stephen Jen Chinese companies may be enticed to sell a $1 trillion pile of dollar-denominated assets as the US cuts interest rates, a move which could...
Texas Pension With $40 Billion to Hire Private Markets Investors
Texas Municipal Retirement System is hiring three investment staff as it looks to expand direct investment capabilities in private markets, according to Yup Kim, chief investment officer of the $40 billion pension fund. Philip Hunter O’Brien will join as a managing...
Bank of Canada Seen Cutting Rates Deeper, Faster Over Next Year
Economists expect third straight cut to policy rate on Sept. 4 Steady downward trend would bring rate to 3% by July 2025 Economists see the Bank of Canada cutting interest rates for a third consecutive meeting next week, continuing what’s anticipated to be a steady...
McKesson to Buy Stake in Florida Cancer Chain for $2.49 Billion
McKesson Corp. agreed to buy a controlling stake in an arm of Florida Cancer Specialists & Research Institute, a privately held operator of clinics. Drug distributor McKesson will pay about $2.49 billion in cash for the holding in Community Oncology Revitalization...
Is That Voice Real or AI? This Startup Says It Can Tell
Pindrop Security works with banks to identify spam calls — it’s coming to social media next. The latest wave of artificial intelligence technology can mimic the voice of almost anyone – the president, a relative or a bank customer. This is the problem and the...
Kroger-Albertsons Deal Heads to Court With Food Price Focus
Federal hearing begins Monday on FTC lawsuit to block tie-up Grocers say deal would help competition versus Amazon, Walmart Kroger Co. and Albertsons Cos. are finally getting their day in court. Nearly two years after the acquisition was announced, the grocery giants...
Fed’s Preferred Price Gauge Is Set to Reinforce Rate Cuts
Euro-zone inflation to help ECB decide on September rate cut The focus in Asia will be on China’s new monetary framework US inflation figures in the coming week will reinforce that long-awaited interest-rate cuts are coming soon, while a reading on consumer spending...
Economists See Faster Labor Cooling, Steeper Fed Cuts in Survey
Unemployment estimate rises to highest level since November Poll suggests Fed’s behind the curve in cutting interest rates A labor market softening more so than previously thought should spur faster and steeper interest-rate cuts by the Federal Reserve, according to...
China Puts Brakes on New Steel Mills With Industry in Crisis
Beijing suspends capacity swap system for new furnaces Citi analysts say move ‘likely not enough’ to address problem China has abruptly suspended its system for approving new steel plants, as the government responds to a deep demand slump that’s crushed industry...
New Zealand Retail Sales Drop for Eighth Straight Quarter
New Zealand retail sales volumes contracted for the eighth straight quarter as high interest rates and the surging cost of living curb household spending. Sales volumes fell 1.9% in the fourth quarter of last year from the third, Statistics New Zealand said Friday in...
Mexico’s Weak Economic Growth and Inflation Slowdown Set Up New Interest Rate Cut
Annual inflation slowed more than forecast in early August Final second-quarter GDP data confirmed lackluster expansion Mexico’s annual inflation slowed much more than expected while economic growth remained feeble, according to separate reports published Thursday,...
US Mortgage Rates Drop to a 2024 Low as Buyers Await Fed Cuts
Bigger declines needed to spur buyer demand, economist says High prices and tight supply are keeping homes out of reach Mortgage rates in the US resumed their downward path, dropping to a new low for the year. The average for a 30-year, fixed loan was 6.46%, down from...
El-Erian Says Market Is Pricing In Too Many Fed Rate Cuts
Traders currently see 100 basis points of cuts by end of 2024 Fed Chair Powell to provide sense of policy path this Friday Traders are overplaying the prospects of an aggressive series of Federal Reserve interest-rate cuts before the end of the year, according...
US Manufacturing Activity Contracts at Fastest Pace This Year
S&P Global’s flash August gauge declines to 48 from 49.6 Services index edges up; measure of prices received eases US manufacturing activity shrank early this month at the fastest pace this year on further weakness in production, orders and factory employment. The...
Top China Economist Asks State to Curb Sway in Funding Startups
Yao says government funds not well suited for venture capital Urgency growing in China to support confidence, private sector A prominent Chinese economist has urged state funds to retreat from venture capital and allow the private sector to play a bigger role in a...
China’s Slowing Economy Sparks Calls to Raise Deficit Ceiling
Beijing urged to subsidize consumers, help local governments PBOC has cut rates but borrowing sentiment hasn’t improved A growing chorus of Chinese economists called on Beijing to break away from an implicit budget deficit ceiling, opening the door to more central...
Chinese Stock Markets Head for Third Year of Record Delistings
Forty firms have already lost listed status so far in 2024 Forced delistings could harm investors: Shanghai Prospect China’s stock markets are set for a third straight year of record delistings driven by the jump in IPOs over the past decade and tighter rules...
Oil Slumps to January Lows in Algorithmic-Led Selloff
Shrinking US crude inventories fail to allay demand concerns Blinken left the Middle East Tuesday without a cease-fire deal Oil extended its decline to the lowest in more than six months as trend-following algorithmic sellers overlooked a bullish US stockpile report....
US Payrolls Marked Down by Most Since 2009 in Preliminary Data
Early revision showed 818,000 fewer jobs in year through March Pace of job growth still healthy but moderation began sooner US job growth was probably far less robust in the year through March than previously reported, keeping pressure on the Federal Reserve to cut...
Euro Surges to One-Year High as Traders Eye Interest-Rate Path
The euro rose to the highest level in one year against the dollar as currency traders bet US central bankers will reinforce the case for lower borrowing costs at the Federal Reserve’s Jackson Hole economic symposium. The euro gained as much as 0.4% on Wednesday to...
Opaque Australian Private Markets Pose Outsized Risk, ASIC Says
ASIC says more investors becoming exposed to private markets Australia regulator outlines strategic priorities in report Private markets in Australia are hiding potentially large risks to a growing number of investors amid their rapid expansion, making them a key...
Asset Managers Must Invest in Private Markets Now, Bain Says
Private-market assets under management to reach $65 trillion Bain calls it ‘the biggest opportunity in financial services’ A wide variety of asset managers need to look at investing in private markets if they want to avoid wipe-out, while revamping their entire...
Big E-Commerce Squeezing Mom-and-Pop Stores, India Minister Says
India’s trade minister Piyush Goyal on Wednesday said the growth of big e-commerce companies such as Amazon.com Inc. risks putting about 100 million small mom-and-pop stores in the country out of business. “I don’t see it as a matter of pride that half our market...
Traders Look to US Jobs Data to Support the Rally in Treasuries
BLS issues preliminary benchmark employment revision Wednesday Treasuries are up, dollar is down this month on rate-cut bets Investors who’ve positioned for more gains in US Treasuries will look to revised data on the US labor market for signs the Federal Reserve...
Dollar’s Losing Streak Sends Euro, Pound to Fresh 2024 Highs
Traders await clues from Fed Chair Powell at Jackson Hole Dollar has weakened as investors see lower US interest rates The dollar’s slump is fueling rallies in other major currencies, sending the euro and British pound to fresh 2024 highs as traders home in on the...
Fed Confronts Up to a Million US Jobs Vanishing in Revision
BLS issues preliminary benchmark employment revision Wednesday Economists still view job growth as healthy, albeit moderating US job growth in the year through March was likely far less robust than initially estimated, which risks fueling concerns that the Federal...
Trump Ally Bessent Says Stocks Will Fall on ‘Precarious’ Economy
Hedge fund manager told clients that volatility will continue His Key Square fund is betting on natural gas and Japan Scott Bessent, who runs macro hedge fund Key Square Capital Management, said he expects a jump in volatility and a decline in US markets because the...
Iron Ore to Extend Rout as It’s ‘Different This Time,’ Citi Says
Bank cuts three-month price forecast to $85 on China concerns ‘Further price weakness is required’ to rebalance the market Iron ore is poised to extend declines into the $80s-a-ton range as China’s steelmakers reduce production, according to Citigroup Inc., which...
US Gives Tiny Canadian Firm Electra $20 Million to Build Cobalt Plant
It’s building North America’s first cobalt sulfate refinery Electra CEO says he’s in funding talks with Canada government Canada’s Electra Battery Materials Corp. has received a $20 million award from the US government to build a cobalt plant close to North America’s...
Germany’s China Exports Slip Below Those to Poland in First Half
German exporters shipped more products to Poland than to China in the first half of the year, underscoring Germany’s efforts to diversify trade away from the world’s second-largest economy and enhance relationships closer to home. German exports to Poland increased...
S&P 500 Is Set to Close Out Its Best Week of 2024: Markets Wrap
A handful of economic data show US economy is holding up Traders pare wagers on aggressive cuts, bet on September move A flurry of data showing US economic resilience drove stocks to their best week this year, with dip buyers stepping in after a recent rout. Equities...
New US Home Construction Falls to Slowest Pace Since May 2020
July starts dropped to 1.2 million rate, below all estimates Big decline in the South may have reflected Beryl impact New-home construction in the US fell in July to the lowest level since the aftermath of the pandemic as builders respond to weak demand that’s keeping...
Iron Ore Battered to 2022 Low as China’s Steel Crisis Hits Home
The global market ‘is oversupplied,’ Macquarie’s Garvey says Futures sink about 8% this week as top mill warns of downturn Iron ore headed for a brutal weekly loss, hitting the lowest level since 2022, on concern that a steel-industry crisis rippling across China will...
National Australia Bank Says Asset Quality Deteriorates Further
National Australia Bank Ltd. said asset quality deteriorated in the third quarter amid further signs of stress building in the nation’s economy. Unaudited cash earnings came in at A$1.75 billion ($1.2 billion) in the three months ended June 30, according to a...
Iron Ore Hits Lowest Since 2022 as Steel Crisis Rattles Market
Futures drop below $94 as China steelmakers reduce production Top mill China Baowu sounds alarm about industry’s troubles Iron ore hit the lowest level since 2022 on concern that global supply is running ahead of demand, with China’s steelmakers mired in a crisis and...
Harris, Trump Duel Over the Airwaves With $247 Million Ad War
Campaigns and PACs are spending earlier than in prior years Harris’ entrance into race has changed Trump group ad strategy The entry of Vice President Kamala Harris into the presidential race is injecting millions of dollars worth of television ads daily into an...
Michael Burry Raises Alibaba Stake, Cuts Stock Portfolio in Half
Alibaba overtakes JD.com as Scion’s top holding as of June 30 Firm unloaded positions in HCA Healthcare, Cigna, Citigroup Michael Burry, the hedge fund manager famous for his 2008 bet against the US housing market, further increased his stake in Alibaba Group Holding...
Argentina Inflation Slows to Lowest Level Since 2022 Under Milei
Consumer prices rose 4.0% in July; 263.4% from year-ago month The government paused the removal of energy subsidies in July Argentina’s monthly inflation reached the lowest level since early 2022 after President Javier Milei briefly tapped the brakes on his economic...
JBS Surges as Cheap Corn Fuels Chicken, Pork Profit Rebound
Lower grain prices help sectors offset a downturn in beef Meat producer’s shares jump to highest level in two years JBS SA shares surged to a fresh two-year high after a major rebound in the company’s chicken and pork operations drove stronger-than-expected results....
World’s Biggest Steel Producer Warns of ‘Severe’ Industry Crisis
Iron ore collapses to lowest since last year on demand outlook Cash now ‘more important than profit,’ China Baowu boss says The world’s biggest steel producer sounded the alarm about an industry crisis in China that carries the potential to ripple around the globe and...
Hedge Funds Most Bearish on Commodities Since at Least 2011
Hedge funds are the most bearish on commodities prices in at least 13 years as fears of a deeper economic slowdown cast doubts on demand for everything from crude oil to metals and grains. Money managers piled a combined net-short position of almost 153,000 futures...
China’s Consumer Inflation Picks Up But Demand Concerns Persist
Bad weather, not rising demand, was main reason for CPI beat Core CPI rose least since January in gloomy sign for economy China’s consumer prices rose more than expected in July, largely due to seasonal factors like weather, leaving intact concern over sluggish...
Global Turmoil Drives US Money-Market Assets to All-Time High
Total swells to $6.19 trillion in week to Aug. 7: ICI Government fund inflows fuel increase, rising to $5 trillion Money-market fund assets rose to a fresh record as a global selloff in risk assets earlier in the week sent investors flying into cash. About $52.7...
Private Equity Builds $722 Billion War Chest in Hunt for Deals
Executives say deal market is back ahead of expected rate cut Firms under pressure to return money to fund investors The biggest publicly traded alternative asset managers have more than a half-trillion dollars to put to work — and they’re gearing up for a deals...
Travel Startup Flyr Raises $295 Million in Equity and Debt
Investors valued the startup at $900 million in its latest funding round. Flyr, a travel startup that provides software to companies including JetBlue Airways Corp., has raised $295 million in equity and debt in a new funding round. The deal, led by WestCap, values...
Bumble Shares Take Record Plunge on Slashed Annual Outlook
Company projects 1% to 2% revenue growth, down from 8% to 11% Dating firm ties lower outlook to ‘reset’ of growth strategy Bumble Inc.’s shares took a record plunge on Thursday after the dating company slashed its annual revenue outlook, signaling that an overhaul of...
JPMorgan Boosts US Recession Chance to 35% by End of This Year
Bank follows Goldman Sachs in raising risk of a downturn US news suggests ‘early signs of labor shedding,’ bank says JPMorgan Chase & Co. now sees a 35% chance that the US economy tips into a recession by the end of this year, up from 25% as of the start of last...
Cathie Wood Goes on Dip-Buying on Tech Spree as ARKK Hits 2024 Lows
Flagship fund buys Amazon, AMD, Roku amid market selloff ARKK fund has declined more than 20% since the start of 2024 Cathie Wood scooped up shares of tech firms caught in crushing market rout, just as her flagship fund sank to a new 2024 low. Wood’s ARK Innovation...
Richer Americans Are Turning to IHOP, Applebee’s for Cheap Eats
More customers coming from $100,000 households, Dine CEO says Restaurants are racing to create new low-cost menu items Wealthier Americans are visiting IHOP and Applebee’s more often, and they’re looking for deals on their pancakes and wings. Dine Brands Global Inc.,...
Pandemic Shifted US Jobs Out of Big Cities Into Smaller Metros
Share of openings in large central metros down to 38% from 46% Health care jobs rise in prominence relative to software jobs The pandemic changed where Americans are likely to live and work, with a growing portion of job openings moving away from the biggest cities...
Copper’s Slump Deepens as Stockpiles Jump to Highest Since 2019
Copper headed for its lowest close since March as stockpiles surged by the most in four years, underscoring weak demand in Asia. The 42,175-ton inflow took inventories on the London Metal Exchange to the highest level since 2019, with the material flooding into sheds...
UK Riots — Why Violence Erupted After Girls’ Murders: QuickTake
The UK suffered the worst outbreak of rioting in over a decade, sparked initially by the murder of three young girls in northwest England before morphing into anti-immigrant and racist violence in towns and cities across the country. Prime Minister Keir Starmer has...
$6.4 Trillion Stock Wipeout Has Traders Fearing ‘Great Unwind’ Is Just Starting
Worries of US slowdown, AI bubble drive global market rout ‘There are falling knives everywhere,’ one analyst says The numbers flashing on trading screens on Monday were shocking even to market veterans. In Tokyo, the Nikkei was down 12%. In Seoul, the Kospi sank 9%....
Stumbles for Embattled Solar Firm SunPower End in Bankruptcy
Company had replaced its CEO this year, restructured High rates and California subsidy changes have dragged sector After a drawn-out saga involving a restructuring and a management shakeup, one of the most prominent names in US solar, SunPower Corp., has now filed for...
Abnormal Security Clinches New Funding at $5.1 Billion Valuation
Abnormal Security Corp. raised $250 million in a funding round valuing the startup at $5.1 billion, highlighting investors’ appetite for AI companies trying to reinvent existing technology categories like security. San Francisco-based Abnormal uses AI to protect...
Treasury Rally Ignites Debate on How Fast Fed Needs to Cut
Two-year yield dipped below 10-year for first time since 2022 Traders are pricing in risk of a cut before September meeting A major rally in the $27 trillion Treasury market is laying bare anxiety that the US economy is sliding into recession and the Federal Reserve...
Commodities Face Contagion as Global Market Meltdown Deepens
Losses in copper and crude underscore worries over growth Investors bail on profitable gold trades to cover other losses Commodities from copper and gold to crude oil tumbled, while paring back some of the losses, as global economic malaise dimmed the outlook for...
Volatility-Rocked Quants Threaten New $170 Billion Selling Spree
Vol-control funds and CTAs sharply cut stock exposure High volatility may cause more selling from systematic players Systematic funds have offloaded more than $130 billion of global stock bets in recent weeks. Now these rules-based players threaten to take their...
This May Be 1987-Type Slide, Ed Yardeni Says, Seeing Policy Shifts
Economist famed for ‘bond vigilantes’ term coined in 1980s Yardeni sees some risk of credit crunch, but not base case Longtime market and economy watcher Ed Yardeni said that the current global equities selloff bears some similarity to the 1987 crash, when...
Vanguard CEO Aims to Bring Low-Cost Investing to Private Assets
Salim Ramji took over as firm’s first-ever outsider CEO The new chief has no plans to try to take Vanguard public Vanguard Group Chief Executive Officer Salim Ramji said his firm is “really about” low-cost investing, and that he’d eventually like that to carry into...
Sahm Sees US ‘Uncomfortably Close’ to Recession, Not in One Yet
Sahm says Fed is deliberate, but shifts tack when it needs to The good thing is that the Fed has space to do ‘quite a bit’ Former Federal Reserve economist Claudia Sahm said that while the US isn’t yet in a recession, it’s “uncomfortably close,” and predicted central...
Tech ETFs That Drew Billions Are Battered by Losses Hitting 60%
The tech funds have suffered big losses in recent weeks Investors fret over worsening economic data, earnings releases Traders plowed billions of dollars into betting on a big rebound in tech stocks last month. Now their leveraged-up ETF positions are getting thrashed...
Global Bond Rally Accelerates as Market Bets on Big Rate Cuts
Swaps imply at least five quarter-point cuts by Fed this year Dovish repricing follows weaker-than-expected US jobs data Global bonds rallied as traders bet the Federal Reserve and fellow central banks will turn more aggressive in cutting interest rates amid mounting...
JPMorgan Trading Desk Says ‘Getting Close’ to Buy-the-Dip Opportunity
Rotation out of technology sector may be ‘mostly done’: JPM Bounce depends on data including manufacturing, inflation As the selloff in global stocks intensified Monday, JPMorgan Chase & Co.’s trading desk said the rotation out of the technology sector might be...
Global Carry Trade Unwind Extends as Peso Drops, Yen Gains
Funding currencies the yen and yuan surge on short-covering Mexican peso retreats as pressure returns on EM currencies An unwinding of global carry trades is helping to jolt markets around the world. The yen and yuan pushed higher Monday, while the Mexican peso...
Gold Plunges as Global Equity Mayhem Sets Traders on Edge
Pressure to liquidate gold positions to cover margin calls The yellow metal was down by as much as 3.2% earlier on Monday Gold plunged on Monday as traders assessed the implications of a major global stock rout. Spot bullion fell as much as 3.2%, the biggest single...
U.S. Money Supply Has Done Something So Unusual That It Hasn’t Happened Since the Great Depression — and a Big Move in Stocks May Await
For much of the past 19 months, professional and everyday investors have enjoyed a hair-raising bull market rally. Since the start of 2023, the iconic Dow Jones Industrial Average (DJINDICES: ^DJI), broad-based S&P 500 (SNPINDEX: ^GSPC), and...
Wall Street’s Bears Warn on Economic Growth Risks to Stocks
Morgan Stanley’s Wilson says markets exposed to slowing growth Wilson, JPMorgan’s Matejka see defensive stocks outperforming The US stock plunge is vindicating some of Wall Street’s most prominent bears, who are doubling down with warnings about risks from an economic...
Electric Car Sales Plummet 37% in Germany as Slump Deepens
July registrations show no signs of recovery after subsidy cut Carmakers cut back production as EV demand disappoints Germany’s electric-vehicle sales slumped in July, extending a broad pullback since incentives ended late last year and undermining automakers’ plans...
Turkish Inflation Set for Huge Drop That Central Bank May Ignore
Investors appear convinced that inflation is being tamed Central bank has left rates unchanged for four straight months Turkey’s headline inflation likely saw the sharpest drop in nearly two years in July, a slowdown largely due to base effects that officials may...
Apple Investors Urged to Stay Calm After Buffett Slashes Stake
Value of Berkshire stake in Apple stands at about $84 billion Analysts say investors shouldn’t overreact to Buffett’s move To some, Berkshire Hathaway Inc.’s gutting of its Apple Inc. stake could be interpreted as a lack of conviction in the iPhone maker’s growth...
The Stock Market Is Rotating. The Question Is Where It Goes Next
Tumbling yields have investors turning to utilities, REITs ‘The play is dividend payers,’ Wealth Alliance’s Diton says The violent stock market selloff last week triggered by fears that the Federal Reserve missed its chance to help a faltering US economy ended one...
Berkshire Cuts Apple Stake by Almost Half in Selling Spree
Cash pile climbs to record $276.9 billion in second quarter Overall company stock sales reach $75.5 billion on a net basis Berkshire Hathaway Inc. slashed its stake in Apple Inc. by almost 50% as part of a massive second-quarter selling spree that sent...
Market Plunge Has Investors Bracing for Turbulent End to 2024
Four experts share their thoughts on navigating upcoming Federal Reserve rate cuts, big tech concentration and the presidential election. Stocks are plunging. The Nasdaq 100 entered correction territory. Unemployment is on the rise. And now, investor excitement about...
Big Tech’s AI Promises Become a ‘Show Me’ Story For Investors
Earnings growth has cooled dramatically for Mag 7 so far Investors balked at heavy spending on AI without results After a jam-packed week of earnings reports from megacap technology companies one thing is clear: as profits slow, investors aren’t impressed by...
World’s Richest Lose $134 Billion in Stock Slump, Led By Bezos
Tech-heavy Nasdaq 100 falls 2.4%, enters correction territory It’s the third-worst one-day loss for Amazon’s Jeff Bezos Jeff Bezos’s net worth shrank by $15.2 billion Friday, leading a wide-ranging slump that erased $134 billion from the fortunes of the 500 richest...
Wall Street’s Year of Calm Snaps as Most Reliable Trades Flop
Tech stocks erase around $3 trillion as volatility spikes up More investors fear a ‘Fed mistake’ and are bidding up hedges For years, Wall Street had it all figured out. If the stock rally is in danger, pile into the Big Tech safety trade. Scared the economy is...
Oil Falls to Seven-Month Low as Demand Fears Overwhelm War Risks
Manufacturing gauges in US, China both showed contractions Brent crude falls below $77 a barrel, lowest since January Oil slumped to the lowest in almost seven months as concerns about demand in the world’s two biggest economies overshadowed heightened geopolitical...
Cattle Plunges as Stock Market Slump Raises Beef Demand Concerns
Cattle futures are dropping as a falling stock market prompts worries that consumers will pull back from high-priced beef. Sales of steak typically increase when equity markets rise and with stocks selling off after a weak US jobs report, prices for cattle are...
US Unemployment Rate Rises Again, Cementing Path to Fed Rate Cut
Nonfarm payrolls rose 114,000 in July, below most estimates Traders start to price in more aggressive Fed cut in September US hiring slowed markedly in July and the unemployment rate rose to an almost three-year high, raising recession concerns and putting the Federal...
Influencers’ Go-To Digital Retailer Finds Actual Stores Are Key
Revolve shares plunge 80% since 2021 as pandemic glow fades New Aspen store shows need to mix brick-and-mortar and online Revolve Group Inc., a popular fashion hub among young influencer-obsessed shoppers during the pandemic, is seeing its shares tumble as sales dry...
Japan’s Bank Stocks Log Worst Day Since 2008 After Rate Hike
Financials helped Japanese stocks hit new record last month Selling pressure in bank stock may be short lived: analysts Banking stocks, which have been driving the rally in Japanese equities, suffered the biggest drop since October 2008, as investors moved to take...
Share of US Small Firms Boosting Pay Falls to Three-Year Low
The share of US small businesses raising compensation dropped in July to the smallest in more than three years, adding to evidence that inflationary pressures stemming from the job market are diminishing. A net 33% of firms said they boosted pay last month, down 5...
US Hiring and Wage Growth Both Slowed in ADP July Data
Firms added 122,000 jobs in July, lowest since January Pay increases slowed to the smallest pace since 2021 US companies added the fewest number of workers since the start of the year and wage growth slowed, consistent with signs of a softer labor demand. Private...
L’Oréal Sales Growth Sluggish as China Weakness Persists
North Asia region, which includes China, falls by 2.4% Dermatological, consumer units fall short of estimates L’Oréal SA reported sluggish sales growth in the second quarter as the world’s biggest maker of beauty products suffered from weakness in China. Sales rose...
China Regional Banks Exposed to Bond Reversal as PBOC Sales Loom
Banks have been buying bonds amid rally, raising PBOC concerns Central bank is poised to sell bonds to limit risk to lenders China’s regional lenders are facing growing risks in the nation’s $4.3 trillion sovereign debt market after an unprecedented bond rally this...
China Factory Activity Shrinks for Third Month in Hit to Growth
Domestic demand is still sluggish and recovery remains uneven July data adds to evidence of weak growth in China: economists China’s factory activity contracted for a third straight month in July, leaving the economy on a weak trajectory that’s frustrating Beijing’s...
Oil Dips to Nearly Two-Month Low Amid Shaky Demand, OPEC Watch
Citigroup reduces forecast for China’s economic growth Technicals suggest the latest lurch lower has been too quick Oil retreated to the lowest in almost two months as the outlook for demand in China remained gloomy while traders looked ahead to key data points. West...
Geithner Sees ‘Dark Shadows’ for Next President, Warns on Dollar
Paulson says US debt growth will ultimately destroy prosperity Former Treasury secretaries speak on US economic challenges The two US Treasury secretaries who navigated the nation through the global financial crisis said the next administration will inherit a...
Condo Rents in Toronto Decrease for First Time in Three Years
Surge in rental listings is helping to relieve cost pressure Rents had been setting records amid surge in immigration Rents for Toronto condos fell this year for the first time since 2021 as a surge in listings brought some relief to renters. Average condo rents for...
P&G Sales Miss Estimates as Price Increases Finally Slow Down
CFO says company used promotions to bolster a new Tide product Organic sales increased at the slowest pace in six years Procter & Gamble Co. shares fell the most in more than four years after quarterly sales missed analysts’ projections as the maker of Pampers...
Chinese EVs Nab Record 11% Share in Europe Ahead of Tariffs
SAIC fills dealer lots with MG4 model to beat duty deadline BYD gains customer traction with Euro 2024 marketing push Chinese brands captured 11% of the European electric-car market in June, notching record registrations as manufacturers raced to beat stiff European...
McDonald’s Aims to Blunt First Sales Dip Since 2020 With $5 Deal
CFO says sales trends remain negative in current quarter US $5 value meal deal launched in final week of quarter McDonald’s Corp. investors shrugged off the burger chain’s first sales drop in four years as executives pledged to launch new promotions to help stem a...
McDonald’s same-store sales fall for 1st time since 2020 as tapped-out customers hold on to cash
They're not lovin' it. McDonald's global same-stores fell for the first time in nearly four years in the second quarter as inflation-weary consumers skipped eating out or chose cheaper options. The company said it's working on fixes, like meal deals and new menu...
Hedge Funds Selling Industrials at a Record Pace, Goldman Says
Concerns on US trade tariffs lead to wariness on the sector Selling points to ‘capitulatory behavior’ in sector: Goldman Hedge funds are rapidly unwinding their bets in industrials stocks, and rotating into the corners of the market exposed to commodities, such as...
China Investors Pile Into Saudi ETFs as Two Nations Grow Closer
Both ETFs trade at sizable premiums to their net asset values Saudi ETFs have competitive advantage in yields: Guotai Junan Chinese investors are pouring money into two new exchange-traded funds tracking Saudi Arabian shares as the dismal performance of local equities...
How a Year of the Fed’s High Rates Has Affected the US Economy
The central bank has kept borrowing costs at a more than two-decade high for a full year. The results have been somewhat surprising. In the year since the Federal Reserve brought interest rates to a more than two-decade high, the central bank has succeeded in taking...
Earnings Derail Stock Rally Over Doubts on AI, Consumer Strength
Concerns about AI rally, consumer health weigh on sentiment ‘The bar is as high as it’s ever been’: Templeton’s Gokhman The latest earnings reports are fanning two worries that were already gnawing away at the US stock market: That the euphoria about artificial...
That Sudden Market Drop Was Scary for Investors But Long Overdue
It had been 17 months since the S&P 500 posted a drop of 2% or more, but advisers caution nervous investors against making rash portfolio moves. Even the biggest bulls probably knew, deep down, that a winning streak unseen since 2007 couldn’t last forever. The...
Big Tech Trade Shudders Just as Stock Pickers Make a Comeback
Megacaps underperform as investors bid up unloved sectors High dispersion, low correlation offers boon for stock-pickers Wall Street’s sure-fire, money-minting trade of 2024 – going all-in on Big Tech – was upended this week, sparking stock volatility across the board...
Hedge Funds Send Bullish Gasoline Bets Down to Pandemic Lows
US gasoline demand dropped off after the July 4 holiday Short-only gasoline positions reached seven-year highs Hedge funds haven’t been this disappointed by gasoline demand since the depths of the pandemic, with speculators slashing their net-bullish bets as the US...
‘I Need to Identify You’: How One Question Saved Ferrari From a Deepfake Scam
Benedetto Vigna was impersonated on a call using AI software Large companies are being increasingly targeted with deepfakes It was mid-morning on a Tuesday this month when a Ferrari NV executive started receiving a bunch of unexpected messages, seemingly from the CEO....
NORAD intercepts Russian and Chinese bombers operating together near Alaska in first such flight
The North American Aerospace Defense Command intercepted two Russian and two Chinese bombers flying near Alaska Wednesday in what a US defense official said was the first time the two countries have been intercepted while operating together. The bombers remained in...
Lululemon Slides as New Product Sales Pause Spooks Analysts
Retailer cut from JPMorgan top stocks list, downgraded by Citi Stock closed down 9.1% to the lowest level since May 2020 Lululemon Athletica Inc. shares dropped to their lowest level in four years as analysts raised fresh concerns about the company’s ability to hit...
Home Goods Retailer Conn’s Files for Bankruptcy Following Sales Declines
Discount furniture seller bought rival chain just last year Company says it employs about 3,800 people across 15 states Furniture retailer Conn’s Inc. filed for bankruptcy with plans to shut down after trouble integrating a recent acquisition compounded the pain of...
US New-Home Sales Unexpectedly Decline to a Seven-Month Low
Contract signings eased 0.6% in June to 617,000 annual rate New-home inventory increased to highest level since 2008 Sales of new US homes unexpectedly declined to a seven-month low in June as the mix of stubbornly high mortgage rates and prices deterred prospective...
Algorithms Push Oil Prices to Five-Week Low
Oil prices dropped on Tuesday to their lowest point in five weeks, driven by a wave of algorithmic selling. The U.S. benchmark WTI has now dipped as much as 1.6% to a level that is dangerously close to $77 per barrel. The decline follows the surpassing of key...
US Home Deals Fell Apart at a Record Rate for June, Redfin Says
More sellers are cutting asking prices on listed homes Properties have been lingering on the market for longer US home deals were canceled at the highest rate on record for a June as affordability pressures sidelined potential buyers. Nearly 56,000 home purchases were...
Kimberly-Clark’s stock falls after second-quarter sales miss offsets profit beat
CEO says consumer and retail environments remain ‘choppy’ Kimberly-Clark Corp.’s stock fell 3.9% Tuesday, after the parent to consumer brands including Huggies, Kleenex and Scott toilet paper posted weaker-than-expected sales for its second quarter to offset a profit...
US Existing-Home Sales Drop to One of Slowest Paces Since 2010
June closings fell to 3.89 million rate, below all estimates Prices hit another record even as supply continued to rise Existing-home sales in the US slumped to one of the slowest paces since 2010 in June, as sellers wait for mortgage rates to fall further and buyers...
8 of the biggest stock market crashes in history — and how they changed our financial lives
Stock market crashes can leave positive legacies in their wake — even though they cause plenty of immediate pain. In the US, stock market crashes led to the creation of the Federal Reserve System, the SEC, and the FDIC. While the triggers for stock market crashes...
Amex Shares Fall Most in Nine Months as Billings Growth Slows
Marketing costs expected to jump 15% this year, company says Full-year profit guidance climbs after sale of Accertify American Express Co. said it’s planning to increase spending on marketing even as billings growth on the company’s credit cards slowed in the second...
Europe Stocks Fall for Fifth Day as Tech Outages Rattle Traders
European stocks fell for a fifth day as a series of technical glitches swept around the world, hitting trading, travel and support services. The Stoxx 600 Index ended the session with a loss of 0.8% to notch its worst week since October. Travel and leisure stocks were...
Angola Surprises With Rate Hold as It Sees Inflation Cooling
Central bank leaves benchmark interest rate at 19.5% Expects improved supply of consumer goods to ease inflation Angola’s central bank surprised financial markets by leaving borrowing costs unchanged on expectations that inflation will start to ease from August. The...
Copper Set for Worst Week Since 2022 as China Plenum Disappoints
Metals driven lower as Beijing refrains from major stimulus Global copper inventories have ballooned in recent months Copper headed for its biggest weekly loss since 2022 and iron ore extended a slump toward $100 a ton as a policy meeting in China failed to lay out...
Geely’s Zeekr Mulls Building EVs in Europe to Avoid Tariffs
EV maker looks to use parent company’s existing Europe plants Zeekr CEO expresses regret over tariffs on Chinese vehicles Electric-vehicle maker Zeekr is considering making cars in European factories linked to its parent, the Chinese auto conglomerate Zhejiang Geely...
Toronto Condo Developers See Lowest New Unit Sales in 27 Years
Sales in the first half of the year fell 57% from 2023 Trend does little to cut prices as development costs stay high Toronto’s condominium developers saw sales of new units fall to the slowest pace in 27 years as high interest rates temper demand despite a shortage...
Goldman’s Top Stock Analyst Is Waiting for AI Bubble to Burst
Covello casts doubt on hype behind an $16 trillion rally He says costs, limited uses means it won’t revolutionize world Over three decades on Wall Street, Jim Covello has learned how painful it can be to bet against an inflating tech stock bubble. The market has a way...
Furniture Retailer Conn’s Plans Mass Store Closings Ahead of Possible Bankruptcy
Liquidations would shutter more than 40% of company’s stores Furniture chain acquired a rival last year to expand reach Furniture retailer Conn’s Inc. is planning to shutter around 100 locations and liquidate the inventory as part of a bankruptcy filing planned for...
New Zealand Inflation Slows More Than Expected to 3-Year Low
Annual CPI rate falls to 3.3% from 4% in previous quarter Three main banks now see RBNZ rate cuts starting sooner New Zealand inflation slowed more than forecast to its weakest in three years in the second quarter even as domestic price pressures persisted. The...
Nike & Lululemon, Precursors for S&P Decline to Multi-Year Low
The chart below depicts the share prices for NIKE (NKE), LULULEMON (LULU). The path, which the two consumer discretionary products companies have taken to significant declines from their recent all-time highs, is the same that the S&P 500 will take to its...
Classic Hedge Fund Trade Is a Winner in China’s Two-Speed Market
Long-short strategy has gained over 10% in China this year China’s low correlation, high dispersion generates alpha: BNP Chinese stocks have been among the world’s worst performers over the past year, but they are beating their major peers based on one hedge-fund...
New York Manufacturing Contracts for an Eighth Straight Month
Empire State factory index eased this month to minus 6.6 Prices received by state manufacturers dropped to one-year low New York state factory activity contracted for an eighth straight month in July while a measure of prices received by producers declined to a...
Kolanovic Departure Triggers an Echo on Wall Street From 1999
Charles Clough leaving Merrill then was a sign of dot-com top Traders wonder if stock market history is repeating itself It’s been about 25 years since Wall Street had a serious bear hunt. And it appears another one is starting up now. Early on Aug. 27, 1999, the...
Most French Say Country Is ‘Ungovernable’ After Vote, Poll Shows
France has become ungovernable after the snap legislative elections left the country with a deeply divided parliament and no obvious path toward a stable government, according to three-quarters of respondents in a poll by Elabe. The survey also showed that 71% of the...
Payment problems stifle Russian imports of Chinese cars
Payment issues between Russia and China, caused by U.S. sanctions, pose serious issues for Russian imports of Chinese cars that have supplied the domestic market over the last two years, the head of Russia's car dealers' association told Reuters. Moscow and Beijing...
2nd Blue Chip with NIKE problem Discovered
My research has resulted in another major discovery. Lululemon (symbol: LULU) has same problem as NIKE (symbol: NKE). Two of the pillars of the Consumer Discretionary Sector for the U.S. and the world are in the process of crumbling. At 07/05/2024 the market...
China-Bound Oil Tankers Hit Two-Year Low in Warning for Bulls
Flow of supertankers headed for the Asian nation drops sharply Decline in cargoes adds to concern over China’s demand outlook The number of supertankers headed for China dropped to the lowest in almost two years, adding to recent concerns about demand in the largest...
Fireworks for Stocks About to Begin
My research of NIKE’s reported earnings and press release for Fiscal 2024 resulted in a significant discovery. NIKE will be the poster child for the secular bear market that is now underway. My target for NIKE’s peak to trough decline is 80 percent. S&P 500...
China’s Cheap Stock Values Tempt $101 Billion Australia Pension
Colonial First State eyes discounted stocks in China, CIO says China stocks provide opportunity to diversify portfolio Colonial First State is eyeing discounted China securities as it seeks to lift its emerging markets exposure to diversify its portfolio. Chief...
Chinese Beef Prices Plunge as Appetite for Premium Meat Wavers
Local government urged to provide subsidies and forage Beef is a pricey option for China’s cash-strapped diners The Chinese beef market is facing a conundrum. The government has pushed farmers to raise production at home and opened the door to more imports, but a...
Goldman’s Hedge Funds Head Says It’s Time to Cut Portfolio Risk
‘Probability of a drawdown is rising’: Goldman’s Pasquariello Risks include US fiscal deficit and narrow rally in US stocks After a blistering rally driven by the biggest technology stocks pushing the S&P 500 to a string of all-time highs this year, it’s “a good...
S&P 500 Rally Hits a Wall at End of Banner Quarter: Markets Wrap
US debate fallout spurs prison, oil stocks; renewables lag Long-term Treasuries underperform shorter maturities The stock market waned in the final stretch of a solid quarter, with traders keeping a close eye on any news regarding the US presidential race and...
Subscribe now to get:
-
Instant Alerts when new articles are posted
-
Free Investor Education Courses
Your subscription is FREE
Only name and valid email address required
Statements made by Michael Markowski and Profitfromthecrash.com pertaining to returns made from investing in Airbnb, UBER and Snapchat are not indicative of a TRACK RECORD. They are examples for educational purposes only.