Newsbreak 2 days ago in Around The World, China, Crisis, Debt, evergrande, Markets, MI Exclusive, News, property, Real Estate 0 Category: Markets
Trading in China Evergrande shares suspended again just a month after they returned from a 17-month hiatus
Newsbreak 2 days ago in Around The World, China, Crisis, Debt, evergrande, Markets, MI Exclusive, News, property, Real Estate 0 Aerial photo shows a residential area of Evergrande in Nanjing, East China’s Jiangsu province, Aug 28, 2023. On August 28, 2023. Costfoto/NurPhoto/Getty Images Trading in property developer China Evergrande Group shares was suspended in Hong Kong on Thursday. China Evergrande shares had resumed trading on August 28 after a 17-month hiatus. Bloomberg reported Wednesday that Hui Ka Yan, Evergrande’s chairman, has been placed under police watch….
A ‘litmus test’ for a looming recession could come next quarter, says an economist who’s been predicting a downturn for...
David Rosenberg is still calling a recession. WealthTrack Veteran economist David Rosenberg is maintaining his bearish call on the US economy. He told CNBC in an interview the fourth quarter of this year would be the “litmus test” for his call. He added a recession typically starts two years after a rate hike cycle begins. Veteran economist David Rosenberg has been calling a recession for…
‘People give up on recession just as it arrives’: Don’t count out an economic downturn just yet
Newsbreak 2 months ago in Analyst Note, Around The World, Economy, Markets, recession outlook, Recessions, Stock Market, US economic forecast 0 The slowdown in consumer spending means companies earn less money, which makes their stock less attractive. UCG / Getty Images Despite solid economic data, some Wall Street strategists are sticking with their gloomy outlook for the economy and stocks. A solid jobs market and a resilient consumer have increased the chances of a soft economic landing. But don’t count out a decline just yet: “People…
Twitter’s valuation has been slashed by 47% at Ark Invest since Elon Musk took over
Newsbreak 2 months ago in ARK Invest, Around The World, Cathie Wood, Elon Musk, Finance, Markets, MI Exclusive, Twitter, Twitter stock, twitter stock price 0 Elon Musk acquired Twitter on October 27. Getty Images Ark Invest has marked down its Twitter valuation by 47% since it was taken over by Elon Musk, the Wall Street Journal reported. Musk had recently tweeted that Twitter’s advertising revenue has been cut in half since he took over the company. Despite the steep writedown, Ark CEO Cathie Wood said she is still bullish on…
Apple is within a hair’s breadth of a historic $3 trillion valuation one week after unveiling its Vision Pro
Newsbreak 4 months ago in Apple, Around The World, Markets, MI Exclusive, Tech, Tech Insider, Vision Pro 0 Apple is within a hair’s breadth of a historic $3 trillion valuation one week after unveiling its Vision Pro. Justin Sullivan/Getty Images Apple is closing in on a $3 trillion valuation a week after it launched the Vision Pro headset. Shares are up 41% so far this year — outpacing a 35% gain in the tech-focussed Nasdaq 100 Index. Wedbush analyst Dan Ives is bullish…
The S&P 500 has rallied thanks to the AI boom, but parts of the index may well be signaling a...
Newsbreak 4 months ago in Around The World, David Rosenberg, John Hussman, Jurrien Timmer, Larry McDonald, Liz Ann Sonders, Markets, MI Exclusive, Mohamed El-Erian, S&P 500, S&P 500 outlook, Stocks 0 New York Stock Exchange. Photo by Wang Ying/Xinhua via Getty) (Xinhua/Wang Ying via Getty Images The S&P 500 has come under scrutiny, given its gains haven’t been broad-based and were fueled by a handful of tech stocks. Many experts have pointed to the elevated concentration risk, while others have warned of an impending market sell-off.  Here’s what 7 top voices have said about the benchmark…
PacWest plummets 28% to resume sell-off after the regional bank says deposits fell 9.5% last week
A branch of regional lender Pacific Western Bank in Whittier, California. AP Photo/Ashley Landis PacWest sank 28% Thursday after the regional lender reported a 9.5% drop in deposits last week. The bulk of the deposit decline came after reports said PacWest was exploring strategic options. “The news headlines increased our customers’ fears of the safety of their deposits,” the bank said. PacWest stock sank Thursday…
Russia faces new sanctions to foil its efforts to get around the old ones
Newsbreak 6 months ago in Around The World, EU, Markets, MI Exclusive, Putin, Russia, russia ukraine war, Russian Economy, Sanctions, Ukraine, western sanctions 0 Russian President Vladimir Putin. MIKHAIL KLIMENTYEV/RIA NOVOSTI/AFP via Getty Images Russia will soon face a new set of sanctions to foil any efforts it makes to get around old ones. The EU is planning to roll out its 11th sanctions package, an official told CNBC Thursday. “Don’t underestimate the efforts that Russia will make with its pals globally to get around our sanctions,” she said. …
Bitcoin’s nearing a breakout moment — prices topped $30,000 for the first time since June 2022
Newsbreak 6 months ago in Around The World, Bitcoin, cryptocurrency, Ether, Markets, MI Exclusive, News 0 Bitcoin has rallied over $30,000. Anadolu Agency/Getty Images Bitcoin has rallied above the $30,000 level for the first time since June 2022. The gains are driven by expectations the Fed could scale back its rate hikes, an analyst said. Bitcoin is up about 80% this year so far while ether is up about 60% in the same period. Bitcoin rallied above the $30,000 level for the…
Top economist David Rosenberg said the Fed should put bigger rate hikes back on the table after bouts of ‘speculative...
The Federal Reserve should consider raising interest rates by 50 basis points at its upcoming meeting, top economist David Rosenberg said Tuesday. Rosenberg Research & Associates The Federal Reserve should weigh up another big interest-rate increase because of recent “speculative lunacy”, according to David Rosenberg. “I am starting to wonder if 50 basis points shouldn’t be back on the table,” the top economist said. Most…
Billionaire investor Nelson Peltz says money flying out of banks is dangerous. Here’s his idea for the Fed that he...
Newsbreak 6 months ago in Around The World, Banking Crisis, FDIC, Federal Reserve, Markets, MI Exclusive, Nelson Peltz, Silicon Valley Bank, SVB 0 Trian Fund founding partner Nelson Peltz. David A. Grogan/CNBC/NBCU Photo Bank/NBCUniversal via Getty Images Nelson Peltz sees a way to stop customers from yanking money from small banks following SVB’s implosion. Depositors who want their accounts covered beyond the FDIC’s $250,000 limit could pay a premium. For example, customers could pay a small percentage of their CD rates, he told CNBC on Monday. Billionaire and…
‘This is a warning to the Fed’: Wall Street reacts to the collapse of Silicon Valley Bank, the biggest bank...
Newsbreak 7 months ago in Around The World, Bank of America, BOFA, Chief executive officer, Economist, Finances, investment fund, Markets, MI Exclusive, Silicon Valley Bank, strategists, SVB, UBS, Venture Capital, Wall Street 0 NYSE Regulators shut down Silicon Valley Bank on Friday, putting it into FDIC receivership. Early Friday, trading was halted for the stock after it plunged 87% in two days. Wall Street strategists and executives shared their reaction to the first bank collapse since 2008. Silicon Valley Bank’s collapse has sparked panic as the financial industry sees the biggest bank failure since 2008. Regulators in California…
Silicon Valley Bank has been shut by the FDIC
Silicon Valley Bank Rafael Henrique/SOPA Images/LightRocket via Getty Images The FDIC has shut down Silicon Valley Bank. Trading was halted for the bank early Friday. “At the time of closing, the FDIC as receiver immediately transferred to the DINB all insured deposits of Silicon Valley Bank.” The Federal Deposit Insurance Corporation shut Silicon Valley Bank on Friday, the regulator said in a statement, capping off…
Cratering Silicon Valley Bank’s troubles could be the first sign of a new financial crisis. Here’s what Burry, Ackman and...
Silicon Valley Bank. Rafael Henrique/SOPA Images/LightRocket via Getty Images Cratering Silicon Valley Bank’s troubles could be the first sign of a new financial crisis. Debate is surrounding the US banking system amid contagion fears from the fallout. Here’s what Bill Ackman, Michael Burry, Mohamed El-Erian and other top voices had to say. SVB Financial’s stock crashed 60% on Thursday, sending shockwaves through the stocks of…
‘Big Short’ investor Michael Burry issues a grave warning after Silicon Valley Bank’s stock rout: ‘It is possible today we...
Newsbreak 7 months ago in Around The World, Big Short, Enron, Investing Analysis, Investing Outlook, Investing Strategy, Markets, MI Exclusive, Michael Burry, Michael Burry forecast, Michael Burry tweets, Silicon Valley Bank, Stock Market Analysis, Stock Market Outlook, Stock Market Strategy, Stocks, SVB, The Big Short 0 ‘Big Short’ investing legend Michael Burry. Astrid Stawiarz/Getty Images ‘Big Short’ legend Michael Burry just compared Silicon Valley Bank to Enron. The bank’s stock plunged 60% Thursday as its parent company offloaded shares after massive bond losses. Enron was a scandal-hit energy firm that collapsed in the early 2000s. Michael Burry has weighed in on Silicon Valley Bank after its parent company’s shares plunged 60%…
Ken Griffin’s Citadel is negotiating a company-wide ChatGPT license – and expects the buzzy AI tool to boost several parts...
Newsbreak 7 months ago in AI, AI chatbot, Around The World, artifial intelligence, billionaire investor, Chatbot, ChatGPT, Citadel, Citadel Securties, Hedgefunds, Investing, Ken Griffin, Markets, MI Exclusive, stock investing, Tech, Technology 0 Kenneth C. Griffin, Citadel Founder and Chief Executive Officer, at the CNBC Institutional Investor Delivering Alpha conference July 18th in NYC. Heidi Gutman/CNBC/NBCU Photo Bank via Getty Images Citadel boss Ken Griffin said his companies are in talks to secure a business-wide ChatGPT license, per Bloomberg. “This branch of technology has real impact on our business,” he said, adding it would help with tasks like…
Softbank-owned chip designer Arm is looking to raise $8 billion in a US IPO, report says
Newsbreak 7 months ago in AI, ARM, Around The World, Artificial Intelligence, Chip design, Goldman Sachs, IPO, Markets, MI Exclusive, nVidia, Softbank, stock offerings, US Stock Market, Valuation 0 An ARM and SoftBank Group branded board is displayed at a news conference in London Thomson Reuters Softbank-owned Arm is seeking to raise at least $8 billion when it lists on the US stock market, Reuters reported on Sunday. The British chip designer is targeting a $30 billion-$70 billion valuation, per Bloomberg. Softbank tried selling Arm to chip designer Nvidia for $40 billion last year….
US stocks face a reckoning as there’s no escaping a recession, says top economist David Rosenberg
David Rosenberg. Screenshot via Bloomberg TV Top economist David Rosenberg warned that US stocks are in for more pain this year – and rang the alarm on recession risks again. “The stock markets and the credit markets seem to think that they have more time than they can buy before the boom really gets lowered on the economy,” he said. Rosenberg pointed out that the…
Home prices will fall this year but then enter a growth period like the one that started in the late...
Newsbreak 7 months ago in Around The World, Home Prices, Housing, Housing Market, Markets, MI Exclusive, Mortgage 0 If you’re not in a rush for housing, it’s probably better to improve your credit instead of getting a subprime loan. kali9/Getty US home prices will fall 1.6% in 2023, then rise by an average yearly rate of 3.5% through 2027, a Zillow survey said. That’s the same pace that was seen in the relatively stable period from 1987 to 1999. Under that scenario, home…
Artificial intelligence is on the brink of an ‘iPhone moment’ and can boost the world economy by $15.7 trillion in...
Newsbreak 7 months ago in AI, Apple, Around The World, Artificial Intelligence, Bank of America, Big Tech, BOFA, ChatGPT, GDP, iPhone, Markets, MI Exclusive, Stock Market, Tech, Wall Street 0 AI is on the brink of an “iPhone moment,” according to Bank of America. imaginima/Getty Images Bank of America strategists predicted artificial intelligence will revolutionize everything as it teeters on its “iPhone moment.” AI has many commercial uses and will allow for the democratization of data, among other upsides. The global economic impact of the booming technology could reach $15.7 trillion by 2030, BofA said….
Novavax stock plunges 25% after the COVID-19 vaccine maker warns it could go out of business
Newsbreak 7 months ago in Around The World, COVID-19 vaccine, covid19, Earnings Reports, Markets, MI Exclusive, Novavax, Novavax stock, novavax stock price, Stocks 0 COVID-19 vaccine. Dado Ruvic/Reuters Novavax shares sank 25% after it said it has “substantial doubt” about its ability to stay in business. The biotech plans spending cuts after it fourth-quarter loss was twice as deep as analysts expected. It said there’s “significant uncertainty” about its revenue, US government funding and unresolved arbitration. Novavax shares sank as much as 25% after the COVID-19 vaccine maker warned…
The housing market’s biggest shocker: Your rent may actually fall this year
Newsbreak 7 months ago in Apartment List, Apartments, Around The World, Chay Thawaranont, Denver, Discourse, Economy, Home Prices, housing construction, Housing Market, INSIDER graphics, Insider Illustration, Landlords, Markets, Nashville, News, Personal Finance, Phoenix, Real Estate, recession 2023, Rent, rent hikes, Rent prices, Robyn Phelps, San Francisco, Seattle, Tech Insider, Tech layoffs 0 The apartment market is “rapidly shifting in favor of renters,” and that means tenants can expect lower rent and a lot of new perks. Robyn Phelps/Insider Tenants are finally gaining power in the housing market It’s been a painful couple of years for renters. Discounts from early in the pandemic, for those lucky enough to nab them, eventually gave way to hefty rent hikes. Lines…
Tesla lost its edge — and Elon Musk has no one but himself to blame
Tesla spent the past two decades defying expectations and disrupting the automotive industry, but now it’s starting to fall behind the rest of the auto industry. Getty; Marianne Ayala/Insider How Elon Musk turned his crown jewel into an overpriced jalopy Mark has been driving a Tesla since 2014. But after almost a decade of loyalty to Elon Musk’s electric-car company, his faith is starting to…
Billionaire investor Cliff Asness says stocks are ‘woefully’ unprepared for a macro shock in the event inflation doesn’t come down...
Cliff Asness. Lucy Nicholson/Reuters Stocks may face a macro shock if inflation doesn’t come down the way markets are anticipating, in line with Cliff Asness. The billionaire investor said stocks had been nonetheless costly, and had more draw back to come. “We’re probably still in a bubble in cheap versus expensive,” he said in an interview with Bloomberg TV. Stocks might be shocked by macroeconomic…
ChatGPT will keep ‘hallucinating’ wrong answers for years to come and won’t take off until its on your cellphone, Morgan...
Newsbreak 7 months ago in AI, AI stock, Around The World, Artifical Intelligence, ChatGPT, edge computing, Markets, MI Exclusive, Misinformation, Morgan Stanley, Tech 0 ChatGPT. SOPA Images, Contributor/ Getty Images ChatGPT will keep giving occasional wrong answers for a few years, in accordance to Morgan Stanley. The AI bot typically “hallucinates,” which means it generates responses which might be seemingly convincing, however are literally wrong, in accordance to the financial institution. ChatGPT’s and AI’s way ahead is to run the know-how on edge units, together with cellphones, Morgan Stanley…
‘We haven’t left the bubble’: Wall Street’s elite investors are privately warning that the stock market is headed for a...
Newsbreak 7 months ago in Alyssa Powell, Around The World, China, China Economy, Discourse, Economy, European Union, Federal Reserve, Finance, Germany, Inflation, Insider Illustration, Interest Rates, Investing, Jerome Powell, Markets, News, Politics, recession 2023, Stock Market Crash, Wall Street 0 Wall Street was lulled into a false sense of safety, in keeping with the investing world’s elite, and this complacency will make the coming stock market reversal even more excruciating. Getty Images; Alyssa Powell/Insider Elite investors are privately warning that the market is headed for a second wave of pain The stock market has began off the year in a state of euphoria, shrugging off…
Credit Suisse’s chairman faces probe over comments that potentially misled investors about client fund outflows, report says
Newsbreak 7 months ago in Around The World, capital outflows, Credit Suisse, FINMA, Investigations, Markets, MI Exclusive, ouflows, outflows, probe, Regulator, stock prices, Stocks, Switzerland 0 Credit Suisse chairman Axel Lehmann. Courtesy of Credit Suisse Credit Suisse’s chairman faces a probe over his comments that enormous client outflows had stopped, per Reuters. The Swiss regulator is trying into whether or not Axel Lehman potentially misled investors in December. Clients pulled billions from Credit Suisse in late 2022 because it fended off rumors of a Lehman-style collapse. Switzerland’s monetary markets regulator is…
Ray Dalio will secretly get billions of dollars from Bridgewater for agreeing to retire without a fight, report says
Newsbreak 7 months ago in Around The World, Bridgewater, Markets, MI Exclusive, Ray Dalio, Retirement Plans 0 Ray Dalio, Bridgewater Associates founder & co-chairman. Kimberly White/Getty Images for TechCrunch Bridgewater has secretly organized to pay Ray Dalio billions of dollars via special stock to get him to retire, per the New York Times. It too six months of negotiations to settle how a lot cash the hedge fund was prepared to pay Dalio to stroll away, in accordance to the report. The…
European natural gas prices hit 18-month low and near parity with crude oil as Vladimir Putin’s energy war fizzles
Newsbreak 7 months ago in Around The World, Europe energy crisis, Gas Prices, Markets, MI Exclusive, Oil price, Vladimir Putin 0 Russian President Vladimir Putin. MIKHAIL KLIMENTYEV/RIA NOVOSTI/AFP via Getty Images Alternative suppliers and a heat winter have brought European gas prices under 50 euros per megawatt hour. That marks an 85% drop from the price peak last year, when Russia cut gas exports and sparked a price spike. Natural gas prices are actually equal to $85 per barrel, practically on par with Brent crude oil…
The good news is markets look resilient — but the bad news is just about everything else
Newsbreak 7 months ago in 10 things, 10 things opening bell, Around The World, Fed, Federal Reserve, Interest Rates, Markets, Monetary Policy, Ned Davis, Newsletter, Policy, Real Estate, Stock Market Outlook, Stocks 0 TGIF. Phil Rosen right here, reporting from New York City. I’m completely satisfied to see that, lastly, the remainder of the world appears to be catching on to the magic that is Magic: The Gathering. Haven’t heard of it? Well the once-niche card game just became a $1 billion brand. That means gross sales of those fantastical playing cards that includes creatures, spells, and planeswalkers…