(Bloomberg) — Pakistan’s small textile mills, which make products ranging from bedsheets to towels mainly for consumers in the US and Europe, are starting to shut after devastating floods wiped out its cotton crop. As many as 100 smaller mills have suspended operations due to a shortage of good quality cotton, high fuel costs, and […]
Read More(Bloomberg) — The world economy is showing signs of a rapid downshift as it contends with a series of shocks — some of them self-inflicted by policymakers — increasing the likelihood of another global recession and the danger of major financial disruptions. “We’re living through a period of elevated risk,” former US Treasury Secretary Lawrence […]
Read More(Bloomberg) — A crisis of confidence in the outlook for the UK’s finances was the latest trigger for risk aversion, helping drag the S&P 500 Index to an almost two-year low. Yet with investor sentiment in the gutter and the Bank of England vowing to open the checkbook to prop up its bond market, could […]
Read More(Bloomberg) — Nike Inc. shares tumbled the most in more than two decades after a glut of unwanted merchandise eroded the sportswear giant’s profitability. North American inventories surged 65% in the fiscal first quarter ended Aug. 31, and resulting markdowns caused gross margin to miss Wall Street’s expectations. The retailer also cited higher freight costs […]
Read More(Bloomberg) — Senior Biden administration officials pressed executives from some of the largest US gasoline producers to curtail overseas sales during a tense meeting Friday afternoon, suggesting that without voluntary action, the government could force the industry to stockpile more fuel in US tanks. Energy Secretary Jennifer Granholm and other administration officials chastised the industry […]
Read More(Bloomberg) — Unwavering profit projections. Benign chart patterns. Big hedges in the options market. All the things that bulls expected to put a brake on the worst equity selloff in 30 months have just summarily failed. The Federal Reserve, with an assist from UK policy makers, overpowered them all to deliver a week that rocked […]
Read More(Bloomberg) — Credit markets are starting to buckle under pressure from soaring yields and fund outflows, leaving strategists fearing a rupture as the economy slows. Banks this week had to pull a $4 billion leveraged buyout financing, while investors pushed back on a risky bankruptcy exit deal and buyers of repacked loans went on strike. […]
Read More(Bloomberg) — Sentiment has turned so bad for global equities that an indicator developed by Sanford C. Bernstein & Co. has sent a buy signal. “Another bear market rally is very possible,” strategists including Mark Diver and Sarah McCarthy wrote in a note. “Investor sentiment has now reached such negative levels” that the odds of […]
Read More(Bloomberg) — Some big bond investors say don’t be deceived by the Treasury market’s torrid rally Wednesday. The hawkish signals still coming out of the Federal Reserve are what matters. The rest is noise. The world’s biggest bond market has been whipsawed in recent days on the back of a debt crisis gripping the UK. […]
Read More(Bloomberg) — Another shock central bank move, another lockstep market reaction across Wall Street and beyond. This time it was the Bank of England’s dramatic intervention in government bonds that took global traders by storm, underscoring how every asset remains at the mercy of monetary officials in crisis-fighting mode. After British policy makers pledged a […]
Read More(Bloomberg) — The worst bond rout in decades is drawing more investors to government debt, with JPMorgan Asset Management joining the growing camp of bulls. Longer-dated sovereign notes in most developed markets are starting to look appealing given that yields are at levels last seen in 2010, according to Arjun Vij, a money manager at […]
Read More(Bloomberg) — After some of the most dramatic declines in global financial markets since the Federal Reserve began lifting borrowing costs six months ago, authorities in Asia are stepping up efforts to prevent a downward spiral. South Korea joined a growing list of interventions on Wednesday, with the central bank saying it will buy as […]
Read More(Bloomberg) — The US housing market took a turn in July. A national measure of prices rose 15.8% year-over-year, the S&P CoreLogic Case-Shiller index showed Tuesday. That was the smallest gain since April 2021, and the slowdown from the 18.1% jump in June was the largest deceleration in the history of the index, according to […]
Read More(Bloomberg) — Tens of thousands of solar panels are sitting unused in warehouses across Europe just as the continent struggles with an unprecedented energy crisis. The spike in electricity prices after Russia’s invasion of Ukraine is making the case for a speedier transition to renewable power. Demand for solar from households and businesses is soaring […]
Read More(Bloomberg) — The great tech selloff of 2022 is far from over as investors brace for earnings misses that may spur a more than 10% plunge in the Nasdaq 100. More than two-thirds of 914 respondents in the MLIV Pulse survey think profits of the technology companies will disappoint the market throughout 2022. Firms including […]
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