(Bloomberg) — US companies hired at a solid clip in September, suggesting demand for workers remains healthy despite rising economic uncertainty. Businesses’ payrolls rose 208,000 last month after an upwardly revised 185,000 gain in August, according to data from ADP Research Institute in collaboration with Stanford Digital Economy Lab. The median forecast in a Bloomberg […]
Read More(Bloomberg) — US stocks may resume their slump as they have only just begun to price in a recession, according to Citigroup Inc.’s quant strategists. The market has turned “decidedly defensive again,” the strategists including Hong Li wrote in a note Tuesday. Recent synchronized moves suggest “equity investors are paying closer attention to the increased […]
Read More(Bloomberg) — One by one, short sellers are being forced to capitulate as market expectations grow for a slower pace of central bank tightening. Whether in stocks or bonds, bearish bets are being dealt a blow as US data begin to reflect the fallout from the Federal Reserve’s aggressive rate hikes. A dovish pivot by […]
Read More(Bloomberg) — As ever, a fast market rebound has unleashed a deluge of views on whether the move will last. Chart analysts, cognizant that no rally has survived this year’s downdraft, are generally optimistic this one has room left to run. Monday’s 2.6% surge in the S&P 500 was broad-based: 486 of its members gained. […]
Read More(Bloomberg) — Tesla Inc. shares dropped in early trading after the carmaker blamed a disappointing deliveries report on shipment issues that increased the number of vehicles that were on their way to customers as the quarter came to a close. The maker of Model 3 sedans and Model Y crossovers handed over 343,830 vehicles to […]
Read More(Bloomberg) — Michael J. Wilson, one of Wall Street’s biggest equity bears, says a Federal Reserve pivot to dovishness is becoming likely amid falling money supply, but such a move won’t allay concerns about earnings. “We find M2 growth in what we call the ‘danger zone’ -– the area where financial/economic accidents tend to occur,” […]
Read More(Bloomberg) — Home prices in the US have taken a turn and are now posting the biggest monthly declines since 2009. Median home prices fell 0.98% in August from a month earlier, following a 1.05% drop in July, Black Knight Inc. said in a report Monday. The two periods mark the largest monthly declines since […]
Read More(Bloomberg) — Governments and companies around the world are facing unprecedented costs to refinance bonds, a burden that’s set to deepen fissures in debt markets and expose more vulnerabilities among weaker borrowers. A corporate treasurer or finance minister looking to issue new notes now would likely have to pay interest that’s about 156 basis points […]
Read More(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. […]
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