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Boeing"s 737 Max 10 may not be approved by FAA until summer 2023: report

Boeing reportedly may not receive Federal Aviation Administration approval for 737 Max 10 aircraft until next summer over cockpit alerting requirement concerns......»»

Source:  foxnewsCategory: market~6 min. ago Related News

Hut 8 Mining stock rallies after 277 bitcoin generated in September

Shares of Hut 8 Mining Corp. rallied 4.2% in premarket trading Tuesday, after the bitcoin miner said it generated 277 bitcoin in September, at an average rate of 9.2 bitcoin per day. That brings the company's total bitcoin held in reserve to 8,388, which at current prices would be valued at about $167.6 million. "We continue to add to our Bitcoin on balance sheet, which is the largest unencumbered, self-mined stack of any publicly-traded mining company," said Chief Executive Jaime Leverton. The stock has run up 38.4% over the past three months, while bitcoin has gaied 2.9% and the S&P 500 has lost 3.8%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news......»»

Source:  marketwatchCategory: top~7 min. ago Related News

Gilead stock rallies after J.P. Morgan turns bullish, citing HIV and undervalued oncology businesses

Shares of Gilead Sciences Inc. rallied 3.2% in premarket trading Tuesday, after the biopharmaceutical company was upgraded at J.P. Morgan, which cited greater clarity on the human immunodeficiency virus (HIV) IV franchise and an emerging and undervalued oncology, or cancer treatment franchise. Analyst Christopher Schott raised his rating to overweight, after being at neutral for at least the past 2 1/2 years, while raising his stock price target to $80 from $72. "At current levels, we see GILD's HIV business alone supporting the stock's entire market cap," Schott wrote in a note to clients. "And with an oncology franchise that we forecast to reach ~$5 billion in sales by 2030 as well as potential upside to lenacapravir estimates over time, we see shares as clearly undervalued at current levels." The stock has lost 14.2% year to date through Monday, while the iShares Biotechnology ETF has dropped 21.9% and the S&P 500 has lost 22.8%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news......»»

Source:  marketwatchCategory: top~7 min. ago Related News

KalVista shares slide 47% premarket after company halts trial of treatment for hereditary angioedema

KalVista Pharmaceuticals Inc. shares tumbled 47% in premarket trade Tuesday, after the company said it's halting a Phase 2 trial of a treatment for hereditary angioedema, after multiple patients showed liver enzyme elevations. No patients had concomitant elevation of bilirubin levels and all were asymptomatic, the company said in a statement. "We made the difficult decision to terminate KOMPLETE because we concluded that the emerging safety profile of the current formulation will not meet our requirements for a best-in-class oral prophylactic therapy," KalVista CEO Andrew Crockett said in a statement. "This termination conserves our financial resources and allows us to focus on continuing to advance sebetralstat through the ongoing phase 3 program and towards a planned 2024 NDA filing, as well as on our emerging oral Factor XIIa inhibitor program as a potential once daily prophylactic therapy for people with HAE." The trial involved 33 patients who were helping the company evaluate KVD824, an investigational oral plasma kallikrein inhibitor designed for the prevention of attacks in adults living with HAE. HAE is a rare disorder that is characterized by recurrent episodes of the accumulation of fluids outside the blood vessels, which blocks the flow of blood or lymphatic fluid and causes rapid swelling of tissues in the hands, feet, limbs, intestinal tract or airway, according to Rarediseases.org. KalVista shares have gained 7.6% in the year to date, while the S&P 500 has fallen 23%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news......»»

Source:  marketwatchCategory: top~7 min. ago Related News

Citi launches "positive capital watch" on JPMorgan Chase

Citi analyst Keith Horowitz on Tuesday launched a "positive catalyst watch" on buy-rated JPMorgan Chase & Co. ahead of the Dow Jones Industrial Average component's earning update on Oct. 14. "We believe a 3Q earnings beat on the top line will lead to upward revisions on full-year guidance and imply a better run-rate into 2023," Horowitz said. Analysts are currently forecasting third-quarter earnings of $2.93 a share for JPMorgan, according to FactSet data. JPMorgan was among Citi's "stronger conviction" buys, along with Goldman Sachs Group Inc. , Comerica Inc. and Bank of New York Mellon Corp. . Horowitz said the bank stocks remain "oversold due to credit concerns." Shares of JPMorgan Chase are down 32% in 2023, compared to an 18.8% loss by the Dow Jones Industrial Average. Goldman Sachs shares are down 21.8% and Comerica stock is down 16.1% in 2022, while Bank of New York Mellon shares are down 31.7%. Citi also upgraded Bank of New York Mellon Corp. to buy from neutral and cut its rating on M&T Bank Corp. to neutral from buy. Horowitz initiated a pair trade of overweight Wells Fargo & Co. and underweight Truist Financial . Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news......»»

Source:  marketwatchCategory: top~7 min. ago Related News

General Motors names ex-Tesla, Lyft exec Jonathan McNeill to its board

General Motors Corp. on Tuesday named entrepreneur, venture capitalist and former Tesla Inc. and Lyft Inc. executive Jonathan McNeill to its board. "I am excited to help GM unlock the opportunities enabled by its transformative investments in technology," McNeill said in a statement. McNeill's lengthy resume includes serving on the board of Lululemon Athletica Inc. and president of global sales, delivery and service at Tesla Inc., as well as chief operating officer at Lyft and CEO of software company Enservio Inc. He co-founded DVx Ventures in 2019 and currently serves as the venture capital firm's CEO. GM CEO CEO Mary Barra said McNeill's "experience driving constructive disruption to grow businesses and his commitment to making a positive impact on society will be invaluable." Shares of GM rose 2.7% in premarket trades. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news......»»

Source:  marketwatchCategory: top~7 min. ago Related News

California congressmen aim to boost fight against illegal pesticide use for unregulated cannabis grows

California members of Congress Scott Peters, a Democrat, and Doug LaMalfa, a Republican, on Monday introduced a bill called the Targeting and Offsetting Existing Illegal Contaminants (TOXIC) Act to combat use of illegal and toxic pesticides by unregulated cannabis growers in the U.S. The measure would authorize $250 million over five years for the U.S. Forest Service to use Superfund toxic waste remediation authorities to address environmental damage on federal lands from banned pesticides. It would also raise criminal penalties for using banned pesticides in illegal cannabis cultivation to a maximum of 20 years in federal prison and $250,000 in fines. Peters and LaMalfa said the pesticides pose a health risk both to cannabis consumers as well as U.S. Forest Service agents who remove illegal crops. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news......»»

Source:  marketwatchCategory: top~7 min. ago Related News

Born into public housing, Ritchie Torres now represents his neighbors in Congress

He has succeeded in politics, he says, because of his "wisdom of lived experience".....»»

Source:  crainsnewyorkCategory: blog~22 min. ago Related News

2 ETFs to Watch for Outsized Volume on Developed-World ETF & Large-Cap ETF

Two ETFs developed-world ETF and large-cap ETF traded with an outsized volume yesterday. In the last trading session, Wall Street was extremely downbeat. Among the top ETFs, SPY added 2.6%, DIA gained about 2.6% while QQQ moved 4.4% higher on the day.Two more specialized ETFs are worth noting as both saw trading volume that was far outside of normal. In fact, both these funds experienced volume levels that were more than double their average for the most-recent trading session. This could make these ETFs the ones to watch out for in the days ahead to see if this trend of extra-interest continues.VEA: Volume 2.62 Times AverageThis developed world ETF was under the microscope as about 45.9 million shares moved hands. This compares with an average trading volume of roughly 17.54 million shares and came as VEA gained more than 2.2% in the last trading session. IJR is down 5% in a month’s time.IWB: Volume 2.55 Times AverageThis large-cap ETF was in the spotlight as around 2.62 million shares moved hands compared with an average of 1.03 million shares a day. We also saw some price movement as IWB gained 2.5% in the last session. IWB has slumped 6.5% over the past month. Want key ETF info delivered straight to your inbox? Zacks’ free Fund Newsletter will brief you on top news and analysis, as well as top-performing ETFs, each week.Get it free >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Invesco QQQ (QQQ): ETF Research Reports SPDR S&P 500 ETF (SPY): ETF Research Reports SPDR Dow Jones Industrial Average ETF (DIA): ETF Research Reports iShares Russell 1000 ETF (IWB): ETF Research Reports Vanguard FTSE Developed Markets ETF (VEA): ETF Research Reports To read this article on Zacks.com click here. Zacks Investment Research.....»»

Source:  zacksCategory: top~22 min. ago Related News

Is Vanguard Target Retirement Income Fund (VTINX) a Strong Mutual Fund Pick Right Now?

Mutual Fund Report for VTINX If you've been stuck searching for Mutual Fund Equity Report funds, consider Vanguard Target Retirement Income Fund (VTINX) as a possibility. The fund does not have a Zacks Mutual Fund Rank, though we have been able to explore other metrics like performance, volatility, and cost.History of Fund/ManagerVTINX finds itself in the Vanguard Group family, based out of Malvern, PA. Vanguard Target Retirement Income Fund made its debut in October of 2003, and since then, VTINX has accumulated about $39.08 billion in assets, per the most up-to-date date available. The fund's current manager, William Coleman, has been in charge of the fund since February of 2013.PerformanceInvestors naturally seek funds with strong performance. This fund has delivered a 5-year annualized total return of 3.16%, and it sits in the middle third among its category peers. If you're interested in shorter time frames, do not dismiss looking at the fund's 3-year annualized total return of 1.93%, which places it in the middle third during this time-frame.When looking at a fund's performance, it is also important to note the standard deviation of the returns. The lower the standard deviation, the less volatility the fund experiences. VTINX's standard deviation over the past three years is 7.49% compared to the category average of 7.92%. The fund's standard deviation over the past 5 years is 6.35% compared to the category average of 6.8%. This makes the fund less volatile than its peers over the past half-decade.Risk FactorsInvestors should not forget about beta, an important way to measure a mutual fund's risk compared to the market as a whole. VTINX has a 5-year beta of 0.33, which means it is likely to be less volatile than the market average. Alpha is an additional metric to take into consideration, since it represents a portfolio's performance on a risk-adjusted basis relative to a benchmark, which in this case, is the S&P 500. Over the past 5 years, the fund has a negative alpha of -1.65. This means that managers in this portfolio find it difficult to pick securities that generate better-than-benchmark returns.ExpensesAs competition heats up in the mutual fund market, costs become increasingly important. Compared to its otherwise identical counterpart, a low-cost product will be an outperformer, all other things being equal. Thus, taking a closer look at cost-related metrics is vital for investors. In terms of fees, VTINX is a no load fund. It has an expense ratio of 0.11% compared to the category average of 0.86%. From a cost perspective, VTINX is actually cheaper than its peers.While the minimum initial investment for the product is $1,000, investors should also note that each subsequent investment needs to be at least $1.Bottom LineYour research on the Mutual Fund Equity Report segment doesn't have to stop here. You can check out all the great mutual fund tools we have to offer by going to www.zacks.com/funds/mutual-funds to see the additional features we offer as well for additional information. If you want to check out our stock reports as well, make sure to go to Zacks.com to see all of the great tools we have to offer, including our time-tested Zacks Rank. Special Report: The Top 5 IPOs for Your Portfolio Today, you have a chance to get in on the ground floor of one of the best investment opportunities of the year. As the world continues to benefit from an ever-evolving internet, a handful of innovative tech companies are on the brink of reaping immense rewards - and you can put yourself in a position to cash in. One is set to disrupt the online communication industry. Brilliantly designed for creating online communities, this stock is poised to explode when made public. With the strength of our economy and record amounts of cash flooding into IPOs, you don’t want to miss this opportunity.>>See Zacks’ Hottest IPOs NowWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Get Your Free (VTINX): Fund Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Source:  zacksCategory: top~22 min. ago Related News

Is Vanguard Small-Cap Value Index Investor (VISVX) a Strong Mutual Fund Pick Right Now?

Mutual Fund Report for VISVX Any investors who are searching for Mutual Fund Equity Report funds should take a look at Vanguard Small-Cap Value Index Investor (VISVX). VISVX has no Zacks Mutual Fund Rank, but we have been able to look into other metrics like performance, volatility, and cost.History of Fund/ManagerVISVX finds itself in the Vanguard Group family, based out of Malvern, PA. Vanguard Small-Cap Value Index Investor debuted in April of 1998. Since then, VISVX has accumulated assets of about $150.65 million, according to the most recently available information. The fund is currently managed by William Coleman who has been in charge of the fund since April of 2016.PerformanceObviously, what investors are looking for in these funds is strong performance relative to their peers. VISVX has a 5-year annualized total return of 7.53% and it sits in the top third among its category peers. If you're interested in shorter time frames, do not dismiss looking at the fund's 3-year annualized total return of 10.74%, which places it in the middle third during this time-frame.When looking at a fund's performance, it is also important to note the standard deviation of the returns. The lower the standard deviation, the less volatility the fund experiences. VISVX's standard deviation over the past three years is 24.93% compared to the category average of 19.17%. The fund's standard deviation over the past 5 years is 22.27% compared to the category average of 17.19%. This makes the fund more volatile than its peers over the past half-decade.Risk FactorsInvestors should note that the fund has a 5-year beta of 1.13, so it is likely going to be more volatile than the market at large. Because alpha represents a portfolio's performance on a risk-adjusted basis relative to a benchmark, which is the S&P 500 in this case, one should pay attention to this metric as well. The fund has produced a negative alpha over the past 5 years of -4.39, which shows that managers in this portfolio find it difficult to pick securities that generate better-than-benchmark returns.HoldingsExploring the equity holdings of a mutual fund is also a valuable exercise. This can show us how the manager is applying their stated methodology, as well as if there are any inherent biases in their approach. For this particular fund, the focus is principally on equities that are traded in the United States.Right now, 88.7% of this mutual fund's holdings are stocks, with an average market capitalization of $6 billion. The fund has the heaviest exposure to the following market sectors: Finance Industrial Cyclical Turnover is about 16%, so those in charge of the fund make fewer trades than its comparable peers.ExpensesCosts are increasingly important for mutual fund investing, and particularly as competition heats up in this market. And all things being equal, a lower cost product will outperform its otherwise identical counterpart, so taking a closer look at these metrics is key for investors. In terms of fees, VISVX is a no load fund. It has an expense ratio of 0.19% compared to the category average of 1.22%. VISVX is actually cheaper than its peers when you consider factors like cost.This fund requires a minimum initial investment of $0, while there is no minimum for each subsequent investment.Bottom LineYour research on the Mutual Fund Equity Report segment doesn't have to stop here. You can check out all the great mutual fund tools we have to offer by going to www.zacks.com/funds/mutual-funds to see the additional features we offer as well for additional information. Want to learn even more? We have a full suite of tools on stocks that you can use to find the best choices for your portfolio too, no matter what kind of investor you are. Special Report: The Top 5 IPOs for Your Portfolio Today, you have a chance to get in on the ground floor of one of the best investment opportunities of the year. As the world continues to benefit from an ever-evolving internet, a handful of innovative tech companies are on the brink of reaping immense rewards - and you can put yourself in a position to cash in. One is set to disrupt the online communication industry. Brilliantly designed for creating online communities, this stock is poised to explode when made public. With the strength of our economy and record amounts of cash flooding into IPOs, you don’t want to miss this opportunity.>>See Zacks’ Hottest IPOs NowWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Get Your Free (VISVX): Fund Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Source:  zacksCategory: top~22 min. ago Related News

Is Direxion Monthly NASDAQ-100 Bull 1.75X Investor (DXQLX) a Strong Mutual Fund Pick Right Now?

Mutual Fund Report for DXQLX If you've been stuck searching for Mutual Fund Equity Report funds, consider Direxion Monthly NASDAQ-100 Bull 1.75X Investor (DXQLX) as a possibility. DXQLX carries a Zacks Mutual Fund Rank of 1 (Strong Buy), which is based on nine forecasting factors like size, cost, and past performance.History of Fund/ManagerDirexion Funds is based in Newton, MA, and is the manager of DXQLX. Direxion Monthly NASDAQ-100 Bull 1.75X Investor made its debut in May of 2006, and since then, DXQLX has accumulated about $274.46 million in assets, per the most up-to-date date available. The fund's current manager, Tony Ng, has been in charge of the fund since May of 2006.PerformanceInvestors naturally seek funds with strong performance. DXQLX has a 5-year annualized total return of 25.54% and is in the top third among its category peers. But if you are looking for a shorter time frame, it is also worth looking at its 3-year annualized total return of 28.49%, which places it in the top third during this time-frame.When looking at a fund's performance, it is also important to note the standard deviation of the returns. The lower the standard deviation, the less volatility the fund experiences. The standard deviation of DXQLX over the past three years is 45.29% compared to the category average of 39.14%. Looking at the past 5 years, the fund's standard deviation is 41.16% compared to the category average of 35.52%. This makes the fund more volatile than its peers over the past half-decade.Risk FactorsWith a 5-year beta of 2.2, the fund is likely to be more volatile than the market average. Another factor to consider is alpha, as it reflects a portfolio's performance on a risk-adjusted basis relative to a benchmark-in this case, the S&P 500. DXQLX has generated a positive alpha over the past five years of 4.74, demonstrating that managers in this portfolio are skilled in picking securities that generate better-than-benchmark returns.HoldingsExamining the equity holdings of a mutual fund is also a valuable exercise. This can show us how the manager is applying their stated methodology, as well as if there are any inherent biases in their approach. For this particular fund, the focus is mostly on equities that are traded in the United States.This fund is currently holding about 98.08% stock in stocks and it has a negligible amount of assets in foreign securities. The fund has the heaviest exposure to the following market sectors: Other Finance This fund's turnover is about 0%, so the fund managers are making fewer trades than its comparable peers.ExpensesCosts are increasingly important for mutual fund investing, and particularly as competition heats up in this market. And all things being equal, a lower cost product will outperform its otherwise identical counterpart, so taking a closer look at these metrics is key for investors. In terms of fees, DXQLX is a no load fund. It has an expense ratio of 1.31% compared to the category average of 0.79%. So, DXQLX is actually more expensive than its peers from a cost perspective.Investors need to be aware that with this product, the minimum initial investment is $25,000; each subsequent investment needs to be at least $500.Bottom LineOverall, Direxion Monthly NASDAQ-100 Bull 1.75X Investor ( DXQLX ) has a high Zacks Mutual Fund rank, and in conjunction with its comparatively strong performance, worse downside risk, and higher fees, Direxion Monthly NASDAQ-100 Bull 1.75X Investor ( DXQLX ) looks like a good potential choice for investors right now.For additional information on this product, or to compare it to other mutual funds in the Mutual Fund Equity Report, make sure to go to www.zacks.com/funds/mutual-funds for additional information. And don't forget, Zacks has all of your needs covered on the equity side too! Make sure to check out Zacks.com for more information on our screening capabilities, Rank, and all our articles as well. Special Report: The Top 5 IPOs for Your Portfolio Today, you have a chance to get in on the ground floor of one of the best investment opportunities of the year. As the world continues to benefit from an ever-evolving internet, a handful of innovative tech companies are on the brink of reaping immense rewards - and you can put yourself in a position to cash in. One is set to disrupt the online communication industry. Brilliantly designed for creating online communities, this stock is poised to explode when made public. With the strength of our economy and record amounts of cash flooding into IPOs, you don’t want to miss this opportunity.>>See Zacks’ Hottest IPOs NowWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Get Your Free (DXQLX): Fund Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Source:  zacksCategory: top~22 min. ago Related News

Is BlackRock Equity Dividend R (MRDVX) a Strong Mutual Fund Pick Right Now?

Mutual Fund Report for MRDVX Having trouble finding a Mutual Fund Equity Report fund? BlackRock Equity Dividend R (MRDVX) is a possible starting point. MRDVX possesses a Zacks Mutual Fund Rank of 3 (Hold), which is based on nine forecasting factors like size, cost, and past performance.History of Fund/ManagerBlackRock is based in New York, NY, and is the manager of MRDVX. The BlackRock Equity Dividend R made its debut in January of 2003 and MRDVX has managed to accumulate roughly $435.40 million in assets, as of the most recently available information. The fund is currently managed by Tony DeSpirito who has been in charge of the fund since August of 2014.PerformanceInvestors naturally seek funds with strong performance. This fund carries a 5-year annualized total return of 7.98%, and is in the middle third among its category peers. But if you are looking for a shorter time frame, it is also worth looking at its 3-year annualized total return of 8.59%, which places it in the bottom third during this time-frame.When looking at a fund's performance, it is also important to note the standard deviation of the returns. The lower the standard deviation, the less volatility the fund experiences. Over the past three years, MRDVX's standard deviation comes in at 18.92%, compared to the category average of 16.46%. Looking at the past 5 years, the fund's standard deviation is 16.83% compared to the category average of 14.64%. This makes the fund more volatile than its peers over the past half-decade.Risk FactorsInvestors should note that the fund has a 5-year beta of 0.86, which means it is hypothetically less volatile than the market at large. Alpha is an additional metric to take into consideration, since it represents a portfolio's performance on a risk-adjusted basis relative to a benchmark, which in this case, is the S&P 500. The fund has produced a negative alpha over the past 5 years of -2.05, which shows that managers in this portfolio find it difficult to pick securities that generate better-than-benchmark returns.HoldingsInvestigating the equity holdings of a mutual fund is also a valuable exercise. This can show us how the manager is applying their stated methodology, as well as if there are any inherent biases in their approach. For this particular fund, the focus is mostly on equities that are traded in the United States.As of the last filing date, the mutual fund has 79.54% of its assets in stocks, and these companies have an average market capitalization of $112.47 billion. The fund has the heaviest exposure to the following market sectors: Finance Technology Turnover is about 47%, so those in charge of the fund make fewer trades than its comparable peers.ExpensesFor investors, taking a closer look at cost-related metrics is key, since costs are increasingly important for mutual fund investing. Competition is heating up in this space, and a lower cost product will likely outperform its otherwise identical counterpart, all things being equal. In terms of fees, MRDVX is a no load fund. It has an expense ratio of 1.27% compared to the category average of 0.99%. So, MRDVX is actually more expensive than its peers from a cost perspective.While the minimum initial investment for the product is $100, investors should also note that there is no minimum for each subsequent investment.Bottom LineOverall, BlackRock Equity Dividend R ( MRDVX ) has a neutral Zacks Mutual Fund rank, and in conjunction with its comparatively similar performance, average downside risk, and higher fees, BlackRock Equity Dividend R ( MRDVX ) looks like a somewhat average choice for investors right now.Your research on the Mutual Fund Equity Report segment doesn't have to stop here. You can check out all the great mutual fund tools we have to offer by going to www.zacks.com/funds/mutual-funds to see the additional features we offer as well for additional information. And don't forget, Zacks has all of your needs covered on the equity side too! Make sure to check out Zacks.com for more information on our screening capabilities, Rank, and all our articles as well. Special Report: The Top 5 IPOs for Your Portfolio Today, you have a chance to get in on the ground floor of one of the best investment opportunities of the year. As the world continues to benefit from an ever-evolving internet, a handful of innovative tech companies are on the brink of reaping immense rewards - and you can put yourself in a position to cash in. One is set to disrupt the online communication industry. Brilliantly designed for creating online communities, this stock is poised to explode when made public. With the strength of our economy and record amounts of cash flooding into IPOs, you don’t want to miss this opportunity.>>See Zacks’ Hottest IPOs NowWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Get Your Free (MRDVX): Fund Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Source:  zacksCategory: top~22 min. ago Related News

Grab These 3 Goldman Sachs Mutual Funds for Excellent Returns

Below, we share with you three Goldman Sachs mutual funds, viz. GCGIX, GSPAX and GMVAX. Each has a Zacks Mutual Fund Rank #1. Goldman Sachs Asset Management (GSAM) is a world-renowned company that provides investment management, portfolio design, and advisory services, with strategies spanning asset classes, industries and geographies to individual and institutional investors worldwide since 1988. As of Jun 30, 2021, GSAM has $1.82 trillion in assets under supervision worldwide.The fund has more than 2,000 professionals across 31 offices worldwide. The company has a team of more than 800 investment professionals who capitalize on Goldman Sachs technology, risk-management skills and market insights. It offers investment solutions, including fixed income, money markets, public equity, commodities, hedge funds, private equity, and real estate, through proprietary strategies, strategic partnerships, and open architecture programs.Below, we share with you three Goldman Sachs mutual funds, viz. Goldman Sachs Large Cap Growth Insights Fund GCGIX, Goldman Sachs U.S. Equity Dividend and Premium Fund GSPAX, and Goldman Sachs Small/Mid Cap Value Fund Class A GMVAX. Each has a Zacks Mutual Fund Rank #1 (Strong Buy) and is expected to outperform its peers in the future. Investors can click here to see the complete list of Goldman Sachs mutual funds.Goldman Sachs Large Cap Growth Insights Fund invests most of its assets, along with borrowings, if any, in a broadly diversified portfolio of equity securities of large-cap issues of domestic and foreign companies that are traded in the United States. GCGIX may also invest in fixed-income securities that are considered to be cash equivalents.Goldman Sachs Large Cap Growth Insights Fund has three-year annualized returns of 13.2%. As of the end of August 2022, GCGIX held 124 issues, with 12.03% of its assets invested in Apple Inc.Goldman Sachs U.S. Equity Dividend and Premium Fund invests most of its assets along with borrowings, if any, in dividend-paying large-cap U.S.-based publicly traded companies with market capitalization similar to the companies listed on the S&P 500 Index at the time of investment. GSPAX invests in a diversified portfolio.Goldman Sachs U.S. Equity Dividend and Premium Fund has three-year annualized returns of 9.5%. GSPAX has an expense ratio of 1.06% compared with the category average of 1.11%.Goldman Sachs Small/Mid Cap Value Fund Class A seeks long-term capital appreciation by investing most of its assets, along with borrowings, if any, in a diversified portfolio of equity investments in small- and mid-cap issuers with market capitalizations within the range of the of companies that are part of Russell 2000 Value Index and the Russell Midcap Value Index.Goldman Sachs Small/Mid Cap Value Fund Class A has three-year annualized returns of 9.8%. Robert G. Crystal has been one of the fund managers of GMVAX since January 2014.To view the Zacks Rank and the past performance of all Goldman Sachs mutual funds, investors can click here to see the complete list of Goldman Sachs mutual funds.Want key mutual fund info delivered straight to your inbox?Zacks’ free Fund Newsletter will brief you on top news and analysis, as well as top-performing mutual funds, each week. Get it free >> Special Report: The Top 5 IPOs for Your Portfolio Today, you have a chance to get in on the ground floor of one of the best investment opportunities of the year. As the world continues to benefit from an ever-evolving internet, a handful of innovative tech companies are on the brink of reaping immense rewards - and you can put yourself in a position to cash in. One is set to disrupt the online communication industry. Brilliantly designed for creating online communities, this stock is poised to explode when made public. With the strength of our economy and record amounts of cash flooding into IPOs, you don’t want to miss this opportunity.>>See Zacks’ Hottest IPOs NowView All Zacks #1 Ranked Mutual FundsWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Get Your Free (GSPAX): Fund Analysis Report Get Your Free (GCGIX): Fund Analysis Report Get Your Free (GMVAX): Fund Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Source:  zacksCategory: top~22 min. ago Related News

Acuity Brands (AYI) Q4 Earnings and Revenues Top Estimates

Acuity Brands (AYI) delivered earnings and revenue surprises of 17.91% and 0.35%, respectively, for the quarter ended August 2022. Do the numbers hold clues to what lies ahead for the stock? Acuity Brands (AYI) came out with quarterly earnings of $3.95 per share, beating the Zacks Consensus Estimate of $3.35 per share. This compares to earnings of $3.27 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 17.91%. A quarter ago, it was expected that this lighting maker would post earnings of $2.98 per share when it actually produced earnings of $3.52, delivering a surprise of 18.12%.Over the last four quarters, the company has surpassed consensus EPS estimates four times.Acuity Brands, which belongs to the Zacks Building Products - Lighting industry, posted revenues of $1.11 billion for the quarter ended August 2022, surpassing the Zacks Consensus Estimate by 0.35%. This compares to year-ago revenues of $992.7 million. The company has topped consensus revenue estimates four times over the last four quarters.The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.Acuity Brands shares have lost about 24.6% since the beginning of the year versus the S&P 500's decline of -22.8%.What's Next for Acuity Brands?While Acuity Brands has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.Ahead of this earnings release, the estimate revisions trend for Acuity Brands: mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.It will be interesting to see how estimates for the coming quarters and current fiscal year change in the days ahead. The current consensus EPS estimate is $2.86 on $987.45 million in revenues for the coming quarter and $12.12 on $3.99 billion in revenues for the current fiscal year.Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Building Products - Lighting is currently in the top 21% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.Another stock from the same industry, LSI (LYTS), has yet to report results for the quarter ended September 2022.This lighting and LED display company is expected to post quarterly earnings of $0.17 per share in its upcoming report, which represents a year-over-year change of +30.8%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.LSI's revenues are expected to be $117.89 million, up 10.8% from the year-ago quarter. Special Report: The Top 5 IPOs for Your Portfolio Today, you have a chance to get in on the ground floor of one of the best investment opportunities of the year. As the world continues to benefit from an ever-evolving internet, a handful of innovative tech companies are on the brink of reaping immense rewards - and you can put yourself in a position to cash in. One is set to disrupt the online communication industry. Brilliantly designed for creating online communities, this stock is poised to explode when made public. With the strength of our economy and record amounts of cash flooding into IPOs, you don’t want to miss this opportunity.>>See Zacks’ Hottest IPOs NowWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Acuity Brands Inc (AYI): Free Stock Analysis Report LSI Industries Inc. (LYTS): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Source:  zacksCategory: top~22 min. ago Related News

Naver Agrees $1.2bn Deal to Buy Fashion Marketplace Poshmark 

The South Korean search giant Naver has agreed to acquire fashion marketplace Poshmark for $1.2 billion in cash. The deal values the company’s shares at $17.90, a 15% premium on yesterday’s closing… The post Naver Agrees $1.2bn Deal to Buy Fashion Marketplace Poshmark  appeared first on Red Herring. The South Korean search giant Naver has agreed to acquire fashion marketplace Poshmark for $1.2 billion in cash. The deal values the company’s shares at $17.90, a 15% premium on yesterday’s closing price.  The two companies expect the deal to go through in Q1 2023 and if all goes smoothly Poshmark will become a standalone subsidiary of Naver, and remain at its headquarters in Redwood City, California.  Poshmark allows shoppers to buy clothes from the closets of other users, and went public in January 2021 at $42 a share. At the time online shopping was surging due to COVID-19 pandemic lockdowns, but since then the stock has fallen rapidly, alongside most of the tech industry.  Naver’s main offering is its search engine and e-commerce platform in South Korea. The deal will give Poshmark a foothold in international markets while boosting Naver’s reach in online retail. “The combination will create the strongest platform for powering communities and re-fashioning commerce. Poshmark is the definitive brand for fashion in the U.S. that provides a social network for buying and selling apparel,” Naver CEO Choi Soo-Yeon said in a press release. “Naver’s leading technology in search, AI recommendation and e-commerce tools will help power the next phase of Poshmark’s global growth.” The two companies said they expect the deal to generate “significant revenue and cost synergies” and predicted annual revenue growth of 20% in the short term.  This is the latest consolidation in the secondhand fashion market. Last year Etsy completed a $1.62 billion deal for Poshmark competitor Depop. Other companies in this space have struggled over a similar timeline. The RealReal shares are down 93% since its 2019 IPO, while ThredUp, which went public soon after Poshmark, has seen its shares fall 87%.  The post Naver Agrees $1.2bn Deal to Buy Fashion Marketplace Poshmark  appeared first on Red Herring......»»

Source:  redherringCategory: top~22 min. ago Related News

: Bill targeting Visa and Mastercard is ‘still alive,’ but latest path ‘feels like a desperation move’

A bill that lawmakers say will create more competition in the credit-card business and pressure industry fees "is still unlikely to pass in any form, but it’s still alive," according to an analyst......»»

Source:  marketwatchCategory: top~23 min. ago Related News

MarketWatch First Take: Tesla’s Optimus bot: ‘High school science project’ or robotics game changer?

Two development versions of the Optimus humanoid robot were on show at Tesla AI Day event......»»

Source:  marketwatchCategory: top~23 min. ago Related News

Market Extra: What does a pivot look like? Here’s how Australia’s central bank framed a dovish surprise.

How could the Fed pivot? Take a look at what Australia's central bank just did......»»

Source:  marketwatchCategory: top~23 min. ago Related News

: Exclusive: Starbucks urged to work with unions in letter from members of Congress

Almost three dozen lawmakers on Monday urged Starbucks Corp. to work with the unions that have formed at nearly 250 of its stores around the nation, and expressed concerns about allegations that the coffee chain is discriminating against workers who are unionizing by withholding wage and benefits increases......»»

Source:  marketwatchCategory: top~23 min. ago Related News

Coronavirus Update: Hair loss is another symptom of long COVID. Here’s what experts say.

About 20% of people who were hospitalized with COVID-19 have experienced hair loss......»»

Source:  marketwatchCategory: top~23 min. ago Related News

The Ratings Game: The Roblox reality may not be ‘as grand as its vision,’ analyst says in bearish note

Roblox Inc. has big visions for its future, but one analyst isn't sure they'll pan out—or that they're what investors want to hear about right now......»»

Source:  marketwatchCategory: top~23 min. ago Related News

: Chinese EV maker Nio’s stock resumes selloff, even as quarterly deliveries rise to a record

Shares of Nio Inc. resumed its recent selloff toward a more than four-month low on Monday, reversing an earlier intraday gain, after the China-based electric-vehicle maker reported an uptick in September deliveries, enough to lift deliveries for the past three months to a quarterly record......»»

Source:  marketwatchCategory: top~23 min. ago Related News

: ‘There’s no way that patients are going to be able to afford that.’ Why aren’t new drugs that can help you lose weight more widely used?

A pair of new drugs offer something that most Americans desperately want: a way to lose weight......»»

Source:  marketwatchCategory: top~23 min. ago Related News

Op-Ed: Here"s how companies can strong-arm their suppliers into cutting carbon emissions

Companies can make a huge difference against greenhouse gases simply by requiring their suppliers to get tough.Companies can make a huge difference against greenhouse gases simply by requiring their suppliers to get tough......»»

Source:  latimesCategory: top~51 min. ago Related News

Medicaid inspector general saved New York $3.2B in 2021, report finds

Plus: Town Hall Ventures launches $350M health care fund Long Island nonprofit awarded $4M for behavioral health ArchCare opens $23M hospital for children with disabilities and complex medical needs.....»»

Source:  crainsnewyorkCategory: blog~1 hr. 6 min. ago Related News

New York leads the nation in small business closures, according to Facebook data

More than a quarter of companies responding to its survey were not open in July 2022.....»»

Source:  crainsnewyorkCategory: blog~1 hr. 6 min. ago Related News

Bear of the Day: JELD-WEN Holding, Inc. (JELD)

Earnings misses have been a sore spot for JELD during the past year. JELD-WEN JELD designs, manufactures, and sells doors and windows primarily in North America, Europe, and Australasia. JELD offers a line of residential interior and exterior products including patio doors, wood and vinyl windows, and sliding wall systems. The company also offers ancillary products and services such as shower enclosures, wardrobes, moldings, trim boards, lumber, and hardware and lock installation.JELD markets its products under the JELD-WEN, Swedoor, DANA, Corinthian, Stebar, LaCantina, VPI and Breezway brands. It serves wholesale distributors and retailers as well as individual contractors and consumers. JELD-WEN Holding was founded in 1960 and is based in Charlotte, NC.The Zacks RundownJELD has been severely underperforming the market over the past year. A Zacks Rank #5 (Strong Sell) stock, JELD peaked in April of last year – well before the major indices. The stock has been in a price downtrend ever since and is hitting a series of 52-week lows. JELD represents a compelling short opportunity as the market continues its volatile start to the year.JELD-WEN is part of the Zacks Building Products – Wood industry group, which currently ranks in the bottom 31% out of approximately 250 industries. Because this industry is ranked in the bottom half of all Zacks Ranked Industries, we expect it to underperform the market over the next 3 to 6 months. Candidates in the bottom half of industry groups can often represent solid potential short candidates. While individual stocks have the ability to outperform even when included in poor-performing industries, their industry association serves as a headwind for any potential rallies.As we can see below, this industry is down nearly 36% this year, widely underperforming the market:Image Source: Zacks Investment ResearchWeak Foundation: Falling Short on Earnings and Deteriorating ForecastsEarnings misses have been a sore spot for JELD during the past year. The window and door manufacturer has fallen short of estimates in three of the past four quarters. JELD most recently reported Q2 EPS back in August of $0.57/share, missing the $0.69 consensus estimate by -17.39%. Revenues of $1.33 billion also missed the mark by -2.08%. These are the types of negative trends that the bears like to see.JELD has posted an average earnings miss of -14.75% over the past four quarters. Analysts have been revising earnings estimates downward as of late. For the year, analysts have reduced their EPS estimate by -10.75% in the past 60 days. The 2022 Zacks Consensus EPS Estimate is now $1.66/share, reflecting a -7.78% decline compared to last year.Image Source: Zacks Investment ResearchTechnical OutlookJELD stock has been steadily falling since last year and has now established a well-defined downtrend. Notice how both the 50-day (blue line) and 100-day (red line) moving averages are sloping down. Shares have declined more than 64% in the past year. The stock continues to trade below both averages, while the averages have acted as steady resistance throughout the down move:Image Source: StockChartsFinal ThoughtsThe recent earnings misses in addition to deteriorating estimates are both huge red flags and need to be respected. These will likely serve as a ceiling to any potential rallies, nurturing the stock’s downtrend.JELD’s characteristics have resulted in a Zacks Growth Style Score of ‘C’, indicating further downside is likely. The fact that this company is included in a bottom-performing industry group simply adds to the growing list of concerns. Investors will want to steer clear of JELD until the situation shows major signs of improvement, or possibly include it as part of a hedge or short strategy. Special Report: The Top 5 IPOs for Your Portfolio Today, you have a chance to get in on the ground floor of one of the best investment opportunities of the year. As the world continues to benefit from an ever-evolving internet, a handful of innovative tech companies are on the brink of reaping immense rewards - and you can put yourself in a position to cash in. One is set to disrupt the online communication industry. Brilliantly designed for creating online communities, this stock is poised to explode when made public. With the strength of our economy and record amounts of cash flooding into IPOs, you don’t want to miss this opportunity.>>See Zacks’ Hottest IPOs NowWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report JELDWEN Holding, Inc. (JELD): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Source:  zacksCategory: top~1 hr. 6 min. ago Related News

Former Pentagon Advisor Says US Likely Attacked Nord Stream Pipelines To Isolate Germany

Former Pentagon Advisor Says US Likely Attacked Nord Stream Pipelines To Isolate Germany.....»»

Source:  zerohedgeCategory: blog~1 hr. 6 min. ago Related News

Brit Stearns? UK Property Funds Gate Redemptions To Avoid Asset "Firesales"

Brit Stearns? UK Property Funds Gate Redemptions To Avoid Asset "Firesales" The dominoes keep falling in Britain... The last week - since The Bank of England bailed out its pension fund system - long-gilts and cable have rallied notably erasing much of the immediate pain felt in the margin-call/liquidity-fest chaos that forced the 'old lady' to step in. However, as we noted over the weekend, the scars remain and funds are continuing to sell down assets, reducing exposures as the sudden collateral shortage has spooked many. That selling has prompted spillover effects, specifically, as The FT reports, three of the UK's largest property fund-managers have admitted they are unable to handle heavy demand from investors seeking to withdraw money. Specifically, The FT notes that Schroders said it will make some redemptions originally due on Monday as late as July next year (the £2.7bn UK Real Estate fund), while Columbia Threadneedle said volatile market conditions had forced it to switch from daily to monthly payouts (the £2.3bn Pooled Property fund). At the same time, BlackRock also imposed new restrictions on withdrawals (the £3.5bn UK Property fund). So that's £8.5bn of assets now tied up. The NAVs of these funds has yet to really implode (that's the point) but that suggests the true 'price' is well below current levels (as liquidity risk premia strike). As The FT notes, UK pension funds have been cutting real estate holdings for several months as rising interest rates and slowing activity have weighed on the property market. Tumbling prices of UK government debt have also increased the proportion of funds’ portfolios in real estate, prompting some to reduce their exposure. “It’s a fairly feeble market and you’ve thrown in some volatility. Shifting to monthly redemptions [from daily] reduces your need to firesale assets,” said one adviser to property funds. Calum Mackenzie, investment partner with Aon, the pension consultants, added, “I think this is part of a longer-term trend by pension funds to [cut risk] by selling off the less liquid assets...This trend is now being exacerbated by last week’s short-term liquidity rush by pension funds.” The last time we saw UK Property funds gating redemptions was immediately after the Brexit vote in July 2016 and during the early months of the COVID response. Bear in mind that during the post-Brexit gates, the idea quickly struck a chord with the rest of the country's "liquidity-challenged" asset managers, sparking vastly more capital restrictions. Tyler Durden Tue, 10/04/2022 - 05:45.....»»

Source:  zerohedgeCategory: blog~1 hr. 6 min. ago Related News

Central Banks Add Gold For Fifth Straight Month

Central Banks Add Gold For Fifth Straight Month Via SchiffGold.com, Central banks globally added to their net gold holdings for the fifth consecutive month in August, according to the latest data released by the World Gold Council. On net, central banks added 20 more tons of gold to their reserves. Three banks drove buying in August and there were no notable sellers. So far this year, central banks have added over 300 tons of gold to their goldings. Turkey was the biggest buyer in August and has added more gold than any other country in 2022 to date. With its 8.9-ton purchase in August, Turkey has increased its gold reserves by 84 tons year-to-date. Turkey now holds 478 tons of gold between its central bank and treasury holdings, the highest level since Q2 2020. Uzbekistan added 8.7 tons to its reserves in August, roughly the same amount as the previous five months. This brings its y-t-d net purchases to over 19 tons despite having begun the year by selling almost 25 tons in the first quarter.  Gold reserves account for just over 60% of Uzbek’s total reserves. After being the only notable seller in July, Kazakhstan bought 2 tons of gold in August. Total Kazakh gold reserves stand now just shy of 375 tons, down almost 28 tons since the start of the year. It is not uncommon for banks that buy from domestic production – such as Uzbekistan and Kazakhstan – to switch between buying and selling. Mexico and Serbia both made small 0.1-ton purchases in August. Qatar was the biggest gold buyer in July with an addition of 14.8 tons added to its reserves. Preliminary data published by the Qatar Central Bank suggests a further addition to its gold reserves during August, but the data has not been reported but the IMF IFS database. The WGC said it decided to exclude the Qatar purchase from their data until the IMF reports the official numbers. India’s lack of gold purchases in August was notable. India had been buying gold consistently for months. India now owns 781 tons of gold, ranking it as the ninth largest gold-holding country in the world. Since resuming buying in late 2017, the Reserve Bank of India has purchased over 200 tons of gold. In August 2020, there were reports that the RBI was considering significantly raising its gold reserves. Central banks purchase a net 270 tons of gold through the first half of the year. This fell in line with the five-year H1 average of 266 tons. “This is a continuation of the strong buying that we saw last year and we now expect full-year central bank demand for 2022 to be on a par with 2021 levels,” a World Gold Council report said. Central banks added 463 tons of gold to global reserves in 2021. That was 82% higher than in 2020. A WGC survey found that “gold’s performance during a time of crisis and its role as a long-term store of value/inflation hedge are key determinants in the decisions of central banks to hold it.” Last year was the 12th consecutive year of net purchases. Over that time, central banks have bought a net total of 5,692 tons of gold. After record years in 2018 and 2019, central bank gold-buying slowed in 2020 with net purchases totaling about 273 tons. The lower rate of purchases in 2020 was expected given the strength of central bank buying both in 2018 and 2019. The economic chaos caused by the coronavirus pandemic has also impacted the market. Central bank demand came in at 650.3 tons in 2019. That was the second-highest level of annual purchases for 50 years, just slightly below the 2018 net purchases of 656.2 tons. According to the WGC, 2018 marked the highest level of annual net central bank gold purchases since the suspension of dollar convertibility into gold in 1971, and the second-highest annual total on record. Tyler Durden Tue, 10/04/2022 - 06:30.....»»

Source:  zerohedgeCategory: blog~1 hr. 6 min. ago Related News

LNG Ship Charter Rates Explode As Europe Rejiggers Energy Supply Chain

LNG Ship Charter Rates Explode As Europe Rejiggers Energy Supply Chain Spot charter rates for the global liquefied natural gas (LNG) carriers are soaring due to a shortage of vessels.  LNG shipping rates have been dramatically impacted by energy supply chain disruption due to the Russian invasion of Ukraine. The LNG shipping sector is booming even more as rates near record highs following the bombing of the Nord Stream pipeline system last week.  Bloomberg said Europe is "to replace Russian pipeline flows with liquefied natural gas from suppliers including in the US and Nigeria." Rejiggering supply chains for the energy-stricken continent means increasing demand for LNG carriers to source gas further away.  Shell booked an LNG carrier for $400k per day, likely the most expensive ever for the Atlantic basin. The Indian firm GAIL also secured an LNG shipment for about $360k per day. Bloomberg explains more:   Shell Plc booked the Yiannis to load a US cargo at the end of October for delivery to Europe at a rate equivalent to $400,000 per day on a round-trip basis, said traders. The deal is likely the most expensive ever for the Atlantic basin, according to traders and brokers.  GAIL India Ltd. also booked the LNG Schneeweisschen to load a cargo in early November from the US at about $360,000 per day, said traders. The company, which recently sold an LNG shipment from its Cove Point export facility, chartered the vessel from a European utility company, they said. Source: Bloomberg  Last month, we pointed out that Western Sanctions Against Russia Spark Mayhem In Shipping As New Threat Emerges because Europe's scramble for LNG carriers to source LNG from abroad was soaking up all the supply of vessels. There are mounting concerns that the limited availability of LNG vessels could cause cargo disruptions.  Tyler Durden Tue, 10/04/2022 - 06:55.....»»

Source:  zerohedgeCategory: blog~1 hr. 6 min. ago Related News

Sell low, buy high - max pain market remains king

Sell low, buy high - max pain market remains king Say hello to put puke Nothing really new, but the crowd continues to load up on protection at local market lows, just in time when vols are very rich. Now comes the painful part where people realize "protection only costs money bro..."   Source: Tradingview They call it range trading for a reason  SPX is back inside the big range post the latest squeeze. Range trading is a special beast to trade, and most suck at buying when it "feels" the world is ending, and selling when it "feels" the only was is higher. Source: Refinitiv The mate factor Early yesterday we wrote: "...last time the GBP traded here, the SPX was 300 points higher...and they used to move in tandem." The SPX added some 100 points since then, but the GBP extended the move as well. The gap remains very wide...   Source: Refinitiv The net long ain't that long  ...especially not if you compare it to where SPX is trading in relation to the 200 day moving average.  Source: DB Volatility control funds have puked equities Is everybody trading this market as if they were running short gamma books? Source: DB Hedgies have been adding to shorts MS Shows that hedge funds have been adding to index shorts rather aggressively over the past two weeks. Let's see if today's squeeze reverses this trend... Source: MS Positioning ”Positioning is very consensually bearish across the HF community (L/S ratio 5y lows, Gross leverage 95th 5y%ile), CTAs are short $52bn of global stocks, close to historical max but still sellers (-$36bn on flat tape), GS positioning indicator reached -1.5 entering buy signal territory, put call ratio at 2y highs also signaling a local bottom driven by technicals and flow dynamics could be near.” (GS trading desk) Hedgies running low leverage Latest net leverage marked another low. We are now at levels seen in April 2009 according to MS. The beta adjusted version is even lower. P/l pain is a master of education Source: MS Reflexivity Reflexivity a topic for many at the moment. The SPX has been down -12.5% in a month 25 times in the past 25 years, which was followed by a 6.5% retracement in the following week on average – adding credence to the squeeze arguments in the short term (GS trading desk). What happened, now "everyone" wants to increase equity exposure? Massive jump in the JPM cross-asset survey. Question: Are you more likely to increase or decrease equity exposure over the coming days/weeks? Source: JPM cross-asset See TME's daily newsletter email above. For the 24/7 market intelligence feed and thematic trading emails, sign up for ZH premium here.   themarketear Tue, 10/04/2022 - 07:04.....»»

Source:  zerohedgeCategory: blog~1 hr. 6 min. ago Related News

The Fed"s Strong Dollar Policy: A Recipe For Systemic Implosion

The Fed's Strong Dollar Policy: A Recipe For Systemic Implosion Authored by Mathew Piepenburg via GoldSwitzerland.com, From Main Street USA to the village corners and central banks of Europe, Japan and elsewhere, the Fed’s strong USD policy is backfiring—big time. Just ask the Brits… Having spent years creating the inflation (QE1 to unlimited QE, Repo bailouts, massive money supply expansion, and an historical wealth transfer from an inflated, Fed-driven stock market), the Fed will be cleaning up its own inflation mess on the backs of the U.S. working class and its other global “allies” while blaming the CPI inflation on Putin, Covid and climate change. How’s that for rigged to fail? But that’s just the beginning, and it’s not just about the USA. Engineering a Recession Powell Can’t Control By raising rates into what we all know is a recession, Powell, who delusionaly pretends to be Volcker re-born, wants to solve the inflation he helped create by engineering a demand-crippling recession which he thinks he can control, but can’t and won’t. And this will be the mother of all recessions, as there is an historical and concomitant debt (and hence currency) crisis in every corner of the globe ($300T+) as well as every corner of the nation ($90T+), from the toxic corporate bond market and over-strapped households to a grotesquely bloated ($30T+) government debt market. Keep It (Horribly) Simple It’s all horribly simple, in fact. If debt is the everywhere-driver of the economy and markets, then any significant increase in the cost of that debt will destroy every corner of that economy and those markets, from zombie enterprises to negative yielding US Treasuries. Powell’s hawkish stance will lead to anything but a “contained recession,” which the Fed will be no less effective “containing” as they were in “containing” their so-called “transitory inflation.” Rising rates will cripple nearly every asset but the artificially inflated USD until all savings are gone, most citizens are hand-out dependent, and most markets and currencies are on their knees. At that point, Uncle Sam will either default on the IOU’s (Treasury bonds) which no one will want, or the Fed will pivot to more mouse-click money to buy/support his debt addiction, following the recent example in the UK. And since the US is too arrogant to fail/default (TAF), the Fed’s only stupid choice left among a long history of stupid, will be a gold-boosting QE pivot. When? Yes, An Inevitable Pivot So, again, when will Powell pivot? After the pain, politics and panics have reached levels the US and global economy and markets haven’t seen since the FDR era, Powell will throw in the towel and pivot. In the interim, the US (as well as global) middle class can thank Greenspan, Bernanke, Yellen and Powell for all the pain ahead, as it is the direct (and I mean direct) result of years of unprecedented drunken free money and bloated debt, the hangover for which is going to be a record-breaking B!c7%… A Treasury Market on the Cliff’s Edge Investors are forgetting that not only is Hawkish Powell raising rates into a debt bubble, he’s slowly tightening the Fed’s balance sheet, which just means dumping more Treasury supply into a demand-less sovereign bond market. And this supply stream means bonds will fall even further and hence their yields (and interest rates) will keep rising, thereby by adding massive insult to an already fatally injured credit/debt market. I feel that when UST’s start to tank en masse, Powell’s fantasy of being the next Volcker will end and the pivot toward money printing will be fast and furious—sending precious metals to record highs. But until then, buckle up. Powell’s Master Dollar Plan—Foreign Suckers For now, Powell’s plan is to let rates, yields and hence the dollar rise, in the hopes that the Greenback will be the only place left for global investors (suckers) to hide, which is where they are indeed beginning to hide. It’s only a matter of time, however, before foreign investors, nostalgic for the days of former US glory, realize that such glory is gone, and that the only way UST’s will ever be “risk-free-return” is if the Fed prints more debased money to buy them, which is not Powell’s current practice. In essence then, foreigners aren’t hiding in “risk-free-return,” but drowning in “return-free-risk” as even 3-4% yields on the US 10Y Treasury yield a negative -5% return when adjusted for inflation, despite it being under-reported by 50%. Remember when I said the Fed has no good options left? I meant it. It’s either tighten and risk systemic collapse, or ease and destroy the currency. Pick your poison. Furthermore, and ironically, the USD (i.e., world reserve currency) is highly illiquid, despite being mouse-clicked for years. For this USD scarcity, and the immense pressure it is putting on USD-denominated debt holders and sovereign financial partners, we can thank that other poison known as the quadrillion-dollar derivatives market, of which I’ve already written. Losing Faith in Uncle Sam’s IOU’s At some point, Americans, as well as the rest of the world, will realize that the US is not what she used to be, and neither are her IOU’s. For the first time in almost a century, faith in Uncle Sam will reach a nadir and precious metals their apex. But faith, as I’ve also written, is a hard financial indicator to time. This is not “gold-bug” posturing but hard math and political reality colliding with the lessons of current and past history. Take the Pathetic Example of Japan The Fed’s rate hikes have pushed Tokyo and its Yen to its knees. The Bank of Japan, unlike the controllers of the world reserve currency (i.e., the Fed), flatly cannot afford to raise rates and pay its JGB’s (i.e., IOU’s) at the same time. Net result? The Bank of Japan is printing Yen like gangbusters and keeping inflation deliberately above interest rates. Yet even in this openly negative-real-yield nightmare, the Japanese 10Y didn’t trade for 2 days. Meanwhile, as the Yen dropped to 50-year lows, Japan was forced for the first time in nearly three decades to prop its currency by making a direct intervention in the FOREX, which entails selling a batch of the UST’s it had on reserve. This explains why the TLT (US Treasury ETF) lost 3% on the same day. Meanwhile, US junk bonds (as measured by the LQD ETF), fell to lows not seen since the COVID lows. Tanking junk bonds, by the way, are typically leading indicators for tanking equity markets. Just saying… And Then There’s the EU… Japan, of course, won’t be the last nation to reach such desperate levels, and as more UST’s are dumped/sold, debt costs in the US will only get more, not less painful, regardless of what the Wizard of Powell does from DC/Oz. Again, just ask the Bank of England and its recent, headline-making pivot to more QE. No shocker at all there… Foreigners own over $18T is USD assets, including bonds, real estate and dollars. Once the distressed selling starts, it goes from slow to rapid very quickly, which means pain levels for Main Street American debtors will rise equally fast. Other nations “friendly” to the US are feeling equal pain from Powell’s hawkish Fed and strong USD. Germany, for example, is seeing yields on its two-year bonds above 2% for the first time since 2008, an otherwise once anemic rate which it literally can’t afford. As yields in the EU rise as a result of its US “ally’s” policies, the EU starts to quiver and shake, as this means the EU’s interest rates rise too. But with debt-soaked countries like Italy teetering towards Frankenstein levels, Powell is pushing the EU into a national security (currency and debt) trap as well as political crack-up. Again, what will EU nations do? They’ll likely turn Japanese and start dumping US Treasuries and dollars to keep the lights on from Paris to Portugal. Even in China, big firms are already selling USD assets and commercial real estate (over $20B since 2019) at an increasingly alarming rate. Powell’s Strong Dollar Policy is Backfiring In short, Powell’s strong USD policy, like the West’s sanctions against Putin, are openly backfiring as America’s “allies” bend under the oppressive ripple effects and weight of an artificially strong USD—and all of this as the EU heads into a winter with less energy from the East. Then again, the Fed is always at least two to three steps behind its own learning curve. As a political rather than independent bank, they can only rely on words and distortions rather than math and honesty when speaking to a public which they have mis-served since the day of their official (and Wall-Street-leaning) birth in December of 1913. These converging currency, debt and energy patterns look like the weather map of a perfect storm. In short, foreign currencies, suffocating under the weight of Powell’s strong USD, will continue to tank as global bond markets continue to dry up and hence implode. Unless the Fed reverses course on its strong USD policy (and pivots to more QE/Mouse-click “magic”), global markets face a legitimate risk of systemic collapse. But then again, more mouse-click money just means a currency crisis. Again: Pick your poison. For all of these reasons, I remain steadfast that global currency and sovereign debt markets cannot and will not last long under Powell’s current strong USD policy. Unless the Fed pivots to more pathetic QE (and hence a weaker, debased USD), the systemic risk discussed above will become systemic implosion. For now, the ball (or dollar) is in Powell’s court, and he’s got a weak serve. Tyler Durden Tue, 10/04/2022 - 07:20.....»»

Source:  zerohedgeCategory: blog~1 hr. 6 min. ago Related News

Market Snapshot: Dow futures jump more than 400 points to extend strong start to fourth quarter

U.S. stocks gain and bond yields retreat amid hopes that central banks may have reached peak hawkishness.....»»

Source:  marketwatchCategory: top~1 hr. 6 min. ago Related News

: SEC fine may crimp Kim Kardashian’s capital raising for her private-equity firm Skky Partners: expert

Kardashian's recently launched private-equity firm is hoping to raise $1 billion for its debut fund, after the socialite's freshly announced SEC fine......»»

Source:  marketwatchCategory: top~1 hr. 6 min. ago Related News

Market Extra: Pound climbs, U.K bond yields fall again on expectations U.K.’s Kwarteng will speed up debt-cutting plans

The pound and gilts were gaining after a second apparent U-turn from the U.K. government over its heavily criticized mini-budget......»»

Source:  marketwatchCategory: top~1 hr. 6 min. ago Related News

Key Words: Germany may have to cut electricity exports to survive this winter, says major grid operator

Germany may have to cut electricity exports to France for its power grid to survive this winter, according to Hendrik Neumann, chief technical officer of Amprion, one of the country’s biggest power grid operators......»»

Source:  marketwatchCategory: top~1 hr. 6 min. ago Related News

: Seller of mountain water in a can, Liquid Death is valued at $700 million after latest funding round: report

A company that set out to offer alternatives to alcohol in a can has just raised another $70 million......»»

Source:  marketwatchCategory: top~1 hr. 6 min. ago Related News

Need to Know: Quite a pivot: Ray Dalio has just reversed his long-held stance on this key asset class.

For years, Ray Dalio has made his disdain for cash abundantly clear. No longer......»»

Source:  marketwatchCategory: top~1 hr. 6 min. ago Related News

Bond Report: Treasury yields fall further from recent highs after soft economic data

Traders pare bets on the pace of Federal Reserve rate hikes.....»»

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Futures Movers: Oil ticks higher ahead of OPEC+ meeting that could bring production cuts

Oil futures rise Tuesday, extending gains a day ahead of a meeting of OPEC+ that's expected to consider a large production cut......»»

Source:  marketwatchCategory: top~1 hr. 6 min. ago Related News

The Ratings Game: Box stock enjoys best day this year after Morgan Stanley analyst says ‘value is underappreciated’

Shares of Box Inc. were on track to have their biggest percentage gain this year after Morgan Stanley analysts upgraded the stock and the broader market rose......»»

Source:  marketwatchCategory: top~1 hr. 6 min. ago Related News

Bitcoin Gains Momentum on Fed Pivot Narrative, But Some Banks Anticipate Dollar Rebound

Bitcoin rose above $20,000 soon before press time, extending Monday's "ISM-induced" gains as dollar continued to lose ground......»»

Source:  coindeskCategory: forex~1 hr. 38 min. ago Related News

Earnings Scheduled For October 4, 2022

Companies Reporting Before The Bell • Acuity Brands (NYSE:AYI) is expected to report quarterly earnings at $3.58 per share on revenue of $1.08 billion. read more.....»»

Source:  benzingaCategory: blog~1 hr. 38 min. ago Related News

US Stock Futures Higher After Monday"s Rally; Factory Orders, JOLTS Data In Focus

Pre-open movers U.S. stock futures traded higher in early pre-market trade on Tuesday after recording sharp gains in the previous session. The Dow Jones jumped by more than 750 points, while the Nasdaq Composite surged around 240 points on Monday. The Dow Jones recorded the best session since June 24, while it was the best day since July 27 for the S&P 500. read more.....»»

Source:  benzingaCategory: blog~1 hr. 38 min. ago Related News

India-Made iPhone Exports Meets With Success As China"s COVID-19 Lockdowns Weigh

Apple Inc's (NASDAQ: AAPL) iPhone exports from India crossed $1 billion in the five months since April. read more.....»»

Source:  benzingaCategory: blog~1 hr. 38 min. ago Related News
Source:  benzingaCategory: blog~1 hr. 38 min. ago Related News

Investor Fear Eases As Dow Jumps Over 750 Points

The CNN Money Fear and Greed index showed easing in the fear level after US stocks started the new month and quarter on a strong note. The Dow Jones recorded the best session since June 24, while it was the best day since July 27 for the S&P 500. read more.....»»

Source:  benzingaCategory: blog~1 hr. 38 min. ago Related News

World"s Largest Miner Aims To Boost Its Green Credentials - Read How

BHP Group Ltd (NYSE: BHP) expects to induct three bulk carriers powered by liquefied natural gas (LNG) in six to nine months. read more.....»»

Source:  benzingaCategory: blog~1 hr. 38 min. ago Related News

Why AeroClean Technologies Is Trading Higher By Over 39%; Here Are 26 Stocks Moving Premarket

GainersBit Brother Limited (NASDAQ: BTB) rose 91.7% to $0.2150 in pre-market trading after declining around 14% on Monday. read more.....»»

Source:  benzingaCategory: blog~1 hr. 38 min. ago Related News

Recap: Acuity Brands Q4 Earnings

Acuity Brands (NYSE:AYI) reported its Q4 earnings results on Tuesday, October 4, 2022 at 06:00 AM. Here's what investors need to know about the announcement. Earnings Acuity Brands beat estimated earnings by 10.34%, reporting an EPS of $3.95 versus an estimate of $3.58. read more.....»»

Source:  benzingaCategory: blog~1 hr. 38 min. ago Related News
Source:  benzingaCategory: blog~1 hr. 38 min. ago Related News

Lighting company Acuity Brands beats profit and sales expectations, citing "strong demand" and pricing capture

Acuity Brands Inc. reported Tuesday fiscal fourth-quarter profit and sales that rose above expectations, citing "strong demand" and an ability to capture price. Shares of the lighting company were still inactive in premarket trading. Net income for the quarter to Aug. 31 rose to $115.4 million, or $3.48 a share, from $98.1 million, or $2.72 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of $3.95 beat the FactSet consensus of $3.61. Sales grew 11.8% to $1.11 billion, above the FactSet consensus of $1.08 billion. Cost of sales increased more than sales, rising 13.0% to $647.8 million, as gross margin contracted to 41.7% from 42.2%. The value of inventories rose 21.8% to $485.7 million. The stock has tacked on 1.2% over the past three months, while the S&P 500 has slipped 3.8%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news......»»

Source:  marketwatchCategory: top~1 hr. 38 min. ago Related News

Coronavirus tally: CDC drops country-by-country COVID travel health notices as fewer countries are testing and tracking

The U.S. Centers for Disease Control and Prevention has dropped its country-by-country COVID-19 travel health notices that it began issuing early in the pandemic, the Associated Press reported. The reason: Fewer countries are testing for the virus or reporting the number of COVID-19 cases. That limits the CDC's ability to calculate travelers' risk, according to the agency. In the U.S., known cases of COVID are continuing to ease and now stand at their lowest level since late April, although the true tally is likely higher given how many people are testing at home, where the data are not being collected. The daily average for new cases stood at 45,495 on Monday, according to a New York Times tracker, down 24% from two weeks ago. The daily average for hospitalizations was down 11% at 27,854, while the daily average for deaths is down 12% to 386. Globally, the confirmed case tally rose above 618.5 million on Tuesday, according to data aggregated by Johns Hopkins, while the death toll is above 6.54 million with the U.S. leading the world with 96.4 million cases and 1,059,866 deaths.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news......»»

Source:  marketwatchCategory: top~1 hr. 38 min. ago Related News

Vintage Wine Estates stock price target cut to $3 from $9 at D.A. Davidson

This is a Real-time headline. These are breaking news, delivered the minute it happens, delivered ticker-tape style. Visit www.marketwatch.com or the quote page for more information about this breaking news......»»

Source:  marketwatchCategory: top~1 hr. 50 min. ago Related News

Clene stock price target cut to $11 from $25 at Benchmark

This is a Real-time headline. These are breaking news, delivered the minute it happens, delivered ticker-tape style. Visit www.marketwatch.com or the quote page for more information about this breaking news......»»

Source:  marketwatchCategory: top~1 hr. 50 min. ago Related News

Curaleaf stock price target cut to $7 at Benchmark

This is a Real-time headline. These are breaking news, delivered the minute it happens, delivered ticker-tape style. Visit www.marketwatch.com or the quote page for more information about this breaking news......»»

Source:  marketwatchCategory: top~1 hr. 50 min. ago Related News

Gilead Sciences upgraded to overweight from neutral at J.P. Morgan

This is a Real-time headline. These are breaking news, delivered the minute it happens, delivered ticker-tape style. Visit www.marketwatch.com or the quote page for more information about this breaking news......»»

Source:  marketwatchCategory: top~1 hr. 50 min. ago Related News

Match Group stock price target cut to $75 from $90 at J.P. Morgan

This is a Real-time headline. These are breaking news, delivered the minute it happens, delivered ticker-tape style. Visit www.marketwatch.com or the quote page for more information about this breaking news......»»

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Murphy USA stock price target raised to $246 from $195 at J.P. Morgan

This is a Real-time headline. These are breaking news, delivered the minute it happens, delivered ticker-tape style. Visit www.marketwatch.com or the quote page for more information about this breaking news......»»

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Signature Bank stock price target cut to $210 from $270 at J.P. Morgan

This is a Real-time headline. These are breaking news, delivered the minute it happens, delivered ticker-tape style. Visit www.marketwatch.com or the quote page for more information about this breaking news......»»

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SVB Financial stock price target cut to $550 from $625 at J.P. Morgan

This is a Real-time headline. These are breaking news, delivered the minute it happens, delivered ticker-tape style. Visit www.marketwatch.com or the quote page for more information about this breaking news......»»

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Kalvista Pharmaceuticals halts Phase 2 trial of treatment for hereditary angioedema

This is a Real-time headline. These are breaking news, delivered the minute it happens, delivered ticker-tape style. Visit www.marketwatch.com or the quote page for more information about this breaking news......»»

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KalVista shares plunge 26% premarket

This is a Real-time headline. These are breaking news, delivered the minute it happens, delivered ticker-tape style. Visit www.marketwatch.com or the quote page for more information about this breaking news......»»

Source:  marketwatchCategory: top~1 hr. 50 min. ago Related News

America"s government is older than ever, so we made this "Dungeons & Dragons"-inspired tabletop role-playing game to show you why the system favors gerontocracy

Can you survive the perils of Congress and win your elections in "Dungeons & Democracy"? Tyler Le Insider's "Red, White, and Gray" project has explored the systemic reasons the government is older than ever. Play "Dungeons & Democracy," Insider's table-top role-playing game to test Congress' strengths and weaknesses. You can play as an older member or a younger member in your quest to hold your seat.  For several weeks, Insider has explored the reality of America's aging government.Congress is older than ever, and America's young people are not represented in the body at the rate they otherwise should be. The effects are felt in Congress, the White House, and across the judiciary. And the issues that fuel this reality — the incentives of seniority, the advantages of incumbents, the ascendant fundraising from retirees, the effects of redistricting — are both systemic and tough to define. To better understand how difficult it is for younger politicians to attain and remain in office, Insider has designed a game: Welcome to "Dungeons & Democracy," a dice-based adventure inspired by Dungeons & Dragons Fifth Edition.Print out your character sheet — play first as a younger member, then again as an older member — get some dice and perhaps a friend to play as game master, and get ready for a journey that could take you from your sleepy home district straight to the halls of power in the US Capitol.    Read the original article on Business Insider.....»»

Source:  nytCategory: deals~2 hr. 6 min. ago Related News

The Russian journalist who protested on live TV is on Russia"s wanted list after she escaped house arrest and fled, authorities say

Marina Ovsyannikova protested the invasion live on TV in March, and later shared criticisms on social media and held up a sign opposite the Kremlin. A still of a broadcast from Russia's Channel 1 TV network showing Maria Ovsyannikova holding a banner on March 14, 2022.Channel One A former Russian journalist who criticized the invasion of Ukraine escaped her house arrest, Russia said. Marina Ovsyannikova protested on live TV, and also held up a sign opposite the Kremlin. Russia's Interior Ministry put her on its wanted list. A Russian journalist who protested the invasion of Ukraine, including live on state TV, is now on a wanted list after authorities said she escaped her house arrest and fled.Marina Ovsyannikova repeatedly criticized Russia's invasion, including holding up a sign on live TV and posting on social media, and was punished by Russia.She was put under two months of pre-trial house arrest in August after she was charged with spreading fake news about Russia's armed forces, Reuters reported at the time.That charge came not from the TV incident, but from standing on a riverbank opposite the Kremlin with a sign that called Russian President Vladimir Putin a murderer, and Russian soldiers fascists, according to Reuters.Russia's Interior Ministry said on Monday that she had fled and had taken her 11-year-old daughter with her, The Washington Post reported.The Interior Ministry put her on its wanted list in response.Russian state media RT quoted Ovsyannikova's ex-husband as saying: "Last night, my ex-wife left the place that the court assigned her for house arrest and, together with my 11-year-old daughter, fled in an unknown direction," Reuters reported.No other details about her apparent escape are available.Ovsyannikova could have been sentenced to 10 years in prison if found guilty, Reuters reported.She made headlines around the world when she protested the invasion live on Russian state TV in March.She went onto the live broadcast of Russian state TV channel Channel One — where she worked at the time —  and held up a sign that said "Don't believe the propaganda," and "They are lying to you here."She also shouted: "Stop the war! No to war! Stop the war! No to war!"For her on-air protest, Ovsyannikova was fined 30,000 rubles in March, which was worth around $280 at the time. She was also fired from her job.She was further fined $820 in July after being charged with discrediting the nation's army on social media.Ovsyannikova told CNN in March, after her live TV protest, that she did it because it was "impossible to stay silent."She said: I realized we would have to do something, or we will reach a point of no return, and it will be more and more difficult to do anything." Read the original article on Business Insider.....»»

Source:  nytCategory: deals~2 hr. 6 min. ago Related News

Zelenskyy hits back at Elon Musk"s controversial Twitter poll about the war with a poll of his own, asking people if they prefer a Musk who supports Russia or Ukraine

Musk polled a peace plan for the Russia-Ukraine war, which seemingly parroted Putin's propaganda, drawing ire from Ukranian diplomats. Ukrainian President Volodymyr Zelenskyy in Kyiv, Ukraine, Monday, April 18, 2022.Ukrainian Presidential Press Office via AP On Monday, Zelenskyy hit back at Elon Musk's controversial Twitter poll with a poll of his own. The Ukrainian president asked people which Musk they like better: one who supports Russia, or Ukraine. Musk drew ire from Ukrainian diplomats after posting a peace plan for the Ukraine war on Twitter. On Monday, Elon Musk created a storm of controversy when he posted a poll on Twitter with a proposed "peace plan" for the war in Ukraine. The plan appeared to parrot Putin's agenda, angering Ukrainian officials — including President Volodymyr Zelenskyy.In response, Zelenskyy issued his own Twitter poll — and Musk was the subject of the poll. "Which @elonmusk do you like more," Zelenskyy wrote, and provided two options: "one who supports Ukraine" and "one who supports Russia." Thirteen hours after it was posted, the tweet had been retweeted nearly 50,000 times. Of the 1.94 million people who voted on the poll at that time, 80.6% of people said they preferred "the one who supports Ukraine." —Володимир Зеленський (@ZelenskyyUa) October 3, 2022Musk's initial poll laid forth four points for restoring peace between Ukraine and Russia, including redoing election in the parts of Ukraine that Russia recently annexed, recognizing Crimea as part of Russia, assuring water supply to Crimea, and Ukraine remaining neutral. The poll asked people to vote either yes or no, with more than 60% of the 2.4 million voters selecting "no" with seven hours left in the poll. Among the officials and diplomats that Musk angered with his initial poll was Anton Gerashchenko, an advisor to Ukraine's internal affairs minister."Has the account of @elonmusk been hacked by Russians? Or has Elon Musk himself been hacked?" Gerashchenko asked on Twitter. "Should Putin declare Elon Musk's future Mars colony historically Russian and annex it?" he said.—Anton Gerashchenko (@Gerashchenko_en) October 3, 2022 Later on Monday night, Musk again took to Twitter, writing that he is "obviously" pro-Ukraine. SpaceX has spent $80 million running Starlink in the country and $0 on Russia, Musk wrote.—Elon Musk (@elonmusk) October 3, 2022Starlink is SpaceX's satellite communication system, which is being used by Ukrainian soldiers to communicate on the battlefield. Voice and internet services have been rendered useless by power outages, Russian shells, and jamming. Read the original article on Business Insider.....»»

Source:  nytCategory: deals~2 hr. 6 min. ago Related News

It"s "very hard to say" whether Putin is bluffing about using nuclear weapons in Ukraine, CIA director says

CIA Director William Burns called Russia's talk of nuclear weapons "deeply reckless" and said it should be taken "very seriously." Russian President Vladimir Putin visits International Volunteer Forum in SochiMikhail Svetlov/Getty Images CIA Director William Burns said it's "very hard to say" whether Putin's nuclear talk is a bluff.  There's no practical evidence of an imminent threat but it should be taken very seriously, he said. Policymakers should be warning Russia of the "severe consequences" of such a move, he said.  The CIA's director said that "it's very hard to say" whether Russian President Vladimir Putin is bluffing over his readiness to use nuclear weapons as part of his invasion of Ukraine. In an interview with CBS News previewed on September 27 and aired in full on Sunday, William Burns said that the US should take any talk of nuclear weapons "very seriously, given everything that's at stake." "We don't see any practical evidence today in the US intelligence community that he's moving closer to actual use, that there's an imminent threat of using tactical nuclear weapons," he added. CIA Director William Burns, left, and Defense Intelligence Agency Director Lt. Gen. Scott Berrier, right, in Washington, Tuesday, March 8, 2022.Susan Walsh/APBurns' interview, recorded before September 27, comes as Russia amped up its rhetoric around the use of nuclear weapons, and at a time of extraordinarily high tension in the country's invasion of Ukraine. On September 21, Putin announced the mobilization of 300,000 reservists following the Ukrainian recapture of vast swathes of territory. As he announced that, he referred back to Russia's nuclear stockpile, saying that he would use "all the means at our disposal" if the country's "territorial integrity" were threatened. "This is not a bluff," he added. His remarks were followed by similar comments — of varying levels of bombast — from senior officials. Russia's comments have caused alarm in the international community, with both the EU and President Volodymyr Zelenskyy casting doubt on the idea that it is a bluff.In the interview aired Sunday, Burns said that Russia's rhetoric is "reckless and deeply irresponsible."The US should be watching for any signs of preparation for the use of nuclear weapons, while policymakers should be urgently communicating the "severe consequences" of their use. US State Department spokesperson Jake Sullivan said last week that the US has warned Russia and privately that it will face "catastrophic consequences" if it uses any nuclear weapons.NATO also warned Russia of "severe consequences" if it uses them.At this moment, Burns said, it's currently not clear if Putin can even mobilize his reservist troops effectively, who he likened to "cannon fodder.""His military has a lot of other problems, manpower is only one of them," Burns said, saying the Russian army is poorly equipped and had weak logistical support. Read the original article on Business Insider.....»»

Source:  nytCategory: deals~2 hr. 6 min. ago Related News

The son of GOP candidate Herschel Walker accused him of abusive behavior after a report he paid for a woman"s abortion

"I know my mom and I would really appreciate if my father Herschel Walker stopped lying and making a mockery of us," Christian Walker said. Herschel Walker, GOP candidate for the US Senate for Georgia, speaks at a primary watch party May 23, 2022, at the Foundry restaurant in Athens, Georgia..Akili-Casundria Ramsess/AP Christian Walker criticized his father, GOP candidate Herschel Walker, on Twitter.  He accused the Georgia senate candidate of abusive behavior.  It came after the Daily Beast reported that Herschel Walker paid a woman to have an abortion.  The son of Republican Georgia senate candidate Herschel Walker accused his father of lying and abusive behavior after a report said he paid for a woman to have an abortion despite his public pro-life stance.Herschel Walker, a former NFL star who has been endorsed by former president Donald Trump, has taken a stringently anti-abortion stance on the campaign trail, opposing the procedure even in cases of rape or incest.The Daily Beast reported on Monday that he urged a woman he was dating in 2009 to get an abortion, and that he reimbursed her for it when she had the procedure.Walker denied that this happened, and said he would sue the Daily Beast for "this defamatory lie."Shortly after the news broke Christian Walker, the candidate's 23-year-old son with ex-wife Cindy DeAngelis Grossman, accused his father of being a liar.—Christian Walker (@ChristianWalk1r) October 4, 2022 "I know my mom and I would really appreciate if my father Herschel Walker stopped lying and making a mockery of us," Christian Walker tweeted."You're not a 'family man' when you left us to bang a bunch of women, threatened to kill us, and had us move over 6 times in 6 months running from your violence."He continued: "I don't care about someone who has a bad past and takes accountability. But how DARE YOU LIE and act as though you're some 'moral, Christian, upright man.' You've lived a life of DESTROYING other peoples lives. How dare you."He also tweeted: "Every family member of Herschel Walker asked him not to run for office, because we all knew (some of) his past. Every single one. He decided to give us the middle finger and air out all of his dirty laundry in public, while simultaneously lying about it. I'm done."Herschel Walker tweeted in response: "I LOVE my son no matter what."As corroboration for its report, the Beast published a receipt from a clinic for the abortion, a get-well card from Walker to the woman (whom it did not name) and a check Walker wrote to her.It also said it spoke to a friend of the woman, who said the woman told her about Walker's contribution at the time.Walker in a statement said the article was "slander," "defamatory" and "disgusting, gutter politics," and accused it of being a political hit job.In an interview with Fox News' Sean Hannity on Monday, he denied the check was paid to the woman to reimburse her for the abortion, claiming he sends money "to a lot of people" He is currently locked in a tight battle with Democratic candidate Raphael Warnock the incumbent, for the senate seat in Georgia, a crucial contest in deciding whether Democrats will retain control of the Senate after the November 8 midterm elections. Read the original article on Business Insider.....»»

Source:  nytCategory: deals~2 hr. 6 min. ago Related News

Pressure was lifted from the UK currency Monday as the government announced a U-turn on its tax plans that had sent the pound to new lows against the dollar. Here"s what to know.

Following a week of chaos sparked by the UK government's mini budget, the pound got some relief yesterday, climbing off of recent lows against the dollar. Good morning, readers. I'm Hallam Bullock, Insider's newsletter editor, reporting from London this week while Phil Rosen is out.Spare a thought for us dizzy Brits, whose pound and politics have been lurching all over the place in recent days. Sterling has shown it can take a beating and get back up, while our prime minister said she would stand by proposed tax cuts one day — before the plan was pulled entirely the next. Are you ready to ride the rollercoaster? Let's get started. If this was forwarded to you, sign up here. Download Insider's app here.Kwasi Kwarteng MP, Secretary of State for Business, Energy and Industrial StrategyIan Forsyth/Getty Images1. The pound gets a relief rally on the government's U-turn. The currency hit a record low against the dollar last week, but it didn't hang around down there. That's thanks to the UK government rowing back on a planned tax cut, which gave the pound a new lease on life Monday.On Sunday, Prime Minister Liz Truss insisted the controversial plan to cut the 45% tax rate would go ahead — that's a tax only paid by people earning more than £150,000 a year. No more than 24-hours later, the government had changed its tune. The UK's Chancellor of the Exchequer, Kwasi Kwarteng, confirmed the plan was being scrapped, just 10 days after it was first announced. "We get it, and we have listened." Kwarteng said on Twitter. It comes after days of market chaos which saw the pound plummet. Kwarteng, speaking at a Tory Party conference Monday, admitted that the proposals may have caused "a little turbulence."That tax cut would have impacted the UK's highest earners, giving them on average an extra £10,000 per year — that's around a third of the average wage in the UK, according to the ONS — at a time when the country is in the midst of a cost of living crisis. The move last week throttled UK bonds as well as the pound, with long-dated gilts surging in response to fears over the unfunded tax cuts. Economists around the world sounded off on the government's plan, with many comparing the situation to what's commonly faced by developing economies, while the IMF gave a stinging rebuke of the proposal. The relief sparked by the turnaround was felt immediately yesterday. By Monday afternoon, the pound had broken $1.13, close to where it was trading before the mini budget and above the all-time low of $1.03. In another reversal, Kwarteng has backed down on when he will reveal what's in his medium-term fiscal plan. He previously insisted he wouldn't publish it and related economic forecasts until November 23 , but it will now come later this month. Early Tuesday, the pound traded as high as $1.14 after the news.Here's the full story. What's your outlook for the UK economy? Let me know at hbullock@insider.com or tweet @hallam_bullockIn other newsEd Yardeni, president and chief investment strategist of Yardeni Research, on April 30, 2015Adam Jeffery/CNBC/NBCU/Getty Images2. Global stocks and US futures rise for a second day early Tuesday. Meanwhile, Australia's central bank surprised markets by lifting interest rates by a smaller-than-expected 25 basis points. Here are the latest market moves.3. Earnings on deck: Acuity Brands Inc., Fuji Co Ltd, and more, all reporting. 4. The top strategist at BMO Capital Markets is still bullish on stocks. This year hasn't gone as Brian Belski expected, but he hasn't lost hope. Here are nine reasons he thinks US stocks are primed to bounce back in the fourth quarter.5. The Federal Reserve will raise rates just one more time in November, before it stops because the soaring dollar risks breaking markets. That's according to market veteran Ed Yardeni, who says a strong dollar has been "associated in the past with creating financial crises on a global basis."6. Before Celsius froze withdrawals, the crypto lender's founder withdrew $10 million. Per the Financial Times, Celsius Network founder Alex Mashinsky made the withdrawals in May, when the crypto market was crashing and the company was spiraling toward bankruptcy.7. OPEC's power is at an all-time high, according to Goldman Sachs' commodities chief. "And one of the reasons really is the fact that we have not been investing in alternative energy sources" Jeff Currie said, "so they're really the only game in town."8. A 24-year-old who made $8 million in two years explained how he remained profitable in bear-market rallies. This year hasn't been easy for traders, but Jack Kellogg adjusted his trading strategy and made over $280,000 in August alone. Here are his six tips for navigating bear-market rallies.9. UBS analysts shared nine stocks to buy now to protect your portfolio from recession risk. Their picks are also set for a rebound when interest rates peak — here are the companies in their playbook. Tesla stock price on October 4, 2020Markets Insider10. Tesla shares sank more than 8% Monday as third quarter deliveries fell short of expectations. The EV maker set a new record for the quarter, delivering 343,830 vehicles — but that still didn't meet analysts' projections.Keep up with the latest markets news throughout your day by checking out The Refresh from Insider, a dynamic audio news brief from the Insider newsroom. Listen here.Curated by Hallam Bullock in London. (Feedback or tips? Email hbullock@insider.com or tweet @hallam_bullock).Edited by Max Adams (@maxradams) in New York. Read the original article on Business Insider.....»»

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Bellwether Housing buys Renton apartment complex for $80M

The affordable housing provider reportedly received an assist for the purchase from Amazon......»»

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Good News Tuesday: Focus on young women and careers in trades creates a great pathway

Massachusetts construction advancement program awards second donation to Massachusetts girls in trades......»»

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Mass. lawmaker looks to eliminate legal ‘ghost’ gun loopholes

Loopholes in state law are allowing the rapid proliferation of “ghost” guns in Massachusetts and a Natick lawmaker wants to hold makers of gun parts more accountable for their products......»»

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Ethereum Tops This Major Level, Here Are Other Crypto Movers That Should Be On Your Radar Today

Bitcoin (CRYPTO: BTC), the most valued cryptocurrency in the world, traded higher this morning, approaching the major $20,000 level. read more.....»»

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Elon Musk"s Case Against Twitter Deal Could Be Strengthened As 2nd Whistleblower To Testify: Report

As Elon Musk faces Twitter Inc. (NYSE: TWTR) in court over his $44-billion acquisition bid, a report about a second whistleblower is coming into the picture. read more.....»»

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Market Volatility Decreases As US Stocks Open Q4 On Positive Note

U.S. stocks closed higher on the first trading session of the fourth quarter, after recording a sharp sell-off in September. read more.....»»

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Acuity Brands, Rivian And 3 Stocks To Watch Heading Into Tuesday

With US stock futures trading higher this morning on Tuesday, some of the stocks that may grab investor focus today are as follows: read more.....»»

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Putin"s Army Defences Breached: Ukraine Makes Significant Gains In South And East, Seizes Russia-Annexed Territories

In a major setback for Vladimir Putin’s army, Ukraine has broken through Russian defenses in the south of the war-torn nation. read more.....»»

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Have Bonds Turned Attractive? This Canadian Pension Fund Giant Certainly Thinks So

The Ontario Teachers’ Pension Plan, one of Canada’s largest pension funds, is reportedly increasing its exposure to bonds, citing yields that have turned attractive following the  read more.....»»

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US Factory Orders Might Increase By This Much In August, Here Are The Major Macro Issues For Tuesday

U.S. stocks closed higher on Monday with the Nasdaq Composite gaining more than 200 points amid a rise in Amazon.com, Inc. (NASDAQ: AMZN) and Apple Inc. (NASDAQ: AAPL) shares. read more.....»»

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Ukraine Diplomat Asks Elon Musk To "F**k Off," Says Tesla Will Be Boycotted In The Country

Tesla Inc's (NASDAQ: TSLA) CEO Elon Musk, who was once praised for restoring internet connectivity in Uk read more.....»»

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Tesla, ABB And Other Big Losers From Monday

U.S. stocks closed sharply higher with the Dow Jones jumping more than 750 points on Monday. Here is the list of some big stocks recording losses in the previous session. read more.....»»

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Apple Is Bringing 5G For iPhone Users In India — But There"s A Catch

iPhone users in India would soon be able to enjoy 5G services on their devices. What Happened: There has been some confusion regarding the availability of the 5G network on Apple Inc. (NASDAQ: AAPL) devices in India. read more.....»»

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WEF Attendee Liz Truss Says British Economy "Needs A Reset" As Market Conditions Worsen

WEF Attendee Liz Truss Says British Economy "Needs A Reset" As Market Conditions Worsen New British PM Elizabeth Truss has been touted by many including the mainstream media as a “far-right” politician with wide appeal to British conservatives.  This is fast becoming a prerequisite ideological position to take in Europe as the open border/socialist policies of leftist political leaders are leaving the EU in economic ruins and as they approach an energy based catastrophe not seen since WWII. Boris Johnson revealed himself to be nowhere near as conservative as many initially believed with his support of draconian covid mandates, stopping just short of enforcing vaccine passports but still requiring proof of vaccination for major venues.  All this while holding lavish parties at his official residence during the lockdowns he helped enforce.  Adding to the problem were Johnson's tax increases in the midst of an inflationary crisis, which led to widespread public discontent and his eventual resignation. When Truss became a potential candidate to replace Johnson some in the alternative media warned that her ongoing associations with the World Economic Forum and attendance at Davos events might be a red flag of another political pretender playing at being conservative while actually serving the interests of globalist institutions.  This was, of course, called conspiracy theory by “fact checkers” in the MSM. It is a concrete reality that the new PM has been a participant in the Davos meetings held by the World Economic Forum, a central hub of globalism that acts as a think tank and propaganda mill where new narratives are born.  Specifically, the WEF is most known for its “Great Reset” mantra, which is part of founder Klaus Schwab's “4th Industrial Revolution” concept.  A key focus of the Great Reset is something called the “Shared Economy,” which is described as the complete erasure of private property and the implementation of communist-like governance over individual economic participation.     The Shared Economy is the source of the phrase “You will own nothing and be happy,” which actually comes from an article written by the WEF and published by Forbes Magazine titled 'Welcome To 2030: I Own Nothing, Have No Privacy And Life Has Never Been Better.' Far from being a “conspiracy theory,” the Great Reset is commonly presented by the WEF as the ultimate end game – An agenda, not just an idea.  This has rightly caused concern among the public, because many WEF concepts that are presented at Davos end up being adopted by major governments and instituted into law.  And, many Davos attendees tend to climb the political ladder rather quickly into positions of significant power. Any legitimate conservative leader or candidate would therefore know about globalist terminology such are the term “Reset” and try to avoid using it at all costs.  No right wing leader would want to be associated with a globalist agenda that the majority of conservatives would rather go to war against. It could be taken as a limited gaff or mistake, but Truss' recent use of the term raises eyebrows considering her past affiliations with the WEF.  She states that: “We believe in making it easier for our wealth creators, doers and makers to get things done... Britain’s economy needs a reset. We cannot continue on the current trajectory of managed decline. Instead, we must take a new direction. I will lead us down that path to a better future.” This comment was made not long after Truss addressed the plunge of the Pound and the near bankruptcy of the UK pension system.   A key requirement built into any economic “reset” would be the collapse of the old model.  Truss might simply be describing what is likely to happen rather than what she wants to happen, but she does present the concept of a reset as a solution, and not as a threat.  Meaning, she should be watched carefully by conservatives.  Tyler Durden Tue, 10/04/2022 - 04:15.....»»

Source:  zerohedgeCategory: blog~3 hr. 6 min. ago Related News

A Banking Crisis Looms

A Banking Crisis Looms Authored by Tuomas Malinen via The Epoch Times, My columns have turned rather apocalyptic of late, but for a valid reason. Just this week, we got confirmation that our financial system is, again, on the brink of collapse, when the Bank of England (BOE) was forced to enact, de facto, a bailout of the pension funds of the United Kingdom. On Sept. 28, around noon, the Bank of England stepped (back) into the gilt markets and started buying government bonds with longer maturities to stop the collapse in their value, which could have caused the financial system to become unhinged. Pension funds were faced with major margin calls, which threatened to cause a rapidly cascading run on their liabilities, as trust in their liquidity and solvency would have become questioned by a widening circle of investors and customers. Effectively, the BOE stepped in to limit the vicious circle of margin calls faced by pension funds because of the crashing values of the gilts. Without the BOE intervention, mass insolvencies of pension funds, with about $3 trillion worth of assets—and thus most likely other financial institutions—could have commenced on that afternoon. It’s obvious that if one of the major financial hubs of the world, the City of London, would face a financial panic, it would spread to the rest of the world in an instant. It looks as though the global financial system was pulled from the brink of collapse, once again, by central bankers. However, this was only a temporary fix. It’s now clear that an outright financial collapse threatens all Western economies, because if pension funds, often considered very dull investors because of their risk-averse investing profile, face a threat to their insolvency, it can happen to any other financial institution. I consider that the banking sector will be the next in line. Banking is a business of trust. If the trust in a bank or in the unlimited support of authorities for the bank, disappears, a bank run commences. One of the most prominent scholars of financial crises, Gary B. Gorton, defines a financial crisis in his book “Misunderstanding Financial Crises: Why We Don’t See Them Coming” as “an event where holders of short-term debt issued by financial intermediaries withdraw en masse or refuse to renew their loans.” In common language, Gorton says that during financial crises, a large number of holders of banks’ financial liabilities, such as deposits, want to cash out. Hence the name: a bank run. For example, during the Panic of 1819 in the United States, people queued outside banks in long lines to change their new financial innovations, bank notes, to metallic currency. The Panic of 1819 helped to create the first economic depression in the United States. However, a bank run may not be visible, in the sense that other banks and financial institutions “run” on the liabilities of a bank. For example, during the crisis of 2007–2008, there was a run on sale and repurchase agreements (repo) market, market of commercial paper, and on prime broker balances. Most people didn’t notice these first stages of the panic, because financial firms ran on liabilities and assets of other financial firms. The main point is that, as liabilities are withdrawn in whatever form, en masse, the bank eventually runs out of assets to pledge/sell to fulfill the withdrawal requests, and the bank fails. Going forward, the biggest risk of a systemic bank run most likely lays in Europe. European companies and households have been and continue to be decimated by ravaging inflation, fast-rising interest rates, and spiking energy prices. They are being hit on all sides, and this will, most likely, cause many of them to fail financially. Banks are also currently being hit by heavy declines in the value of government bonds, which they use as collateral. These may easily lead to cascading losses on banks, possibly with a never-before-seen speed, size, and width. I find it hard to imagine how these developments wouldn’t lead to a banking crisis, without massive intervention by governments and central banks, that is. And like I’ve been detailing, a banking crisis that begins in Europe, won’t stay there. How do you prepare for it then? A characteristic feature of a banking crisis is that many banks, possibly all, will close their doors to customers, and issue withdrawal limits. Another characteristic is disruptions in the financial system, most notably on card payments, as a result of which the retail payments system may seize up altogether. While I was in Greece, in the summer of 2015 with my ex-wife, the whole economy turned into a cash-based one basically over the weekend. The 2015 Greek banking crisis was caused by the European Central Bank, when it, totally irresponsibly and most likely driven by political motives, shut Greek banks from its emergency liquidity assistance. Cash withdrawal limits were set, credit card machines “disappeared” or “broke down” in restaurants, shops, and more, and finally, cash stopped coming out from the ATMs. Capital controls were enacted, and the ability of ordinary Greeks to transfer money abroad became seriously hindered. We naturally had sufficient cash, which often happens, when one travels with a crisis researcher to a country threatened by a crisis. The main point is (was), that during banking crises, you won’t have full access to your deposits in the bank. As a result, electronic payments such as bank cards may become useless. In the extreme case, your deposits could be used to recapitalize ailing banks in a process called “bail-in.” Such laws were put in place after the 2008 crisis, and they were enacted for the first time to resolve the banking crisis in Cyprus in 2013. Technically, every sum you have in the bank above the deposit insurance threshold, a limit which also may not be “carved in stone,” is threatened by the bail-ins in a banking crisis. We warned already in March 2017 that the global financial system, which broke out during the 2008 financial crisis, has never really been healed. We noted that it and the global economy were kept standing merely by continuous central bank and government interventions and nearly unlimited provisions of credit. On Sept. 28, we got a final confirmation from the BOE that this truly is the case. We are in deep, deep trouble. Tyler Durden Tue, 10/04/2022 - 05:00.....»»

Source:  zerohedgeCategory: blog~3 hr. 6 min. ago Related News

Kelley Blue Book: The 2023 Chevy Silverado 2500 HD: a big truck for big tasks

Chevy’s range of 2500 and 3500 pickups and chassis cab models are built for hard work and capable of towing great weights, but not class-leading......»»

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Next Avenue: Home DNA tests have stripped anonymity from donor conception, with huge implications for the industry

With the advent of at-home DNA tests, anonymity is no longer possible. What are the implications for donors, the donor-conceived and a $36 billion industry?.....»»

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NerdWallet: With COVID restrictions relaxed, can you go back to traveling like you used to?

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NerdWallet: Airbnb hosts are getting fed up with bad guests, red tape and corporate competitors

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Market Extra: Pound climbs, gilt yields fall again on expectations U.K.’s Kwarteng will speed up debt-cutting plans

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EU"s ESMA Raises Alarm Bells Over Growing Crypto Use as It Prepares for New Powers

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Credit Suisse shares bounce 4% higher in early trade

Shares of Credit Suisse bounced 4% higher in early action, after the Swiss systemically important institution fell as much as 12% on Monday on worries over its financial health. The Swiss bank, which touched a record low on Monday, is nonetheless down 54% this year. Five-year credit default swaps widened on Monday to 325, according to IHS Markit data, a rise of 48% over the last month.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news......»»

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UK Mortgage Repayments Poised To Soar To Financial Crisis Levels

UK Mortgage Repayments Poised To Soar To Financial Crisis Levels Last week, we quoted Deutsche Bank's Jim Reid who pointed out several striking facts: according to the FCA, some 26% of the total outstanding UK mortgages are variable rate and thus dependent on where the BoE’s bank rate is. It is currently 2.25% but markets are now pricing in a terminal rate above 6% which would be a huge shock if it got close to happening over the next 6-9 months as is priced in. While 74% of mortgages are fixed (mostly between 1-2%), half of these will need to be refinanced within the next 2 years, with half at a fixed rate beyond 2 years. So, Reid calculated, 26% of mortgage payments are at risk of imminent increases, 37% at risk over the next two years if rates don’t rapidly fall, and 37% can ride out this storm for a few more years. The DB strategist concluded that "the UK housing market is in for a huge amount of pain ahead," unless the BOE were to somehow monetize all the upcoming debt issuance and sends rates back to zero.... which as we explained, is one of the real reasons why the BOE panicked and restarted QE. Today, Bloomberg's Simon White picks up on this startling repricing, and writes the following: The projected rise in UK interest rates after the recent fiscal announcement threatens to take total mortgage repayments back to GFC levels. But this increases the chance of implicit government support for the mortgage market, which should soon aid already underperforming UK homebuilders. As cack-handedness goes, you can’t get a much better example than how the UK government announced a raft of new fiscal measures in its so-called mini-budget. Despite the fact several of the tax cuts were reversals of rises that had not taken place yet, a series of missteps and unforced errors caused the budget to trigger a wave of selling in UK assets, exacerbated by instabilities inherent to pension-funds’ asset-liability matching criteria. The sharp rise in rates across the curve will soon pass through the economy. One of the biggest feed-through mechanisms will be from mortgages, outstanding balances of which total more than £1.6 trillion. To forecast the potential impact from the rise in rates, I projected what fixed and variable mortgage rates could rise to over the next two years, and calculated what the total mortgage-repayment cost would be versus household income. As the chart below shows, the mortgage repayment/household income ratio is forecasted to rapidly rise to levels not seen since the Lehman crisis in 2008. Back then, though, almost half of outstanding mortgages were on variable rates, compared to 15% now. This meant cutting rates had an immediate impact on reducing the repayment burden for households. Even if rates do not rise as high as currently projected, total repayments are likely to increase to levels problematic for an already-weakening economy. Furthermore, when mortgage holders come to refinance, they may find they don’t meet affordability tests (rates have jumped to ~5%, but that means the bank will want to know if holders can meet repayments if rates went to e.g. 9%). The risk of a wave of forced selling therefore suggests the government will have to intervene in the mortgage markets to ensure this does not happen (for instance by making affordability tests less onerous, or sanctioning the loan-maturity extension). So optically, things look bad for UK housing, but it is often darkest before dawn. UK homebuilders - especially those more focused on London, which stands to benefit more from the fall in GBPUSD - are already depressed and underperforming, with much bad news priced in. This leaves them poised to surprise to the upside. Tyler Durden Tue, 10/04/2022 - 02:45.....»»

Source:  zerohedgeCategory: blog~4 hr. 22 min. ago Related News

Prepare For Capital Controls – The Third Horseman Of The Unholy Trinity"s Apocalypse

Prepare For Capital Controls – The Third Horseman Of The Unholy Trinity's Apocalypse Authored by Nick Hubble via FortuneAndFreedom.com, According to an economic theory called the Unholy Trinity, governments can only ever have two of the following three things: pegged exchange rates, independent monetary policy and free capital flows. The reason why this is so is quite complicated. But the point is that they must choose two of the three, making the third a pressure valve for the problems created by their attempts to control the other two. Of course, governments occasionally try to have all three. But it always ends in humiliation. It’s only a question of when. In this context, humiliation may mean the breaking of the (managed) currency peg. Think of what happened to sterling on Black Wednesday, 16 September 1992, when the currency was forced out of the Exchange Rate Mechanism (ERM) and subsequently plunged. Alternatively, humiliation may mean the loss of control of monetary policy, and rampant inflation.  There are plenty of contemporary examples. Finally, humiliation may involve massive capital flight from the country in question, which results in the imposition of capital controls. Apartheid-era South Africa provides a good example. Just look at the news today for the latest example of the Unholy Trinity being on the move… In Japan, the authorities re pegging interest rates low to help the economy and the government deal with too much debt. This is a major reason why the yen has been hammered in foreign exchange markets this year. In the UK, there are fears of a currency crisis because interest rates can’t go higher without triggering a debt crisis. In Sweden, the central bank was forced to hike interest rates a full percent to try and stem the tide in the falling currency. The pressure valves are whistling. Currencies and monetary policy are colliding with each other. And policy makers are being humiliated. But what about the third part of the Unholy Trinity? For now, capital flows are still free. In my view, at some point, central bankers and governments are going to get sick of being humiliated by financial markets. They’ll decide that significant currency intervention is needed to stabilise exchange rates. And they won’t be willing to give up on controlling monetary policy. But that means they’ll be forced to unleash the third horseman of the Unholy Trinity: capital controls. At this point, I had better explain a bit more about the Unholy Trinity… Do you recall restrictions on how many pounds you could take out of the UK? That was a form of capital control. It was a limit on money leaving or entering a country – and a fairly recent reminder that capital controls do not necessarily apply just to emerging markets like South Africa. As noted above, the fall in the pound when the ERM collapsed was a failure of exchange rate policy. Do you recall the latest 50 basis point rate hike by the Bank of England? That was interest rates being fiddled with. Those are the three policy levers. And the past has given us several combinations of the so-called Unholy Trinity being proven. For example, for a long time, currencies were pegged to each other. This meant countries could either have free flowing capital, or set their own interest rates, but not both. Not for long, anyway. That’s also why interest rates had to be hiked to extraordinary levels as the Bank of England tried to keep sterling in  the ERM. And why we had capital controls in this country until Margaret Thatcher abolished them and an era of floating currencies began. That’s the setup of the Unholy Trinity we’re most familiar with today. Floating currencies, central banks controlling interest rates and free capital flows. The point of the Unholy Trinity is that you always have one pressure valve which starts whistling when things are going wrong. Today, capital can flow freely and interest rates are being fixed by central banks. The pressure valve, then, is the exchange rate. That’s why, over the past few months, a growing list of currencies have been tumbling. The pound is one of them, but it is not the worst. An attempt to stem this embarrassment triggers the need to shift some other part of the Unholy Trinity too. That’s what’s happening in Sweden, where the central bank is hiking interest rates wildly. The idea being that higher interest rates attract investment, which pushes up a currency. But this is expensive, literally. It imposes higher interest rates on debtors, including the government. In the UK, there are calls on the Bank of England to do the same. So far, it has resisted the pressure. The alternative to hiking rates is to introduce capital controls. The aim is to limit the outflow of the currency and thereby its devaluation. Capital controls may seem stark. But for how long will governments tolerate plunging currencies and/or rapidly tightening monetary policy? Only ending free capital flows allows them to control both monetary policy and the exchange rate… The economic historian and market strategist Russell Napier, who anticipated our inflationary spurt after having also anticipated the prolonged deflation that came before it, has been warning about this. It’s part of a phase he calls “financial repression,” which refers to the need to pay off debt by keeping inflation higher than interest rates. This devalues debt by making the money it is denominated in worth less over time. Those who invest in government bonds, which are loans to the government, are the ones who get dispossessed. Normally, interest rates would just go up to compensate the lenders. But financial repression prevents this. But financial repression places pressure on the Unholy Trinity. If interest rates are being controlled and the currency is not allowed to fall, then capital controls must be imposed. That’s why we needed them during the previous period of financial repression, when World War II debts were repaid. All this is mighty confusing, I know. But the point is that we may soon see the sorts of financial restrictions we’d associate with Argentina or the 1960s UK. There is a real possibility of tight limits on what you can do with your money. So, what is the solution? Historically speaking, according to Napier, “Gold is the standard asset for financial repression.” I will have more to say on gold tomorrow. But, if you can’t wait, take a look at this now. Tyler Durden Tue, 10/04/2022 - 03:30.....»»

Source:  zerohedgeCategory: blog~4 hr. 22 min. ago Related News

Dow Jones Newswires: RBA slows pace of rate increases as household budgets tighten

The RBA raised the official cash rate by 25 basis points to 2.60%, surprising most economists who expected a further 50-basis-point increase......»»

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Dow Jones Newswires: Nestle to invest $1.01 billion on responsible coffee farming

As part of the plan, the company will provide farmers with training, technical assistance, and high-yielding coffee plantlets to help them transition to regenerative coffee farming practices, Nestle said......»»

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CEOs warn tough recession coming, home sales lower and more: Tuesday"s 5 things to know

Traders will be cautious after 91% of CEOs surveyed by KPMG said they think there will be a recession in the next 12 months, as they look at potentially reducing their workforce......»»

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Hurricane Ian has insurance crime experts warning car-buyers over flood-damaged vehicles

An untold number of vehicles were flooded by Hurricane Ian, and an insurance group is now warning car-buyers of the risk of fraud when those cars are sold......»»

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