Citi economists said: “We have long debated our view that China can be a major growth hedge this year – if anything, the recent global banking strains may have bolstered this thesis. “ The People’s Bank of China’s decision to cut its reserve requirement ratio showed “assurance of political support amid global volatilities,” Citi economists … Read more
Block’s Australian shares plunge following Hindenburg report Australian-listed shares of payments firm Block fell nearly 20%, following moves in U.S.-listed shares after Hindenburg Research reported the payments firm as its latest short position. The short seller said Block allowed criminal activity to operate with lax controls and “heavily” inflated Cash App’s transaction user base, a … Read more
5 hours ago Treasury Secretary Yellen says emergency actions to support banks could be used again if needed Treasury Secretary Janet Yellen said Thursday that federal emergency measures used to support customers of Silicon Valley Bank and Signature Bank could be used again if needed. “We used important tools to act quickly to prevent contagion. … Read more
Ford on Thursday forecast a dramatic turnaround at its electric vehicle unit, reiterating that it expects its electric vehicle business to be solidly profitable by the end of 2026. Here, step by step, is how Ford expects the Model e to achieve a positive EBIT profit margin of 8% in less than four years. Wall … Read more
Federal Reserve Board Chairman Jerome Powell holds a news conference following a meeting of the Federal Open Market Committee at the Federal Reserve on March 22, 2023 in Washington, DC. Alex Wang | Getty Images News | Getty Images This report comes from today’s CNBC Daily Open, our new international markets newscast. CNBC Daily Open … Read more
Financial stocks fell on Wednesday after the Federal Reserve raised interest rates by an expected quarter point and signaled that it was not too worried that the collapse of several banks this month would reverberate on the rest of the sector and the economy. KBW Nasdaq Commercial Banks Index and SPDR S&P Regional Banking ETF … Read more
“This is the first time in a long time that the FOMC has had a real decision to make,” said JonesTrading chief strategist Michael O’Rourke, who is among the handful urging the Fed to pause. “Remember, this banking crisis is the result of banks not properly preparing for a cycle of rising interest rates. Another … Read more
British households continue to face high food and energy bills, while workers in various sectors have launched mass strikes in recent months. The Bank of England has raised interest rates aggressively in a bid to contain inflation and will announce its latest monetary policy decision on Thursday. UK inflation data paints a picture of the … Read more
U.S. Treasury Janet Yellen speaks during the American Bankers Association Washington Summit on March 21, 2023 in Washington, DC. Drew Anger | Getty Images News | Getty Images This report comes from today’s CNBC Daily Open, our new international markets newscast. CNBC Daily Open updates investors on everything they need to know, wherever they are. … Read more
30 minutes ago Gold price could hit $2,600 and stay at record highs Gold prices have more room to soar as global banks struggle and investors await the US Federal Reserve’s rate decision, and could hit $2,600 an ounce. Metal prices broke above $2,000 on Monday to mark the highest since March 2022. Its all-time … Read more
