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Morning News: November 6, 2024
Posted by Eddy Elfenbein on November 6th, 2024 at 7:04 amLighter Winds Boost Reliance on Gas Power in Europe
German Factory Orders Jump, Raising Hopes of End of Manufacturing Slump
Kenyan Leader’s Economic Adviser Cautions Against More IMF Aid
Malaysia Central Bank Keeps Policy Rate on Hold
What Links Have Trump and His Allies Maintained with Oil-Rich Gulf States?
Trump’s Populism Is Unleashed After Resounding White House Comeback
Trump Sequel Poised to Shake Up Global Energy Markets
Xi Is Better Prepared for Trump Even as 60% Tariffs Risk Chaos
Elon Musk Wins Big With Trump Bet
Stocks Jump After Trump Clinches Election Win
From Dollar to Stocks, Trump Trade Erupts Across Markets
Bitcoin Surges to Record as Crypto Investors Cheer Trump Win
Trump Team Revokes Election Party Access for Some Journalists
What Trump’s Win Means for the Economy
Fed Readies a Rate Cut and Faces These Four Questions
UniCredit Raises Profit, Distribution Outlook After Solid Quarter
Arm’s 90% Rally Shines Spotlight on High Multiple, Low Growth
Boeing Shows Why Squeezing Workers Is Reckless
US Mortgage Rates Rise Again, With Recent Jump Most in Two Years
College Is Actually Getting More Affordable
What Everyone Gets Wrong About Luxury Handbags
Toyota’s Bet on Hybrids Looks Even Better Under Trump
Startupbootcamp, Tycoon Plan $250 Million Africa Startup Fund
New Starbucks CEO Scouted Cafes Before Taking Over: What He’s Tackling First
Novo Nordisk’s Wegovy Weight-Loss Drug Sales Beat Forecast, Shares Jump
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CWS Market Review – November 5, 2024
Posted by Eddy Elfenbein on November 5th, 2024 at 6:10 pm(This is the free version of CWS Market Review. If you like what you see, then please sign up for the premium newsletter for $20 per month or $200 for the whole year. If you sign up today, you can see our two reports, “Your Handy Guide to Stock Orders” and “How Not to Get Screwed on Your Mortgage.”)
Don’t Let Politics Interfere with Your Investing
It’s Election Day in America, and I’ll give you my biannual warning not to let politics cloud your investing judgement. I see this far too often.
Just because we may watch the market closely and debate what happens, and just because we follow politics closely and debate what happens doesn’t mean the market cares one wit about politics. It doesn’t. Thinking it does misunderstands how the market works and how the government works.
A simple lesson is to look at long-term stock charts and see if you can pinpoint election dates. You probably can’t. Or even better, try it on a country whose politics you may not be familiar with. See if you can spot when their elections were. It’s not so easy.
Yet too often, investors ignore the fundamentals of investing (have patience, don’t panic, exercise discipline), and they let their political beliefs interfere where they don’t belong.
I’ll give you two examples, and I’ll be bipartisan. In the wake of the 2016 election, Paul Krugman wrote, “If the question is when markets will recover, a first-pass answer is never.”
You may want to try a second pass, Paul. Boy, was he wrong. The markets did very well during the Trump years. Before Covid came along, the S&P 500 gained 60%, and Krugman is a Nobel Prize winner! He’s way smarter than me, and even he fell prey to the temptation of confusing his ballot with his portfolio.
Michael Boskin is another smart guy. He was chairman of George Bush’s Council of Economic Advisors. In March 2009, he penned an article in the Wall Street Journal titled “Obama’s Radicalism Is Killing the Dow.” The piece was published on almost the exact low. The market soared for years afterward. Boskin wasn’t just wrong – it’s hard to be wronger.
I don’t mean to poke fun at Krugman and Boskin. Quite the opposite. The question is, why do such intelligent people come to hold such poor investment opinions? The answer is that they let their emotions cloud their judgment. With investing, it’s always important to be unemotional and to focus on the important things.
The Economy Created 12,000 Jobs Last Month
Just before Election Day, we got some lousy jobs news. On Friday, the government said that only 12,000 net new jobs were created last month. That was far below Wall Street’s consensus estimate of 100,000. That’s the smallest monthly jobs gain in four years.
What happened? The hurricanes certainly played a role, as did the Boeing strike. The BLS estimates that the Boeing strike caused the loss of 44,000 jobs. Last month was a very unusual month. The BLS said that the response rate to its survey was the lowest in 30 years.
The details of the report are not encouraging. For example, the jobs numbers for August and September were revised lower by 112,000, and the manufacturing sector lost 46,000 jobs last month. It’s even more worrisome when you consider that most of the new jobs are in the government sector.
The unemployment rate held at 4.1% which matched expectations. The broader U-6 rate was 7.7%. There were some bright spots. Average hourly earnings rose by 0.4% which was above estimates. That’s good to see.
Here are some more details:
Health care and government again led job creation, respectively adding 52,000 and 40,000 positions. Several sectors, though, saw job losses.
In addition to the expected pullback in manufacturing, temporary help services saw a drop of 49,000. The category is sometimes seen as a proxy for underlying job strength and has seen a decline of 577,000 since March 2022, the BLS said.
Another leading sector, leisure and hospitality, saw a drop of 4,000, while retail trade and transportation and warehousing also reported modest declines.
Friday’s report probably didn’t shake the Fed off its policy path. The central bank meets again this week, and it’s almost certain that they’ll lower rates by 0.25% again. In fact, we can expect another rate cut next month. After that, things are a little cloudy. For 2025, traders see the Fed cutting rates another three times.
The next big test for Wall Street comes next Wednesday, November 13 when the government will release the October CPI report. The headline inflation rate has improved but I want to see a better number for the “core rate.” It’s too early to declare victory against inflation.
Nvidia Replaces Intel in the DJIA
There was another interesting market news item from last week. On Friday, the folks at Dow Jones said they’re kicking Intel (INTC) out of the Dow Jones Industrial Average, and Nvidia (NVDA) will be taking its place. The switch will take place on November 8.
This is the kind of news item that isn’t so important in itself, but it confirms a long-term trend already in place. Shares of Nvidia are up 130% this year while Intel has been cut in half. The AI Revolution has finally come to the Dow.
The DJIA used to have a lot of heavy-industry stocks, but it has become more tech-focused in recent years. In February, they added Amazon to the DJIA. Apple, Microsoft and Cisco are already members. Being invited to join the Dow is Wall Street’s version of being a “made man.” It says you’ve arrived. Nvidia probably helped itself earlier this year when it announced a 10-for-1 split. The company just passed Apple to become the most valuable company in the world.
There’s an important distinction between the S&P 500 and the DJIA. The S&P 500 is weighted by market value, but the DJIA is price-weighted. To calculate the Dow, you simply add up all the share prices and adjust it by a divisor. Roughly speaking, every $1 in share price of a Dow stock works out to about 6.5 Dow points. Size doesn’t matter.
Why do people even pay attention to the Dow? I’m not sure. I guess that it’s been around since 1896. The S&P 500 is by far the better index, but it only goes back to 1957 when it was expanded to 500 stocks.
As Intel headed lower, it became a very minor portion of the DJIA. Intel is currently worth 130 points in an index near 42,000. What makes Intel interesting is that it was added to the Dow 25 years to the day earlier than the day its deletion was announced. In 1999, Intel was as hot as a stock could be. Not long before, CEO Andrew Grove made the cover of Time magazine.
Shortly after it was added, Intel strongly outperformed the DJIA, but that didn’t last long. In the last few years in particular, Intel (in black) badly lagged the index (in blue).
The index-keepers have made some bad calls in the past. In 1939, IBM was taken out of the index, and it wasn’t added back until 1979. Over those 40 years, IBM was a huge winner. The index would be much higher today if it weren’t for those missing four decades.
Changes to the index have become more common. Between 1939 and 1976, the Dow only made two rounds of changes to the index. In 1956, one stock was added, and one was deleted. In 1956, four were added and four deleted in 1959. That’s just five stocks in 37 years.
There were two changes to the Dow this time. Dow Inc. (DOW), the chemical company, will be replaced by Sherwin Williams (SHW), which was on our Buy List for many years. Apple’s market value is about 100 times that of Dow Inc. There are no more basic materials stocks left in the Dow. As the economy changes, so does the DJIA.
Buffett’s $325 Billion Cash Mountain
Warren Buffett just released the details of Berkshire Hathaway’s (BRK-A) financial position. At the end of September, Berkshire was sitting on a cash position of $325 billion.
That’s staggering. It’s up nearly $50 billion over Q2. That’s enough money to buy every single team in the NFL.
The reason Berkshire has so much cash is that Buffett has been selling recently. In particular, Buffett has been dumping shares of Apple (AAPL) and Bank of America (BAC).
Buffett has been gradually paring back his holdings of Apple. This was the fourth quarter in a row that he trimmed his stake. All told, Berkshire sold $36 billion of stock last quarter.
Interestingly, Buffett didn’t buy back any Berkshire shares last quarter. These moves could be a signal that Buffett thinks that market is too pricey, or perhaps just Berkshire. Buffett had been buying back lots of shares, and he said he’ll continue to if the price is below Berkshire’s intrinsic value.
Analyzing Berkshire’s business is difficult because it has businesses that it fully owns along with several minority holdings. According to the earnings report, earnings at Berkshire’s fully-owned businesses were down 6% from last year. That was less than what analysts had been expecting.
This could be a sign that the Oracle of Omaha thinks the market is simply too high.
That’s all for now. I’ll have more for you in the next issue of CWS Market Review.
– Eddy
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Morning News: November 5, 2024
Posted by Eddy Elfenbein on November 5th, 2024 at 7:03 amChina’s Premier Li Projects Confidence in Economic Recovery
Nuclear Energy’s AI Boom Blew a Fuse—Here’s What Could Happen Next
Russia’s Oil Fleet and the Floating Armories That Help Keep Profits Flowing
Shale Turns Up Heat on OPEC as Big Oil Opens Its US Taps
Can the No. 1 Oil Producer Lead the Way on Climate? The US Is Trying It
Contraband Whiskey and a Secret Royal Dinner: Wall Street Goes to Riyadh
Trump Trades Step Into the Twilight Zone
Wall Street’s Great Election Trades Now Face the Moment of Truth
How the World Is Prepping for a Trump or Harris Victory
Cryptocurrency Markets, Promoted by Trump, Brace for Election Volatility
Trump and Harris Have Ignored a Looming Crisis
From Tariffs to EVs and Taxes: High Economic Stakes in the US Election
The Third Candidate in This Election Is the Economy
U.S. Farmers Brace for New Trump Trade Wars Amid Tariff Threats
Copycat ETFs Are Infiltrating a ‘Finders Keepers’ Tickers Market
Goldman Plans to Promote Biggest Partner Class of Solomon Era
Chips Industry Sees US Funding Hinge on Election
Boeing Ends Crippling Strike as Workers Accept Latest Offer
South Korea Fines Meta About $15 Million Over Collection of User Data
Wayfair Ups Promotions Without Taking a Big Financial Hit. Here’s How They Do It.
Uber’s Real Threat Isn’t From Robots
French Factories Falter as Europe’s Auto Industry Primes Major Layoffs
Ferrari Defies Wider Auto Industry Malaise With Higher Sales, Earnings
Meet Musk’s Fixer, the Powerful Executive Reshaping Tesla
KFC Owner Yum Brands Misses Wall Street’s Sales Estimate
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Morning News: November 4, 2024
Posted by Eddy Elfenbein on November 4th, 2024 at 7:05 amWith Oil Prices Weak, OPEC+ Postpones Increases Again
Oil Gains as OPEC+ Further Delays Output Hike
China Isn’t Planning a ‘Bazooka’ Stimulus—at Least Not This Year
Foreclosures in China Soar, Threatening to Cut Off Bank Profits
America’s Free-Lunch Economy Is Over
A November Surprise is Jostling the Markets
‘Trump Trade’ Doubts Drag on Dollar, Boosting US Treasuries
On Telegram, a Violent Preview of What May Unfold on Election Day and After
All the President’s (Rich) Men
Fed Independence May Be Invisible Question on the Ballot Tuesday
The Two Things We Need From the Federal Reserve Right Now
Brookfield Turns on Credit Taps for Growth With $14 Billion Haul
Apollo Plans to Double Asia Pacific Headcount in Private Wealth
Blackstone Targest New European Markets in Global Wealth Push
LVMH’s Empty Chinese Megastore Signals Deepening Luxury Crash
Even Some High-Income Americans Can’t Afford New Cars Anymore
Buffett Keeps Cutting Apple Stake, With Value Down 60% This Year
Physical Intelligence, a Robot A.I. Specialist, Raises Millions From Bezos
Chinese Logistics Operators Are Getting Into U.S. Warehousing
In a Perfect World, We’d Eliminate Expense Reports. We’re Getting Closer.
Novo’s New Obesity Drug Is Targeting the Most Dramatic Weight Loss Yet
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Morning News: November 1, 2024
Posted by Eddy Elfenbein on November 1st, 2024 at 7:04 amParalyzing Curbs on West Bank Complicate Path to Palestinian State
The US Is Squandering Its Hidden Advantage Over Xi Jinping
Big Tech Is Paving the Way for a Nuclear Breakthrough
Can Quake-Prone Japan Ever Embrace Nuclear Energy Again?
Evolution Mining Founder Isn’t Finished Yet
How to Include Investors in a National Climate Strategy
Pump Prices Tumble 20% in Key Swing States Ahead of Election
Oil Was Written Off. Now It’s the Most Productive US Industry
Exxon, Chevron Beat Estimates on Higher Permian Oil Production
Oil Interests Gave More Than $75 Million to Trump PACs, New Analysis Shows
Canada and Mexico Fear a More Protectionist America
Why Germany’s Resistance to an Italian Bank Takeover Is Raising Eyebrows
B. Riley to Sell Portion of Wealth-Management Unit to Stifel
Bitcoin Rally Masks Bleaker Picture in the Crypto World
Gold and Silver Prices Rise After Profit-Taking
Election Uncertainty Looms Over Hiring
Jobs Data Come as the Fed Stares Down a Complex Moment
Boeing Union Endorses Latest Offer to End Crippling Strike
Why There’s Hope for U.S. Factory Towns Laid Low by the ‘China Shock’
When the Price of Your Burrito Clashes With Your ‘Reference Price’
Brain Tech Is Here and Not as Creepy as You Think
Why a Memphis Community Is Fighting Elon Musk’s Supercomputer
Microsoft Picks Up the Pace of Spending But AI Demands More
Apple Sparks Concerns With Tepid Forecast, China Weakness
Amazon Reports Record $15.3 Billion Profit
What Nvidia Stock Investors Should Know About Meta Platforms’ Earnings
Reckitt Shares Surge After Baby Formula Lawsuit Win
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Morning News: October 31, 2024
Posted by Eddy Elfenbein on October 31st, 2024 at 7:05 amHistoric Drought Upends Colombia’s Push to Quit Fossil Fuels
The Vaunted Consumption Story in the Fastest-Growing Major Economy Is Cracking
China Economy Picks Up on Stimulus Push Ahead of US Election
Gold Supported by Macro Risks, U.S. Election Uncertainty
Jeff Bezos, Elon Musk and the Billions of Ways to Influence an Election
23 Nobel Laureates Can’t Be Wrong About Trump
U.S. Election Chaos Would Endanger the Whole World
Election-Violence Risk Threatens US Dollar Dominance
The Next President Inherits a Remarkable Economy
Inflation Is Basically Back to Normal. Why Do Voters Still Feel Blah?
Surging Mortgage Rates Threaten US Housing Market Momentum
KKR’s $20 Billion Goal Tests Investor Appetite for Buyout Funds
Mizuho to Launch Saudi Arabia ETF With Sovereign Wealth Fund PIF
BIS Steps Back From Digital Payment Project Touted by Putin
Societe Generale Taps Sabadell’s Alvear as New CFO Amid Management Reshuffle
Big Tech Is Paving the Way for a Nuclear Breakthrough
Microsoft Shares Drop on Disappointing Cloud Growth Forecast
Meta Warns of Worsening AI Losses After Sales Narrowly Beat
Alexa’s New AI Brain Is Stuck in the Lab
Huawei Sales Rises 16% on Strong Demand for Its Phones and Chips
New York State Chosen as National Center for Chip Manufacturing Research
Inside the Winter Wonderland Where Walmart Hatches Its Holiday Plans
How Volkswagen Lost Its Way in China
Stellantis Says It Is Moving Quickly to Cut U.S. Inventories
Peloton Taps Ford Executive as CEO to Lead Turnaround Effort
Estée Lauder Pulls 2025 Guidance on China Uncertainty, New CEO
How Do You Get Kids to Read? Give Them Pizza.
Wendy’s Meal Deals, Humorous Offers Fail to Spark Growth
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Morning News: October 30, 2024
Posted by Eddy Elfenbein on October 30th, 2024 at 7:07 amOil Producers Wrestle With Plans to Boost Supply
At Three Mile Island, a Test of Nuclear Power’s Promise
China Three Gorges Plans $10 Billion Renewables-Coal Power Base
Logging Is a Way of Life in Appalachia. It’s Hanging on by a Thread.
Spain Opens Its Doors to China as a European Trade War Looms
Eurozone Expands Faster Than Expected, Raising Hopes of Soft Landing
German Economy Avoids Recession But Not Broader Crisis
Supply Chain Woes Carry High Risks, Big Rewards for Some Companies
A Wall Street Landlord Bought Your Neighbor’s House. It’s a Mixed Blessing.
Can Cash Still Make You a King?
Trump Trades — Bitcoin Is Boss, Bonds at a Loss
UBS Profit Outstrips Expectations as CEO Warns on Looming Risks
JP Morgan Chase Is Suing Customers Over ‘Infinite Money Glitch’ ATM Scam
Visa Profit Beats Expectation on Resilient Consumer Spending
Wall Street Giants to Make $50 Billion Bet on AI and Power Projects
AI Leaders Gather in Saudi Arabia to Talk Energy
At a Glitzy Saudi Investment Forum, Almost No Mention of War
US Efforts to Contain Xi’s Push for Tech Supremacy Are Faltering
Alphabet’s Pricey AI Bet Pays Off With Cloud, Search Growth
Reddit Set to Hit Record High After Strong Sales Forecast
Boeing, Union Hold ‘Productive’ Talks in Attempt to End Strike
Volkswagen in Drive to Cut Costs as Earnings Plunge
Lilly Cuts Guidance on Disappointing Weight-Loss Drug Sales
AbbVie Lifts Profit Outlook as Inflammatory Drugs Rinvoq and Skyrizi Beat Estimates
GSK Cuts Vaccine Sales Outlook Amid U.S. Weakness
New Starbucks CEO Is About to Test Wall Street’s $21 Billion Bet
Somewhere Amid the Frappuccinos, Fans Say Starbucks Lost Something
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CWS Market Review – October 29, 2024
Posted by Eddy Elfenbein on October 29th, 2024 at 6:31 pm(This is the free version of CWS Market Review. If you like what you see, then please sign up for the premium newsletter for $20 per month or $200 for the whole year. If you sign up today, you can see our two reports, “Your Handy Guide to Stock Orders” and “How Not to Get Screwed on Your Mortgage.”)
Job Openings Plunge by 400,000
We’re now in the heart of earnings season, and that’s dominating the news on Wall Street. We’re about one-third of the way through earnings season, and this will be an especially busy week. Companies that make up 42% of the S&P 500’s market value are due to report this week.
Many tech stocks are faring well. In fact, the Nasdaq rallied to a new high today. Alphabet, Google’s parent, reported very good results after the closing bell. Several other tech giants are due to report soon.
It’s hard to draw an overall theme for this earnings season just yet. Some stocks are doing quite well. Royal Caribbean raised its guidance for the fourth time this year, but Ford said that earnings will be at the low end of expectations.
It’s still early, but the beat rate for this earnings season is low. So far, 78% of companies that have reported earnings have beaten expectations. If that trend holds up, this will be the lowest beat rate since Q4 of 2022. That includes the fact that estimates were lowered—sometimes by a lot—as earnings season approached.
The S&P 500 is poised for its sixth positive month in a row, but the market hasn’t moved much in either direction for the past two weeks. That’s usually a bearish sign, but that can change on a dime.
Americans appear to be in an optimistic mood, at least according to the Conference Board. Earlier today, the group said that’s its reading for consumer confidence jumped 11% in October to 138. That’s the largest monthly increase in over three years. The Conference Board also has an “expectations” index, and that rose 8% to 89.1.
The bad news is that the number of job openings for September plunged to 7.44 million. That’s a drop of more than 400,000, and the prior month was also revised lower. Job openings are now at the lowest level since January 2021. The ratio of vacancies to available workers is down to 1.1. Not too long ago, the ratio was more than 2.0.
Layoffs are now at their highest since early 2023. We’re also seeing fewer quits. That’s usually a sign that the labor market is getting weaker. If that’s true, it’s very much different from the data we got in the last jobs report.
We’ll soon learn more. The October jobs report is due out this Friday. Wall Street is looking for a gain of 110,000 new jobs. That’s a low bar, and if that comes in weak, the entire view of the economy could change.
Unfortunately, it’s not going to be easy to divine a trend from these numbers. The problem is that the job numbers could be skewed due to the Boeing strike and the recent hurricanes. In other words, things could be worse than the official numbers say. Also, the job openings data tends to be very volatile.
To add more to the mix, the Federal Reserve meets next week, November 6 and 7. That’s after the election, but it may not be before we know who won. Despite all the hoopla in recent weeks, the expectation on Wall Street is that the Fed will again lower interest rates, this time by 0.25%. The futures market thinks the rate cut has a probability of 99%. I don’t see the Fed altering from its path anytime soon.
The real action lately hasn’t been in the stock market but in the bond market. Treasuries are supposed to be safe and sound but they’re looking at their worst month in two years. That’s probably because traders have realized the economy is better than they thought. Again, it’s not so much that the economy is soaring ahead, but it’s hanging in better than expected.
The yield on the 10-year Treasury rose to 4.28% today. That’s up 55 basis points since October 1. So the Fed lowers rates and the long-terms start to rise? That wasn’t supposed to happen, but Wall Street doesn’t always like to do what it’s told. It’s like a four-year old in that regard, and many others.
Much of the outlook for the market depends on how well the economy fares. Tomorrow morning we’ll get our first look at how the economy did during Q3. Wall Street is optimistic. The consensus is for growth 3.1%.
S&P 500 Calendar Effects
I’ve been working on a project that I thought I’d share with you. I’ve been knee-deep in market data for the last few days.
I took all the data for the S&P 500 going back to 1957. This is how the average month has performed for the index:
I used 1957 because that’s when the index was expanded from 90 to 500 stocks. As you can see, the stock market does much better near the start and end of each month (I used January as a stand-in). From the 6th to the 25th of each month has only been a little positive. The rest of the time accounts for the most growth.
Obviously, I don’t favor a strategy of going in and out of the market that quickly. I’m a confirmed buy-and-hold guy, but I find market patterns like this fascinating.
Here’s a look at how the S&P 500 has performed on each day and date of the month:
I’ve highlighted the best days in blue and the worst days in red. Again, I find this interesting, and it took me a long time to compile. Interestingly, Friday the 13th hasn’t been that bad for investors. Sorry, Jason.
By the way, today is the 95th anniversary of Black Tuesday, also a Tuesday the 29th.
That’s all for now. I’ll have more for you in the next issue of CWS Market Review.
– Eddy
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Morning News: October 29, 2024
Posted by Eddy Elfenbein on October 29th, 2024 at 7:04 amBank of Japan Likely to Hold Rates, But Signal That Hikes Remain on the Table
Potential Japan Kingmaker Is Seeking Tax Breaks for Workers
Milei’s Revamp Offers CEOs a Glimmer of Optimism About Argentina
Two Euro-Zone Bellwether Economies Expanded Last Quarter
Weird Things Are Happening in the Bond Market
Big Bank Chiefs Don’t See Two More Fed Cuts This Year
Fed’s Rate Cut Revives Small Business Optimism and Plans to Borrow
HSBC Takes $300 Million Hit From Legacy Capital Repayment
Wall Street Sees Lines Blur Between Private Credit and Bank Debt
Wall Street Regulator Pledges to Press on Amid Trump Threats, Political Pressure
JPMorgan CEO Jamie Dimon Says ‘It’s Time to Fight Back’ on Regulation
Trump’s Vast Tariffs Would Rock Global Businesses and Shake Alliances
An Ethical Minefield Awaits a Possible Second Trump Presidency
How Russia, China and Iran Are Interfering in the Presidential Election
Elon Musk Wants Big Families. He Bought a Secret Compound for His.
Why a Key Biden Effort to Boost Affordable Housing Has Faced Hurdles
How American Tax Breaks Brought a Chinese Solar Energy Giant to Ohio
Alphabet Needs More Than Strong Results to Tame Wall of Worries
Apple Ships $6 Billion of iPhones From India in Big China Shift
Founder of TikTok Owner ByteDance Jumps to Top of China’s Rich List
China’s Top Oil Companies Turn in Mixed Results Amid Weak Demand
BP’s Profit Hits Four-Year Low on Commodity Market Weakness
Pfizer’s COVID-19 Drug Powers Strong Quarterly Profit as Activist Hovers
Novartis Lifts Guidance Again After Key Drugs Help Results
McDonald’s Sales Miss Estimates on International Weakness
McDonald’s Finds an Unlikely Savior to Finally Fix Its McFlurry Machines
Why You’re Seeing Scary-High Chocolate Candy Prices this Halloween
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Morning News: October 28, 2024
Posted by Eddy Elfenbein on October 28th, 2024 at 7:07 am$50 Billion Saudi Debt Drive Reflects Rising Financial Strain
Oil Plunges as Israel Limits Iran Strike to Military Targets
Pemex CEO Inherits One of World’s Most Inefficient Oil Companies
Galp Beats Profit Views on Resilient Upstream Performance
Cnooc Profit Rises as Expanded Output Offsets Weaker Demand
China Tightens Its Hold on Minerals Needed to Make Computer Chips
How Beijing Tamed a Lawless Industry and Gained Global Influence
What Japan’s Political Uncertainty Means for Its Market Rally
Britain Braces for ‘Painful’ Budget Meant to Recharge the Economy
Dollar Rises Further Due to U.S. Economic Strength, Ahead of Election
At a Pivotal Moment, U.S. Economic Data Will Be a Mess
Economists Warn of New Inflation Hazards After Election
Can a Democrat Be the Candidate of Small Business? Harris Gives It a Try.
Companies Are Dropping the D or E From DEI to Avoid Criticism
S&P 500 Profit Beats Disappoint as Season Kicks Into High Gear
The Porterhouse at Weis Points to Inflation’s Demise
Banks Seek AT1 Replacements For Year’s Biggest Turnarounds
For Investors, What if This Time Is Different?
Elliott Hunts Bigger Prey, Testing Limits in Barrage of Activism
Apple Blocked From Selling iPhone 16 Models in Indonesia
Meg Whitman’s Mission in Africa: American Tech Over Chinese
Boeing Launches $19 Billion Share Sale to Thwart Downgrade
At Boeing and Starbucks, Different Problems but Similar CEO Messages
VW Eyes Closing Three German Factories in Cost-Cutting Push
Philips Cuts Sales Target Due to Weak China Demand
How Taxpayers Are Helping Health Insurers Make Even Bigger Profits
The Last Few Months Have Been a Lot for McDonald’s
Swiggy Aims to Kick Off $1.35 Billion India IPO Mid-Next Week
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