Reported 23 days ago
According to a report from Goldman Sachs, hedge funds have resumed buying stocks in banks, insurance, and trading firms at a pace not seen since June 2023. After weeks of selling, these stocks became the top choice among hedge funds, primarily focusing on long positions. Despite the resurgence in financial sector purchases, hedge funds overall continued to sell global equities, marking their ninth consecutive week of net selling.
Source: YAHOO
Reported 23 days ago
Chhim Sithar, the president of the Labor Rights Supported Union of Khmer Employees of NagaWorld, was released from prison and pledged to resume a strike against Cambodia's largest casino, which began in December 2021. After her sentencing in May 2023 for her role in the labor action protesting layoffs and alleged union suppression, she emphasized the ongoing struggle for justice, stating the workers would persist until their demands are met. Despite facing severe suppression, the strike continues to draw attention to workers' rights in Cambodia.
Source: YAHOO
Reported 23 days ago
Playtech Plc, a British gambling technology firm, anticipates that its adjusted core profit for 2024 will surpass market predictions, driven by robust growth in its B2B division, particularly in the Americas. The company has also announced a strategic partnership with Mexican sports betting firm Caliente Interactive, acquiring a 30.8% equity stake and agreeing to a new eight-year software licensing deal.
Source: YAHOO
Reported 23 days ago
The US government's plans to tax imports under $800 threaten Chinese e-commerce platforms such as Temu and Shein, which have relied on this tax-free loophole to gain a foothold in the American market. This policy shift comes amid concerns over tariff evasion and illegal shipments. Analysts highlight that the crackdown may reshape the retail landscape in the US, creating uncertainty for these fast-fashion businesses as they prepare for future operations in a more regulated environment.
Source: YAHOO
Reported 23 days ago
Thousands of autoworkers gathered in Brussels to protest the impending layoffs at Audi's Forest plant, affecting 3,000 jobs. Many workers, including those skilled in electric vehicle production, expressed fears that this situation reflects a broader trend of job losses in Europe's industrial sector. Union leaders highlighted the need for governmental support to sustain jobs and address the industrial challenges faced by the EU amid global competition.
Source: YAHOO
Reported 23 days ago
The Global Energy Alliance for People and Planet, supported by Jeff Bezos’ climate fund, is launching a program to attract $18 billion in investment for South African municipal power grids. This initiative aims to upgrade aging infrastructure and facilitate a transition from coal dependency to renewable energy sources, targeting secondary municipalities that struggle to secure funding. Geapp has previously invested in South Africa by establishing a renewable energy training facility at a former coal power site.
Source: YAHOO
Reported 23 days ago
Following a record fine and suspension due to its audit of China Evergrande Group, PwC has pledged to invest in high-quality and sustainable practices in China. An internal memo highlighted the challenges faced by staff and emphasized the firm's commitment to rebuilding trust and enhancing talent development, while also stating its intention to adhere to strict regulatory standards.
Source: YAHOO
Reported 23 days ago
Chinese stocks listed in Hong Kong experienced a volatile session, recovering from initial losses as investors speculated on potential government stimulus due to disappointing economic data. The Hang Seng China Enterprises Index showed minimal change after falling early on, with property stocks leading declines. Economists suggest that increased fiscal support may be necessary to meet growth targets, although confidence remains shaky amidst ongoing deflation and a record outflow of foreign investments.
Source: YAHOO
Reported 23 days ago
The strongest typhoon to hit Shanghai since 1949, Typhoon Bebinca, has caused extensive flight cancellations and travel disruptions as it made landfall in China's financial hub. The typhoon brought maximum sustained winds of 120 kilometers per hour, leading to a top-level emergency response, power outages, and flooding in parts of the city. Hundreds of thousands were evacuated, and many more faced interruptions to their holiday plans as the storm also threatened to surge into the Yangtze River.
Source: YAHOO
Reported 23 days ago
Bajaj Housing Finance Ltd. saw its shares soar 136% on its debut, marking India's largest IPO of the year and showcasing a growing enthusiasm for such offerings. The company's shares jumped from an issue price of 70 rupees to 165 rupees, reflecting substantial local investor appetite and a trend of strong first-day performances in the Indian IPO market, which has raised $8.6 billion this year.
Source: YAHOO
Reported 23 days ago
Bitcoin experienced a decline of up to 2.8% at the beginning of a critical week for markets that are waiting for a widely expected interest rate cut by the Federal Reserve. As of Monday morning, Bitcoin traded at $58,633 amidst concerns over how the rate cut and accompanying signals from the Fed officials will impact market conditions. While looser financial conditions generally favor cryptocurrencies, uncertainties about the scale of the anticipated rate cut have led to cautious trading among investors.
Source: YAHOO
Reported 23 days ago
Nvidia's stock movements last week saw a nearly 16% gain, prompting investor interest following a dip and favorable Wall Street analysis. As the shares near the upper boundary of a descending price channel, key resistance levels at $126 and $136 are highlighted, potentially leading to a breakout towards $166. Conversely, if the stock declines, significant support levels to monitor are at $97 and $75, where investors may see buying opportunities.
Source: YAHOO
Reported 23 days ago
A deepening economic crisis in China has led to a significant decrease in the country's demand for grain, causing concern among global farmers who rely on China as a major customer. As warehouses overflow with surplus grain, imports from countries like the US and Brazil have plummeted, and Chinese authorities are taking steps to curb overseas purchases. The evolving agricultural landscape hints at a prolonged downturn for grain markets, challenging farmers worldwide as they adjust to new demand realities.
Source: YAHOO
Reported 23 days ago
Handbag arbitrage is gaining traction as a trend in the luxury goods market, where buyers purchase luxury items at lower prices in one country and resell them at higher prices in another. This practice is particularly prominent in the luxury handbag sector. In a discussion featuring Pauline Brown, a former chair of LVMH North America, insights into the causes of this trend and its implications for the industry are explored.
Source: YAHOO
Reported 23 days ago
The ongoing investigation into PricewaterhouseCoopers LLP (PwC) has now shifted focus to Hong Kong after the firm received a record 441 million yuan fine in mainland China due to its audit misconduct involving the failed developer China Evergrande Group. While Hong Kong regulators have initiated their review of PwC's local operations, the firm also grapples with legal action from Evergrande's liquidators citing negligence. The fallout from this scandal poses significant threats to PwC's operations in the region as several clients consider switching auditors.
Source: YAHOO
Reported 23 days ago
Donald Trump was the target of an apparent assassination attempt while golfing at his West Palm Beach club, as reported by the FBI. Secret Service agents observed a rifle pointed towards Trump, prompting one agent to fire, causing the suspect to flee, leaving behind the weapon and related gear. Authorities later apprehended Ryan Routh, who had previously sought to recruit Afghan soldiers for Ukraine. This incident raises concerns about Trump's safety and the effectiveness of Secret Service measures, particularly following another shooting incident involving Trump in July.
Source: YAHOO
Reported 23 days ago
Oil prices increased slightly on Monday as expectations of a U.S. interest rate cut loomed, with Brent crude rising 0.2% to $71.76 and U.S. crude up 0.3% to $68.88. However, gains were tempered by the resumption of U.S. oil supply post-Hurricane Francine and disappointing economic data from China, which indicated a slowdown in industrial output and weaker demand for fuel. The market remains focused on potential Fed actions following their upcoming meeting, with indications that a larger rate cut may be anticipated.
Source: YAHOO
Reported 23 days ago
Source: INVESTORS
Reported 23 days ago
Asian stocks showed a mixed performance on Monday following disappointing economic data from China, which raised concerns about the need for stimulus measures. While traders anticipate potential Federal Reserve rate cuts, trading was cautious due to holidays in Japan and South Korea. China's economy showed signs of slowing, with decreases in factory output, consumption, and investment, prompting the central bank to prepare for further anti-deflation policies.
Source: YAHOO
Reported 23 days ago
As the Federal Reserve is anticipated to cut interest rates, foreign investments are flowing into Indonesian debt, boosting optimism for the rupiah. Strategists predict the currency could strengthen to as much as 15,000 per dollar by the year's end, reflecting a significant recovery from its earlier slump. This optimism stems from a favorable yield gap and substantial foreign capital inflows, with expectations of further gains should the Fed's easing cycle progress.
Source: YAHOO
Reported 23 days ago
Asian stocks began the week cautiously, anticipating potential interest rate cuts from the U.S. Federal Reserve, with market sentiments mixed regarding the extent of these cuts. Key economic data from China fell short of expectations, further complicating the outlook for global markets. As central banks in Japan and the UK prepare for meetings, geopolitical tensions featured prominently, including a reported assassination attempt against Donald Trump. Overall, thin trading conditions were noted due to holidays in several Asian countries.
Source: YAHOO
Reported 23 days ago
The US dollar has fallen to a more than one-year low against the yen, driven by mounting expectations of a potential aggressive interest rate cut by the Federal Reserve later this week. Reports have shifted market sentiment towards the likelihood of a 50 basis-point reduction, with futures markets indicating a 61% probability. As traders adjust, the dollar was last seen at 140.695 yen, down from recent highs, while other major currencies like the euro and sterling also displayed modest gains.
Source: YAHOO
Reported 23 days ago
Muzinich & Co. has teamed up with Orion3 to launch an infrastructure and real assets private debt strategy, aiming to raise between $500 million and $1 billion. The initiative, backed by CK Asset Holdings Ltd., seeks to address a significant global funding gap in infrastructure investment, projected to reach $15 trillion by 2040. The fund has already secured its first investment of $120 million and will focus on opportunities in developed Asian and Western nations, targeting institutional investors and high-net-worth individuals.
Source: YAHOO
Reported 23 days ago
Just two months after a shooting incident that nearly killed Donald Trump during a rally, a second assassination attempt occurred while he was golfing in Florida. A suspect was arrested after a Secret Service agent spotted a rifle aimed at Trump. The incident has led to increased security measures for the former president amid an unpredictable political landscape, as the campaign heats up just weeks before Election Day.
Source: YAHOO
Reported 23 days ago
Oil prices remain steady as declining exports from Libya help counteract the impact of worsening economic indicators from China. Brent crude is trading near $72 a barrel, while West Texas Intermediate approaches $69, following a notable drop in Libyan oil exports due to stalled negotiations over the central bank. Chinese data reveals significant drops in industrial output and investment, undermining expectations for economic growth. Analysts suggest that demand weakness in China may continue until governmental measures to stimulate the economy are enacted.
Source: YAHOO