Reported 9 days ago
Oil prices are on track for a weekly decline due to mixed economic data from China, a strong US dollar, and worries about a potential oversupply in the global market next year. Brent crude fell below $72 per barrel, with West Texas Intermediate nearing $68, as the International Energy Agency predicted a supply surplus amid slowing demand growth in China. While some economic indicators showed improvement, oil demand was down in October compared to last year, and local refiners processed less oil than before.
Source: YAHOO
Reported 9 days ago
Global health advocates are calling for Cepheid to lower the price of its mpox diagnostic test from around $20 to $5 to improve testing rates in impoverished countries affected by the virus. The test is crucial for confirming cases in the Democratic Republic of Congo, which is facing a rising outbreak. Activists stress that lowering the price will enable health agencies in Africa to respond more effectively to the crisis.
Source: YAHOO
Reported 9 days ago
Following the recent U.S. elections, traders are increasingly taking on riskier bets in the options market, driven by an optimistic outlook for Republican control in Washington. This shift towards bullish positions has resulted in significant gains for the S&P 500, fueled by rising demand for call options across various sectors, particularly in tech and small-cap stocks like Tesla. While the options market showcases a strong bullish sentiment, there remain concerns regarding the potential impacts of Republican policies on inflation and economic growth.
Source: YAHOO
Reported 9 days ago
Samsung Electronics Co. experienced its biggest stock surge since January 2021, with shares rising up to 8.6% as investors see potential value after a prolonged downturn. Despite this rally, the stock is still down almost 32% year-to-date, facing challenges from competition in artificial intelligence and trade policies. Analysts view the rise as a technical rebound but caution that it may not be sustainable amid ongoing trade risks.
Source: YAHOO
Reported 9 days ago
Nintendo is leveraging its patent expertise to pursue legal action against Pocketpair Inc., the studio behind the game Palworld, known as 'Pokémon With Guns.' The company claims that Palworld infringes on several of its patents regarding game mechanics, seeking an injunction and damages. This move reflects Nintendo's ongoing commitment to safeguarding its extensive intellectual property in the gaming industry.
Source: YAHOO
Reported 9 days ago
This week in cryptocurrency saw Bitcoin soar past $90,000 driven by institutional demand, notably a $2 billion purchase by MicroStrategy. Political developments, including Putin's interest in peace with Ukraine, created positive market sentiments that may boost crypto demand. XRP and various altcoins experienced significant trading volume surges, reflecting optimism in the market as the DevCon conference highlighted advancements in blockchain scalability and privacy-oriented innovations, including a partnership between Avalanche and MeWe to enhance decentralized social media.
Source: YAHOO
Reported 9 days ago
Federal Reserve Chair Powell indicates that the central bank may reduce interest rates slowly due to ongoing inflation concerns.
Source: YAHOO
Reported 9 days ago
Chair Jerome Powell has indicated that the Federal Reserve intends to gradually reduce its key interest rate in the coming months, as inflation remains persistent and officials assess its future trajectory.
Source: YAHOO
Reported 9 days ago
As many global airlines halt flights to Israel due to ongoing conflicts, UAE's FlyDubai and Etihad have continued operations, highlighting both a commitment to diplomatic relations and financial interests. FlyDubai has performed around 1,800 flights since the war began, serving as a crucial link for Israelis. The Emirati airlines symbolize ongoing ties despite regional tensions, with FlyDubai capturing a notable market share at Ben Gurion Airport while supporting the UAE's political and economic stance.
Source: YAHOO
Reported 9 days ago
Global stock markets showed mixed results as Asian stocks largely gained following a slowdown in the post-election surge on Wall Street. European shares dipped, with the UK's FTSE 100 and Germany's DAX declining. In Japan, the Nikkei 225 rose by 0.3%, driven by a weaker yen benefiting exporters, while economic growth showed modest improvement. However, Hong Kong's Hang Seng and China's Shanghai Composite fell slightly amidst mixed economic data, indicating ongoing fluctuations in global markets.
Source: YAHOO
Reported 9 days ago
Eli Lilly has initiated a lawsuit against the federal Health Resources and Services Administration (HRSA) for allegedly obstructing its plan to modify drug discount offerings to hospitals under the 340B program, which provides discounts to healthcare providers serving low-income populations. The company aims to pay cash directly to covered entities while ensuring compliance with the 340B ceiling price. HRSA rejected this approach, leading Lilly to take legal action in Washington D.C. This follows a similar lawsuit by Johnson & Johnson against the Health and Human Services Department regarding drug pricing.
Source: YAHOO
Reported 9 days ago
A recent adjustment in how the Bank of England manages its bond portfolio has provided UK Chancellor Rachel Reeves with an additional £10 billion ($12.7 billion) in budgetary flexibility. This change, allowing the Treasury to transfer less cash to the Bank, comes amid rising costs and market pressures, potentially offering temporary relief until early 2029. The adjustments relate to a past agreement on covering losses from the Bank's extensive gilt holdings, and while they are seen as a short-term financial lifeline, the underlying portfolio costs remain unchanged.
Source: YAHOO
Reported 9 days ago
Federal Reserve Chairman Jerome Powell indicated that interest rate cuts may proceed more slowly than expected, following mixed inflation reports that showed small increases in consumer and producer prices. Despite not signaling an immediate rise in rates, Powell emphasized that the economy is not indicating a rush to lower rates. As a result, mortgage rates remain high, affecting the real estate market, with Powell acknowledging the ongoing challenges in achieving the Fed's inflation goal.
Source: YAHOO
Reported 9 days ago
A federal judge has ruled that Kraft Heinz must face a class action lawsuit accusing it of misleading consumers about its Kraft Macaroni & Cheese product, which it claims contains no artificial preservatives. The lawsuit, brought by consumers from Illinois, California, and New York, alleges that the product contains a synthetic form of citric acid and sodium phosphates, which act as preservatives, contradicting the company’s labeling claims. While Kraft Heinz maintains its product is free from artificial ingredients, the plaintiffs are seeking damages for fraud and violations of consumer protection laws.
Source: YAHOO
Reported 9 days ago
Asian stocks made gains as China's economy showed signs of recovery, while the dollar's strength cooled following comments from Federal Reserve Chair Jerome Powell indicating a cautious approach to interest rate cuts. European equities and US futures fell amid a pullback in rate-cut expectations. Investors are awaiting US retail sales data for further clarity on economic trends.
Source: YAHOO
Reported 9 days ago
Bristol Myers Squibb is facing a $6.7 billion lawsuit, claiming it defrauded former Celgene shareholders by delaying approval for three drugs, notably the cancer treatment Breyanzi. This renewed lawsuit follows the dismissal of an earlier case due to issues with the appointed trustee. The complaint states that Bristol Myers' delays resulted in shareholders missing out on an additional $9 per share in cash, which the company allegedly aimed to avoid to prevent large payouts.
Source: YAHOO
Reported 9 days ago
Applied Materials has lowered its revenue forecast for the first quarter, predicting earnings below Wall Street expectations, which reflects weak demand for chipmaking equipment outside the AI sector. Although there is high demand for AI chips, the broader semiconductor market remains sluggish, negatively impacting companies like Applied Materials. Stricter U.S. export controls and competition from other suppliers further complicate the situation, leading to a nearly 5% drop in its stock after the announcement.
Source: YAHOO
Reported 9 days ago
President-elect Donald Trump's transition team is planning to terminate the $7,500 electric vehicle consumer tax credit, potentially hindering the U.S. electric vehicle market amid mixed support from auto industry leaders. While Tesla's representatives favor the change, fearing less impact on Tesla than on competitors like GM and Ford, industry advocates claim the credit is crucial for U.S. automotive leadership and job preservation. The transition team, led by pro-oil figures, sees the removal of the credit as an easier target for legislative action, amidst a broader strategy to roll back Biden's clean-energy initiatives.
Source: YAHOO
Reported 9 days ago
President-elect Donald Trump is unveiling his Cabinet selections, including notable figures like Pete Hegseth for Defense and Elon Musk for a new efficiency department. Analyst Kyle Bass emphasizes the importance of these appointments, particularly Secretary of State nominee Marco Rubio, in the context of escalating geopolitical tensions with China. Bass suggests that the administration may adopt more aggressive trade policies, hinting at potential tariffs, and indicates a need for rethinking supply chains.
Source: YAHOO
Reported 9 days ago
Disney CEO Bob Iger plans to retire in 2026, prompting speculation on potential successors. External candidates being considered include EA CEO Andrew Wilson and Jimmy Pitaro, while internal favorites for a possible co-CEO model are Dana Walden and Josh D'Amaro. Iger has consulted with Netflix's Ted Sarandos about the dual CEO structure, raising questions about its applicability at Disney.
Source: YAHOO
Reported 9 days ago
Henry Fernandez, Chairman and CEO of MSCI, describes climate change as an 'existential threat' during a discussion with Yahoo Finance's Akiko Fujita. He emphasizes the urgent need for action from both governments and individuals, stating a growing recognition of the importance of climate initiatives worldwide. Fernandez also highlights the significance of voluntary carbon markets alongside regulatory compliance in driving future market dynamics.
Source: YAHOO
Reported 9 days ago
As major tech companies seek energy for their AI data centers, they are increasingly turning to cryptocurrency miners. Both sectors require substantial energy, prompting bitcoin miners like Hut 8 Mining, Hive Blockchain, Bit Digital, and Riot to sell their excess power to AI firms.
Source: YAHOO
Reported 9 days ago
President-elect Donald Trump's approach to tariffs may introduce inflationary pressures in the U.S. economy, affecting the Federal Reserve's monetary policy decisions. Economists predict fewer interest rate cuts than previously expected due to a strengthening economy and the anticipated impact of tariffs. Nomura's chief economist, David Seif, foresees one rate cut in December and another in March 2025, emphasizing that Trump's pro-tariff stance will align with his campaign commitments.
Source: YAHOO
Reported 9 days ago
In a recent discussion, Paul Hickey of Bespoke Investment Group introduced the 'BEEFS' framework for market analysis, where each letter represents a critical indicator: B for market breadth, E for the strong US economy, the second E for earnings growth, F for Federal Reserve influence on inflation, and S for seasonality trends. Hickey believes that a broadening market rally, solid economic performance, and positive corporate earnings are likely to drive continued market momentum.
Source: YAHOO
Reported 9 days ago
Moderna and Novavax shares fell sharply following reports that President-elect Donald Trump plans to nominate Robert F. Kennedy Jr., an anti-vaccine activist, to head the Department of Health and Human Services. Moderna's stock dipped over 5% and Novavax's over 7%, with their values down more than 30% in the last month. Trump's confirmation of the nomination and comments on allowing Kennedy to take a bold approach to healthcare have fueled investor concerns over the vaccine industry.
Source: YAHOO