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Casey"s General Stores"s Earnings Outlook

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If You Invested $1000 In This Stock 10 Years Ago, You Would Have $4,600 Today

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What 6 Analyst Ratings Have To Say About WEC Energy Gr

Latest Ratings for WEC DateFirmActionFromTo Jan 2022Goldman SachsUpgradesSellNeutral Nov 2021Wells FargoMaintainsOverweight Nov 2021ScotiabankUpgradesSector PerformSector Outperform View More Analyst Ratings for WEC View the Latest Analyst Ratings read more.....»»

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$1000 Invested In This Stock 5 Years Ago Would Be Worth $91,000 Today

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Preview: J.Jill"s Earnings

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Earnings Preview For Alico

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Expert Ratings for Snowflake

Latest Ratings for SNOW DateFirmActionFromTo Mar 2022Cowen & Co.MaintainsOutperform Mar 2022RosenblattMaintainsNeutral Mar 2022JefferiesMaintainsHold View More Analyst Ratings for SNOW View the Latest Analyst Ratings read more.....»»

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Women of Influence

Crain’s is accepting nominations for Women-Forward Workplaces, Mentors and Rising Stars. We are proud to recognize ideas, hard work and cultural shifts that organizations and leaders are putting in place to make their business practices safe, transparent, inclusive and welcoming. Please join us in celebrating these tireless voices of change by submitting them for this prestigious and important award. The honorees will be published in a special print and digital section at CrainsNewYork.com on April 3. Nomination deadline: January 13, 2023.....»»

Category: blogSource: CRAINSNEWYORK2 hr. 30 min. ago Related News

Oil Rises After Launch Of Russia Price Cap As OPEC+ Keeps Output Unchanged

Oil Rises After Launch Of Russia Price Cap As OPEC+ Keeps Output Unchanged Two weeks ago, oil tumbled after the WSJ reported a fake news hit piece quoting "delegates" who "said" that Saudi Arabia was preparing for a 500K oil production hike. We quickly countered that this was ridiculous and if anything OPEC+ would seek further production cuts, a view which other media promptly quickly picked up. In the end, the report of an output hike (which some interpreted as a gesture of good will from Saudi crown prince MBS who had just received immunity from the Biden regime), proved to be indeed fake news, but likewise any expectations of further output cuts were dashed when earlier on Sunday OPEC+ agreed to stick to its oil-output targets just two days after G-7 nations agreed to a $60 price cap on Russian oil, despite mounting concerns about oil demand as the world in swept up by a global recession and as new Covid-related lockdowns in China and lingering uncertainty over Russia’s ability to export crude have sent the price of oil sliding. During a virtual meeting, OPEC+ decided to rollover the production cuts of 2 million barrels a day initially agreed to in October, a move which will allow the group time to assess the market impact of the price cap on Russian oil, the delegates said. Brent crude plunged to its lowest level since September on Nov. 28, but ended up posting its biggest weekly gain in a month. Meanwhile, prices are responding as expected to the OPEC+ decision, helped by continuing Covid restriction relaxation in China. At the time of writing both Brent crude and West Texas Intermediate were up by more than a percentage point from Friday’s close, although both remained far below $90 per barrel. “With massive and offsetting fundamental and geopolitical risks bearing down on the oil market, ministers understandably opted to hold steady and hunker down,” said Bob McNally, president of Rapidan Energy Advisers LLC. Meanwhile, Brent crude closed at $85.42 on Friday, and West Texas Intermediate, the U.S. benchmark, was at $80.34, far below the $90-a-barrel level where some oil-market analysts say the group wants to see prices. Prices have come under downward pressure from Chinese Covid-19 lockdowns that have prompted concerns in OPEC of weakening oil demand. Oil prices fell Friday after the EU agreed to the cap, as traders discounted fears the mechanism will force much Russian oil out of the market and cause a supply issue. In the end, however, it is all just posturing and the status quo remains as Russia will still sell oil to its traditional customers China and India, who will then resell some of this product to Europe and other nations. It’s unclear to what extent those measures will curtail Russian exports. The price cap is comfortably above the $50 that the country’s flagship Urals grade of crude currently trades at, according to data from Argus Media. Yet Moscow has said it would rather cut production than sell oil to anyone that adopts the price cap. Speaking on Russian TV, Deputy Prime Minister Alexander Novak said the country will operate strictly in line with market conditions: “We will sell oil and oil products to the countries that will work with us based on market conditions, even if that means we’ll have to somewhat reduce output." Russia is “not going to use tools linked to the price cap” and is “working on a mechanism banning adoption of the price cap tools, irrespective of what level will be set." Russian crude has traded at a steep discount this year, with Argus Media, which assesses commodity prices, pegging the price at about $48 a barrel. The US and its G7 allies designed the price to cut into Moscow’s oil revenues while keeping Russian oil, a key part of global supply, available on the market, which of course is ridiculous, and is just an attempt by Europe at virtue signaling optics while eating its Russian oil cake too. It aims to take advantage of the concentration of key maritime services in the West to try to curb Moscow’s ability to wage war in Ukraine. As Bloomberg notes, with these powerful forces poised to push oil markets in unpredictable directions, OPEC watchers said the group’s decision was understandable. “OPEC+ rolled over the existing quotas as expected amid uncertainty around Russian flows following the price cap, and a weaker China,” said Amrita Sen, chief oil analyst and co-founder at consultant Energy Aspects Ltd. “The group will continue to monitor markets and should fundamentals deteriorate they will meet prior to June -- currently the scheduled next ministerial meeting.” The decision by OPEC+ should hold for at least a few months. The group’s Joint Ministerial Monitoring Committee, led by Saudi Arabia and Russia, will meet again in June. The outlook could be clearer by then, and the panel has the power to call extraordinary meetings if it thinks output policy may need to change; OPEC said it was ready “to meet at any time and take immediate additional measures to address market developments” if needed. Until then three major forces will determine the future path of oil prices: a global economic slowdown which will seek to keep a lid on oil demand, and speculation about the date of China's reopening which many believe will send oil prices sharply higher. Indeed, as Bloomberg notes, as OPEC+ ministers convened their video conference, officials in Shanghai had just eased some of their Covid restrictions, joining other top-tier Chinese cities as authorities accelerate a shift toward reopening the economy after thousands of demonstrators took to the streets. A far bigger, and longer-term driver, however is the continued lack of capital spending to boost an aging E&P infrastructure which means that over the next 5 to 10 years, oil will become increasingly scarce in a world where western government are openly hostile toward legacy energy companies. Tyler Durden Mon, 12/05/2022 - 07:21.....»»

Category: blogSource: ZEROHEDGE2 hr. 30 min. ago Related News

US Futures Drop As Chinese Stocks Soar On Reopening Optimism

US Futures Drop As Chinese Stocks Soar On Reopening Optimism US stock futures fell on Monday as investors weighed the outlook for economic growth against the possibility of a softening in the Federal Reserve’s policy, or in other words, whether bad news is again bad news. At the same time, and just one week after China was swept by violent anti-covid zero protests, Chinese stocks in listed in the US rose sharply after Hong Kong-listed peers rallied and the offshore yuan strengthened past the key 7.00 level after Chinese authorities eased Covid testing requirements across major cities over the weekend. The financial hub of Shanghai scrapped PCR testing requirements to enter outdoor public venues such as parks or use public transportation starting Monday. Hangzhou, home to tech giant Alibaba dropped obligations to enter most public venues including offices and supermarkets, while Shanghai also eased rules.  As a result, Hong Kong’s Hang Seng Tech Index closed at session highs, soaring some 9.2%, the biggest jump since Nov. 11, after China eased Covid testing requirements across major cities over the weekend. Meanwhile in the US, Nasdaq 100 futures were down 0.4% by 7:30 a.m. in New York, while S&P 500 futures dipped 0.5%. The indexes shrugged off a hotter-than-expected jobs report on Friday as investors and erased almost all early losses as they remained optimistic that the Fed would slow the pace of interest rate hikes at its meeting this month. The dollar remained near session lows, boosting most Group-of-10 currencies. Treasury yields climbed across the curve. Oil advanced after OPEC+ kept its 2 million production cut and amid growing signs China is reopening, while gold was little changed. Bitcoin rose more than 1%, gaining for a second day. The S&P 500 is on course for its biggest fourth-quarter gain since 1999 as signs of a cooling in US inflation have led to a pullback in bond yields, but market participants warn the outlook for next year remains uncertain amid the risk to corporate earnings from the specter of a recession. Among notable moves in premarket trading, US-listed Chinese stocks extended their torrid rally as easing Covid curbs in major Chinese cities fueled optimism that Beijing is hastening the shift away from its Covid Zero strategy; Alibaba rose 5.2%, Baidu +5.6%, Pinduoduo +5%, JD.com +5.6%, Bilibili +16%, Nio +6.3%, XPeng +11%. Cryptocurrency-exposed stocks rose as Bitcoin extended gains for a second day. Tesla slipped as much as 4.8% after a Bloomberg News report said that the electric vehicle maker planned to lower production at its Shanghai factory. Here are the other notable premarket movers: Activision Blizzard rises 2.3% after Bloomberg News reported that Microsoft is ready to fight for its $69 billion acquisition of the video gaming company if the US Federal Trade Commission files a lawsuit seeking to block the deal. Marathon Digital and Riot Blockchain lead cryptocurrency-exposed stocks higher as Bitcoin extends gains for a second day. Marathon Digital +4.9%, Riot Blockchain (RIOT US) +2.8% and Coinbase  +2.3% Keep an eye on airlines’ shares as Morgan Stanley says 2023 could be a “Goldilocks” year for air travel, boosting earnings beyond current expectations, as the broker upgrades United Airlines to overweight and cuts Allegiant Travel to equal-weight. Alaska Air is initiated with a buy recommendation at Citi, saying the carrier has attributes to offset headwinds facing domestic airlines in 2023. Additionally, the broker begins coverage on JetBlue with a neutral rating. Watch Terex as Deutsche Bank cut its rating to hold from buy on recent outperformance, saying that it’s best to stay defensively-positioned on US industrial stocks into 2023. Keep an eye on Ameris Bancorp and Atlantic Union (AUB US) as Piper Sandler resumed coverage on US mid-Atlantic and southeast banks, saying the two lenders are its preferred larger-cap names with both at attractive entry points. “Despite an increasingly optimistic end to the year, the main indexes seem unlikely to recover their lost ground and the current rally may be too little, too late,” said Richard Hunter, head of markets at Interactive Investor. Moreover, “doubts still linger” on how much more the Fed will still need to raise interest rates and the impact of higher-for-longer inflation, he said. Morgan Stanley strategist Michael Wilson said the year-end rally he had predicted had now run its course and investors are better off booking profits from here on. He sees an “absolute upside” for the S&P 500 at 4,150 points -- about 2% above current levels -- which could be achieved “over the next week or so.” Notable other US headlines: WSJ's Timiraos writes that Fed officials have signalled plans to hike by 50bp at the December gathering, though elevated wage pressures could lead them to continue increasing rates to levels higher than investors currently expect. Delta Air Lines (DAL) confirmed it reached an agreement in principle for a new pilot contract after it offered a 34% pay increase to pilots over 3 years, according to Reuters. Apple (AAPL) supplier Foxconn (2317 TT) expects full production at its COVID-hit plant in China to resume from late December to early January, while the Co. and the local government are pushing hard on the plant's recruitment drive but many uncertainties remain, according to sources cited by Reuters. Moldova’s central bank is to conduct an extraordinary meeting on Monday to assess its main policy indicators including the policy rate, according to Reuters. Iran’s Attorney General announced that Iran abolished its morality police and is considering changing hijab laws following the protests, according to WSJ. Euro Stoxx 50 falls 0.2%. FTSE 100 outperforms peers, adding 0.3%. Here are some of the biggest European movers today: Tech investors Naspers and Prosus both gain more than 5% in Johannesburg trading Monday after Chinese authorities accelerate a shift toward reopening the economy. European mining stocks in focus as metals advance after Chinese authorities eased Covid testing requirements across major cities over the weekend. Rio Tinto and Glencore shares rise as much as 3.7% and 2.4% respectively. Credit Suisse shares climb as much as 3.7% in early trading after the Wall Street Journal reported that Saudi Arabia’s Crown Prince Mohammed bin Salman is preparing to invest in the Swiss lender’s investment-bank unit. Grifols shares rise as much as 6.5% in early trading after Morgan Stanley raised to overweight from equal-weight on the expectation that 2023 will be a “strong growth year” supported by accelerating plasma collections and early signs of declining donor fees. Bayer shares slide as much as 2.8%, the most in about a month, after Bank of America cut its recommendation for the German agropharmaceutical giant to neutral on the company’s lack of catalysts after a 2022 outperformance. FlatexDEGIRO shares fall as much as 38%, the biggest intraday drop since its 2009 listing, after the online brokerage firm cut its revenue forecast and said it was working on measures to address shortcomings in some business practices and governance identified by a BaFin audit. German catering equipment company Rational sinks as much as 9%, making them the worst performer in the Stoxx 600, after Bank of America initiated coverage on the stock with an underperform recommendation, citing a “demand crunch” in 2023. Swedish Orphan Biovitrum shares drop as much as 2.2% after Morgan Stanley downgrades the stock to equal-weight from overweight. Asian stocks rebounded, inching closer to bull market territory, as Chinese equities resumed their rally on further relaxation of Covid rules in Asia’s biggest economy. The MSCI Asia Pacific Index climbed as much as 1.4%, led by communication services and consumer discretionary shares. Benchmarks in Hong Kong led gains in the region with the Hang Seng Tech Index soaring more than 9% and the Hang Seng China Enterprises Index up roughly 5%. Morgan Stanley upgraded China to overweight. Investors cheered latest signs of China pivoting from its strict virus rules as authorities eased Covid testing requirements across major cities over the weekend, including the financial hub of Shanghai. The move fueled gains in reopening stocks in China and its neighboring countries such as South Korea. Markets were closed in Thailand for a holiday. The moves coincided with growing bullish calls from Wall Street banks on Chinese equities, with more market watchers calling a bottom in the nation’s shares. Morgan Stanley upgraded China stocks to overweight from an equal-weight position held since January 2021, while abrdn’s Asia Pacific chief executive Rene Buehlmann urged investors to “go back” into Chinese markets. Elsewhere, stock benchmarks were mixed with gauges in Japan and South Korea trading lower while those in Australia, Singapore and Vietnam rose.  After falling for much of the year, Asian stocks staged a dramatic rally in the past few weeks with a surge in foreign inflows into emerging Asian shares, supported by the dollar’s weakness and expectations for a slowdown in the Fed’s hikes.  The key Asian stock benchmark still remains about 17% lower so far this year, on course for its worst annual performance in more than a decade. A closer look at Japanese stocks reveals that they ended mixed as investors gauged the impact of China’s shift toward reopening and US employment data. The Topix fell 0.3% to close at 1,947.90, while the Nikkei advanced 0.2% to 27,820.40. Toyota Motor Corp. contributed the most to the Topix decline, decreasing 1%. Out of 2,164 stocks in the index, 741 rose and 1,304 fell, while 119 were unchanged. “Japanese stocks are a bit weak at the moment as economic indicators are becoming a little more globally skewed,” said Mamoru Shimode, a chief strategist at Resona Asset Management.  Australian stocks rose: the S&P/ASX 200 index rose 0.3% to close at 7,325.60, led by gains in mining and real estate shares, as traders bet on further reopening of the Chinese economy from Covid restrictions.  Shares of iron ore miners and steel companies were among top performers advancing as commodity prices rallied on China reopening bets.  In New Zealand, the S&P/NZX 50 index rose 0.3% to 11,677.75. Stocks in India ended flat on Monday as investors likely took profits in recent outperformers, while the focus shifts to the central bank’s monetary policy announcement later this week. The S&P BSE Sensex ended flat at 62,834.60 in Mumbai, while the NSE Nifty 50 Index was also little changed, as both indexes overcame declines of as much as 0.6% each. The key gauges rose for eight consecutive sessions before declining on Friday. The Reserve Bank of India’s rate-setting panel will commenced its three-day meet Monday for the monetary policy to be announced on Wednesday. All of the economists surveyed by Bloomberg expect the benchmark lending rate to be increased, with the median estimate for a 35 basis points hike. Polls in India’s Gujarat, also the home state to Prime Minister Narendra Modi, end today and results will be announced on Dec. 8. Investors will be watchful of the outcome as the results will indicate Modi’s popularity for national elections next in 2024.  In rates, treasuries are mixed as the curve bear flattens with 2s10s narrowing 1.6bps as US trading day begins, extending the flattening move unleashed Friday by stronger-than-estimated November employment data. All Treasuries apart from the very long end fell, with the largest decline seen in the belly of the curve, as traders added to Fed hike wagers ahead of US ISM services numbers for November. Yields remain inside Friday’s ranges, though inverted 2s10s reached -81.4bp, new low for the cycle. 2- to 7-year yields higher by 3bp-4bp on the day, 30-year lower by ~1bp; 10-year higher by ~2bp at 3.50% Most European 10-year yields are lower, led by UK as expectations for BOE rate hikes are pared. IG credit issuance slate blank so far, however dealers expect $10b-$15b this week and $20b for December. Three-month dollar Libor fell for a third straight day, longest streak since February, to 4.72343%. The Bloomberg Dollar Spot Index snapped a four-day drop as the greenback rose 0.1%. CAD and AUD are the strongest performers in G-10 FX, JPY and GBP underperform. ZAR (1.7%) leads gains in EMFX. The yen underperformed all its Group-of-10 peers while the Australian and Canadian dollar were the top gainers as commodities got a boost on hopes that China is engineering a gradual shift away from its strict Covid Zero policy. Chinese stocks and the yuan also rallied. The yuan strengthened past the key 7 per dollar level after Shanghai and Hangzou relaxed Covid testing rules. Hong Kong dollar surged to the strongest level since June 2021. Te onshore yuan extended gain to 1.5% to 6.9450 per dollar, the most since Nov. 11 as reopening optimism continues to boost the currency.  The euro steadied after rising to a fresh five-month high of $1.0585. Euro options bets suggest a run above $1.06 before FOMC meeting. Bunds, Italian bonds swung between modest gains and losses amid a slew of ECB speeches. The pound slipped after posting four consecutive weeks of gains. Money markets eased BOE rate-hike wagers after policy-maker Swati Dhingra said in a newspaper interview that interest rates should peak below 4.5%. The central bank will conduct bond sales later on Monday In commoidties, Crude benchmarks have been choppy, but are ultimately firmer post-OPEC+ and as the Russian oil cap comes into effect at USD 60/bbl. Brent rises 1.8% near $87.15 while WTI Jan was at 81.50/bbl, with the latest easing of China's COVID controls also factoring. OPEC+ ministers formally endorsed the output policy rollover and will hold the next JMMC meeting on February 1st, while it vowed to stand ready to adjust oil output to stabilize markets. Russian Deputy PM Novak said they will not operate under the oil price cap even if they have to cut production and the price cap may affect other countries as well, while he added that they are working on mechanisms to ban supplies which are capped. Russia is analysing the price cap imposed by G7 and allies on its oil and made preparations for this, while it will not accept the oil price cap, according to state news agencies citing the Kremlin. Russia's Kremlin, on price cap, said Russia is preparing a decision and will not recognise the price cap; price cap will destabilise global energy market but will not affect Russia's ability to sustain the military operation in Ukraine. US economic data include November final S&P Global US services and composite PMIs (9:45am), October factory orders and November ISM services (10am) Market Snapshot S&P 500 futures down 0.3% to 4,062.75 STOXX Europe 600 little changed at 442.85 MXAP up 1.1% to 159.66 MXAPJ up 1.7% to 521.41 Nikkei up 0.2% to 27,820.40 Topix down 0.3% to 1,947.90 Hang Seng Index up 4.5% to 19,518.29 Shanghai Composite up 1.8% to 3,211.81 Sensex down 0.1% to 62,798.89 Australia S&P/ASX 200 up 0.3% to 7,325.60 Kospi down 0.6% to 2,419.32 German 10Y yield little changed at 1.85% Euro up 0.2% to $1.0555 Brent Futures up 1.9% to $87.16/bbl Gold spot down 0.0% to $1,797.23 US Dollar Index little changed at 104.47 Top US News From Bloomberg ECB Governing Council member Francois Villeroy de Galhau said it’s too early to discuss where interest rates will peak, saying the monetary-tightening process should be carried out at the appropriate pace The ECB should raise borrowing costs by at least a half-point this month to curb surging consumer prices, according to Governing Council member Gabriel Makhlouf ECB Governing Council Member Mario Centeno said “everything indicates” that the peak of inflation may be reached in the fourth quarter “Decisive monetary tightening must continue” as inflation persists above target, Croatian Central Bank Governor Boris Vujcic told the newspaper Jutarnji List, weeks before the Balkan nation joins the euro zone The US dollar has erased more than half of this year’s gains amid growing expectations the Federal Reserve will temper its aggressive rate hikes, and as optimism grows over China’s reopening plans Swedish central bankers are divided on the prospects for bringing inflation back to its target after a string of interest-rate increases, minutes from the bank’s latest policy meeting show Emerging-market central banks face a Catch-22 where plunging economic growth means they can’t keep monetary conditions tight, but elevated inflation doesn’t allow them to halt rate hikes either OPEC+ responded to surging volatility and growing market uncertainty by keeping its oil production unchanged The world’s worst- performing major currency looks poised for an impressive turnaround in 2023 as its two key drivers -- a hawkish Federal Reserve and dovish Bank of Japan -- swap places in the eyes of some investors The BOJ may achieve its inflation target in 2023 as the cost of living has consistently exceeded market expectations this year, according to Takatoshi Ito, a contender to replace Governor Haruhiko Kuroda in April The PBOC injected a record monthly amount into state policy banks in November to help spur infrastructure spending and boost a struggling economy Turkish inflation slowed for the first time in over a year-and-a-half, though measures to revive the economy ahead of elections in 2023 may keep it elevated for some time A more detailed look at global markets courtesy of Newsquawk Asia-Pacific stocks traded mostly positive as Chinese markets led the advances on reopening optimism after several large cities further loosened COVID-19 restrictions, although the gains for the rest of the region were limited after Friday’s mixed post-NFP performance on Wall St and a further deterioration in Chinese Caixin Services and Composite PMI data. ASX 200 was higher with the index supported by strength in mining and energy as underlying commodity prices benefitted from the China reopening play. Nikkei 225 was indecisive and just about kept afloat throughout the session with price action contained by a lack of pertinent drivers to propel the index closer to the 28,000 level. Hang Seng and Shanghai Comp shrugged off the weak Chinese PMI data with risk appetite supported by reopening hopes and as the PBoC’s previously announced RRR cut took effect, while developers were boosted after reports last week that China's top four banks intend to issue loans for domestic developers’ overseas debt repayments. Top Asian News Chinese Caixin Services PMI (Nov) 46.7 vs. Exp. 48.0 (Prev. 48.4); Composite PMI (Nov) 47.0 (Prev. 48.3) Several Chinese cities accelerated the loosening of COVID-19 restrictions over the weekend including Shanghai and Shenzhen which scrapped requirements for commuters to present PCR tests for travelling on public transport, while apartment complexes in Beijing indicated that those that tested positive could quarantine at home, according to FT. China could announce 10 supplementary COVID measures as soon as Wednesday, via Reuters citing sources; could downgrade COVID to category B management as early as January. Subsequently, Shanghai scraps COVID testing requirement at more public venues from Tuesday, according to Bloomberg. PBoC is reportedly expected to reduce the amount of open market operations towards the end of the year to avoid excess liquidity, according to China Securities Journal. Morgan Stanley upgraded MSCI China to overweight from equal weight and said the ROE is likely to rise to 11.1% by end-2023, according to Reuters. European bourses are under modest pressure, Euro Stoxx 50 -0.2%, following on from fairly contained action in futures overnight. In APAC hours, Chinese stocks were the marked outpeformers given the loosening of COVID restrictions, though the region's PMIs slipped. Stateside, futures are are in-fitting with European peers and are under slight pressure, ES -0.3%, with specific developments light during the Fed blackout window. Tesla (TSLA) reduced Shanghai output by up to 20% due to sluggish demand, according to Bloomberg; output cuts set to take effect as soon as this week, sources state. Foxconn (2317 TT) November sales -11.4% YY. Q4 outlook expected in-line with consensus. November was the month most affected by COVID; due to off-peak seasonality and COVID November revenue declined MM. Top European News BoE’s Dhingra said higher interest rates could lead to a deeper and longer recession which is what she thinks they should all be worried about, while she sees few signs that demands for higher wages are raising the risk of a wage-price spiral, according to the Observer. Confederation of British Industry warned the UK will fall into a year-long recession next year as a combination of rising inflation, negative growth and declining business investment weigh on the economy, according to FT. UK Conservative Party Chairman and Minister without Portfolio in the Cabinet Office Zahawi said the government is looking at bringing in the military if strikes go ahead in various sectors including the health sector, according to Reuters and Sky News. UK RMT union rejected the Rail Delivery Group offer and demanded a meeting on Monday to resolve the dispute, while UK Transport Secretary Harper said the situation is disappointing and unfair to the public, according to Reuters. ECB’s Villeroy said that inflation should peak in H1 next year and that he favours a 50bps rate hike at the December 15th meeting, while he added that rate hikes will continue after that but cannot say when they will stop and he expects to beat inflation by 2024-2025, according to Reuters. ECB's Makhlouf sees a 50bps increase at a minimum at the December (15th) meeting, expects the eventual magntude to be 50bp; have to be open to policy rates moving into restrictive territory for a period in 2023; pre-mature to be talking about the endpoint for rates EU Commission President von der Leyen said the US Inflation Reduction Act is raising concerns in Europe and there is a risk it could lead to unfair competition, close markets and fragment supply chains that have already been tested by the pandemic, while she added that competition is good but it must be a level playing field and that they must take action to rebalance the playing field where the IRA or other measures conduct distortions, according to Reuters. FX DXY bid despite an earlier move to 104.10 lows, with the index recovering to 104.75+ parameters amid favourable technical levels US yields. Action which has been felt most keenly against the JPY, USD/JPY testing 135.50 at best from an initial 134.10 low, action which has offset the Yuan's impact on the USD. Yuan outperforms given the latest easing of COVID restrictions and source reports pointing to additional measures being forthcoming. AUD the next-best ahead of the RBA policy announcement with a 25bp hike expected. Both EUR and GBP were unreactive to the latest PMIs, with hefty OpEx in EUR/USD of note for the NY Cut; though, GBP has felt the USD's bid more keenly, sub-1.2250 at worst. PBoC set USD/CNY mid-point at 7.0384 vs exp. 7.0368 (prev. 7.0542) Fixed Income Core benchmarks are experiencing choppy trade, but retain an underlying bid with Bunds surpassing touted 142.17 resistance and Gilts briefly breaching 106.00. A move which leaves USTs lagging slightly with corresponding yields bid, though the curve is mixed and action is once again most pronounced at the short-end ahead of ISM & Factory Orders. Commodities Crude benchmarks have been choppy, but are ultimately firmer post-OPEC+ and as the Russian oil cap comes into effect at USD 60/bbl. Currently, WTI Jan & Brent Fed are pivoting USD 81.50/bbl and USD 87/bbl respectively, with the latest easing of China's COVID controls also factoring. OPEC+ ministers formally endorsed the output policy rollover and will hold the next JMMC meeting on February 1st, while it vowed to stand ready to adjust oil output to stabilise markets, according to Reuters and FT. Iraqi Oil Minister said OPEC members are committed to the agreed production rates until the end of 2023 and the Algerian Energy Minister said the decision to keep output unchanged is appropriate to market fluctuations. Kuwaiti Oil Minister said OPEC+ decisions are based on market data and ensure its stability, while he added the impact of slow global economic growth on oil demand is a cause for continuous caution, according to Reuters. G7 and Australia announced on Friday that a consensus was reached on a price cap for Russian seaborne oil at USD 60/bbl which will enter into force on December 5th or very soon thereafter and they will ‘grandfather’ any revision of the price cap to allow compliant transactions concluded beforehand. Furthermore, US Treasury Secretary Yellen said that the price cap will immediately cut into Russia’s most important source of revenue and preserve stable global energy supplies, while a senior Treasury official stated that the price cap will create an anchor for Russian oil and has already driven prices lower, according to Reuters. Ukrainian President Zelensky’s chief of staff commented that the price cap on Russian oil should be capped to USD 30/bbl, according to Reuters. Russian Deputy PM Novak said they will not operate under the oil price cap even if they have to cut production and the price cap may affect other countries as well, while he added that they are working on mechanisms to ban supplies which are capped. Russia is analysing the price cap imposed by G7 and allies on its oil and made preparations for this, while it will not accept the oil price cap, according to state news agencies citing the Kremlin. Russia's Kremlin, on price cap, said Russia is preparing a decision and will not recognise the price cap; price cap will destabilise global energy market but will not affect Russia's ability to sustain the military operation in Ukraine. EU countries cut their gas demand by a quarter last month despite a fall in temperature which shows an effort in reducing the reliance on Russian energy, according to FT. Moldova’s Deputy PM Spinu said they will not pay a 50% advance to Gasprom by December 20th for its December gas supplies, according to Reuters. Spot gold has pulled back below USD 1800/oz and now resides in proximity to its 200-DMA at USD 1795/oz while base metals remain bid, but have eased from initial best levels. Geopolitics US Defense Secretary Austin accused Russia of deliberate cruelty in its war in Ukraine and that it was intentionally targeting civilians, according to Reuters. US Director of National Intelligence Haines said they expect a reduced tempo in Ukraine fighting to continue in the coming months, while she added that Russia is not capable of indigenously producing munitions they are expending, according to Reuters. US Indo-Pacific Commander Aquilino said it is in China’s strategy to encourage nations like North Korea to create problems for the US and he is not optimistic about China doing anything helpful to stabilise the Indo-Pacific region, according to Reuters. N.Korea has fired around 130 artillery shots off its East & West Coast, via Yonhap; Subsequently, N. Korean military says the firing of artillery shells was a warning to S. Korean military action, via KCNA. US Event Calendar 09:45: Nov. S&P Global US Composite PMI, est. 46.3, prior 46.3 09:45: Nov. S&P Global US Services PMI, est. 46.1, prior 46.1 10:00: Oct. Durable Goods Orders, est. 1.0%, prior 1.0% Durables-Less Transportation, est. 0.5%, prior 0.5% Cap Goods Ship Nondef Ex Air, prior 1.3% Cap Goods Orders Nondef Ex Air, prior 0.7% 10:00: Oct. Factory Orders, est. 0.7%, prior 0.3% Factory Orders Ex Trans, prior -0.1% 10:00: Nov. ISM Services Index, est. 53.3, prior 54.4 DB's Jim Reid concludes the overnight wrap Although there is little question that I feel fully aware that someone has cut my back open with a knife within the last few days and sawed off some bone inside, I feel remarkably mobile and spritely. However, I'm trying not to appear too mobile as I've been signed off housework for a few weeks as I'm not supposed to bend, twist or lift. Don't waste a crisis as they say. I also resisted any urge to celebrate England waltzing into the last 8 of World Cup last night. Still plenty of time for it to go spectacularly wrong. No need to stress the back needlessly at this stage! As the World Cup builds to the business end of the tournament, we welcome in a week with limited US data and one with the Fed now on their blackout period ahead of next week's FOMC. In fact, could it actually be quite a quiet week ahead? Famous last words in a year like this, but next week should be much more interesting than this week given that we also have US CPI and the ECB meeting to go alongside the Fed. The data we do see in the US starts today with the ISM services index (DB forecast 53.9 vs 54.4 in October) and ends with PPI and the UoM consumer confidence number on Friday with the latest inflation expectations numbers included. Elsewhere we’ll also get CPI and PPI from China (Friday), industrial production from Germany (Wednesday) and trade data from key economies. While central bank speak will be sparse, Lagarde speaks today and for this week some attention will shift to Canada and Australia. The former meet on Wednesday and as a reminder, their last meeting's dovish tilt spurred a pivot trade in the US on the back of expectations the Fed would mimic the message. So this meeting may be a driver of sentiment more broadly. The consensus is split on Bloomberg between 25bps and 50bps which makes it interesting. The Reserve Bank of Australia will also decide on policy tomorrow, and consensus expects a 25bp rate hike that takes the cash rate to 3.1%. Wednesday will also likely see the Reserve Bank of India downshift to 25bps after three 50bps hikes. So by midweek we’ll have a better feel for whether these central banks are trying to downshift. The full day-by-day week ahead is at the end as usual on a Monday. Staying on the topic of where central bank rates are going, payrolls from last Friday merit some closer attention. The headline (263k vs 284k last and 200k consensus) and private (221k vs. 248k last and 185k consensus) payrolls numbers beat with unemployment steady at 3.7%. However, market focus was squarely on the upside surprise to average hourly earnings (+0.6% vs. +0.5% last and +0.3% consensus) which boosted the year-over-year growth rate by a couple of tenths to 5.1% vs consensus at only 4.6%. This big upside miss got our economists digging into the data and they found that the response rate for the establishment survey, which measures nonfarm payrolls, hours and earnings, was just 49.4%, well below the normal 65-70% range and the lowest since 2002. So it feels like you could see decent sized revisions. In addition, our economists found that most of the upside surprise to AHEs was due to the transportation and warehouse sector, which showed a +2.5% monthly gain - over five standard deviations above the average and by far a record increase. Information services AHEs (+1.6% vs. Unch.) also showed an unusually large gain that was about 2.5 standard deviations outside of the average. Combined, the unusually large increases in these two sectors likely boosted overall AHEs by around one to two tenths in their view. Nevertheless, income growth from our economists’ payroll proxy was still up 7.6% compared to a year ago and inflation is not going to be coming down to trend with labour markets like this. There is more and more evidence that the supply side is normalising on the inflation front but it's seems inconceivable that inflation can normalise overall when we see the type of employment numbers we saw last week, not just from the employment report but also from the JOLTS data which still pointed towards a tight labour market. Indeed, in Powell's mid-week speech which caused a major bond/rates rally, he did cite the latest JOLTS data as still showing a large imbalance between supply and demand for labour, referencing the roughly 1.7 job openings for every unemployed worker. Powell also noted that for "the principal wage measures that we look at, I would say that you're one and half or two percent above that (which is consistent with two percent inflation over time)". So it's fascinating that at the moment the market is focusing squarely on the very strong likelihood that we'll ratchet down to 'only' a 50bps hike next week and extrapolating that level of dovishness rather than focus on any risks that the terminal rate could end up being nearer say 6% than 5%. Indeed Larry Summers was doing the rounds over the weekend suggesting that markets were likely under-pricing terminal and seemingly being more comfortable suggesting a peak nearer 6 than 5%, even if he wasn't specific over a particular number. In terms of weekend news OPEC+ decided to keep production at current levels as expected. This follows the EU decision on Friday, after months of negotiations, to cap the price of Russian crude at $60 per barrel, starting today. This morning in Asia trading hours, oil prices are trading higher with Brent crude futures (+0.82%) trading at $86.27/bbl and WTI futures (+0.83%) at $80.64/bbl following China’s further easing of its Covid Curbs. Elsewhere, Shanghai and Hangzhou have followed other Chinese cities in easing some Covid restrictions over the weekend. They announced that from tomorrow, they will remove the requirement to have a PCR test to enter outdoor public venues and to use public transport. Chinese equities surged on the news with the Hang Seng rising +3.3% in early trading to its highest since mid-September, leading gains across the region with the CSI (+1.60%) and the Shanghai Composite (+1.55%) also rallying. Outside of China, the Nikkei (+0.01%) is struggling to gain traction this morning whilst the KOSPI (-0.51%) is slipping back slightly. In overnight trading, US stock futures are indicating a negative start with contracts tied to S&P 500 (-0.14%) and the NASDAQ 100 (-0.17%) edging lower. Meanwhile, yields on 10yr USTs (+4.55 bps) have climbed higher, trading at 3.53% with the 2s10s curve at -79.15 bps as we go to press. Data out from China today showed that services activity contracted further in November as Covid restrictions continued to restrain growth, with the Caixin China services PMI falling to a six-month low of 46.7 from 48.4 in October. Elsewhere, the final estimate of Japan’s services PMI fell to 50.3 from October's 53.2, hitting the lowest since August as cost pressures remained acute. The composite PMI contracted to 48.9 in November from 51.8 a month earlier. In FX, the Chinese currency strengthened to 6.96 against the US dollar, moving below 7 for the first time since mid-September on hopes of reopening. Recapping last week now and for the second week running major sovereign bond markets and equity indices rallied, after perceived dovishness from Fed Chair Powell in his last remarks before the December FOMC communications blackout period, troubling global growth data, and further confirmation of China moving on from the strictest form zero Covid policies that have plagued global supply chains. Treasury and Bund yields fell over the week, a largely parallel shock to the already inverted US yield curve while Bund yields flattened slightly. All told, 2yr Treasuries fell -18.1bps (+4.4bps Friday) while 10yr yields were -19.1bps lower (-1.9bps Friday). 2yr Bunds fell -8.7bps, though climbed +8.0bps Friday, while 10yr yields were -11.8bps lower after climbing +4.2bps Friday following the US jobs report. But note that 10yr US yields fell c.7bps after the European close and c.15bps lower than their highs for the day just after payrolls were released. Terminal Fed Funds fell c.8bps on the week but were first c.6bps higher pre-Powell's speech and then c.22bps lower into payrolls, before climbing 8bps after and into the close for the week. A second straight week of falling discount rates led to a second straight week of decent equity performance. The S&P 500 climbed +1.13% (-0.12% Friday) with the more rate-sensitive NASDAQ outperforming, up +2.09% (-0.18% Friday). One area of weakness was bank stocks, where the S&P 500 banks sector fell -2.03% (-1.04% Friday) as slower growth and flatter curves weighed. Performance was more mixed in Europe, but the STOXX 600 still managed to post a +0.58% weekly gain (-0.15% Friday), while the regional indices took their cues from the World Cup: the DAX fell -0.08% (+0.27% Friday) with Germany failing to reach the knockout round again while the CAC and FTSE 100 increased +0.44% (-0.17% Friday) and +0.93% (-0.03% Friday), respectively. Tyler Durden Mon, 12/05/2022 - 08:03.....»»

Category: blogSource: ZEROHEDGE2 hr. 30 min. ago Related News

McCarthy Says Defense Bill Won"t Move Forward Unless Military Vaccine Mandate Dropped

McCarthy Says Defense Bill Won't Move Forward Unless Military Vaccine Mandate Dropped Authored by Katabella Roberts via The Epoch Times, House Minority Leader Kevin McCarthy (R-Calif.) vowed on Sunday that the fiscal 2023 National Defense Authorization Act (NDAA) will not move forward unless the military’s COVID-19 vaccine mandate ends. Speaking on Fox Business Network’s “Sunday Morning Futures,” McCarthy said that lawmakers are working through the $817 billion national defense bill with the hopes of lifting the vaccine mandate among military personnel. The mandate has been in place since August 2021. “We will secure lifting that vaccine mandate on our military because what we’re finding is, they’re kicking out men and women that have been serving,” McCarthy said, noting recruitment shortfalls. “That’s the first victory of having a Republican majority, and we’d like to have more of those victories, and we should start moving those now.” According to Defense Department data, 3,717 Marines, 1,816 soldiers, and 2,064 sailors have been discharged for refusing to get vaccinated against COVID-19, although a small portion has been allowed to remain in service owing to religious or medical waivers. As of Dec. 1, over 11,500 members of the Army, Army National Guard, and Army Reserve have declined to get vaccinated against COVID-19, Axios reported, while 97 percent of the Army’s active personnel received the shot. Army Missing Out on Recruitment Goals Various military bodies have been struggling to meet their recruitment goals in part over the vaccine mandate, with the U.S. Army reaching just 75 percent of its recruitment goal of 60,000 for this year, according to Army Secretary Christine Wormuth. McCarthy also said on Sunday that he had spoken with President Joe Biden last week and “laid out very clearly what the difference will be with the new Republican majority.” When asked if the NDAA will move forward if the vaccine mandate is not lifted, McCarthy confirmed it will not, pointing to his meeting with Biden. The NDAA, which lays out the annual budget and expenditures of the U.S. Department of Defense, has become law every year for six decades. “I’ve been very clear with the president, the president worked with me on this,” said the lawmaker, who is the Republican nominee for the next speaker of the House of Representatives. The White House confirmed on Sunday that it is considering McCarthy’s proposal to scrap the military’s requirement that personnel are fully vaccinated, despite Defense Secretary Lloyd Austin on Dec. 3 vowing to continue imposing the mandate. One day prior, Pentagon press secretary Brig. Gen. Patrick Ryder also promised to keep the mandate in place, citing U.S. national security. “Leader McCarthy raised this with the president and the president told him he would consider it,” White House spokesperson Olivia Dalton told Reuters. “The secretary of defense has recommended retaining the mandate, and the president supports his position. Discussions about the NDAA are ongoing.” Republicans have been calling on the Biden administration to scrap the vaccine mandate for military personnel, claiming that the move, which has been inundated with lawsuits, has hurt the National Guard’s ability to recruit troops. Tyler Durden Mon, 12/05/2022 - 08:17.....»»

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Tesla Shares Dump And Pump After Shanghai Factory Output Cut Story Refuted As "False Information"

Tesla Shares Dump And Pump After Shanghai Factory Output Cut Story Refuted As "False Information".....»»

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Earth To Reporters: Why Is No One Asking SBF What Happened To The $3.3 Billion He Borrowed?

Earth To Reporters: Why Is No One Asking SBF What Happened To The $3.3 Billion He Borrowed? Authored by Yves Smith via NakedCapitalism.com, Disgraced crypto chief Sam Bankman-Fried has been talking to reporters, including at the New York Times (the famed Andrew Ross Sorkin Dealbook interview), the Financial Times, and the Wall Street Journal. Despite the fact that it’s generally seen as a very bad idea to say anything about your past conduct when you are a litigation target, and likely for a criminal case, and SBF has said his lawyers are opposed to talking to the press, SBF is nevertheless swanning about on his media tour. Even though SBF got a bit of pushback from Sorkin on the question of co-mingling of funds when SBF tried playing, “Oh it was sort of allowed and anyway things were a mess,” he and other reporters didn’t probe very hard once they got his next layer of excuses: “Oh I didn’t mean to do anything bad, I don’t have access to records any more and my memory is fuzzy, and I really didn’t have anything to do with Alameda.” Here is the Financial Times’s recap from over the weekend: Core to Bankman-Fried’s account of how FTX ended up with a roughly $8bn shortfall of client assets was excessive lending by the exchange to Alameda, which ploughed the money into venture capital investments and doomed bets on digital tokens. Bankman-Fried deflected the FT’s questions about the excessive borrowing and soured investments that ultimately sank Alameda, blowing a hole in FTX’s finances, and would not be drawn on the legal consequences he may face. He said he deliberately avoided getting involved in Alameda’s trading and risk management to avoid conflicts with his position as chief executive of FTX, and neglected to monitor the risk they posed to the exchange. Got that? $8 billion hole at the hedge fund Alamada. We are supposed to believe that the was the result of FTX lending to Alamada and then Alameda doing stoopid things that burned up a lot of dough. Oh, and even though SBF is responsible for (at best) crappy controls at FTX that allowed Alameda, we are also supposed to believe SBF’s claims that he was not involved in what was happening at Alameda. Aside from the wee problem that SBF owned 90% of Alameda and had its detailed financial information as recently as March, Alameda made $3.3 billion of loans to SBF, $1 billion as a personal loan, and $2.3 billion to a 100% SBF-controlled entity, Paper Bird, that is outside the FTX-Alameda bankruptcy. So Alameda made $4.1 billion in loans to cronies, mainly SBF, and we are to believe that SBF had nothing to do with that? I am at a loss for the failure to purse the question of what happened to the $3.3 billion SBF borrowed. This is already in the public domain. Yes, no doubt more will be revealed as the bankruptcy process winds forward. But help me. This is not hard. Mark Karpelès compiled an FTX entity list, which confirms that Paper Bird is a “top” company, which is consistent with SBF being its sole shareholder. The bankruptcy filing states that Paper Bird owned 75% of FTX International.1 However, that does not make it part of the FTX bankruptcy. In fact, Paper Bird filed for its own bankruptcy, the same date at FTX did, with separate counsel: Adam Landis of Landis Roth & Cobb while the lead attorney for FTX is James Bromley of Sullivan & Cromwell. Notice we have not heard anything about these lavish loans in SBF’s “Oh poor confused me and I feel sorry for all my chump victims too.” Since SBF seems unduly eager to try to ‘splain himself, it would improve appearances in the eyes of public opinion and perhaps later a court, if he could honesty say, “I scrounged up what I could liquidate readily and used to to try to save the company.” If that had happened, that would also mean any investor recoveries, however meager, were due in part to SBF trying to shore up his enterprise. I have seen no claim in the press or the bankruptcy filing that SBF either did or expressed willingness to put his own money into FTX when it was collapsing. The failure of SBF to spend any of his own funds to salvage his empire no doubt contributed to its demise. If he’d put up say $3 billion of the $8 billion supposedly needed, there is a remote possibility that his napkin-doodle balance sheet would have been forgiven: “If SBF is willing to stake that much of his personal money on the odds that he can rescue FTX, there must be some real value in there despite the mess.” And it would not be hard for a merely mildly dogged interviewer to press SBF on this topic: “You took $1 billion in personal loans from Alameda. When did that happen? You said in your Financial Times lunch earlier this year and then more recently that you had only $100,000 in bank. So where did the $999,900,000 or more go? Was it invested in real estate? Gambled away?” Remember, he can’t play “I don’t remember” and act like he can’t get the information. This was personal money, under his control, and he still has unimpeded access to those records. The reporter could follow up: “If you don’t remember, could check your personal accounts and get back to us?” And if he demurs again, drive the knife in: “This will probably come out in court anyhow since the creditors will be looking into fraudulent conveyance. So this isn’t something you will be able to hide.” Then an interviewer could follow a parallel line of questioning with Paper Bird. There SBF might give bafflegab about venture investments or crypto speculation, so if I were a member of the press, I’d start with the personal loan first since he has much less wriggle room there. Not being able to explain what happened to $1 billion, which is the route SBF is likely to take, is not a good look. Separately, yours truly is becoming slightly more optimistic that SBF might wind up facing a real prosecution, as opposed to one designed to find as little as possible. From the Wall Street Journal: In Cyprus, the country’s securities regulator is complaining that Mr. Ray’s decision to place FTX in bankruptcy has stymied investigations and is preventing European customers from getting their money back…In Turkey, authorities have seized the assets of FTX’s local subsidiary, an affront to Mr. Ray’s efforts to sweep FTX’s assets into the chapter 11 process in Delaware…. On Nov. 28, the chairman of the Cyprus Securities and Exchange Commission voiced concern about the bankruptcy process in a letter to Mr. Ray, a copy of which was seen by the Journal. FTX’s European arm, FTX EU Ltd., was licensed in Cyprus, allowing the crypto exchange to offer services elsewhere in the European Union’s single market…. The Cyprus securities regulator has ordered the company to return the money to customers, but the company has been unable to comply because its bank accounts are frozen by the chapter 11 process, the chairman said. Mr. Theocharides also reminded Mr. Ray “that unlawful use of clients funds might constitute a criminal offense.”… Trouble might also be brewing for Mr. Ray in Turkey, where regulators have already decided to take control of FTX’s domestic subsidiary’s winding-down. On Nov. 19, Mr. Ray said FTX had identified a number of subsidiaries with valuable franchises that could be sold to raise cash for the company’s creditors. One of them was FTX’s wholly owned Turkish subsidiary, FTX Turkey Teknoloji Ve Ticaret AS, where the company had found nearly $3.1 million in assets when it filed for bankruptcy, according to court papers. Four days later, though, the financial crimes board of Turkey’s Treasury Ministry said it had confiscated the assets of FTX Turkey on suspicion that customer deposits were transferred or taken abroad through fraudulent transactions and that nonexistent crypto assets were sold to customers. Istanbul’s chief prosecutor began a criminal investigation into Mr. Bankman-Fried and other people associated with FTX, the ministry said. So far, the Cyprus regulator is just whining, but his criminal offense remark is arguably a shot at Ray, not just SBF. By contrast, Türkiye is saddling up. And remember, as SBF keeps running his mouth and the bankruptcy court unearths more information, they will soon have plenty of promising material. Both Cyprus and Türkiye have bilateral extradition treaties with the US. Federal prosecutors and regulators hate being upstaged by state counterparts; that’s why state enforcement actions regularly have the effect of rousing formerly somnambulant authorities. It would be staggeringly embarrassing for the Department of Justice to make no filing against SBF or only a very weak and limited one, and then have jurisdictions seen as less than upstanding (that’s why SBF chose them, after all) making forceful cases that SBF had violated their laws. That pressure, which at least from Türkiye seems to be genuine, will force the DoJ to do more than dial its investigation of SBF in. Tyler Durden Mon, 12/05/2022 - 08:50.....»»

Category: blogSource: ZEROHEDGE2 hr. 30 min. ago Related News

Stocks & Bonds Slide After "Fed Whisperer" Confirms "Higher For Longer" Rates

Stocks & Bonds Slide After 'Fed Whisperer' Confirms 'Higher For Longer' Rates After Powell's words sparked panic-buying - and dramatic easing of financial conditions - some are wondering if The Wall Street Journal's Nick Timiraos' report this morning is an attempt top jawbone back the market's dovish perception. Federal Reserve officials have signaled plans to raise their benchmark interest rate by 0.5 percentage point at their meeting next week, but elevated wage pressures could lead them to continue lifting it to higher levels than investors currently expect. ... brisk wage growth or higher inflation in labor-intensive service sectors of the economy could lead more of them to support raising their benchmark rate next year above the 5% currently anticipated by investors. Timiraos comments come right after the Fed's pre-meeting 'blackout' began over the weekend. Timiraos' comments pushed terminal Fed rate expectations higher... And sparked selling in bonds and stocks. Treasury yields are higher (but obviously not in the same range as Friday's chaos)... The S&P mechanically retraced all of Friday's losses, tagged the stops and has sunk since with futures now testing back below the 2090-day moving-average... Specifically, Timiraos confirms what most Fed speakers have been saying: They want to guard against raising rates too little and allowing inflation to resurge, or raising them too much and causing unnecessary economic weakness, according to recent public comments and interviews. ... Some officials could seek to push through another half-point rate rise in February because they see a greater risk that inflation won’t decline enough next year. Without signs of slower hiring, they could worry that inflation could pick up again. So why is the market still pricing in earlier and more rate-cuts next year? And will the next Fed statement crush that hope once again? Tyler Durden Mon, 12/05/2022 - 09:06.....»»

Category: blogSource: ZEROHEDGE2 hr. 30 min. ago Related News

What 12 Analyst Ratings Have To Say About Comcast

Latest Ratings for CMCSA DateFirmActionFromTo Mar 2022Truist SecuritiesDowngradesBuyHold Jan 2022BarclaysMaintainsOverweight Jan 2022Morgan StanleyMaintainsOverweight View More Analyst Ratings for CMCSA View the Latest Analyst Ratings read more.....»»

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Elon Musk Responds To Donald Trump: "Constitution Is Greater Than Any President"

Twitter CEO Elon Musk pinned a tweet in support of the United States Constitution to his Twitter profile in the wake of a statement calling for the termination of “all rules” and “articles” even those found in the country’s principle document by former President read more.....»»

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6 Analysts Have This to Say About United Therapeutics

Latest Ratings for UTHR DateFirmActionFromTo Feb 2022WedbushMaintainsOutperform Feb 2022Ladenburg ThalmannMaintainsBuy Feb 2022BTIGInitiates Coverage OnNeutral View More Analyst Ratings for UTHR View the Latest Analyst Ratings read more.....»»

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Vodafone Ousts CEO Nick Read; Names CFO Margherita Della Valle As Interim Chief

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Credit Suisse Appeals Against $600M Fine For Failing To Inform Client Against Fraud: Report

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