Markets

Inflation has proved anything but transitory, and it’s going to take a deep recession to tame the sticky high prices, according to Bank of America. In a Friday note, the bank’s analysts said market pricing implied inflation would fall to or below the 2% target in about two years but that the economy would need… Continue reading A deep recession is needed to bring down soaring inflation, and high prices are going to be very sticky, BofA says

German-based Uniper is moving ahead with a request for a government bailout after weeks of liquidity constraints. The company, which relies on Russian flows of natural gas, has been struggling with cash flow as it’s been forced to enter the spot market for supply in response to Moscow cutting supplies flowing through the Nord Stream… Continue reading Russian cuts to gas supplies force German utility Uniper to seek government bailout

Shares of Upstart Holdings slid Friday after the lending platform that uses AI technology cut second-quarter projections. The stock was down 22% at $22.22 as of 9:35 am ET, nearing its IPO pricing of $20 from December 2020. Shares also toppled 57% in May when the company lowered its yearly revenue projections to $1.25 billion… Continue reading Upstart plummets 22% after slashing quarterly guidance on inflation and recession fears

US stocks ended higher Thursday, with tech shares contributing to an extension of a bear-market rally as investors prepared to assess the health of the US job market.  The Nasdaq Composite was the strongest performer among Wall Street’s big indexes, but all three gauges notched their fourth consecutive wins. Chip makers including Intel and Nvidia… Continue reading Nasdaq jumps 2% as US stocks notch 4th straight win ahead of June jobs report

Galaxy Digital CEO Mike Novogratz, the crypto bull who has made billions investing in crypto, said excessive amounts of debt that the crypto sector previously had are leaving, but most of it is gone now. “It feels like we’re 90% through that deleveraging,” he said in an interview with CNBC. “The problem is for you… Continue reading Billionaire crypto bull Mike Novogratz says the market is 90% through its deleveraging cycle but prices will be choppy until there’s a narrative shift

Phil Rosen A worker harvests oil palm fruits, used to produce palm oil, at a plantation in Kutamakmur, Aceh on September 24, 2021. Azwar Ipank/AFP via Getty Images Indonesia, the world’s top producer of palm oil, may lift its palm oil export levy as a way to boost shipments, according to a cabinet minister. “For… Continue reading Indonesia, the world’s top cooking-oil exporter, may cut a palm oil levy to boost shipments after a prior ban swelled inventories

A closely watched recession indicator is flashing again after the minutes of the Federal Reserve’s June meeting revealed another large rate hike could be coming this month.  The closely watched spread between the 2-year and the 10-year Treasury yield further inverted upon release of Fed’s June meeting minutes, which suggesting another rate hike is on… Continue reading A closely watched recession indicator is flashing again after the Fed minutes reveal another big rate hike could be on the way

Russians are embracing the Chinese yuan as Western sanctions on Moscow spur a drive to diversify away from the dollar and euro. Purchases of the yuan have jumped eightfold since May 20, when Russia’s central bank eased foreign exchange restrictions, state bank Otkritie said, according to Reuters. “The Chinese yuan has shown stability and relatively… Continue reading Russian demand for China’s currency has surged 8x with ruble-yuan trading volumes at record highs