Markets

Russia’s ruble jumped 5% against the dollar on Wednesday as the Kremlin mulls capital controls. President Vladimir Putin reportedly held talks with officials on ways to prop up the ruble. The ruble crashed Monday, and on Tuesday Russia’s central bank raised its benchmark rate to 12% from 8.5%. Loading Something is loading. Thanks for signing… Continue reading Russia’s ruble spikes as Putin and officials mull ways to prop up the currency after it dropped below a penny this week

Fundstrat’s Tom Lee said the approval of a new spot bitcoin ETF could send the token soaring in 2024. He told CNBC Wednesday that bitcoin could reach $180,000 next year. The strategist still sees upside even if a spot bitcoin ETF doesn’t get approved by regulators.  Loading Something is loading. Thanks for signing up! Access… Continue reading Bitcoin is headed to $180,000 if regulators approve the first spot ETF in the US, Fundstrat’s Tom Lee says

Jennifer Sor Reuters / Lucas Jackson US stocks slid on Tuesday as investors fretted over the banking sector and China. A Fitch analyst said it could downgrade top US lenders, if the “operating environment” rating for the industry worsens. Meanwhile, China’s economy continued to sputter in July, weighing on investor sentiment. Loading Something is loading.… Continue reading US stocks slide amid banking fears, weak China data

Russia is mulling more extreme measures to prop up the ruble, which crashed on Monday. Kremlin officials discussed reviving a requirement on companies to sell export revenue, sources told Bloomberg. That comes as Russia’s central bank raised its benchmark rate to 12% from 8.5% on Tuesday. Loading Something is loading. Thanks for signing up! Access… Continue reading Russia eyes more extreme measures to prop up the ruble after it crashes to less than a penny

Global wealth declined in 2022 for the first time since 2008, UBS and Credit Suisse economists said Tuesday. Americans were hit hardest as stocks and bonds tumbled throughout the year, the banks said.  Roughly 1.7 million US adults lost their status as millionaires.  Loading Something is loading. Thanks for signing up! Access your favorite topics… Continue reading Crashing markets thinned the ranks of America’s millionaires last year as global wealth shrank for the first time since 2008

The highest tier of office buildings will continue to do well, property exec Scott Rechler said. “And then there’s Class B office or lower-grade Class A that effectively is going to become competitively obsolete.” That could lead to losses at the bank level and investor level, he warned. Loading Something is loading. Thanks for signing… Continue reading Many offices buildings are going to be ‘obsolete’ and losses are headed for banks and investors holding real estate debt, property exec says

The National Association of Home Builders/Wells Fargo Housing Market Index slid to 50 in August from 56 in July. The dip from July’s 13-month high marked the first decline of 2023. Meanwhile, Bankrate data shows the typical 30-year fixed mortgage rate hit 7.53%, as of Monday. Loading Something is loading. Thanks for signing up! Access… Continue reading Home builder confidence just dropped for the first time in 2023 as spike in mortgage rates further dents affordability

Warren Buffett’s Berkshire Hathaway added a trio of homebuilders to its portfolio last quarter. The investor’s company exited three stocks and slashed several other positions, SEC filings show. Berkshire also boosted its Capital One and Occidental Petroleum stakes last quarter. Loading Something is loading. Thanks for signing up! Access your favorite topics in a personalized… Continue reading Warren Buffett’s Berkshire Hathaway bet on 3 homebuilders – and sold or slashed a bunch of its stocks last quarter