Markets

China has more foreign exchange reserves than reported, a former Treasury official wrote. An additional $3 trillion is hidden in “shadow reserves,” such as state commercial and policy banks.   “Not everything that China does in the market now shows up in the PBoC’s balance sheet.” Loading Something is loading. Thanks for signing up! Access your… Continue reading China is hiding $3 trillion of foreign currency in ‘shadow reserves,’ adding unknown risks to the global economy, former Treasury official says

Warren Buffett’s Berkshire Hathaway now owns a little more than 25% of Occidental Petroleum after the latest purchases. Buffett’s conglomerate picked up another 2.1 million shares this week, according to SEC filings. Berkshire’s total holding of Occidental is worth around $13 billion, vested in 224 million shares. Loading Something is loading. Thanks for signing up!… Continue reading Warren Buffett’s Berkshire Hathaway snaps up another $123 million in Occidental Petroleum stock, now owns 25% of the oil company

US stocks have surged in 2023, with the S&P 500 entering a new bull market after a difficult 2022.Everything from artificial intelligence hype to a rebound in cruise line travel helped drive performance.These were the top 10 performing S&P 500 stocks in the first half of 2023. Loading Something is loading. Thanks for signing up!… Continue reading These were the top 10 performing stocks in the S&P 500 in the first half of 2023

Thanks to lack of inventory, the median US home-sale price is just 0.9% lower than a year ago, per Redfin. Homes are selling on average for $383,000, about $4,000 less than the all-time high set last June.  At the same time, Redfin reported that the average home is now selling for its asking price for… Continue reading Housing inventory is so tight in the US that prices are barely off of their all-time highs set last year

Offshore yuan notes have reached a record issuance, as foreign borrowers take advantage of China’s lower rates. That’s as the country’s slumping economy has pressured China to ease its monetary policy. So far this year, $10.4 billion worth of so-called panda bonds have been issued in China by offshore borrowers. Loading Something is loading. Thanks… Continue reading Foreign borrowers issue a record amount of yuan debt, helping internationalize China’s currency

Costco is cracking down on shoppers that borrow a friend of family’s membership card at checkout.The crackdown comes just a few weeks after Netflix started to nudge password sharers to start paying for its service.Wall Street is upbeat about the change, with one analyst telling Insider that the crackdown should help boost Costco’s growth. Loading… Continue reading Costco is taking a page out of Netflix’s playbook and cracking down on shared membership cards. Wall Street is thrilled.

China’s economic recovery is practically doomed, experts from the Council of Foreign Relations said in an op-ed. The Chinese government has launched a plan for consumption-led growth, meaning the nation will shift away from investment. But that’s likely to ispark intense backlash, experts warned. Loading Something is loading. Thanks for signing up! Access your favorite… Continue reading China’s economic recovery is ‘doomed to fail’ as Beijing shifts away from investment, think tank experts say

Despite a strong labor market, Americans have felt pretty downbeat about the state of the economy.  A recent economic paper found that this discontent stems from inflation outpacing wage gains. Since the pandemic, the impact of unemployment on Americans’ sentiment fell significantly.   Loading Something is loading. Thanks for signing up! Access your favorite topics in… Continue reading Here’s the real reason why Americans feel lousy about the economy despite a strong job market