Of course, the material facts between the two Fed meetings were markedly different. The Fed, as expected, left interest rates unchanged this time, compared with a 75-basis-point hike last year. But the circumstances surrounding the Fed’s decision are different too. Recession fears gripped investors last year. Today, the Fed’s upgrading its assessment of the U.S. … Read more
October saw five of the central banks overseeing the 10 most heavily traded currencies hold rate setting meetings, with policy makers at the Central banks in Sweden, Switzerland, Norway, Great Britain and the United States held no rate setting meetings. That compares to September, where three major developed central banks delivered a last-gasp set of … Read more
Investors should stay defensive as the year end approaches, according to Dubravko Lakos-Bujas, chief global equity strategist at JPMorgan. The strategist said that the lagged effects of the Federal Reserve’s interest rate hikes will be more dramatic than traders are currently expecting, and urged investors to hold cash and move into more resilient parts of … Read more
The logo of Renault is seen at the Viva Technology conference dedicated to innovation and startups at Porte de Versailles exhibition center in Paris, France, June 15, 2023. One European fund manager, speaking on condition of anonymity, said that given tough market conditions for IPOs Renault might ultimately have to take whatever valuation investors are … Read more
Respondents to the CNBC Fed Survey expect no additional rate hikes from the Federal Reserve and have fully embraced its “higher-for-longer” mantra.The survey also showed a 49% expectation of a recession in the next 12 months and a 42% chance of a soft-landing. “I believe (Fed Chair Jerome) Powell & Co. can now be patient, … Read more
Ares Acquisition Corp. and X-energy Reactor Company LLC on Tuesday called off their $1.8 billion merger deal due partly to challenging market conditions. A shareholder meeting Tuesday to vote on the business combination is being postponed indefinitely. Ares Acquisition Corp., which is a special purpose acquisition company affiliated with Ares Management Corp. ARES, +0.58%, will … Read more
Asian equities trade in negative territory after the downbeat Chinese data and BoJ rate decision. China’s Manufacturing PMI eased to 49.5 in October vs. 50.2 prior, Services PMI dropped to 50.6 in October versus 51.7 prior. Bank of Japan (BoJ) kept the rate unchanged, decided to make YCC more flexible. European stock markets head to … Read more
High interest rates are usually bad for tech stocks, and they’re now a key macroeconomic risk for ‘expensive’ ones in particular — but two parts of the sector are in a good position, according to Bernstein. One of them is ‘the cheapest sector in terms of ,’ it said. It also named its top picks … Read more
Traders work on the floor of the New York Stock Exchange (NYSE) on October 30, 2023 in New York City.This report is from today’s CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? … Read more
Oil futures dropped Sunday night as markets saw a calm opening following Israel’s launch of a ground offensive in Gaza that drew implied threats from Iran amid market fears of a wider conflict that could disrupt global crude supplies. Innes, however, said investors should remember “this is likely to be a long, drawn-out affair with … Read more