Morning News: February 21, 2024
Posted by Eddy Elfenbein on February 21st, 2024 at 7:04 am

China Tightens Grip on Stocks With Net Sale Ban at Open, Close

HSBC’s Profit Sinks on $3 Billion Charge at Chinese Bank

US Citizens Become Collateral Damage in Global Sanctions Fight

TSX Seen Reaching Record High In 2025 If Rate Cuts Begin

Are We in a Productivity Boom? For Clues, Look to 1994

Wall Street Brokers Are Coming for the Hot Retail-Options Trade

Nvidia’s High-Stakes Earnings Moment Has Entire Market on Edge

Capital One’s $35 Billion Discover Deal Hinges on Playing Consumer Champion

Health Care AI Startup Raises $60 Million From General Catalyst, Thrive, GV

Amazon Is Joining the Dow Jones Industrial Average

CVC Adds to Fundraising Spree With $6.8 Billion Asia Fund

Private Equity Payouts at Major Firms Plummet 49% in Two Years

US Mortgage Rates Jump Above 7% for First Time Since December

It’s Been 30 Years Since Food Ate Up This Much of Your Income

Will Food Prices Stop Rising Quickly? Many Companies Say Yes.

Biden Cancels $1.2 Billion of Federal Student Loans

Biden’s EV Dreams Are a Nightmare for Tesla and the US Car Industry

Volkswagen Leans on Electric Vehicles and Nostalgia to Grow in U.S.

Thailand, Indonesia Ramp Up Incentives to Boost EV Demand

As Hybrids Become More Popular, Their Green Benefits Are Questioned

Unhappy Fliers Cost Brazil’s Airlines Millions With Easy-to-Win Lawsuits

Glencore Earnings Plummet From Record Highs as Energy Prices Subside

BAE Systems Forecasts Another Year of Sales Growth Amid Geopolitical Tensions

Rio Tinto Annual Net Profit Down 19%, Dividend Pared on Commodity-Price Fall

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CWS Market Review – February 20, 2024
Posted by Eddy Elfenbein on February 20th, 2024 at 6:10 pm

(This is the free version of CWS Market Review. If you like what you see, then please sign up for the premium newsletter for $20 per month or $200 for the whole year. If you sign up today, you can see our two reports, “Your Handy Guide to Stock Orders” and “How Not to Get Screwed on Your Mortgage.”)

Lyft Soars 67% on Typo

After the close of trading last Tuesday, the ride-sharing company, Lyft (LYFT), released its quarterly earnings report. In it, the company said that it expects its profit margin to improve by 500 basis points.

Wow! In after-hours trading, the stock soared as much as 67%.

There was, however, one teeny-tiny problem: they meant to say 50 basis points, not 500.

A spokesperson for the company attributed the correction to a clerical error.

Oh!

Cue Emily Litella, “nevermind.”

The shares quickly fell back to Earth. This is a good reminder that the market is made up of people, and it’s subject to all the faults and foibles people have.

We have lots of fancy models that try to explain a process that can be highly irrational, or simply misinformed.

This is also a good reason why I’m leery of stop orders, especially for long-term investors. You can easily be stopped out of a good stock for a bad reason.

By the way, Lyft really did have a great quarter, and the stock is up, but much of the good news has been lost due to an embarrassing typo. It’s amazing how one wrong key stroke can duck things up.

Could the Fed Resume Hiking Rates?

In recent issues, I’ve talked about the market’s change of heart regarding what the Fed will do with interest rates. Not that long ago, the market thought the Fed would be cutting interest rates by now. Lately, it looks like the Fed won’t be cutting rates at its meetings in March or May. In fact, the June meeting may soon look doubtful.

What’s going on? Into all this jumps former Treasury Secretary Lawrence Summers who said the Fed may even raise interest rates. Specifically, Summers said, “There’s a meaningful chance—maybe it’s 15%—that the next move is going to be upwards in rates, not downwards.”

I’m not fully in Summers’s court just yet, but it’s an interesting take. Summers said that Wall Street economists had been expecting that plunging housing costs would hold back overall inflation, but that hasn’t happened.

Economists like to look at the “core rate” of inflation which excludes food and energy prices. There’s also the “super core rate” which is the cost of services except energy and housing. The super core rate has been getting a lot of attention lately.

This is important because it makes us focus on the issue of how much inflation is driven by wages, which is another way of asking, how much of inflation does the Fed control?

What happened is that during Covid, employees finally held the upper hand. It was a tight labor market and wages started to improve. Those increases were largely passed along in the form of higher prices for services, and not so much for goods.

I’m borrowing this example from the WSJ but it explains the phenomenon well. Let’s compare haircuts and televisions. The former is a service that’s driven by wages. The latter is a good and less dependent on wages.

The prices for haircuts are rising while TV prices are falling. It’s like two separate economies but it’s really showing us how much prices are influenced by wages. The January CPI report showed that super core prices rose by 0.85%. Summers is making the point that the prices that most concern the Fed are far from under control.

Walmart Beats the Street

Last week’s retail sales report came in below expectations. This morning, we got another retail sales report but this time, it wasn’t from the government, Instead, Walmart (WMT) released its earnings report.

The company is so big that its earnings report is effectively a report on Americans’ spending behavior. Walmart said that its quarterly revenue increased by 6% to $173.39 billion. That works out to about $1.3 million every minute.

Today’s report was for the key holiday spending months of November, December and January. For the quarter, Walmart earned $1.80 per share which was 15 cents higher than Wall Street’s consensus. The shares jumped a little over 3% in today’s trading.

Walmart had held up well during the recent (and perhaps, still ongoing) bout of inflation. As any shopper knows, Walmart is relentless in its quest to keep prices as low as possible. Last quarter, Walmart was helped by soaring e-commerce revenue. Global e-commerce sales rose 23%.

Going forward, Walmart said it expects sales growth of 4% to 5% for its fiscal Q1 (ending April 30), and earnings of $1.48 to $1.56 per share. For the year, Walmart expects earnings of $6.70 to $7.12 per share. That means the stock is going for about 25-26 times earnings. In my opinion, that’s too high.

While other companies have been holding back, Walmart has been expanding and upgrading its locations. The company said that it will raise the average income for store managers to $128,000 per year.

Shares of Walmart will split 3-for-1 after the market closes on Friday. This will be the retailer’s first stock split in 25 years. In the 25 years prior to that, Walmart split its stock nine times, all of them were 2-for-1.

According to the largest retailer on the planet, shoppers are plenty active.

Capital One Buys Discover for $35 Billion

“What’s in your wallet?” Apparently, Discover Financial Services.

A major acquisition was announced today in the credit card space. Capital One Financial (COF) said it’s buying Discover Financial Services (DFS) for $35 billion. The deal is all cash.

Here’s how the deal works. Discover shareholders will get 1.0192 shares of COF for each DFS share they own. That’s a nice 26% premium for Discover based on Friday’s close.

Once the deal is done, Capital One shareholders will own 60% of the company, while Discover shareholders will own the other 40%. The companies expect the deal to close later this year or early in 2025.

There’s still the issue of getting regulatory approval. The government doesn’t look too kindly on mergers of industry leaders, especially in industries that aren’t wildly popular with consumers.

When deals like this are announced, the market likes to poke around at what might be next. This time, I’m skeptical because there doesn’t appear to be an obvious candidate. Also, I suspect that getting the Feds to sign off on this deal may be harder than they think.

The big earnings report for tomorrow will come after the close when Nvidia (NVDA) reports its earnings. Nvidia has become the most prominent AI trade. The company recently surpassed Alphabet (GOOG) and Amazon (AMZN) in total market value.

I guess you can say that expectations are high as the shares have soared 450% over the last 16 months. Also, Nvidia has crushed its last three earnings reports. The company has exceeded expectations by (in order) 18%, 29% and 19%. Nvidia has really become the marquee name of the Magnificent 7 gang.

For tomorrow, Wall Street expects earnings of $4.63 per share. Between you and me, I think that really means at least $5 per share. Wall Street is expecting Nvidia’s sales to rise by 240%. Of course, a large amount of those sales are going to Microsoft, Google and Amazon. Last quarter, Nvidia’s gross margin was 75%.

This is a good case of expectations being so high that almost any number will be a disappointment. Nvidia closed down today by 4.3%.

That’s all for now. I’ll have more for you in the next issue of CWS Market Review.

– Eddy

P.S. If you want more info on our ETF, you can check out the ETF’s website.

Morning News: February 20, 2024
Posted by Eddy Elfenbein on February 20th, 2024 at 7:01 am

Chinese Banks Slash a Key Lending Rate as Economy Falters

China Freezes Accounts of Quant Fund After It Dumped Stocks

Spicy Food and Dental Implants: Low Prices Lure Hong Kongers to China

German Property Lender PBB and the Crisis-Hit US Market

Markets Start to Speculate If the Next Fed Move Is Up, Not Down

Bill Ackman Rockets Up Best-Paid Hedge Fund List by Doing Very Little

Pursuing ‘American Dynamism,’ Andreessen Horowitz Ups Its Game in DC

Two Rothschild Bank Clans Fight Over Clients, Power and the Family Name

US Supreme Court Weighs Bid to Challenge Debit Card ‘Swipe Fee’ Rule

Capital One to Buy Discover for $35 Billion in Year’s Biggest Deal

Unpacking the Washington Math for a Big Payment Deal

Walmart Gains on Strong Results, Deal to Buy TV Maker Vizio

Home Depot Beats Earnings, Sales Estimates Even As Consumers Take On Smaller Home Improvement Projects

TikTok Is Subject of E.U. Inquiry Over ‘Addictive Design’

Inside the Funding Frenzy at Anthropic, One of A.I.’s Hottest Start-Ups

Air Liquide Net Profit Rises But Misses Expectations

Super Micro Short Sellers Notch $1.2 Billion as Shares Tumble

InterContinental Hotels to Return Up to $1 Billion to Shareholders

Bayer Cuts Dividend by 95% as It Wrestles With Roundup Woes

Gene Therapy Makers Struggle to Find Patients for Miracle Cures

Fresenius Medical Care Net Profit Rises on Cost Savings

Ozempic Hype House Backfires in WeightWatchers Brand Misstep

How an $18 Big Mac Meal Became a Symbol for Economic Anxiety — and What That Means for Democrats

Culinary Hubs Put a Twist on Home Cooking

Can the Olympics Rejuvenate One of France’s Poorest Corners?

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Morning News: February 19, 2024
Posted by Eddy Elfenbein on February 19th, 2024 at 7:05 am

Russian Oil Refining Falls Further in Wake of Drone Attacks

Polymetal International to Sell Russian Business for $3.69 Billion

How War in Europe Boosts the U.S. Economy

Ukraine’s Allies Are Gaming Out a World in Which the US Retreats

Zambian Kwacha Turns World Beater With Help From Central Bank

Brazil’s Economic Activity Caps 2023 With Better-Than Expected Growth

Chinese Travelers Hit the Road but Pinch Their Pennies

China Stocks’ Insipid Reopen Adds Pressure on Beijing to Do More

China Central Bank Leaves Key Policy Rate Unchanged Under Shadow of Federal Reserve

Systemic Risk Concerns Grow Among Money Managers as Real Estate Woes Cause Turmoil

Cracks Are Emerging in Central Bank Synchronicity

Can the Fed Increase the Rate of Interest Charged to Taylor Swift?

Goldman Lifts S&P 500 Target With Profit Optimism to Drive Rally

Wall Street’s Moelis Bet Big on the Middle East. Now He’s Cashing In

America’s Oil Power Might Be Near Its Peak

The War Over Burying Nuclear Waste in America’s Busiest Oil Field

Nature Has Value. Could We Literally Invest in It?

More Wall Street Firms Are Flip-Flopping on Climate. Here’s Why

Nvidia Earnings Are Coming. It’s Time to Think About AI Chip Competition

US to Award $1.5 Billion to GlobalFoundries in Chips Act Grant

Plans to Expand U.S. Chip Manufacturing Are Running Into Obstacles

EU Reportedly Set to Fine Apple 500 Million Euros Amid Antitrust Crackdown

Anglo American Platinum Could Cut Around 3,700 Jobs in Restructuring

China’s JD.com Versus US’s Elliott in Battle for UK’s Currys

BYD’s Shenzhen-Listed Shares Rise on Buyback Plan, More Luxury-Model Launches

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Morning News: February 16, 2024
Posted by Eddy Elfenbein on February 16th, 2024 at 7:03 am

Russia’s Central Bank Governor Nabiullina on Rates, Inflation

Guyana Is Trying to Keep Its Oil Blessing From Becoming a Curse

Stolen Substation Shows Scale of South Africa’s Power Crisis

Droughts, Heatwaves Could Dent Spanish Banks’ Capital

Wall Street’s Climate Retreat

World’s Major Economies Fall Behind U.S.

America’s Economy Slowed—It Probably Won’t Stumble

Biden Adviser Says Soft Landing Helped by Public-Spending Boost

I.R.S. Commissioner Warns Budget Cuts Would Add to Deficit

Stocks Climb Before PPI Report in Data-Driven Week

Coinbase Shares Surge After Bitcoin ETF Euphoria Helps Return to Profitability

Banks Are Piling Back Into Everything From Mortgage Debt to CLOs

Hedge Fund Investors Are Getting More Demanding About Charges

NatWest Shares Rise After Results Beat Despite Mixed Outlook

Swiss Re Net Profit Surged on Property-and-Casualty Strength

Hindenburg Report Throws Swiss Fintech Temenos Into Turmoil

Deutsche Bank Ends Prized Covid Custom: Four-Day Weekends From Home

Ex-Goldman Analyst Jailed for 22 Months for Insider Trading

As Home Insurance Bills Go Up, Owners’ Coverage Is Going Down

The Antitrust Enforcers Aimed at Big Tech. Then Came the Backlash

In Big Election Year, A.I.’s Architects Move Against Its Misuse

Amazon Argues Labor Board Is Unconstitutional

Chinese EV Maker BYD Exploring Mexico Factory as Entry to U.S. Market

How Paramount Became a Cautionary Tale of the Streaming Wars

Nike to Cut 2% of Workforce as Sportswear Giant Seeks Savings

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Morning News: February 15, 2024
Posted by Eddy Elfenbein on February 15th, 2024 at 7:03 am

Japan Loses Its Spot as World’s Third-Largest Economy as It Slips Into Recession

UK in Recession: Toxic or Technicality?

What a Viral Post on Giraffes Says About China’s Fed-Up Investors

ECB Policymakers Push Back on Hasty Rate Cuts Even as Inflation Falls

ECB’s Lagarde Hopes to Join Economists’ ‘Tribe’ She Criticised

Tech-Led U.S. ‘Exceptionalism’ Underlined

Dozens of Banks Rapidly Piled Up Commercial Property Loans

Temenos Sinks Most in 12 Years as Hindenburg Reveals Short

Feud Erupts at $14 Billion Credit Manager Over Lucrative Stake

Michael Burry Adds to China Big Tech Wager as Stock Rout Deepens

Biden Faces More Pressure From Environmentalists to Block Steel Merger

Tata Group Considering Spinoff of Battery Business Agratas

Volkswagen Eyes March Delivery for Cars Delayed at U.S. Ports

US Cancels Multibillion-Dollar Classified Military Satellite Program

Airbus Pulls Further Ahead of Boeing in Global Plane Rivalry

SpaceX Is Now Incorporated in Texas, Elon Musk Says

Three Lessons From a Surprisingly Resilient Job Market

Layoffs in 2024: A List of Companies Cutting Jobs This Year

Unpredictable Power Surges Threaten US Grid — And Your Home

The Year Chatbots Were Tamed

Have Uber and Lyft Finally Found a Way to Make Ride-Sharing Profitable?

WaWa Billionaires Bet on Taking the Convenience Chain South

No Big Consumer Price Declines Are in Sight

Kraft Mac and Cheese Sales Take a Hit After Cuts to Food Stamps

Now Hibernating: Chocolate Chip Ice Cream

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Morning News: February 14, 2024
Posted by Eddy Elfenbein on February 14th, 2024 at 7:02 am

This Arctic Circle Town Expected a Green Energy Boom. Then Came Bidenomics

Why US Economy is Powering Ahead of Europe’s

Powell, Biden Get No Love From Inflation Report

‘No Landing’ Scenarios Swirl as Markets Recoil

The Errors Tour: How the Pros Bungled the End of Zero Interest Rates

The Most Costly Investment Mistake You Can Make Is Easy to Avoid

US Banks, Private Equity Firms Compete to Finance Debt-Backed Deals

Ratings Firms Quizzed Banks After NYCB, Fueling Worries

ABN AMRO Shares Gain After Capital Update, 4Q Beat

The Brutal Reality of Plunging Office Values Is Here

In Southwest Florida, High Home Insurance Rates Are Driving Away Would-Be Buyers

US 30-Year Mortgage Rate Climbs to a Two-Month High of 6.87%

Technology Is Forcing Closer Collaboration Between CIOs, CFOs

Can America Turn a Productivity Boomlet Into a Boom?

Eurozone Industrial Production Unexpectedly Expands Amid Signs Recovery for Sector

Capgemini Hikes Dividend After Boost in Profit

Thyssenkrupp Shares Dive 10% After Profit, Sales Guidance Cuts

Shell Lowers LNG Growth View as Demand Set to Peak in 2040s

Elon Musk’s Big Tesla Factory in Mexico Taps Chinese Suppliers, Stoking DC Fears

Uber Unveils $7 Billion Buyback Plan in First for Company

A ‘Clerical Error’ in Lyft Outlook Triggered 67% Stock Jump

Free Yoga and Meditation at Work Don’t Seem to Benefit Workers, Research Finds. But Better Pay Might

Grover Is Now a Reporter. Journalists Aren’t Optimistic

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CWS Market Review – February 13, 2024
Posted by Eddy Elfenbein on February 13th, 2024 at 7:16 pm

(This is the free version of CWS Market Review. If you like what you see, then please sign up for the premium newsletter for $20 per month or $200 for the whole year. If you sign up today, you can see our two reports, “Your Handy Guide to Stock Orders” and “How Not to Get Screwed on Your Mortgage.”)

Inflation Is Still With Us

Maybe inflation is more stubborn than we thought. On Tuesday, the government said that consumer inflation rose by 0.3% last month. That was 0.1% higher than expected.

Even though the CPI report was only slightly higher than expectations, it upset the consensus that inflation has been licked. Prior to the report, it looked as if the 12-month rate of inflation was about to fall below 3%. That hadn’t happened in nearly two years.

Well, it still hasn’t happened. Over the last year, inflation is now running at 3.1%. That’s down from 3.4% which was the 12-month rate ending in December. Inflation is still running well above the Federal Reserve’s goal of 2%.

Today’s CPI report is a perfect extension of Jerome Powell’s recent comments that the Fed is in no hurry to cut rates and that the central bank wants to see more benign inflation data. Today, we didn’t get it.

The stock market was less than pleased. That makes sense if interest rates stay higher for longer. The S&P 500 dropped 1.37% today, and the index is now back below 5,000. The small-cap Russell 2000 fell more than 4%.

We should also bear in mind what a strong stock market this has been. The S&P 500 has risen 14 times in the last 15 weeks (see above). Since late October, today was the index’s third daily loss of more than 1%.

What’s driving the stubborn inflation numbers? That’s not hard to find. Last month, shelter prices increased by 0.6%, and shelter costs make up a sizeable portion of the CPI. Shelter costs accounted for two-thirds of the entire increase in inflation. Over the last 12 months, shelter prices are up by 6%.

Let’s break down the numbers. The core rate of inflation, which excludes food and energy prices, rose by 0.4% last month. That was also 0.1% higher than expectations. Over the last year, core inflation is running at 3.9%.

“Food prices moved higher as well, up 0.4% on the month. Energy helped offset some of the increase, down 0.9% due largely to a 3.3% slide in gasoline prices.”

Used vehicle prices declined 3.4%, apparel costs fell 0.7% and medical commodities declined 0.6%. Electricity costs rose 1.2% and airline fares increased 1.4%. At the grocery store, ham prices fell 3.1% and eggs jumped 3.4%.

Here’s a look at the seasonally-adjusted monthly core rate of inflation.

Notice how the right-most bar appears to break the downward trend. That could be a small outlier or it may show that inflation is pushing back.

Last Friday, the government revised its seasonally adjusted data. Normally, these revisions are the territory of serious data nerds, but last year it actually made news. That’s because the revisions showed that inflation wasn’t coming down as quickly as previously believed. This time, however, the data was largely unchanged.

Don’t Expect the Fed to Cut Anytime Soon

One favorable note is that wages are still rising even after being adjusted for inflation. Last month, inflation-adjusted hourly earnings rose by 0.3%. Over the last year, real earnings are up by 1.4%.

The problem, however, is that wages are measured in per-hour, and number of hours worked has declined. In other words, employers haven’t stopped hiring, but they are cutting back on the number of hours. Real weekly earnings have declined by 0.3%.

Today’s CPI had a major impact on the outlook for the economy and for stocks. It now looks like a March rate cut from the Federal Reserve is completely off the table. A rate cut in May be doubtful as well.

One month ago, the odds for a rate cut at the March meeting stood at 77%. Now it’s at 8%. The odds of a rate cut in May are at 35%. Interestingly, traders are merely changing their timetable for rate cuts but not for their degree. One year from today, futures traders see interest rates a full 1% lower than they are now.

Tuesday was an interesting day on the markets. For one, the S&P 500 had one of its worst days in months, but it was also interesting to see how the pain was spread. For example, the Utilities and REITs were the two worst-performing sectors today. That makes sense if interest rates are to remain high.

Many defensive stocks did well today, and this is a good reminder that having a large dividend doesn’t necessarily make a stock defensive. From our Buy List, shares of Hershey (HSY) and Cencora (COR) both closed higher today. If the economy suffers, those two businesses will likely hold up well.

On days like today, I like to watch the relative performance of High Beta stocks compared with Low Volatility Stocks. This is a quick and easy way to see how the stock market is reacting to risk. Today, the market didn’t like risk at all. The S&P 500 High Beta Index fell 2.96% while the S&P 500 Low Volatility Index fell only 0.79%.

Many hard assets, like gold, did well today. Oil also had a good day. These are classic “inflation trades.”

One stock that’s received a lot of attention recently is Arm Holdings (ARM), a British semiconductor stock. SoftBank bought Arm in 2016. A few years later, Nvidia tried to buy Arm but the deal fell through. Arm eventually went public five months ago at $51 per share, but SoftBank still owns 90% of the shares. It’s basically a publicly-traded subsidiary.

In Arm’s first day of trading, the stock got to $61 per share, but it was trading below its IPO price a few days later. Then things got interesting. The company reported very good earnings and gave optimistic guidance.

One week ago, Arm closed at $72.98 per share. It then jumped 5.5% on Wednesday followed by a blistering 48% increase on Thursday. The stock rallied another 29% on Monday. All told, the stock doubled in four trading days. Arm is actually worth more than SoftBank, if you can imagine that.

There are also rumors that Arm is the victim (or beneficiary) of a short squeeze. This is when many investors bet against a stock, but it goes up anyway. At some point, those shorts are forced to close out their positions which entails buying more stock. In turn, that causes the price to go even higher, and more shorts are squeezed.

The prospects of higher interest rates aren’t good for such volatile stocks. Shares of ARM fell 19.5% today.

Stock Focus: Casey’s General Stores

I have to confess that I was not familiar with Casey’s General Stores (CASY) until recently. I was told about it by some friends in the Midwest where Casey is very popular. It’s basically a gas station masquerading as a pizza shop. Or vice versa. It really doesn’t matter.

The idea is simple. If you drive a car, you’ll need gas. If you’re going to go to a gas station, you might as well choose the place that has pizza as well.

Casey’s is based in Iowa and the stores are mostly in Iowa, Missouri and downstate Illinois. The company also has an impressive presence in the other Midwestern and Plains states. There are now over 2,500 locations in 16 states. Casey’s prefers to locate in small towns where there’s less competition. There isn’t a Casey’s within several hundred miles of Wall Street.

The stock has been a huge winner over the years. Since 1991, Casey has returned more than 300-fold. Check out this chart:

The S&P 500 Total Return Index (in blue) nearly looks like a flat line when compared with Casey.

The company currently has a market value of $10 billion. It’s a member of the S&P Mid-Cap 400. Last year, it did $15 billion in sales.

In November, Casey reported very good fiscal-Q2 earnings. For the three months ending on October 31, Casey made $4.24 per share which beat expectations by 44 cents per share.

The fiscal Q3 earnings report should be out in early March. Wall Street currently expects earnings of $2.10 per share.

That’s all for now. I’ll have more for you in the next issue of CWS Market Review.

– Eddy

P.S. If you want more info on our ETF, you can check out the ETF’s website.

Morning News: February 13, 2024
Posted by Eddy Elfenbein on February 13th, 2024 at 7:02 am

Farmers’ Revolt Threatens Election Year Upsets Around the World

Greece Offers Cheaper Power to Farmers to Avert Athens Protest

OPEC Sticks to Oil-Demand Growth View, Lifts Economic Forecast

Russia Warns the West: We Will Be Very Tough If You ‘Steal’ Our Assets

Buy Now and Pay Later Schemes Gain Traction Among Thrifty Germans

Crunch Time Nears for FX Traders Grappling With Faster Trading

Japan’s Nikkei Hits 34-Year High

RBA’s Kohler Sees Substantial Uncertainty Around Inflation Forecasts

US CPI Data to Show Services as Key Driver of Disinflation

What a Split in Consumer Confidence Means for Biden

Former Hedge Fund Star Says This Is What Will Trigger the Next Bear Market

Macquarie Banker Who Earned More Than Jamie Dimon Steps Down

A Texas Oil Driller Banks a $26 Billion Deal, With Regrets

America’s ESG Hiring Boom Is Starting to Cool

U.K. Labor Market Remains Tight as Unemployment Unexpectedly Falls

Why Work Is So Miserable in America

Adobe’s Very Cautious Gambit to Inject AI Into Everything

TUI Revenue Soars to Record High on Surging Customer Demand

Office Towers Reshaped US Skylines. Now Construction Cranes Are Vanishing

Commercial-Property Loans Coming Due in US Jump to $929 Billion

Student Housing Has a New Mantra: Bigger Is Better

Coca-Cola Revenue Tops Estimates on Firm Demand, Higher Prices

Burger King Owner’s Fourth-Quarter Sales Outpace Expectations

Temu Spent Millions on Six Super Bowl Ads as It Tries to Win Back US Shoppers

Super Bowl Viewership Rose to 123.4 Million, a Record High

Leaving Las Vegas to High Rollers, Some 49ers Fans Chose Reno

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Morning News: February 12, 2024
Posted by Eddy Elfenbein on February 12th, 2024 at 7:02 am

Ship in Red Sea Signals All-Muslim Crew to Avoid Houthi Attack

Oil Slips After Rally Last Week on Middle East, Tight Supply

In Trump-Biden Rematch, the Only Sure Loser Is China

Economists Haven’t Been This Critical of a Tight Fed in 13 Years

Private Equity Returns Plunge to Global Financial Crisis Levels

New Hedge Funds Struggle While Established Players Raise Fees to Record Highs, Goldman Says

Some Hedge Funds Keep Over Half of Their Profits Through Customer Fees

Bitcoin’s Bounce Doesn’t Settle the Biggest Worries About Crypto

Real Estate Pain for US Regional Banks Is Piling Up, Say Investors

Citi Hit By New Fed Rebuke, Setbacks on Consent Orders

He Grew Up in the Shadow of the ‘Wolf of Wall Street.’ Then He Got Into Debt Settlement

German Commercial Property Prices Post Biggest-Ever Drop, Data Shows

Diamondback to Buy Endeavor for $26 Billion in Oil Megadeal

Galp Expects Lower Earnings This Year

How China Built BYD, Its Tesla Killer

Can the U.S. Break China’s Grip on Solar?

A Crowd Set Fire to a Waymo Taxi in San Francisco, as Tensions About Driverless Tech Grow

What Happens When TikTok Is Your Marketing Department

Elon Musk Isn’t the Only Billionaire Fighting Delaware

EQT Consortium Launches $1.64 Billion Bid for French Digital Music Company Believe

What I Got Wrong About Loyalty at Work

US Employers Brace for About 16 Million Super Bowl Sick Days

Gyms Face Tough Year as Key January Growth Screeches to a Halt

Hate Valentine’s Day? There’s a Market for You, Too

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