Foreign exchange markets

Fed’s Waller says market has overreacted to consumer inflation data: ‘We’ve got a long, long way to go’

Federal Reserve Governor Christopher Waller said on Sunday that financial markets appeared to have overreacted to weaker-than-expected October consumer price inflation data last week. “It was just a data point,” Waller said during a conversation in Sydney, Australia, sponsored by UBS. “The market seems to have gotten a head start on this one CPI report. …

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FTX bankruptcy is ‘somebody running a company that’s just dumb-as-f___ing greedy,’ says Mark Cuban

Billionaire Dallas Maverick owner Mark Cuban recently offered his take on the implosion of crypto platform FTX over the weekend. ““He’s someone who runs a business who’s just stupid as fuckin’ greedy.”” — Marc Cuban Cuban, speaking Friday at a conference in Washington, DC organized by Sports Business Journalshared the view that greed was behind …

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British pound sinks 2% against the dollar after Bank of England recession warning

LONDON — The Pound sterling Thursday sank against the American dollars after the UK’s central bank said it expected a recession to last all of 2023 and the first half of 2024. The pound was trading at $1.1162 at 1.20pm London time, its lowest level since Oct. 21, after starting the session at $1.1418 and …

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‘Oh my gosh, why am I not in the market?’ This forecaster says investors will be shocked by what’s about to happen next

Slower, but higher rates and no pivot this side of Christmas. It was the message from Fed Chairman Jerome Powell after the central bank’s fourth straight hike. Bruised investors look set to continue selling stocks on Thursday as yields rise. Not everyone agrees with Powell. “The Fed is making a huge policy mistake, and they …

‘Oh my gosh, why am I not in the market?’ This forecaster says investors will be shocked by what’s about to happen next Read More »

China GDP: Hong Kong stocks plunge 6% as fears about Xi’s third term trump data

hong kong CNN Business — Hong Kong stocks had their worst day since the 2008 global financial crisis, just a day after Chinese leader Xi Jinping secured his iron grip on power at a large political rally. Foreign investors spooked by the outcome of the Communist Party leadership reshuffle dumped Chinese stocks and the yuan …

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Fed Vice Chair Brainard warns against retreating from inflation fight prematurely

U.S. Federal Reserve board member Lael Brainard speaks after being nominated by U.S. President Joe Biden as Vice Chairman of the Federal Reserve, in the South Court Auditorium of the Eisenhower Executive Office Building at the White House in Washington, United States, November 22, 2021. Kevin Lamarque | Reuters Federal Reserve Vice Chairman Lael Brainard …

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Dow erases losses as tech rally helps overcome dollar pressure

The Dow Jones Industrial Average erased earlier losses as a rally in tech stocks offset dollar pressure. The Dow gained 14 points, or 0.1%. The S&P 500 rose 0.6% and the Nasdaq Composite rose 1.4%. Consumer discretionary and information technology supported stocks, up 1.3% and 0.8%, respectively. Casino shares outperformed after news that China would …

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Sterling hits record low against the dollar, as Asia-Pacific currencies also weaken

The British pound hit an all-time high. Matt Cardy | Getty Images The Pound sterling plunged to a record low on Monday morning in Asia, after the announcement last week by the new British government that it implement tax cuts and investment incentives to stimulate growth. The pound briefly fell 4% to an all-time low …

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