Author: News Room
Gold and gold stocks are blasting higher, possibly indicating a belief among those buying that inflation is more of a lasting concern than the Fed’s ability to tame it. The price of the yellow metal — and the equities of a few companies that mine for it — is outperforming tech favorites like Microsoft MSFT , Google GOOG and Apple AAPL . The precious metals and some related securities just just hit new 52-week highs, something the well-known NASDAQ NDAQ leaders have been unable to do. Take a look at the weekly price chart for the SPDR Gold Shares: The…
The economist John Kay wrote in a paper on “Robust and Resilient Finance” that while “many aspects of the modern financial system are designed to give an impression of overwhelming urgency… only its most boring part – the payments system – is an essential utility on whose continuous functioning the modern economy depends”. His choice of word — utility — is interesting. Just like the electricity network or the water system, not only are payments a utility but they are also critical infrastructure: If the stock market shuts down for a day, life goes on, but if salary payments stop…
This article was updated on April 4, 2023 to reflect some new developments from one of the people mentioned in this report — Boris Mints. Only text around Mints’ case was updated. Sanctions were supposed to kill the Russian financial sector. It did, and it didn’t. It did insofar as any globally ambitious Russian money center bank or asset manager had their expansion plans curtailed by sanctions. Doing business as a Westerner with a Moscow or St. Petersburgh-based bank is next to impossible now. Sanctions hurt. “Because of the sanction environment, global banks, vendors, partners are extremely careful in dealing…
By Leika Kihara TOKYO (Reuters) -Haruhiko Kuroda took a slightly less dovish tack in his farewell as Japan’s central bank chief on Friday, ending a decade of unconventional policy that included a “bazooka” of stimulus aimed at boosting inflation and sustainable growth. Handing the reins of the Bank of Japan (BOJ) to academic Kazuo Ueda, Kuroda pointed to progress under his radical easy-money policy, which featured a push to change public perceptions with a wall of money and Peter Pan metaphors. “Japan’s 15 years of deflation has created a strong perception among the public that prices and wages won’t rise,”…
By Geoffrey Smith Investing.com — The dollar was testing a two-month low against its major partners early on Tuesday, still under pressure after weak data from the manufacturing sector on Monday that encouraged hopes of an early ‘pivot’ from the Federal Reserve. By 03:00 ET (07:00 GMT), the , which tracks the greenback against a basket of six developed economy currencies, was down less than 0.1% from Monday’s close at 101.755. Expectations of a growth slowdown had already strengthened on Monday due to the sharp rise in oil prices after OPEC made a surprise 1.1 million barrel cut to its…
By Barani Krishnan Investing.com — stockpiles fell sharply for a second week in a row, accompanied by large drawdowns as well in gasoline and distillates inventories as domestic refiners prepared for busy summer travels, weekly government data released on Wednesday showed. in storage fell by 3.739 million barrels during the week ended March 31, the U.S. Energy Information Information, or EIA, said in its Weekly Petroleum Status Report. In the previous week to March 24, crude stockpiles tumbled by 7.489M barrels. Analysts tracked by Investing.com had expected the EIA to report a crude balance decline of 2.329M barrels instead. Adding…
© Reuters. FILE PHOTO: JPMorgan Chase Bank is seen in New York City, U.S., March 21, 2023. REUTERS/Caitlin Ochs/File Photo (Reuters) -JPMorgan Chase & Co is being scrutinized by U.S. regulators for the due diligence the bank conducted on a number of its past acquisitions, the Financial Times reported on Friday, citing people familiar with the matter. The Office of the Comptroller of the Currency (OCC) scheduled a specific audit of JPMorgan (NYSE:)’s deal making after the bank bought dozens of smaller companies in 2021 and 2022, the report said. This comes after the U.S. government filed criminal charges accusing…
Normally a big increase in new U.S. jobs is cause for celebration. Not right now. The Federal Reserve sees a tight labor market as a big obstacle in getting high inflation under control and wants hiring to slow as soon as possible, but it might not get its wish in March. Here’s what to watch in the U.S. employment report due on Friday morning. The forecast The economy is expected to add 238,000 jobs in March, according to economists polled by The Wall Street Journal. The U.S. created an estimated 311,000 jobs in February and 504,000 in January. Both easily…
If you’re a loyal worker, you’re also likely to be an exploited worker. That’s the key takeaway from a new study led by Matthew Stanley, a postdoctoral researcher at Duke University’s Fuqua School of Business. Stanley’s findings appeared in a recent issue of the Journal of Experimental Social Psychology — and the title of the paper pretty much says it all: “Loyal Workers Are Selectively And Ironically Targeted For Exploitation.” Stanley’s research involved asking hundreds of managers to determine how much work to dole out among employees in fictional scenarios. In the experiments, the employee who was identified as “loyal”…
Dogecoin tumbled on Friday after Twitter changed its homepage logo back to the blue bird, ditching as an icon the Shiba Inu dog that represents the meme cryptocurrency and putting an end to a rally in prices. The price of Dogecoin has fallen 9% over the past 24 hours, having now dropped almost 20% since the peak hit earlier this week after Twitter changed its logo to that of the Shiba Inu icon late on Monday. Prices are now some 5% above where they were before Twitter’s surprise move, which kicked off a rally that saw the so-called memecoin surge…
