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☆ The world is scarred from China shock 1.0. They're not about to let 2.0 happen so easily.
▼ + stars: | 2024-04-04 | by ( Huileng Tan | ) www.businessinsider.com time to read: +8 min

This could create a "China shock 2.0" that impacts other economies around the world. AdvertisementThis is just one of the industries the world is bracing for in the next phase of the "China shock." What happened in China shock 1.0? How Beijing could be creating China shock 2.0Now, China is targeting three new strategic industries that the rest of the world is also eyeing. What are the US and the rest of the world doing about China shock 2.0?

Persons: —, Xi, David H, Autor, David Dorn, Gordon H, Hanson, Rajiv Biswas, who's, Biswas, keener, Janet Yellen, Yellen, it's, Wang Wenbin, Wang, Nomura Organizations: Service, Beijing, OECD, European Union, Department of Energy, Treasury, European Commission, EU, Act, Wall Street, Bloomberg Locations: China, EU, Beijing, Communist China, Georgia, Southeast Asia, Africa, Latin America

☆ Samsara CEO talks growth prospects after stock hits 52-week high
▼ + stars: | 2024-03-08 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSamsara CEO talks growth prospects after stock hits 52-week highSanjit Biswas, Samsara CEO, joins 'Closing Bell Overtime' to talk customer growth, Q4 earnings, AI, and more.

Persons: Sanjit Biswas

☆ Why the U.S. may extend its run as the world's leading economy
▼ + stars: | 2024-01-10 | by ( Carlos Waters | In Carloswaters | ) www.cnbc.com time to read: +3 min

The U.S., China and India may take turns leading the global economy this century, according to an analysis from the Centre for Economics and Business Research. The CEBR forecast suggests China could potentially take the top spot as the world's largest economy by gross domestic product as early as 2037. "The ranking of which is the largest economy in the world — that doesn't take into account things like living standards. Around the world, policymakers are spending large sums of public funds to prepare for social and environmental challenges that may be ahead. Watch the video above to learn more about the race to be the world's largest economy.

Persons: Nina Skero, Mariana Mazzucato, we're, China that's, Joe Biden, Xi Jinping, Yasheng Huang, Rajiv Biswas Organizations: U.S, Centre for Economics, Business Research, University College London, Washington, MIT Sloan School of Management, P Global Market Intelligence, CNBC Locations: China, India, U.S, Japan, South Korea, Asia, Pacific

☆ Samsara CEO Sanjit Biswas talks Q3 earnings as stock notches second-best day ever
▼ + stars: | 2023-12-01 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSamsara CEO Sanjit Biswas talks Q3 earnings as stock notches second-best day everSanjit Biswas, Samsara CEO, joins 'Closing Bell Overtime' to talk quarterly results, customer uptake, AI spending and more.

Persons: Sanjit Biswas

☆ Discover Financial explores sale of students loan portfolio
▼ + stars: | 2023-11-29 | by ( ) www.reuters.com time to read: 1 min

Nov 29 (Reuters) - Discover Financial Services (DFS.N) said on Wednesday it was exploring the sale of its students loan portfolio. The company said it will stop accepting applications for student loans from Feb. 1, 2024 without impacting the loans or payments from current customers. The potential sale will see the transfer of servicing of these loans to a third-party. The company did not give a deadline for the sale. Reporting by Pritam Biswas in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

Persons: Pritam Biswas, Arun Koyyur Organizations: Discover Financial Services, Thomson Locations: Bengaluru

☆ Surprise Medical Billing Law Heaps Pressure on Healthcare Providers
▼ + stars: | 2023-11-28 | by ( Soma Biswas | Becky Yerak | ) www.wsj.com time to read: 1 min

The No Surprises Act is causing lengthy billing disputes with health insurers and reimbursement delays, according to some healthcare companies that are under increased financial pressure. Photo: Getty Images/iStockphotoA law designed to protect patients from surprise medical bills is contributing to the financial distress of some medical-service providers, which say lengthy billing disputes and payment delays with insurers are hurting their ability to stay afloat. The No Surprises Act, which took effect last year, aims to protect patients from surprise medical bills from out-of-network healthcare providers when there are disagreements over reimbursements between insurers and providers. Previously, providers often billed patients to make up for the amounts insurers were unwilling to pay.

Shein has not determined the size of its offering or the valuation at IPO, the sources said. Shein, Goldman and JPMorgan declined to comment, while Morgan Stanley did not immediately respond to a request for comment. The most valuable China-founded enterprise to go public in the United States so far is ride-hailing giant Didi Global's (92Sy.MU) debut in 2021 at $68 billion valuation. In 2021, the comparable number was $300 billion when the IPO market was close to its peak. Fast fashion retailers have been gaining popularity in the United States, with Shein taking away market share from the likes of Gap (GPS.N) as shoppers look for fresher styles.

Persons: Goldman Sachs, JPMorgan Chase, Morgan Stanley, Shein, Goldman, Didi Global's, Jason Benowitz, David, Dee, Delgado, CSRC, Simon Property, Sumeet Singh, It's, Pritam Biswas, Ananya Mariam Rajesh, Kane Wu, Anirban Sen, Rishabh, Scott Murdoch, Miyoung Kim, Stephen Coates Organizations: Amazon, JPMorgan, Bloomberg, Arm Holdings, Roosevelt, REUTERS, China Securities Regulatory Commission, U.S, Reuters, Securities and Exchange Commission, SPARC Group, Forever, Brands, Simon, Aequitas Research, China's Shanghai Securities, Street, Thomson Locations: United States, China, U.S, Singapore, New York City, Shein, Bengaluru, Hong Kong, New York, Sydney

☆ Apple to end credit card partnership with Goldman Sachs - WSJ
▼ + stars: | 2023-11-28 | by ( ) www.reuters.com time to read: +1 min

Apple logo is seen on the Apple store at The Marche Saint Germain in Paris, France July 15, 2020. REUTERS/Gonzalo Fuentes/File Photo Acquire Licensing RightsNov 28 (Reuters) - Apple (AAPL.O) is pulling the plug on its credit card partnership with Goldman Sachs Group (GS.N), the Wall Street Journal reported on Tuesday. Apple and Goldman had started to roll out a virtual credit card in 2019. The exit would cover their entire consumer partnership, including the savings account rolled out this year, the report added. Apple in April had introduced a high-yield deposit account, which offers an annual percentage yield higher than what Goldman offers for an online savings account at its digital consumer bank, Marcus.

Persons: Marche Saint, Gonzalo Fuentes, Goldman, Marcus, Pritam Biswas, Arsheeya, Arun Koyyur, Sherry Jacob, Phillips Organizations: Apple, Marche, Marche Saint Germain, REUTERS, Goldman Sachs, Wall Street, Mastercard, Thomson Locations: Paris, France, United States, Bengaluru

☆ Chinese fast-fashion retailer Shein files for U.S. IPO - WSJ
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +1 min

The fast-fashion giant has been working with at least three investment banks about a potential IPO and was in talks with the New York Stock Exchange and the Nasdaq, Reuters reported in July. Goldman Sachs, JPMorgan Chase and Morgan Stanley have been hired as lead underwriters on the offering, which could happen in 2024. the WSJ report said. Shein declined to comment to Reuters on the report. Fast-fashion has been gaining popularity in the United States with Shein partnering with SPARC Group, a joint venture between Forever 21 owner Authentic Brands (AUTH.N) and mall operator Simon Property (SPG.N), as the online fashion retailer and its rivals look to expand their market reach. Reporting by Pritam Biswas and Ananya Mariam Rajesh in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

Persons: David, Dee, Delgado, Shein, Goldman Sachs, JPMorgan Chase, Morgan Stanley, Didi Global's, Simon Property, Pritam Biswas, Ananya Mariam Rajesh, Arun Koyyur Organizations: REUTERS, Wall Street, New York Stock Exchange, Nasdaq, Reuters, JPMorgan, SPARC Group, Forever, Brands, Simon, Thomson Locations: New York City, U.S, China, United States, Bengaluru

☆ Citi bankers leave for Jefferies as municipal banking department in turmoil -Bloomberg News
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +1 min

General view of Jefferies Financial Group offices in Manhattan, New York City, U.S., December 8, 2021. REUTERS/Eduardo Munoz/File Photo Acquire Licensing RightsNov 27 (Reuters) - A team of bankers focused on healthcare at Citigroup (C.N) has left for rival Jefferies Financial (JEF.N) after the firm's executives mulled closing the municipal banking department altogether, Bloomberg News reported on Monday. The group of about 10 bankers departing for Jefferies included managing directors Brian Carlstead, Ben Klemz and Katherine Meyers, the report said, citing people familiar with the matter. CEO Jane Fraser has been weighing whether to shutter the bank's municipal-bond trading and origination business. Citi's municipal offering business has been under scrutiny from Texas attorney general, who in January halted the bank's ability to underwrite most municipal bond offerings in Texas, saying Citi has discriminated against the firearms sector.

Persons: Eduardo Munoz, Brian Carlstead, Ben Klemz, Katherine Meyers, Jane Fraser, Pritam Biswas Organizations: Jefferies Financial, REUTERS, Citigroup, Jefferies, Bloomberg, Citi, Thomson Locations: Manhattan , New York City, U.S, Texas, Bengaluru

Goldman Sachs, JPMorgan Chase and Morgan Stanley have been hired as lead underwriters on the offering, and Shein could go public sometime in 2024, the sources said. Shein has been planning to go public for the last few years, but halted plans almost twice since then. The fast-fashion giant's decision now comes at a time when the broader market for new issues remains laggard. Fast fashion retailers have been gaining popularity in the United States, with Shein taking away market share from the likes Gap (GPS.N) as shoppers look for fresher styles and trendier clothing. Shein's confidential IPO was first reported by the Wall Street Journal earlier on Monday.

Persons: David, Dee, Delgado, Shein, Goldman Sachs, JPMorgan Chase, Morgan Stanley, Didi Global's, Simon Property, Pritam Biswas, Ananya Mariam Rajesh, Anirban Sen, Rishabh Jaiswal, Arun Koyyur, Sherry Jacob, Phillips Organizations: REUTERS, Reuters, JPMorgan, chipmaker Arm Holdings, New York Stock Exchange, Nasdaq, SPARC Group, Forever, Brands, Simon, Wall Street, Thomson Locations: New York City, U.S, China, United States, Singapore, Bengaluru, New York

The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, November 21, 2023. The pan-European STOXX 600 (.STOXX) rose 0.4% to close out the week with a 0.9% gain as investors focused on corporate earnings and the prospect of rate cuts. Euro zone government bond yields were set to close the week higher as investors balanced recession fears against comments from European Central Bank policymakers pushing against market expectations for rate cuts in 2024. For the week, real estate (.SX86P) shares lagged while media (.SXMP) and retail stocks (.SXRP) were the top performers. Reporting by Ankika Biswas and Bansari Mayur Kamdar in Bengaluru; Editing by Sonia Cheema, Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

Persons: Wintershall, they're, Giles Coghlan, Coghlan, Christian Lindner, Germany's DAX, Ankika Biswas, Bansari, Sonia Cheema, Kirsten Donovan Organizations: REUTERS, Staff, BASF, U.S, European Central Bank, Shoppers, Bloomberg News, Abu, Abu Dhabi National Oil Co, Barclays, German, Thomson Locations: Frankfurt, Germany, Europe, Abu Dhabi, Israel, Bengaluru

☆ Earth received a message sent from a deep space laser — it took just 50 seconds to travel 10 million miles
▼ + stars: | 2023-11-22 | by ( Marianne Guenot | ) www.businessinsider.com time to read: +5 min

The technological feat, using NASA's Psyche probe, broke new ground for deep space communications. AdvertisementNASA has achieved a world-first after sending a laser-beamed message to Earth from nearly 10 million miles away within 50 seconds. While the space agency has long been able to communicate with spacecraft using radio waves, it had never before been able to send information using lasers from that far into space. The feat, achieved using NASA's Deep Space Optical Communications (DSOC) experiment on board the Psyche spacecraft, could someday allow humans to stream video calls on Mars. The spacecraft then beamed back information using its laser.

Persons: —, Lacey Young, Peter Rubin, Abi Biswas, Biswas, Trudy Kortes, Psyche Organizations: NASA, Service, Optical Communications, Jet Propulsion, Hale, JPL, Caltech, Arizona State Univ, Systems, ASU, Technology, Space Technology Locations: Wrightwood , California, San Diego County , California, Arizona, Palomar

☆ ICBC partners wary to resume trading with bank after cyberattack - Bloomberg News
▼ + stars: | 2023-11-22 | by ( ) www.reuters.com time to read: +1 min

The logo of Industrial and Commercial Bank of China (ICBC) is seen at its branch at its headquarters in Beijing, China, March 30, 2016. The attack impeded trading in the $26 billion Treasury market and has left users of the bank's U.S. arm skittish about trading with the bank, the report said, citing people familiar with the matter. ICBC (601398.SS) did not immediately respond to Reuters' request for a comment. ICBC's U.S. arm was hit by a ransomware attack earlier this month. Reporting by Pritam Biswas in Bengaluru; Editing by Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.

Persons: Kim Kyung, BNY Mellon, Pritam Biswas, Shilpi Majumdar Organizations: Industrial, Commercial Bank of China, REUTERS, Bloomberg, Reuters, Thomson Locations: Beijing, China, U.S, Bengaluru

☆ Reaction to Sam Altman's return as OpenAI CEO
▼ + stars: | 2023-11-22 | by ( ) www.reuters.com time to read: +4 min

Sam Altman, CEO of Microsoft-backed OpenAI and ChatGPT creator speaks during a talk at Tel Aviv University in Tel Aviv, Israel June 5, 2023. REUTERS/Amir Cohen Acquire Licensing RightsCompanies Openai LLC FollowNov 22 (Reuters) - OpenAI said on Tuesday it had reached an agreement for Sam Altman to return as CEO days after his ouster, capping frenzied discussions about the future of the startup at the center of the artificial intelligence boom. THRIVE CAPITAL, OPENAI SHAREHOLDER"OpenAI has the potential to be one of the most consequential companies in the history of computing. "Sam Altman seems awfully powerful and it is unclear that any board would be able to oversee him. Altman and (Microsoft CEO) Nadella may have pushed to allow Altman a much freer hand."

Persons: Sam Altman, Amir Cohen, OpenAI, DANNI HEWSON, BELL, Altman, DANIELA HATHORN, Altman's, Greg, Brockman, ChatGPT's, would've, SUSANNAH STREETER, HARGREAVES LANSDOWN, Sam Altman's, KELVIN WONG, MAK, Nadella, hasn't, Supantha Mukherjee, Ankika Biswas, Bansari Mayur, Aditya Soni, Miyoung Kim, Nivedita Organizations: Microsoft, Tel Aviv University, REUTERS, BANK, OpenAI, MNC, OF, UNIVERSITY OF, UNIVERSITY OF SINGAPORE BUSINSS, Thomson Locations: Tel Aviv, Israel, UNIVERSITY OF SINGAPORE, OpenAI, Stockholm, Bengaluru

☆ Silvergate Capital fully repays deposit liabilities
▼ + stars: | 2023-11-22 | by ( ) www.reuters.com time to read: +1 min

Nov 22 (Reuters) - Crypto-focused bank Silvergate Capital said on Wednesday it had fully repaid all remaining deposit liabilities, following the bank's decision earlier this year to wind down operations. Silvergate, which now holds less than $10,000 according to the statement, said in March it intended to voluntarily liquidate after being hit with losses following the dramatic collapse of crypto exchange FTX. "Silvergate continues to focus on implementing the Bank Liquidation," it said in a statement on Wednesday. California-based Silvergate, once among the crypto industry's favored banks, had reported a $1 billion quarterly loss before the winding down decision, as investors spooked by the FTX debacle pulled out more than $8 billion in deposits. Reporting by Pritam Biswas in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

Persons: Silvergate, Pritam Biswas, Devika Organizations: Silvergate, Bank, Thomson Locations: . California, Bengaluru

☆ Futures drift lower as Nvidia results, Fed minutes loom
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +3 min

Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., November 17, 2023. Big Tech stocks, which have powered most of the S&P 500's gains this year, now face an important test with Nvidia due to report third-quarter results after markets close. Before the quarterly report, minutes of the Fed's November meeting are likely to offer more cues on the monetary policy path after evidence of slowing inflation boosted expectations that U.S. interest rates had peaked. ET, Dow e-minis were down 51 points, or 0.14%, S&P 500 e-minis were down 4.75 points, or 0.1%, and Nasdaq 100 e-minis were down 4 points, or 0.02%. Among other stocks, U.S.-listed shares of Baidu gained 2% as China's biggest internet search engine provider's third-quarter revenue beat estimates.

Persons: Brendan McDermid, Stuart Cole, Cole, Amruta Khandekar, Ankika Biswas, Maju Samuel Organizations: New York Stock Exchange, REUTERS, Dow, Nasdaq, Big Tech, Nvidia, Equiti, Traders, Dow e, Baidu, Thomson Locations: New York City, U.S, China

☆ Autodesk sees annual revenue above estimates amid robust client spending
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +2 min

Nov 21 (Reuters) - Autodesk (ADSK.O) forecast full-year revenue above market estimates on Tuesday, in a sign that client spending on its design software remains resilient in an uncertain economy. Shares of the San Francisco-based company rose 2.8% after market, as it also posted higher revenue and profit in the third quarter. The company has been benefiting from higher sales and recurring revenue as clients in the construction sector look to optimize their industrial design software despite high borrowing costs. Autodesk, whose AutoCAD software is used by construction, engineering and manufacturing companies, expects full-year revenue to be in the range of $5.45 billion to $5.47 billion, compared with LSEG estimates of $5.43 billion. Autodesk's architecture, engineering and construction segment reported a 17% rise in revenue from a year earlier to $675 million.

Persons: Zaheer Kachwala, Pritam Biswas, Shilpi Majumdar Organizations: Autodesk, Cadence Design Systems, Thomson Locations: San Francisco, Bengaluru

☆ Anne Richards steps down as Fidelity International CEO
▼ + stars: | 2023-11-20 | by ( ) www.reuters.com time to read: +1 min

Anne Richards, CEO of Fidelity International, attends the Global Financial Leaders' Investment Summit, in Hong Kong, China November 8, 2023. REUTERS/Tyrone Siu/File Photo Acquire Licensing RightsNov 20 (Reuters) - Asset manager Fidelity International announced on Monday that Anne Richards has stepped down as chief executive officer after five years and will become vice chair at the company. Richards, who has more than 30 years of experience in asset management, led M&G Investments before joining Fidelity as chief executive officer in 2018, replacing Brian Conroy. “Over the last five years Anne has accomplished a tremendous amount for our organisation in service of our clients," Chair of Fidelity International, Abby Johnson, said. In her new role as vice chair, Richards will help the company with its external relationships and strategic partnerships, Fidelity said in a statement.

Persons: Anne Richards, Tyrone Siu, Richards, Brian Conroy, Anne, Abby Johnson, Pritam Biswas, Pooja Desai Organizations: Fidelity International, Global Financial, Investment, REUTERS, G Investments, Fidelity, Aberdeen Asset Management, Thomson Locations: Hong Kong, China, Bengaluru

☆ Short-seller Jim Chanos to close hedge funds - WSJ
▼ + stars: | 2023-11-17 | by ( ) www.reuters.com time to read: +1 min

Jim Chanos, Founder and Managing Partner of Kynikos Associates LP speaks at the Reuters Global Investment Outlook summit at the Thomson Reuters building in New York, November 19, 2013. REUTERS/Mike Segar/File Photo Acquire Licensing RightsNov 17 (Reuters) - After nearly four decades, Jim Chanos is shutting down hedge funds he manages that wager against companies he believes are overpriced or fraudulent, the Wall Street Journal reported on Friday. His firm, Chanos & Co., manages less than $200 million today, down from $6 billion in 2008, the report added. Chanos is known for his bets against Tesla (TSLA.O), on which he went short in 2016. Reporting by Pritam Biswas in Bengaluru; Editing by Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.

Persons: Jim Chanos, Mike Segar, Chanos, Tesla, Pritam Biswas, Shilpi Majumdar Organizations: Kynikos, Reuters Global Investment, Thomson Reuters, REUTERS, Wall Street, Chanos, Reuters, Thomson Locations: New York, Bengaluru

☆ Fitch says US regional bank challenges to persist in 2024
▼ + stars: | 2023-11-15 | by ( ) www.reuters.com time to read: +2 min

A street sign for Wall Street is seen in the financial district in New York, U.S., November 8, 2021. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsNov 15 (Reuters) - Rating agency Fitch said on Wednesday that U.S. regional banks will face continued challenges in 2024, with those lacking scale or focused on commercial loan growth disproportionately pressured. Fitch said that a delay in meaningful loosening of monetary policy would likely translate into "sustained competition for deposits" and "stubbornly weak loan growth." Large regional banks focused on commercial loan growth saw the weakest credit demand, which in some cases reached double digit declines on an annualized basis, Fitch said. In third quarter earnings, a string of regional banks reported pressure on net interest income (NII), the difference between what banks earn from lending and pay out on deposits, which hit some of their shares.

Persons: Brendan McDermid, Fitch, Bill Gross, Pritam Biswas, Megan Davies, Shounak Dasgupta, Jonathan Oatis, Cynthia Osterman Organizations: Wall, REUTERS, Valley Bank, Federal Reserve, Thomson Locations: New York, U.S, SVB, Bengaluru

☆ Wells Fargo to cut less than 50 investment banker jobs - source
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +1 min

A Wells Fargo logo is seen in New York City, U.S. January 10, 2017. REUTERS/Stephanie Keith/File Photo Acquire Licensing RightsNov 14 (Reuters) - Wells Fargo (WFC.N) has let go of less than 50 bankers from its corporate and investment banking unit as part of year-end pruning, a source familiar with the matter said on Tuesday. Top U.S. banks have flagged even more potential layoffs to save costs, especially if the economy remains under pressure from high interest rates and geopolitical tensions, threatening to derail a budding rebound in investment banking. "Like all well-managed organizations, we regularly review and evaluate the needs of our clients and the markets we serve in order to ensure we align our resources accordingly," Wells Fargo said in a statement to Reuters. "These departures represent a small number, and we remain fully committed to our Corporate & Investment Banking business."

Persons: Stephanie Keith, Wells, Wells Fargo, Pritam Biswas, Saeed Azhar, Devika Organizations: REUTERS, Reuters, Corporate & Investment Banking, Bloomberg, Thomson Locations: New York City, U.S, Bengaluru, New York

[1/5] A trader reacts as a screen displays the Fed rate announcement on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 26, 2023. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsNEW YORK, Nov 14 (Reuters) - A benign U.S. inflation report is bolstering hopes that the Federal Reserve can bring down consumer prices without hurting the economy, a so-called Goldilocks environment that investors believe will benefit stocks and bonds. This does feel like a Goldilocks moment for the entire market.”The data fueled a powerful rally in stocks and bonds. The S&P 500 (.SPX) was up about 2% on the day, on track for its biggest one-day rise since January. Still, some investors believed it was too early to call a victory in the fight against inflation.

Persons: Brendan McDermid, Eric Kuby, bearish, “, Daniel Kirsch, Piper Sandler, Thomas Hayes, ”, Brian Rose, Jamie Cox, Lewis Krauskopf, Saqib Iqbal Ahmed, Davide Barbuscia, Ankika Biswas, Ira Iosebashvili, Nick Zieminski Organizations: New York Stock Exchange, REUTERS, Federal Reserve, North Star Investment Management Corp, Thomson Reuters, BofA's Global, Fed, Fund, UBS Global Wealth Management, Harris Financial, Thomson Locations: New York City, U.S, Thomson Reuters United States, New York, Bengaluru

Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., October 27, 2023. "This is what the Fed was looking for, slowing inflation, slowing labor market and the economy's holding up at the same time." Following the data, traders erased bets the Fed will raise borrowing costs any further and piled into bets on rate cuts starting by May. U.S. Treasury yields dropped, with the two-year yield , which best reflects short-term interest rate expectations, sliding to two-week lows. Advancing issues outnumbered decliners by a 13.89-to-1 ratio on the NYSE and by a 5.44-to-1 ratio on the Nasdaq.

Persons: Brendan McDermid, Thomas Hayes, Russell, Jerome Powell, Michael Barr, Loretta Mester, Austan Goolsbee, Mike Johnson, Sruthi Shankar, Amruta, Ankika Biswas, Shinjini Organizations: New York Stock Exchange, REUTERS, Companies, Dow, Nasdaq, Federal, Reuters, May, U.S, Treasury, Nvidia, Banking Committee, Cleveland Fed, Chicago Fed, U.S . House, Dow Jones, Inc, NYSE, Thomson Locations: New York City, U.S, New York, United States, Bengaluru

REUTERS/Chris Helgren Acquire Licensing RightsNov 13 (Reuters) - Canada's Sun Life Financial (SLF.TO) on Monday reported better-than-expected quarterly profits, helped by growth at its wealth and asset management unit and higher fees. The insurer, however, reported a fall in underlying earnings hurt by weakness in the United States and fewer sales of personal health insurance. "The dental business reported middling results this quarter... short-term volatility is a part of this business, from a long-term perspective, the investment should be positive," Morningstar analyst Suryansh Sharma said. Sun Life said underlying earnings from its U.S. segment were down 19%. Underlying net income from wealth and asset management rose 9% to C$457 million.

Persons: Chris Helgren, Sunlife, Suryansh Sharma, Pritam Biswas, Shilpi Majumdar, Shounak Dasgupta, Lincoln Organizations: Sun, REUTERS, Morningstar, DentaQuest, Thomson Locations: Toronto , Ontario, Canada, United States, DentaQuest, U.S, Asia, Bengaluru

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