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☆ UK's ultra-rich non-doms urge Italian-style tax regime to prevent wealth exodus
▼ + stars: | 2024-10-16 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +6 min

Mike Kemp | In Pictures | Getty ImagesLONDON — Britain's ultra-rich non-doms are urging the government to introduce an Italian-style flat-tax regime to prevent a wealth exodus, as their preferential status comes under threat in the upcoming budget. That differs from Italy's regime, which charges a recently doubled rate of 200,000 euros per year regardless of wealth bracket. Non-doms move their moneyReeves had previously said that scrapping the program could generate £2.6 billion ($3.38 billion) for the Treasury over the course of the next government. We need to understand that we need people to be investing here, to create the jobs, wealth, prosperity that we want. Labour courts wealth creatorsThe Labour government has said it is determined to address unfairness in the tax system, pledging in its election manifesto to close non-dom tax loopholes.

Persons: Mike Kemp, Leslie MacLeod Miller, Rachel Reeves, Reeves, Alex Stewart, doms, Sadiq Khan, MacLeod Miller, Dominic Lawrance, Charles Russell Speechlys, Keir Starmer Organizations: Porsche, GTS, Chanel, Bond, Investors, Britain, Oxford Economics, Foreign Investors, CNBC, Labour Party, Treasury, FIFB, Oxford, Labour, Labour's, Investment Locations: London, United Kingdom, IHT, Italy, Switzerland, Dubai, Westbourne, Bayswater, Royal Oak

☆ JPMorgan Chase is set to report third-quarter earnings – here's what the Street expects
▼ + stars: | 2024-10-11 | by ( Hugh Son | ) www.cnbc.com time to read: +1 min

JPMorgan Chase is scheduled to report third-quarter earnings before the opening bell Friday. The biggest American bank has thrived in a rising rate environment, posting record net income figures since the Fed started hiking rates in 2022. Now, with the Fed cutting rates, there are questions as to how JPMorgan will navigate the change. Last month, JPMorgan dialed back expectations for 2025 net interest income and expenses, and analysts will want more details on those projections. Wells Fargo is scheduled to release results later Friday, while Bank of America , Goldman Sachs , Citigroup and Morgan Stanley report next week.

Persons: Chase Jamie Dimon, JPMorgan Chase, Jamie Dimon's, Wells Fargo, Goldman Sachs, Morgan Stanley Organizations: Chateau, JPMorgan, LSEG Revenue, Trading, American, Fed, KBW, Bank of America, Citigroup Locations: Versailles, Paris, Wells

☆ Peru has attracted a slew of foreign investors into its credit market. Here's why
▼ + stars: | 2024-10-08 | by ( Hakyung Kim | In Hakyungkim | ) www.cnbc.com time to read: +5 min

Foreign investors now hold 39% of Peru's sovereign bond market holdings, the highest level across all emerging market countries. This underscores the increasingly positive sentiment surrounding the Peru's fixed income outlook. "It has recognized the need to provide international investors positive returns on domestic assets, and for central banks to be aligned with international investors and provide positive returns on domestic assets." "In some sense, the lack of a strong executive has led to better fixed income outcomes," Austerweil added. Dhawan also underscored that Peruvian fixed income is a high quality market for foreign investors.

Persons: Moody's, Dina Boluarte's, Pramol Dhawan, Pimco, Dhawan, David Austerweil, Soberano, Austerweil Organizations: Southern Copper Corp, Lawmakers, Peruvian, International Monetary Fund, Central Reserve Bank of, Bank of America, Mining Locations: Peru, Sol, Central Reserve Bank of Peru, America, U.S, Peruvian, China

☆ 4 reasons why China's blistering stock rally has another 20% to run, Goldman says
▼ + stars: | 2024-10-07 | by ( Filip De Mott | ) www.businessinsider.com time to read: +4 min

China's stock rally could extend another 15% to 20%, Goldman Sachs says. Goldman highlighted out still-low valuations and diminishing risk as tailwinds for a continued rally. AdvertisementThe blowout surge in China's stock market still has ways to go, with another 15% to 20% upside ahead, Goldman Sachs predicts. Third, earnings growth could pick up if the economy responds well to China's latest support measures. Goldman is optimistic in this outcome, estimating that the central bank's policy easing could uplift China's GDP by 40 basis points.

Persons: Goldman Sachs, Goldman, —, It's Organizations: Beijing, Service Locations: China, Beijing

☆ Audacy completes its financial restructuring and now plans to go private
▼ + stars: | 2024-09-30 | by ( Liam Reilly | ) edition.cnn.com time to read: +7 min

CNN —Radio network Audacy on Monday shared that it completed its financial restructuring, successfully reducing its approximately $1.9 billion of funded debt by 80%, to $350 million. The radio giant had filed when it disclosed it was entering a restructuring agreement to reduce debt. Audacy is the second largest radio company in the United States behind iHeartMedia and ahead of Cumulus. Audacy, an internet radio conglomerate, operates hundreds of music, news and sports radio stations. The company, founded in 1968 as Entercom Communications, merged with CBS Radio in 2017, before rebranding as Audacy in 2021.

Persons: David Field, Audacy, ”, strongmen Soros, Soros, Rupert Murdoch, ” Soros, Ajit Pai, Donald Trump, George Soros, Chip Roy, ” Roy, Sen, Ted Cruz, Jessica Rosenworcel, Elon Musk’s, ” “ Soros, “ George soros, ” It’s Organizations: CNN — Radio, “, Bloomberg, Fund Management, FCC, Soros Fund Management, Soros, Democratic, Open Society, New York Post, Cumulus Media, iHeartMedia, Cumulus, CNN, Republican, Rothschilds, fcc, Entercom Communications, CBS Radio Locations: Philadelphia, Hungarian, United States, Texas, U.S

Eradicating corruption in Malaysia continues to be a difficult hurdle Prime Minister Anwar Ibrahim needs to overcome if he wants to attract more foreign direct investments into the country. To my mind ... the major problem is poor governance and endemic corruption," he told CNBC's JP Ong. Anwar explained that both domestic and foreign investors will garner more confidence when they see consistency in transparent processes and a stronger commitment to put an end to corruption. "Although, we are still carrying on this mission, because I had strongly suggested that when, in terms of corruption, it is almost systemic. When it comes to systemic, which means the mission, the crusade against corruption, has got to be full force," he added.

Persons: Anwar Ibrahim, Anwar, CNBC's JP Ong Locations: Malaysia

☆ Despite Stock Market Hopes, China's Stimulus Plan Won't Fix Economy
▼ + stars: | 2024-09-29 | by ( Linette Lopez | ) www.businessinsider.com time to read: +7 min

Homebuyers can also now put less money down on their purchases — an attempt to breathe life into China's moribund property market. Since the pandemic, China's leader, Xi Jinping, has done little to stop the bleeding in the country's property market or to get China's ailing consumers to start spending money again. Xi's Beijing lacks the will and the power to turn China's economy around. At the heart of its problems is a lack of consumer demand and a property market going through a deep, slow-moving correction. Plus, there's Xi, who seems fairly uninterested in restructuring the property market.

Persons: Gongsheng, Wall, Xi Jinping, China —, Goldman Sachs, —, Sam Altman, Genéralé, Michael Pettis, Xi doesn't, Friedrich Hayek, Xi Organizations: Beijing, People's Bank of China, People's Bank, Shanghai, Chinese Communist Party, Nasdaq, CCP, Peking University, Carnegie Endowment, European Union Locations: China's, China, Beijing, Austrian

☆ Blackstone reveals how to make money in India and mistakes to avoid
▼ + stars: | 2024-09-26 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +4 min

India's economic growth story is a stunning one — but the question of where investors should park their money is not always straightforward, with one Blackstone executive highlighting a common mistake. However, focusing too much on the macro story can be dangerous for investors, according to Blackstone Private Equity's head of Asia, Amit Dixit. I think you go to India for the macro, everybody knows," Dixit said at the Milken Institute's recent Asia Summit in Singapore. While the list of companies Blackstone invests in India are extensive, he spotlighted the likes of information technology service firm Mphasis , IT service management company R Systems and automotive components manufacturer Sona Comstar . "I think, either end of the spectrum, you can make a lot of money as an investor," he said.

Persons: Blackstone, Blackstone Private Equity's, Amit Dixit, Dixit, Sona Comstar, it's, Manraj Sekhon, Sekhon Organizations: Blackstone Private, Milken, Summit, CNBC, Blackstone, Systems, Templeton Global Investments, Milken Asia Summit Locations: India, Hong Kong, Asia, Singapore

☆ These China stocks are favored by analysts no matter how the central bank stimulus pans out
▼ + stars: | 2024-09-26 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +3 min

Stocks in China rose in response, with the CSI 300 Index climbing 4.3% Tuesday, its best day since July 2020. But whether or not the latest policy steps succeed, CNBC Pro screened for China stocks that analysts praise regardless of the pace of economic growth at home. About three quarters of analysts covering PDD rate it a buy, and the stock could climb roughly 43% based on analysts' consensus price target. On Tuesday, after the announcement of the latest policies to revive the flagging China economy, PDD shares in the U.S. jumped more than 11%. Other names on the list of favored China stocks included online learning and tutoring provider TAL Education Group and digital shipping platform Full Truck Alliance .

Persons: Hong, Morgan Stanley, Terence Flynn, Flynn, CoreValues, Ben Harburg, CNBC's, Harburg, Biden Organizations: People's Bank of China, CSI, CNBC Pro, China ETF, Therapeutics, YE25, U.S, TAL Education Group, Alliance Locations: China, Ph3, U.S

☆ Foreign investors are diversifying investments in India, says JPMorgan
▼ + stars: | 2024-09-24 | 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 EmailForeign investors are diversifying investments in India, says JPMorganKaustubh Kulkarni of the investment bank says the breadth of sectors investors are deploying capital into has "increased in a meaningful manner" in the last three years.

Persons: Kaustubh Kulkarni Locations: India

☆ I help the ultrawealthy secure golden visas and golden passports. Here are the top 5 countries they want to move to.
▼ + stars: | 2024-09-20 | by ( Charissa Cheong | ) www.businessinsider.com time to read: +8 min

Read previewThis as-told-to essay is based on a transcribed conversation with Armand Arton, 47, president of Arton Capital, a financial advisory firm, about golden visas and passports. We advise them about golden visas and golden passports — government programs that offer residency or citizenship rights to foreign investors. AdvertisementDuring the COVID-19 pandemic, many American investors couldn't enter Europe, so they are now looking for residency programs in European countries. After this year's elections in France and the UK, we're also seeing millionaires in those countries looking to relocate. I'd advise wealthy migrants to get in on programs sooner rather than laterThe number of applicants for golden visas increases every year.

Persons: —, Armand Arton, couldn't, we're, haven't, I've, It's, Brexit, We've, who've, Irma, Maria, it's, I'd Organizations: Service, Arton, Arton Capital, Business, Caribbean Locations: Europe, France, Hungary, Portugal, Spain, Property, Greece, Italy, England, Germany, UAE, Antigua, Barbuda, Bulgaria, Ireland

☆ Britain's ultra-wealthy are threatening to exit en masse ahead of proposed tax changes
▼ + stars: | 2024-09-20 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +9 min

They're just a few of the destinations trying to lure away the U.K.'s uber wealthy ahead of proposed changes to the country's divisive non-dom tax regime. They will also be prevented from avoiding inheritance tax on assets held in trust. The majority (83%) cited inheritance tax on their worldwide assets as their key motivator for leaving, while 65% also referenced changes to income and capital gains tax. Where the wealthy are movingIt comes as other countries are shaking up their tax regimes to incentivize wealthy investors. Ultra-wealthy U.K. citizens, who are typically highly active in the super-prime market, are also in "wait and see" mode ahead of possible changes to capital gains and inheritance tax.

Persons: Keir Starmer, Rachel Reeves, Macleod, Miller, they'll, Leslie Macleod, Helena Moyas de Forton, Moyas de Forton, Labour's, Alexander Spatari, I'm, Marcus Meijer, Mark, CNBC's, it's, James Myers, Oliver James, Myers, Knight Frank, Stuart Bailey, Knight Frank's, they're, Bailey Organizations: Old Bond, Pawel, Bank, Getty, Labour, Oxford Economics, Conservative, Investors, Britain, CNBC, Treasury, EMEA, Christie's, Estate, Henley & Partners, Monaco, London, Istock Locations: Old, Mayfair, London, United Kingdom, Monaco, Italy, Switzerland, Dubai, They're, Britain, Greece, Malta, Caribbean, Bahamas, Monte Carlo, Gibraltar, South Kensington, England

☆ What a Fed rate cut could mean for the world
▼ + stars: | 2024-09-18 | by ( Jenni Reid | ) www.cnbc.com time to read: +4 min

watch nowThe U.S. Federal Reserve is on Wednesday heading for its first interest rate cut since the onset of the Covid-19 pandemic — and despite the move being widely forecast, global investors are braced for impact. Global impactA key concern is the pressure interest rate differentials put on currencies. Oil and other commodities, usually priced in dollars, often receive a boost with a rate cut as a lower cost of borrowing can stimulate an economy and increase demand. "Interest rate cuts reduce the cost of borrowing in U.S. dollars, thereby creating easier liquidity conditions for companies around the world," Quilter Cheviot's Richard Carter continued via email. That includes whether the initial cut will reduce the Fed funds rate by 25 basis points or 50 basis points below its current 525 to 550 range.

Persons: —, Richard Carter, Cheviot, Cheviot's Richard Carter Organizations: U.S . Federal, Turkish, U.S ., Fed, Federal, Equity Locations: U.S, Canada, Mexico, Switzerland, Sweden

☆ The biggest threat to the US dollar is America's exorbitant debt load, JPMorgan says
▼ + stars: | 2024-09-17 | by ( Filip De Mott | ) www.businessinsider.com time to read: +4 min

One of the main takeaways was that the biggest threats to dollar dominance are swelling US debt levels and fiscal deficits, which officials in Washington could step up to tackle. "The biggest challenge to US dollar dominance is the US itself given the mounting public debt levels and elevated fiscal deficits," JPMorgan said, in a note summarizing the webinar. For instance, many alarmists have focused on the dollar's share in foreign reserve holdings, often pointing out that the foreign central banks have piled into gold as an alternative. But this fixation omits the fact that bank deposits, sovereign wealth fund assets, and other dollar instruments have been on the rise among reserve holdings, JPMorgan said. "In China's case, it has had an explicit target to bring down dollar holdings in FX reserve but has shifted USD holdings to state-owned entities.

Persons: —, Peter G, Mark Sobel —, Trump, Sobel Organizations: JPMorgan, Service, US, Peterson Foundation, Treasury, Monetary, Financial, greenback Locations: Washington, China

☆ The yen is strengthening, but foreign investors are staying bullish on Japanese equities
▼ + stars: | 2024-08-23 | by ( Hakyung Kim | In Hakyungkim | ) www.cnbc.com time to read: +6 min

For investors holding Japanese assets denominated in yen, the decline of the currency led to the value of their gains increasing. McManus isn't the only one who increased his exposure into the Japanese market following the early August sell-off. Before the yen started to strengthen, "Japanese investors could benefit because their lives and portfolios are denominated in yen. As a result, an appreciating yen will help overseas investors realize gains from the Japanese market as it continues its rebound. "This suggests that, if the cycle is heading towards [a] period of persistent yen strength, global investors should overweight Japan," Jefferies said.

Persons: —, we're, Janus Henderson, Julian McManus, McManus, Jefferies, Shrikant Kale, Janus Henderson's McManus, Morgan Stanley, Daniel Blake, Peter Perkins, Perkins Organizations: Toyota, Bank of, U.S, Nikkei, Bank of America, Macro Research, Partners, Federal Reserve Locations: Japan

☆ No longer a financial reservoir? Saudi Arabia’s spending confirms clear shift in strategy
▼ + stars: | 2024-08-23 | by ( Natasha Turak | ) www.cnbc.com time to read: +4 min

Riyadh, Saudi Arabia. The fund's investments in domestic infrastructure and real estate development grew 15% year-on-year to 233 billion riyals, while its foreign investments increased 14% to 586 billion riyals. The days of viewing Saudi Arabia as a mere financial reservoir are ending," Tarik Solomon, chairman emeritus at the American Chamber of Commerce in Saudi Arabia, told CNBC. watch nowSaudi Arabia's recently-updated Investment Law seeks to attract more foreign investment as well — and it's set itself a lofty goal of $100 billion in annual foreign direct investment by 2030. Spurring greater foreign buy-in "should also ease the burden that has recently been placed on the Public Investment Fund to offset the weaker foreign investment into the Kingdom," he added.

Persons: Tarik Solomon, —, Solomon, James Swanston, We've, Swanston Organizations: Getty Images, Public Investment Fund, Saudi, American Chamber of Commerce, CNBC, Eastern, Saudi Arabia's, Gulf, Capital Economics Locations: Riyadh, Saudi Arabia, Getty Images Saudi Arabia, Saudi, James Swanston , Middle East, Africa

☆ Barcelona is banning Airbnbs. Other European cities have cracked down already — with some success.
▼ + stars: | 2024-08-11 | by ( Eliza Relman | Dan Latu | ) www.businessinsider.com time to read: +8 min

Many experts say short-term rentals, including Airbnbs, are part of the problem, restricting local housing supply and driving up prices. We took a look at three European hubs — Lisbon, Florence, and Amsterdam — that have imposed relatively strict regulations on short-term rentals. Cities have been worried about the impact of short-term rentals on housing costs for years. Instead of a blanket ban, Amsterdam caps the number of nights hosts can rent out their homes at 30 a year. In an increasingly tight housing market, the dominance of short-term rentals acts as an "amplifier," he said.

Persons: —, Airbnb, Lisbon's, João Pereira dos Santos, Pereira dos Santos, Gregory W, Fuller, Florence, Florence's, Dario Nardella, Antonello Romano, Romano Organizations: Service, Business, New York, School of Economics, Finance, Queen Mary University of London, University of Groningen, Wall Street, University of Pisa Locations: Barcelona, Barcelona's, Spanish, New York, Tokyo, Vancouver, London, Paris, — Lisbon, Florence, Amsterdam, Lisbon, New York City, EU, Portugal, Netherlands, Venice

☆ CNBC Daily Open: Dow sheds 1,000 points, Japan stocks rebound
▼ + stars: | 2024-08-06 | by ( Abid Ali | Kevin Lim | ) www.cnbc.com time to read: +3 min

CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. The Dow plummeted over 1,000 points, while the S&P 500 and Nasdaq Composite fell 3% and 3.4%, respectively. Wharton finance professor Jeremy Siegel urged the Federal Reserve to make an emergency 75-basis-point cut in the federal funds rate following Friday's disappointing jobs data. Siegel believes the current fed funds rate "should be somewhere between 3.5% and 4%," citing the higher-than-expected unemployment rate and declining inflation as reasons for the cuts. "How much have we moved the fed funds rate?

Persons: Berkshire Hathaway, Amit Mehta, Wharton, Jeremy Siegel, Siegel, Austan Goolsbee, Goolsbee, CNBC's, Korea's Kospi, Richard Kaye Organizations: CNBC, Dow Jones Industrial, Dow, Nasdaq, Tech, Nvidia, Tesla, Berkshire, Google, Department of Justice, Federal Reserve, Chicago Federal, Nikkei, Honda, Renesas Electronics, CSI Locations: U.S, Asia, Pacific

☆ 'Hot money is saying sayonara': Japan fund manager names outperforming sector to buy amid sell-off
▼ + stars: | 2024-08-06 | by ( Ganesh Rao | ) www.cnbc.com time to read: +4 min

As Japanese stocks plummet, confirming a bear market, there are opportunities in small-cap and domestic-focused companies, according to fund manager Richard Kaye. 'Yen is just getting normal' Kaye believes the Yen's appreciation is a return to normalcy rather than an anomaly. "If you look even on Friday in all the bloodbath, domestic names, small cap names [were] actually outperforming," he noted. Indeed, the MSCI Japan Small Cap index has fallen 8.6% since July 11, outperforming the 14.4% decline in the MSCI Japan index on a local currency basis. In U.S. dollar terms, the losses, while proportionate, are smaller, with ETFs such as the iShares MSCI Japan Small-Cap ETF falling by 2.1% compared to the iShares MSCI Japan ETF, which is down 8.9% over the same period.

Persons: Richard Kaye, Kaye, Yen, CNBC's, They've, Warren, sayonara, I've Organizations: Growth, Toyota, Sony, U.S ., Japan ETF, Kobe, U.S, Mitsubishi, Mitsui, Sumitomo Locations: Comgest, Japan

Signs of a slowing U.S. economy sowed panic among investors on Monday, with a sell-off in markets that began last week turning into a global rout. The moves were a sharp reversal in major stock markets, which for much of the past year have risen to new heights, propelled by optimism about cooling inflation, solid labor markets and the promise of artificial intelligence technology. South Korea’s benchmark Kospi index fell more than 10 percent at one point. Japanese stocks have been on a tear for more than a year, fueled by a weak Japanese yen. Adding to the pressure, foreign investors have started selling off positions in Japanese stocks over the last few weeks.

Persons: ”, Andrew Brenner, Goldman Sachs, Goldman, Jordi Basco Carrera, ’, Basco Carrera, Jitters, Jesper Koll, Koll, John Liu, Melissa Eddy Organizations: Federal, Nasdaq, National Alliance Securities, Equity, Technology, Samsung Electronics, Taiwan Semiconductor Manufacturing Company, Nvidia, Intel, Allianz, Monex, Bank of Japan, Tokyo Stock Exchange Locations: Asia, Europe, Americas, Japan, U.S, Taiwan, Singapore, Australia, Hong Kong, China, Stocks, India, Netherlands, Switzerland, New York, Munich, “, New, Seoul, Berlin

☆ Gold and some non-dollar currencies start to shine, but it's not all about de-dollarization
▼ + stars: | 2024-08-02 | by ( Huileng Tan | ) www.businessinsider.com time to read: +5 min

AdvertisementThe amount of gold holdings in global reserves has doubled in just over five years, according to Bloomberg Intelligence analysis. "As the yellow metal carries no credit or counter-party risk, some deem it as being better insulated from financial sanctions, particularly those from the emerging world," wrote UBS' Czerwonko. Advertisement"The situation in competing jurisdictions is also dire; in the land of the blind, the one-eyed man can remain king," wrote Czerwonko. AdvertisementSimilarly, Bloomberg Intelligence said said a Wednesday report that a potential second Trump term could hasten a global currency regime change. "Any title toward isolationism in a Trump second term, such as altered US attitudes toward its role in NATO and international affairs would spur de-dollarization," wrote Bloomberg Intelligence analysts.

Persons: —, Alejo Czerwonko, Czerwonko, Trump Organizations: Service, UBS, Business, International Monetary Fund, Bloomberg Intelligence, Trump, NATO Locations: Ukraine, Moscow, Swiss, Americas

☆ SoftBank-backed Ola Electric aims to raise $734 million in India's biggest IPO this year
▼ + stars: | 2024-07-29 | by ( ) www.cnbc.com time to read: +3 min

The new Ola electric scooters displayed during its launch at the Ola headquarters in Bangalore on August 15, 2021. With e-scooter prices starting at around $900, Ola Electric has become the biggest player in a country where adoption of clean vehicles is still low, but rising rapidly. In the IPO, Ola will issue new shares to raise $657 million while existing investors offload their stake of about $77 million to IPO investors, the term sheet showed. Aggarwal and investors such as SoftBank and Matrix Partners will sell part of their stakes in the IPO. Monday's newspaper ad showed 10% of the IPO will be reserved for retail investors, with proceeds going to fund capital expenditure and research and development efforts.

Persons: Manjunath Kiran, MANJUNATH KIRAN, Ola Electric, Narendra Modi's, Tesla, Ola, Bhavish Aggarwal Organizations: Ola, Getty, Tata Motors, TVS, Hyundai, West, Temasek, Fidelity, Nomura, Norges Bank, Reuters, Financial Express, Matrix Partners Locations: Bangalore, India

☆ CNBC's Inside India newsletter: The tax with potential side effects
▼ + stars: | 2024-07-25 | by ( Ganesh Rao | ) www.cnbc.com time to read: +8 min

Despite its progressive intentions, the tax failed to raise sufficient revenue for the monarch, as people boarded up their windows to lower their tax liability. Window tax was a property tax based on the number of windows in a house. In addition, the minister also lifted capital gains for stock market investors who cash in within a year from 15% to 20%. While the tax raises more than £3 billion ($3.9 billion) annually, it has given birth to far riskier forms of speculation while simultaneously hurting the stock market. However, given the lofty valuations that Indian stock markets currently trade, the tax to skim the excesses might be a positive development over the longer term.

Persons: Nirmala Sitharaman, Ajay Aggarwal, King William III of, Mike Kemp, Upasana Chachra, Morgan Stanley, Siddhartha Khemka, Motilal Oswal, Michael Langham, Abrdn, it's, JPMorgan's Jahangir Aziz, Aziz, Raghuram Rajan, Suman Bery, Bery Organizations: Union Finance, Budget Press Conference, National Media Centre, Hindustan Times, Getty Images, Getty, Budget, Motilal, Institute for Fiscal Studies, Reuters, CNBC, Health, Reserve Bank of India Locations: DELHI, INDIA, New Delhi, India, Mayfair, London, United Kingdom, England, Britain, Kerala, Malaysia, Nipah

☆ Stock investors are staring down a bearish trifecta that could spark a 12% market drop by October, strategist says
▼ + stars: | 2024-07-21 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +6 min

He's steering clear of Big Tech stocks, and for now he's only bullish on "dull, boring, and predictable" names. Tech stocks now account for highest portion of the S&P 500 since the early 2000s, according to an analysis from Société Générale. AdvertisementAnother risk to stocks lies in interest rates, Blain said, as borrowing costs look poised to stay higher for longer. "There is an awful lot of people in the financial markets who just don't understand that zero interest rates and ultra-low interest rates are not normal," Blain added. AdvertisementThe final risk Blain is eyeing is the upcoming presidential election, which contains a handful of uncertainties that could batter stocks, Blain said.

Persons: Bill Blain, Blain isn't, —, that's, Blain, Biden, he's, Générale, John Hussman, I've, eyeing, We've, Morgan Stanley, Stifel, Richard Bernstein Organizations: Big Tech, Service, China, Nasdaq, Tech, stoke, Richard Bernstein Advisors

☆ China economy: Key meeting offers few clues on how to tackle worsening downturn
▼ + stars: | 2024-07-19 | by ( Laura He | ) edition.cnn.com time to read: +8 min

While it offered few clues on how to tackle economic difficulties, the meeting did provide further insight into a shake-up of high-level personnel over the past year. If past sessions are a guide, a more detailed report may be released in the following days, but for now, “the plenum communique is light on specifics,” Evans-Pritchard added. That came days after China released disappointing economic data for the second quarter of this year. Analysts say that the coming months could offer more details on how Xi plans to revive the economy. Emphasizing short-term economic policies is rare in the history of the third plenums, said Larry Hu, chief China economist for Macquarie Group.

Persons: Hong Kong CNN — China’s, Xi Jinping, Xi, ”, Julian Evans, Pritchard, Qin, Li Shangfu, Li Yuchao, Jinming, Evans, “, ” Evans, Mao, Larry Hu Organizations: Hong Kong CNN, Communist Party, Capital Economics, Central, Defense, Liberation Army Rocket Force, of America, National Bureau, Statistics, Analysts, Macquarie Group Locations: Hong Kong, party’s, Beijing, China, policymaking, outflows, United States, Mao China

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