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☆ Long-awaited Grand Egyptian Museum opens for trial run
▼ + stars: | 2024-10-16 | by ( Associated Press | ) edition.cnn.com time to read: +3 min

Cairo AP —The Grand Egyptian Museum will open 12 halls with exhibits about ancient Egypt in its main galleries starting this week in a trial run ahead of the still-unannounced official opening, officials have said. More than 100,000 artifacts of Egypt’s ancient treasures will be displayed in the world’s largest archaeological museum, according to the Egyptian state information website. The entrance to the Grand Egyptian Museum. ‘A gift to the world’The trial opening is aimed at figuring out which areas of the museum might become overcrowded. Other parts of the museum, including the King Tutankhamun treasure collection, are set to open at later dates.

Persons: Al, Tayeb Abbas, Gehad, AP Abbas, ”, Jorge Licano, Eissa Zidan, ” Zidan Organizations: Cairo AP, Egyptian, Grand Egyptian, AP Locations: Cairo, Egypt, New Kingdom, Middle Kingdom, Kingdom, Aude, Canadian, Costa Rican

☆ Big names like David Tepper and 'Big Short' investor Michael Burry are quietly upping their bets on the Chinese economy
▼ + stars: | 2024-09-17 | by ( Zahra Tayeb | ) www.cnbc.com time to read: +5 min

From property woes to sluggish economic data, China appears to be suffering from long Covid. Wall Street turns bullishBillionaire investors, including Appaloosa Management founder David Tepper and "Big Short" investor Michael Burry, recently revealed they are sticking to their China bets. The famed investor loaded up on Alibaba stock in the second quarter, revealing an $11.2 million position in the company. That makes Alibaba Burry's largest holding, with other Chinese tech stocks including Baidu and JD.com also featuring on Burry's portfolio. Meanwhile, BCA Research recently upgraded Chinese onshore stocks to overweight, with China strategist Jing Sima expecting Chinese onshore stocks to passively outperform global equities.

Persons: Jiang Sheng, It's, Ted Alexander, CNBC's, David Tepper, Michael Burry, Alibaba, Tepper, Burry, JD.com, Jing Sima, George Boubouras, Goldman Sachs, Song Zhiyong, Eric Lin Organizations: Visual China, Getty, Appaloosa Management, KE Holdings, Baidu, BCA Research, K2 Asset Management, CNBC, Bank of America, National Bureau of Statistics, China's Ministry of Transport, Civil Aviation Administration, Asia Pacific Summit for Aviation Safety, Paris Olympic Games, Greater, Greater China Research, UBS Locations: China, Beijing, Wall, Japan, South Korea, Singapore, Europe, Greater China

☆ Ultra-Orthodox party in Israel urges young Haredi men to resist draft
▼ + stars: | 2024-07-17 | by ( Lauren Izso | Tim Lister | ) edition.cnn.com time to read: +2 min

CNN —Israel’s ultra-Orthodox Shas party urged potential conscripts Wednesday to ignore a call-up from the Israel Defense Forces, as political divisions over the controversial issue showed signs of widening. Ultra-Orthodox Jews, or Haredi, have traditionally been exempt from military service so as to be able to study the Torah. The move sparked fierce protests among Haredi communities. Prime Minister Benjamin Netanyahu’s fragile government coalition relies on two Haredi parties – United Torah Judaism and Shas – to govern. Netanyahu has been trying to advance legislation through Israel’s parliament, the Knesset, that would enshrine in law a draft exemption for Haredi men.

Persons: Shas, they’d, David Zini, General Shay Tayeb, Rabbi David Label, Benjamin Netanyahu’s, Shas –, Netanyahu, Mick Krever Organizations: CNN, Israel Defense Forces, IDF, IDF Training Command Locations: Israel, Bnei Brak, Israel’s

☆ Markets are hitting record highs. And economists like El-Erian and Krugman can't shake off their fears
▼ + stars: | 2024-03-08 | by ( Zahra Tayeb | ) www.cnbc.com time to read: +4 min

Stellar prices for gold have also stolen investor attention, with the precious metal scaling a new record of over $2,100. The record-breaking numbers for markets, however, haven't stopped some investors from worrying about three key issues. Inflation resurgenceAfter months of cooling, U.S inflation is proving itself to be more stubborn than experts had predicted. That's despite the Federal Reserve embarking on an aggressive monetary policy campaign over the past year, in a bid to tame consumer price pressures from their 40-year highs. Ariel Investments' Vice Chair Charlie Bobrinskoy told CNBC markets are not focused on China's residential real estate problems.

Persons: Michael M, haven't, Nobel, Paul Krugman, Mark Zandi's, Mark Zandi, Krugman, Nouriel Roubini, Doom, Trump, Marko Kolanovic, Mohamed El, Erian, Ariel, Charlie Bobrinskoy Organizations: New York Stock Exchange, Santiago, Federal, stoke, Allianz, Bloomberg, CNBC, El, Ariel Investments Locations: New York City, U.S, China

☆ El-Erian, Krugman and other economists have very different opinions on China’s struggling economy
▼ + stars: | 2024-02-09 | by ( Zahra Tayeb | ) www.cnbc.com time to read: +4 min

Chinese leader Xi Jinping said on New Year's Eve that the nation's economy had grown "more resilient and dynamic this year." Meanwhile, famed hedge fund manager and founder of Dallas-based Hayman Capital Kyle Bass said the country's heavily indebted property market has triggered a wave of defaults among public developers. That's a problem, given China's real estate market can account for as much as a fifth of the nation's GDP. "This is just like the U.S. financial crisis on steroids," Bass said, referring to China's default-ridden property market. The Institute of International Finance said Beijing has the policy capacity to push China's economy toward its growth potential and stuck to its above consensus forecast for 2024 growth at 5%, in a recent blog post.

Persons: Eswar Prasad, Mohamed El, Xi Jinping, there's, Paul Krugman, Krugman, Kristalina Georgieva, Hayman, Hayman Capital Kyle Bass, Bass, isn't Organizations: Future Publishing, CSI, China's National Bureau, Statistics, Allianz, International Monetary Fund, Nikkei, New York Times, Monetary Fund, Economic, IMF, Dallas, Hayman Capital, of International Finance Locations: Jiangsu, China, Nikkei Asia, U.S, Europe, tatters, Davos, Beijing

Survivors recounted executions and looting in Ardamata, which they said were carried out by RSF and allied Arab militias. The RSF developed from Arab militias known as the Janjaweed that helped Sudan's army crush a rebellion in Darfur in the 2000s. Atta said the UAE had funnelled unspecified supplies to the RSF through Uganda, the Central African Republic (CAR) and Chad. Sudan's army, Chad and the CAR did not immediately respond to requests for comment. While the UAE backed Sudan's aborted political transition after the 2019 overthrow of Omar al-Bashir, it has remained publicly quiet on the war.

Persons: El Tayeb, Yassir al, Atta, RSF, General Abdel Fattah al, Burhan, Omar al, Bashir, Nafisa Eltahir, Khalid Abdelaziz, Maha El, Elias Biryabarema, Aidan Lewis, Alex Richardson Organizations: REUTERS, Rights, Sudanese, United, Rapid Support Forces, Army, UAE, General Intelligence Service, Reuters, Central African Republic, Wagner Group, CAR, Thomson Locations: West Darfur, Adre, Chad, Ardamata, Arab, El, Rights CAIRO, United Arab Emirates, UAE, Darfur, Omdurman, Sudan, Chadian, Amdjarass, Uganda, Chad's, Ndjamena, Russia, Khartoum, Maha El Dahan, Dubai, Kampala

☆ Sudan refugees detail second wave of ethnic purge by Arab forces
▼ + stars: | 2023-11-22 | by ( ) www.reuters.com time to read: +16 min

After seizing swathes of Khartoum, it has forced retreats by the Sudanese army in parts of the Darfur and Kordofan regions. When they were ambushed by Arab militiamen and came under fire along the route, the vehicle’s occupants scattered. In return, the Arab forces would guarantee the safety of the camp’s occupants and allow safe passage out of El Geneina for those who wanted to leave. He said he watched the Arab forces from his hiding place behind a wall at his home. Multiple eyewitnesses said that RSF and Arab militia forces rounded up hundreds of Masalit men, some of whom were executed.

Persons: Ardamata, Josep Borrell, ”, Mohamed Hamdan Dagalo, Dagalo, Abdullah Omar Abdullah, Al Fadhl Abdullah, Khamis Hassan, ” Ibrahim Youssef, “, Youssef, Gamareldin Mohammed, Mohammed Ahmed Goma, ” Goma, Goma, Abdelrahim Hamdan Dagalo, Abdul Rahman Juma, ” Dagalo, RSF, El Geneina, Hussein Fayez, Hassan, Hussein, Yassin Ahmed, Abdu Mohammed Ibrahim, Ibrahim, Reuters couldn’t, Adam Mohammed, Mohammed, Ibrahim Youssef, didn’t, Ben Lesser, Grant Smith, Maggie Michael, Ryan McNeill, Mohammad Kawoosa, Han Huang, Edgar Su, Catherine Tai, Peter Hirschberg Organizations: UNICEF, United Nations, European Union, UNHCR, Diplomats, South, Sudanese, Sudanese Alliance, Army, Reuters, Planet Labs Locations: El, Chad, El Geneina, Darfur, Adre, Chad’s, Sudan, Ardamata, “, West Darfur, Khartoum, Sudanese, Kordofan, Nyala, Port Sudan, South Sudan, U.S, Al Mashtal, El Geneina’s, New York

☆ Darfur refugees report new spate of ethnically driven killings
▼ + stars: | 2023-11-07 | by ( Maggie Michael | ) www.reuters.com time to read: +5 min

On Tuesday, a Reuters reporter saw a trail of men crossing from Darfur into Chad at Adre, about 27 km (17 miles) west of El Geneina. More than 500,000 people have crossed into Chad, mostly from West Darfur, the IOM says. Chad border guards said the daily number of those fleeing from West Darfur had surged to 3,146 on Saturday. U.N. officials in Chad said thousands more were expected to cross but had been prevented from doing so by RSF forces demanding money. Toby Hayward, a senior U.N. official for Darfur, described reports and images emerging from Ardamata as "sickening".

Persons: El Tayeb, Chad Violence, RSF, El Geneina, El, Ardamata, Nabil Meccia, Meccia, Sharaf Eddin Adam, Adam, U.N, Mashaar Omar Ahmed, Sarah Adam Idris, Abdel Karim Rahman Yacoub, Toby Hayward, Maggie Michael, Nafisa, Aidan Lewis, Rosalba O'Brien Organizations: REUTERS, Rapid Support Forces, Reuters, Saturday, International Organization for Migration, IOM, Thomson Locations: Chad, El, Sudan's West Darfur, Darfur, El Geneina, Adre, Ardamata, Ardamata's Kobri, Sudan, West Darfur, Ardamata's District

☆ Forced to flee war, Sudanese band spreads musical message
▼ + stars: | 2023-09-27 | by ( El Tayeb Siddig | ) www.reuters.com time to read: +2 min

[1/5] General Kidi, a member of the Nuba Mountain Sound band, trains children to dance, in Port Sudan, in Sudan, September 26, 2023. One day they hope to tour the whole country to spread their message, said General Kidi, 29. "We want to deliver the voice of the people of the Nuba Mountains to the rest of the people in Sudan, through music," he said. "We show the world that this is Sudan, Sudan is not just war, Sudan has diverse traditions and music. Reporting by El Tayeb Siddig; Writing by Mai Shams El-Din; Editing by Aidan Lewis and Alison WilliamsOur Standards: The Thomson Reuters Trust Principles.

Persons: Kidi, El Tayeb, General Kidi, Ganja Farmer, Omar al, Bashir, Mai Shams El, Aidan Lewis, Alison Williams Organizations: REUTERS, Rapid Support Forces, Ganja Farmer, Thomson Locations: Port Sudan, Sudan, El, PORT SUDAN, Red Sea, Ganja, South Kordofan, Khartoum

☆ Billionaire investor Bill Gross warns of more pain for bond investors with fixed-income on track for unprecedented 3-year slump
▼ + stars: | 2023-09-22 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +2 min

Billionaire investor Bill Gross warned the bond market is headed for a record third year of losses. "I think that bonds are headed for a third straight year of losses and that portfolios should own more pipeline MLPs," Gross said. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy PolicyAdvertisementAdvertisementBillionaire investor Bill Gross warned of more pain for bond investors as US fixed-income assets head for an unprecedented three-year slump. AdvertisementAdvertisementGovernment bond yields surged Thursday after the Federal Reserve kept interest rates unchanged at 5.25%-5.5%, and signaled borrowing costs will remain higher for longer. According to Gross, "the 10 year Treasury is already priced for a 2% inflationary world."

Persons: Bill Gross, Gross Organizations: Service, Federal Reserve Locations: Wall, Silicon

☆ Brace for another Fed rate hike thanks to a 'problematic' surge in oil prices, billionaire investor Jeff Gundlach says
▼ + stars: | 2023-09-21 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +3 min

Expect another rate increase by the Fed at its next meeting due to a "problematic" surge in oil prices, billionaire investor Jeff Gundlach said. "I think the probability of rate hikes is higher than what I thought before this oil spike happened," Gundlach said. Oil prices have climbed past $90 a barrel after Saudi Arabia and Russia slashed production. "So I think the chance of a rate hike is higher because these oil prices are going to be a real problem," Gundlach said. Surging oil prices now threaten to spark a resurgence of US inflation, which the Fed has tried so hard to quell.

Persons: Jeff Gundlach, Gundlach Organizations: Fed, Service, Federal, CNBC, Brent, US West Texas Locations: Saudi Arabia, Russia, Wall, Silicon

☆ Billionaire investors Ken Griffin and Bill Ackman meet with Volodymyr Zelenskyy as Ukraine looks to rebuild its economy with private-sector funds
▼ + stars: | 2023-09-21 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +2 min

Ukraine's president met with billionaire investors Ken Griffin and Bill Ackman to discuss the future of the country's economy. The meeting, hosted by JPMorgan, focused on the scope for private-sector funding to help rebuild Ukraine's economy. Zelenskyy introduced the proposal at the Permanent Mission of Ukraine to the United Nations in New York, in a meeting organised by JPMorgan. Zelenskyy had met with BlackRock CEO Larry Fink Wednesday, the outlet reported. AdvertisementAdvertisementUkraine's economy has been battered by a slew of problems - including high inflation and a persistent trade deficit - following Russia's invasion of the nation.

Persons: Ken Griffin, Bill Ackman, Eric Schmidt, Volodymyr Zelenskyy, Zelenskyy, Citadel's Griffin, Pershing Square's, Philipp Hildebrand, Larry Fink Organizations: JPMorgan, Service, Fox News, United Nations, Fox, BlackRock Locations: Wall, Silicon, Ukraine, New York, Russia

☆ The de-dollarization drive is spreading wider - Indonesia is the latest nation to join the anti-buck movement
▼ + stars: | 2023-09-20 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +3 min

Indonesia appears to be the latest country to jump on the de-dollarization bandwagon. The island nation has launched a National Task Force to promote local-currency transactions. The move is expected to help make the rupiah more stable, and support local financial markets, Bank Indonesia said. The island nation has announced it's formed a National Task Force to widen the use of local currency transactions (LCT) with partner countries, according to Indonesia's central bank. While some experts perceive de-dollarization efforts as a threat to the greenback, others have dismissed the movement as a nothingburger.

Persons: it's, Perry Warjiyo, Vladimir Putin Organizations: Force, Bank, Service, Bank Indonesia Locations: Indonesia, Bank Indonesia, Wall, Silicon, China, Russia, India, dollarization, Beijing, New Delhi, Zimbabwe

☆ Russia's trade with the US plummets to a 3-decade low while its commerce with China surges toward a record $200 billion
▼ + stars: | 2023-09-20 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +3 min

Russia's trade with the US has hit a 30-year low amid Western economic sanctions against Moscow. Meanwhile, Russia's trade with China is on track to hit an all-time high of more than $200 billion. The Eurasian nation's trade with the US plunged to a three-decade low in July, while its commerce with China is on track to hit an all-time high of more than $200 billion this year. Russia's trade with China is set to surpass the $200 billion milestone this year, according to the minister of economic development Maxim Reshetnikov, per a local Russian news outlet. However, Russia's oil and gas trade now appears to be making something of a comeback after a year of pain, thanks to a rally in global oil prices.

Persons: Vladimir Putin, Maxim Reshetnikov, Reshetnikov Organizations: Moscow, Moscow . Commerce, Service, United States Census Bureau, Motors, Ford, Mercedes, Benz, RBC Locations: Moscow ., China, Wall, Silicon, Ukraine, Russia, Moscow, Russian

☆ The price of olive oil surges more than 100% to all-time highs as a Mediterranean drought threatens supplies
▼ + stars: | 2023-09-19 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +2 min

Olive oil is the latest commodity to see prices spike to record highs. The average price in August was 130% higher than a year earlier, surpassing levels not seen since 1996. "Consumer and cultural preferences for olive oil make it difficult to substitute despite plentiful supplies of other vegetable oils," the USDA said. According to the United States Department of Agriculture, global olive oil prices spiked to $8,900 a ton in September as extremely dry weather in the Mediterranean raised the risk of supply disruptions. "While prices have moderated consumption somewhat, consumer and cultural preferences for olive oil make it difficult to substitute despite plentiful supplies of other vegetable oils," it added.

Organizations: Service, United States Department of Agriculture, EU Locations: Olive, Wall, Silicon

☆ Cairo: The capital of capitals evolving in the shadow of ancient mysteries
▼ + stars: | 2023-09-13 | by ( Richard Quest | Joe Minihane | ) edition.cnn.com time to read: +9 min

CNN —There are cities, there are capitals and then there is Cairo. Chaotic, enchanting and magnificent, the Egyptian capital is awe inspiring and home to a raw energy that’s all its own. A world-class museumThe Grand Egyptian Museum has been decades in the making. Fadel Dawod/Getty ImagesAway from the bustle of central Cairo is something equally, quintessentially Egyptian. Close to Aswan, around 140 miles south of Luxor, lies Philae, an ancient temple with an equally amazing modern history.

Persons: Khan el, Sui Xiankai, Karim El Hayawan, “, ”, El Hayawan, ” El, –, Fadel Dawod, Tayeb Abbas, King Ramses II, Abbas, you’ve, Luke Mackenzie, Tutankhamun, Dr, Betsy Hiel, she’s, Egypt’s, Hiel, Aznar, iStock, “ Philae, Monica Hanna, Hanna, Peter Adams, Isis, Philae Organizations: CNN, Getty, Egyptian, GEM, Kings, UNESCO Locations: Cairo, Xinhua, Luxor, Giza, Salvador, Aswan, Philae, Egypt

☆ The Fed may do a policy U-turn and slash interest rates as soon as year-end - because a recession almost here, J.P. Morgan Asset Management's CIO says
▼ + stars: | 2023-09-13 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +3 min

The Fed may cut rates as soon as year-end as a recession hits the US economy, according to J.P. Morgan Asset Management's CIO. Such a move would be similar to how the Fed dropped its "transitory" call on inflation and started raising rates, he said. "They're going to tell us that they're going to keep rates higher for longer until inflation is at their target. "I think this time for them to cut rates, they're going to have to see unemployment go up. So it's possible that they may actually tip the economy into recession first before they start cutting rates, which would be something new for them.

Persons: we'll, Bob Michele, Michele, J.P, Morgan Asset's Michele Organizations: Morgan, Fed, Service, Federal Reserve, Morgan Asset Management, Bloomberg Television, Bloomberg Locations: Wall, Silicon

☆ Investors would have made more money buying the S&P 500 instead of following 'Big Short' investor Michael Burry's tweet warnings, an expert says
▼ + stars: | 2023-09-12 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +3 min

Investors would have made more money buying the S&P 500 than following Michael Burry's stock-market warnings, said Charlie Bilello, chief market strategist at Creative Planning. "Simply buying the S&P 500 instead of following Michael Burry's stock market warnings would have made an investor money each time with an average 6-month annualized gain of 34%. He was referring to gains delivered by the benchmark index in the periods that immediately followed a selection of Burry's tweets between 2019 and 2023. AdvertisementAdvertisementThe S&P 500 share index has climbed more than 16% so far in 2023, thanks in no small part to investor excitement over the rise of artificial-intelligence technologies. He's warned of an economic downturn since the first half of 2022, leading him to place a bet with a notional value of $1.6 billion against the S&P 500 and Nasdaq-100 last quarter.

Persons: Michael Burry's, Charlie Bilello, Burry, Morgan Stanley's Mike Wilson, David Rosenberg, OpenAI's ChatGPT, Burry hasn't, He's Organizations: Creative Planning, Service, Asset Management, Federal Reserve, Nvidia, Apple, Microsoft, Nasdaq Locations: Wall, Silicon

☆ Janet Yellen says she's 'feeling very good' about a soft landing, joining Paul Krugman and Larry Summers in cheering on the US economy
▼ + stars: | 2023-09-12 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +2 min

Treasury Secretary Janet Yellen says she's "feeling very good" about chances of a US soft landing. "I think you'd have to say we're on a path that looks exactly like that," she said, per Bloomberg. Yellen joins Paul Krugman and Larry Summers in suggesting the US will avoid a recession. "I am feeling very good about that prediction," Yellen said on her way home from the G20 summit held in New Delhi, per Bloomberg. "I think you'd have to say we're on a path that looks exactly like that," she said, referring to hopes of a soft landing.

Persons: Janet Yellen, Yellen, Paul Krugman, Larry Summers, It's, Paul Krugman —, —, David Rosenberg, Leon Cooperman, Jeremy Grantham Organizations: Bloomberg, Service, Federal Reserve Locations: Wall, Silicon, New Delhi

☆ The Fed may have beaten back inflation and skirted a recession for now, Goldman Sachs says
▼ + stars: | 2023-09-11 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +2 min

The Fed has curbed inflation without causing a recession, Goldman Sachs' chief US economist said. The Fed could make its first cut to interest rates by the second quarter of 2024, he said. In a "Goldman Sachs Exchanges" podcast episode, David Mericle shared his views on the US economy, inflation, and what the Fed's likely to do next. "I think we're in a situation where, with a lag, we should expect inflation to largely normalize," Mericle said. Moreover, Mericle dismissed fears of a looming recession triggered by the central bank's inflation fight.

Persons: Goldman Sachs, David Mericle, Mericle, Dow, we'll Organizations: Fed, Service, Federal Reserve Locations: Wall, Silicon

☆ US consumer debt fears are overblown as borrowing slows and inflation cools, Moody's chief economist says
▼ + stars: | 2023-09-11 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +3 min

US consumers debt isn't as bad as many fear, according to Moody's chief economist. Mark Zandi highlighted that borrowing has moderated since the start of the year as inflation cools. He added that student loan repayments won't cause delinquency rates on other debts to rise. In a post on X, Mark Zandi shared a contrarian view to ongoing chatter about US consumer debt. He added that student loan repayments won't cause delinquency rates on other debt to rise much.

Persons: Mark Zandi, Jeff Gundlach, Zandi Organizations: Service Locations: Wall, Silicon

☆ Experts are split on whether stocks will beat the 'September Effect' – Ed Yardeni warns of pain while Bank of America sees room for gains
▼ + stars: | 2023-09-10 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +5 min

September is historically considered the worst month of the year for stocks, in what is known as the "September Effect." But this year, market experts appear divided over whether US equities will repeat the pattern or defy it. AdvertisementAdvertisementEd Yardeni, president of Yardeni Research"On Sunday, we observed that September is a good month for picking apples. Among things that could go wrong for investors this month, Yardeni highlighted rising oil prices, inflation risks, and China's faltering economy. David Rosenberg, founder of Rosenberg ResearchIn contrast, top economist Rosenberg has long-warned about a looming crash in in stocks.

Persons: Ed Yardeni, Yardeni, it's, Santa Claus, Tom Lee, Fundstrat's Tom Lee, Lee, we're, Stephen Suttmeier, Suttmeier, Jeremy Siegel, Wharton, Siegel, David Rosenberg, Rosenberg Organizations: Service, CFRA Research, Yardeni, Investor, Federal Reserve, Bank of America, " Bank of America, Fed, Rosenberg Research Locations: Wall, Silicon, Septembers, Santa

☆ The Fed won't raise interest rates this month but rising oil prices could spur a future increase, top economist Mohamed El-Erian says
▼ + stars: | 2023-09-08 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +2 min

The Fed won't raise interest rates at its next meeting, but could leave the door open for future increases, Mohamed El-Erian said. A stronger-than-expected US economy and rising oil prices are key reasons why further hikes could be on the table. Over the past six quarters, the Fed has hiked interest rates from near-zero levels to upward of 5% in a bid to cool historically high inflation. Further more, higher oil prices are also adding to the Fed's inflation problem, El-Erian noted. Crude oil prices have creeped back up toward $90 a barrel – the highest level in 2023 – as global producers, including Russia and Saudi Arabia, continue to extend output cuts in order to maintain price stability.

Persons: Mohamed El, Erian, it's Organizations: Service, Queen's College , Cambridge, CNBC, Allianz, Fed Locations: Wall, Silicon, Russia, Saudi Arabia

☆ Cathie Wood's ARK and 21Shares plan America's first ether ETF as race to open spot bitcoin funds heats up
▼ + stars: | 2023-09-07 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +2 min

Cathie Wood's Ark fund and 21Shares are planning America's first spot ether ETF. They filed an SEC application Wednesday as a race to create spot bitcoin ETFs gets underway. The ARK 21Shares ethereum ETF promises a safer way to trade the second-largest cryptocurrency. Many regard that decision as helping pave the way for spot bitcoin ETFs. ARK and 21Shares have also submitted an SEC application for a bitcoin spot ETF.

Persons: bitcoin, There's, ARK's Wood, 21Shares, Ophelia Snyder, Fundstrat Organizations: SEC, Service, Securities and Exchange Commission, Fidelity, Investments, Bloomberg Locations: Wall, Silicon, BlackRock

☆ Apple, Microsoft, Tesla, and Meta see a combined $625 billion wipeout in market value amid August's stock slump
▼ + stars: | 2023-08-26 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +3 min

Four Big Tech companies - Apple, Microsoft, Tesla, and Meta - lost a combined $625 billion in market value this month. Apple, Microsoft, Tesla, and Meta have seen a combined $625 billion slump in market value so far this month, Insider calculations show. Apple has led the market-cap declines with a $314 billion slump, followed by Tesla with a $117 billion drop, Microsoft with $114 billion and Meta, $80 billion. AdvertisementAdvertisementOther factors have also weighed on Big Tech stocks in recent months. While Microsoft, Tesla, Apple, and Meta all saw their market capitalizations take a hit, one tech company has notably defied the trend — Nvidia.

Persons: Tesla, Insider's Phil Rosen Organizations: Big Tech, Apple, Microsoft, Meta, Service, Federal Reserve, Nvidia Locations: Wall, Silicon, America

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