DIRS.INFO The most relevant business & tech news

☆ Mortgage demand slumps 13% as home-loan rates turned higher at the end of a tough 2022 for the housing market
▼ + stars: | 2023-01-04 | by ( Carla Mozée | ) www.businessinsider.com time to read: +2 min

The Mortgage Bankers Association also said refinancing activity fell 16.3% at the end of December. The 30-year fixed rate mortgage showed signs of reheating as it climbed to 6.58%. Housing market activity tends to slow down at year's end, but 2022 ended with a thud amid the threat of a recession looming, said MBA. The average 30-year fixed mortgage rate hit a 21-year high of 7.16% in late October, then pulled back a bit. "Mortgage rates are lower than October 2022 highs, but would have to decline substantially to generate additional refinance activity," said Kan.

☆ Inside climate tech's record-breaking year where the energy crisis, new regulation, and a maturing debt market helped European startups raise $17.5 billion
▼ + stars: | 2022-12-30 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +7 min

Climate tech was a clear green shoot in a tumultuous 2022 but there will be a delayed correction. But there has been one green shoot: Climate tech. "We've just gotten started when it comes to climate tech," Emitwise's Cozzi said. Many climate tech companies have raised at high valuations, said Magda Lukaszewicz, principal at Balderton Capital. Energy and infrastructure companies are tipped as winners, while pure software plays may see some consolidation, climate tech investors and founders said.

☆ Tesla's set to grow its lead in the electric car race despite its worrying demand slump, Morgan Stanley says
▼ + stars: | 2022-12-29 | by ( Alexa St. John | ) www.businessinsider.com time to read: +4 min

But Elon Musk's automaker remains poised to lead the EV race in 2023, Morgan Stanley said this week. EV supply outpacing consumer demand next year will benefit Tesla. Tesla will "widen its lead in the EV race" next year, Adam Jonas said. Even with the increased competition, Tesla may be in a position to extend its lead in 2023, Jonas wrote. All automakers, Tesla included, have struggled to get the cost of their EVs down.

U.S.-listed shares of Chinese firms such as JD.Com Inc , Alibaba Group Holding Ltd and Pinduoduo Inc (PDD.O) climbed around 2% each in premarket trading. With a handful of trading sessions left this year, investors are hoping for a so-called "Santa rally" at the end of what has been a largely disappointing month for U.S. equities. Economic data so far has offered little hope that the Fed could hit the brakes on its interest rate hikes. ET, Dow e-minis were up 147 points, or 0.44%, S&P 500 e-minis were up 12.5 points, or 0.32%, and Nasdaq 100 e-minis were up 5 points, or 0.05%. Reporting by Amruta Khandekar and Ankika Biswas in Bengaluru; Editing by Vinay Dwivedi and Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

☆ Tesla Shares Head for Worst Year Ever as Elon Musk Focuses on Twitter
▼ + stars: | 2022-12-24 | by ( Rebecca Elliott | Nate Rattner | ) www.wsj.com time to read: 1 min

Tesla Inc. is on pace for its worst annual stock performance on record as investors bristle at Elon Musk‘s Twitter Inc. ownership, as well as declining demand for the car company’s electric vehicles and slumps in the broader market in a higher interest rate environment. Tesla’s share slide marks a sharp reversal for the world’s most valuable car company. The electric-vehicle maker had been one of the auto industry’s biggest winners during the early 2020s, a period plagued by chip shortages, snarled global supply chains and shutdowns related to Covid-19.

The final estimate of third-quarter U.S. GDP revealed gross domestic product increased at a 3.2% annualized rate, above the previous estimate of 2.9%. Micron Technology Inc (MU.O) slipped 3.2% after the chipmaker forecast a bigger-than-expected second-quarter loss, sparking declines in peers. Declining issues outnumbered advancers for a 5.83-to-1 ratio on the NYSE and a 3.28-to-1 ratio on the Nasdaq. The S&P index recorded no new 52-week highs and nine new lows, while the Nasdaq recorded 27 new highs and 180 new lows. Reporting by Shubham Batra, Amruta Khandekar, Ankika Biswas and Johann M Cherian in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ Rouble slumps to weakest vs dollar since May
▼ + stars: | 2022-12-21 | by ( Alexander Marrow | ) www.reuters.com time to read: +3 min

By 0939 GMT, the rouble was down 2.5% against the dollar at 70.60 , after hitting 70.7550 earlier. The rouble has already lost more than 8% this week against the dollar and around 12% since a cap on Russian oil prices came into force. FALLING REVENUESThe rouble has been catching up with the weakening of Russia's balance of payments, said Rachel Ziemba, founder of Ziemba Insights. "In recent months, Russian export revenues have fallen as it sharply reduced gas exports and the EU oil embargo is limiting oil revenues." The rouble-based MOEX Russian index (.IMOEX) was 0.6% higher at 2,131.8 points, rebounding from a near eight-week low hit in the previous session.

☆ Rouble slumps past 70 vs dollar for first time since May
▼ + stars: | 2022-12-21 | by ( Alexander Marrow | ) www.reuters.com time to read: +2 min

By 0713 GMT, the rouble was down 2.1% against the dollar at 70.31 , after hitting 70.6775 earlier. The rouble has been catching up with the weakening of Russia's balance of payments, said Rachel Ziemba, founder of Ziemba Insights. BCS World of Investments said the rouble continuing to plunge would likely also see the RTS index fall. The dollar-denominated RTS index (.IRTS) was down 1.3% to 654.6 points, flirting with more than two-month lows. The rouble-based MOEX Russian index (.IMOEX) was 0.5% higher at 2,130.6 points, rebounding from a near eight-week low hit in the previous session.

☆ FTSE 100 tracks global risk-off mood; Petrofac plummets
▼ + stars: | 2022-12-20 | by ( Johann M Cherian | ) www.reuters.com time to read: +2 min

SummarySummary Companies FTSE 100 down 0.2%, FTSE 250 down 0.6%Petrofac plummets to all time lowSage group slumps to bottom of FTSE 100Dec 20 (Reuters) - UK's export-oriented FTSE 100 index fell on Tuesday as investors turned risk-averse after the Bank of Japan unexpectedly tweaked its monetary policy, while oil services provider Petrofac dropped to an all-time low. The blue-chip FTSE 100 (.FTSE) fell 0.2%, while the mid-cap FTSE 250 was off 0.6%. The Europe-wide STOXX 600 index (.STOXX) was down 0.5%. Weighing on global equities, the Bank of Japan widened long-term yield controls that allow long-term interest rates to rise more. Reporting by Johann M Cherian in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

☆ Rouble slumps to 7-month low, biggest one-day drop since July
▼ + stars: | 2022-12-19 | by ( Alexander Marrow | ) www.reuters.com time to read: +3 min

By 1515 GMT, the rouble was 4.3% weaker against the dollar at 67.41 , earlier hitting 68.4800, its weakest mark since May 11. The currency also lost 3.8% to trade at 71.71 against the euro , also a more than seven-month low. That weakening stems from concerns that an oil embargo and price cap will reduce Russia's oil export revenues, increasing the budget deficit as imports gradually recover, said Alfa Capital analyst Yulia Melnikova. The dollar-denominated RTS index (.IRTS) was down 4% to 996.9 points, a more than two-month low. Reporting by Alexander Marrow; Editing by Bradley Perrett, Ed Osmond, Arun Koyyur and Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.

[1/2] A trader works on the trading floor at the New York Stock Exchange (NYSE) in New York City, U.S., December 14, 2022. Adding to angst, New York Fed President John Williams said it remains possible the U.S. central bank raises rates more than it expects next year. The policymaker added that he does not anticipate a recession from the Fed's aggressive tightening. The simultaneous expiration of stock options, stock index futures and index options contracts later in the day, known as triple witching, could cause volatility through the trading session. The S&P index recorded no new 52-week highs and 15 new lows, while the Nasdaq recorded 29 new highs and 267 new lows.

Analysts expect sentiment to recover gradually next year, as the relaxation of COVID restrictions and property support policies take effect. Property investment fell the fastest since the statistics bureau began compiling data in 2000, down 19.9% on year in November after a 16% slump in October, the NBS said in a statement. Beike's Liu predicted housing demand will be gradually released in 2023 as consumer sentiment will improve with a progress in housing delivery. Although markets cheered the easing policies, which are expected to boost economic growth in the long term, some analysts say fragile overall demand will keep the property sector's recovery gradual. "Considering the challenging demographic trend, and policymakers' long-held stance that 'housing is for living in, not for speculation', we maintain our view that the property sector recovery should be gradual and bumpy," Goldman Sachs analysts said in a note.

☆ FTSE 100 tracks glum global sentiment ahead of BoE rate decision
▼ + stars: | 2022-12-15 | by ( Johann M Cherian | ) www.reuters.com time to read: +2 min

SummarySummary Companies FTSE 100 down 0.7%, FTSE 250 off 0.6%Currys drops to bottom of FTMCHSBC slumps on shareholder's campaign for spinoffDec 15 (Reuters) - UK's export-driven FTSE 100 fell on Thursday, tracking glum global sentiment, while traders avoided bets on risky assets ahead of the Bank of England's monetary policy decision. The blue-chip FTSE 100 (.FTSE) fell 0.7%, while the FTSE 250 (.FTMC) shed 0.6% by 9:29 GMT. After the Fed's hawkish commentary on Wednesday, traders now await the BoE's monetary policy meeting at 1200 GMT. "The split within the Monetary Policy Committee could give a hawkish edge to the meeting. Besides the 50 basis point hike on Thursday, Koopman expects BoE's terminal rate to be 4.75% by mid-2023.

☆ Fed interest rate decision spells housing trouble. It is worth it?
▼ + stars: | 2022-12-14 | by ( Allan Chernoff | Allan Chernoff Was Formerly A Senior Correspondent For Cnn | Cnbc. He Is Now Ceo Of Chernoff Communications. | ) www.nbcnews.com time to read: +6 min

Federal Reserve Chair Jerome Powell and members of his Federal Reserve Board might not be cruel and heartless people, but they are in the process of killing the American dream of home ownership for millions of families. As the central bank continues to aggressively raise interest rates in its battle to get inflation under control, the housing market is collateral damage. Had the Federal Reserve been more vigilant on its inflation watch, much of this pain could have been avoided. Already the housing market, which accounts for nearly 18% of the U.S. economy, is in a serious recession, with home sales sinking and prices beginning to fall. As the housing market slumps, the Federal Reserve is fighting a battle not only to curb inflation, but to restore its reputation as an inflation fighter.

☆ What Guns Did to My Childhood
▼ + stars: | 2022-12-14 | by ( Mitchell S. Jackson | ) www.nytimes.com time to read: +10 min

Isn’t a part of childhood feeling insecure and divining ways to resolve those feelings or else abide them? From Mitchell S. JacksonThe presence of gangs — mind you, a predictable symptom of poverty and neglect — led to the prevalence of guns that shaped much of the normal childhood maturing around me as a kid. It surprises me little to none that Black boys are the likeliest to die by guns. These guns alter their lives in significant ways, not in the least by nullifying the childhood grace of feeling the greatest distance from death. Amen, I’ve never had to sit him down for a stern talk on guns or the violence and grieving they reap.

☆ Citi to cut as many as 50 bankers in EMEA - sources
▼ + stars: | 2022-12-12 | by ( ) www.reuters.com time to read: +1 min

MILAN, Dec 12 (Reuters) - Citigroup (C.N) is cutting as many as 50 jobs in the Europe, Middle East and Africa (EMEA) region, two people close to the matter said. Citi declined to comment on the figure, which provides the strongest indication yet of how deep proposed cuts will run as dealmaking slumps, hit by the Ukraine war, higher interest rates and soaring inflation. Citi employs around 6,000 people across banking, capital markets and advisory activities globally. One of the sources said most of the cuts would affect people in director roles, with some managing directors also set to exit. Reporting by Valentina Za in Milan and Andres Gonzalez in London Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

☆ Analysis: Turbulence still haunts LME nickel, months on from trade debacle
▼ + stars: | 2022-12-12 | by ( Pratima Desai | ) www.reuters.com time to read: +5 min

Months after turbulence highlighted shortcomings in LME oversight, the nickel contract remains broken. Declining liquidity, together with low stocks, has led to high LME nickel prices this year, pushing up costs for industrial users already grappling with surging inflation. LIQUIDITY SLUMPSMany investors, traders, consumers and producers have abandoned LME nickel in the aftermath of the chaos in March. LME nickel typically trades at a discount to the Shanghai Futures Exchange (ShFE) contract because China is a net importer of nickel and the ShFE nickel price takes into account logistical costs and local taxes. "There's a major disconnect between LME nickel (futures) and the physical market," a nickel trader said.

☆ Institutions are charging forward in crypto, even in the industry's darkest days
▼ + stars: | 2022-12-10 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +5 min

After years of pooh-poohing cryptocurrency, institutions finally entered the crypto market last year and fell straight into crypto winter. "Right now [investors] are going back to basics, doing their homework, finding out what this means," said Lyn Alden, founder of Lyn Alden Investment Strategy. Near-term risk Institutions often look at big crashes like this one as opportunities , Alden said. "FTX destroyed trust in the industry and may delay traditional finance institutions that haven't already committed to digital assets to invest," Belshe said. However, for "institutions and brands that are already building products in crypto and Web3, we have not seen a slowdown of interest to build, grow and invest."

☆ China Nov passenger vehicle sales drop 9.5%, first fall in six months - CPCA
▼ + stars: | 2022-12-08 | by ( ) www.reuters.com time to read: +3 min

Vehicle sales last month fell 9.5% from a year earlier to 1.67 million units, the first decline since May, according to the China Passenger Car Association (CPCA). The association said it expects passenger vehicle sales to reach 20.6 million units next year, flat from 2022, a forecast more optimistic than some street views. Analysts at China Merchants Bank International expect retail passenger vehicle sales in China, the world's biggest car market, to drop 6% next year due to the expiry of a purchase-tax cut. But the incentives did little to boost vehicle sales in recent months, as many COVID restrictions remained in place. November sales of Toyota Motor Corp (7203.T) in China fell 18.4% from a year ago, while Nissan Motor (7201.T) saw a 52.5% drop in its sales.

☆ Used-car retailer Carvana slumps after Wedbush says bankruptcy risk rising
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: +2 min

Brokerage Wedbush also downgraded its rating on the stock to 'underperform' from 'neutral,' sending Carvana's shares to a record low. "Many (Carvana) bonds have been trading at about 50 cents on the dollar, indicating investors see a high probability of default," said analyst Seth Basham, in a note titled 'Bankruptcy risk rising.' Carvana has suffered from waning used-car demand and high costs, forcing it to undertake job cuts to rein in expenses. As a result, its stock has fallen nearly 100% this year, hitting record lows in the process. Reporting by Priyamvada C, Medha Singh, Sruthi Shankar in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ Elon Musk has waged war on Apple, claiming the tech giant "hates free speech"
▼ + stars: | 2022-11-29 | by ( Jordan Parker Erb | ) www.businessinsider.com time to read: +5 min

From Elon Musk's war with Apple to the rise and fall of a pharmacy startup, it's a packed edition. Elon Musk is going to war with Apple. The world's wealthiest man slammed the world's biggest tech company, questioning if Apple "hates free speech" and suggesting that it's threatening Twitter's presence in the App Store. According to a book, Cook swore at Musk after he asked to be the CEO of Apple. According to career site Indeed, tech companies Intuit, Google, and Apple offer the most flexibility in terms of where and when employees are expected to work.

[1/2] Banknotes of Chinese yuan and U.S. dollar are seen in this illustration picture taken September 29, 2022. REUTERS/Florence Lo/Illustration/File PhotoLONDON/SINGAPORE, Nov 28 (Reuters) - The dollar fell sharply against Japan's yen on Monday as investors focused on rare protests in China, which pushed the yuan to a two-week low. China's onshore yuan finished the domestic session around 0.5% lower at 7.199 per dollar, the lowest close since Nov. 10. The offshore yuan fell to a more than two-week low in Asian trading and was last down 0.28% at 7.214. The Australian dollar , often used as a proxy for the yuan, slid 0.67% to $0.671.

[1/2] Banknotes of Chinese yuan and U.S. dollar are seen in this illustration picture taken September 29, 2022. China's onshore yuan finished the domestic session around 0.5% lower at 7.199 per dollar, the lowest close since Nov. 10. The offshore yuan fell to a more than two-week low in Asian trading and was last down 0.1% at 7.201. The Australian dollar , often used as a proxy for the yuan, slid 0.7% to $0.671. China's stringent COVID restrictions have taken a heavy toll on its economy, and authorities have implemented various measures to revive growth.

☆ Dollar rises, yuan slumps as China's COVID unrest spooks markets
▼ + stars: | 2022-11-28 | by ( Rae Wee | Ashitha Shivaprasad | ) www.reuters.com time to read: +3 min

[1/2] Banknotes of Chinese yuan and U.S. dollar are seen in this illustration picture taken September 29, 2022. The offshore yuan fell to an over two-week low in Asian trading, and was last roughly 0.4% lower at 7.2242 per dollar. The Australian dollar , often used as a liquid proxy for the yuan, slid more than 1% to $0.6681. China's stringent COVID restrictions have taken a heavy toll on its economy, and authorities have implemented various measures to revive growth. Against a basket of currencies, the U.S. dollar index rose 0.07% to 106.41, edging away from its recent three-month low of 105.30.

☆ Dollar rises broadly, yuan slumps as China's COVID unrest rattles sentiment
▼ + stars: | 2022-11-28 | by ( Rae Wee | ) www.reuters.com time to read: +3 min

SINGAPORE, Nov 28 (Reuters) - The dollar gained broadly on Monday as protests against COVID restrictions in China stoked uncertainty and dented sentiment, sending the yuan sliding and pushing nervous investors toward the safe-haven greenback. Against the offshore yuan , the dollar rose 0.76% in early Asia trade to 7.2456. The Aussie , which is often used as a liquid proxy for the yuan, fell 0.61% to $0.6714, while the kiwi slumped 0.5% to $0.6216. "Companies are currently facing weaker retail sales from a higher number of COVID cases and falling home prices from unfinished home projects." Against a basket of currencies, the U.S. dollar index was down 0.08% at 106.25, but off its recent three-month low of 105.30.

Search resuls for: "Slumps"

25 mentions found