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IMF Managing Director Kristalina Georgieva said the organization was closely monitoring the economic impact of the war, especially on oil markets, where prices have fluctuated. The IMF expects economic growth to slow to 2% this year in the Middle East and North Africa, from 5.6% last year, as countries keep interest rates higher and contend with rising oil prices and local challenges. That's below the IMF's forecast for global economic growth of 3% this year but above next year's expected 2.9%. Political Cartoons View All 1207 ImagesWealthy countries in the Persian Gulf and elsewhere will benefit from higher oil prices, while Egypt and Lebanon are still contending with soaring inflation, the IMF said. Egypt secured a $3 billion IMF bailout last year that requires a raft of economic reforms, including a shift to a flexible exchange rate and a higher borrowing costs.

Persons: Kristalina Georgieva, Jihad Azour, ”, “, Azour, ” Azour, Jordan Organizations: United Arab Emirates, International Monetary Fund, IMF, Central Asia Department Locations: DUBAI, United Arab, Ukraine, Israel, Marrakech, Morocco, East, North Africa, That's, Persian, Egypt, Lebanon, Sudan

☆ Wall Street prepares to dish economic dirt on US
▼ + stars: | 2023-10-12 | by ( John Foley | ) www.reuters.com time to read: +7 min

They are also among the handful of banks which can buy Treasury debt straight from the central bank. That puts leaders like JPMorgan chief Jamie Dimon at the center of the global financial spiderweb. To be sure, the financial statements that the banks will start to release on Friday will be backward-looking. Interest income will reflect the sharp and continued rise of central bank rates, which drag up the price banks must pay for customer deposits and what they charge for loans. It’s a big economic question, since plastic-related debt in the United States hit a record $1 trillion in August.

Persons: Jamie Dimon, Marco Bello, Brian Moynihan’s, Jane Fraser, Wells Fargo, Dimon, Dean Athanasia, Banks, Wells, Peter Thal Larsen, Sharon Lam Organizations: JPMorgan Chase &, Reuters, REUTERS, JPMorgan, Bank of America, Citigroup, of America, Treasury, Citi, Fraser, Reuters Graphics Reuters, Federal Reserve, Federal, Bank of, Reuters Graphics Reuters Graphics Bank, Alpha, Thomson Locations: Miami , Florida, U.S, Wells Fargo, Wells, United States

☆ Here are 2 charts that show the American consumer is still going strong
▼ + stars: | 2023-10-12 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Americans are still shelling out cash for discretionary spending, despite concerns of a weakening consumer. Total card spending is likely up 4.5% year-per-year over the past 3 months, Bank of America forecasted. Americans likely ran out of their excess savings last quarter, the San Francisco Fed previously estimated. Bank of AmericaBofA's spending data paints a promising picture of a consumer that's humming along despite an uncertain economic outlook. According to a study from the San Francisco Fed, Americans may have run out of their excess savings at the end of last quarter.

Persons: —, BofA, bode Organizations: Bank of America, San Francisco Fed, Service, Labor, San Francisco Locations: San Francisco Fed

☆ Delta says Hollywood, auto strikes are denting business travel
▼ + stars: | 2023-10-12 | by ( Leslie Josephs | ) www.cnbc.com time to read: +2 min

A Delta Airlines passenger jet approaches to land at LAX during the outbreak of the coronavirus disease (COVID-19) in Los Angeles, California, U.S., April 7, 2021. Recent strikes by Hollywood talent and United Auto Workers union members are a "drag" on business travel demand, which is otherwise recovering, Delta Air Lines President Glen Hauenstein said Thursday. The strikes have had "a not insignificant change in the business travel to and from Los Angeles as well as now the UAW strike, which curtailed a significant amount of the business in Detroit," Hauenstein said on an earnings call Thursday. But Hollywood actors, represented by the Screen Actors Guild-American Federation of Television and Radio Artists, are still on strike. Delta's Hauenstein noted that demand from technology and financial services customers posted double-digit growth in the third quarter, contributing to an overall rebound for business travel.

Persons: Glen Hauenstein, Hauenstein, Delta's Hauenstein Organizations: Delta Airlines, LAX, Hollywood, United Auto Workers, Delta Air Lines, Detroit Metropolitan Wayne County Airport, Los Angeles International Airport, UAW, Detroit, Screen, American Federation of Television, Radio Artists, Alliance, Television Producers, Disney, Universal, Netflix, Comcast, CNBC Locations: Los Angeles , California, U.S, Los Angeles, Detroit, NBCUniversal

☆ The bull market in stocks is a year old now. Here's what history says happens next.
▼ + stars: | 2023-10-12 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

The bull market in stocks turned one year old on Thursday, and a lot has happened in that time. The S&P 500 is up 22% over the past year, making it one of the weakest first years of a new bull market ever. AdvertisementAdvertisementThe bull market in the S&P 500 officially turned one-year old today. AdvertisementAdvertisement"The average first year [of bull market performance] has seen stocks gain nearly 39%," Detrick said, adding that this is the worst first year of a new bull market since 1987, when stocks gained 21% in their first year. The average S&P 500 performance during the second year of a bull market is 13.5%.

Persons: Carson Group's Ryan Detrick, —, Ryan Detrick, Detrick, Joe Biden, there's Organizations: Service, Federal, Carson Group

☆ Here are Wednesday's biggest analyst calls: Nvidia, Boeing, SoFi, Netflix, Apple, Cava, Walmart and more
▼ + stars: | 2023-10-11 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

Here are Wednesday's biggest calls on Wall Street on Wednesday: Goldman Sachs upgrades Shoals to buy from neutral Goldman Sachs said the solar company is very attractive. Morgan Stanley upgrades Cava to overweight from neutral Morgan Stanley said it's gaining confidence in the restaurant chain. JPMorgan upgrades CSX to overweight from neutral JPMorgan said rail concerns have already played out. JPMorgan upgrades Iris Energy to overweight from neutral JPMorgan said the bitcoin mining company is "best-in-class." JPMorgan initiates CleanSpark as overweight JPMorgan said the bitcoin miner offers "relative value."

Persons: Goldman Sachs, Wells, Wells Fargo, TD Cowen, Cowen, Stephens, Raymond James, it's bullish, Morgan Stanley, Cava, it's, UBS downgrades Morgan Stanley, Oppenheimer, Needham, Robinhood, MAUs, Truist, Piper Sandler, JPMorgan, Mizuho, SoFi, SOFI, Leerink, Apple Organizations: Netflix, JPMorgan, CSX, Nvidia, Iris Energy, Energy, UBS, Boeing, Oppenheimer downgrades Texas, Texas, Qs, Logistics, Amazon, Arista Networks, Barclays, Ball Corporation, Apple, Walmart, Deutsche Bank, Cboe Locations: CAVA, OW, U.S, China, ANET, SoFi

Rep. Ruben Gallego is running for the Democratic nomination, setting up a potential three-way race if Sinema runs as an independent. But polling shows that Sinema and Gallego would not simply divide the Democratic vote, handing the race to GOP firebrand Lake. But if former Democrat Sinema runs as an independent, Gallego still prevails in the poll, getting 41% of the vote. In a three-way race, Gallego is ahead in Noble's polling, with 34% support, compared to 26% for Sinema and 25% for Lake. But once Kennedy said he was running as an independent, Republicans rushed to separate themselves from him.

Persons: Republican Kari Lake, Sen, Kyrsten Sinema, Ruben Gallego, Sinema, Gallego, Lake, Donald Trump –, Democrat Sinema, Mike Noble, Joe, Biden, Fred Solop, Solop, Katie Hobbs, hasn't, Trump, Robert F, Kennedy, Jr, –, “, Hillary, won’t, Ronna McDaniel, he's, Hans Noel Organizations: Republican Party, Republican, U.S, Senate, Rep, Democratic, U.S . Senate, GOP, Democrat, Northern Arizona University, Trump, Democratic Gov, Lake, Quinnipiac University, –, Republicans, RFK Jr, Green, Deal, Keystone Pipeline, Republican National Committee, Georgetown University Locations: Arizona, Arizona's

NEW YORK (AP) — Birkenstock is making its debut on the stock market as Wall Street trades in its wingtips for sandals for a day. The 249-year-old German maker of upmarket sandals set a price of $46 per share for its initial public offering of stock, valuing the company at $8.64 billion. Birkenstock is due to start trading Wednesday on the New York Stock Exchange under the “BIRK” ticker symbol. Birkenstock Holding Ltd. sold about 10.8 million shares in the offering, raising about $495 million. The company’s footwear was first cobbled together by Johann Adam Birkenstock in Germany in 1774.

Persons: Johann Adam Birkenstock, Barbie, ”, outsized, ” Birkenstock, Birkenstock Organizations: Wall Street, New York Stock Exchange, Birkenstock Holding, Securities and Exchange Commission, European Union, Arm Holdings, Renaissance Capital Locations: Germany, “, U.S

☆ Ireland hikes bank levy to 200 mln euros, revises methodology
▼ + stars: | 2023-10-10 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Clodagh Kilcoyne/ File Photo Acquire Licensing RightsDUBLIN, Oct 10 (Reuters) - Ireland will revise how it calculates its levy on banks after announcing plans to raise 200 million euros ($211.7 million) from the measure next year, up from 87 million euros in 2023, Finance Minister Michael McGrath said on Tuesday. The share paid by the remaining three banks is based on the amount of deposit interest retention tax (DIRT) each pay. McGrath told a news conference that the basis of the levy will change to being related to the value of a lender's deposits. Analysts at Davy Stockbrokers had said that an increase to 200 million euros based on the existing DIRT would have had an outsized impact on Permanent TSB (PTSB.I), relative to its larger rivals AIB (AIBG.I) and Bank of Ireland (BIRG.I). Davy estimated that the incremental impact from an increase based on retail or household deposits would be in the range of 2-3% of 2024 profit before tax across all three banks, based on its current forecasts.

Persons: Finance Paschal Donohoe, Michael McGrath, Clodagh, McGrath, Davy Stockbrokers, Davy, Padraic Halpin, William Schomberg, Mark Heinrich Our Organizations: Finance, Public Expenditure, REUTERS, Rights, TSB, AIB, Bank of Ireland, Thomson Locations: Dublin, Ireland, LONDON

☆ Here are Tuesday's biggest analyst calls: Apple, Tesla, Microsoft, Rivian, Amazon, Skechers, Block and more
▼ + stars: | 2023-10-10 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Bank of America reiterates Apple as neutral Bank of America said Apple Services is the "next leg of growth." UBS reiterates Skechers as buy UBS said it's standing by its buy rating on shares of the shoe company. JPMorgan reiterates Disney as overweight JPMorgan lowered its price target on the stock to $120 per share from $125 but said it's standing by its overweight rating. Bank of America reiterates Block as buy Bank of America said investors should buy the dip in shares of the company formerly known as Square. Morgan Stanley reiterates Microsoft as overweight Morgan Stanley said it's standing by its overweight rating on Microsoft shares.

Persons: Wells, Wells Fargo, Jefferies, Tesla, it's, Skechers, Daiwa, JPMorgan downgrades Corning, JPMorgan, TD Cowen, O'Reilly, Cowen, Morgan Stanley Organizations: UBS, Bank of America, Apple, of America, Apple Services, Google, DOJ, Citi, Huawei, JPMorgan, Disney, ESPN, Arts, EA, " Bank of America, Trust, Northern Trust, Holdings, Juniper Networks, Enterprise, Microsoft Locations: North America, China, Hulu, Juniper, Corning

For the bottom 40% by income that means a smaller slice of the pie even as their net worth has risen at the swiftest pace in years. said Elise Gould, senior economist at the Economic Policy Institute, a Washington-based think tank focused on labor issues. The newest data suggest that trends of higher wealth and income concentration survived pretty much intact. Yet Dynan noted that the rise in wealth over that period was 30% for families in the 80th to 99th income percentiles and more than 40% for the top 1%. Reuters GraphicsOLD TRENDS HOLD FASTThe Fed's quarterly data on wealth distribution estimates asset holdings and liabilities across racial, educational, age and income groups, and their shares of national totals.

Persons: Elise Gould, They've, Biden, Karen Dynan, Dynan, Howard Schneider, Dan Burns, Paul Simao Organizations: Federal Reserve, U.S . Census Bureau, Economic Policy Institute, United Auto Workers, Harvard University, Thomson Locations: U.S, Washington

☆ This could be the next major bullish catalyst for AI darling Nvidia
▼ + stars: | 2023-10-08 | by ( Samantha Subin | ) www.cnbc.com time to read: +3 min

A new chip from Nvidia could prove the next major catalyst for the artificial intelligence darling in 2024, according to Wall Street analysts. Even so, Wall Street remains bullish on the chipmaker, with about 85% of analysts holding a buy rating on the stock, and the average price target implying 43% upside from Friday's close. While the launch of the next-generation chip known as Blackwell isn't expected until 2024, Wall Street analysts are already bracing for the debut to drive significant growth at Nvidia, which already dominates the AI market. The chip is also slated to carry a higher average selling price and better performance than Nvidia's current H100 model. Piper Sandler's Harsh Kumar called the product the "next-gen compute GPU product" for AI and high performance computing.

Persons: Jensen, Blackwell isn't, Atif Malik, Piper Sandler's Harsh Kumar, John Vinh, Vinh, — CNBC's Michael Bloom Organizations: Nvidia, Wall Street, Citi, Taiwan Semiconductor, KeyBanc Locations: CoWoS, 2H24, 4Q24

With an early morning social media post on Friday, Trump inserted himself into the chaotic race to replace Kevin McCarthy as House Speaker by backing Ohio Rep. Jim Jordan for the post. Jordan is facing at least one other candidate — House Majority Leader Steve Scalise — who is also on good terms with Trump. Political Cartoons View All 1202 ImagesRegardless of who becomes the next speaker, Trump has undeniable sway over House Republicans. All I can say is we’ll do whatever’s best for the country and for the Republican Party,” Trump told reporters at the courthouse Wednesday. Trump's agenda while in office was often thwarted by congressional leaders from his own party as he clashed with former House Speaker Paul Ryan and then-Senate Majority Leader Mitch McConnell.

Persons: — Donald Trump, Trump, Kevin McCarthy, Jim Jordan, “, ” Trump, Jordan, “ He’s, —, Steve Scalise —, Matt Gaetz —, Troy Nehls, Trump's, McCarthy, “ He's, ” Jordan, That's, — Trump, Joe Biden, Nehls, Biden, Kevin Hern, Paul Ryan, Mitch McConnell, ___ Colvin, Lisa Mascaro Organizations: WASHINGTON, Ohio, Republican Party, Real America’s, GOP, Republicans, Trump, Florida Rep, Texas Rep, Fox News Digital, Capitol, Trump’s, Trump strategize, Republican Conference, Fox, White, Associated Press Locations: Jordan, New York, stoke, Scalise

☆ Black UAW workers won progress in America's auto industry. They are on strike for its future
▼ + stars: | 2023-10-07 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +12 min

The percentage of Black workers in the auto industry today is more than double their share of the workforce overall. But the decline in US auto jobs and the erosion of unions have hit Black workers hardest. Black workers are likelier to belong to unions, in any industry, compared to White and Hispanic workers. Black union workers earn on average 16.4% higher wages than non-union Black workers, and they are likelier to have health care and retirement benefits, studies show. Hard-won gains disappearSoon after Black auto workers broke into better paying jobs, the US auto industry began its long decline, decimating Black communities in particular.

Persons: Lynda Jackson’s, Jackson, ” Jackson, ” Lynda Jackson, Lynda S, Emily Elconin, ”, Tiffanie Simmons, Simmons, Steven Pitts, Luke Sharrett, Tesla, “, ” Pitts, Jim Crow, Henry Ford, Nelson Lichtenstein, “ Walter Reuther, Ford, Irving Haberman, Kevin Boyle, Boyle, Philip Randolph, Randolph, Franklin Roosevelt, Walter Reuther, —, James Meredith, Martin Luther King, Jr, Roy Wilkins, Phillip Randolph, Walther Reuther, Martin Luther King Jr, Reuther, ” Boyle, Spencer Platt, Josh Bivens, Biden, Erica Smiley, ” Smiley Organizations: New, New York CNN, Chrysler, Ford, General Motors, United Auto Workers, UAW, Detroit’s, Processing, Bloomberg, Getty, Ford Motor, Economic Policy Institute, UC Berkeley Labor Center ., Tesla, Ku Klux Klan, University of California, America, Northwestern University, Jobs, Walther Reuther . Express, Hulton, Southern Christian Leadership Conference, The League, Revolutionary Black Workers, Black, Economic, Institute, P Global Market Intelligence, Justice Locations: New York, Alabama, Detroit, America, Ypsilanti , Michigan, Wayne , Michigan, Detroit , Michigan, White, Fremont , California, . Mississippi, sharecropping, Chicago , New York, Pittsburgh, Cleveland, AFP, Santa Barbara, Ford's, Rouge, Dearborn , Michigan, Washington, Birmingham, Selma, Black, Flint, Midwest, autoworkers

[1/2] A view shows the entrance of the venue for the upcoming meetings of the International Monetary Fund and the World Bank, following last month's deadly earthquake, in Marrakech, Morocco October 1, 2023. Reuters GraphicsThe yield on the 30-year U.S. Treasury bond this week pierced 5% for the first time since 2007. Long-term U.S. yields have climbed roughly 1 percentage point in the past three months compared with a single quarter-percentage-point Fed rate hike during that period. Keeping the world's largest economy out of recession provides steadier demand for other countries' exports, as well as more certainty as Fed rate hikes hit a stopping point. The fallout depends on "how much further, and how quickly, bond yields rise," they said.

Persons: Abdelhak, China's, Goldman Sachs, Gene Tannuzzo, Tannuzzo, Karen Dynan, it's, Howard Schneider, Dan Burns, Paul Simao Organizations: International Monetary Fund, World Bank, REUTERS, Rights, U.S ., Treasuries, Reuters, Treasury, Federal Reserve, Columbia Threadneedle, Harvard University, Peterson Institute for International Economics, Capital Economics, Valley Bank, Thomson Locations: Marrakech, Morocco, U.S, Washington, California

☆ China’s economy will be hobbled for years by the real estate crisis
▼ + stars: | 2023-10-06 | by ( Laura He | ) edition.cnn.com time to read: +10 min

Absorbing this “excess capacity” in the property sector will inevitably hurt China’s economic growth, according to Garcia-Herrero. The money from the sales funded their breakneck expansion, making real estate moguls some of the country’s richest people. The strategy largely worked until about three years ago when the Chinese government cracked down on excessive borrowing by the real estate industry because it was worried about the risk of financial instability. But overall, the property sector has contracted severely as it adjusts to a collapse in demand. “A fundamental rewiring of China’s economy will necessitate a focus on developing new industries, improving productivity, and bolstering rental markets,” said analysts from Stanford University and the ASPI.

Persons: ”, Alicia Garcia, Herrero, Garcia, they’re, Evergrande, Xu Jiayin, Xi Jinping, ” Mark Williams, Sheana Yue, Zichuan Huang, “, — Michelle Toh Organizations: Hong Kong CNN, Investment, Asia Pacific, Getty, Bank, International Monetary Fund, IMF, Regulators, Capital Economics, People’s Bank of China, Oxford Economics, Stanford University, Asia Society Policy Institute, Oxford Locations: China, Hong Kong, Beijing, Natixis, Wuhan, China's, Hubei, Japan

☆ Bond rout won't end Fed balance sheet cuts, but endgame bubbling into view
▼ + stars: | 2023-10-06 | by ( Michael S. Derby | ) www.reuters.com time to read: +5 min

Since June 2022, the Fed has allowed more than $1 trillion of bonds to mature from its portfolio, including roughly $840 billion of Treasuries. QT drains liquidity from the banking system, reducing bank reserves parked at the Fed and cash stashed in its reverse repo facility. Others believe money market rates will start to move up in ways suggesting the system is short of cash. A New York Fed report in April projected an end to QT around the middle of 2025. A survey of major banks by the New York Fed released in August eyed an end to QT in mid-2024.

Persons: it's, ”, Kathy Bostjancic, Bostjancic, Goldman Sachs, Loretta Mester, “, Austan Goolsbee, Mary Daly, Michael Barr, Michael Cloherty, Mark Cabana, ” Cabana, Cabana, Michael S, Ann Saphir, Dan Burns, Andrea Ricci Organizations: Goldman Sachs, Federal Reserve, Silicon Valley Bank, Fed, Treasury, Reuters Graphics Reuters, Cleveland Fed, Bloomberg, Chicago Fed, San Francisco Fed, UBS, Bank Policy Institute, New York Fed, Bank of America, Daily, Derby, Thomson Locations: Silicon, Washington

A source familiar with the matter said Jordan and Scalise talked Friday and they agreed it wouldn’t be wise, so the forum is now off. CNN reported Thursday the House GOP conference was scheduled to have an in-person meeting at 6 p.m. ET on Monday ahead of the GOP’s speaker candidates’ forum on Tuesday and their internal election on Wednesday. Fox News said in a press release Friday morning that Baier was holding an “exclusive joint interview” with Scalise, Jordan and Hern from the Capitol on Monday. The Republican conference needs a family discussion.”Multiple House Republicans told CNN they were infuriated by the decision for speaker candidates to participate in a televised interview from the Capitol on Monday before speaking to the GOP conference, and several of them have already communicated those frustrations to the speaker candidates.

Persons: Kevin McCarthy’s, Jim Jordan, Steve Scalise –, Bret Baier, Jordan, Scalise, Fox News didn’t, Carlos Gimenez, –, ” Gimenez, “ I’m, ”, – Jordan, Kevin Hern –, “ Mr, Baier, Hern, “, ” Hern, Jim Banks, that’s, Donald Trump, McCarthy, Patrick McHenry Organizations: CNN —, Fox News, Capitol, CNN, Ohio Republican, Fox, Oklahoma Rep, GOP, Republican, Republicans, ”, Indiana Republican, Moderate Republicans Locations: Florida, Ohio, Scalise, Jordan

The protagonists have remained mum about their actual status since Swift began attending Kelce’s games 1½ weeks ago. “There is not going to be a ‘Pre-Taylor Swift Era’ and a ‘Post-Taylor Swift Era’ for the NFL. So for us, it’s fantastic,” said Ian Trombetta, the NFL’s senior vice president of social, influencer and content marketing. “Is the NFL overdoing it?” Jason asked Travis on an episode of their podcast released Wednesday. '” the NFL's Trombetta said.

Persons: Eager, Taylor Swift, Travis Kelce, it’s, Brian McCarthy, Tay Tay, Swift, Gen, Taylor, ”, Rebecca Brooks, “, Brooks, Ian Trombetta, —, ” Trombetta, there's, Dan Snyder’s, “ We’ve, Patrick Mahomes, Joe DiMaggio, Marilyn Monroe, David Beckham, Tom Brady, Giselle Bunchen, “ There’s, Barbie ’, Joe Favorito, Kelce, Jason, Travis, Neal Pilson, Jerry Jones, ” Pilson, “ I’ve, Trombetta Organizations: National Football League, Kansas City Chiefs, NFL, Associated Press, Alter Agents, Kansas, Washington, Super Bowl, NFL Media, Chiefs, Philadelphia Eagles, NBC, Kansas City, New York Jets, CBS Sports, Dallas Cowboys Locations: Kansas City, New York, California, U.S, Travis

☆ We're upgrading this beer stock after an unwarranted post-earnings slide
▼ + stars: | 2023-10-05 | by ( Zev Fima | ) www.cnbc.com time to read: +8 min

Net sales for the three months ended Aug. 31 climbed 7% year-over-year, to $2.84 billion, ahead of Wall Street's expectations of $2.82 billion, according to Refinitiv. Quarterly results Beer sales climbed 12% year-over-year, to $2.4 billion. Those factors more than offset tailwinds of sales growth, positive pricing dynamics and efficiency gains. Modelo Especial remains the top brand share gainer and leading brand "in the entire U.S. beer category in dollar sales." The company expects "net sales growth and operating income growth of that business to ramp up through the remainder" of fiscal year 2024.

Persons: —, Depletions, I'm, Bill Newlands, Newlands, Jim Cramer's, Jim Cramer, Jim, Susana Gonzalez Organizations: Constellation Brands, Constellation, Modelo Especial, Cinco de, Labor, Wall Street, Management, CNBC, Constellations Brands Inc, Grupo Modelo, Bloomberg, Getty Locations: Modelo, Corona, U.S, Cinco de Mayo, Zona Rosa, Mexico City

☆ Novo Nordisk's Wegovy bonanza looms large in Denmark
▼ + stars: | 2023-10-05 | by ( Maggie Fick | ) www.reuters.com time to read: +6 min

COPENHAGEN, Oct 5 (Reuters) - The whirlwind success of weight-loss treatment Wegovy is providing a bonanza not just for its developer, Novo Nordisk (NOVOb.CO), but also for its home country of Denmark. Interviews with Danish economists, analysts, and executives at the Novo Nordisk Foundation which controls Novo highlight the benefits to the economy from jobs to private wealth - but also the potential pitfalls of relying on a single, outsized company. Record profits for Novo are projected to generate returns for the Foundation of more than $12 billion in coming years. Novo Nordisk added 3,500 jobs in Denmark in 2022, bringing the total in the country to 21,000 employees, out of 59,000 worldwide, a company spokesperson said. Before Wegovy, "we used to be kind of, 'Isn't Denmark the place where Stockholm is the capital?'"

Persons: Danes, Lars Skovgaard Andersen, Lars Christensen, Wegovy, Mads Krogsgaard Thomsen, " Thomsen, Moller, Thomsen, Melinda Gates, Rasmus Kristian Feldthusen, Maggie Fick, Jacob Gronholt, Alexander Smith, Josephine Mason, Michele Gershberg, Catherine Evans Organizations: Novo Nordisk, Novo Nordisk Foundation, Danske Bank, Copenhagen Business School, Novo, Foundation, Reuters, Novo Holdings, Carlsberg, Maersk, U.S, Melinda Gates Foundation, UK's Wellcome Trust, Wegovy, University of Copenhagen, Nokia, Pedersen, Thomson Locations: COPENHAGEN, Denmark, Stockholm, Copenhagen, Danish, Novo, Europe, North America, Asia, OUTGROWING DENMARK, Finland

☆ The one thing in markets everyone should be watching
▼ + stars: | 2023-10-04 | by ( Matthew Fox | ) www.businessinsider.com time to read: +6 min

The 10-Year US Treasury yield is arguably the most important thing to watch right now for investors. The 10-Year yield has soared to levels not seen since 2007, and that's having a big impact on stock prices. Here's what you need to know about what bond yields are doing to markets and the economy. Rising bond yields are also thrashing the bond market, as bond prices fall when yields rise. AdvertisementAdvertisementHigher interest rates also means higher credit card rates, leading to a rise in delinquencies in recent months.

Persons: —, It's, Ray Dalio, Bill Ackman, Bill Gross, JPMorgan's Marko Kolanovic, Kolanovic Organizations: Treasury, Service, Treasury Bond ETF, Fed, Pershing, CNBC Locations: delinquencies

☆ Truist downgrades these solar stocks, sees further struggles for the sector
▼ + stars: | 2023-10-04 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

Higher-for-longer interest rates could slam key solar energy stocks, according to Truist. The firm downgraded solar panel installers SunRun and Sunnova to hold from buy in a Wednesday note, and lowered its price targets to $12 and $11, respectively, from $30 and $35. Truist now forecasts roughly 13% upside for SunRun and 17% for Sunnova. Investors remain worried that the Federal Reserve could keep interest rates elevated for longer-than-expected, and also initiate less rate cuts in 2024. Levy pointed toward stocks including SolarEdge and Generac to ride renewable energy volatility as interest rate uncertainty persists.

Persons: Truist, Jordan Levy, Levy, — CNBC's Michael Bloom Organizations: Sunnova, Investors, Federal Reserve, Treasury, NOVA

The House vote to oust Kevin McCarthy from his post on Tuesday marked a historic first, as a group of conservatives sided with Democrats to successfully boot him from the speakership. Immediately following the vote to oust McCarthy, a temporary speaker – Rep. Patrick McHenry of North Carolina – took over based upon a list of succession that the former speaker submitted in January. In his first move in the temporary role, McHenry recessed the chamber to “discuss the path forward,” before lawmakers returned to their districts for the week. Following the vote, former House Speaker Nancy Pelosi was ordered to vacate her Capitol hideaway. Pelosi called the move a “sharp departure from tradition,” as other former speakers have been permitted to retain offices near the House chamber beyond their tenure.

Persons: Kevin McCarthy, McCarthy, Patrick McHenry of, Patrick McHenry of North Carolina –, ”, McHenry, –, Steve Scalise, Jim Jordan of, Kevin Hern, Tom Emmer, Donald Trump, he’s, Matt Gaetz’s, Mitch McConnell, McCarthy –, “, ” McConnell, Chuck Schumer, Nancy Pelosi, Pelosi Organizations: White, Republican, GOP, Republicans, House Democrats, Capitol hideaway Locations: Patrick McHenry of North Carolina, McHenry, Louisiana, Jim Jordan of Ohio, Oklahoma, Minnesota, Florida

It needs to translate into changes in economic outcomes," Bostic said in comments to reporters alongside the release of a new policy essay. Part of that adaptation is how the Fed's short-term benchmark is translated ultimately into mortgage rates, corporate bonds yields, and other securities that influence economic activity. In separate comments, Cleveland Fed President Loretta Mester said she similarly is watching how the rise in bond yields will play out, even though she feels the Fed's policy rate still needs to rise. It may well be that the Fed's hawkish rate posture is no longer the primary impetus for the rise in yields. Reporting by Howard Schneider and Dan Burns; Editing by Andrea RicciOur Standards: The Thomson Reuters Trust Principles.

Persons: Federal Reserve Bank of Atlanta Raphael, Bostic, Clodagh, Raphael Bostic, Loretta Mester, Mester, Torsten Slok, Slok, Howard Schneider, Dan Burns, Andrea Ricci Organizations: Federal Reserve Bank of Atlanta, REUTERS, Rights, Federal Reserve, Treasury, Atlanta Federal Reserve, U.S, Cleveland Fed, Apollo Global Management, Reuters, Fitch, Treasury Department, Bank of, Thomson Locations: Dublin, Ireland, Atlanta, China, York

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