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And yet, the industry is currently battling the highest level of unfilled job openings ever recorded. The construction industry averaged more than 390,000 job openings per month in 2022, the highest level on record, while unemployment in the sector of 4.6% was the second lowest on record. "Commercial construction materials prices are now 40% higher than they were back in February 2020. For construction workers, pay is boomingFor workers who seek construction jobs, the timing has never been better. "The construction industry is now paying 80% more than the average non-farm job in the United States."

Persons: Anirban Basu, Maria Davidson, Lori Ann Larocco, Davidson, it's, Michael Elder, Rucha Vankudre, It's, Brian Turmail, Turmail, doesn't, we've, Vankudre Organizations: Associated Builders and Contractors, ABC, MBTA, Boston Globe, General Contractors of America, . Census Locations: U.S, Boston, United States

After selling off more than 9% this week, shares of defense contractor RTX look poised for a bounce back, according to one technical indicator. Nearly half of Wall Street analysts rate shares a buy. It's the second most oversold stock in the S & P 500 with a 14-day RSI of 19.6. Just 14% of analysts rate shares a buy, with the average price target suggesting nearly 8% downside. Half of Wall Street analysts rate shares a buy, with a price target that implies 7% upside.

Persons: RTX, Lamb Weston, Estee Lauder, Biogen, Goldman Sachs Organizations: Federal Reserve, CNBC Pro, Raytheon, Pratt & Whitney, Wall Street, Ford Motor, Union Pacific, UNP, Pacific, Street, Marathon Petroleum

☆ Goldman names China stocks set for a bounce — and 2 make its list of top buy-rated picks
▼ + stars: | 2023-07-28 | by ( Lucy Handley | ) www.cnbc.com time to read: +2 min

Goldman Sachs has identified a number of Chinese stocks to buy after the government announced a number of major fiscal stimulus measures this week. The bank added that it expects Chinese stocks to "trade better" in the coming months. Goldman screened for buy-rated stocks in several areas related to China's policy announcement, including internet giants Tencent and JD , as well as its medical platform JD Health . In real estate, Goldman is buy-rated on property software company Beike and on mobile components company BYD Electronic as well as online recruitment firm Kanzhun . Search engine giant Baidu and drinks company China Resources Beer are also picks of the bank, and appear on its Asia-Pacific conviction list of top buy-rated stocks.

Persons: Goldman Sachs, Kinger Lau, Goldman, — CNBC's Michael Bloom, Clement Tan Organizations: country's Communist Party, Tencent, Baidu, China Resources Locations: China, Asia

☆ The US economy grew stronger than expected in the second quarter
▼ + stars: | 2023-07-27 | by ( Bryan Mena | ) edition.cnn.com time to read: +7 min

Washington CNN —The US economy picked up steam in the second quarter despite punishing rate hikes and still-high inflation, the Commerce Department reported Thursday. Economic growth in the second quarter was driven by business investment, government purchases, inventory investment and consumer spending, though at a much weaker pace than in the first quarter. Consumer spending, which accounts for about two-thirds of economic output, grew at just a 1.6% rate in the second quarter, down sharply from a 4.2% rate in the first three months of the year. Nonresidential business investment rose sharply to a 7.7% growth rate in the second quarter, up from a 0.6% rate in the beginning of the year. The GDP report showed that spending on structure slowed to a 9.7% rate in the second quarter from a 15.8% rate in the prior one.

Persons: “, Lydia Boussour, ’, ” Shannon Seery, Seery, —, ”, Diane Swonk, Thursday’s, Carol Schleif, Jerome Powell Organizations: Washington CNN, Commerce Department, Gross, Federal Reserve, Fed, CNN, Employers, Wells, Investment Bank, Manufacturers, KPMG, restrengthens Investors, BMO Family Office, Investors, “ Locations: EY

☆ Meta stock up 6% after earnings as 'year of efficiency' pays off
▼ + stars: | 2023-07-27 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +2 min

The company on Wednesday reported earnings per share of $2.98, which was higher than the $2.91 per share expected by a survey of Refinitiv analysts. Revenue jumped 11% year over year to $32 billion, surpassing the $31.12 billion average analyst estimate, according to Refinitiv. For the third quarter, the Facebook parent company forecast revenue of $32 billion to $34.5 billion. Bank of America analyst Justin Post upped his price target on Meta shares to $375 from $350 and reiterated his buy rating on the stock. "Meta is hitting its stride again with a renovated tech stack and Reels strategy, gaining share in the industry," Post wrote in a Thursday report.

Persons: Mark Zuckerberg's, Goldman Sachs, Eric Sheridan, Justin Post, Post, CNBC's Michael Bloom Organizations: Revenue, Facebook, Meta, Bank of America, Labs Locations: opex

☆ Facebook's ad rebound gives Meta CEO Mark Zuckerberg freedom to pursue far-out bets
▼ + stars: | 2023-07-26 | by ( Jonathan Vanian | ) www.cnbc.com time to read: +4 min

While Snap's revenue dropped 4% in the second quarter, Meta is solidly growing again, driven by Facebook's ad business. Neither Zuckerberg nor Spiegel have plans to cut back on spending money on experimental projects. Meta is burning billions of dollars a quarter on the futuristic metaverse , and Snap is pouring cash into augmented reality products and services. Meta CEO Mark Zuckerberg is once again a fan favorite on Wall Street. And while Meta has seemingly fixed most of its ad problems, Snap is still struggling.

Persons: Mark Zuckerberg, Zuckerberg, Spiegel, Evan Spiegel, Susan Li, Li, —, Snap's, Meta, James Cordwell, Cordwell Organizations: Meta, Labs, Apple, Google, Facebook, Atlantic Locations: San Jose , California, U.S, Ukraine

☆ Goldman: The market is missing these 'highly compelling' global stocks — and 2 are on its conviction list
▼ + stars: | 2023-07-26 | by ( Lucy Handley | ) www.cnbc.com time to read: +2 min

Goldman Sachs has named a number of European renewable energy stocks it says the market is missing — and says it expects the sector to bounce back after a period of declining returns. The growth in renewable energy is "highly compelling," the bank said, owing to the European energy crisis, a decline in costs for wind and solar energy, and the European Union's focus on mitigating climate change. "RWE is among the best-placed [renewable energy storage] developers to capture the expanding addressable market in the US, Germany and the rest of Europe," the analysts stated. As the pipeline builds we expect the company to unlock further value," the analysts stated. Conviction list stocks Two of Goldman's stock picks are on its conviction list of most favored stocks.

Persons: Goldman Sachs, Alberto Gandolfi, Goldman, Enel, — Organizations: EDP Renewables, ENEL, Scottish, Renewables, LevelTen Energy Locations: Orsted, US, Germany, Europe

☆ Internet advertising bounce back is 'Meta specific', says Evercore ISI's Mark Mahaney
▼ + stars: | 2023-07-26 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInternet advertising bounce back is 'Meta specific', says Evercore ISI's Mark MahaneyMark Mahaney, Evercore ISI Head of Internet Research, joins 'Closing Bell Overtime' to talk Meta's quarterly earnings.

Persons: Evercore, Mark Mahaney Mark Mahaney Organizations: Internet Research

☆ Nearly 4 in 5 US companies have posted second-quarter earnings that beat Wall Street estimates
▼ + stars: | 2023-07-25 | by ( Joseph Wilkins | ) www.businessinsider.com time to read: +2 min

As of Monday, 87 companies had reported their Q2 earnings – 78% of which beat analysts' expectations. Some of the biggest names to beat the Street this quarter are Tesla, Bank of America, and Philip Morris. The good news: 78% percent of them beat estimates, by an average 6.2%. Among the biggest names, Tesla reported a 20% earnings jump to 91 cents per share, surpassing analysts' estimate for 82. While earnings estimates have, for most companies, beaten targets, Fidelity's Timmer warns investors not to get carried away.

Persons: Philip Morris, It's, Jurrien, Jurrien Timmer, Timmer, Tesla, Goldman Sachs Organizations: Bank of America, Fidelity, Service, Microsoft, Fidelity Investments, Meta Locations: Wall, Silicon

☆ Morning Bid: Big Tech litmus test as Fed gather
▼ + stars: | 2023-07-25 | by ( ) www.reuters.com time to read: +4 min

The wider blue-chip CSI 300 Index (.CSI300) snapped a six-day losing streak to pop 3% and buying from state banks propped the yuan. Both oil and Treasury yields gave back some of those gains again today, however, with year-on-year crude price declines still tracking more than 21%. There was little ostensible reaction to the formal rebalancing of the Nasdaq 100 (.NDX) index that pared weightings of several of the big caps to reduce "over-concentration". The approach of Wednesday's Fed decision may limit market moves until then. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Mike Dolan, sagged, Dow Jones bluechips, Alphabet's, Clark, Chubb, Paccar, Sherwin, Williams, Archer, Ed Osmond Organizations: Big Tech, Microsoft, Federal Reserve, European Central Bank, ebbing, Nasdaq, Google, Texas, NextEra Energy, Visa, GE, GM, Dow, Verizon, Universal Health, Daniels, Richmond Fed, Philadelphia Fed, Federal, Market, Monetary Fund, Treasury, Reuters, Thomson Locations: U.S, Hong, Europe, China, Danaher, Corning, Kimberly, Biogen, Dover, Nucor, Midland

☆ China's economy is losing momentum, while Russia's recovery is accelerating, IMF says
▼ + stars: | 2023-07-25 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

China's economy is losing momentum, after an initial post-COVID bounce, the IMF said. That's due to continued weakness in the real estate sector and softness in foreign demand. Meanwhile, the IMF raised its forecast on Russia's 2023 GDP growth to 1.5% from a prior view of 0.7%. "Following a reopening boost, China's recovery is losing steam," the IMF said. By contrast, the IMF held more positive outlooks on Russia's economy, boosting its forecast for 2023 GDP growth to 1.5% from a prior view of 0.7%.

Organizations: Service, International Monetary, IMF Locations: Wall, Silicon, China, Ukraine, Moscow, Russia

How to fill out a money orderTo take advantage of the various benefits of money orders, you'll need to know how to fill out a money order correctly. Where to buy a money orderOne of the most inexpensive places to buy a money order is Walmart. Here's a quick overview of how much it costs to buy a money order:Places to buy a money order Price to buy a money order Walmart maximum fee of $1 USPS $2 for money orders under $500; $2.90 for money orders of $500.01 to $1,000; $0.65 for postal military money ordersMany grocery stores and convenience stores that you already frequent each week also may sell money orders. Filling out money order FAQsDo money orders expire? You'll need the money order number and precise dollar amount to see if a money order was cashed.

Persons: you've, You'll, you'll, refunding, it's, Here's, Price Organizations: Service, Walmart, United States Postal Service, Western Union Locations: Wall, Silicon, Chevron

☆ China's state planner unveils steps to spur private investment
▼ + stars: | 2023-07-24 | by ( ) www.reuters.com time to read: +2 min

BEIJING, July 24 (Reuters) - China's state planner on Monday unveiled measures that seek to promote, encourage and spur private investment in some infrastructure sectors and said it will strengthen financing support for private projects. In the guidelines released last week, China said it will create a "traffic light" system to make clear the areas in which private investors are able to invest. "Significance of improving private investment should be fully recognised" and the NDRC will strive to keep the proportion of private fixed-asset investment among all investment at a "reasonable level," the statement said. Private fixed-asset investment shrank by 0.2% in the first six months from a year earlier, in contrast to an 8.1% rise in investment by state entities, official data showed last week, highlighting weak private sector confidence. A special fund from central government budget will be set up by the NDRC to give annual support for 20 cities with high private investment growth and strong policy implementation, the statement said.

Persons: NDRC, Ellen Zhang, Bernard Orr, Kim Coghill Organizations: Communist Party, National Development, Reform Commission, Thomson Locations: BEIJING, China

The move, which not been reported before, is the latest in tightening scrutiny of Chinese companies' offshore listings, and comes at a time when Beijing is stepping up controls over cross-border transfer of sensitive information. The Chinese law firms acting as IPO advisors have been asked to drop such boilerplate risk disclosures, said one of the people, who declined to be identified as the discussions were confidential. China's new offshore listing rules that came into effect on March 31 forbid any comments in the listing documents that "misrepresent or disparage laws and policies, business environment and judicial situation" of China. Representatives from the CSRC's International Cooperation Department, more than 10 Chinese law firms and other government and industry bodies attended the July 20th meeting, according to one of the people. Large domestic law firms Fangda Partners, Han Kun Law Offices，and Zhong Lun Law Firm were among the attendees, said two of the sources.

Persons: prospectuses, CSRC, Han, Zhong, Han Kun, Zhong Lun, Julie Zhu, Kane Wu, Selena Li, Sumeet Chatterjee, Tomasz Janowski Organizations: China Securities Regulatory Commission, CSRC's International Cooperation Department, Fangda Partners, Zhong Lun Law, Reuters, Thomson Locations: Beijing, China, United States, The China

☆ Women's World Cup: How to watch as New Zealand and Switzerland look to progress
▼ + stars: | 2023-07-24 | by ( Thomas Schlachter | ) edition.cnn.com time to read: +4 min

Women’s World Cup 2023: Live scores, fixtures, results, tables and top scorersCNN —Women’s World Cup co-host New Zealand can potentially secure a place in the tournament’s knockout stages with a win against the Philippines in Group A on Tuesday. Meanwhile, Colombia and South Korea will play their first 2023 Women’s World Cup game in Group H.How to watchIn the US, the match will air on your local Fox channel. Colombia reached the round of 16 at the 2019 World Cup and, having drawn a favorable group, will be confident of repeating this success. Switzerland started its World Cup campaign brilliantly. Matthew Gelhard/APMeanwhile, Norway will be hoping to get its World Cup campaign back on track.

Persons: CNN —, Ada Hegerberg, Jan Kruger, Hannah Wilkinson, “, We’ve, Ali Riley, Buda Mendes, Ramona Bachmann, Piubel, Matthew Gelhard Organizations: CNN, Philippines, Norway, Fox, Fox Sports, Telemundo, Peacock, Seven Network, Optus Sport, BBC, ITV, FIFA, South, Getty, New Zealand, Football Ferns, Ferns, Swiss Locations: Zealand, Switzerland, Colombia, South Korea, Australia, United Kingdom, New Zealand, Philippines, Norway, Korea Colombia, New, Buda

☆ Women’s World Cup: New Zealand Takes Aim at Another First
▼ + stars: | 2023-07-24 | by ( Claire Fahy | The New York Times | ) www.nytimes.com time to read: +4 min

Hannah Wilkinson after New Zealand’s 1-0 win over Norway, its first-ever win at the Women’s World Cup. The South Koreans have made it to the knockout stages once in three previous World Cup appearances, in 2015. New Zealand vs. Philippines New Zealand’s players shocked many people — including themselves — by upsetting Norway, 1-0, in the opening match of the World Cup. #FIFAWWC pic.twitter.com/WGhond6p7h — Jeff Carlisle (@JeffreyCarlisle) July 21, 2023 The Philippines lost, 2-0, to Switzerland in its World Cup debut. The Norwegians are led by Ada Hegerberg, the 28-year-old striker — and former world player of the year — who sat out the 2019 World Cup in protest of her federation’s treatment of women’s soccer.

Persons: Hannah Wilkinson, Andrew Cornaga, Norway —, —, “, WGhond6p7h, Jeff Carlisle, Alen Stajcic, Ada Hegerberg, Ramona Bachmann, Germain Organizations: Football Ferns, New, Associated Press New, New Zealand, Copa América, Ireland, ”, Ferns, FIFA, United, Switzerland, European, Paris St Locations: Philippines, Colombia, South Korea, Norway, Associated Press New Zealand, New Zealand, Wellington, Switzerland, Korea Colombia, Argentina, Brazil, ” Colombia, China, Sydney, Australia, United States, America, Australian, ” Switzerland, Norway Norway, Swiss

See how he gets on versus Max Verstappen with a free F1 live stream as we show you have to watch the Hungarian GP online from anywhere. We've tested plenty of international free F1 live stream options this season and can even help you watch one even if your country isn't showing the race today. A VPN (virtual private network) will help simulate your device's location to be in the same country as this weekend's free Hungarian F1 live stream, letting you watch along like a local. Where to Watch a free Hungarian F1 live streamThis weekend's simplest option for a free F1 live stream is using a VPN to tune into one of the free European streams mentioned above. How to watch the Hungarian F1 live stream with a VPNSign up for a VPN if you don't have one.

Persons: Lewis Hamilton, Max Verstappen, We've, ExpressVPN Organizations: BBC, RTL, US ESPN, ESPN Locations: Hungarian, Austria, Belgium, Luxembourg, TV's

☆ Domino's Pizza is among the most overbought stocks on Wall Street. Here are the others
▼ + stars: | 2023-07-22 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

Domino's Pizza and Zions Bancorporation are among some of the most overbought stocks on Wall Street this week, as the S & P 500 rose about 0.7%. The RSI measures the speed and size of a stock's price change and can be used to separate the most overvalued and undervalued securities. Wall Street considers a stock overbought and due for a potential pullback when its RSI pushes above 70. Paychex finished the week as the most overbought stock in the index. Other overbought stocks included Zions Bancorporation.

Persons: Paychex, it's Organizations: Wall, Global, Discover Financial, Deposit Insurance Corporation, Ford Motor, Nike, Verizon, Seagate Technology, Equifax, Materials

☆ Tony Bennett, crooner who sang ‘I Left My Heart in San Francisco,’ dies at 96
▼ + stars: | 2023-07-21 | by ( Catherine E. Shoichet | ) edition.cnn.com time to read: +16 min

CNN —Legendary singer Tony Bennett, best known for singing “I Left My Heart in San Francisco,” has died, according to his longtime publicist, Sylvia Weiner. From Tony Bennett Bennett was discovered by Bob Hope while performing at a New York City club in 1949. In 1963, his recording of "I Left My Heart in San Francisco" won Grammy Awards for record of the year and best solo vocal performance. ABC Photo Archives/Walt Disney Television/Getty Images Bennett and San Francisco Mayor Dianne Feinstein hang onto the outside of a San Francisco cable car before taking a test ride in 1984. His performance of “I Left My Heart in San Francisco” won Grammys for best record and best male vocal performance.

Persons: Tony Bennett, “, ”, Sylvia Weiner, Bennett, Bob Hope, Frank Sinatra, Lady Gaga, ” Bennett, he’d, CNN’s Larry King, Susan Benedetto, Danny, Dae Bennett, Johanna Bennett, Antonia Bennett, Paul McCartney, Larry Busacca, Anthony Benedetto, Tony Bennett Anthony Dominick Benedetto, Hope, ‘, ’, ‘ Anthony Dominick Benedetto, ’ ” Tony Bennett, Virginia Sherwood, Anthony Dominick Benedetto, John, Mary, John Jr, Tony Bennett Bennett, Bill Randall applauds, Patricia, D'Andrea, Daegal, Pat, collie, David McLane, Sammy Davis Jr, David Redfern, Louis Armstrong, Charlie Ley, Sandra, Malcolm MacNeil, Mirrorpix, Joanna, Howard Cosell, Dianne Feinstein, Feinstein, Jeff Reinking, David Letterman, Richard Drew, Patti LaBelle, Hans Deryk, Mark J, Terrill, Elton John, Scott Gries, Madame Tussaud's, Kevork, Tim Mosenfelder, Fernando Leon, Tina Turner, Robert Redford, Julie Harris, Suzanne Farrell, Scott Suchman, Kevin Winter, Billy Joel, York's Shea, Kevin Mazur, Duke Ellington, Brendan Hoffman, Stevie Wonder, Shahar Azran, Amy Winehouse, Kevork Djansezian, Susan, Michael Loccisano, Sean Zanni, Ball, Tony, San Francisco ”, …, ’ ” Bennett, NPR’s Terry Gross, it’s, Clinton, JP Yim, you’re, “ It’s, Danny Bennett, kd, Elvis Costello, “ Tony Bennett, Jack Benny, Charlie Chaplin, Walt Disney, Gary Gershoff, –, Sinatra, Jon Bon Jovi, Bono, ” Sinatra, “ Larry King, Ella Fitzgerald, Ella, Bing Crosby, “ Cheek, Cheek, Alzheimer’s Organizations: CNN, MTV, Recording Academy, Los Angeles Convention Center, Paramount, NBCU, Bank, Getty, Facebook, Columbia Records, Bettmann, Patrick's, NY, Smithsonian, Daily, Hulton, ABC, Walt Disney Television, San Francisco, United Nations, Super, Rainforest Foundation, New York's Carnegie Hall, San Francisco Giants, Kennedy, Apollo, New York's Radio City Music Hall, American Ballet, Children's Diabetes Foundation, Children's Diabetes, Radio City Music Hall, San, Clinton Global, New York Times, New York’s High, of Industrial Art, Kennedy Center, ”, AARP, Radio City Music, CBS Locations: San Francisco, New York, Los Angeles, Astoria , New York, Greenwich Village, New York City, Cleveland, St, Manhattan, Redferns, Washington , DC, View , California, Washington, Lady

But, as Jim Cramer said Wednesday stocks in other parts of the market have started to come "back from the dead." Here's a look at where we stand on these eight Club stocks, starting with the biggest gainer, Halliburton, and concluding with the eighth-best performer, TJX Companies. HAL 3M mountain Halliburton's stock performance over the past three months. CAT 3M mountain Caterpillar's stock performance over the past three months. TJX 3M mountain TJX Companies' stock performance over the past three months.

Persons: It's, Jim Cramer, Wells, Morgan Stanley, Wells Fargo, Elliott Management, Jim, STZ, Emerson, bode, Morgan Stanley's, Morgan, TJ Maxx, we're, TJX, Jim Cramer's, Jamie Schwaberow Organizations: Halliburton, HAL, Caterpillar, Nvidia, Constellation Brands, Emerson Electric, Coterra Energy, TJX Companies, CAT, Wells, Apple, Corona, Modelo, Constellation, Emerson, Morgan, Goods, CNBC, Workers, Halliburton Co, Anadarko Petroleum Corp, Bloomberg, Getty Locations: Wells Fargo, Wells, Dacono , Colorado, U.S

☆ US airlines see no letup in travel demand despite broader economic concerns
▼ + stars: | 2023-07-20 | by ( Rajesh Kumar Singh | ) www.reuters.com time to read: +3 min

CHICAGO, July 20 (Reuters) - A rush among travelers to make up for lost time during the pandemic is producing bumper airline earnings. United Airlines (UAL.O) and Delta Air Lines (DAL.N) have also raised their earnings estimates as consumers cut spending on goods in favor of experiences. "It's indicative of our belief that the economy is strong, demand is strong," American CEO Robert Isom said on an earnings call. Strong demand has bolstered airfares, allowing carriers to offset higher costs. They point to frequent upgrades to airline earnings forecasts as an evidence of strong travel spending.

Persons: Robert Isom, Scott Kirby, Rajesh Kumar Singh, Nick Zieminski Organizations: U.S, American Airlines, United Airlines, Delta Air Lines, U.S . Transportation, Airline, Thomson Locations: Texas, U.S, Europe

☆ Exclusive: China's state banks seen selling dollars offshore to slow yuan declines - sources
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: +1 min

SHANGHAI, July 20 (Reuters) - China's major state-owned banks were seen selling dollars to buy yuan in the offshore spot market in early Asian trades on Thursday, two people with direct knowledge of the matter said. Such state bank dollar selling was meant to slow the pace of yuan declines, one of the sources said. China's offshore yuan strengthened more than 0.7% to a high of 7.1812 per dollar before last trading at 7.1890 as of 0249 GMT. In the onshore market , the yuan followed a similar upward bounce, but it is still down about 4% against the dollar year-to-date, making it one of the worst performing Asian currencies for 2023. Reporting by Shanghai Newsroom Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

Persons: Shri Navaratnam Organizations: Shanghai, Thomson Locations: SHANGHAI

NEW YORK, July 19 (Reuters) - Goldman Sachs' (GS.N) profit dropped 60% in the second quarter, missing estimates, as the bank's retreat from consumer businesses and declining real estate investments weighed on earnings. The results were the worst for the Wall Street giant since the second quarter of 2020, when it took writedowns over corruption scandal linked to Malaysian state fund 1MDB. "It definitely feels better over the course of the last six, eight weeks," Solomon told analysts on a conference call. "This moment in the economic cycle creates meaningful headwinds for Goldman Sachs," Solomon said told analysts on a conference call. Net earnings dropped 62% to $1.07 billion in the second quarter versus $2.79 billion a year earlier.

Persons: Goldman Sachs, David Solomon, Solomon, Goldman, Keith Horowitz, Goldman's Marcus, Marcus, Morgan Stanley, MS.N, headcount, Niket Nishant, Noor Zainab Hussain, Saeed Azhar, Johann M Cherian, Arun Koyyur, Nick Zieminski, Anna Driver Organizations: YORK, Analysts, Citigroup, Goldman, Revenue, JPMorgan Chase, Reuters, Thomson Locations: Malaysian, writedowns, Bengaluru, New York

☆ Goldman profit slides to three-year low on consumer losses
▼ + stars: | 2023-07-19 | by ( ) www.reuters.com time to read: +3 min

The bank took a writedown of $504 million tied to its GreenSky business and $485 million related to its consolidated real estate investments. It was Goldman's lowest quarterly profit since the second quarter of 2020. Trading revenue for fixed income, currency and commodities fell 26%, while equities trading revenue was broadly unchanged. On Tuesday, Goldman's peer Morgan Stanley (MS.N) said its investment banking revenue was in line with last year, but the trading business had weakened. However, uncertainty about the trajectory of the economy continues to be a hurdle with global mergers and acquisitions activity falling 36% from last year in the second quarter.

Persons: Goldman, David Solomon, GreenSky, Goldman's Marcus, Marcus, Morgan Stanley, MS.N, Niket Nishant, Noor Zainab Hussain, Saeed Azhar, Arun Koyyur Organizations: Goldman Sachs, Analysts, Investment, Federal Reserve, Reuters, Thomson Locations: Bengaluru, New York

☆ Next Gucci CEO may have toughest job in luxury
▼ + stars: | 2023-07-19 | by ( ) www.reuters.com time to read: +2 min

LONDON, July 19 (Reuters Breakingviews) - Gucci is getting a new look. Gucci took a harder hit during the pandemic than some mega-brand rivals, then struggled to bounce back. That’s way below the 10% and 15% rise brokers are pencilling in for Louis Vuitton and Christian Dior (DIOR.PA) respectively. All of that makes Gucci CEO job one of the most interesting in the luxury sector – but also possibly the toughest. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Gucci, Marco Bizzarri, Jean, François, Kering’s, Bizzarri, Roberto Eggs, Louis Vuitton, Christian Dior, Karen Kwok, Xavier Niel’s, Liam Proud, Streisand Neto Organizations: Reuters, Tuesday, Gucci, JPMorgan, Revenue, Alpha, Louis, Hermès, Barclays, Bain & Company, Twitter, Xavier Niel’s GAM, Commonwealth Games, Thomson Locations: Milan, Italian, Kering’s Paris, China, People’s Republic

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