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☆ Banks are being rocked again as real estate losses mount
▼ + stars: | 2024-02-01 | by ( Anna Cooban | ) edition.cnn.com time to read: +5 min

The regional lender set aside $552 million in the fourth quarter to absorb loan losses, up from $62 million in the previous quarter. The increase was driven partly by expected losses on a loan used to finance an office building, it said. ET as shares in NYCB, as well as other regional banks, suffered sharp losses. Much bigger players are girding themselves for losses linked to commercial real estate. Europe’s benchmark Stoxx Europe 600 Banks index, which tracks 42 big EU and UK banks, is up 23% since a low in late March.

Persons: Thomas Cangemi, Brendan McDermid, Julius Baer, Philipp Rickenbacher, Arnd Wiegmann, Reuters Philip Lawlor, ”, “, ” Lawlor, CNN’s Matt Egan Organizations: London CNN, Credit Suisse, New York Community Bancorp, New York Stock Exchange, Japan’s Aozora Bank, Federal Reserve, ”, CNN, Signa Group, Chrysler, Reuters, Deutsche Bank, Bank, Suisse —, UBS, Wilshire Indexes, KBW Locations: Europe, New York, Tokyo, Zurich, California, Republic, NYCB, Banc, Swiss, Austrian, Switzerland

☆ Universal Music Group pulls Taylor Swift’s songs off TikTok in dispute over payments
▼ + stars: | 2024-01-31 | by ( Anna Cooban | ) edition.cnn.com time to read: +2 min

London CNN —Universal Music Group has pulled its music off TikTok, preventing more than 1 billion users of the platform from streaming a vast catalog of songs by Taylor Swift, Ariana Grande, Rihanna and other artists. TikTok allows its users to add music to their videos. TikTok, owned by Chinese tech company ByteDance, had proposed paying a “fraction” of the rate that similarly-sized social media platforms pay, Universal said. Like other music companies, Netherlands-based Universal charges royalty fees when its songs are played on social media platforms. TikTok is allowing its platform to be “flooded” with AI-generated music, and provides users with tools to create their own AI-generated recordings, Universal said.

Persons: Taylor Swift, Ariana Grande, Rihanna, Universal, TikTok, Lady Gaga, Justin Bieber, Billie Eilish, J Balvin, Amy Winehouse, ”, ” TikTok, ” Elizabeth Wagmeister Organizations: London CNN — Universal, TikTok, Universal Locations: Netherlands

☆ The global economy is expanding, but the Red Sea crisis could spell trouble, says IMF
▼ + stars: | 2024-01-30 | by ( Anna Cooban | ) edition.cnn.com time to read: +4 min

London CNN —The outlook for the global economy is brightening, the International Monetary Fund said Tuesday as it upgraded its growth forecast for 2024. It expects global growth in gross domestic product — a key measure of economic activity — to pick up slightly to 3.2% next year. Despite the IMF’s upgrades, its projections for global growth for 2024 and 2025 are below the annual average of 3.8% clocked up over the first two decades of this century. The longer and costlier journeys have raised fears of a renewed rise in global inflation. An escalation in the Israel-Hamas war into a wider conflict in the Middle East would threaten global growth, the fund added.

Persons: Pierre, Olivier Gourinchas, Valerie Plesch Organizations: London CNN, International Monetary Fund, IMF, Federal Reserve, Bloomberg, Getty Images, Hamas Locations: Ukraine, Red, United States, India, Washington , DC, Getty Images Iran, Israel

☆ Europe narrowly avoids a recession
▼ + stars: | 2024-01-30 | by ( Anna Cooban | ) edition.cnn.com time to read: +3 min

London CNN —Europe’s economy avoided ending 2023 in a recession by the narrowest of margins, official data showed Tuesday. In the July-to-September quarter, GDP dipped 0.1%. Europe’s economy has struggled to regain momentum following the pandemic, hamstrung by high inflation and rapid interest rate hikes to combat it. The French economy, Europe’s second-largest, stagnated in the fourth quarter but grew 0.7% over the whole of 2023. He expects the eurozone economy to “flatline” in the first half of 2024 “as the effects of past monetary tightening continue to feed through and fiscal policy becomes more restrictive.”

Persons: —, Russia’s, ‘, Christoph Weil, ”, ” “, Jack Allen, Reynolds, “ Organizations: London CNN, Gross, Eurostat, Union, EU, ’, Commerzbank, European Central Bank, Capital Economics, ECB Locations: Ukraine, Europe, Italy, Spain

☆ UK-Canada trade deal: UK pulls out of post-Brexit negotiations
▼ + stars: | 2024-01-26 | by ( Anna Cooban | ) edition.cnn.com time to read: +3 min

London CNN —Britain is finding out just how hard it can be to negotiate free trade deals, even with close allies and friends. Goods and services have continued flowing between the two countries under the terms of the EU-Canada free trade deal. But Britain had sought to negotiate a new trade deal with Canada that would improve upon the terms of the existing agreement. A key sticking point in the negotiations has been Britain’s refusal to relax a ban on hormone-treated beef, which at the moment effectively bars Canadian farmers from selling to British consumers. We remain open to restarting talks with Canada in the future,” a UK government spokesperson said in a statement.

Persons: King Charles, Britain, ”, Mary Ng, “, David Henig, we’ll Organizations: London CNN, European Union, NATO, —, Britain, EU . Goods, EU, Canada, Centre for International Political, CNN, Reuters, National Farmers ’ Union, BBC, “ Locations: Canada, United Kingdom, Britain, Brussels, “, England, Wales, “ Canada

☆ Tesla shares plunge to wipe out $71 billion in market value, after dour earnings call
▼ + stars: | 2024-01-25 | by ( Anna Cooban | ) edition.cnn.com time to read: +4 min

London CNN —Shares in Tesla plunged as much as 11% after the market opened Thursday, wiping $73 billion off the company’s market value hours after it warned of slowing growth in electric car sales and an existential threat from Chinese rivals. While it reported a sizeable 38% increase in deliveries last year compared with 2022, Tesla had previously targeted a 50% annual growth rate averaged over several years. At the time, investors were worried about the outlook for Tesla’s sales and profitability, as well as the health of the US economy. Dan Ives, an analyst with market research firm Wedbush, said Tesla’s earnings call provided investors with “minimal answers” to the company’s shrinking margins. China’s BYD beat Tesla in the final three months of last year, selling more cars than Elon Musk’s carmaker for the first time.

Persons: Tesla, Thursday’s, Qilai Shen, Dan Ives, Musk, ”, China Tesla, China’s, Elon Musk’s carmaker, ” Garrett Nelson, Ben Barringer, Chris Isidore Organizations: London CNN —, Bloomberg, Getty, Elon, CFRA Research Locations: Shanghai, China, Cheviot

☆ Bill Ackman buys stake in Tel Aviv’s stock exchange in ‘strong vote of confidence’ for Israeli economy
▼ + stars: | 2024-01-24 | by ( Anna Cooban | ) edition.cnn.com time to read: +2 min

London CNN —Hedge fund billionaire Bill Ackman and his wife Neri Oxman are buying a stake in Tel Aviv’s stock market in what the exchange said Wednesday was a “strong vote of confidence” in Israel’s economy. The couple have agreed to buy a stake of nearly 5% in the Tel Aviv Stock Exchange (TASE), joining other buyers of around 17 million shares in total, the exchange said in a statement. But his latest investment suggests he is optimistic about the prospects for Israeli companies despite the country’s ongoing war against Hamas. The value of stocks listed on the exchange has swung wildly since October 7, the day Hamas launched its deadly attack on Israel. A report by Business Insider in early January alleged that Oxman had plagiarized parts of her doctoral dissertation.

Persons: Bill Ackman, Neri Oxman, Ackman, Claudine Gay, Gay, —, Oxman Organizations: London CNN —, Tel Aviv Stock Exchange, bourse, Pershing, Capital Management, Hamas, Harvard, Jewish, Business Locations: Tel Aviv’s, Israel, United States, Europe, Australia

☆ Royal Mail is on the brink. Cutting letter deliveries to 3 days a week could save it
▼ + stars: | 2024-01-24 | by ( Anna Cooban | ) edition.cnn.com time to read: +3 min

London CNN —Royal Mail could ditch its near-daily deliveries of letters as the centuries-old British institution attempts to modernize its service and plug a growing hole in its finances. Ofcom, the UK regulator overseeing the postal service, published proposals to rescue the beleaguered company Wednesday. It said Royal Mail could save as much as £650 million ($828 million) a year if it cut letter deliveries to three days a week from the current six. The number of letters sent via the Royal Mail network had halved since 2011, and financial losses have ballooned. Among its other proposals, Ofcom suggested that Royal Mail could save up to £200 million ($255 million) a year by cutting its letter deliveries down to five days a week, or by extending the time it takes to get mail to customers.

Persons: “ Something’s, ” Melanie Dawes, Kevin Hollinrake, Martin Seidenberg Organizations: London CNN — Royal, Ofcom, Royal Mail, BBC, United, Services, CNN, Royal, International Distribution Services Locations: ”

☆ Amazon fined $35 million in France for tracking warehouse workers to the second
▼ + stars: | 2024-01-23 | by ( Anna Cooban | ) edition.cnn.com time to read: +3 min

London CNN —A French regulator has fined the local operator of Amazon’s warehouses €32 million ($35 million) for using an “excessively intrusive” surveillance system to track the activities of its workers. Amazon said the data allowed its teams to “spot problems” that posed a risk to the firm’s operations or the safety of its employees. A third indicator used by Amazon signaled when a worker’s scanner was interrupted anywhere between one and 10 minutes, according to the CNIL. The regulator fined Amazon France Logistique in late December following several investigations into the firm’s practices in its warehouses and complaints from employees. In the United States, Amazon has long faced scrutiny for the working conditions inside its warehouses, with employees complaining of punishing hours and close surveillance by bosses.

Persons: Amazon Organizations: London CNN, French Data Protection Authority, Amazon France, European, Amazon Locations: France, United States

☆ Premarket stocks: The world is a mess and Wall Street isn’t paying attention
▼ + stars: | 2024-01-23 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

But geopolitical tensions are growing and Wall Street appears to be underestimating their potential impact on the global economy and markets. The United States and China are squabbling about trade, particularly high-powered AI chips that both believe carry consequences for national security. Less trade could mean lower supplies to meet demand — and that could be bad news for inflation around the world. Bank of America also gave geopolitical risk a top spot on its list of surprises that could affect markets in 2024. It’s the worst start to a year for Chinese stocks since 2016, when investors were ditching their holdings following a market crash in 2015.

Persons: ”, “, Jamie Dimon, dory, he’s, Anna Cooban, Laura He, Hong, Premier Li Qiang, Ken Cheung, Catherine Thorbecke Organizations: New, New York CNN, Dow Jones, Federal Reserve, BlackRock, Shipping, CNBC, Economic, Bank of America, Center for Strategic, International Studies, Apple, Google, Microsoft, Meta, Nvidia, “, Shenzhen Component, Premier, Mizuho Bank, MIT’s Computer, Artificial Intelligence Locations: New York, Russia, Ukraine, United States, China, Taiwan, Suez, Iranian, Pakistan, Iran, Europe, Asia, Drewry, Yemen, Davos, Switzerland, Wall, Shanghai, Shenzhen

☆ Chinese stocks are having their worst start to a year since 2016
▼ + stars: | 2024-01-22 | by ( Anna Cooban | Laura He | ) edition.cnn.com time to read: +5 min

The Shenzhen Component Index, a tech-heavy benchmark, had its worst day in nearly two years, plunging 3.5%. It’s the worst start to a year for Chinese stocks since 2016, when investors were ditching their holdings following a market crash in 2015. The country’s economy grew by 5.2% last year. That beat government projections but is still one of China’s worst economic performances in over three decades. The International Monetary Fund forecasts the country’s economic growth to slow to 4.2% this year.

Persons: Ken Cheung, ”, Europe’s, Premier Li Qiang, Brian Martin, Daniel Hynes, Li, “, ” Stephen Innes, managing Organizations: Hong Kong CNN, Shenzhen Component, Mizuho Bank, CSI, Nikkei, Premier, Economic, ANZ Research, Monetary Fund, China’s Commerce Ministry, Investors Locations: Hong Kong, Beijing, Shanghai, Shenzhen, China, United States

☆ ‘Sick man of Europe?’ Germany says it just needs a coffee
▼ + stars: | 2024-01-19 | by ( Anna Cooban | ) edition.cnn.com time to read: +3 min

London CNN —Germany’s finance minister has shrugged off suggestions his country has once again become the “sick man” of Europe. Long the engine of growth in Europe, Germany’s economy shrank last year by 0.3%, likely the weakest performance among the region’s big countries. “I know what some of you are thinking: Germany probably is a sick man. Germany is not a sick man… Germany is a tired man after a short night,” Christian Lindner said at the annual World Economic Forum in Davos, Switzerland. The country became known as the “sick man of Europe” in the late 1990s as its economy faltered and unemployment soared.

Persons: It’s, ”, “, ” Christian Lindner, ” Lindner, ” Daniel Kral Organizations: London CNN —, Economic, Oxford Economics, Germany’s Federal, Office Locations: Europe, Germany, Davos, Switzerland, Germany’s, Ukraine, Moscow, Berlin, Russia, Red

☆ Red Sea crisis: Why escalating violence in the Middle East isn’t pushing up gas prices
▼ + stars: | 2024-01-18 | by ( Anna Cooban | ) edition.cnn.com time to read: +6 min

The prices of a barrel of Brent crude, the global oil benchmark, and West Texas Intermediate, the US oil benchmark, have barely moved. Now, however, analysts say economic factors — weaker demand in countries such as China and Germany, ample oil and gas supply — are superseding concerns about violence in the Middle East. Al Drago/Bloomberg/Getty ImagesGlobal oil demand growth is expected to almost halve this year, the International Energy Agency said in a report Thursday. At the same time, global oil supply is forecast to hit an all-time high, driven by record output from countries including the United States and Canada, the IEA said. Nan said relatively modest demand was also helping to prevent spikes in gas prices.

Persons: Brent, “, Homayoun, “ It’s, ”, Hope, Al Drago, That’s, Falakshahi, Xi Nan, Kpler, Wood Mackenzie, Nan Organizations: London CNN, Hamas, West Texas Intermediate, AAA, CNN, National Bureau of Statistics, Bloomberg, Getty, International Energy Agency, Organization of, Petroleum, Rystad Energy, Gas Infrastructure, LNG “ Locations: Red, Iran, Pakistan, Gaza, Ukraine, China, Germany, South Africa, Washington , DC, United States, Canada, Russia, OPEC, Europe, wean, Gas Infrastructure Europe, Africa, Qatar, United Kingdom

☆ Argentina’s Milei tells Davos ‘heroes’ how it should be done
▼ + stars: | 2024-01-17 | by ( Anna Cooban | ) edition.cnn.com time to read: +4 min

“The Argentine economy is in such bad shape that it has to be shaken up. President Milei and his team are doing exactly that,” she said during an interview in Davos. He has also devalued Argentina’s currency. However, some of Milei’s measures, such as the devaluation, are also likely to stabilize Argentina’s economy in the medium term, Sperrfechter said. Among his most radical plans, Milei has pledged to ditch the peso as Argentina’s official currency and replace it with the US dollar.

Persons: London CNN —, ” “, ” Javier Milei, ”, Milei, Juan Peron, Kristalina Georgieva, CNN’s Richard Quest Wednedsay, Milei’s, Kimberley Sperrfechter, Sperrfechter, It’s Organizations: London CNN, Economic, Council, Foreign Relations, Reuters, International Monetary Fund, IMF, Argentine, Capital Economics, CNN, “, US Federal Reserve Locations: Davos, Switzerland, Argentina, Argentine, US, “ Argentina

☆ Fujitsu admits it should compensate postal workers whose lives were ruined by its faulty software
▼ + stars: | 2024-01-16 | by ( Anna Cooban | ) edition.cnn.com time to read: +3 min

London CNN —Japanese technology company Fujitsu has a “moral obligation” to compensate the victims of Britain’s Post Office scandal, the boss of its European arm said Tuesday. “We did have bugs and errors in the system and we did help the Post Office in their prosecutions of the sub-postmasters,” Peter Patterson, Fujitsu’s director for Europe, said Tuesday. “I think there is a moral obligation for the company to contribute,” Patterson told UK lawmakers during a public hearing. Nick Read, CEO of the Post Office, who also addressed lawmakers Tuesday, said he was “committed” to abandoning Horizon. The corporation still uses the IT system, but in a newer iteration than the one involved in the scandal.

Persons: —, “, ” Peter Patterson, ” Patterson, Patterson, ”, Rishi Sunak, Nick Read, ” Read Organizations: London CNN, Fujitsu, Britain’s Post, Office, Post, CNN, Post Office, British Locations: Britain’s, Europe, ”

☆ Champagne sales fizzle after hitting Covid-era record highs
▼ + stars: | 2024-01-15 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

New York CNN —Champagne sales have lost some of their pop in 2023 following a few record-breaking years of sales spurred by the end of Covid-19 lockdowns. That marks nearly a return to pre-Covid levels in 2019, when 297.3 million bottles were shipped. During its peak in 2022, sales soared by 33%, when 325 million bottles were shipped. The name Champagne is exclusively reserved for wines harvested and produced by 16,200 growers on 34,300 hectares northeast of Paris. This cost France a total of roughly $2 billion in sales, a recent report said.

Persons: Comité, “, David Chatillon, LVMH Moët Hennessy, Dom Pérignon, CNN’s Anna Cooban Organizations: New, New York CNN Locations: New York, Covid, Champagne, France, Paris

☆ Davos: A mountain of debt and a wave of elections. World leaders are hamstrung
▼ + stars: | 2024-01-14 | by ( Hanna Ziady | ) edition.cnn.com time to read: +7 min

London CNN —World leaders are flocking to Davos this week to pontificate on the planet’s most pressing problems. Even in the absence of a new crisis, soaring debt servicing costs will constrain efforts to tackle climate change and care for aging populations. Mortgage rates and other borrowing costs soared as investors demanded much higher premiums for owning UK debt. Mounting debt and political brinksmanship have already taken their toll on America’s credit rating, which typically affects borrowing costs for the government, businesses and households. And that would increase the government’s borrowing costs.

Persons: worryingly, Michael Saunders, ”, Saunders, that’s, Liz Truss, Dave Ramsden, Fitch, Moody’s, Raghuram Rajan, “ It’s, ” Rajan, Anna Cooban Organizations: London CNN —, Bank, CNN, Oxford Economics, Bank of England, AAA, States ’, Reserve Bank of India, Labour Party, Treasury Department, Federal, University of Chicago Booth School of Business Locations: Davos, Kingdom, Argentina, States, United States, Switzerland

☆ UK postal scandal: How a software glitch and a centuries-old British company ruined peoples lives
▼ + stars: | 2024-01-13 | by ( Anna Cooban | ) edition.cnn.com time to read: +10 min

The government — which owns the Post Office — has described the scandal as one of the greatest miscarriages of justice in British history. The software regularly showed that money — often many thousands of pounds — had gone missing from Post Office accounts. The Post Office has so far paid more than £138 million ($176 million) in compensation, a company spokesperson told CNN. “The Horizon system was a piece of machinery and software that wasn’t working correctly,” she said. “If the Post Office can do this to you, then God knows what any other brand is capable of,” she said.

Persons: —, Jo Hamilton, Hamilton, ”, Mr Bates, ’, Alan Bates, Rishi Sunak, ‘, Jonathan Wells, Wendy Buffrey’s Horizon, “, I’d, Buffrey, “ I’ve, Neil Hudgell, Martin Griffith, they’ve, Leon Neal, James Hartley, Siema Kamran, Kamran Ashraf, Ashraf, Kamran, ” Siema Kamran Organizations: London CNN, UK Post, Fujitsu, CNN, Post, ITV, Horizon, of Justice, Office, Cheltenham, Metropolitan Police, Getty, Post Office Locations: Britain, England, Hamilton, British, London, Buffrey, Bracknell , England, Freeths, Cheltenham

☆ Tesla to pause German production over Red Sea disruption
▼ + stars: | 2024-01-12 | by ( Anna Cooban | ) edition.cnn.com time to read: +3 min

London CNN —Tesla plans to pause most production at its only European factory due to supply chain problems caused by attacks in the Red Sea. In recent weeks, Houthi militants, based in Yemen, have ramped up attacks on vessels traveling through the Red Sea, saying they are revenge for Israel’s war against Hamas in Gaza. As a result, six of the world’s 10 biggest shipping companies — namely Maersk, MSC, Hapag-Lloyd, CMA CGM, ZIM and ONE — have been largely or completely avoiding the Red Sea. Volkswagen, Germany’s biggest carmaker, said Friday that its passenger car division did not anticipate “significant” restrictions to production over the situation in the Red Sea, according to Reuters. Economic reverberationsTesla’s decision will amplify fears that a prolonged closure of the Red Sea route — which connects with the vital Suez Canal — will hurt the global economy by snarling supply chains and driving up the prices of goods.

Persons: London CNN — Tesla, Tesla, Joe Biden, Brent, “, ”, Robert Yawger, Matt Egan Organizations: London CNN, CNN, RTL, Maersk, MSC, Lloyd, CMA CGM, Carriers, European Automobile Manufacturers ’ Association, Volvo, Reuters, Volkswagen, Economic, Ikea, Crocs, Container, British, West Texas, Mizuho Securities Locations: Red, Berlin, Europe, Yemen, Gaza, South Africa, Belgium, Suez, British, Drewry, Iran

☆ Baidu’s live streaming plans suffer as it calls off $3.6 billion Joyy deal
▼ + stars: | 2024-01-01 | by ( Anna Cooban | ) edition.cnn.com time to read: +2 min

London CNN —Baidu’s bid to expand its live streaming business in China and diversify its revenue has suffered a blow with the collapse of a planned $3.6 billion acquisition. The Chinese tech giant announced Monday that one of its affiliate companies had terminated a 2020 agreement with Nasdaq-listed Joyy (YY), the owner of popular live streaming platform YY Live. Baidu CEO Robin Li said at the time that the acquisition would “catapult Baidu into a leading platform for live streaming and diversify our revenue source.”Like other live streaming platforms in China, YY Live makes money from users who buy virtual gifts for performers. Live streaming revenues fell by nearly 9% to $495.8 million. But as China’s economic outlook deteriorates, Beijing has shown signs of easing the crackdown, frequently talking up tech companies’ role in the economy.

Persons: London CNN —, ” Joyy, “, Robin Li, Joyy Organizations: London CNN, Nasdaq, Baidu, Hong Kong Stock Exchange, Big Tech Locations: China, , Beijing

☆ Moody’s warns it may downgrade China
▼ + stars: | 2023-12-05 | by ( Laura He | Diksha Madhok | ) edition.cnn.com time to read: +4 min

The lowering of its outlook does not automatically mean the ratings agency will downgrade China’s creditworthiness, but it increases the chances. Analysts say the property downturn is likely to drag on, hobbling China’s growth prospects for years. Slower growth, weaker demographicsMoody’s expects China’s annual economic growth rate to slow to 4% in both 2024 and 2025, and average 3.8% a year from 2026 to 2030. “The affirmation of the A1 rating reflects China’s financial and institutional resources to manage the transition in an orderly fashion,” the agency said. “Its economy’s vast size and robust, albeit slowing, potential growth rate, support its high shock-absorption capacity.”China’s Finance Ministry said Tuesday it was “disappointed” with Moody’s decision to downgrade the country’s credit outlook.

Persons: Hong Kong / New Delhi CNN — Moody’s, China’s, Moody’s, “, Hong, Seng, Anna Cooban Organizations: Hong Kong / New Delhi CNN, China’s Finance, CSI Locations: China, Hong Kong / New Delhi, China’s, “, Shanghai, Shenzhen

☆ Tesla’s clash with Swedish workers risks spilling over into a regional fight
▼ + stars: | 2023-12-05 | by ( Anna Cooban | ) edition.cnn.com time to read: +3 min

London CNN —Danish dockworkers and drivers are threatening to stop transporting Teslas to neighboring Sweden if the carmaker does not reach a deal with striking Swedish workers within two weeks. It is the first time a labor union outside of Sweden has threatened industrial action against Tesla in solidarity with the Swedish workers. “IF Metall and the Swedish workers are fighting an incredibly important battle right now. About nine out of 10 workers in Sweden and more than eight in 10 in Denmark are covered by such agreements. At least three attempts to organize by Tesla workers in the United States have failed, mainly as a consequence of aggressive tactics by the company and weak protections for labor in the country.

Persons: ”, Tesla, Jan Villadsen, IF Metall, ” IF Metall, Anu Hietala, Elon Musk, —, “ Organizations: London CNN, Danish, IF Metall, CNN, IF, ” IF, Denmark’s, Nordic, Nordic Transport Workers ’ Federation, New York Times Locations: Sweden, Swedish, dockworkers, Finland, Norway, Stockholm, Denmark, United States

☆ Premarket stocks: Shein and Reddit IPOs don’t herald a Wall Street boom. Here’s why
▼ + stars: | 2023-12-04 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +9 min

New York CNN —It’s been an exciting few weeks for the IPO market. People try to draw an analogy between the IPO market and a blocked pipe. That is one reason why the IPO market feels less stymied than it did 12 months ago. But if the current IPO market kicks off, it’s because of other macroeconomic factors. They’re going to very rapidly acquire customers and care much less about long term financial sustainability and climate and the environment.

Persons: New York CNN — It’s, Angela Lee, Bell, We’ve, Reddit, ‘ it’s, Shein, It’s, it’s, we’ve, Ben Minicucci, Eva Rothenberg, ”, Peter Ingram, Robin Hayes, Minicucci, “ We’ll, Anna Cooban, Svein Tore Holsether Organizations: CNN Business, Bell, New York CNN, Reuters, Microsoft, Wall Street, Columbia Business School, Federal Reserve, Alaska Air, Hawaiian Airlines, Sunday, Alaska Airlines, American Airlines, JetBlue Airways, Justice Department, District of Columbia, Spirit Airlines, Yara, CNN, International Maritime Organization Locations: New York, Reddit, Minicucci, Delta, Southwest, Norwegian, decarbonization

☆ Gold prices have never been this high
▼ + stars: | 2023-12-04 | by ( Anna Cooban | ) edition.cnn.com time to read: +4 min

London CNN —Gold prices hit an all-time high Monday, buoyed by growing expectations of interest rate cuts among investors, a weaker dollar and geopolitical tensions. “This has created a more favorable environment for gold as a non-yielding asset.”John Reade, a market strategist at the World Gold Council, an association of gold producers, told CNN that, with investors predicting several rate cuts over the next year, gold prices could “quite possibly” shoot above Monday’s record high. Since gold is priced in US dollars, the fall in the greenback’s value has made it less expensive for investors outside the United States to buy the metal, which should have boosted demand and, in turn, lifted gold prices. Gold prices have risen 10% so far this year. According to the World Gold Council, central banks in emerging markets bought 473 metric tons (521 tons) of gold a year on average between 2010 and 2021.

Persons: ebbs, Daria Efanova, ” John Reade, Jamie Dimon, ” Reade, “, Reade, ” Organizations: London CNN —, US Federal Reserve, Treasury, Sucden, World Gold Council, CNN, Interactive Investor Locations: United States, Russia, Ukraine, Israel, Gaza, China, South China, Taiwan, Russian

☆ Analysis: The 2023 stock rally is back on track
▼ + stars: | 2023-12-01 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

New York CNN —The US stock market has rebounded from its months-long rut. Stocks finished out their best month of the year on Thursday, breaking a three-month streak of declines for all the major indexes. “The only way I see a rally continuing is if the bond market behaves itself,” said Richard Steinberg, chief market strategist at The Colony Group. While those stocks have remained at the top of Wall Street’s scoreboard, the recent rally has encompassed a wider range of stocks. Long-neglected pockets of the stock market, from beaten-down financials to small-caps to cyclical stocks, have climbed higher in recent weeks.

Persons: Stocks, ”, Richard Steinberg, “, Santa Claus, Ned Davis, Anna Cooban, Elisabeth Buchwald, Nelson Peltz, Nelson Peltz’s, Bob Iger, ” Trian, Trian, Trian’s, Morgan Stanley, James Gorman, Sky Jeremy Darroch, ” Read Organizations: CNN Business, Bell, New York CNN, Federal Reserve, Nasdaq, Dow Jones, Treasury, The Colony, Wall Street, Ned Davis Research, Organization of, Petroleum, Saudi Press Agency, Ministry of Energy, Saudi, United Emirates, Reuters, Disney, Management, Peltz, Sky Locations: New York, Santa, OPEC, Saudi Arabia, Vienna, Russia, Iraq, United, Kuwait, Kazakhstan, Algeria, Oman, Brazil, Brazil’s

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