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☆ CNBC Daily Open: Bitcoin breaches $30,000 as the economy slows
▼ + stars: | 2023-04-11 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Markets in the U.S. reopened Monday but seemed to retain a post-holiday sluggishness as investors digested multiple signs of a slowing — but still strong — economy. Traders will certainly pore through those reports, but they'll also want to see what the U.S. consumer price index and producer price index say about the economy. Subscribe here to get this report sent directly to your inbox each morning before markets open.

☆ CNBC Daily Open: State of the economy: Slowing, but strong
▼ + stars: | 2023-04-11 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

REUTERS/Henry NichollsApril 8 (Reuters) - As the fortunes of Richard Branson's Virgin Orbit were crashing to Earth last month, a little-known investor called Matthew Brown appeared offering a $200 million rescue. Virgin Group, which owns 75% of Virgin Orbit, also declined to comment for this article. The group is providing financing to Virgin Orbit as the satellite launch company seeks a buyer in bankruptcy. Asked about this, Brown told Reuters he structured deals to protect investor confidentiality with a preference for "laying low below the radar." Virgin Orbit filed for bankruptcy on Tuesday.

☆ First Citizens just bought Silicon Valley Bank – here's everything you need to know about the latest twist in the banking turmoil
▼ + stars: | 2023-03-27 | by ( George Glover | ) www.businessinsider.com time to read: +6 min

First Citizens Bank agreed to buy most of Silicon Valley Bank on Sunday. The Raleigh, NC-based bank has taken over 17 branches of SVB, $119 billion of its deposits and $72 billion worth of loans. Here's everything you need to know about the latest twist in the US's regional banking turmoil. First Citizens Bank has agreed to buy SVB, according to a statement released on Sunday by the Federal Deposit Insurance Corporation. It'll also receive benefits tied to First Citizens' share price, which it estimated could be worth around $500 million.

☆ Google Bard is already behind in the AI wars with OpenAI and Microsoft
▼ + stars: | 2023-03-23 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +5 min

Google Bard, the search firm's answer to ChatGPT, has underwhelmed early testers. Users in the US and UK trying out the AI chatbot find it pales in comparison to OpenAI's tech. The makers of the Twofer Goofer word puzzle found ChatGPT was much better at solving the brainteasers than Google's Bard. It's possible that the company does have a super impressive AI tool up its sleeve. Insider's Hugh Langley reported earlier in March that Google employees are testing a more intelligent version of Bard, nicknamed "Big Bard."

☆ Silicon Valley Bank's collapse has made the Fed's job way harder, top economist says
▼ + stars: | 2023-03-17 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

The Federal Reserve will struggle to achieve a "no landing" scenario now that Silicon Valley Bank has collapsed, according to Apollo Global Management's chief economist. Torsten Sløk said he's expecting the regional banking crisis to lead to a fall in lending levels. "The slowdown that was already underway because of the Fed raising rates might come faster," he told Bloomberg. Its stock then cratered 87% in two days before it was taken over by regulators – and the share prices of other regional banks like First Republic and Western Alliance have also plunged since its collapse. The banking crisis has led to some of Wall Street's top names raising alarm bells about the Fed – which is still upping borrowing costs in a bid to tame inflation.

☆ Here’s how we navigated three sessions of SVB-sparked chaos and Tuesday’s bounce
▼ + stars: | 2023-03-14 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +7 min

The S & P 500 climbed roughly 1% in afternoon Tuesday trading, clawing back only some of its 3.4% decline between Thursday and Monday's close. We spent Monday morning looking for things to buy in what our trusted S & P Oscillator signaled was an oversold market. In the three sessions Thursday through Monday, both stocks underperformed the S & P 500 as they fell 5.4% and 4.4%, respectively. Palo Alto didn't get either nod, but we think it's only a matter of time before its added to the index. While S & P 500 constituency wasn't in the cards this time, we will continue to add to our position into weakness.

☆ US stocks rise as bank shares rebound and CPI shows inflation continues to cool
▼ + stars: | 2023-03-14 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +2 min

US stocks closed higher on cooling inflation data as trader shrug off concerns of a potential regional bank crisis. Sign up for our newsletter to get the inside scoop on what traders are talking about — delivered daily to your inbox. Regional bank stocks soared after cratering on Monday from the collapse of SVB and Signature Bank. The succession of bank failures has sparked heightened speculation the central bank will take a more dovish stance on monetary tightening. Here's where US indexes stood shortly after the 4:00 p.m. close on Tuesday:Here's what else happened today:In commodities, bonds and crypto:

☆ Investors are flocking to these well capitalized regional banks after SVB's collapse, market analyst says
▼ + stars: | 2023-03-14 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

KBW's RJ Grant say investors should seek out well capitalized banks for sizable returns in the long run. "Banks with strong deposit franchises are the ones that investors have been flocking to," he said. Regional banks on Tuesday staged a comeback, with some rising over 40% after cratering on Monday. While shares in regional banks continued to plunge by double digits on Monday, a reversal was taking shape Tuesday. Regional banks such as First Republic and PacWest watched as their stock prices climb by over 40% on Tuesday.

☆ US stocks rise as inflation data comes in line with expectations and investors shake off SVB fears
▼ + stars: | 2023-03-14 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +2 min

US stocks rose as investors digested the latest CPI data, which came in line with estimates. Sign up for our newsletter to get the inside scoop on what traders are talking about — delivered daily to your inbox. Both were in line with estimates and signaled continued cooling in inflation as the Federal Reserve weighs its next step on interest rates. Regional bank stocks staged a comeback after getting demolished on Silicon Valley Bank and Signature Bank contagion concerns on Monday. Goldman Sachs predicted the central bank will pause interest rate hikes at next week's FOMC meeting, citing "considerable uncertainty."

☆ Cratering Silicon Valley Bank's troubles could be the first sign of a new financial crisis. Here's what Burry, Ackman and El-Erian have to say.
▼ + stars: | 2023-03-10 | by ( Zinya Salfiti | ) www.businessinsider.com time to read: +3 min

Cratering Silicon Valley Bank's troubles could be the first sign of a new financial crisis. While some say the US banking system is solid, others think this could be the first sign of a new financial crisis. Well, and highlighting the current economic/financial/policy fluidity, we have something: banking system worries," El-Erian said on Twitter. Silicon Valley Bank going under would be exponentially worse. Activist Investor Ryan Cohen"Does this mean I don't have to pay back Silicon Valley Bank?"

[1/4] A worker walks across a construction site in the Central Business District, ahead of the opening of the National People's Congress (NPC) in Beijing, China, February 28, 2023. Nearly 3,000 delegates will gather in the Great Hall of the People west of Tiananmen Square for the first National People's Congress (NPC) of the post-zero-COVID era, although some precautions remain including testing and quarantine for journalists. It will also discuss Xi's plans for an "intensive" and "wide-ranging" re-organisation of state and Communist Party entities, state media reported on Tuesday, after a three-day meeting of the party's central committee. China's economy grew just 3% last year, one of its worst showings in nearly half a century. "We will strive to spur growth and have policy tools to do that, mainly by channelling money into big projects," Xu Hongcai, deputy director of the economic policy commission at the state-backed China Association of Policy Science, told Reuters.

☆ Nigeria's Tinubu declared president-elect by electoral commission
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: 1 min

China's annual parliament to implement Xi's tightening grip, article with galleryChina category · March 1, 2023 · 5:08 AM UTC · undefined ago · undefined agoChina's annual parliament opens on Sunday and will implement the biggest government reshuffle in a decade as Xi Jinping tightens control while contending with a host of challenges, from an uneven post-COVID economic recovery to cratering U.S. relations.

☆ These 2 charts show that investors are more scared of Jerome Powell than they are of Vladimir Putin
▼ + stars: | 2023-02-22 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

Stocks plummeted Tuesday – as Vladimir Putin promised to escalate Russia's war in Ukraine. Check out these two charts that show what investors are worried about right now. Two ongoing sagas have rattled markets over the past year: the Federal Reserve's aggressive interest-rate hikes and Russia's war in Ukraine. When the cost of borrowing is higher, stocks struggle because their future cash flows take a hit, chipping away at their overall valuations. That suggests that they're more scared of Jerome Powell than they are of Vladimir Putin.

While the Fed settled for a quarter-percentage-point rise, it also said "ongoing increases" would push the policy rate as high as needed. Recent data also showed inflation continuing to slow, though by less than expected. Today's 4.5%-4.75% policy rate is its highest since the eve of the housing crisis in 2007. "I don't see that indicating to me that we're slowing the economy," Fed Governor Michelle Bowman said of recent data, including strong retail sales and job growth. Richmond Fed's Barkin, by contrast, said he took little "signal" from recent data, anticipating inflation would continue falling.

☆ Tesla's stock is getting trounced by EV challenger Lucid, which is leading techs' 2023 rally thanks to Saudi takeover rumors
▼ + stars: | 2023-02-08 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

Shares in electric-vehicle manufacturer Lucid Motors have jumped 69% in 2023. Speculation of a takeover by Saudi Arabia's sovereign wealth fund has fueled Lucid's recent rally. Lucid is even beating rival EV manufacturer Tesla, which is up just under 60% so far this year at $196.81, despite analysts' fears. Lucid shares have also risen thanks to rumors of a looming takeover by Saudi Arabia's Public Investment Fund, which invests on behalf of the government and already owns over 60% of the carmaker. The stock jumped 43% on January 27 alone, after the deals website Betaville reported the Saudi PIF could be close to finalizing a full takeover.

☆ Wholesale egg prices have ‘collapsed.’ Why consumers may soon see relief
▼ + stars: | 2023-02-07 | by ( Greg Iacurci | ) www.cnbc.com time to read: +3 min

Fatih Aktas/Anadolu Agency via Getty ImagesWholesale egg prices have cratered in recent weeks from record highs, meaning consumers may soon see relief at the grocery store. Its Midwest Large White Egg price benchmark is a widely cited barometer in the egg industry. On average, it takes about four weeks for retail prices to reflect wholesale price trends, Rubio said. Retail prices tend to be less volatile than those at the wholesale level. For every 10% decrease or increase in wholesale egg price, consumers can expect retail prices to shift about 2%, on average, Rubio said.

☆ Pinterest misses quarterly revenue estimates on lower ad spends
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: +1 min

Feb 6 (Reuters) - Pinterest Inc (PINS.N) shares fell about 10% in aftermarket trade on Monday after the company missed quarterly revenue estimates as user growth slowed on the image-sharing platform and businesses cut advertising spending in a turbulent economy. The company announced chief financial officer and head of business operations Todd Morgenfeld would be leaving Pinterest on July 1, 2023. The image-sharing platform said it expected revenue to grow in low single digits year-over-year in the current quarter, compared with Wall Street estimates of 6.95% growth. The company's global monthly active users (MAUs) grew 4% to 450 million, below estimates of 452.3 million. The company's revenue in the fourth quarter ended Dec. 31 grew 4% to $877 million.

This is Matt Weinberger, deputy editor of Insider's tech analysis team and your host for today. The one port in this particular storm is Apple, which is still the only major tech company not to do layoffs in recent weeks. Mark Zuckerberg just ushered in a new era of tech. In recent months, layoffs have swept just about every major tech company (except, notably, Apple). Enter Mark Zuckerberg, CEO of Facebook's parent company Meta, who officially rang in the new era on Wednesday when he declared that 2023 would be the "year of efficiency" at the social network.

☆ Big Tech earnings show digital ads market not out of the woods
▼ + stars: | 2023-02-03 | by ( Sheila Dang | ) www.reuters.com time to read: +2 min

[1/2] A 3D printed Facebook's new rebrand logo Meta is seen in front of displayed Google logo in this illustration taken on November 2, 2021. Google-owner Alphabet Inc (GOOGL.O) on Thursday reported a slight fall in quarterly ad revenue, missing Wall Street expectations and surprising investors as the world's largest digital ad platform has traditionally been resilient compared to smaller rivals. Meta Platforms Inc (META.O), the second-largest digital ad platform, lifted Wall Street on Wednesday with its cost cuts and big share buyback, though it posted its third consecutive quarter of year-over-year revenue decline. Lower ad spending from brands in the financial services and technology sector was one reason for the revenue decline, the company said. Reporting by Sheila Dang in Dallas; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

☆ Snap was once the hottest app. Now it's getting crushed.
▼ + stars: | 2023-02-01 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +4 min

Snap's ads business is cratering, partly because of privacy changes by Apple. Apple has made it easier for users to opt out of ad-tracking, hurting revenue for firms like Snap. It isn't just the deteriorating economy, but the lasting effects of Apple's privacy changes in 2021. In the months running up to Apple's ad changes, Snap's stock hit a high of $83. Meta, of course, has been hurt significantly by Apple's changes (Mark Zuckerberg said the changes could cost his company around $10 billion in 2022).

☆ Morning Bid: Chipped
▼ + stars: | 2023-01-27 | by ( ) www.reuters.com time to read: +5 min

A surge of 'soft landing' hopes for the U.S. economy on Thursday got sideswiped overnight after a dire industry readout from chipmaking giant Intel decimated its stock price after the bell. "We expect some of the largest inventory corrections literally that we've ever seen in the industry," he told Reuters later. Annual 'core' PCE inflation is expected to have slowed to 4.4% last month, the lowest in more than a year, from 4.7% in November. U.S. bonds of Adani firms also fell after Hindenburg Research flagged concerns in a Jan. 24 report about debt levels and the use of tax havens. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ A top investment chief explains why bonds offer an attractive hedge for a mild and brief recession in 2023
▼ + stars: | 2023-01-21 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

I'm senior reporter Phil Rosen, and below I'm sharing my conversation with Northwestern Mutual's chief investment officer, Brent Schutte. He sees the bond market as this year's best recession hedge. Phil Rosen: You said you're expecting a mild and brief recession this year. Brent Schutte: The good news is that the bond market has repriced, and the bond market is a hedge against that recession. BC: I do think earnings will come down this year, and cheaper equities give a margin of safety against that.

☆ Bank of America downgrades Coinbase, says consensus estimates may be 'way too high' given the current crypto outlook
▼ + stars: | 2023-01-11 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

Wall Street is overestimating Coinbase 's ability to weather a tough crypto environment, according to Bank of America. The company's shares dipped 4% in the premarket after analyst Jason Kupferberg downgraded the crypto exchange to underperform from neutral, citing the volatile environment for crypto assets. He noted expectations for lower crypto participation in the months ahead as the industry faces more regulation and overcomes its confidence blow. He also expects potentially lower retail transaction volumes going forward. "We have been observing increasing signs of revenue diversification beyond retail crypto trading, a trend we think could accelerate in 2023 and beyond," Kupferberg wrote.

☆ BlockFi says it repaid investor $15 mln to settle over crypto crash
▼ + stars: | 2023-01-09 | by ( Dietrich Knauth | ) www.reuters.com time to read: +3 min

Jan 9 (Reuters) - Executives of bankrupt crypto lender BlockFi Inc have repaid an investor $15 million to settle a threatened lawsuit over the company's cratering equity value in summer 2022, the company's attorneys said Monday in bankruptcy court. The BlockFi investor threatened to sue, alleging that BlockFi and its executives should have been more transparent about contagion risks in the cryptocurrency market, according to Sussberg. BlockFi believed the investor's claims were "specious," but it reached a confidential settlement on Aug. 23 under which BlockFi executives repaid $15 million to the investor, Sussberg said. That loan gave FTX an option to buy BlockFi for $240 million, essentially setting a maximum value for existing equity. As the company's value plummeted, BlockFi laid off 20% of its employees.

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