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☆ Economists have 'really had it wrong' about recession, market strategist says
  + stars: | 2024-12-10 | by ( Jessica Dickler | ) www.cnbc.com   time to read: 1 min
The Federal Reserve is expected to cut interest rates by another quarter point at the conclusion of its two-day meeting next week. "Two years ago … three out of four economists were saying we're going into a recession," David Zervos, chief market strategist for Jefferies LLC, said during CNBC's Financial Advisor Summit on Tuesday. The Fed's preferred measure of inflation stood at 2.3% in October, or 2.8% when excluding food and energy prices, according to the latest reading. Meanwhile, the fourth quarter is on track to post a 3.3% annualized growth rate for gross domestic product, the Atlanta Fed found. "I think the market is spending way too much time focused on the inflationary consequences of either immigration or trade policies," Zervos said.
Persons: David Zervos, They've, Zervos Organizations: Federal, Jefferies LLC, CNBC's, Atlanta Fed
☆ CD&R to take Focus Financial private in over $7 bln deal
  + stars: | 2023-02-27 | by ( ) www.reuters.com   time to read: +2 min
Feb 27 (Reuters) - Focus Financial Partners Inc (FOCS.O) has agreed to be taken private by affiliates of buyout firm Clayton, Dubilier & Rice (CD&R) in an all-cash transaction valued at more than $7 billion including debt, the companies said on Monday. The buyout firm's offer highlights how private equity firms are pouncing on the plunge in valuations to snap up companies. CD&R and Stone Point will fund the deal, which is expected to close in the third quarter of this year, with fully-committed equity financing. Stone Point and fellow private equity firm KKR & Co (KKR.N) owned New York-based company Focus prior to its listing in 2018. Jefferies LLC and Goldman Sachs are financial advisers to Focus, while Moelis & Co, Truist Securities Inc and BofA Securities are among advisers to CD&R.
☆ Investors look for clues on consumer health as holiday shopping kicks off
  + stars: | 2022-11-25 | by ( David Randall | ) www.reuters.com   time to read: +4 min
NEW YORK, Nov 25 (Reuters) - Investors are closely watching U.S. retail stocks as a barometer of consumer confidence as inflation bites, as the most important shopping season of the year begins on Friday. That would come in below both the 13.5% jump reported last year, and the 9.3% gain in 2020. Expectations for purchasing long-lasting manufactured goods fell 21% due to high interest rates and high prices, the survey found. Shares of Walmart are up 7.5% for the month to date, while shares of Target are down 1.2%. Kohl's, meanwhile, withdrew its forecast as it faces weakening demand due to rising prices.
☆ Wall Street to Pay $1.8 Billion in Fines Over Traders’ Use of Banned Messaging Apps
  + stars: | 2022-09-28 | by ( Dave Michaels | ) www.wsj.com   time to read: 1 min
The firms in the settlement include the brokerage unit of Bank of America. WASHINGTON—Eleven of the world’s largest banks and brokerages will collectively pay $1.8 billion in fines to resolve regulatory investigations over their employees’ use of messaging applications that broke record-keeping rules, regulators said Tuesday. The firms include brokerage units of Bank of America Barclays Citigroup Inc., Credit Suisse Group Deutsche Bank Goldman Sachs Group Morgan Stanley , UBS Group and Nomura Holdings Inc. Brokerage firms Jefferies LLC and Cantor Fitzgerald & Co. also settled the claims with the Securities and Exchange Commission and the Commodity Futures Trading Commission.
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