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☆ Oppenheimer says Coinbase can still surge 90% even after FTX's 'Lehman Brothers moment'
▼ + stars: | 2022-11-10 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

There's still lots of upside in Coinbase shares despite the recent volatility within the broader crypto market, according to Oppenheimer. Bitcoin hit a low not seen since 2020 as the crypto market responded to the chaotic moves. "The crypto industry has been going through a calamitous hurricane from the fallout of FTX," Lau said in a note to clients. "It has turned from a Bear Stearns moment when Binance signed a non-binding LOI, to a Lehman Brothers moment when Binance walked away from the deal one day after." Lau said Coinbase has said it has "very little exposure" to FTX, which is considered to be on the brink of collapse.

☆ Coinbase could benefit as crypto exchanges brace for regulatory scrutiny after FTX fallout, analysts say
▼ + stars: | 2022-11-10 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +4 min

The fall of crypto exchange FTX will likely bring regulatory scrutiny with it – and Coinbase may emerge as a winner, analysts say. “We believe today's events could potentially accelerate regulatory scrutiny on these offshore exchanges on both a national and global basis," a team of Cowen analysts said in a note this week. Retail trading will face several near-term headwinds in the aftermath of the FTX saga – lower crypto adoption, depressed prices, more regulatory scrutiny, potential FTX-related contagion. “Longer term, we expect Coinbase to benefit from clear leadership in adherence to regulatory compliance,” Cowen said. "We view Coinbase as the most regulatory compliant crypto platform globally.” That sentiment was echoed by others on Wall Street this week.

☆ Here are Thursday's biggest analyst calls: Apple, Tesla, Meta, Alphabet, GM, Walmart, Coinbase & more
▼ + stars: | 2022-11-10 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

Here are Thursday's biggest calls on Wall Street: JPMorgan downgrades Roblox to neutral from overweight JPMorgan downgraded the stock after Roblox's earnings report, noting it now sees "modest" sales growth. Bank of America downgrades Silvergate to neutral from buy Bank of America said that Silvergate is losing it's first mover advantage. Bank of America downgrades Upstart to underperform from neutral Bank of America downgraded the consumer lending company and cited a tough macro environment. JPMorgan downgrades Vacasa to neutral from overweight JPMorgan said in its downgrade of the vacation booking company that trends appear soft. Bank of America reiterates Meta as neutral Bank of America said it's encouraged by the new "cost focus" at Meta as the company cuts jobs.

☆ Binance's rescue of FTX shows no crypto company is 'too big to fail,' experts say
▼ + stars: | 2022-11-09 | by ( Ryan Browne | ) www.cnbc.com time to read: +4 min

Ben Mcshane | Sportsfile | Getty ImagesBinance's agreement to salvage rival cryptocurrency exchange FTX from collapse shows how no one is safe from the chill of crypto winter, according to industry experts. "It shows that no one is too big to fail," said Pascal Gauthier, CEO of crypto wallet firm Ledger. On Monday, the CEO of cryptocurrency exchange FTX, Sam Bankman-Fried, took to Twitter in since-deleted tweets to play down concerns his crypto trading empire was at risk of collapsing. The debacle highlights how the crypto industry is becoming more centralized and straying from its decentralized roots, according to Gauthier. "FTX is a very big warning for everyone," Gauthier said in an interview on CNBC's Squawk Box Europe Wednesday.

☆ Premarket stocks: Markets are in trouble. Election results won't change that
▼ + stars: | 2022-11-09 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

New York CNN Business —The results of Tuesday’s midterm elections will set the agenda for the next Congress. But when it comes to the stock market, this election ranks fairly low on the list of things investors should worry about. But stocks have a bigger problem than who takes the House or Senate: The possibility of a recession ahead. Politics have taken a less central role in recent discussions with investors than they have in past election cycles, they added. The bottom line: When it comes to the next big market catalyst, investors should look to the Fed, not Congress.

☆ Carbon-accounting startup Planetly was shut down and all 200 staff laid off just a year after acquisition. Insiders say it's a bad omen for 2023.
▼ + stars: | 2022-11-08 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +5 min

European carbon accounting companies lured $670 million in venture capital last year, as investors banked on growing appetite from corporates to bolster their ESG credentials. The slowdown means 2023 will be the toughest year since the Lehman Brothers collapse for potential closures of acquired companies, the source said. Still, carbon accounting companies are struggling with commercial traction due to market saturation and little differentiation, he said. "But if you acquire a carbon accounting software solution, you are probably a large organisation that has established customer relationships and had conversations about this before. European industry sources added that they expect further consolidation in the carbon accounting space.

☆ Crypto's self-appointed savior just reached for a lifeline
▼ + stars: | 2022-11-08 | by ( Allison Morrow | ) edition.cnn.com time to read: +5 min

He’s an entrepreneur whose name often appears alongside descriptors like “wunderkind,” “savior,” white knight, “digital Warren Buffett,” etc. Then, in a truly unexpected twist, Binance said it had offered to buy FTX to resolve its liquidity crisis. The news prompted a brief recovery in digital assets but wasn’t enough to calm anxious investors. Other digital assets and equities tied to the industry, such as Coinbase, also fell. There’s a lot to figure out still, but we can expect digital assets to remain volatile until more details about the FTX-Binance deal are made public.

☆ The Federal Reserve just upped the ante in its inflation fight (again). A central bank expert explains what it means and what happens next.
▼ + stars: | 2022-11-03 | by ( Phil Rosen | ) www.businessinsider.com time to read: +7 min

In case you missed it, you should know the Federal Reserve yesterday raised interest rates by 75 basis points. In this March 20, 2019, file photo, Federal Reserve Chair Jerome Powell speaks during a news conference in Washington. In his Wednesday press conference, Chairman Jerome Powell reiterated the central bank's commitment to bringing down inflation, made evident by the three-quarter point move. The pound is also down, as traders brace for the Bank of England's interest rate decision later today. The chief market strategist of a $1.1 trillion firm explained why markets could rally for the rest of the year but ultimately crater 10% next year.

[1/2] Logo of Uniper is pictured at the company's headquarters in Duesseldorf, Germany, September 21, 2022. REUTERS/Wolfgang RattayFRANKFURT/DUESSELDORF, Nov 3 (Reuters) - Soon-to-be-nationalised gas importer Uniper (UN01.DE) unveiled a record 40 billion euro ($39.3 billion) net loss, among the biggest in German corporate history, reflecting expected future losses in the wake of Russia's move to stop supplies. Uniper said the net loss factored in 10 billion euros of realised losses the company incurred by replacing Russian gas volumes on the spot market at much higher prices as well as 31 billion euros of future losses related to this problem. "We are also working intensively to restructure our gas portfolio in order to minimise risks and to end by 2024 the losses resulting from suspended Russian gas deliveries," Tuomela said. Among the group's top priorities remains the planned exit from the Russian market, where it owns a 83.7% stake in Unipro (UPRO.MM), it said.

☆ Stocks crashed 50% in the 2008 crisis. Here's how bad Jamie Dimon, Nouriel Roubini, Michael Burry, and other top commentators see it getting in the next recession.
▼ + stars: | 2022-10-29 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +7 min

Here's how bad a the next downturn could hit the stock market, according to five top experts. The stock market cratered from 2008-2009, with the Dow Jones Industrial Average ending at a low of 6,594 in March 2009, down more than 50% from its peak before the recession. With warning signs piling up, here's what five experts have to say about the next recession and what's in store for the stock market. "This is just the beginning of that pain," Roubini said of a potential repeat of the 2008 recession. He's voiced concerns about financial stability, warning markets that the Fed could "break something" on the way to reducing inflation.

☆ Uniper shuts down 50% of headquarters to save gas
▼ + stars: | 2022-10-24 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Oct 24 (Reuters) - German utility Uniper is shutting half the office space in its headquarters and lowering temperatures in areas remaining open to save gas, it told Rheinische Post on Monday, as it struggles to stay afloat even after being nationalised. The company has switched off all devices and lamps in 50% of its office space in Duesseldorf, stopped cleaning and lowered the temperature to 14 degrees, the lowest it can be without damaging the building, the spokesperson told Rheinische Post. In offices where people are working, temperatures were being lowered to 20 degrees, the report said. The Rheinische Post report said E.ON (EON.UL) was also taking steps to reduce energy consumption in its buildings by at least 20% through measures like switching off lighting of logos and turning off hot water where possible. Register now for FREE unlimited access to Reuters.com RegisterReporting by Victoria Waldersee; Editing by Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

Oct 24 (Reuters) - A former Minneapolis police officer charged in connection with the murder of George Floyd pleaded guilty on Monday as his trial was about to begin, a court spokesperson confirmed. Kueng and Thomas Lane helped Chauvin restrain Floyd, an unarmed Black man, while another officer, Tou Thao, kept bystanders from approaching the scene. Chauvin was convicted of murder in a state trial and sentenced to 22-1/2 years; he also pleaded guilty to related federal charges and is serving a federal sentence of 21 years concurrently. Kueng's plea agreement includes a sentence of 3-1/2 years that will be served concurrently with his federal sentence, according to Matt Lehman, a spokesperson for Hennepin County District Court. Kueng's defense attorney and the Minnesota attorney general's office, which is prosecuting the case, did not immediately respond to requests for comment.

Its ultra-loose stance has accelerated Japanese investment flows abroad, helping to turn the yen's slump into one of historic proportions. Its net international investment position, the difference between the stock of assets it holds overseas and stock of Japanese assets held by foreigners, was $3.29 trillion at the end of June. International Monetary Fund figures show that of Japan's $9.96 trillion assets overseas, around $3.7 trillion is in equity-related investments, and some $5.7 trillion in debt instruments, including official reserves. Deutsche Bank strategist Alan Ruskin says a YCC change could have spillover effects that could last for a few weeks. Meanwhile, Japanese retail foreign currency deposits at domestic banks rose to 26.58 trillion yen ($182 billion) at the end of August, up 8.3% since the start of the year.

☆ Premarket stocks: How to read big bank earnings
▼ + stars: | 2022-10-13 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

Beyond disappointing headline figures, Wall Street analysts are focusing on three important factors: loan growth, capital adequacy, and the economic outlook. Loan growth: The rate at which businesses borrow money from big banks doesn’t just tell us about the health of a financial institution itself. But Wall Street estimates show that loan growth is expected to decelerate in Q4 and into next year. Growth of Individual loans will likely decline, showing that Americans are beginning to feel the pinch of rising interest rates. Capital adequacy: Expect banks to take questions about how much money they have on hand.

In an interview with the Los Angeles Times, Monae said she uses both she/her and they/them pronouns. Jerrod CarmichaelJerrod Carmichael accepts Outstanding Writing for "Jerrod Carmichael: Rothaniel" at the 74th Primetime Emmys in Los Angeles, on Sept. 12, 2022. Charlee CorraCharlee Corra speaks at Human Rights Campaign dinner on March 12, 2022 in Los Angeles. Ellia GreenEllia Green, right, with his partner Vanessa Turnbull-Roberts and their daughter in Sydney, Australia, on Aug. 15, 2022. Blair came out publicly this year after serving as a consultant for Amazon Prime’s very queer TV reboot of the decades-old film.

☆ Markets won’t go back to normal until the Fed stops hiking rates
▼ + stars: | 2022-10-11 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

What’s happening: Markets and the Federal Reserve have conflicting temperaments, said Blinder. Markets are capricious while the Fed remains calm. Markets on average, said Blinder, overreact to inflation-related data by a factor of three to 10 times more than they should. The central bank announced Monday that it would provide extra support to UK markets, beefing up its efforts to ensure financial stability, reports my colleague Julia Horowitz. The research is especially relevant today as rapid interest rate hikes to combat inflation have sent markets into turmoil, drawing comparisons to 2008.

☆ Nobel Prize in economics awarded to Ben Bernanke, Douglas Diamond and Philip Dybvig for work on financial crises
▼ + stars: | 2022-10-10 | by ( Julia Horowitz | ) edition.cnn.com time to read: +4 min

London CNN Business —Former Federal Reserve Chair Ben Bernanke, Douglas Diamond and Philip Dybvig were awarded the Nobel Prize in economics on Monday for their work on banks and financial crises. Bernanke, who led the US central bank during the 2008 global financial crisis, received the award for his research on the Great Depression. While Bernanke served as chair, the central bank pioneered a program of quantitative easing, buying up assets to help stimulate economic growth. The Nobel prize, officially known as the Sveriges Riksbank Prize in Economic Sciences, comes with an award of 10 million Swedish kronor ($885,370) to be split equally among the laureates. It was not instituted by Alfred Nobel, but established by Sweden’s central bank and awarded in memory of Nobel.

☆ Bernanke bank-crisis Nobel requires markets sequel
▼ + stars: | 2022-10-10 | by ( Liam Proud | ) www.reuters.com time to read: +4 min

LONDON, Oct 10 (Reuters Breakingviews) - Rarely has an academic put theory into practice like Ben Bernanke. Yet the resulting era of tight bank regulation and ultra-low interest rates helped build up risks in financial markets which are only slowly becoming apparent. Bernanke’s research, and that of fellow laureates Douglas Diamond and Philip Dybvig, put lenders at the heart of the economy. In 2021, they accounted for about half of total global financial assets, compared with two-fifths for banks. Years of loose monetary policy, under Bernanke and his successors, have pushed many of these market players to take on more risk.

Members of the Royal Swedish Academy of Sciences Tore Ellingsen, Hans Ellegren and John Hassler announce the 2022 Nobel Prize for Economic Sciences, during a news conference at the Royal Swedish Academy of Sciences in Stockholm, Sweden October 10, 2022. The winners are Ben S. Bernanke (USA), Douglas W. Diamond (USA) and Philip H. Dybvig (USA). "Some households and some firms are already weakened," Gernot Doppelhofer, professor at the economics department of the Norwegian School of Economics (NHH) said. The economics prize is not one of the original five awards created in the 1895 will of industrialist and dynamite inventor Alfred Nobel. It was established by Sweden's central bank and first awarded in 1969, its full and formal name being the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel.

☆ Credit Suisse to buy back $3 billion in debt, sell landmark hotel as credit fears persist
▼ + stars: | 2022-10-07 | by ( Elliot Smith | ) www.cnbc.com time to read: +5 min

Signage hangs over the entrance of a Credit Suisse Group AG branch in Zurich, Switzerland, on Sunday, Sept. 25, 2022. Troubled bank Credit Suisse offered to buy back up to 3 billion Swiss francs ($3.03 billion) of debt securities Friday, as it navigates a plunging share price and a rise in bets against its debt. The offers on the debt securities will expire by Nov. 3 and Nov. 10, respectively. Credit Suisse shares were trading more than 7% higher following the news Friday, however they remain down around 50% year to date. Credit Suisse is the only major bank for which the curve has recently flattened," MSCI Research Executive Directors Gergely Szalka and Thomas Verbraken noted.

☆ Housing is slumping, but this real estate CEO explains why it’s not 2008 all over again
▼ + stars: | 2022-10-05 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +4 min

New York CNN Business —Mortgage rates are soaring. And for many prospective home buyers, especially first-time purchasers, the combination of rising home loan costs and still sky-high real estate prices make the idea of purchasing a home prohibitively expensive…if not impossible. But don’t tell that to the CEO of real estate developer Howard Hughes Corp. In an interview with CNN Business, David O’Reilly said that he’s not too worried about another housing market crash and explains why. apartment buildings) but that they are “running away from retail, offices and hotels.”Weakness in commercial real estate is probably one of the main reasons why Howard Hughes (HHC), like the stocks of other real estate companies, has plunged this year.

☆ High mortgage rates, tight supply and economic uncertainty: Here's what's happening with home prices
▼ + stars: | 2022-10-04 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +4 min

Yet home prices are still higher compared with a year ago, and it's unlikely they will fall too steeply. While that has some buyers pulling back, and some sellers lowering what they're asking for, strong demand and tight supplies are supporting prices. Black Knight, a real estate software, data and analytics firm, reported the second straight month of declines in August, with prices down 0.98% from July. Put together, these mark the largest monthly declines in more than 13 years and the eighth largest since at least the early 1990s, Black Knight said. That skews prices higher.

"Were dysfunction in this market to continue or worsen, there would be a material risk to UK financial stability," the British central bank said. By 2:48pm (1348 GMT) it was trading down 0.5% at $1.0679, a fall of 12% in the last three months. The BoE said it would return to its plan to sell bonds and its launch was only postponed until the end of October. RESTORE ORDEROn Monday the BoE said it would not hesitate to raise interest rates and was monitoring markets "very closely". But the slide in bond prices continued unabated on Wednesday, prompting the BoE to make its move.

☆ Sterling slips after IMF and Moody's rebuke Britain over tax plans
▼ + stars: | 2022-09-28 | by ( Harry Robertson | ) www.reuters.com time to read: +3 min

LONDON, Sept 28 (Reuters) - Sterling resumed its fall on Wednesday after the International Monetary Fund (IMF) and ratings agency Moody's scolded Britain over its new spending plans. The pound was down 0.56% to $1.068 with renewed dollar strength also weighing on the currency. Sterling tumbled to an all-time low against the dollar of $1.0327 on Monday as investors dumped UK assets after finance minister Kwasi Kwarteng unveiled plans to slash taxes and ramp up borrowing. Ratings agency Moody's said the unfunded tax cuts were "credit negative" and were likely to weigh on growth. UK pound coins plunge into water coloured with the European Union flag colours in this illustration picture, October 26, 2017.

☆ After 14 years, Lehman Brothers' brokerage ends liquidation
▼ + stars: | 2022-09-28 | by ( Jonathan Stempel | ) www.reuters.com time to read: +1 min

NEW YORK, Sept 28 (Reuters) - The liquidation of Lehman Brothers' brokerage unit has ended, 14 years and 13 days after its parent's bankruptcy helped trigger a market freefall and global financial crisis. U.S. Bankruptcy Judge Shelley Chapman in Manhattan closed the brokerage's estate on Wednesday and awarded final payments to the trustee who oversaw its liquidation and his law firm. Register now for FREE unlimited access to Reuters.com RegisterLehman's 111,000 customers received all $106 billion they were owed, and secured creditors also received full payouts. Lehman Brothers Holdings Inc, the brokerage's parent, had been Wall Street's fourth-largest investment bank before filing what remains by far the largest U.S. bankruptcy on Sept. 15, 2008. Giddens' law firm Hughes Hubbard & Reed was awarded $424 million as final compensation for 14 years of work on the case.

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