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☆ The stock market may retest this year's lows and returns will be nearly flat in 2023, Goldman Sachs chief equities strategist says
▼ + stars: | 2022-12-06 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Stocks may retest lows this year and returns will be near-flat in 2023, according to Goldman Sachs' chief equities strategist David Kostin. The S&P 500 may hit 3,600 in the near term, as companies have revise 2023 earnings forecasts lower, he warned. Next year, the S&P 500 could see nearly flat returns, Kostin added, estimating that it could end 2023 at 3,750 to 4,000. "Therefore, if valuations are roughly at these levels – that's an optimistic scenario in my opinion – and there's not much earnings growth, you basically have a flat market," Kostin warned. And while the S&P 500 is down 17% from levels in January, the price-to-earnings ratio of the index is currently hovering around a multiple of 18.

☆ It'll take months for the impact on Russian oil from the EU price cap to feed through – and how bad it is depends on these 3 things, PIMCO says
▼ + stars: | 2022-12-06 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +3 min

It will be months before we know the real impact of the EU price cap on Russian oil, PIMCO said. These include how many ships Russia can procure and how many loaders abide by the rules. A European Union ban on seaborne Russia oil imports came in alongside the price cap Monday. Meanwhile, tanker charter prices are sky-high for ships willing to transport Russian oil amid sweeping sanctions, and Middle East and Asian buyers are opportunistically snapping up aging oil tankers to ship Russian fuel. Sharenow said the third thing to watch for is when sanctions on refined Russian oil products like diesel begin in February.

☆ PIMCO's Libby Cantrill breaks down what Georgia's Senate race means for Wall Street
▼ + stars: | 2022-12-06 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPIMCO's Libby Cantrill breaks down what Georgia's Senate race means for Wall StreetLibby Cantrill, PIMCO head of public policy, joins 'The Exchange' to discuss the Georgia Senate showdown and why it matters to Wall Street.

"Good news on the economy is bad news for inflation, whether that's China opening up or lower gasoline prices." The 10-year's yield rose 9.3 basis points to 3.596%. The 10-year German bund , the bloc's benchmark, rose 1.3 basis points to 1.890%. The Reserve Bank of Australia meets on Tuesday, and is expected to raise rates by a mere 25 basis points. The Bank of Canada meets on Wednesday and is expected to raise rates by 50 basis points.

☆ It is not the time to be a big bear on stocks, says Paul McCulley
▼ + stars: | 2022-12-05 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIt is not the time to be a big bear on stocks, says Paul McCulleyLisa Erickson, head of the U.S. Bank Wealth Management public markets group, and Paul McCulley, former chief economist with PIMCO, join 'Squawk on the Street' to discuss the Federal Reserve's course of action, the impact of inflation on the economy and more.

☆ Watch CNBC's full interview with U.S. Bank's Lisa Erickson and Georgetown's Paul McCulley
▼ + stars: | 2022-12-05 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with U.S. Bank's Lisa Erickson and Georgetown's Paul McCulleyLisa Erickson, head of the U.S. Bank Wealth Management public markets group, and Paul McCulley, former chief economist with PIMCO, join 'Squawk on the Street' to discuss the Federal Reserve's course of action, the impact of inflation on the economy and more.

☆ We expect the U.S. economy to slip into a recession next year, says PIMCO's Tiffany Wilding
▼ + stars: | 2022-11-30 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe expect the U.S. economy to slip into a recession next year, says PIMCO's Tiffany WildingTiffany Wilding, North American economist at PIMCO, joins CNBC's 'Squawk Box' to react to the revised third-quarter U.S. GDP data and the possibility of a recession.

☆ FTX's bankruptcy hearing is underway and the details are wild. Here's what to know.
▼ + stars: | 2022-11-23 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

FTX kicked off its bankruptcy hearing on Tuesday, and the initial statements give Sam Bankman-Fried and company little to cheer. James Bromley, counsel to FTX's new management, had choice words during the first day in the Delaware hearing. Ray and his new management team's estimate of FTX's cash holdings has nearly doubled, a Saturday filing showed. In the letter, seen by the Financial Times, Bankman-Fried said excessive borrowing by Alameda Research was responsible for FTX's collapse. Elon Musk's EV maker has seen its market cap plunge from a high of $1.2 trillion.

☆ Credit Suisse shareholders greenlight $4.2 billion capital raise
▼ + stars: | 2022-11-23 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

The logo of Swiss bank Credit Suisse is seen at its headquarters in Zurich, Switzerland March 24, 2021.Credit Suisse shareholders on Wednesday approved a 4 billion Swiss franc ($4.2 billion) capital raise aimed at financing the embattled lender's massive strategic overhaul. Credit Suisse's capital raising plans are split into two parts. The new share offering will see the SNB take a 9.9% stake in Credit Suisse, making it the bank's largest shareholder. The second capital increase issues newly registered shares with pre-emptive rights to existing shareholders, and passed with 98% of the vote. Credit Suisse Chairman Axel Lehmann said the vote marked an "important step" in the building of "the new Credit Suisse."

☆ Avoid stocks and make these 7 investments instead to improve your odds of enjoying a positive return in what may be a brutal 2023, according to PIMCO
▼ + stars: | 2022-11-20 | by ( James Faris | ) www.businessinsider.com time to read: +5 min

Here's how the firm says to invest in 2023 as interest rates peak and markets struggle. After one of the worst years ever for the classic 60-40 stock-bond portfolio, portfolio managers at Pacific Investment Management Company (PIMCO) have gone back to the drawing board. Higher interest rates will bring down corporate profits — not just inflation, Browne warned. "With interest rates higher amid a challenging macro environment, we see a compelling case for bond allocations and are cautious about higher-risk investments," Browne wrote. Countries that started hiking interest rates early, including those in emerging markets, will offer the best opportunities early in the downturn.

☆ One of Wall Street's toughest shops isn't for the faint of heart. But the rewards are plenty for those who make it to the top.
▼ + stars: | 2022-11-18 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

Apollo Global Management; Yahoo; Brightspeed; Legendary; Alyssa Powell/Insider1. That, in a nutshell, is life at Apollo Global Management. The firm works on a points system that could most easily be described as a profit-share system, Casey told me. In other news:France's Kylian Mbappe celebrates with the trophy after winning the World Cup REUTERS / Kai Pfaffenbach2. You're not just watching the World Cup.

☆ Pimco's co-head of special situations Harin de Silva has taken a personal leave
▼ + stars: | 2022-11-16 | by ( Danielle Walker | ) www.businessinsider.com time to read: +2 min

Harin de Silva is on the small investment committee for Pimco's Private income Fund, which includes Group CIO Dan Ivascyn. Core Strategies, also recently took a personal leave of absence from the firm. Pimco's co-head of special situations, Harin de Silva, has taken a personal leave of absence from the firm, a company spokesperson confirmed Wednesday. De Silva is co-head of special situations with executive vice president Kristofer Kraus, who is a portfolio manager on the speciality finance team. During de Silva's leave, Pimco has placed portfolio manager Kristofer Kraus, who is on the speciality finance team, on the PIF investment committee.

☆ Watch CNBC's full interview with PIMCO's Erin Browne
▼ + stars: | 2022-11-16 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with PIMCO's Erin BrownePIMCO's Erin Browne joins 'Closing Bell' to discuss her new asset allocation outlook, prospects for bond returns in 2023 and lessons from the negative stock-bond correlation.

☆ Even after inflation peaks, it will remain persistent, says PIMCO's Erin Browne
▼ + stars: | 2022-11-16 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEven after inflation peaks, it will remain persistent, says PIMCO's Erin BrownePIMCO's Erin Browne, joins 'Closing Bell' to discuss her new asset allocation outlook, prospects for bond returns in 2023 and finding value from the negative stock-bond correlation.

☆ The Lehman Brothers of Crypto: Here's how the fall of Sam Bankman-Fried's FTX compares to the collapse that sparked the Great Financial Crisis
▼ + stars: | 2022-11-14 | by ( Phil Rosen | ) www.businessinsider.com time to read: +7 min

It gives maybe the clearest, most entertaining breakdown of how many, many very bad bets on subprime mortgages kickstarted the 2008 Financial Crisis. The most serious domino to fall 14 years ago was Lehman Brothers, the classic too-big-to-fail behemoth that did in fact go under. All this is a roundabout way of saying the collapse of Sam Bankman-Fried's crypto exchange, FTX, is severe and dramatic enough to warrant its own movie in a few years. Reminisce with me for a moment: In the years leading up to 2008, Lehman Bros loaded up its balance sheet with huge amounts of subprime mortgage debt. Lehman went under, and the world sunk into its worst financial crisis since the Great Depression.

☆ The Fed has smashed the housing market and killed rampant speculation - and that means 'we're almost there' with inflation, former PIMCO chief economist says
▼ + stars: | 2022-11-11 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

The Fed has smashed the housing market and killed rampant speculation, according to PIMCO's former chief economist. He pointed to the doubling of mortgage rates and trouble in crypto as signs the Fed has sufficiently tightened. Mortgage rates have doubled and home buying activity is set to slump, meaning the housing market is "down for the count," McCulley said. "The housing market is smashed, the enthusiasm for speculation in the marketplace [that] was rampant in 2021 has been removed," McCulley said. Inflation clocked in at 7.7% in October's inflation report, below economists' expectations of 8% inflation.

☆ Fmr. PIMCO Chief Economist Paul McCulley sees peak inflation in rearview mirror
▼ + stars: | 2022-11-10 | by ( Melissa Lee | ) 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 EmailFmr. PIMCO Chief Economist Paul McCulley sees peak inflation in rearview mirrorPaul McCulley, former chief economist with PIMCO, believes we've hit peak inflation. With CNBC's Brian Sullivan and the Fast Money traders, Tim Seymour, Karen Finerman, Dan Nathan and Guy Adami.

☆ How to know when stocks have bottomed: UBS shares 17 indicators to watch that will likely signal the end of the bear market — and how high stocks could climb afterward
▼ + stars: | 2022-11-09 | by ( William Edwards | ) www.businessinsider.com time to read: +3 min

Stocks will likely bottom in Q3 2023, says UBS strategist Keith Parker. Right now, 59% of the indicators are triggered, suggesting a few more need to be checked off before stocks can bottom. Once stocks do bottom, Parker said stocks have typically gone on a tear. In recessionary scenarios where the market falls around 35%, the market surges on average 42% in the 12-month period following a bottom. In non-recessionary declines of around 25%, the market usually returns 27% in the 12 months after a bottom, Parker said.

☆ PIMCO's Libby Cantrill breaks down what the midterm results mean for markets
▼ + stars: | 2022-11-09 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPIMCO's Libby Cantrill breaks down what the midterm results mean for marketsLibby Cantrill, head of U.S. public policy at PIMCO, joins CNBC's 'Squawk Box' to discuss what the midterm election results mean for markets.

☆ Allianz beats quarterly profit expectations, posts rosier 2022 outlook
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: +2 min

Net profit attributable to shareholders was 2.464 billion euros ($2.47 billion) in the quarter compared to 2.111 billion euros a year earlier. The figure surpassed a 2.320 billion euro consensus forecast. Allianz said operating profit in 2022 would be in the upper half of its previously stated range of 12.4 billion euros to 14.4 billion euros. The "upper half" is new guidance and rosier than before. Separately, the company announced a 1 billion euro share buyback programme, which would start in the middle of November and conclude by the end of next year at the latest.

☆ Shanghai bourse kicks off week-long conference to woo global investors
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI, Nov 8 (Reuters) - The Shanghai Stock Exchange (SSE) kicks off on Wednesday a week-long global conference to promote China's capital markets, according to an official agenda, the latest in a flurry of activities by regulators to woo international investors. Participants at the annual SSE Global Investor Conference, to be held Nov. 9-16, and closed to the media, include Chinese regulators, executives from global banks and asset managers such as abrdn, Deutsche Bank and PIMCO. At the Global Financial Leaders' Investment Summit in Hong Kong last week, the country's senior financial regulators reaffirmed China's commitment to economic growth as a priority. Senior Chinese officials also sent similar messages at the China International Import Expo over the weekend. In the "fireside chat" section, senior officials from China's securities and foreign exchange regulators will talk about promoting the opening-up of China's capital market, and facilitating cross-border investment.

☆ U.S. yields advance as markets gird for midterm elections
▼ + stars: | 2022-11-07 | by ( Gertrude Chavez-Dreyfuss | ) www.reuters.com time to read: +3 min

NEW YORK, Nov 7 (Reuters) - U.S. Treasury yields rose in choppy trading on Monday after a week of high volatility, as bond investors turned their focus to the U.S. midterm elections on Tuesday that will determine control of Congress. U.S. two-year yields, which are sensitive to rate expectations, rose 7 basis points to 4.216% . The yield on 10-year Treasury notes was up 4.3 basis points at 4.201%. U.S. 30-year Treasury yields were up 4.2 basis points at 4.289%. A closely-watched part of the U.S. Treasury yield curve measuring the gap between yields on two- and 10-year Treasury notes remained inverted at -52.1 basis points.

☆ PIMCO's Libby Cantrill: The parties in some ways are trying to outhawk each other on China
▼ + stars: | 2022-11-07 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPIMCO's Libby Cantrill: The parties in some ways are trying to outhawk each other on ChinaPIMCO's Libby Cantrill joins the 'CNBC Special: Taking stock' to discuss tomorrow's midterm election, the impact it could have on big business and the sectors that stand to benefit most.

☆ Italy's Monte dei Paschi says cash call 96.3% covered
▼ + stars: | 2022-11-03 | by ( Valentina Za | ) www.reuters.com time to read: +2 min

Concerns about tapping markets against the backdrop of the Ukraine war, record inflation and an impending economic slump had risked derailing Monte dei Paschi's (MPS) seventh cash call in 14 years. European Union laws curbing state aid to banks capped the Italian taxpayers' contribution at 1.6 billion euros, reflecting Rome's 64% stake in MPS. Underwriters led by global coordinators Bank of America (BAC.N), Citigroup , Credit Suisse (CSGN.S) and Mediobanca (MDBI.MI) will be left holding 93 million euros in shares, MPS said. Having committed up to 200 million euros towards the issue, AXA is expected to emerge as the Tuscan bank's second-biggest shareholder. ($1 = 1.0265 euro)($1 = 1.0259 euros)Reporting by Valentina Za; Editing by Jonathan Oatis and Andrea RicciOur Standards: The Thomson Reuters Trust Principles.

And economic policy is only gradually being taped back together before the BoE meets again. It's also pulled the implied peak Bank rate next year some 150bp lower to 4.75% over the same period - back below the assumed 'terminal rate' at the U.S. Federal Reserve. "We see the risks skewed towards the BoE sounding dovish this week and ultimately "underdelivering" versus current pricing," the Deutsche analyst wrote. Central bank rate hikes and SterlingReuters Graphics Reuters GraphicsThe opinions expressed here are those of the author, a columnist for Reuters. by Mike Dolan, Twitter: @reutersMikeD; Editing by Josie KaoOur Standards: The Thomson Reuters Trust Principles.

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