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That's good news for the world's second-largest economy, which has struggled since Beijing lifted zero-COVID restrictions late last year. China is also battling deflation, spiking youth unemployment, and a property-market crisis that’s brought down major developers like Country Garden and Evergrande. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdvertisementChina's beaten-down economy finally got some good news Wednesday, as second-quarter growth came in ahead of forecasters' expectations. Beijing will likely be breathing a sigh of relief at the latest data, which suggests the world's second-largest economy is still on track to meet authorities' target of 5% growth for 2023.
Persons: that’s, , China's, Nomura Organizations: Service, Reuters, JPMorgan, Country, CSI, Hong Kong Hang Locations: Beijing, China, Hong Kong
Jazz’s future — actually, its present — looks brighter than it has in at least 50 years. In April 2022, Jon Batiste cleaned up at the Grammys, becoming the first jazz musician below retirement age in decades to win album of the year. Young improvisers like him seem less intimidated than ever by jazz’s gloried history, and are dumping their energies into fusions and multimedia projects. For much of Saturday afternoon, when 11 pianists under 30 competed in the semifinals, there was cause to wonder. At one point I started to wonder if there was a rule against bringing in your own original tunes.
Persons: , Jon Batiste, Young improvisers, jazz’s, Wayne Shorter, Thelonious Monk, George Gershwin, Carl Allen Organizations: Hancock
John Paulson is suing his former Puerto Rico business partner. Ghaffar used the scheme to fund his shopping at Chanel and partying in Las Vegas, Paulson alleges. AdvertisementAdvertisementJohn Paulson is suing his former business partner in Puerto Rico, alleging that he and several family members duped the investor out of millions of dollars to fund luxury shopping sprees, Las Vegas parties, and other expenditures. Ghaffar sued Paulson earlier this month, claiming he'd been cheated out of a 50% stake in a luxury car dealership. Ghaffar joined the firm as a junior analyst and eventually rose to become a senior manager in Puerto Rico.
Persons: John Paulson, Fahad Ghaffar, Ghaffar, Paulson, , Fahad, Paulson's, Saint Barthélemy, he'd, didn't Organizations: Chanel, Service, Paulson, Louis Locations: Puerto Rico, Las Vegas, San Juan, Louis Vuitton, Saint, New York City
Jeff Bezos overtook LVMH tycoon Bernard Arnault as the world's second-richest man, per Bloomberg. AdvertisementAdvertisementLVMH founder Bernard Arnault is no longer the world's second-richest person, with his total wealth falling below Jeff Bezos' net worth amid signs of a slowdown in demand for luxury goods. In contrast, Bezos' fortune has ballooned by $49 billion to $156 billion, putting him just ahead of Arnault's $155 billion on Bloomberg's rich list. AdvertisementAdvertisementBoth Bezos and Arnault have previously held the title of the world's richest person, but they currently trail Elon Musk. The controversial X owner's personal fortune has swelled by $97 billion to $234 billion this year, thanks to Tesla's stock price surging by over 100%.
Persons: Jeff Bezos, Bernard Arnault, , Louis Vuitton, Hennessy —, Bezos Organizations: Bloomberg, Service, Federal, Elon
"Taylor Swift: The Eras Tour" broke a concert-film box-office record on its opening weekend. The movie pulled in $95 million to $97 million worth of ticket sales, AMC Theatres said. Swift’s tour has given the US economy a big boost in 2023, with even the Federal Reserve noticing its impact. "The Eras Tour" could also break records for the strongest October debut for any film. Its currently neck-and-neck with "Joker", which pulled in $96.2 million worth of ticket sales on its opening weekend back in 2019.
Persons: Taylor Swift, , Justin Bieber's Organizations: AMC Theatres, Reserve, Service, Federal, Bloomberg Economics, AMC, Hollywood Locations: Philadelphia, Monday's premarket
A bison in Montana in 2019 Photo: Craig Mellish/PBSAs recounted during Ken Burns ’s two-night, four-hour “The American Buffalo,” an Irish peer named Sir St. George Gore embarked on a hunting trip to the American West in the mid-1850s, bringing along 50 people, six wagons, 21 carts, 112 horses and 50 dogs. He spent about a quarter of a million dollars en route to killing 1,500 elk, 2,000 deer, more than 1,000 antelope, 500 bear and 4,000 bison. He was so “wanton,” we are told, he even offended the frontiersmen who spent their days butchering wildlife. When he attempted to breach the Black Hills of South Dakota, the tribes there told him to go, or fight.
Persons: Craig Mellish, Ken Burns ’, , St, George Gore Organizations: PBS Locations: Montana, American Buffalo, American, South Dakota
Housing is even more unaffordable now than ahead of the 2008 crash, according to Goldman Sachs. But the bank expects limited supply and borrowers being "locked in" at lower mortgage rates to drive prices even higher. "We continue to expect home prices to rise at a slow pace," strategists said in a research note. AdvertisementAdvertisementDon't expect US house prices to slip anytime soon despite record-high unaffordability levels, according to Goldman Sachs. AdvertisementAdvertisementGoldman Sachs noted that one benefit of the current tightness in the housing market is that there won't be a repeat of 2008, when home prices fell around 20% from their peak in the wake of the financial crisis.
Persons: Goldman Sachs, , Goldman's, Lofti Karoui, that's, Freddie Mac Organizations: Service, National Association of Realtors, Biden Administration, Federal Reserve
China remains on the brink of deflation, according to official figures published Friday. AdvertisementAdvertisementChina's battered economy still can't shake off the threat of deflation, official government figures released Friday show, as a key gauge of price rises unexpectedly flattened. The country's consumer price index was unchanged last month, the National Bureau of Statistics said. Meanwhile, factory-gate costs as measured by the producer price index fell 2.5% in September for their 12th consecutive monthly decline, the data showed. Both price indices fell short of economists' expectations, per Reuters polls conducted before the figures were published.
Persons: , Hong Organizations: Service, National Bureau of Statistics, CPI, CSI, China Locations: China, Beijing
India is hosting the Cricket World Cup over the next two months. Secondhand ticket prices have soared – although some fans say the process to buy them has been poorly-managed. AdvertisementAdvertisementCricket-mad India is currently hosting the sport's flagship event, the ODI World Cup – but fans who want to see the national team play live might have to pay thousands of dollars for the privilege. Tickets are reselling on secondhand marketplaces for sky-high prices, while supporters are complaining that the process to buy seats for marquee games has been poorly managed. AdvertisementAdvertisementThe official website for the World Cup says tickets for future India matches are "coming soon" – even though the Rohit Sharma-led side are slated to take on New Zealand in Dharamsala in just 10 days' time.
Persons: Bloomberg he’d, , Nikhil Wadhwani, he'd, , Wadhwani, Rohit Sharma, Taylor Swift, Olivia Rodrigo Organizations: Cricket, Bloomberg, Service, Pakistan's, scalpers, New Zealand, NBA, England Locations: India, Pakistan, Ahmedabad, Mumbai, New, Dharamsala, Australia
Big exporters will be required to sell their foreign earnings on the domestic market. Moscow is trying to prop up the slumping ruble, which has shed around a quarter of its value this year. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdvertisementRussia's government said late Wednesday that it will bring back some currency controls in a bid to revive the ruble, which has shed around a quarter of its value this year as the war in Ukraine rages on. Nearly two years since the invasion of Ukraine, Russia's economy is struggling but is yet to collapse in the face of widespread western sanctions.
Persons: , Vladimir Putin Organizations: Service, International Monetary Fund Locations: Russia, Moscow, Ukraine, Russia's
Investors should stay away from bank stocks with more market turmoil on the cards, according to Steve Eisman. Eisman also said to avoid homebuilder stocks, which have been battered by rising interest rates. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdvertisementSteer clear of bank stocks with the turmoil from earlier this year likely to rear its head again soon, Steve Eisman has warned. Eisman is best known for his big bets against the US housing market ahead of the 2008 financial crisis, as depicted in Michael Lewis' book "The Big Short".
Persons: Steve Eisman, Eisman, , Steer, CNBC's, Freddie Mac, Michael Lewis Organizations: Service, First Republic, Nasdaq, Federal Locations: Silicon Valley, homebuilding
The International Monetary Fund upgraded its economic forecasts for Russia and Ukraine Tuesday. It expects both to post similar annual GDP growth to the US in 2023. The IMF also warned that inflation is going nowhere in 2024 – and called for central banks to keep interest rates high. AdvertisementAdvertisementThe Russian and Ukrainian economies are holding up much better than was previously thought even as the war between Moscow and Kyiv rages on, the International Monetary Fund said Tuesday. The IMF upgraded its outlook for Russia's GDP growth from 1.5% to 2.2%, citing "substantial fiscal stimulus, strong investment, and resilient consumption in the context of a tight labor market".
Persons: , Vladimir Putin's, ramping Organizations: Monetary Fund, IMF, Service, International Monetary Fund, Kremlin Locations: Russia, Ukraine, Moscow
An English village in the 1600s is the setting for this three-part erotic thriller about a couple in an unhappy marriage. Ingrid is married to Roland, a witch hunter, and is being pursued by a shadowy suitor with fiery eyes. Written and drawn by Tula Lotay and Becky Cloonan. Will a couple of the town’s film geeks be able to turn the tide in this new series? (Dark Horse Comics.
Persons: Ingrid, Roland, Tula Lotay, Becky Cloonan, , Will, Cullen Bunn, Brian Hurtt Organizations: Comics
The rival yuan doesn't pose a credible threat to the buck, strategist Alan Robinson said in a recent research note. "While China would like its renminbi to topple the dollar, that currency's share of global reserves remains a paltry 2.5%," he wrote. AdvertisementAdvertisement"We don't think any single currency is positioned to replace the dollar in the global reserve system," Robinson added. The greenback had a 59% share of global reserves at the end of the second quarter of 2023, per the IMF. The buck has clung onto its role as the dominant global currency despite China and Russia stepping up their efforts to undermine it since the Kremlin invaded Ukraine in February 2022.
Persons: Alan Robinson, , Robinson Organizations: RBC Wealth Management, Service, Global, International Monetary Fund Locations: China, Russia, Kremlin, Ukraine, Beijing, Moscow, Russian
Iran becoming embroiled in the crisis would be bad news for the US economy, according to analysts. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdvertisementIran becoming embroiled in the crisis gripping the Middle East could have disastrous knock-on effects for the US economy, analysts have warned. So this is why the big question for the markets and for the economy is whether you get escalation," he added.
Persons: , Brent, LPL, Quincy Krosby, Pierre Andurand, David Donabedian, Mohamed El, Erian Organizations: Service, West Texas, Wall, CIBC Private Wealth, Treasury Locations: Israel, Iran, Tel Aviv, Tehran, Hamas, Ukraine, Russia, China
He said Taylor Swift, "Barbenheimer", and Beyoncé had all helped drive growth. AdvertisementAdvertisementThe economy likely surged over the third quarter – and you can thank Taylor Swift, Beyoncé, and the "Barbenheimer" craze for that, according to ING. "We can't argue against [the latest payroll numbers] given the strength we will likely see in third-quarter GDP," he said. AdvertisementAdvertisement"We wouldn't be surprised to see a 4% annualized expansion with Taylor Swift, Beyoncé and Barbenheimer helping to give growth a kick higher," Knightley added. Eras and Beyoncé's "Renaissance World Tour" are expected to add a combined $5.4 billion to the US's third-quarter GDP, according to an estimate from Bloomberg Economics.
Persons: James Knightley, Taylor Swift, Beyoncé, , September's, Knightley, Oppenheimer Organizations: ING, Service, Gross, Product, Federal Reserve, Bloomberg Economics Locations: Philadelphia
Casino stocks are slumping – and that could be bad news for the US economy. Top investor Jim Chanos has touted the Las Vegas strip as a potential economic indicator in the past. Casino stocks' losses have likely been driven by Wall Street taking a gloomier view on the economy, according to analysts. Las Vegas' next big test will be the third-quarter earnings season, with most casino operators expected to announce their results over the next month. AdvertisementAdvertisementDisappointing figures could be one of a growing number of signals suggesting that, like gambling stocks, the economy might be headed for the red.
Persons: Jim Chanos, , Organizations: Service, Publicly, Vegas Sands, MGM Resorts, Bellagio, MGM, Federal Reserve, Gaming, Wall, Vegas, US Consumer Locations: Vegas, Las Vegas
London CNN —A painting valued at $15,000 just two years ago is now expected to fetch up to $18 million at auction after being identified as the work of the Dutch master Rembrandt. Extensive tests revealed changes that Rembrandt had made to the painting. The examination, which involved x-rays and infrared imaging, as well as intensive discussions with leading Rembrandt scholars, led Sotheby’s to conclude the painting is “an autograph work by Rembrandt.” It now values the work at between £10 million and £15 million ($12.2 million-$18.3 million). Thereafter, the painting was “entirely overlooked and completely ignored in the Rembrandt literature,” according to Sothebys. “This sophisticated painting is in equal measure a product of Rembrandt’s brush and his intellect.
Persons: Rembrandt, , J.C.H, Christie’s, Sotheby’s, , Jesus, George Gordon, Kurt Bauch, Gordon, ” Gordon Organizations: London CNN, Christie’s, Rembrandt, Sotheby’s, CNN Locations: Heldring, Amsterdam, Dutch, Sotheby’s, Leiden, Constantijn, Hong Kong, New York, Los Angeles, London
Stocks have fallen since the end of July, with the S&P 500 down 7%. Coca-Cola, Bank of America, and several other big names have fallen to 52-week lows amid the sell-off. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdvertisementSeveral big-name stocks have fallen to their lowest levels in a year this week, with lingering worries about inflation and the bond rout driving a broader financial market sell-off. Stocks' stellar first-half rally has ground to a dramatic halt in recent months, with the S&P 500 dropping 7% since July 31.
Persons: , Dr Pepper Organizations: Cola, Bank of America, Reserve, Service, Cola Company, Banking, Citigroup, Coke, carmaker, Motors, Dow Jones, Federal Reserve
Longer-duration Treasury prices have plunged in recent weeks, driving benchmark 10-year yields toward 5%. These charts show how the meltdown compares to previous market crashes, including the 2008 financial crisis. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdvertisementUS bond prices have plummeted in recent weeks, turning what had already been a bad stretch into one of the market's worst-ever routs.
Persons: , iShares, Lehman Brothers Organizations: Service, Federal Reserve, Bloomberg –, Treasury ETF
Iraq is about to become the latest country to join the de-dollarization drive, per Reuters. The greenback will be banned from being used in cash transactions and withdrawals from January 1, the outlet reported. Several countries, including China and Russia, have made efforts to fuel the de-dollarization movement this year. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . "But don't talk to me about cash dollars anymore."
Persons: , Mazen Ahmed, Ahmed, Vladimir Putin Organizations: Reuters, Service, greenback, Iraq isn't Locations: Iraq, China, Russia, Iraqi, New York, Beijing
10-year Treasury yields hit a 16-year high Wednesday and are hovering just below 5%. These four charts capture the bond-market chaos of the past few weeks. Over the past 18 months, the Fed has raised borrowing costs from near-zero to over 5%. When borrowing costs rise, older debt with a lower coupon payment becomes less attractive to investors. Again, its movements have been driven by interest rate expectations – because when borrowing costs rise, the buck becomes more attractive to foreign investors seeking juicier yields.
Persons: Organizations: Service, Treasury, Federal Reserve, Dow Jones, US
"If the unemployment rate ticks up just a couple of tenths it will be recession alert," Gundlach wrote on X. AdvertisementAdvertisementBond-market turmoil could be a sign that a recession is on the way, Jeff Gundlach has warned. "The US Treasury yield curve is de-inverting very rapidly," Gundlach wrote in a post on X. That "should put everyone on recession warning, not just recession watch," he added. That's led to the gap in returns offered by 2- and 10-year Treasurys narrowing to just 33 basis points, for the tightest yield curve since late March.
Persons: Jeff Gundlach, Gundlach, Buckle, , That's, , David Lebovitz Organizations: DoubleLine, Service, Treasury, Federal Reserve, London School of Economics, JPMorgan
Bank of America charted the historical path of interest rates last week. Central banks have lifted borrowing costs away from "5,000-year lows" over the past year, strategists said. AdvertisementAdvertisementJust like the men of TikTok, Bank of America strategists have been thinking a lot about the Roman Empire. For reasons unknown, the bank decided to chart five millennia's worth of interest rates in a recent research note. AdvertisementAdvertisementNeedless to say, investors can probably take the chart with a grain of salt – but the strategists probably aren't being facetious when they say there are gloomy times ahead.
Persons: , Sidney Homer, Richard Sylla's, Michael Hartnett, Hartnett, he's Organizations: of America, Service, Bank of America, Federal, of, Street Locations: TikTok, Roman, Greece
A financial crisis is brewing as bond yields soar, according to JPMorgan Asset Management's David Lebovitz. "Eventually there's going to be a financial accident… something will break," he said Monday. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdvertisementSoaring bond yields risk triggering financial chaos, a JPMorgan strategist has warned. Higher yields tend to be bad news for stocks – because they reduce the relative returns offered by a riskier asset class.
Persons: David Lebovitz, there's, , they've Organizations: Asset, Service, JPMorgan, Federal Reserve, JPMorgan Asset Management, Bloomberg, Wall, Treasury, Silicon Locations: California
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