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☆ Orange juice prices are up 270% since the pandemic hit, as crop diseases and hurricanes hammer supply
▼ + stars: | 2023-10-03 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Orange juice prices have skyrocketed 270% since January 2020, per data from Refinitiv. The rapid spread of the citrus greening crop disease has led to supplies cratering. The rapidly spreading citrus greening crop disease and multiple hurricanes in Florida have hammered the supply of oranges in recent years, driving up the cost of the breakfast staple. But orange juice futures' rapid rise has been driven by two factors that even the Federal Reserve can't control: disease and hurricanes. Nvidia and Tesla are the only two "Magnificent Seven" stocks that have delivered higher returns than orange juice futures over the same period.

Persons: —, St Louis, Ian, Nicole Organizations: Service, St Louis Fed, Federal, Florida cratering, Big Tech, New York, Nvidia, Tesla Locations: Florida, Louisiana , Texas , California, Brazil

☆ Stocks just had their worst month of the year as the 'September Effect' set in. These 4 charts tell the story.
▼ + stars: | 2023-10-02 | by ( George Glover | ) www.businessinsider.com time to read: +4 min

Stocks had their worst month of 2023 in September. These four charts sum up a rough month for the market. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . The end of the third quarter does tend to be a miserable time for stocks – leading to traders coining the term "September Effect". Higher benchmark oil prices tend to be bad news for inflation gauges, because they have the knock-on effect of driving up the cost of everyday products – especially gasoline.

Persons: Stocks, —, Tesla, Henry Allen, Jerome Powell Organizations: Nasdaq, Service, Dow Jones, Apple, Microsoft, Nvidia, Big Tech, Deutsche Bank, Federal Reserve, Traders, West Texas

☆ Short seller Jim Chanos slams Michael Lewis' defense of FTX and compares the failed crypto exchange to Enron
▼ + stars: | 2023-10-02 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Jim Chanos called Michael Lewis' defense of FTX "nonsense" on Sunday. Lewis had told CBS's "60 Minutes" that the crypto exchange failed because of a bank run. AdvertisementAdvertisementJim Chanos has slammed Michael Lewis' defense of FTX, flatly dismissing the idea that the failed crypto exchange would have been fine without a wave of withdrawals. Lewis appeared on CBS's "60 Minutes" Sunday to discuss his upcoming book about Sam Bankman-Fried, "Going Infinite". AdvertisementAdvertisement"This is nonsense, as both FTX and Enron were both massively insolvent, not illiquid," the short seller added.

Persons: Jim Chanos, Michael Lewis, Lewis, CBS's, —, FTX, Sam Bankman, Chanos, CoinDesk, Fried, Donald Trump Organizations: Service, Enron, Alameda Research, New York City Locations: New York

☆ A quant fund boss talked his mom into selling Nvidia at 60% of its current price. She won't let him forget it.
▼ + stars: | 2023-10-02 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Quant fund chief Jason Hsu thought Nvidia's rally couldn't last any longer – so talked his mom into selling at $250 a share. "I'm going to be putting a hex curse on that stock," Hsu joked. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdvertisementThe head of a quant trading fund told his mom to sell her Nvidia shares when they were trading at just 60% of their current price – and hasn't heard the end of it since. "I told my mom, 'Sell Nvidia, you made such a good gain.'

Persons: Jason Hsu, Nvidia's, Hsu, —, hasn't, he'd, Rayliant Organizations: Service, Nvidia, Rayliant Global Advisors, Research

☆ AI will help the US maintain its economic dominance over China, strategists say
▼ + stars: | 2023-09-30 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

No country is better positioned to benefit from the technology's rise, Capital Economics said. 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 . AdvertisementAdvertisementArtificial intelligence could transform the global economy – and it's the US that's best placed to benefit, according to Capital Economics. AdvertisementAdvertisement"AI is likely to help the US economy sustain its primacy over China in terms of GDP measured at market exchange rates," the strategists wrote.

Persons: —, Mark Williams, Williams Organizations: Capital Economics, Service, Country Locations: Singapore, Asia, Capital Economics China, China

☆ Saudi Arabia is pouring billions into soccer, golf, and Formula 1. Its crown prince doesn't care if anyone calls it 'sportswashing.'
▼ + stars: | 2023-09-30 | by ( George Glover | ) www.businessinsider.com time to read: +9 min

Saudi Arabia is pouring billions into sports in a bid to transform its economy. Crown Prince Mohammed bin Salman has made the sector a key part of his Vision 2030 plan. But the reality is that the crown prince has a grander ambition: to level up Saudi Arabia's economic growth. "But Saudi Arabia is piling into other sports too, because they want to achieve a lot in a short period of time." AdvertisementAdvertisementAs Crown Prince Mohammed made clear last week, all this forms part of a broader strategy to supercharge Saudi Arabia's economy through investment.

Persons: Prince Mohammed bin Salman, bankrolled, —, Cristiano Ronaldo, Phil Mickelson, Anthony Joshua, –, Jamal Khashoggi, they've, Steve Luciano, AP Ronaldo, Al Nassr, Ballon, Karim Benzema, Neymar, Sadio, PIF, LIV Golf, Mickelson, Dustin Johnson, Brooks Koepka, LIV, Joshua, that's, Tyson Fury, Oleksandr Usyk, Frank Warren, Prince Mohammed, Mohammed bin Salman, Leon Neal, Simon Chadwick, Chadwick, megastars, Ronaldo –, Salman, bin Salman, Saudi Arabia –, St Andrews, Nick Kyrgios, who've, Elsa, he'd, they'll Organizations: Newcastle United, Service, Washington Post, Saudi, Investment Fund, Premier League, UEFA Champions League, Saudi Public Investment Fund, Newcastle, AP, Saudi Pro League, Georgetown University Qatar, PGA, WWE, Fox News, SKEMA Business School, Indian Premier League, FIFA Locations: Saudi Arabia, Saudi, England, Riyadh, Brazil, Liverpool, Kingdom, Jeddah, Lille, France, Reiche, Iran, Miami, Augusta, bankroll

☆ The Fed should call time on its inflation battle, BlackRock bond guru Rick Rieder says
▼ + stars: | 2023-09-29 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

It's time for the Federal Reserve to end its war against inflation, according to Rick Rieder. "My sense is they should be done," the BlackRock bond chief told CNBC Thursday. The central bank has signaled it could raise interest rates again before the end of 2023. AdvertisementAdvertisementIt's time for the Federal Reserve to call an end to its war against soaring, according to Rick Rieder. "I think so," Rieder told CNBC's "Closing Bell", in response to a question about whether interest rates are close to peaking.

Persons: Rick Rieder, —, Rieder, CNBC's, –, that's, Jerome Powell, Bloomberg's Organizations: Federal Reserve, BlackRock, CNBC, Service

☆ Start snapping up AI leaders again because tech stocks' slump has made them undervalued, UBS says
▼ + stars: | 2023-09-29 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementAdvertisementTech stocks have struggled over the past two months – the mini-slump is a buying opportunity, according to UBS. "Tech stocks have remained under pressure in September, with rising yields and mixed results weighing on performance," a team led by CIO Mark Haefele wrote in a research note. "But, we believe the recent weakness provides a good opportunity to add exposure to artificial intelligence (AI) leaders." UBS's view is that the rollout of new AI products will give tech stocks a much-needed boost as investors gauge how listed companies will monetize the field.

Persons: that's, —, Mark Haefele Organizations: UBS, Nasdaq, Service, Tech, Federal Reserve Locations: Swiss

☆ Russia is using China's yuan to settle 25% of its trade with the rest of the world, report says
▼ + stars: | 2023-09-28 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Russia has embraced the yuan since its invasion of Ukraine triggered western sanctions. The renminbi is now used to settle 75% of its trade with China and 25% of its transactions with other countries, according to official data. The surge comes in the context of a wider de-dollarization drive, with both Moscow and Beijing trying to undermine the buck. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Before war broke out in Ukraine, they were used to settle 87% of export payments and 67% of import payments.

Persons: —, Vladimir Putin, That's Organizations: Service, RBC, Ministry of Economic Development, Reuters, International Monetary Fund Locations: Russia, Ukraine, China, Moscow, Beijing, Brazil, India, South Africa, Middle

☆ Real-estate bubble risks are dwindling across the world with higher interest rates taking froth out the market, UBS says
▼ + stars: | 2023-09-28 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Higher interest rates have deflated real-estate bubbles across the world, according to UBS. Central banks have aggressively hiked borrowing costs over the past 18 months to combat inflation. 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 . "House price growth has suffered due to rising financing costs as average mortgage rates have roughly tripled since 2021 in most markets," they added.

Persons: —, Matthias Holzhey, St Louis Organizations: UBS, Service, Federal Reserve, St, St Louis Fed Locations: New York, Boston, San Francisco, Swiss, Zurich, Tokyo, Francisco, Los Angeles

☆ Tech stocks have plunged from their 2023 highs, after starting the year on a tear
▼ + stars: | 2023-09-27 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Tech stocks started the year on a tear – but have plummeted since July. The central bank has signaled it’ll hold interest rates at a high level well into 2024 in a bid to crush inflation. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. The sector enjoyed an AI-fueled boom over the first half of 2023, with a surge by the "Magnificent Seven" group of mega-cap tech stocks powering both the Nasdaq and S&P 500 to massive gains. Higher interest rates tend to disproportionately affect tech and other growth stocks, because they're more reliant on borrowing cash to boost their future cash flows.

Persons: fretting, —, Jerome Powell Organizations: Nasdaq, Federal Reserve, Service, Technology, Federal, Fed

☆ Americans are feeling worse about the economy, with confidence diving to a 4-month low
▼ + stars: | 2023-09-27 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

US consumer confidence fell to a four-month low in September, the Conference Board said Tuesday. That's a sign Americans are feeling worse about the economy. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . The US consumer confidence index, which measures how people are feeling about their own financial health and spending power, slipped to a four-month low in September, the Conference Board said Tuesday. Confidence slipped across every age group, according to the Conference Board, with the drop most pronounced among Americans earning upwards of $50,000 a year.

Persons: That's, —, –, they'll, Goldman Sachs, there's Organizations: Conference, Service, Federal Reserve, Reuters, Conference Board, St Louis Federal Reserve

LOS ANGELES (AP) — A man who spent nearly 30 years in prison for kidnapping, robbery and rape has been declared innocent and freed, Los Angeles County prosecutors announced Tuesday. DNA testing helped exonerate Gerardo Cabanillas in a 1995 attack on a couple sitting in a parked car in the city of South Gate, the county district attorney's office said in a statement. Cabanillas was convicted in 1996 and spent 28 years in prison. DNA testing on the rape kit showed that two other people committed the assault, the group said in a statement. No other suspects were ever arrested, although one man later confessed to committing one of the crimes, the Innocence Project said.

Persons: Gerardo Cabanillas, Cabanillas, George Gascón, Alissa Bjerkhoel, Gerardo Organizations: ANGELES, California Western School of Law, “ Police Locations: Los Angeles, South, ”, California, United States

☆ US investors can't place wagers on the 2024 election, financial watchdog rules
▼ + stars: | 2023-09-25 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

US investors won't be able to bet directly on the 2024 Congressional elections. The ruling comes with Wall Street readying for a tight election battle next year. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. The regulator has previously thrown out election-based derivatives contracts, ruling back in 2012 that a similar offering created by the Nadex exchange was also against the public interest. The ruling comes with both Main Street and Wall Street readying for a tight election battle next year.

Organizations: Service, Futures, Commission, Republican, Democrats Locations: Wall, Silicon

☆ The Fed will definitely be done tightening if there's a government shutdown, top Morgan Stanley economist says
▼ + stars: | 2023-09-25 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

The Federal Reserve could be about to call time on its rate-hiking campaign, according to Morgan Stanley's top economist. That's because a government shutdown could rob the central bank of key economic data. "In monetary policy making, uncertainty tends to lead to policy paralysis," she told Bloomberg's "What Goes Up" podcast. "If it's a full government shutdown, then you don't really get any of the government data," Zentner added. Around 40% of traders expect the central bank to hike borrowing costs again before the end of this year, according to CME Group's Fedwatch tool.

Persons: Morgan Stanley's, ” Ellen Zentner, Ellen Zentner, Bloomberg's, Zentner Organizations: Federal, Service, Federal Reserve, Fed Locations: Wall, Silicon, Washington

☆ A small New York hedge fund has secretly managed $7 billion for a Russian oligarch for over a decade, the SEC says
▼ + stars: | 2023-09-22 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

The SEC this week charged a small New York hedge fund with acting as an unregistered investment advisor. Concord Management earned tens of millions of dollars advising a Russian tycoon, the SEC said. The New York Times said the businessman in question was the former Chelsea FC owner Roman Abramovich. The regulator added that since 1999, Concord had made over $80 million managing the client's assets, which, as of January 2022, were worth $7.2 billion. The New York Times reported Tuesday that Concord had managed money for the oligarch Roman Abramovich, citing a person familiar with the matter.

Persons: Roman Abramovich, Michael Matlin, Matlin, Abramovich, Vladimir Putin Organizations: SEC, Concord Management, The New York Times, Chelsea FC, Service, Securities and Exchange Commission, Russian, Russian Federation, New York Times, Concord, European Union, English Locations: York, Russian, Wall, Silicon, Moscow, Westchester County, Concord, United Kingdom, Chukotka, Russia, Kremlin, Ukraine

☆ Frozen Russian assets should be taxed to fund Ukraine's rebuild, Treasury Secretary Janet Yellen says
▼ + stars: | 2023-09-22 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Janet Yellen signaled her support for a plan to tax profits made on frozen Russian assets this week, according to Bloomberg. Any money made would be used to help fund the reconstruction of Ukraine. The trading bloc's leaders want to levy any profits made on state-backed investments, and then use the money raised to help fund the rebuild of Ukraine. "This seems like a reasonable proposal," Yellen told the outlet. The money raised could be use to help fund the reconstruction of Ukraine.

Persons: Janet Yellen, ”, Yellen, Christine Lagarde Organizations: Bloomberg, Service, European Union, EU, Bank of Russia, European Commission, World Bank, United Nations, European Central Bank Locations: Ukraine, Wall, Silicon, Kremlin, Moscow's, France, Germany

☆ Billionaire investor Bill Ackman says the Fed's fight against inflation may never end due to strikes and soaring gas prices
▼ + stars: | 2023-09-22 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

"The long-term inflation rate is not going back to 2%," the billionaire investor said Thursday. A recent flare-up in gas prices has fueled fears the Fed will have to hike interest rates yet again. "The long-term inflation rate is not going back to 2% no matter how many times [Fed chair Jerome] Powell reiterates it as his target," Ackman posted on X. Economists worry that the United Auto Workers' union strike and a recent steady rise in gas prices could push inflation even higher. "And higher gas prices will raise inflationary expectations.

Persons: Bill Ackman, there's, Jerome, Powell, Ackman Organizations: Reserve, Service, Pershing, Capital Management, Consumer, United Auto Workers ', Workers, Strategic Petroleum Reserve Locations: Wall, Silicon, China

☆ Stock futures are flat as the market heads for big weekly losses: Live updates
▼ + stars: | 2023-09-21 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Traders on the floor of the New York Stock Exchange, Aug. 4, 2022. Stock futures were flat in overnight trading Thursday as the market is poised to end the week with steep losses. S&P 500 futures and Nasdaq 100 futures were also flat. The benchmark 10-year Treasury yield popped 15 basis point to hit a high of 4.498%, its highest level since 2007. Investors also became concerned about a government shutdown, which could dent consumer confidence and slow down the economy further.

Persons: Bond, George Goncalves Organizations: New York Stock Exchange, Stock, Dow Jones, Nasdaq, Federal Reserve, Dow, Treasury, House Republican

☆ China is probing hedge funds that profit from its economic misery, report says
▼ + stars: | 2023-09-21 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

China is scrutinizing hedge funds betting against its struggling economy, according to Reuters. Beijing has put the squeeze on brokerages that use quantitative strategies to short-sell the market, the outlet reported. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. That's dragged down Chinese stocks this year, with the flagship CSI 300 index down 5% and Hong Kong's Hang Seng index slumping 11% so far in 2023. As well as pushing back against these trading strategies, policymakers halved the stamp duty that investors are required to pay when trading stocks last month in a bid to revive China's stagnant markets.

Persons: That's Organizations: Reuters, CSI, Service, country's Securities, Commission, Financial Times Locations: China, Beijing, Wall, Silicon

☆ Nvidia's stock price feels the full September effect, suffering a $180 billion wipeout
▼ + stars: | 2023-09-21 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Nvidia shares have tumbled 10% this month, with the stock feeling what traders call the "September effect". That plunge has wiped just under $180 billion off the semiconductor giant's market capitalization. Nvidia has still been the S&P 500's best performer this year, surging 189% thanks to the rise of AI and ChatGPT. Shares have tumbled 10% since August 31, wiping $176 billion off the chipmaker's total market capitalization, according to data from Refinitiv. Despite its September struggles, Nvidia is still one of the best performing stocks of 2023, with shares up 189% year-to-date.

Organizations: Nvidia, Service, Traders, Federal Reserve, Bank of America Locations: Wall, Silicon, Ma

☆ Side hustles could become a $1.4 trillion industry by 2030 thanks to ChatGPT and AI, Morgan Stanley says
▼ + stars: | 2023-09-20 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

ChatGPT could transform side hustles into a $1.4 trillion industry, according to Morgan Stanley. "Multi-earning has evolved into a secular growth theme, with generative AI the differentiator," strategists said. The bank said generative AI will boost gig workers' income by $83 billion, or 21%, in its base-case scenario, and by $300 billion in its bull-case outcome. Insider has previously reported on how gig workers have used OpenAI's intelligent language tool to plan vacations for clients, make pitch decks for startups, and generate marketing articles. This isn't the first time Morgan Stanley has backed AI to fuel trillions of dollars' worth of economic growth.

Persons: Morgan Stanley, Edward Stanley, Leonardo Sousa, ChatGPT Organizations: Service Locations: Wall, Silicon

☆ Oil is heading for $100 a barrel – and that could spoil everything for the Fed
▼ + stars: | 2023-09-20 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Oil prices have been on the rise in recent months and are heading towards $100 a barrel. AdvertisementAdvertisement"Investors are weighing the signals from stronger oil prices, and what it means for inflation, and the signals from the Fed at tonight's rate decision," said Saxo Bank's Peter Garnry ahead of the announcement. Higher oil prices drive up the cost of gasoline and other crude-related products, in turn squeezing the Consumer Prices Index higher. In the 1970s, multiple supply crises in the Middle East led to key benchmarks spiking above $120 a barrel in today's money. That lead economists to coin the term "stagflation," referring to a combination of soaring prices and weak growth that the Fed was unable to fix.

Persons: Brent, Saxo, Peter Garnry Organizations: Federal Reserve, Service, West Texas Intermediate Locations: Wall, Silicon, Russia, Saudi Arabia

☆ UAW strike and Tesla: How Elon Musk could win
▼ + stars: | 2023-09-19 | 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 EmailUAW strike and Tesla: How Elon Musk could winGeorge Gianarikas, analyst at Canaccord Genuity, joins 'Power Lunch' to discuss the UAW strike and how it could be a tailwind for EVs.

Persons: Elon Musk, George Gianarikas Organizations: UAW Locations: EVs

☆ Donald Trump says interest rates are so high people 'can't do anything' - and vows to beat inflation so borrowing costs can be cut
▼ + stars: | 2023-09-18 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

"Interest rates are too high – people can't buy homes, they can't do anything," he said Sunday. "Right now, interest rates are too high – people can't buy homes, they can't do anything," Trump told NBC's "Meet the Press". They say Trump was right about everything." I did a lot of jawboning against him, and he ultimately lowered interest rates," Trump added. "We had lower interest rates.

Persons: Donald Trump, Trump, NBC's, Bacon, Jerome Powell, Powell, – Organizations: Service, Federal Reserve, NBC, Twitter Locations: Wall, Silicon

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