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☆ Russian stocks are back at pre-war levels as investors see them as safer bet than falling ruble
▼ + stars: | 2023-08-01 | by ( Jason Ma | ) www.businessinsider.com time to read: +2 min

Russian stocks are back at pre-war levels as investors see them as safer bets amid the falling ruble. The Moex index closed at 3,093.64 on Tuesday, above where it was when Russia invaded Ukraine on February 24, 2022. Fears of political chaos caused Russian demand for foreign currencies to jump to 70%-80% in some regions. But while the Moex stock index, which is denominated in rubles, has surpassed pre-war levels, it remains well below earlier highs. Meanwhile, a separate gauge of Russian stocks that's denominated in dollars is more than 10% below pre-invasion levels, Bloomberg said.

Persons: Vladimir Putin, Wagner Group's Organizations: Service, Bloomberg, P Locations: Russia, Ukraine, Wall, Silicon, Moscow, China

☆ China's yuan expands its growing foothold in South America as Bolivia reduces reliance on US dollar
▼ + stars: | 2023-07-31 | by ( Jason Ma | ) www.businessinsider.com time to read: +2 min

China's yuan is expanding its foothold in South America as Bolivia reduces its reliance on the dollar. The country's yuan transactions from May to July accounted for about 10% of its foreign trade in that span. Bolivia has been hit by dollar shortages recently as lower natural gas production hit exports. But the country has been hit by dollar shortages recently as lower natural gas production hit exports. Argentine companies are increasingly turning to China's yuan amid dollar shortages, though many consumers use the dollar in daily purchases as hyperinflation slams the peso.

Persons: Marcelo Montenegro, Luiz Inácio Lula da Silva Organizations: Service, Privacy, Associated Press Locations: South America, Bolivia, Wall, Silicon, South, Argentina, Brazil, China

☆ Argentina should ditch the peso in favor of a 'hard dollar regime' to get inflation under control, think tank says
▼ + stars: | 2023-07-28 | by ( Jason Ma | ) www.businessinsider.com time to read: +3 min

Argentina should adopt the US dollar to get inflation under control, the Cato Institute said. "This type of hard dollar regime is exactly what Argentina needs now." This type of hard dollar regime is exactly what Argentina needs now," Cato researchers wrote in a paper published on Thursday. A top presidential candidate has proposed switching to the dollar as a way to tame inflation, which is soaring more than 100%. Other countries use the dollar as their primary currency or alongside a local currency, including some in Latin America.

Persons: Cato, Steve Hanke, Argentina's, Hanke, dollarization Organizations: Cato Institute, Service, Argentine, International Monetary Fund, Johns Hopkins University Locations: Argentina, Wall, Silicon, Latin America

☆ US stocks rally as recession fears ease and investors look to upcoming Big Tech earnings
▼ + stars: | 2023-07-17 | by ( Jason Ma | ) www.businessinsider.com time to read: +1 min

US stocks finished higher on Monday as fears of a US recession eased on Wall Street. The odds of a recession in the next 12 months have fallen to 20% from 25%, Goldman Sachs said. Big Tech earnings begin Wednesday, when Tesla and Netflix report after the close. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. Goldman Sachs said the odds of a recession in the next 12 months have fallen to 20% from 25% earlier.

Persons: Goldman Sachs, Tesla, Janet Yellen Organizations: Big Tech, Netflix, Service, Bank of America, Bloomberg Locations: Wall, Silicon

☆ The housing market is near an inflection point as home prices show signs of trending sharply higher, Black Knight says
▼ + stars: | 2023-07-11 | by ( Jason Ma | ) www.businessinsider.com time to read: +3 min

The housing market is near an inflection point as home prices look set to spike, Black Knight said. "There is no doubt that the housing market has reignited from a home-price perspective." "There is no doubt that the housing market has reignited from a home-price perspective," said Andy Walden, Black Knight's vice president of enterprise research. Active listings have worsened in 95% of major markets this year and are more than 50% below pre-pandemic levels, according to Black Knight. "The challenge for the Fed now is to chart a path forward toward a 'soft landing' without reheating the housing market and reigniting inflation."

Persons: Knight, Black Knight, Andy Walden, Black, Walden Organizations: Service, Black Locations: Wall, Silicon

☆ China's central bank is caught in a pickle between the falling yuan and sputtering economic growth
▼ + stars: | 2023-07-05 | by ( Jason Ma | ) www.businessinsider.com time to read: +2 min

China's central bank is caught between trying to support the yuan and the country's economy. The People's Bank of China has been ramping up its commentary on the yuan, which is falling against the dollar. But to revive economic growth, it's also cutting rates, which could counteract efforts to boost the currency. The ramp-up in commentary comes as the central bank's other method of influencing the yuan has fizzled. After several attempts in recent days to boost the yuan with aggressive reference points, the currency has given up its gains.

Persons: it's, — Organizations: People's Bank of, Service, Bank of China Locations: People's Bank of China

☆ Former Army Ranger who fought in Ukraine says conflict there is far worse than fighting in Afghanistan and Iraq
▼ + stars: | 2023-07-04 | by ( Sinéad Baker | ) www.businessinsider.com time to read: +3 min

A former Army Ranger who spent months in Ukraine said fighting there was worse than in Iraq or Afghanistan. "The worst day in Afghanistan and Iraq is a great day in Ukraine," he said. "The worst day in Afghanistan and Iraq is a great day in Ukraine," he said. Bramlette, who was a Green Beret on a counter-Russia mission and an Army Ranger in Iraq and Afghanistan, said fighting in Ukraine had much more unknowns. "If two of them get injured… there's no helicopter coming to get you… shit can go south really, really frickin' quickly.

Persons: —, David Bramlette, Bramlette, … there's, Troy Offenbecker, I've, Offenbecker, Jason Mann, Mann Organizations: Army Ranger, Service, Daily, Beret, Army, CNN Locations: Ukraine, Iraq, Afghanistan, Russia

☆ How to Wean a Teen Off Social Media
▼ + stars: | 2023-06-29 | by ( Catherine Pearson | ) www.nytimes.com time to read: +1 min

Jason Mahr’s eldest son was 13 years old when Mr. Mahr and his wife gave him access to social media, a decision the 44-year-old father of five regretted immediately. It became “like an addiction,” said Mr. Mahr, a student coach and former youth pastor who lives in Woodstock, Ga. His son was quickly swept up in seeking the approval of others online, Mr. Mahr said. He has since been more deliberate about how and when he lets his younger children start using social media, but backpedaling with his eldest has been difficult. Recently, the warnings around teens’ social media use have grown particularly loud, as both the U.S. surgeon general and the American Psychological Association have issued reports about the risk of harm to adolescents’ mental health. “This is what so many parents are struggling with, and it’s too bad we have to.”

Persons: Jason Mahr’s, Mahr, ”, “, ” Jean Twenge, — Organizations: American Psychological Association, Pew Research, Facebook Locations: Woodstock, Ga, U.S

☆ All this AI hype could be distracting us from serious economic threats in the US
▼ + stars: | 2023-06-26 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

Moving forward, we'll be highlighting the latest markets news in our daily flagship newsletter, Insider Today — be sure to sign up. The excitement around ChatGPT, AI, and related tech stocks is old news now, but Wall Street can't stop talking about it. Elon Musk, Nouriel Roubini, and a chorus of Wall Street firms have issued dire warnings. The country's slowing trade, weak industrial production numbers, and piling debt all ultimately present problems for Wall Street, which may be catching on to the risk. What do you see as the connection between economic troubles and AI hype?

Persons: Phil Rosen, —, It's, Pepper, Paco Freire, that's, Zahra Tayeb, Elon Musk, Roubini, Kelvin Wong, Angela Weiss, Wagner, Vladimir Putin, Gary Black's, Goldman Sachs, Morgan Stanley's Adam Jonas, Jason Ma, Jack Sommers Organizations: Getty, Nvidia, Federal, Street, Wall, Nasdaq, Carnival plc, Harvard, Elon Locations: New York, China, America, Los Angeles, London

☆ Ray Dalio just named which major economy presents the biggest investment opportunity
▼ + stars: | 2023-06-24 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

This morning we have stories on Ray Dalio, the topsy-turvy housing market, troubled commercial real estate, and more. Ray Dalio said India presents the next big investment opportunity. Troubled assets in the sector just reached $64 billion, climbing 10% in the first quarter of the year. The housing market suggests that the US economy dodged the recession bullet. According to Carson Group, recent strength in housing starts and building permits indicates that construction groups are confident about demand.

Persons: I'm Phil Rosen, Ray Dalio, topsy, Buckle, Eoin Noonan, it's, There's, Warren Buffett, Melinda Gates, Fundstrat's Tom Lee, Phil Rosen, Jason Ma, Nathan Rennolds Organizations: Getty, Berkshire Hathaway, Melinda Gates Foundation, Carson Group, Manheim, Homeowners, Bank of America Locations: India, China, Russia, Ukraine, New York, Los Angeles, London

☆ Central banks around the world just made borrowing costs more expensive
▼ + stars: | 2023-06-23 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

The central banks of the UK, Turkey, Norway, and Switzerland all raised interest rates yesterday. The Bank of England is the UK's central bank. Let's start with the Bank of England's decision to raise interest rates by 50 basis points and bring borrowing costs to 5%. Turkey's central bank, meanwhile, raised interest rates by 650 basis points to 15%, which was somehow less than markets expected. Just to cover our bases: Norway's central bank raised its core lending rate by half a percentage point, and Switzerland's policymakers hiked its benchmark rate by a quarter point.

Persons: Phil Rosen, Powell, Myron Jobson, Recep Tayyip Erdogan, Spencer Platt, Jerome Powell's, Goldman Sachs, David Rosenberg, it's, Warren Buffett, Jason Ma, Nathan Rennolds Organizations: Bank of England, Bank of, Interactive, New York Stock Exchange, U.S . House, Dow, Getty, Apogee Enterprises, Homeowners, Apple, Microsoft, Nvidia, S3 Partners, BMO Capital Markets, Berkshire Hathaway, Gates Foundation Locations: Manhattan, Turkey, Norway, Switzerland, Maremagnum, Turkey's, New York City, U.S, New York, Los Angeles, London

☆ Jerome Powell says the Fed is still 'very far' on inflation
▼ + stars: | 2023-06-22 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

Fed Chairman Jerome Powell testified before the House, central bank nominees are talking to the Senate, and the Washington Wizards traded away their star hooper. Powell spoke before the House Financial Services Committee yesterday following 10 consecutive interest rate hikes and one rate "skip" that the Fed chief made sure to clarify wasn't a "pause." "Given how far we've come, it may make sense to move rates higher but to do so at a more moderate pace," Powell said Wednesday. So far, the economy has been more resilient than expected, even as the fed funds rate hovers in the 5% to 5.25% range. US stock futures fall early Thursday, after Federal Reserve Chair Jerome Powell said more rate hikes are likely ahead.

Persons: I'm Phil Rosen, Jerome Powell, hooper, Anna Moneymaker, Powell, that's, Patrick McHenry, Tesla, Goldman Sachs, there's, Julia La Roche, Ed Yardeni, isn't, BofA's Savita Subramanian, Apple isn't, Read, Phil Rosen, Jason Ma, Hallam Bullock, Nathan Rennolds Organizations: Senate, Washington Wizards, Financial Services, Fed, Nvidia, Apple, Business, Federal, Accenture, Volex, Bank of America, . Locations: New York, Los Angeles, London

☆ Morgan Stanley expects the stock market to plunge. Others aren't so sure.
▼ + stars: | 2023-06-21 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

An American flag hangs behind traders working on the floor of the New York Stock Exchange (NYSE) on October 11, 2019 in New York City. Morgan Stanley, for example, has adopted a downbeat view for the months ahead. Falling prices, Morgan Stanley explained, can cut into revenue growth and weigh on earnings. "This should begin to hit asset prices by the end of this month and carry into the fall," Morgan Stanley strategists said. To Stockton, the S&P 500 could soon trade as high as 4,510, or about 3% higher than current levels.

Persons: I'm Phil Rosen, Jerome Powell, Drew Angerer, Morgan Stanley, Mike Wilson, Katie Stockton, Stockton, Morgan Stanley's bearishness, Rick Bowmer, Tom Lee, Phil Rosen, Jason Ma, Hallam Bullock Organizations: Capitol, Financial Services, Committee, Fed, New York Stock Exchange, NYSE, Advance, Bank of England, Patterson Companies, Winnebago Industries, Bloomberg, Manheim Locations: American, New York City, Stockton, Salt Lake City, London, China, Europe, New York, Los Angeles

☆ Texas power prices jump 100% as record heat wave sends demand soaring
▼ + stars: | 2023-06-21 | by ( Jason Ma | ) www.businessinsider.com time to read: +2 min

Texas power prices soared 100% on Tuesday amid a massive heat wave that broke some records. On Tuesday, San Angelo in western Texas set a new record high temperature of 114 degrees, topping its prior record of 111 degrees. Adding to the demand on Texas power supplies and prices is the tropical-level humidity in the state that worsens the heat effect, making it feel like 120 degrees or more. The heat wave is expected to last longer than a week, meaning the power grid will be under extended strain. The heat wave is expected to continue toppling records next week, when ERCOT sees demand reaching 82,080 MW on Monday and 83,555 MW on June 28.

Persons: —, ERCOT Organizations: Service, of Texas Locations: Texas, San Angelo, Rio Grande, Rio, Dallas, San Antonio

☆ Biden administration taps Google chair for chips research effort
▼ + stars: | 2023-06-20 | by ( Trevor Hunnicutt | ) www.reuters.com time to read: +2 min

WASHINGTON, June 20 (Reuters) - The Biden administration says it has picked the chairman of Google parent Alphabet Inc (GOOGL.O), John Hennessy, and four other technology industry experts to help with research and development of next-generation computer chips. They will be responsible for picking a board of trustees to run the National Semiconductor Technology Center. That public-private partnership was authorized to lead research on next-generation chips as part of last year's bipartisan $52.7 billion semiconductor manufacturing and research law, which also subsidizes new chip plants. The nonprofit board is expected make politically sensitive decisions, including where in the United States to locate the center's research facilities. "This selection committee is the next step to helping us stand up the NSTC and ensure it succeeds for generations."

Persons: Biden, John Hennessy, Hennessy, Joe Biden, Gina Raimondo, Janet Foutty, Jason Matheny, Don Rosenberg, Brenda Wilkerson, Trevor Hunnicutt, Cynthia Osterman Organizations: Google, Inc, Commerce Department, Reuters, National Semiconductor Technology, Stanford University, Deloitte, RAND Corp, Anzu Partners, Qualcomm, Thomson Locations: United States, China, Taiwan

☆ Biden aides tap Google chair for chips research effort, officials say
▼ + stars: | 2023-06-20 | by ( Trevor Hunnicutt | ) www.reuters.com time to read: +2 min

WASHINGTON, June 20 (Reuters) - The Biden administration picked the chairman of Google parent Alphabet (GOOGL.O), John Hennessy, and four other technology industry experts to help with research-and-development of next generation computer chips, U.S. officials told Reuters. Hennessy and the selected individuals are set to be announced by the Commerce Department on Tuesday, according to the officials, who declined to be identified. They will be responsible for picking a board of trustees to run the National Semiconductor Technology Center. That public-private partnership was authorized to lead research on next-generation chips as part of last year's bipartisan $52.7 billion semiconductor manufacturing and research law, which also subsidizes new chip plants. The nonprofit board is expected make politically sensitive decisions, including where in the United States to locate the center's research facilities.

Persons: Biden, John Hennessy, Hennessy, Joe Biden, Janet Foutty, Jason Matheny, Don Rosenberg, Brenda Wilkerson, Trevor Hunnicutt, Cynthia Osterman Organizations: Google, Reuters, Commerce Department, National Semiconductor Technology, Stanford University, Deloitte, RAND Corp, Anzu Partners, Qualcomm, Thomson Locations: United States, China, Taiwan

☆ Hong Kong-listed stocks are about to be priced in yuan, giving China's currency another boost
▼ + stars: | 2023-06-18 | by ( Jason Ma | ) www.businessinsider.com time to read: +2 min

Hong Kong-listed stocks will be priced in yuan on Monday, giving China's currency another boost. Two dozen stocks, including Alibaba and Tencent, will be traded in the yuan and the Hong Kong dollar. Alibaba and Tencent will be among the shares that will be traded in both yuan and the Hong Kong dollar, which is pegged to the US dollar. Investors can choose to trade using Hong Kong dollars or yuan, which has seen significant volatility lately. The new Hong Kong trading program comes as Beijing tries to internationalize the yuan and challenge the US dollar's dominance on the world stage.

Persons: —, HKEX Organizations: Hong Kong, Service, Hong, Hong Kong Stock Exchanges, Reuters, Investors, Bank of International Locations: Hong Kong, Beijing, Russia, China, Brazil, Argentina

☆ Nvidia is the top AI pick and the stock could jump 15% as demand has picked up since the chip maker's blockbuster earnings report, Morgan Stanley says
▼ + stars: | 2023-06-16 | by ( Jason Ma | ) www.businessinsider.com time to read: +3 min

Morgan Stanley raised its price target on Nvidia to $500 and called the stock its "top pick." Analysts said demand has picked up since the chip maker's blockbuster earnings report last month. Morgan Stanley also named Nvidia its new "top pick," taking that moniker away from the previous holder, rival chip stock AMD. Morgan Stanley said there has been a rapid shift in investment away from the traditional server infrastructure and toward AI infrastructure, calling Nvidia the "cleanest story in AI hardware." While the numbers may not be sustainable in the long term, Morgan Stanley still sees "higher capital intensity" through the next several years.

Persons: Morgan Stanley, —, OpenAI's ChatGPT, Bard chatbots, there's Organizations: Nvidia, Analysts, Service, NVIDIA

☆ China's yuan has fallen to the lowest rate since 2014 by one measure, and Beijing is OK with that for now, FX strategist says
▼ + stars: | 2023-06-14 | by ( Jason Ma | ) www.businessinsider.com time to read: +2 min

China's yuan is at the lowest since 2022 by traditional metrics as economic growth has disappointed. But one measure of its real effective rate puts the currency at the lowest since 2014. "So valuation-wise, renminbi is starting to look cheap," a Macquarie foreign exchange strategist said. However, expectations of economic stimulus from Beijing could lift the yuan, Trang added. That's due in part to relatively low volatility in currency markets and the yuan's gradual slope downward, she said.

Persons: renminbi, —, Trang Organizations: Macquarie, Service, China Foreign Exchange Trade, People's Bank of China, Bank of International, Macquarie Group, Bloomberg, Federal Reserve, greenback Locations: Beijing, China

☆ Even investors in China are bailing on Chinese markets and putting their money in US assets instead
▼ + stars: | 2023-06-14 | by ( Jason Ma | ) www.businessinsider.com time to read: +2 min

Even investors in China are bailing on Chinese markets and shifting their money overseas. Most of that Chinese money has been flowing into dollar assets, according to Bloomberg. The outflow by Chinese investors is the latest indication that markets are souring on the economy. Last month, foreign investors sold Chinese stocks at a faster rate than in the prior month. In fact, foreign investors have dumped a vast amount of Chinese assets over the last two years, according to the Atlantic Council.

Persons: — Organizations: Bloomberg, Service, PY, Federal Reserve, People's Bank of China, Atlantic Council, Henley, Wealth Locations: China

☆ Millionaires are fleeing China at a faster pace as the post-COVID economic rebound fizzles
▼ + stars: | 2023-06-13 | by ( Jason Ma | ) www.businessinsider.com time to read: +3 min

Millionaires are fleeing China at a faster pace as the post-COVID economic rebound fizzles. China will see a net loss of 13,500 in 2023, up from 10,800 in 2022, the Henley Private Wealth Migration Report said. Meanwhile, the US will see a net gain of 2,100 millionaires, up from 1,500 last year. China will see a net loss of 13,500 high-net-worth individuals in 2023, up from 10,800 in 2022, according to the Henley Private Wealth Migration Report. After China's economy expanded strongly from 2000 to 2017, the growth of millionaires since then has been negligible, he added.

Persons: —, Andrew Amoils, Amoils, Henley, gainers, Juerg Steffen Organizations: Millionaires, Henley, Wealth, Service, Huawei, United, United Arab Emirates, Partners Locations: China, fizzles, Henley, Taiwan, Hong Kong, India, Australia, United Arab, Singapore

☆ Oil prices jump as China looks to kickstart its economy while Wall Street eyes Fed pause
▼ + stars: | 2023-06-13 | by ( Jason Ma | ) www.businessinsider.com time to read: +2 min

Oil prices climbed Tuesday as China tries to boost growth amid a disappointing post-COVID rebound. The People's Bank of China unexpectedly trimmed its short-term lending rate. US inflation data also raised hopes on Wall Street for a pause in Fed rate hikes. The People's Bank of China unexpectedly trimmed its short-term lending rate and deposited 2 billion yuan into the banking system, which suggests policymakers' growing urgency to stoke the economy. China's policy loosening comes as fresh inflation data in the US raised hopes on Wall Street that the Federal Reserve will pause its rate hikes.

Persons: —, Brent, Mohamed El Organizations: People's Bank of, Service, Texas Intermediate, Federal, Traders, Financial Times Locations: China, People's Bank of China, stoke, Mohamed

☆ Russia's central bank sounds alarms on the economy as the falling ruble and record labor shortage add inflationary pressures
▼ + stars: | 2023-06-10 | by ( Jason Ma | ) www.businessinsider.com time to read: +3 min

Russia's central bank sounded alarms on inflation amid the falling ruble and a record labor shortage. Since then, the central bank has brought rates back down as inflation has cooled. Other data have shown Russia is suffering from a record labor shortage as Vladimir Putin's war on Ukraine delivered a major shock to the workforce. And the mass exodus of Russians to other countries to escape military service or economic hardship has made the labor shortage even worse. The labor shortage also contributed to a sharp drop last month in Russia's industrial production, which tumbled 5% from the prior month.

Persons: —, Elvira Nabiullina, Vladimir Putin's Organizations: Service, Reuters, Kremlin Locations: Ukraine, Russia

☆ China is likely headed for a lost decade and won't 'eat our economic lunch,' former IMF official says
▼ + stars: | 2023-06-08 | by ( Jason Ma | ) www.businessinsider.com time to read: +3 min

China's economy is stumbling and is likely headed for a lost decade similar to Japan's. That's according to former IMF official Desmond Lachman, who said China may no longer be the world's growth driver. But a lost decade also means "we no longer need to worry that China will eat our economic lunch." "One silver lining of a likely lost Chinese economic decade is that we no longer need to worry that China will eat our economic lunch," Lachman added. "As occurred with the supposed Japanese economic miracle in the 1980s before it, we will find that the Chinese economy had clay feet."

Persons: Desmond Lachman, —, Lachman Organizations: Service, International Monetary Fund, American Enterprise Institute, Federal Reserve Locations: China, Japan, Barron's

☆ ChatGPT parent OpenAI doesn't want to go public because CEO Sam Altman wants freedom to make 'very strange' decisions
▼ + stars: | 2023-06-07 | by ( Jason Ma | ) www.businessinsider.com time to read: +2 min

ChatGPT parent OpenAI doesn't want to go public, according to CEO Sam Altman. At an event in Abu Dhabi, he said he wants to retain full control of the AI startup's technology. Altman said, "I think the chance that we have to make a very strange decision someday is non-trivial." "When we develop superintelligence, we're likely to make some decisions that public market investors would view very strangely," Altman said. The latest investment is estimated to have valued OpenAI at $29 billion, up from about $14 billion in 2021, Semafor reported in January.

Persons: Sam Altman, Altman, —, Semafor, OpenAI Organizations: Service, Bloomberg, Microsoft, ChatGPT Locations: Abu Dhabi

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