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☆ U.S. interest rates will probably stay at current levels for some time, strategist says
▼ + stars: | 2023-05-11 | 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 EmailU.S. interest rates will probably stay at current levels for some time, strategist saysFrederique Carrier, head of investment strategy at RBC Wealth Management, says "we might find ourselves, in a couple of months, talking about the possibility of another rate hike — a small probability, but it's not a risk that we would want to dismiss."

☆ Google's 80-acre San Jose mega-campus is on hold as company reckons with economic slowdown
▼ + stars: | 2023-04-21 | by ( Jennifer Elias | ) www.cnbc.com time to read: +9 min

The city of San Jose may now be paying the price. CNBC has learned that, as part of Google's downsizing that went into effect early this year, the company has gutted its development team for the San Jose campus. By then, the company had already completed much of its multi-year land grab of downtown San Jose for the future campus. Google spent several years planning for the San Jose complex and invested significant resources in winning over the local community. "We all originally knew that it's going to be a long-term plan," San Jose councilmember Omar Torres, who represents the downtown area, told San Jose Spotlight in February.

Exchange operators' shares have outperformed in the past few weeks, with traders and analysts pointing to signs of investors rotating into exchanges, partly at the expense of banks. "Exchange operators are data and technology businesses with defensive utility-like features, while banks are highly cyclical and exposed to idiosyncratic business model risks". Average daily value traded at the London Stock Exchange (LSEG) (LSEG.L) rose 12.9% month-over-month in March. "Investors tend to look at the exchanges as defensive names. "We continue to like exchange stocks."

A broad measure of European shares, the STOXX 600 index (.STOXX), is trading at 14-month highs, taking this year's gains to almost 10%. James Rutland, a European equities fund manager at Invesco, noted that consistent outflows from European shares last year, when the energy crisis dealt the region a fresh blow, had left valuations at very cheap levels. A broad index of European stocks is trading at a multiple of 12.6, compared with a ratio of 18.1 for the S&P 500, according to Refinitiv data. This 5.5 point premium is above the five-year average of around 4 points, suggesting European shares look cheap compared to their U.S. counterparts. "This has broken European stocks out of their relative downward trend, so we don't think Europe is now a structural underperformer," he said.

☆ Tax FAQ: Do you have to pay taxes on a side hustle? What if you miss the deadline? And more
▼ + stars: | 2023-04-12 | by ( Cindy Perman | ) www.cnbc.com time to read: +12 min

(On top of that, NYC residents owe a city income tax, which may also apply to some nonresidents.) There is no income tax in New Hampshire or Washington, either, but both states tax investment earnings. But you still must pay taxes by the original deadline to avoid penalties and interest. If you made a net profit of $400 or more from your side hustle, you have to pay taxes on it, according to the IRS. The U.S. has a pay-as-you-go system, so you'll need to pay taxes from your side hustle on a quarterly basis.

☆ Need more cash? Maybe it's time to launch a side hustle—here's how to get started
▼ + stars: | 2023-04-05 | by ( Cindy Perman | ) www.cnbc.com time to read: +4 min

That has left nearly two-thirds of all Americans living paycheck to paycheck, according to a new report from LendingClub. Think about your friends, neighbors and others in your social network: What do they need and what would they pay money for? Consider the tax and legal implicationsIf you do launch a side hustle, make sure you understand any tax and legal implications. RBC Wealth Management suggests you ask yourself these additional questions: Will you need a license, insurance or to establish a corporation? What are the tax implications of the extra income?

☆ European banks face renewed selling pressure
▼ + stars: | 2023-03-24 | by ( ) www.reuters.com time to read: +8 min

So people are acting with their feet and continuing to sell bank stocks. ING ECONOMICS TEAM (emailed) "Most European banks are impacted by these events mainly via the more cautious market sentiment. "It seems like post what happened to Credit Suisse last weekend, two things might be at play here. “European banks probably suffered from contagion from what was going on in the US, where the regional banks seem to be under pressure in the rising rate environment. European banks have, in fact, had no fundamental issues whatsoever.

☆ Investors are still worried about a run on deposits of some ailing banks while massive lifelines buy more time
▼ + stars: | 2023-03-18 | by ( Filip De Mott | ) www.businessinsider.com time to read: +4 min

Shares of First Republic and Credit Suisse continued to sell off despite massive lifelines. First Republic is receiving $30 billion in deposits from Wall Street giants and large regional banks. Meanwhile, Switzerland's central bank provided Credit Suisse with $54 billion in liquidity. In the case of Credit Suisse, depositors have been fleeing since well before SVB failed. Bank mergers could help, and UBS is in talks to acquire all or parts of Credit Suisse, according to reports.

Credit Suisse Chief Financial Officer Dixit Joshi and his teams will hold meetings over the weekend to assess strategic scenarios for the bank, people with knowledge of the matter said on Friday. Swiss regulators are encouraging UBS and Credit Suisse to merge but neither bank wanted to do so, one source said. The boards of UBS and Credit Suisse were expected to separately meet over the weekend, the Financial Times said,Credit Suisse shares jumped 9% in after-market trading following the FT report. Credit Suisse and UBS declined to comment. Efforts to shore up Credit Suisse come as policymakers including the European Central Bank and U.S. President Joe Biden sought to reassure investors and depositors the global banking system is safe.

A source with knowledge of the matter said that Swiss regulators are encouraging UBS and Credit Suisse to merge, but that both banks do not want to do so. Credit Suisse shares jumped 9% in after-market trading following the FT report. Credit Suisse and UBS declined to comment on the report. "Credit Suisse is a very special case," said Frédérique Carrier, head of investment strategy at RBC Wealth Management. The supervisors were told deposits were stable across the euro zone and exposure to Credit Suisse was immaterial, a source familiar with the meeting's content told Reuters.

Credit Suisse saw more than $200 million net outflows from its U.S. and European managed funds after March 13, Morningstar Direct said on Friday. DBRS Morningstar on Thursday became the first global rating agency to cut the bank's credit score, with a downgrade to "BBB", which still qualifies Credit Suisse as investment grade. Credit Suisse shares are down about 26% this week and poised for their biggest week drop since October 2008 and the global financial crisis. U.S. shareholders of Credit Suisse sued the bank on Thursday, claiming it defrauded them by concealing problems with its finances. Credit Suisse declined to comment on the lawsuit.

The rescue package came shortly after embattled Credit Suisse (CSGN.S) tapped an emergency central bank loan of up to $54 billion to shore up its liquidity. The ECB supervisors saw no contagion to euro zone banks from the market turmoil, a source familiar with the content of the meeting told Reuters, adding that supervisors were told deposits remained stable across euro zone banks and exposure to Credit Suisse was immaterial. "I don't think we are in the crux of a global financial crisis. The ECB pressed forward with its 50 basis point rate hike, arguing that euro zone banks were in good shape and that if anything, higher rates should bolster their margins. Japan's finance ministry, financial regulator and central bank said they would meet on Friday to discuss developments.

☆ Credit Suisse shares fall again, sentiment remains fragile
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +3 min

"While markets are relieved that the Swiss central bank stepped in, sentiment is bound to remain very fragile, particularly as investors will likely worry about the eventual economic impact of aggressive monetary policy tightening by the European Central Bank (ECB)," she added. DBRS Morningstar on Thursday became the first global rating agency to cut the bank's credit score, with a downgrade to "BBB", which still qualifies Credit Suisse as investment grade. Credit Suisse shares are down about 22% this week and poised for their biggest week drop since March 2020 when the COVID-19 crisis wreaked turmoil across world markets. U.S. shareholders of Credit Suisse sued the bank on Thursday, claiming it defrauded them by concealing problems with its finances. Credit Suisse declined to comment on the lawsuit.

☆ Is it time to return to tech stocks? Here's what Citi, BlackRock and other pros are saying
▼ + stars: | 2022-11-17 | by ( Weizhen Tan | ) www.cnbc.com time to read: +4 min

It's been a brutal year for tech, as markets flee growth stocks in the face of rising interest rates and other headwinds. With inflation figures rising less than expected , however, Big Tech stocks rallied last week on investor hopes that a peak is in sight. BlackRock BlackRock said that 2023 "could well be the year to upend almost three years of growth and tech stocks moving in virtual unison." Because of economic headwinds this year, BlackRock said, relative valuations may now appear more attractive than in recent years, with growth and tech stocks currently undervalued. Others Louis Navellier, chief investment officer at asset manager Navellier & Associates, told CNBC Pro in early November there will be "persistent selling pressure" in tech, since many Big Tech stocks are faltering.

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