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LONDON, Sept 15 (Reuters) - The world's five biggest hedge funds have doubled their footprint in the U.S. stock market through leverage and trading positions since 2014, according to a Goldman Sachs (GS.N) note to clients seen by Reuters. "At this point, we estimate that multi-manager hedge funds hold 30% of the gross market value in U.S. equities," said the note referring to just the hedge fund industry's market footprint in U.S. stocks. Goldman calculates that the biggest hedge funds have about 1% of this stock. The size of the assets held by the biggest hedge funds also outstripped the rest of the industry, growing by 21% in the last 12 months versus 9% for the rest of the hedge fund industry, the note said. This was the first time in Goldman's data that multi-manager hedge funds underperformed the risk free rate, or core government bond yields, Goldman said.

Persons: Goldman Sachs, Goldman, Nell Mackenzie, Dhara Ranasinghe, Mark Potter Organizations: Reuters, Securities Industry, Financial Markets Association, Goldman, Thomson Locations: U.S, Carolina

REUTERS/David Gray/File Photo Acquire Licensing RightsLONDON, Sept 14 (Reuters) - Global investment of $2.7 trillion a year is needed to achieve net zero emissions by 2050 and avoid temperatures from rising above 1.5 degrees Celsius this century, a report by consultancy Wood Mackenzie said on Thursday. Many governments have pledged to reduce emissions to net zero by mid-century to help achieve this. However, most countries are not on track to even meet emissions targets by 2030, let alone 2050, the report said. Net zero refers to cutting emissions to as close to zero as possible with any remaining emissions re-absorbed from the atmosphere, by oceans and forests, for example. There will be a natural depletion as low and zero carbon options develop but supply still needs to be replenished as we move towards net zero," said Prakash Sharma, vice president at Wood Mackenzie, and lead author of the report.

Persons: David Gray, Wood Mackenzie, ”, Simon Flowers, Wood, Prakash Sharma, Nina Chestney, Deepa Babington Organizations: REUTERS, United Nations, Renewables, Thomson Locations: Port Botany, Sydney, Australia, 1.5C, Wood Mackenzie

☆ Crunch time after string of aggressive central bank rate hikes
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: +5 min

Major central banks have confounded economists with a string of interest rate rises that, so far, have moderated inflation without causing global recession. So far, nine developed economies have raised rates by a combined 3,915 bps in this cycle. Reuters Graphics2) NEW ZEALANDThe Reserve Bank of New Zealand lifted its cash rate to a 14-year high of 5.5% in May and has kept it there since. Reuters Graphics7) AUSTRALIAThe Reserve Bank of Australia kept rates steady at 4.1% for a third consecutive meeting in September, the last under former Governor Philip Lowe. Reuters Graphics10) JAPANThe Bank of Japan, the world's most dovish major central bank, meets next week.

Persons: BoE, Macklem, Philip Lowe, Lowe's, Michele Bullock, Naomi Rovnick, Harry Robertson, Samuel Indyk, Nell Mackenzie, Alun John, Yoruk Bahceli, Chiara Elisei, Vincent Flasseur, Sumanta Sen, Pasit, Dhara Ranasinghe, Sharon Singleton Organizations: European Central Bank, U.S . Federal Reserve, UNITED, Reuters, Federal Reserve, Reserve Bank of, BRITAIN, of England, CANADA Bank of Canada, Bank of Canada, ECB, Norges Bank, SWEDEN Traders, Swiss, Bank of Japan, Thomson Locations: U.S, Japan, Reserve Bank of New Zealand, NORWAY, Reserve Bank of Australia, SWEDEN, Swedish, SWITZERLAND Swiss, JAPAN

☆ Former Elliott Investment Management PM Markel to launch new fund - sources
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: 1 min

LONDON, Sept 14 (Reuters) - Former Elliott Investment Management portfolio manager, Leo Markel, will launch a London-based fund Finch Bay Capital in the first quarter of 2024 and expects to raise $500 million by the end of that year, said two sources familiar with the matter. A representative for Finch Bay declined to comment. Markel who will act as the company's CIO, is co-founding the activist fund with former ValueAct portfolio manager, Daniel Urdaneta, the sources said. Reporting by Nell Mackenzie; Editing by Dhara RanasingheOur Standards: The Thomson Reuters Trust Principles.

Persons: Leo Markel, Markel, Daniel Urdaneta, Nell Mackenzie, Dhara Organizations: Elliott Investment Management, Thomson Locations: London, Finch

☆ Cairo: The capital of capitals evolving in the shadow of ancient mysteries
▼ + stars: | 2023-09-13 | by ( Richard Quest | Joe Minihane | ) edition.cnn.com time to read: +9 min

CNN —There are cities, there are capitals and then there is Cairo. Chaotic, enchanting and magnificent, the Egyptian capital is awe inspiring and home to a raw energy that’s all its own. A world-class museumThe Grand Egyptian Museum has been decades in the making. Fadel Dawod/Getty ImagesAway from the bustle of central Cairo is something equally, quintessentially Egyptian. Close to Aswan, around 140 miles south of Luxor, lies Philae, an ancient temple with an equally amazing modern history.

Persons: Khan el, Sui Xiankai, Karim El Hayawan, “, ”, El Hayawan, ” El, –, Fadel Dawod, Tayeb Abbas, King Ramses II, Abbas, you’ve, Luke Mackenzie, Tutankhamun, Dr, Betsy Hiel, she’s, Egypt’s, Hiel, Aznar, iStock, “ Philae, Monica Hanna, Hanna, Peter Adams, Isis, Philae Organizations: CNN, Getty, Egyptian, GEM, Kings, UNESCO Locations: Cairo, Xinhua, Luxor, Giza, Salvador, Aswan, Philae, Egypt

Mike Rizzo spent his first five years with the Washington Nationals painstakingly assembling a roster designed to make the club competitive enough to win a World Series. Washington signed Rizzo to a multiyear extension on Wednesday that will give the 62-year-old a chance to see if history can repeat itself. Jackson Rutledge, a first-round pick by Washington in 2018, will make his major league debut on the mound Wednesday. “Nobody aims to win 70 games in a season, they want to win 90 games in a season. “They’re looking forward to coming out the other end and start being a contender in this league,” Rizzo said.

Persons: Mike Rizzo, Washington, Rizzo, ”, Max Scherzer, Trea Turner, Juan Soto, C.J . Abrams, Soto, MacKenzie Gore, Jake Irvin, Jackson Rutledge, “, ” Rizzo, That's, Davey Martinez, Davey, Stephen Strasburg, Scherzer, Lerner, Patrick Corbin, — Organizations: Washington Nationals, Nationals, D.C, ”, Houston, NL East, Pittsburgh, Washington, Atlanta, Strasburg Locations: Washington, “, San Diego, Philadelphia, Strasburg

☆ Britain see off Australia, Spain and Italy lose in Davis Cup
▼ + stars: | 2023-09-13 | by ( ) www.reuters.com time to read: +3 min

MANCHESTER, Sept 13 (Reuters) - Britain battled to victory over last year's Davis Cup runners-up Australia in their Finals group stage opener on Wednesday, while Spain and Italy both suffered chastening defeats at home in the premier men's team competition. "It's amazing to play my first Davis Cup tie in the UK in this sort of arena. In Valencia, the Czech Republic took an unassailable 2-0 lead over hosts Spain, who were missing Carlos Alcaraz after the world number two decided to pull out of the squad to recover following his U.S. Open semi-final defeat. Italy also endured a disappointing day in front of home fans in Bologna, as defending champions Canada secured a comfortable Group A victory in a re-match of last year's semi-final. Italy are without Jannik Sinner and Matteo Berrettini this week but still have three top-50 singles players in the squad.

Persons: year's, chastening, Jack Draper, Leon Smith's, Thanasi, Draper, Leon, Dan Evans, Alex de Minaur, Carlos Alcaraz, Tomas Machac, Bernabe Zapata Miralles, Jiri Lehecka, Alejandro Davidovich Fokina, Alexis Galarneau, Lorenzo Sonego, Gabriel Diallo, Lorenzo Musetti, Denis Shapovalov, Felix Auger, Milos Raonic, Matteo Berrettini, Mackenzie McDonald, Dino Prizmic, Gojo, Frances Tiafoe, Austin Krajicek, Rajeev Ram, Ivan Dodig, Pavic, Shrivathsa Sridhar, Toby Davis Organizations: MANCHESTER, Britain, Manchester, Davis, U.S, Serbia, Canada, Croatia, Thomson Locations: Australia, Spain, Italy, Britain, Valencia, Czech Republic, Malaga, Bologna, Canada, United States, U.S, Bengaluru

☆ Elon Musk was upset Bezos did not invite him to visit Blue Origin's factory, after Bezos toured SpaceX in 2004, a new book says
▼ + stars: | 2023-09-13 | by ( Kai Xiang Teo | ) www.businessinsider.com time to read: +3 min

Musk's SpaceX and Bezos' Blue Origin have been one-upping each other in a billionaire space race. A new biography of Musk says he was upset with Bezos for not receiving a reciprocal invite to tour Blue Origin's factory after Bezos toured SpaceX. After that, Bezos sent Musk an invite, and the pair shared a dinner that seemingly did not go over well. In 2020, SpaceX completed its first manned spaceflight, while Blue Origin did the same — with Jeff Bezos on board — in 2021. After the tour, Musk sent a "curt" email to Bezos about his annoyance over not having been reciprocally invited to see Blue Origin's factory, per Isaacson.

Persons: Musk, Bezos, Jeff Bezos, Elon Musk's, Walter Isaacson, curt, Isaacson, MacKenzie Scott, Justine Musk, Jeff Organizations: SpaceX, Service, Amazon, Bloomberg, NASA, Financial Times Locations: Wall, Silicon

☆ Tesla tops list of most shorted stocks for third month in August - Hazeltree
▼ + stars: | 2023-09-12 | by ( Nell Mackenzie | ) www.reuters.com time to read: +2 min

Tesla stock rallied over 5% on Monday after a Morgan Stanley (MS.N) note suggested the automaker's Dojo supercomputer could bolster Tesla's market value. Hazeltree, which tracks 12,000 equities globally, said the second and third most shorted stocks last month were Charter Communications (CHTR.O) and Apple (AAPL.O) respectively. Those included investors with funds taking long and short positions in stocks: Diamond Hill, Leuthold Funds and Forum Funds. "Taking out a short position against Tesla, as Gates did, results in the highest return only if a company goes bankrupt!" Hedge funds were net short consumer discretionary stocks, which would include Tesla, for the year ending Sept. 8, according to the Goldman note.

Persons: Mike Blake, Hazeltree, Morgan Stanley, Tesla, Blackstone, Federated Hermes, Elon Musk, Bill Gates, Musk, Walter Isaacson, Gates, Goldman Sachs, Goldman, I've, Dan Izzo, Nell Mackenzie, Dhara Ranasinghe, Kevin Liffey Organizations: REUTERS, automaker's, Charter Communications, Apple, Securities and Exchange Commission, Funds, Capital Management, Federated, Microsoft, Thomson Locations: Mojave , California, U.S

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSEC Chair Gensler calls out crypto's 'wide-ranging noncompliance' in Senate hearing: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. David Moore, CPO at CoinCover, breaks down the findings of the blockchain protection firm's new report on the future of cryptocurrencies

Persons: Gensler, crypto's, explainers, David Moore, cryptocurrencies Organizations: SEC, CNBC Crypto, CNBC, CoinCover

☆ Tesla tops list of most shorted stocks for third month running in Aug - Hazeltree
▼ + stars: | 2023-09-12 | by ( ) www.reuters.com time to read: 1 min

Tesla super chargers are shown in Mojave, California, U.S. July 10, 2019. REUTERS/Mike Blake/File Photo Acquire Licensing RightsCompanies Tesla Inc FollowMorgan Stanley FollowLONDON, Sept 12 (Reuters) - Tesla (TSLA.O) topped a list of the most shorted large-cap U.S. stocks for a third month consecutively in August, securities lending firm Hazeltree said in a report published on Tuesday. Tesla stock rallied over 5% on Monday after a Morgan Stanley (MS.N) note suggested the automaker's Dojo supercomputer could bolster Tesla's market value. Tesla did not immediately respond to a request for comment. Reporting by Nell Mackenzie; Editing by Dhara RanasingheOur Standards: The Thomson Reuters Trust Principles.

Persons: Mike Blake, Morgan Stanley, Hazeltree, Tesla, Nell Mackenzie, Dhara Organizations: REUTERS, automaker's, Thomson Locations: Mojave , California, U.S

☆ Insider Today: Big Tech goes on trial
▼ + stars: | 2023-09-12 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +10 min

Speaking of Big Tech, it's a big day for the industry as the DOJ's antitrust trial against Google starts today. It's also a strategy the Department of Justice argues is "anticompetitive and exclusionary" in a landmark trial for Big Tech kicking off today. The trial is the biggest to hit the tech industry since the government sued Microsoft in the late 1990s. AdvertisementAdvertisementMore broadly, the case is a bellwether for how the government could argue future cases against Big Tech companies in the modern era. Each case is unique, but their focus on monopolistic behavior means the Google trial could set precedents followed by both sides.

Persons: Tayfun, it's, there's, you'll, It's, Hugh Langley, Kent Walker, Hugh, Walker, Chelsea Jia Feng, Henry Farrell, Abraham Newman's, Walter Wriston's, Gil Perez, Jamie Dimon, JPMorgan doesn't, Dimon, Elon, Franz von Holzhausen, Musk, Walter Isaacson, Yossakorn Kaewwannarat, VCs, they're, Nicki Minaj, Shakira, Beyoncé, Karol G, Frances Tiafoe, Austin Krajicek, Mackenzie McDonald, Tommy Paul, Rajeev Ram, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan Organizations: Service, Big Tech, Google, Anadolu Agency, Getty, Department of Justice, DOJ, Microsoft, Apple, Federal Trade Commission, Amazon, Meta, Deutsche, JPMorgan, Street, Workers, Gallup, Startup, MTV, Team, Amtrak Locations: Wall, Silicon, Chelsea, New York City, San Diego, London, New York

Brent crude settled down 1 cent to $90.64 a barrel while U.S. West Texas Intermediate crude settled down 22 cents to $87.29. "Much of this reduced supply has simply served to offset a major slowdown in global oil demand," said Jim Ritterbusch, president of Ritterbusch and Associates in Galena, Illinois. Meanwhile, Europe is expecting a light refinery maintenance season this autumn as refiners look to profit from high margins, which could support crude demand. The IEA last month lowered its 2024 forecast for oil demand growth to 1 million bpd, citing lacklustre macroeconomic conditions. OPEC's August report, meanwhile, kept its 2.25 million bpd demand growth forecast unchanged.

Persons: Brent, Wally Adeyemo, Jim Ritterbusch, Ras Lanuf, Wood Mackenzie, Naeem Aslam, OPEC's, Robert Harvey, Natalie Grover, Florence Tan, Emily Chow, Emelia Sithole, Andrea Ricci, Chizu Organizations: cnsphoto, REUTERS, West Texas, Monday U.S, Ritterbusch, Associates, U.S, Zaye, European Central Bank, International Energy Agency, Organization of, Petroleum, IEA, Thomson Locations: Zhoushan, Zhejiang province, China, Saudi, Saudi Arabia, Russia, United States, Galena , Illinois, U.S, Libya, Zueitina, Brega, Es Sidra, Europe

☆ MTU sees billion-euro hit to earnings on turbofan woes
▼ + stars: | 2023-09-11 | by ( ) www.reuters.com time to read: +1 min

The MTU Aero Engines logo is displayed at the 54th International Paris Air Show at Le Bourget Airport near Paris, France, June 22, 2023. REUTERS/Benoit Tessier/File photo Acquire Licensing RightsSept 11 (Reuters) - Problems with the turbofan engines at U.S. partner Pratt & Whitney led MTU Aero Engines (MTXGn.DE) to issue a profit warning on Monday, with measures to rectify the issue expected to deal a billion-euro blow to the German company's earnings. MTU said an expanded inspection of the geared turbofan engines at Pratt & Whitney could result in a hit to revenue and reported EBIT of around 1 billion euros ($1.07 billion) in the current financial year. MTU has an 18% share in the geared turbofan engines, which power Airbus' (AIR.PA) A320neo family of aircraft. Earlier Monday, the U.S. company said it expected a financial burden of $3-3.5 billion as a result of the problems.

Persons: Benoit Tessier, Pratt, Pratt & Whitney, Anna Mackenzie, Rachel More, Friederike Heine, David Evans Organizations: International Paris Air, Le, REUTERS, Whitney, MTU Aero, Pratt &, Pratt & Whitney, RTX Corp, Airbus, U.S ., Thomson Locations: Le Bourget, Paris, France, U.S

☆ Lansdowne to launch fund aimed at retail Nov 1 - presentations
▼ + stars: | 2023-09-11 | by ( ) www.reuters.com time to read: 1 min

LONDON, Sept 11 (Reuters) - London-based investment manager Lansdowne Partners will launch a long-only retail version of its flagship Developed Markets Fund, according to an investment presentation seen by Reuters on Monday, in a further departure from its hedge fund past. The Ucits fund will mirror Lansdowne's flagship Developed Markets Fund and will launch November 1, the presentation said. Lansdowne initially declined to comment when contacted by Reuters. Reporting by Nell Mackenzie; Editing by Amanda CooperOur Standards: The Thomson Reuters Trust Principles.

Persons: Lansdowne, Nell Mackenzie, Amanda Cooper Organizations: Lansdowne Partners, Markets, Reuters, Thomson Locations: London

☆ Israel's Netanyahu to visit Silicon Valley, New York next week
▼ + stars: | 2023-09-10 | by ( ) www.reuters.com time to read: 1 min

Israeli Prime Minister Benjamin Netanyahu attends a news conference with Cyprus President Nikos Christodoulides (not pictured) at the Presidential Palace in Nicosia, Cyprus, September 3, 2023. Iakovos Hatzistavrou/Pool via REUTERS/File Photo Acquire Licensing RightsJERUSALEM, Sept 10 (Reuters) - Israeli Prime Minister Benjamin Netanyahu will visit California's Silicon Valley next week before traveling to New York for the U.N. General Assembly, his office said on Sunday. Netanyahu's office did not give specific details of who he would be meeting. Israeli news website YNet reported the visit to Silicon Valley would focus on strengthening ties in the field of artificial intelligence. Reporting by Ari Rabinovitch; editing by James MackenzieOur Standards: The Thomson Reuters Trust Principles.

Persons: Benjamin Netanyahu, Nikos Christodoulides, Iakovos, Ari Rabinovitch, James Mackenzie Organizations: Cyprus, Rights, General Assembly, Thomson Locations: Nicosia, Cyprus, New York, Silicon

☆ What it's like in Europe's popular crypto haven Portugal as the U.S. cracks down
▼ + stars: | 2023-09-09 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +19 min

They understood the importance of self custody of bitcoin, bitcoin on bitcoin blockchain, not on other chains." Sunrise over Lisbon, Portugal Alexander Spatari | Moment | Getty ImagesThe San Francisco of EuropeA walk through Portugal's capital feels eerily similar to a stroll in San Francisco. "This makes Portugal a really attractive place for crypto users to live," explained Shehan Chandrasekera, a CPA and head of tax strategy at crypto tax software company CoinTracker.io. The only exception to the country's generous crypto scheme relates to companies registered in Portugal that deal in crypto. Cyclists photographed in Lisbon, Portugal, in October 2018.

Persons: Alexander Spatari, PORTUGAL —, maximalists, Lorenzo Primiterra, He's, Peter Pan, Primiterra, Terra Luna, bitcoin, solana, Greenfield, Portugal Alexander Spatari, Jemson Chan, Chan, CNBC Guy Young, Seb True, CNBC Seb, True, That's, it's, bitcoiners, I've, Stephen Knowles, cryptocurrencies, Shehan Chandrasekera, Katie Ananina, Ethena's Young, —, Deley, Deley doesn't, that's, Didi Taihuttu, They've, Taihuttu Organizations: Campo Pequeno, maxis, CNBC Software, CNBC, titans, Securities and Exchange Commission, British, Abril, European, CPA, Cyclists, European Union, D7, Companies, Algarve Locations: LISBON, PORTUGAL, Lisbon, Italy, Portugal, Almada, Lisboa Region, outranking New York, Berlin, Singapore, European, Sunrise, San Francisco of Europe, San Francisco, bitcoin, Europe, Crypto, U.S, Egypt, Asia, Switzerland, it's, Puerto Rico, Australia, Canada, Ghent, Belgium, cryptocurrency, Cryptocurrencies, Lisbon's, Lagos, Angeles, Algarve

☆ Dodgers endure long rain delay to earn win over Nats
▼ + stars: | 2023-09-09 | by ( Field Level Media | ) www.reuters.com time to read: +2 min

[1/8] Sep 8, 2023; Washington, District of Columbia, USA; Los Angeles Dodgers shortstop Amed Rosario (31) tosses the ball to first base during the first inning against the Washington Nationals at Nationals Park. Martinez, Max Muncy and Enrique Hernandez homered for the Dodgers (86-54), who have won consecutive games for the first time this month. MacKenzie Gore lasted four innings as Washington's starter, giving up four runs on six hits while yielding three home runs. There was a 94-minute rain delay in the top of the seventh inning in a game that already had been slow-moving in stretches. The Dodgers began the scoring with Martinez's two-run home run in the first inning, his 26th long ball of the season.

Persons: Amed Rosario, Reggie Hildred, Chris Taylor, . Martinez, Max Muncy, Enrique Hernandez, Freddie Freeman, Hernandez, Keibert Ruiz, CJ Abrams, Alex Vesia, Emmet Sheehan, Evan Phillips, MacKenzie Gore, Robert Garcia, Martinez's, Muncy socked, Abrams Organizations: District of Columbia, Los Angeles Dodgers, Washington Nationals, Nationals, Dodgers, Muncy, Washington, Thomson Locations: Washington, District, USA, Angeles, Los Angeles

London CNN —Workers at Chevron’s liquified natural gas facilities in Australia have begun to walk off the job in a dispute that threatens as much as 7% of global supplies and could add to rising pressure on energy prices. The alliance represents 500 workers at the Gorgon and Wheatstone facilities, both off the coast of Western Australia. “Unfortunately, following numerous meetings and conciliation sessions before the Fair Work Commission, we remain apart on key terms,” a Chevron spokesperson said. “The unions continue to seek terms that are above and beyond equivalent terms with others in the industry, including in agreements recently reached.”News of the breakdown in talks sent European natural gas prices rising. The two Chevron sites are hugely significant, accounting for approximately 6% of global supply, according to analysts at ANZ.

Persons: ” Ben Cahill, Kunro Irie, Daniel Toleman, Wood Mackenzie, ”, — Juliana Liu Organizations: London CNN — Workers, Australian Offshore Alliance, Chevron, Facebook, ”, European Commission, “, Center for Strategic, International Studies, ANZ, Offshore Alliance Locations: Australia, Western Australia, Europe, Russia, Ukraine, Saudi Arabia, United States, Qatar, Asia

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailARK Invest and 21Shares file proposal to list a spot ether ETF: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Zac Townsend of Meanwhile explains new standards adopted by the Financial Accounting Standards Board for companies holding crypto.

Persons: explainers, Zac Townsend Organizations: CNBC Crypto, CNBC, Financial

☆ Stocks fall, dollar and yields up after US services data
▼ + stars: | 2023-09-06 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +3 min

[1/2] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 15, 2023. Weighing heavily on Wall Street stock indexes, shares of Apple (AAPL.O) fell 3.6% after the Wall Street Journal reported, citing people familiar with the matter, that China had banned officials at central government agencies from using iPhones and other foreign-branded devices for work. Some investors said the data may add to signs that interest rates could remain elevated for longer. The Nasdaq ended more than 1% lower, leading declines on Wall Street. In other data, manufacturing activity in Germany, Britain and the euro zone declined, while their service sectors fell into contraction territory.

Persons: Brendan McDermid, Susan Collins, Jeffrey Roach, Caroline Valetkevitch, Gertrude Chavez, Dreyfuss, Nell Mackenzie, Kane Wu, Edmund Klamann, Sam Holmes, Will Dunham, Sharon Singleton Organizations: New York Stock Exchange, REUTERS, U.S, Apple, Treasury, Wall, Wall Street Journal, Institute for Supply Management, U.S . Federal, Fed Bank of Boston, Nasdaq, . Technology, Dow Jones, LPL, Brent, Thomson Locations: New York City, U.S, China, Germany, Britain, New York, London

During the crypto boom of 2021, Riot Platforms was raking in cash from bitcoin mining. Now the company is losing so much money that it's counting on energy credits from selling power back to the Texas grid to keep its costs under control. Riot said on Wednesday that it earned $31.7 million in energy credits last month from Texas power grid operator ERCOT. "August was a landmark month for Riot in showcasing the benefits of our unique power strategy," said Jason Les, CEO of Riot, in the company's press release. It's a dramatic strategy shift for Riot, whose revenue soared almost 8,000% in 2021 from booming demand for bitcoin.

Persons: Riot, Jason Les Organizations: Riot, JPMorgan Chase Locations: Texas, U.S

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSolana rises after Visa taps network to expand USDC stablecoin settlements: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Greg Moritz, co-founder and COO at crypto hedge fund AltTab Capital, weighs in on the implications of Grayscale winning its court battle against the SEC and price movement following the decision.

Persons: Solana, explainers, Greg Moritz Organizations: Visa, CNBC Crypto, CNBC, SEC

☆ Ex-GIC bond manager to launch hedge fund -BNP Paribas
▼ + stars: | 2023-09-04 | by ( Nell Mackenzie | ) www.reuters.com time to read: +1 min

LONDON, Sept 4 (Reuters) - Reuben Abrams, a former portfolio manager at Singapore sovereign wealth fund GIC, is set to launch a hedge fund by year-end in London, according to a note to clients from BNP Paribas (BNPP.PA). Adira Investment Management will open its doors in the fourth quarter to take long and short bets on corporate credit, according to the note, which was dated September 1. Abrams spent over 17 years working at GIC, finally as its lead credit portfolio manager in Europe, according to LinkedIn. They outperformed the wider industry which saw performances rise 3.4% in the first half of 2023. Reporting by Nell Mackenzie; editing by Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

Persons: Reuben Abrams, Abrams, Nell Mackenzie, Jason Neely Organizations: BNP Paribas, Adira Investment Management, LinkedIn, HSBC, Thomson Locations: Singapore, London, GIC, Europe, United States

☆ Hedge funds drop short trades on U.S. regional banks - Goldman
▼ + stars: | 2023-09-04 | by ( Nell Mackenzie | ) www.reuters.com time to read: +2 min

The ratio of long trades compared with short positions on U.S. regional banks has risen by 26% since a year low in mid-July 2023, when traders were mostly short the sector, the bank said. An index of U.S. regional bank stocks (.SPLRCBNKS) has recovered roughly 20% of its value from a two-year low hit in May following the failure of Silicon Valley Bank (SIVBV.UL), Signature Bank (SBNY.PK) and First Republic (FRCB.PK). Reuters GraphicsShort positions on larger U.S. banks have also declined since mid-July, with hedge fund long positions rising about 14% against short bets, the Goldman note showed. Most of the stock buying on U.S. regional banks comprised of hedge funds buying back stock that was borrowed for the purpose of short bets, or so-called short covering, Goldman said. Across broader U.S. financial services, hedge funds finished August with net long positions, the note said.

Persons: Lee Jae, Goldman Sachs, Janet Yellen, Goldman, Nell Mackenzie, Dhara Ranasinghe, David Holmes Organizations: REUTERS, U.S, Silicon Valley Bank, Signature Bank, Reuters, Thomson Locations: Seoul, . U.S, Silicon

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