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☆ Here's where Wall Street strategists see the stock market headed next after a brutal September
▼ + stars: | 2023-10-04 | by ( Phil Rosen | ) www.businessinsider.com time to read: +4 min

Stocks are coming off a brutal two-month stretch, and Wall Street is divided on what comes next. 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 . AdvertisementAdvertisementThe stock market is coming off back-to-back rocky months, and Wall Street is split on what could be coming next for investors. And Jeff Gundlach, the billionaire founder of DoubleLine Capital, said Tuesday that Treasury yields suggest it's time to start worrying about a severe downturn.

Persons: Stocks, Fundstrat, —, Quincy Krosby, Jay Woods, Woods, jitters, Kevin McCarthy, Gene Goldman, Goldman, Tom Lee, Lee, Marko Kolanovic, Jeff Gundlach Organizations: JPMorgan, Service, Dow Jones, Nasdaq, Freedom Capital, Treasury, Cetera Investment Management, CNBC, DoubleLine

That was close, but in the end Congress found a way to avert a government shutdown. “That said, we still look for the gradual deceleration in labor market conditions to continue in the coming months,” Bullard added. Collectively, the three reports will show whether the labor market is slowing – and by just how much. The week will also reveal whether the markets have settled down following the aversion of a government shutdown and concern over rising interest rates in the wake of the Fed’s pause. “The continuation of the disinflation process suggests that the Fed may not need to hike interest rates again this cycle.”

Persons: ” Sam Bullard, “, ” Bullard, Jerome Powell – Organizations: Federal Reserve, Wells, Labor Department, Stock, BCA Research Locations: August’s, payrolls, Washington

☆ UBS and China's ICBC to explore banking, asset and wealth management collaboration
▼ + stars: | 2023-09-26 | by ( ) www.reuters.com time to read: +1 min

HONG KONG, Sept 26 (Reuters) - Swiss banking group UBS (UBSG.S) said on Tuesday it had signed a memorandum of understanding with the world's largest lender by assets, Industrial and Commercial Bank of China (ICBC) (601398.SS), , to explore strategic collaborations in China and overseas markets. The banks will explore cooperation in asset management, wealth management, and investment and corporate banking, according to a UBS statement. The deal includes product development and distribution, client coverage, global market trading, investment and financing, research, asset custody and exchange of expertise. UBS acquired its smaller cross-town rival Credit Suisse in June, through which it now holds a 20% stake in ICBC Credit Suisse Asset Management Company, a fund joint venture previously partially owned by Credit Suisse. Reporting by Selena Li; Editing by Kevin LiffeyOur Standards: The Thomson Reuters Trust Principles.

Persons: Selena Li, Kevin Liffey Organizations: UBS, Industrial, Commercial Bank of China, Credit Suisse, ICBC, Asset Management Company, Thomson Locations: HONG KONG, Swiss, China

☆ How AI will change the job of the junior banker and raise the bar to entry
▼ + stars: | 2023-09-22 | by ( Bianca Chan | Emmalyse Brownstein | ) www.businessinsider.com time to read: +12 min

But let's face it, many of the tasks junior bankers spend their time on could very well be done by a robot. "As a junior banker you don't critically think. With artificial intelligence progressing by leaps and bounds, how will it impact the job of the junior banker? She said it's already helping junior bankers get their jobs done faster. "It will allow junior bankers to operate at a higher level with that first pass of analysis being prepared by the technology," said Torrente.

Persons: Wall, Tamara Bitticks, it's, Carlo Allegri, Bitticks, Crystal Cox, Peter Torrente, Bogdan Tudose, Morgan Stanley, Tudose, Goldman Sachs, Banks Organizations: Deutsche Bank, Reuters, Deloitte, Industry, Wall, Google, KPMG, Blackstone, JPMorgan, Excel, Getty, Deutsche Locations: Manhattan, San Francisco

"We are making bold decisions to meet our commitments to our shareholders," Fraser, 56, said in a statement. The latest changes have already eliminated 35 committees, Fraser said, citing an example of efforts to reduce bureaucracy. Job cuts are expected, but the bank did not estimate the number of positions being eliminated or the financial impact, sources familiar with the matter said. "Investors are only going to give Citigroup credit for hard numbers meeting their goals," said Eric Compton, banking analyst at Morningstar. Citi is eliminating layers in former divisions Institutional Clients Group and Personal Banking and Wealth Management.

Persons: Jane Fraser, Fraser, Shahmir Khaliq, Andrew Morton, Peter Babej, Gonzalo Luchetti, Andy Sieg, Wells, JPMorgan Chase, Brian Mulberry, Eric Compton, Ernesto Cantu, Mark Mason, Tatiana Bautzer, Saeed Azhar, Medha Singh, Lananh Nguyen, Nick Zieminski, Jonathan Oatis Organizations: Citigroup, Citi, Bank of America, JPMorgan, Zacks Investment Management, Morningstar, Wealth Management, International, Thomson Locations: North America, New York

☆ MacroMavens' Stephanie Pomboy sounds the alarm on corporate bankruptcies, warning it could herald financial catastrophe
▼ + stars: | 2023-09-12 | by ( Joseph Wilkins | ) www.businessinsider.com time to read: +3 min

Economist Stephanie Pomboy has warned of the economic risks signaled by rising corporate bankruptcies in the US. First-half US corporate bankruptcies surged to the highest level since 2010, per S&P data. "It's really something, listening to johnny-come-latelys parroting my talking points on corporate bankruptcies (which none of them saw coming 6 mo's ago). If they did, they'd be calling for a fiscal & monetary response that makes 2008-9 look like peanuts," Pomboy wrote. This is not the first time Pomboy has raised concerns of looming economic and market risks in 2023.

Persons: Stephanie Pomboy, Mavens, they'd, Pomboy Organizations: Service, P Global Market Intelligence, Valley, Bed, Lordstown Motors, Mediamath Holdings, Federal Reserve Locations: Wall, Silicon

☆ Deutsche Bank's chief innovation officer lifts the hood on the German bank's AI strategy as it hires hundreds and runs dozens of pilots
▼ + stars: | 2023-09-11 | by ( Bianca Chan | ) www.businessinsider.com time to read: +8 min

Deutsche Bank is aggressively experimenting with AI capabilities to transform the bank. Then they cut to black before text came into focus to provide intel on Cymbal, a hypothetical corporate client of Deutsche Bank. Deutsche Bank is aiming to transform the business and work of banking. There's a lot of assumptions," Gil Perez, Deutsche Bank's chief innovation officer, told Insider. The bank will need to compete for in-demand AI tech talent, a market that is only set to heat up.

Persons: Gil Perez, Perez, Tamara Bitticks, Bitticks, There's Organizations: Deutsche Bank, DB, intel, Google, Deutsche, Bankers, Wall, genAI Locations: San Francisco, Washington

REUTERS/Brendan McDermid Acquire Licensing RightsLONDON, Sept 8 (Reuters) - Rising U.S. business bankruptcies may raise a red flag in what otherwise appears like an economy now impervious to rising interest rates. Commenting on the numbers, insolvency research organisation ABI blamed elevated interest rates, price inflation and a resumption of student loan payments as just some of the headwinds causing stress. That partly mirrors some of built-in household resilience to rising rates related to long-term fixed-rate borrowings and still-high cash savings that now earn significantly higher rates of interest now too. And that 10% - accounting for more than 60% of index market cap - had seen no rise in net interest payments so far in the Fed campaign. But creeping insolvencies among the smaller firms - many of whom have been dubbed 'zombies' for years due to their survival solely on low interest rates - may be a better reflection of what's starting to happen at the coalface of the economy.

Persons: Brendan McDermid, Albert Edwards, Edwards, Andrew Lapthorne, Russell, NFIB, Mike Dolan, Josie Kao Organizations: New York Stock Exchange, REUTERS, Yellow Corp, P Global Market Intelligence, Reuters, Societe Generale, Fed, National Federation of Independent Business, Reuters Graphics Reuters, Thomson Locations: New York City, U.S, midyear

☆ The Fed could still kill off more zombie companies even after bankruptcies have spiked 54% since last year
▼ + stars: | 2023-09-07 | by ( Phil Rosen | ) www.businessinsider.com time to read: +4 min

US bankruptcies soared 54% year-over-year in August. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. In effect, they were saying that companies feel pain in times of policy tightening, especially those with weaker balance sheets. In any case, easy money measures have "kept so many zombie companies on life support," in Societe Generale's view. "[T]he recent sharp rise in rates really could cause a shocking rise in bankruptcies, beyond all fears."

Persons: Albert Edwards, Edwards, Ander Perez, Orive, Yannick Timmer, loosens Organizations: Societe Generale, Service, Reserve, Federal Reserve, Generale Locations: Wall, Silicon

The collapse in cryptocurrency prices last year forced a procession of major firms into bankruptcy, trigging a government crackdown and erasing the savings of millions of inexperienced investors. But for a small group of corporate turnaround specialists, crypto’s implosion has become a financial bonanza. Lawyers, accountants, consultants, cryptocurrency analysts and other professionals have racked up more than $700 million in fees since last year from the bankruptcies of five major crypto firms, including the digital currency exchange FTX, according to a New York Times analysis of court records. Large fees are common in corporate bankruptcies, which require complex and time-intensive legal work to untangle. Every dollar in fees is deducted from the pool of funds that will be returned to creditors at the end of the bankruptcies.

Persons: trigging Organizations: New York Times

☆ Citi considers plan to disband its biggest division in overhaul- FT
▼ + stars: | 2023-08-21 | by ( ) www.reuters.com time to read: 1 min

Aug 21 (Reuters) - Citigroup (C.N) chief executive Jane Fraser is considering a plan to disband the bank's biggest division, the Financial Times reported on Monday. The plan would split the Institutional Clients Group — which generated nearly three-quarters of Citi's $14.8 billion in net 2022 profits — into its three primary business segments: investment and corporate banking, global markets and transaction services, the FT report said. Reporting by Lavanya Ahire in Bengaluru; Editing by Nivedita BhattacharjeeOur Standards: The Thomson Reuters Trust Principles.

Persons: Jane Fraser, Lavanya, Nivedita Organizations: Citigroup, Financial Times, Thomson Locations: Bengaluru

☆ Citi mulls plan to split Institutional Clients Group in overhaul- FT
▼ + stars: | 2023-08-21 | by ( ) www.reuters.com time to read: +1 min

The Citigroup Inc (Citi) logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. The plan envisages splitting the bank's Institutional Clients Group (ICG) into its three primary business segments: investment and corporate banking, global markets and transaction services, the FT report said, citing people familiar with the proposal. The Institutional Clients Group which provides financial services to institutional investors and governments is one of the biggest divisions of the bank. The new segments will be run by their current heads, who would report directly to Fraser, the newspaper said. Reporting by Lavanya Ahire in Bengaluru; Editing by Nivedita Bhattacharjee and Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

Persons: Chris Helgren, Jane Fraser, Fraser, Paco Ybarra, Lavanya, Nivedita Bhattacharjee, Dhanya Ann Thoppil Organizations: Citigroup Inc, Citi, REUTERS, Citigroup, Financial Times, Group, ICG, Reuters, Thomson Locations: Toronto , Ontario, Canada, Bengaluru

☆ Here's why the surge in bankruptcy filings this year isn't as scary as it sounds
▼ + stars: | 2023-08-18 | by ( Matthew Fox | ) www.businessinsider.com time to read: +4 min

Corporate bankruptcy filings have surged so far this year, already eclipsing the number of bankruptcies in 2022. But there are three reasons why bankruptcy filings aren't as scary as they sound, according to Carson Group. But according to Varghese, there are three reasons why investors shouldn't panic about the recent uptick in bankruptcy filings. But bond investors — even those who buy below-investment-grade debt — have not shown signs of worry. "Bond investors typically sniff out hard economic times for companies well ahead of other investors.

Persons: it's, Sonu Varghese, Varghese, —, Banks Organizations: Carson Group, Service, Bed, Valley Bank, Party, Treasury, Carson, Federal Reserve, Entrepreneurship Locations: Wall, Silicon

☆ CPI: Consumer prices rose by 3.2% annually in July, picking up for the first time in 13 months
▼ + stars: | 2023-08-10 | by ( Alicia Wallace | ) edition.cnn.com time to read: +8 min

Minneapolis CNN —For the first time in more than 12 months, the pace of consumer price hikes accelerated on an annual basis. The Consumer Price Index rose 3.2% for the year through July, up from June’s 3% annual increase, according to data released Thursday by the Bureau of Labor Statistics. Core CPI, which excludes the more volatile food and energy prices, increased 0.2% from June and was up 4.7% from the year-ago period. July is the the fourth consecutive month that annual core CPI has eased, and the 4.7% rate landed 0.1 percentage points below consensus expectations. Shelter prices rose 0.4% month on month and were up 7.7% for the year ending in July.

Persons: “ Don’t, ”, Julia Pollak, Joe Biden, ” Biden, “ We’ve, Kurt Rankin, Dow, “, Joe Brusuelas, Brusuelas, Tamara Charm, Brandon Bell, Danielle DiMartino Booth, DiMartino Booth, — CNN’s Elisabeth Buchwald Organizations: Minneapolis CNN —, Bureau of Labor Statistics, BLS, CPI, Federal Reserve, PNC, Nasdaq, RSM US, CNN, San, Services, “, McKinsey, Quill Intelligence, Federal Reserve Bank of Dallas Locations: Minneapolis, June’s, San Francisco, Austin , Texas

☆ Teamsters union pushes for US bankruptcy reform after Yellow's collapse
▼ + stars: | 2023-08-08 | by ( Dietrich Knauth | ) www.reuters.com time to read: +3 min

The Teamsters union said 22,000 of its members were out of work despite making significant concessions on wages and pension benefits in labor negotiations with the nearly 100-year-old company, which filed for bankruptcy on Sunday. Yellow has blamed the Teamsters' opposition to its internal reorganization efforts for its collapse. The union warned that the bankruptcy could mean they will not receive bargained-for retirement benefits or severance pay. "Corporate bankruptcy legislation in the U.S. is a joke," Teamsters General President Sean O'Brien said in a statement. U.S. bankruptcy law currently prioritizes repayment of up to $15,150 in wages per employee, according to bankruptcy attorney George Singer, who is not involved in Yellow's case.

Persons: Mike Blake, Sean O'Brien, Dick Durbin of, Jerry Nadler, George Singer, Singer, Donald Trump's, Dietrich Knauth, Jamie Freed Organizations: U.S, Brotherhood of Teamsters, Yellow Corp, Teamsters, Congressional, Dick Durbin of Illinois, Employees, Thomson Locations: Mexico, San Diego , California, U.S, York

☆ 15 years of low interest rates reshaped the U.S. economy. Here's what's changing as rates stay higher for longer
▼ + stars: | 2023-07-26 | by ( Carlos Waters | In Carloswaters | ) www.cnbc.com time to read: +2 min

The United States is entering a new economic era as the Federal Reserve hikes its benchmark interest rate. As interest rates climb, economists say financial conditions are headed back to being more normal. Government bonds, Treasury securities and savings accounts all return very little yield when interest rates are low. At the same time, low interest rates increase the value of stocks, homes and Wall Street firms that make money by taking on debt. "Barring a catastrophe, I don't think we'll see lower interest rates any time soon," said Mark Hamrick, Washington bureau chief at Bankrate.com.

Persons: Roger Ferguson, we'd, Gregory Daco, Mark Hamrick Organizations: Federal, Federal Reserve, Wall Street Locations: States, America, EY, Washington, Bankrate.com, U.S

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHow the Federal Reserve's interest rate hikes are reshaping the U.S. economyThe U.S. is entering a new economic era. It began with an interest rate tightening cycle coming out of the Federal Reserve, with decisions that have reshaped personal finance in America. Some savings accounts can now return meaningful interest for the first time in years. It has also led to a Wall Street reshuffling, and a wave of corporate bankruptcies as some bad bets turn sour. With these free money years coming to a close, we examine how the Fed's decision-making has affected the economy.

Organizations: Federal Locations: U.S, America

The figures underscore broader trends in global banking, with investment banks struggling as deals are paused, while higher interest rates are a boon to other divisions. Analysts expect the retail unit will also overtake the investment bank as the main revenue driver for the full year, overturning the investment bank's pole position over the previous three years. Investment banking revenue dropped 11% during the quarter, better than an expected 16% drop. Deutsche Bank set out in 2019 to reduce dependence on its volatile investment bank and rely instead on more stable businesses that serve companies and retail customers as a way to restore profitability. Chief Financial Officer James von Moltke said the shift to the retail bank as the largest breadwinner was "significant" because the perception of the lender had been dominated over years by the investment bank, and Deutsche was becoming more balanced.

Persons: James von Moltke, Deutsche, Jeffrey Epstein, Tom Sims, Matthias Inverardi, Friederike Heine, Jamie Freed Organizations: Deutsche Bank, Reuters Graphics, Reuters, Deutsche, Reuters Graphics Deutsche, U.S . Federal Reserve, U.S, Thomson Locations: FRANKFURT

☆ Credit Suisse announces management changes at Swiss bank
▼ + stars: | 2023-07-17 | by ( ) www.reuters.com time to read: 1 min

ZURICH, July 17 (Reuters) - Credit Suisse Switzerland executive board member Daniel Hunziker will take over the leadership of the bank's corporate clients business, it said on Monday. Hunziker will take on the new position in addition to his existing job as head of institutional clients at Credit Suisse with immediate effect. The move is the latest management change announced since UBS's (UBSG.S) takeover of Credit Suisse. Credit Suisse also announced on Monday that Andreas Gerber, head of corporate banking and another member of the Credit Suisse Switzerland executive board, will leave the bank. The banking veteran will "take a break for the time being" after 34 years at Credit Suisse and Schweizerische Volksbank, Credit Suisse said.

Persons: Daniel Hunziker, Hunziker, Andreas Gerber, John Revill, David Holmes Organizations: Credit Suisse, Thomson Locations: ZURICH, Credit Suisse Switzerland, Schweizerische

☆ SVB, BBBY, Lordstown lead list of US bankruptcies as companies fold up at the fastest pace since 2010
▼ + stars: | 2023-07-07 | by ( Joseph Wilkins | ) www.businessinsider.com time to read: +2 min

First-half US corporate bankruptcies surged to the highest level since 2010, data from S&P Global Market Intelligence shows. Almost 3,000 firms folded up in the last six months, a 68% jump from a year earlier, according to Epiq Bankruptcy. American businesses have come under increased stress after the Federal Reserve raised interest rates aggressively. Total company failures for the period surged 68% from a year earlier to almost 3,000, according to data provider Epiq Bankruptcy. Rising corporate bankruptcies are a worrying sign for the wider US economy, which is already under strain from the effects of the Fed's aggressive interest rate hikes.

Persons: —, David Rosenberg, Morgan Stanley, Mike Wilson, Gregg Morin Organizations: P Global Market Intelligence, Federal Reserve, Service, Valley, Bed, Lordstown Motors, Mediamath Holdings, Epiq, Business Development

☆ The credit crunch is getting worse and bankruptcies are on the rise
▼ + stars: | 2023-07-03 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

David Tesher: Before we were forecasting a short and shallow recession, but we no longer think there’s going to be a recession. Hard decisions are being made, and that’s going to feed back into corporate growth prospects. As economic conditions slow, credit is becoming tighter and companies are defaulting at a faster pace than they have. So yes, some corporations are distressed, but this isn’t something affecting the entire market, which is what you’d associate with a broad credit crunch. Big Tech is back with a vengeanceLast year was rough for tech companies: Tech stocks fell more than 30% in 2022, while the overall market dropped 20%.

Persons: Banks, Bell, David Tesher, we’re, We’re, There’s, reevaluation, it’s, Meta, Wedbush’s Daniel Ives, Liz Ann Sonders, Charles Schwab, ”, Megan Horneman, Matt Egan, John LaForge Organizations: CNN Business, Bell, CNN, P, Big Tech, Tech, Apple, Nvidia, Microsoft, Verdence Capital Advisors, Nasdaq, Dow Jones, AAA, That’s, US Energy Information Administration, Wells, Investment Institute

☆ Barclays seeks to stop being corporate banker to Odey Asset Management, Financial Times reports
▼ + stars: | 2023-07-02 | by ( ) www.reuters.com time to read: +2 min

July 2 (Reuters) - Barclays (BARC.L) is looking to terminate its corporate banking relationship with Odey Asset Management (OAM), the Financial Times reported on Sunday, predominantly due to sexual assault allegations against founder Crispin Odey. The British hedge fund has grappled with redemptions since the FT and Tortoise Media on June 8 jointly reported allegations by 13 women that Crispin Odey had sexually assaulted or harassed them over a 25-year period. OAM and Barclays did not immediately respond to a Reuters request for comment outside usual office hours. FT also reported earlier that the FCA had restricted the movement of cash and assets from OAM to restore order at the firm. Letters to OAM investors last week showed the manager has proposed to restructure two of its key funds as part of efforts to extract Crispin Odey from the business after the assault allegations.

Persons: Crispin Odey, Odey, AJ Bell, Hargreaves Lansdown, Goldman Sachs, Morgan Stanley, Rishabh, Kevin Liffey, David Holmes Organizations: Barclays, Odey Asset Management, Financial Times, redemptions, Tortoise Media, Sunday Barclays, Financial, Authority, FT, JPMorgan, Thomson Locations: British, Canada, Halifax, Bengaluru

☆ UBS looks to axe 30% of staff and keep Credit Suisse's domestic business - source
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +2 min

UBS could axe around 30% of its combined workforce, which has expanded to 120,000 following the state-brokered rescue earlier this year, that person told Reuters on Wednesday. UBS declined to comment, while Credit Suisse did not immediately respond to a request for comment. Such plans indicate that UBS wants to absorb Credit Suisse's domestic business, streamlining operations and cutting costs in the process, a controversial decision which could trigger concerns about the bank's domestic market dominance. Earlier this month, UBS Chief Executive Sergio Ermotti warned of painful decisions about job cuts following the takeover of Credit Suisse, but provided no numbers. Reuters reported last week reported that UBS will cut Asia investment banking jobs at Credit Suisse next month, with significant reduction in investment bankers covering Australia and China.

Persons: Sergio Ermotti, Oliver Hirt, Tomasz Janowski Organizations: UBS, Credit Suisse, Reuters, Wednesday, Bloomberg, Thomson Locations: Swiss, Zurich, Switzerland, Asia, Australia, China

[1/5] Starbucks workers attend a protest as part of a collective action over a Pride decor dispute, outside a Starbucks shop in Manhattan in New York City, New York, U.S., June 25, 2023. About a dozen Starbucks workers picketed outside New York's Astor Place location in lower Manhattan on Sunday afternoon near the route of the city's Pride parade, chanting: "New York is a union town! Starbucks spent decades building its reputation as a progressive company that supports LGBTQ+ workers and customers. Maggie McKeon, who was headed into the Starbucks at Astor Place, turned around after learning about the strike. Sam Cornetta, a barista at the Farmingville, New York, Starbucks, who joined coworkers on strike at Astor Place on Sunday, said the company was alienating LGBTQ+ workers.

Persons: David Dee Delgado, Lynne Fox, we've, Jackie Zhou, Maggie McKeon, McKeon, baristas, Arthur Pratt, Pratt, Sam Cornetta, They've, Hilary Russ, Caroline Valetkevitch, Vanessa O'Connell, Lananh Nguyen, Diane Craft Organizations: REUTERS, Starbucks Corp, Workers, Starbucks, Seattle, Workers United, Reuters, U.S, Supreme, Pride, Seattle Gay, Human Rights, HRC, National Labor Relations Board, Thomson Locations: Manhattan, New York City , New York, U.S, Astor, York, New York City, San Francisco, Chicago, Portland , Oregon, , New York, Ashland , NY, New York

☆ Beyoncé shows blamed for fueling inflation in Sweden
▼ + stars: | 2023-06-16 | by ( Patrick Smith | ) www.cnbc.com time to read: +5 min

Beyoncé performs onstage during the opening night of the “RENAISSANCE WORLD TOUR” at Friends Arena on May 10, 2023 in Stockholm, Sweden. Beyoncé has won a record number of Grammys, has become one of the best-selling musical artists in the world and is on a sold-out, record-breaking world tour. "So whilst Beyoncé may have caused a shock to one month's data, she's not the reason for inflation in Sweden that's well above the central bank's target," he said. As in many European countries, Sweden has faced sharp inflation and higher household costs since Russia's invasion of Ukraine disrupted the wholesale energy market and distribution networks. And as for Grahn, he is not expecting to remain of interest to either Beyoncé fans or the world's media.

Persons: Beyoncé, Queen Bey, Sweden's, Michael Grahn, It's, Grahn, hadn't, Bruce Springsteen, James Pomeroy, she's, Marcus Widén, I'm Organizations: Friends Arena, National, Denmark's Danske Bank, NBC, HSBC, Sweden that's, Entertainment, Nordic, European Union Locations: Stockholm, Sweden, United States, North Carolina, Europe, Swedish, Gothenburg, Ukraine

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