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☆ In the Market: Funds fret over the fallout of Biden's China order
▼ + stars: | 2023-08-14 | by ( Paritosh Bansal | Thomson Reuters | Paritosh Oversees The Work Of More Than Journalists Across The Globe Who Write About Finance | ) www.reuters.com time to read: +6 min

The executive order along with anti-China moves by lawmakers and agencies means the overall policy is unclear and riddled with landmines. "It will be very important to monitor how this executive order is being received in Congress." The executive order affects venture funds and private equity firms that invest in Chinese companies in semiconductors and microelectronics, quantum information technologies and artificial intelligence. MORE RESTRICTIONSSome of the investors said the administration's approach in framing the executive order had been more consultative. U.S. Representative Maxine Waters, Biden's fellow Democrat, said on Friday the executive order and rulemaking on outbound investment must be "broadened and strengthened."

Persons: Florence Lo, Biden, Anthony Rapa, Blank, Blackrock, MSCI, Maxine Waters, Paritosh Bansal, Andrea Shalal, Laura Matthews, Anna Driver Organizations: REUTERS, Fund, Investors, Blackrock, U.S, Chinese Communist Party, The, Vanguard, Morningstar, Blackrock's, Reuters Graphics Reuters, Thomson Locations: China, U.S, Beijing, Washington, MSCI, New York

☆ How do I invest in a S&P 500 fund? Should I trade stocks after hours? We've got answers
▼ + stars: | 2023-08-13 | by ( Zev Fima | ) www.cnbc.com time to read: +8 min

Are you referring to the S & P index itself, or one of the variations, and which symbol(s)? Thanks, Doug W. There are many exchange-traded funds (ETFs) that track the S & P 500 . The top three by assets under management, in order from largest to smallest, would be the State Street Global Advisors' SPDR S & P 500 ETF Trust (SPY) , BlackRock's iShares Core S & P 500 ETF (IVV) , and the Vanguard S & P 500 ETF (VOO) . As mentioned in the question, there are lots of ETFs that track the S & P 500, so by no means are these three the only games in town. Volume usually does pick up outside of normal trading hours when an event takes place, such as an earnings release.

Persons: Jim Cramer, I've, Warren Buffett, Doug W, Jim Cramer's, Jim, doesn't, that's, we're, it's Organizations: State Street Global Advisors, Trust, Vanguard, Jim Cramer's Charitable Trust, Club, CNBC

☆ A former BlackRock stock chief shares 3 indicators that tell him it's too early to abandon his recession call despite the economy's strength — and warns the stock market's rally is doomed for a revers
▼ + stars: | 2023-08-12 | by ( William Edwards | ) www.businessinsider.com time to read: +6 min

The inverted yield curve and The Conference Board's LEI are two indicators that inform his view. Instead, investors should be paying attention to indicators like the Treasury yield curve, The Conference Board's Leading Economic Index, and money growth. Here's the yield curve. And the start of a recession typically comes a bunch of of months after the yield curve inverts. The yield curve didn't invert until less than a year ago.

Persons: Bob Doll, LEI, Doll, Wall, — Bank of America's Michael Gapen, Michael Feroli —, we're, Louis, It's, Rosenberg Research's David Rosenberg, Piper Sandler's Michael Kantrowitz, Greg Boutle, Tom Lee Organizations: Federal Reserve, — Bank of America's, Crossmark Global Investments, BlackRock, Conference, Federal Reserve Bank of St, Fed, Louis Investors, Deutsche Bank, Bloomberg, BNP, Institute for Supply, Institute for Supply Management, of Labor Statistics Locations: Wells

☆ This bond ETF is a bet on ‘higher for longer’ and uses options to find extra income
▼ + stars: | 2023-08-11 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +4 min

A growing number of investors appear to be trying to squeeze additional cash from long-term bonds with the iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) . "Popular Treasury ETFs, such as [iShares 7-10 Year Treasury Bond ETF ] and [ iShares 20+ Year Treasury Bond ETF ], could lose another 4-8% if yields spike by the end of September," Woodard said. The TLTW presents a strategy to thread the needle and offset declines in bond prices with income from selling call options. The fund works by buying the iShares 20+ Year Treasury Bond ETF (TLT) and then selling call options with strike prices roughly 2% above the market price of the underlying fund. The TLTW also comes with a higher cost than vanilla Treasury funds.

Persons: Bond, …, Jared Woodard, Woodard, iShares, Steve Laipply, TLT, Laipply Organizations: Federal, Bank of America, Treasury, ETF, Treasury Bond ETF, BlackRock, SEC

☆ SEC delays decision on bitcoin ETF from Cathie Wood's Ark Invest
▼ + stars: | 2023-08-11 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

Ark Invest CIO Cathie Wood told Bloomberg News earlier this week that she expected the SEC to make a decision on multiple funds at once. Crypto investment firm Grayscale is still awaiting a court decision after the SEC repeatedly rejected its proposal to convert the Grayscale Bitcoin Trust into an ETF. The Cboe BZX exchange filed with the SEC for a rule change in April that would allow the listing of the Ark21 spot bitcoin fund. The filing has since been amended several times and now includes a surveillance-sharing provision that was introduced in BlackRock's filing for a bitcoin fund. The SEC has rejected dozens of prior applications to create a spot bitcoin ETF, and SEC Chair Gary Gensler appeared to be leading a crackdown against the crypto industry earlier this year.

Persons: Gary Gensler, Cathie Wood Organizations: SEC, U.S . Treasury, The Securities, Exchange Commission, ETF, Bloomberg News Locations: Washington ,, BlackRock, WisdomTree

☆ 80% of bosses say they regret earlier return-to-office plans: ‘A lot of executives have egg on their faces’
▼ + stars: | 2023-08-11 | by ( Morgan Smith | ) www.cnbc.com time to read: +4 min

After three years of haphazard plans for getting workers back at their desks, the return-to-office movement has entered a phase of remorse. Envoy interviewed more than 1,000 U.S. company executives and workplace managers who work in-person at least one day per week. Kathy Kacher, a consultant who advises corporate executives on their return-to-office plans, is surprised the percentage isn't higher. "A lot of executives have egg on their faces and they're sad about that." The 'great resignation' to the 'great regret'As some business leaders accept hybrid work as a permanent reality, others are backtracking on earlier pledges to let employees work from home on a full or part-time basis.

Persons: Larry Gadea, it's, Kathy Kacher, pushback, Kacher, Who's Organizations: CNBC, Alliance Services, WFH Research, Disney, New York Times, Research, Companies Locations: U.S, BlackRock, New York City

☆ US SEC delays decision on Cathie Wood's spot bitcoin ETF
▼ + stars: | 2023-08-11 | by ( ) www.reuters.com time to read: +1 min

[1/2] The headquarters of the U.S. Securities and Exchange Commission (SEC) is seen in Washington, D.C., U.S., May 12, 2021. REUTERS/Andrew KellyAug 11 (Reuters) - The U.S. Securities and Exchange Commission (SEC) has delayed a decision on whether to approve Cathie Wood-led Ark Investment Management's (ARK) spot bitcoin exchange-traded fund (ETF), a filing by the regulator showed on Friday. The SEC is seeking public comment on the Ark 21Shares Bitcoin ETF application, and has pushed back the decision date by several weeks to potentially months. In June, BlackRock (BLK.N), the world's biggest asset manager, also filed for a bitcoin ETF, a move that many viewed as a gamechanger for the industry. In 2021, Wood's ARK and crypto investment firm 21Shares US LLC had first teamed up to file an application for a spot bitcoin ETF with the regulator.

Persons: Andrew Kelly, Cathie Wood, Sam Bankman, Pritam Biswas, Shinjini Organizations: U.S . Securities, Exchange Commission, Washington , D.C, REUTERS, SEC, Ark Investment, Thomson Locations: Washington ,, BlackRock, Bengaluru

☆ How more than a trillion dollars in U.S. government infrastructure spending can boost these 3 industrial stocks
▼ + stars: | 2023-08-11 | by ( Morgan Chittum | ) www.cnbc.com time to read: +8 min

The U.S. government is deploying trillions of dollars of stimulus money into infrastructure investments, boosting the prospects for a number of industrials in the Club portfolio. Club names Honeywell (HON) and Emerson Electric (EMR) might also grab some of the IRA's funding for green energy. Gains were linked to a boost in demand for construction equipment because of the "once in a generation" Infrastructure bill. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. The White House's infrastructure plan estimates to set aside approximately $35 billion for Texas projects.

Persons: Joe Biden, Emerson, Morgan Stanley, Economist Ellen Zentner, Zentner, Larry Fink, Jim Umpleby, Jim Cramer, Josh Pokrzywinski, Jim Cramer's, Jim, Brandon Bell Organizations: Club, Infrastructure Investment, Jobs, Act, Caterpillar, Honeywell, Emerson Electric, Morgan Stanley Chief, Economist, CNBC, CAT, Inflation, Bank of America, National, Software, Control, Getty Locations: U.S, North America, Houston , Texas, Texas

☆ Following CPI report, the market has locked in on no more rate hikes from the Fed
▼ + stars: | 2023-08-10 | by ( Jeff Cox | ) www.cnbc.com time to read: +4 min

The market has its mind made up: July's tame inflation reading means no more interest rate hikes from the Federal Reserve. The "patience" reference goes to whether policymakers will be satisfied that inflation will come back to normal without any further rate increases, or if additional tightening is necessary. Following Thursday's release of the consumer price index , which showed a 12-month inflation rate of 3.2%, markets upped their bets that the Fed is staying put. The chance of any additional rate increases also declined, dropping to 27.3% for November and 24.1% for December, as of about 1:30 p.m. Thus, there was some caution from the CPI internals, and a stock market rally cooled Thursday afternoon as Wall Street digested the report.

Persons: Quincy Krosby, Bill Adams, Rick Rieder, Tom Lee, Bradley Saunders Organizations: Federal, LPL, of Labor Statistics, Fed, Comerica Bank, Market Committee, Capital Economics Locations: BlackRock

☆ July CPI report shows inflation gauge rose 3.2%, less than expected
▼ + stars: | 2023-08-10 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

watch nowThe consumer price index rose 3.2% from a year ago in July, a sign that inflation has lost at least some of its grip on the U.S. economy. Prices accelerated a seasonally adjusted 0.2% for the month, in line with the Dow Jones estimate, the Bureau of Labor Statistics reported Thursday. The annual rate for the core also was slightly below a Dow Jones consensus estimate for 4.8%. Markets reacted positively to the report, with futures tied to the Dow Jones Industrial Average up more than 200 points and Treasury yields mostly lower. Almost all of the monthly inflation increase came from shelter costs, which rose 0.4% and were up 7.7% from a year ago.

Persons: Dow Jones, Sung Won Sohn, Rick Rieder Organizations: of Labor Statistics, Dow Jones, Markets, Treasury, SS Economics, Loyola Marymount University, Federal, BLS, Federal Reserve, BlackRock Locations: U.S

☆ The deadline for a ruling on Ark's application for a bitcoin ETF is near
▼ + stars: | 2023-08-07 | by ( Bob Pisani | ) www.cnbc.com time to read: +6 min

Ark's application for a spot bitcoin ETF was published in the Federal Register on May 15. Get in line: Bitcoin ETF applications(Date filed & Last possible review) Ark/21 Shares Bitcoin Trust 5/15/23 1/10/24Bitwise Bitcoin ETF Trust 7/18/23 3/15/24BlackRock Bitcoin ETF Trust 7/19/23 3/16/24VanEck Bitcoin Trust 7/19/23 3/16/24WisdomTree Bitcoin Trust 7/19/23 3/16/24Valkyrie Bitcoin Fund 7/19/23 3/16/24First Trust Galaxy Bitcoin 7/19/23 3/16/24Fidelity Wise Origin Bitcoin Trust 7/19/23 3/16/24 A ninth organization, Grayscale, has filed to convert its Grayscale Bitcoin Trust into a Bitcoin Spot ETF. 'Surveillance sharing agreement'The SEC has denied all prior spot bitcoin ETF applications, citing fraud and manipulation in the underlying markets. Supporters of a spot bitcoin ETF have been emboldened by a court case unfolding between Grayscale Bitcoin Trust (GBTC) and the SEC. Seif runs the Purpose Bitcoin ETF, a spot bitcoin ETF that has been trading in Canada since February, 2021.

Persons: Marco Bello, Reuters It's, Matt Hougan, It's, Neomi Rao, Bitcoin, Som Seif, Seif, Gary Gensler, Gensler, We're, Ric Edelman, Edelman, Bloomberg Intelligence's James Seyffart, Eric Balchunas Organizations: Reuters, SEC, The Securities, Exchange, Federal Register, Federal, Bitwise Asset Management, Bitcoin, BlackRock, Nasdaq, Digital Assets, Financial, CNBC, Bloomberg Locations: Miami Beach , Florida, U.S, BlackRock, Bitwise, Washington, Canada

☆ India's Reliance expects to soon list shares of its financial unit
▼ + stars: | 2023-08-06 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Shailesh Andrade/File PhotoNEW DELHI, Aug 6 (Reuters) - Reliance Industries Ltd (RELI.NS) hopes to soon list shares of its financial services unit, Reliance Jio Financial Services Ltd, to unlock value for shareholders, the company said in its annual report. A listing date for Jio Financial Services is widely expected to be announced at Reliance's forthcoming annual general meeting. Ambani said Jio Financial Services wants to provide simple, affordable and innovative digital first solutions. "Jio Financial Services along with its subsidiaries will leverage the technological capabilities of Relianceand digitally deliver financial services, democratising access to financial services offerings for Indian citizens," he said. Reliance has offered its shareholder one share of Jio Financial Services for one share of Reliance.

Persons: Shailesh Andrade, Mukesh Ambani, Ambani, Nidhi Verma, Giles Elgood Organizations: Reliance Industries, REUTERS, Reliance Industries Ltd, Reliance, Financial Services Ltd, Financial, Jio Financial Services, Financial Services, BlackRock Inc, Thomson Locations: Mumbai, India

☆ Morgan Stanley still likes these Chinese stocks despite a country downgrade
▼ + stars: | 2023-08-06 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +6 min

Morgan Stanley has decided to take a break, downgrading MSCI China to equal weight while recommending a few consumer and industrial names. The Politburo meeting signaled policy easing, but outstanding issues — of debt, property, jobs and geopolitics — need significant improvement for sustainable inflows, the Morgan Stanley analysts said. Morgan Stanley has so far only changed it once this year: a cut in July to 5%. And despite their downgrade of Chinese stocks, the analysts added two mainland-traded A shares to their focus list. In its latest report, Morgan Stanley analysts also turned overweight on India.

Persons: Morgan Stanley, Laura Wang, Fran Chen, Wood, Warren Buffett, behemoth BlackRock, Biden, Liqian Ren, Ren, Hang Seng, Jack Ma's Alibaba, Morgan Stanley's, Morgan, WisdomTree's Ren doesn't, Ren doesn't, Michael Bloom Organizations: U.S, Chinese Communist Party, China ETF, WisdomTree Trust, Owned Enterprises ETF, Wall, JPMorgan, Baidu, State, Owned Enterprise Fund, Ping An Insurance Locations: China, . U.S, WisdomTree, WisdomTree Trust China, Morgan, Morgan Stanley's China, Hong Kong, India

☆ More firms on Wall Street are bracing for a stock sell-off. Here's why JPMorgan, Wells Fargo, and others say the market's huge gains are at risk.
▼ + stars: | 2023-08-05 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +4 min

Some Wall Street analysts are sounding the alarm for a coming sell-off in stocks. That comes as the S&P 500 enjoys its best year since 1927, gaining 18% from January. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. That comes as the S&P 500 enjoys one of its best years since 1927, largely thanks to Wall Street's excitement for artificial intelligence. But he sees the overall S&P 500 ending the year at 4,600-4,800, above current levels.

Persons: Eduardo Munoz JPMorgan, JPMorgan's Marko Kolanovic, Shannon Stapleton Wells, Scott Wren, Wren, Brendan McDermid, Rosenberg, David Rosenberg Organizations: Service, REUTERS, Reuters BlackRock, Rosenberg Research, Dow Locations: Wall, Silicon

[1/3] Raindrops hang on a sign for Wall Street outside the New York Stock Exchange in Manhattan in New York City, New York, U.S., October 26, 2020. Nonfarm payrolls increased by 187,000 jobs last month, the Labor Department said in its closely watched employment report on Friday, slightly below expectations of 200,000 jobs. U.S. Treasury yields dropped after jobs data on Friday showed the U.S. economy added fewer jobs than expected in July, but investors hesitated to rule out further monetary tightening. Oil prices headed for a sixth straight weekly gain, driven by the prospect of reduced supply from Saudi Arabia and Russia. U.S. crude rose 1.4% to $82.69 per barrel and Brent was at $86.10, up 1.13% on the day.

Persons: Mike Segar, Rick Rieder, Randy Frederick, Charles Schwab, Frederick, Sterling, Fitch, Brent, Lawrence Delevingne, Amanda Cooper, Elizabeth Howcroft, Ankur Banerjee, Sruthi Shankar, Sharon Singleton, Nick Macfie, Diane Craft Organizations: Wall, New York Stock Exchange, REUTERS, Apple, Treasury, U.S ., Labor Department, Dow Jones, Nasdaq, FTSE, U.S . Federal, Bank of England, U.S . Treasury, Thomson Locations: Manhattan, New York City , New York, U.S, Austin , Texas, United States, Saudi Arabia, Russia, Boston, London

☆ Tupperware may not go out of business after all
▼ + stars: | 2023-08-04 | by ( David Goldman | ) edition.cnn.com time to read: +2 min

New York CNN —Tupperware was left for dead; a relic of a lost time when leftovers storage had but one dominant market player. In other words, Tupperware (TUP) has been given new life. Tupperware is still an extremely troubled brand, and the stock is still trading below $6 a share. Tupperware has been considering layoffs and property sales to stay afloat. Once sold exclusively by multi-level marketers, similar to Avon and Amway, Tupperware parties were a staple of a bygone era.

Persons: New York CNN — Tupperware, “, ”, Mariela Matute, aren’t, Tupperware, CNN’s Nicole Goodkind Organizations: New, New York CNN, Tupperware, ”, BlackRock, Amway, Target, New York Stock Exchange Locations: New York, Avon, noncompliance

☆ July jobs report: U.S. payroll growth totaled 187,000, lower than expected
▼ + stars: | 2023-08-04 | by ( Jeff Cox | ) www.cnbc.com time to read: +5 min

A more encompassing unemployment rate that includes discouraged workers and those holding part-time jobs for economic reasons fell to 6.7%, down 0.2 percentage point from June. The survey of households, which is used to calculate the unemployment rate, showed a more robust gain of 268,000. The unemployment rate for Blacks moved lower to 5.8% while the rate for adult women nudged higher to 2.7%. A 3.5% unemployment rate, you can't complain about that," said Satyam Panday, U.S. chief economist at S&P Global Ratings. This is a "really, really solid labor market," said Jonathan Stokoe, senior vice president at job placement firm Adecco.

Persons: Nonfarm, Dow Jones, Stocks, Satyam Panday, Jonathan Stokoe, Rick Rieder, Jerome Powell, Goldman Sachs Organizations: Labor Department, Federal Reserve, Dow Jones, Treasury, Blacks, Gross, Atlanta, Group, Fed, Bank of America Locations: U.S, BlackRock

☆ Analysis: US institutional investors could face restrictions on Chinese stock ownership
▼ + stars: | 2023-08-04 | by ( Ross Kerber | ) www.reuters.com time to read: +5 min

Chinese companies including Tencent (0700.HK) and Alibaba (9988.HK) accounted for 31% of the MSCI Emerging Markets index (.MSCIEF) in July. RED-FLAGGED COMPANIESMSCI and rivals removed seven Chinese companies from global indexes in 2020 because of U.S. ownership restrictions. The committee's letters this week cited contractors to China's People's Liberation Army it identified in BlackRock funds or MSCI indexes. Some of the companies have been flagged such as appearing on the U.S. Treasury's "Chinese Military-Industrial Complex" companies list. For companies on it, U.S. persons and asset managers face purchase and sale restrictions but not divestment requirements.

Persons: Tingshu Wang, Biden, Jo Ritcey, Donohue, there’ll, BlackRock, MSCI, RUSH, Mike Gallagher, Gallagher, Todd Rosenbluth, Rosenbluth, Russell, Ross Kerber, Karin Strohecker, Michael Martina, Patricia Zengerle, Selena Li, Megan Davies, Cynthia Osterman Organizations: Waterdrop Inc, New York Stock Exchange, REUTERS, U.S, BlackRock, Washington, Chinese Communist Party, HK, Vanguard FTSE, Vanguard, FTSE Russell, People's, Ritcey, Department of, Thomson Locations: U.S, New, Beijing, China, BlackRock, Washington, Taiwan, Ukraine, MSCI, Boston, London, Hong Kong

[1/2] The BlackRock logo is pictured outside their headquarters in the Manhattan borough of New York City, New York, U.S., May 25, 2021. BlackRock has said all of its investments in China and around the world comply with U.S. law, and that it will continue engaging with the select committee on the issues it raised. Republicans formed the select committee when they took control of the House in January, part of an effort to raise awareness about issues behind growing tensions with China. A hard line toward China is one of the few policies with bipartisan support in the deeply divided U.S. Congress. The committee does not write legislation, but makes policy recommendations and can subpoena executives and officials.

Persons: Carlo Allegri, BlackRock, Mike Gallagher, Gallagher, MSCI, Raja Krishnamoorthi, They're, Krishnamoorthi, Michael Martina, Patricia Zengerle, Don Durfee Organizations: REUTERS, BlackRock, Reuters, Republican, PLA, People's Liberation Army, Republicans, Congress, FBI, Thomson Locations: BlackRock, Manhattan, New York City , New York, U.S, China, MSCI, Dysart , Iowa, Washington, Iowa

☆ US risks 'funding our own destruction' if investor capital flows to Chinese defense firms, key lawmaker says
▼ + stars: | 2023-08-03 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Forthcoming restrictions should cover US participation in Chinese public markets, he said. "If American capital continues to flow to Chinese military companies, we are at risk of funding our own destruction." A "sizable portion" of that money goes directly to tech companies with ties to China's military and the Chinese Communist Party, he added. His comments follow earlier US efforts to curb Chinese access to critical technologies, such as semiconductors, quantum computing, and artificial intelligence. Meanwhile, foreign investors have been souring on China in recent months as the country's post-COVID economic rebound has disappointed.

Persons: Mike Gallagher, Biden, —, Gallagher, BlackRock Organizations: Service, Financial Times, White, Chinese Communist Party, Communist, Government, Wall Street, BlackRock Locations: China, Wall, Silicon, Wisconsin, MSCI

Aug 3 (Reuters) - Specialized cloud provider CoreWeave has raised $2.3 billion in a debt facility led by Magnetar Capital and Blackstone (BX.N) and collateralized by Nvidia chips, with the funds to be used to expand to meet rising AI workload, the company said on Thursday. Other lenders in the facility include Coatue and DigitalBridge (DBRG.N), as well as BlackRock, PIMCO, and Carlyle (CG.O). Nvidia-backed CoreWeave has seen a boost from the generative AI boom thanks to its purpose-built cloud infrastructure at scale. It has partnerships with AI startups and cloud providers, which it also competes with, to build clusters to power AI workload. CoreWeave also raised $421 million in equity this year led by Magnetar Capital at a valuation of over $2 billion.

Persons: Carlyle, Michael Intrator, CoreWeave, Krystal Hu, Conor Humphries Organizations: Magnetar Capital, Blackstone, Nvidia, Nvidia H100, CoreWeave, Microsoft, Google, Thomson Locations: BlackRock, PIMCO, Texas, U.S, New York

☆ VIEW Bank of England raises rates for a 14th time
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +7 min

The BoE raised interest rates by 25 basis points to 5.25% and said high inflation meant it was unlikely to stop raising rates any time soon. However, with Thursday's decision, traders began to price in a lower peak in UK rates. MONEY MARKETS: Interest-rate derivatives showed traders believe UK rates will peak around 5.67% by March, compared with an expected peak of 5.73% in the run-up to the decision. Rising interest rates means higher borrowing costs, which will lead to larger monthly mortgage payments for many homeowners." The Bank of England remains committed to bringing inflation down, unfortunately raising interest rates is one of the only tools the Bank can use to sap demand out of the economy."

Persons: BoE, Sterling, VIVEK PAUL, we’ll, STUART COLE, JEREMY BATSTONE, CARR, RAYMOND JAMES, MARCUS BROOKES, ” SEEMA SHAH, Rishi Sunak, GILES COGHLAN, THOMAS PUGH, JOHN LEIPER, Amanda Cooper, Samuel Indyk Organizations: Bank of England, FTSE, BLACKROCK, LONDON, TOM HOPKINS, Bank of, RSM, Bank, EMEA, Thomson Locations: LONDON, EUROPEAN, U.S

☆ Progressive Democrats are proposing a new tax they say will help 'close the exorbitant wealth gap'
▼ + stars: | 2023-08-03 | by ( Joseph Wilkins | ) www.businessinsider.com time to read: +3 min

The richest 0.1% of US households held 20% of the wealth, says the Patriotic Millionaires group. It's helped several Democrats Representatives devise legislation for a new wealth tax. The Bill aims to close the "exorbitant" US wealth gap but has little chance of passing the House. The legislation has four brackets:2% for all wealth between 1,000 and 10,000 times median household wealth4% for all wealth between 10,000 and 100,000 times median household wealth6% for all wealth between 100,000 and 1,000,000 times median household wealth8% for all wealth over 1,000,000 times median household wealthThe median American household wealth is just over $120,000, according to the Patriotic Millionaires. The Patriotic Millionaires have long campaigned for fairer income redistribution, and say the net worth of America's 735 billionaires is now $4.7 trillion.

Persons: It's, Bill, Barbara Lee of, Jamaal Bowman, Lee, Morris Pearl Organizations: Patriotic Millionaires, Service, New, BlackRock, Republican, Internal Revenue Service Locations: Wall, Silicon, Barbara Lee of California, New York, United States, America

☆ U.S. House committee flags MSCI, BlackRock for China investments
▼ + stars: | 2023-08-02 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

A bank employee count China’s renminbi (RMB) or yuan notes next to U.S. dollar notes at a Kasikornbank in Bangkok, Thailand, January 26, 2023. BEIJING — U.S. investments in around 50 blacklisted Chinese companies have drawn the attention of the U.S. House of Representatives Select Committee on the Chinese Communist Party. The committee on Tuesday announced it sent separate letters to MSCI and BlackRock asking for more information about the firms' facilitation of U.S. investments into those Chinese companies. The Chinese companies were blacklisted over claims of supporting China's military or alleged human rights abuses, the committee said. MSCI said in a statement it is reviewing the request for information, and that it doesn't "facilitate" investments in any country.

Persons: China’s renminbi, MSCI Organizations: U.S . House, Chinese Communist Party, BlackRock, U.S . Department, CNBC Locations: U.S, Bangkok, Thailand, BEIJING — U.S

☆ Stock Market Today: Nasdaq, Dow Close Lower as Earnings Continue; U.S. Credit Downgraded
▼ + stars: | 2023-08-02 | by ( ) www.wsj.com time to read: +1 min

Stocks finished lower as investors parsed earnings and stronger-than-expected employment data and Fitch downgraded the U.S.'s credit rating . “Earnings are coming in a bit more lackluster.”Companies reporting earnings early Wednesday included CVS Health, Humana, Kraft Heinz and Carlyle Group . Stocks fell. The Dow, S&P 500 and Nasdaq notched declines, with the Nasdaq off more than 2%. The 30-year yield also finished at its highest level since November.

Persons: Stocks, Fitch, ”, Laura Cooper, Kraft Heinz, Dow, Brent Organizations: BlackRock, ”, CVS Health, Humana, Kraft, Carlyle Group, Nasdaq, Devices, Treasury, Global Locations: U.S

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