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☆ BlackRock's next high-stakes bet: lending out cash
▼ + stars: | 2023-10-31 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +11 min

Goldstone was referring to a type of business-development company, an investment vehicle widely used in the private-credit market. The vehicle Condor allocated to is a slice of BlackRock's $81 billion private-credit business, which is part of the wider $317 billion alternative-assets platform. 'Size matters'In the summer, BlackRock executives teased out their focus on private credit and fixed income broadly during an investor-day presentation. BlackRock's string of private-credit developments adds up to a long-term bet that this dynamic will continue. "That, in essence, is the paradox of private credit."

Persons: David Goldstone, Goldstone, BDC, it's, hasn't, Rowe Price, Franklin Templeton, Blackstone, Axel Springer, Greg Greifeld, Greifeld, Tim Clarke, Rob Kapito, We've, Jim Keenan, BDCs, Keenan, Clarke, PitchBook, they're, Larry Fink, " Fink, Merrill Lynch, BlackRock, Jared Gross, J.P, Phil Tseng, BlackRock's, Gross, Morgan Organizations: Condor Capital Wealth Management, Condor, BlackRock, BlackRock doesn't, Federal Reserve, Fidelity, Apollo, KKR, Growth, BlackRock TCP Capital Corp, BlackRock Capital Investment Corp, Kreos, Barclays, Tennenbaum Capital Partners, Morgan, who's Locations: New Jersey, BlackRock, PitchBook, Banks, London

☆ Here's 3 reasons why Wall Street giants say investors should pay attention to Treasurys as yields soar
▼ + stars: | 2023-10-28 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +5 min

The 10-year Treasury yield topped 5% for the first time since 2007 this week. The gap between higher dividend yield stocks and the 10-year US Treasury yield has completely closed. Bond yields probably aren't falling soonTreasury yields are likely staying elevated, thanks to the Fed's committement to keeping a lid on inflation. Central bankers have raised rates 525 basis-points over the past year to lower high prices, which has helped pushed Treasury yields higher. Other market forecasters have warned of more trouble ahead in equities, especially as higher bond yields draw investors away from the stock market.

Persons: —, Goldman Sachs, there's, they've Organizations: Treasury, Service, Bank of America, Goldman, Goldman Sachs Global Investment Research, Vanguard

Dimon and his family intend to sell 1 million of their 8.6 million shares, according to the filing. That is a tiny percentage of the shares outstanding in JPMorgan which has a market capitalization exceeding $409 billion, according to LSEG data. Dimon has no current plans to sell more stock, but could consider doing so in the future, the spokesman added. Shares of JPMorgan slid more than 3%, falling with peers Bank of America (BAC.N), Citigroup (C.N) and Wells Fargo (WFC.N). So far this year, JPMorgan shares have risen 1.4%, outperforming the S&P 500 Banks Index (.SPXBK), which has declined 18%.

Persons: JPMorgan Chase, Jamie Dimon, Dimon, Octavio Marenzi, Marenzi, they're, Schumer, Evelyn Hockstein, Wells, Brian Mulberry, Mulberry, Ben Silverman, Mike Mayo, James Gorman, Morgan Stanley, Peter Orszag, Dave Ellison, Hennessy, Scott Siefers, Piper Sandler, Siefers, Niket, Lananh Nguyen, Nupur Anand, Shilpi Majumdar, Shinjini Ganguli, Mike Harrison, Jonathan Oatis Organizations: JPMorgan, First Republic Bank, Forbes, U.S, Capitol, REUTERS, Bank of America, Citigroup, Zacks Investment Management, Wells, Wall Street, Lazard, Hennessy Funds, Banks, Thomson Locations: U.S, America, Washington , U.S, Wells Fargo, Bengaluru, Lananh, New York

Exxon Mobil’s third-quarter profit declined compared with last year when the oil giant put up record numbers as oil prices soared, but net income jumped 15% compared with the previous quarter. Exxon Mobil Corp. earned $9.07 billion, or $2.25 per share in the period. Revenue slipped to $90.76 billion from $112.07 billion, but still topped Wall Street's estimate of $89.29 billion. Exxon also announced Friday that it raised its fourth-quarter dividend to 95 cents per share from 91 cents per share. Exxon shares are up slightly before the open bell, while shares of Chevron are down more than 2%.

Persons: Exxon isn't, Darren Woods, “, Exxon Organizations: Exxon Mobil’s, Exxon, Chevron, Hess, Exxon Mobil Corp, Zacks Investment Research, Natural Resources, Mobil, Hess Corp, drillers, U.S Energy Information Administration Locations: Texas, New Mexico, San Ramon , California, Ukraine, Saudi Arabia, Russia, Israel, Gaza, U.S, Syria

☆ Exxon Mobil third-quarter profit falls compared with last year's record numbers, but refineries are strong
▼ + stars: | 2023-10-27 | by ( ) www.cnbc.com time to read: +3 min

Fuel prices are displayed at an Exxon Mobil Corp. gas station in Arlington, Virginia, U.S., on Wednesday, April 29, 2020. Exxon Mobil 's third-quarter profit declined compared with last year when the oil giant was put up record numbers due to soaring crude prices, but net income was up 15% compared with the previous quarter. Exxon Mobil earned $9.07 billion, or $2.25 per share, in the period. The company posted unprecedented profits last year of $55.7 billion, breezing past its previous record of $45.22 billion in 2008 when oil prices hit record highs. While attacks on Israel do not disrupt global oil supply, according to an analysis by the U.S Energy Information Administration, "they raise the potential for oil supply disruptions and higher oil prices."

Persons: Exxon isn't, Darren Woods Organizations: Exxon Mobil Corp, Exxon Mobil, Exxon, Natural Resources, Chevron, Hess, Zacks Investment Research, Mobil, Hess Corp, drillers, U.S Energy Information Administration Locations: Arlington , Virginia, U.S, Texas, New Mexico, Ukraine, Saudi Arabia, Russia, Israel

☆ Sight, hearing, smell, taste, touch — could generative AI soon be added to our list of senses?
▼ + stars: | 2023-10-27 | by ( Sponsor Post | Created Insider Studios With Mastercard | ) www.businessinsider.com time to read: +7 min

AI and generative AI can be productivity tools, helping everyone to work faster and more efficiently. Crucially, generative AI is developing swiftly and is likely to be transformative across nearly every sector. Plug-ins using generative AI will enable organizations to link company spending limits to whatever payment method employees are using to pay for their trips. Generative AI has the potential to revolutionize commerce, reduce stress for consumers, and foster innovation in business. Explore the Mastercard Signals report "Commerce in the age of generative AI" here.

Persons: Sandeep Malhotra Organizations: Mastercard, Mastercard Signals, Commerce, Insider Studios Locations: Asia Pacific, Asia, Pacific, Singapore, Tokyo, APAC

Hasbro's third-quarter revenue performance missed Wall Street's expectations and the company cut its full-year revenue outlook again as signs of a possible industry slowdown in toy sales heading into the holiday season weighs on jittery investors. Holiday shopping is traditionally a critical selling season for toy companies and can comprise a large portion of their annual toy sales. Rival Mattel Inc. had a better third quarter, reporting on Wednesday that its sales rose 9% in the period. Still, experts are pointing to toy industry sales being down for the year to date and the third quarter as a concern. Mattel Chairman and CEO Ynon Kreiz said during a conference call on Wednesday that the company anticipates the global toy industry will experience a mid single-digits decline in toy sales for the full year.

Persons: Barbie, Ynon Kreiz Organizations: Zacks Investment Research, Hasbro, Mattel Inc, Mattel Locations: Pawtucket, Rhode Island

☆ Don't expect house prices to fall this winter, says Goldman Sachs economist
▼ + stars: | 2023-10-26 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

And there's no relief coming for prospective homebuyers this winter, says a Goldman Sachs economist. "Prices are unlikely to decline meaningfully" because of the supply shortage, said David Mericle. AdvertisementAdvertisementProspective homebuyers shouldn't count on prices falling this winter – because there just aren't enough properties being put up for sale, according to a top Goldman Sachs economist. "Prices are unlikely to decline meaningfully, precisely because of the supply shortage," David Mericle, the chief US economist for the bank's global investment research division, told Yahoo Finance . But because of the supply shortage, I think the demand is still there for the market to clear at prices similar to where we are," Mericle said.

Persons: Goldman Sachs, David Mericle, —, Mericle, Freddie Mac – Organizations: Service, Yahoo Finance, Biden Administration, National Association of Realtors

☆ Two U.S. funds to vote Mediobanca outgoing board's slate for board renewal
▼ + stars: | 2023-10-19 | by ( ) www.reuters.com time to read: +1 min

MILAN, Oct 19 (Reuters) - The U.S. funds CalSTRS and New York City Comptroller said on Thursday they would vote in favour of the outgoing board's slate of nominees for the new Mediobanca board at the bank's annual meeting this month. Mediobanca's outgoing board has proposed 15 members, including a new term for current CEO Alberto Nagel and Chairman Renato Pagliaro ahead of the Oct. 28 meeting. The two funds did not disclose their stakes in Mediobanca. Proxy adviser Institutional Shareholder Services (ISS), Glass Lewis and Pensions & Investment Research Consultants (PIRC) said last week they were recommending Mediobanca investors vote in favour of the outgoing board's slate of nominees. Reporting by Gianluca Semeraro editing by Keith WeirOur Standards: The Thomson Reuters Trust Principles.

Persons: Alberto Nagel, Renato Pagliaro, Delfin, Leonardo Del Vecchio, Nagel, Del Vecchio, Glass Lewis, Gianluca Semeraro, Keith Weir Organizations: MILAN, New York, Services, Pensions & Investment Research Consultants, Thomson Locations: U.S, New, Mediobanca, Italian

☆ China's new home prices extend declines, defying broader recovery
▼ + stars: | 2023-10-19 | by ( Liangping Gao | Ryan Woo | ) www.reuters.com time to read: +3 min

REUTERS/Tingshu Wang/File PhotoNew home prices fell 0.2% month-on-month but narrowed from a 0.3% drop in August, according to Reuters calculations based on National Bureau of Statistics (NBS) data. Of the 70 cities in the home price data, 54 reported declines in prices last month, up from 52 in August. New home prices in tier-three cities fell 0.3% month-on-month after a 0.4% drop in August. However, demand remained lukewarm in smaller cities struggling with excess supply while nationwide the property sector remains in a deep slump. Ma attributed the fall to the fact that Guangdong province is home to many private developers with liquidity problems.

Persons: Tingshu Wang, ”, Ma Hong, Goldman Sachs, Ma Organizations: REUTERS, National Bureau of Statistics, Zhixin Investment Research Institute Locations: BEIJING, Beijing, China, Shanghai, Shenzhen, Guangzhou, Guangdong

☆ Economists think odds of a recession in the next year have fallen below 50%. This chart shows how consensus has changed over 18 months.
▼ + stars: | 2023-10-18 | by ( Phil Rosen | ) www.businessinsider.com time to read: +4 min

Goldman Sachs' 12-month recession probability is hovering at 15%, about the "historical unconditional average." A WSJ survey showed the consensus probability of a downturn in the next year dipped below 50% for the first time since mid-2022. Here's how recession expectations have changed over the last 18 months. The consensus among Wall Street economists has shifted again, tilting further in favor of the no recession camp, at least in the near to medium-term. AdvertisementAdvertisement"That model implies larger effects of monetary policy and faster policy transmission than other empirical models," the economists explained in September.

Persons: Goldman Sachs, —, That's, Goldman, Stefania D'Amico, Thomas King Organizations: Service, Street, Journal’s, Economic, Goldman Sachs Investment, Chicago, Consumer, Index

Political Cartoons View All 1211 ImagesThe futures for the S&P 500 and Dow industrials were up less than 0.1%. On Monday on Wall Street, the S&P 500 climbed 1.1% for its best day since the Oct. 7 surprise attack on Israel by Hamas. Financial markets have a history of weakening initially after a geopolitical shock, such as a war, only to revert to longer-term fundamentals. FactSet estimates that earnings per share at S&P 500 companies likely rose 0.4% in the last quarter from a year earlier. Shares of Lululemon jumped 10.3% in their first trading session after S&P Dow Jones Indices said the apparel company will join its widely tracked S&P 500 index.

Persons: Germany's DAX, Dow industrials, Antony, Blinken, ” Robert Carnell, Nicholas Mapa, Brent, ”, Mark Hackett, Johnson, Tesla, Charles Schwab, Dow Organizations: CAC, Nikkei, Hamas, Dow, Nasdaq, ING Economics, New York Mercantile Exchange, Treasury, Financial, Nationwide, Bank of America, Federal Reserve, Dow Jones, Activision Blizzard, Microsoft, U.S Locations: BANGKOK, East, Paris, Asia, Hong Kong, Shanghai, Australia, Thailand, Israel, Gaza, Lebanon, Iran

☆ BlackRock Investment Institute raises rating of long-dated US Treasuries
▼ + stars: | 2023-10-16 | by ( ) www.reuters.com time to read: 1 min

A bronze seal for the Department of the Treasury is shown at the U.S. Treasury building in Washington, U.S., January 20, 2023. REUTERS/Kevin Lamarque/File Photo Acquire Licensing RightsOct 16 (Reuters) - BlackRock Investment Institute on Monday raised the rating of long-dated U.S. Treasuries to "neutral" from "underweight" as it sees yields approaching a peak. "We now see about equal odds that long-term yields swing in either direction," said Jean Boivin, head of BlackRock Investment Institute. BlackRock Investment Institute, an arm of U.S.-based investment firm BlackRock that provides proprietary investment research, is "overweight" on euro area and UK bonds as it sees more rate cuts than the market in these regions. Reporting by Susan Mathew in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

Persons: Kevin Lamarque, Jean Boivin, Susan Mathew, Shounak Dasgupta Organizations: Department of, U.S . Treasury, REUTERS, BlackRock Investment, BlackRock Investment Institute, Thomson Locations: Washington , U.S, U.S, BlackRock, Bengaluru

☆ Consumer is in better shape, says Hightower's Stephanie Link
▼ + stars: | 2023-10-16 | 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 EmailConsumer is in better shape, says Hightower's Stephanie LinkStephanie Link, Hightower chief investment strategist, and Kevin Gordon, Charles Schwab senior investment research manager, join 'Closing Bell' to discuss the state of the consumer, the latest economic reports and what it all means for the markets.

Persons: Stephanie Link Stephanie Link, Hightower, Kevin Gordon, Charles Schwab

☆ Watch CNBC’s full interview with Hightower's Stephanie Link and Charles Schwab's Kevin Gordon
▼ + stars: | 2023-10-16 | 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 EmailWatch CNBC’s full interview with Hightower's Stephanie Link and Charles Schwab's Kevin GordonStephanie Link, Hightower chief investment strategist, and Kevin Gordon, Charles Schwab senior investment research manager, join 'Closing Bell' to discuss the state of the consumer, the latest economic reports and what it all means for the markets.

Persons: Hightower's Stephanie Link, Charles Schwab's Kevin Gordon Stephanie Link, Hightower, Kevin Gordon, Charles Schwab

☆ An 'extended war'? Markets may be underestimating the Israel-Hamas conflict
▼ + stars: | 2023-10-11 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +6 min

Oil prices jumped 4% on Monday before shrugging off those gains in subsequent sessions, and gold prices have inched higher by a little over 1% since the attack. "Global markets have yet to fully price the inflation risks from developments — from higher oil prices and more defense spending," Savage cautioned. That would cause the premium [of oil prices] to go higher," said Rapidan Energy Group's President Bob McNally. This could spike oil prices well north of $150 per barrel," Alpine Macro said in a note following the incursion. One analyst is of the view that even if the conflict prolongs, its implications on global markets is still largely contained.

Persons: Sameh, BNY Mellon, shrugging, BNY, Bob Savage, Savage, Amir Cohen, Bob McNally, McNally, Antony Blinken, Marko Papic, Mahmud Hams Organizations: Nurphoto, Hamas, U.S ., Swiss, BNY, Stockholm International Peace Research Institute, Reuters, Energy, United Nations, U.S, ., NBC News, Palestinian Health Ministry, Clocktower Group, CNBC, Brigades, Afp, Getty Locations: Gaza City, Israel, Palestinian, Gaza, Ukraine, Stockholm, U.S, Ashkelon, Iran, United States, Persian, Mahmud

☆ 'It's just a matter of time': After predicting the financial crisis, 'Oracle of Wall Street' Meredith Whitney shares the biggest risk she sees for the housing market — and 4 states where homeowners wi
▼ + stars: | 2023-10-08 | by ( James Faris | ) www.businessinsider.com time to read: +5 min

Instead, the CEO of the eponymous investment research firm Meredith Whitney Advisory Group is concerned that the US housing market will face a correction in the coming years. Baby boomers may cause home values to sinkWhitney believes property prices are destined to fall under pressure as demographic shifts reverse deep-rooted supply-demand dynamics. An unprecedented pace of property price growth has disproportionately benefited baby boomers and the silent generation. However, Whitney said that an aging US population won't cause the housing market to crash overnight. While Whitney reserves her full insights for clients, she named four states where property prices will eventually weaken: Pennsylvania, Connecticut, New Jersey, and Illinois.

Persons: Meredith Whitney, Oppenheimer, Meredith, Whitney, haven't, CoreLogic There's, That's, you've, that's, it's Organizations: Citigroup, Advisory, National Association of Realtors Locations: Statista, Pennsylvania, Connecticut , New Jersey, Illinois, Texas

☆ The Fed is focussed on bringing down inflation, says Goldman Sachs' Jan Hatzius
▼ + stars: | 2023-10-06 | 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 EmailThe Fed is focussed on bringing down inflation, says Goldman Sachs' Jan HatziusJan Hatzius, Goldman Sachs chief economist and head of global investment research, joins 'Squawk on the Street' to discuss Friday's jobs report data, if this may be the last strong jobs number for a long time, and whether the Federal Reserve may be done hiking rates.

Persons: Goldman Sachs, Jan Hatzius Jan Hatzius Organizations: Federal

☆ VinFast aims to sell up to 50,000 EVs in 2023 — but it has only hit 23% of its target so far
▼ + stars: | 2023-09-28 | by ( Sheila Chiang | ) www.cnbc.com time to read: +5 min

Lisa Baertlein | ReutersVietnamese electric vehicle maker VinFast's ambitious plan to deliver as many as 50,000 vehicles this year is "unrealistic," according to one analyst. VinFast said it expects to deliver 40,000 to 50,000 vehicles in 2023 despite a weak global economy. In April, Green SM launched a pure EV taxi service in Vietnam with VinFast models. "VinFast's ambitious EV plan seems unrealistic. For example, VinFast's VF9 model is priced from $83,000 whereas the Tesla Model X is priced from $68,590 after federal tax credit and gas savings.

Persons: Lisa Baertlein, VinFast, Vingroup, Green, David Byrne, Tesla, XPeng, Lê Thị Organizations: Reuters, Smart Mobility, Green SM, EV, LightStream Research, P Global Mobility, CNBC, Nasdaq, Our U.S, Tesla Locations: Los Angeles, Vietnam, U.S, North America, Europe, Asia, Middle East, Our, North Carolina

☆ A full government shutdown would trigger a data blackout, says Goldman Sachs' Alec Phillips
▼ + stars: | 2023-09-20 | 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 EmailA full government shutdown would trigger a data blackout, says Goldman Sachs' Alec PhillipsAlec Phillips, Goldman Sachs Global Investment Research chief U.S. political economist, joins 'The Exchange' to discuss economic risks associated with a government shutdown, the likelihood of a bipartisan deal to reopen the government after a shutdown, and more.

Persons: Goldman Sachs, Alec Phillips Alec Phillips, Goldman Organizations: Goldman Sachs Global Investment Research

☆ Arm IPO: China is huge for the SoftBank-owned company. That's a risk for its new investors
▼ + stars: | 2023-09-14 | by ( Michelle Toh | ) edition.cnn.com time to read: +6 min

Arm China is “an entity that operates independently of us and is our single largest customer,” the company said in its prospectus. A complex relationshipIn its filing, Arm said it held just a “4.8% indirect ownership interest in Arm China,” through a 10% non-voting stake in a SoftBank-controlled entity that owns less than half of the Chinese company. Arm has had trouble with Arm China before. Arm China has also been subject to a legal battle with its former CEO, Allen Wu. As of August, the cases had been resolved in favor of Arm China, it said, but the outcome could still be appealed.

Persons: SoftBank, Arm, ” Kirk Boodry, Japan’s SoftBank, Masayoshi Son, David Paul Morris, ”, Kyle Stanford, ” Stanford, Jay Clayton, Ivana Delevska, Spear, …, Allen Wu, Wu, hasn’t, Delevska Organizations: Hong Kong CNN —, Vision Fund, CNN, Nvidia, Bloomberg, Getty, US Securities and Exchange, Spear Invest, “, Arm, Companies, Apple, Google, AMD, Samsung Locations: Hong Kong, British, China, Washington, Beijing, Arm China, Cambridge, United States, United Kingdom, San Jose , California, America, decouple

☆ New ETF looks to tap hot market for zero-day options
▼ + stars: | 2023-09-14 | by ( Saqib Iqbal Ahmed | ) www.reuters.com time to read: +3 min

Miami-based ETF sponsor Defiance ETFs LLC launched the Defiance Nasdaq-100 Enhanced Option Income ETF on Thursday, the first ETF to use daily options income generation, the ETF sponsor said in a press release. The ETF seeks to tap into the dual popularity of short-dated options contracts and the heightened interest in ETFs that seek to generate income through a combination of selling options and investing in U.S. large cap stocks. Investors have also flocked to ETFs that look to generate income and reduce portfolio volatility by selling options against stocks. One such ETF - the JPMorgan Equity Premium Income ETF (JEPI.P) - has grown its assets to about $29.5 billion from about $12.4 billion a year ago. Defiance ETFs is set to launch two other ETFs - the Defiance S&P 500 Enhanced Options Income ETF and Defiance R2000 Enhanced Options Income ETF , which will employ a similar strategy with exposure to the S&P 500 (.SPX) and the Russell 2000 Indexes (.RUT), respectively.

Persons: Sylvia Jablonski, QQQY, Lois Gregson, Gregson, Russell, Seth Golden, Golden, Saqib Iqbal Ahmed, Richard Chang, Ira Iosebashvili, Daniel Wallis Organizations: Defiance, Investors, JPMorgan, FactSet Research Systems, Finom, Thomson Locations: Miami

☆ Asia apparel hubs face $65 billion export hit from extreme weather, study shows
▼ + stars: | 2023-09-12 | by ( Tommy Wilkes | ) www.reuters.com time to read: +3 min

The study also mapped out the supply chains of six unidentified global apparel brands operating in the four countries studied - Bangladesh, Cambodia, Pakistan and Vietnam - and found all six would be hit materially. There are some [apparel] brands not disclosing the factory locations of their suppliers," said Angus Bauer, Schroders' head of sustainable investment research. Using projections, the researchers analysed future heat and flooding levels to estimate what would happen under a "climate adaptive" scenario and a "high heat and flooding" scenario. Flooding will also force factories to close in the four countries, which account for 18% of global apparel exports and employ 10.6 million workers in apparel and footwear factories. By 2050, lost export earnings would reach 68.6% and there would be 8.64 million fewer jobs.

Persons: Jason Judd, Judd, Angus Bauer, Schroders, Bauer, Tommy Reggiori Wilkes, Mark Potter Organizations: Cornell University, Reuters, Cornell Global Labor Institute, Thomson Locations: Bangladesh, Cambodia, Pakistan, Vietnam

☆ CNBC Daily Open: Lingering embers of inflation
▼ + stars: | 2023-09-07 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Stocks sold offU.S. stocks experienced a sell-off and all major indexes closed in the red. Relatedly, Germany's new manufacturing orders in July fell 11.7% month on month, according to provisional Destatis figures, a big plunge from June's 7.6% increase. EU-designated 'gatekeepers'The European Commission designated Alphabet, Amazon, Apple, ByteDance, Meta and Microsoft as "gatekeepers" under its new Digital Markets Act.

Persons: Stocks, Bob Iger, Bob Chapek, Alex Sherman, Goldman Sachs, Goldman Organizations: CNBC, Treasury, Disney, Apple, U.S . Securities, Exchange Commission, EU, European, Meta, Microsoft, Markets Locations: U.S

☆ Here are Goldman's favorite stock picks — and it just included a new name
▼ + stars: | 2023-09-06 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

The investment bank has long-term growth tailwinds and is a pure play on a capital market recovery, according to Goldman. A recovery in equity capital markets already underway should help the stock given Jefferies' strength in trading. "We think these structural and cyclical drivers, plus a potential positive upside catalyst from monetization of the last two remaining stakes, and a strong dividend, should drive upside to JEF's shares," Kron said. Macy's came off the list after Goldman analyst Brooke Roach lowered her price target 26% following the retailer's fiscal second-quarter earnings. M YTD mountain Macy's stock in 2023 Macy's joins Spirit AeroSystems and Tanger Factory Outlet Centers , both of which were removed in August from what Goldman calls the "Director's Cut" conviction list.

Persons: Jefferies, Goldman Sachs, Goldman, Steven Kron, Kron, Macy's, Brooke Roach, — CNBC's Michael Bloom Organizations: Sumitomo, Outlet Centers Locations: U.S

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