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☆ Lincoln National's commercial real-estate exposure targeted by two hedge funds
▼ + stars: | 2023-07-28 | by ( Carolina Mandl | ) www.reuters.com time to read: +4 min

Lincoln declined to provide comments on the hedge funds' positions and referred to previous remarks by its management. Fitch Ratings' senior director Jamie Tucker said in an email to Reuters the agency considers Lincoln's CRE exposure modestly below-average compared with the industry, while the quality is materially stronger. In April, Boaz Weinstein, founder of New York-based Saba, said in a post the firm was holding some of Lincoln's credit default swap (CDS), and had already sold some of it. loadingLincoln's CDS spread, a measure of credit risk, is 238 basis points, compared with 323 when Saba disclosed the position, meaning the perceived risk has declined. Among seven listed life insurers tracked by Barclays, Lincoln was the only one which ended the first quarter below its capital target.

Persons: Ellen Cooper, David Meneret, Lincoln, Fitch, Moody's, Jamie Tucker, Boaz Weinstein, Saba, Tracy Benguigui, Carolina Mandl, Megan Davies, Anna Driver Organizations: YORK, Lincoln National Corp, Saba Capital, Moody's, Reuters, New, CDS, Partners, Citizens Inc, Barclays, LNC, Thomson Locations: CRE, Hill, Lincoln, Saba, New York

☆ Watch CNBC's full interview with DoubleLine Capital's Jeffrey Gundlach
▼ + stars: | 2023-07-26 | 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 DoubleLine Capital's Jeffrey GundlachJeffrey Gundlach, CEO, CIO and Co-Founder of DoubleLine Capital LP, joins 'Closing Bell' to discuss the Fed's decision to raise rates by 25 bps, recessionary signals relating to the yield curve de-inversion and signals that core PCE moving down to 3% in the upcoming month.

Persons: DoubleLine Capital's Jeffrey Gundlach Jeffrey Gundlach Organizations: DoubleLine

☆ The Fed shouldn't have raised rates again, says DoubleLine Capital's Jeffrey Gundlach
▼ + stars: | 2023-07-26 | 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 shouldn't have raised rates again, says DoubleLine Capital's Jeffrey GundlachJeffrey Gundlach, CEO, CIO and Co-Founder of DoubleLine Capital LP, joins 'Closing Bell' to discuss the Fed's decision to raise rates by 25 bps, recessionary signals relating to the yield curve de-inversion and signals that core PCE moving down to 3% in the upcoming month.

Persons: DoubleLine Capital's Jeffrey Gundlach Jeffrey Gundlach Organizations: DoubleLine

☆ A severe recession is on the horizon - and the Fed will axe interest rates to limit the fallout, DoubleLine's chief investor says
▼ + stars: | 2023-07-26 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +2 min

The US economy is barreling toward a serious recession, DoubleLine Capital's Jeffrey Sherman says. Sherman predicts an embattled Fed will cut interest rates by a whole percentage point in response. "A multitude of economic indicators we look at are flashing either warning or recessionary signals," Jeffrey Sherman told Bloomberg. "The bond market is telling the Fed that they've overtightened and they will have to cut rates," Sherman said. "I think one signal to watch now is the rising default rate within the loan market," Sherman noted.

Persons: DoubleLine Capital's Jeffrey Sherman, Sherman, Jeffrey Gundlach, DoubleLine, Jeffrey Sherman, He's Organizations: Service, Federal Reserve, Bloomberg, Fed Locations: Wall, Silicon

☆ European stocks cautious, with earnings and central banks in focus
▼ + stars: | 2023-07-25 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

LONDON — European markets were muted as investors assessed economic data and corporate earnings, while gearing up for a big week of central bank meetings . The pan-European Stoxx 600 index hovered just below the flatline in early trade, with mining stocks jumping 2.7% while health care stocks fell 1%. Global investors are navigating a busy week of corporate earnings and central bank meetings. The European Central Bank meets on Thursday, when policymakers are expected to announce a 25 basis point rate hike and offer guidance for the final stages of their efforts to fight inflation. It's another bumper day for earnings stateside, with Microsoft , Google parent Alphabet , Spotify and General Motors all due to report.

Persons: Hong Organizations: Global, European Central Bank, Unilever, Deutsche, Dow Jones, Microsoft, Google, General Motors, U.S . Federal Locations: France, Germany, Europe, Italgas ., Asia, Pacific

☆ Demand for 'fun and games spending' will subside over next year, says David Rosenberg
▼ + stars: | 2023-07-24 | 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 EmailDemand for 'fun and games spending' will subside over next year, says David RosenbergDavid Rosenberg, Rosenberg Research president, joins 'Squawk on the Street' to discuss if markets have seen recessionary indications, what the economy would be look like without the post-Covid boom, and more.

Persons: David Rosenberg David Rosenberg, Rosenberg Organizations: Rosenberg Research

☆ European markets lower; fresh data shows rising recessionary risks
▼ + stars: | 2023-07-24 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

LONDON — European markets were mixed on Monday as investors digest the inconclusive results of Spain's election and look ahead to a busy week of corporate earnings and central bank meetings. The pan-European Stoxx 600 moved lower in early afternoon deals, falling 0.1%, with all major bourses trading in negative territory. Fresh data pointed to a slowdown in business activity in France, Germany and the U.K. in July, adding to recessionary risks in Europe. Markets in Asia-Pacific were mixed Monday as investors digested key economic data from across the region. Japan's the Nikkei 225 gained 1.29% to start the week after new data showed business activity expanded for a seventh straight month.

Persons: Switzerland's Julius Baer Organizations: Sunday, European Central Bank, Nikkei, Bank of Japan, Federal Reserve, Meta, Microsoft, Vodafone, Ryanair, Italy's Locations: France, Germany, Europe, Asia, Pacific

☆ The 10 top dividend stocks for payouts that last well into the future, according to Morningstar
▼ + stars: | 2023-07-20 | by ( Laila Maidan | ) www.businessinsider.com time to read: +3 min

A key consideration before buying dividend-paying stocks is whether they can sustain long-term yields. Adding dividend-paying stocks to a portfolio is one way to navigate the bearish sentiment. Dividend-paying stocks experience less volatility because investors often hold on to them for their yields. A key consideration before buying dividend-paying stocks is whether they can sustain long-term yields. Below is Morningstar's list of the 10 best dividend-paying stocks with strong financials.

Persons: Morningstar's David Harrell, Susan Dziubinski, isn't, David Harrell, Dan Lefkovitz, Harrell Organizations: Bank of America, Morningstar, Verizon, Comcast Locations: Wells Fargo

Prices of iron ore, from which Rio Tinto derives around 70% of its profits, eased over the second quarter on concerns over China's debt-ridden property sector, but could improve after Beijing on Tuesday pledged to roll out policies to boost growth. "China's economic recovery has fallen short of initial market expectations, as the property market downturn continues to weigh on the economy and consumers remain cautious despite monetary policy easing," Rio Tinto said in its quarterly report. Rio Q2 Shipments easeRio downgraded its expectations for refined copper production, alumina production, and output at its Canadian iron ore operations and warned of rising costs. "Production downgrades during the quarter highlight that we still have much more to do," Rio Tinto Chief Executive Jakob Stausholm said in the report. Wildfires in Northern Quebec impacted Canadian iron ore production, it said.

Persons: Rio, Glyn Lawcock, Jakob Stausholm, Melanie Burton, Navya Mittal, Rishav Chatterjee, Shounak Dasgupta, Sonali Paul Organizations: Rio Tinto, Alpha, Tinto Chief, Thomson Locations: MELBOURNE, Rio, Beijing, Barrenjoey, Sydney, Utah, Northern Quebec, Rincon, Argentina, Melbourne, Bengaluru

☆ Etsy made 2 massive acquisitions at peak tech valuations. Two years and a $1 billion write-off later, it has buyer's remorse as it sells Elo7.
▼ + stars: | 2023-07-19 | by ( Madeline Stone | ) www.businessinsider.com time to read: +5 min

Etsy bought Elo7 and Depop at a time when tech valuations were sky-high. Etsy disclosed that it had sold Elo7, the Brazilian online marketplace it acquired in July 2021 for $217 million, to fellow Brazilian online marketplace Enjoei for an undisclosed amount. What's next for Etsy's portfolio of brandsFollowing the sale of Elo7, Etsy's portfolio will include its main marketplace, Depop, and Reverb, an online marketplace for musical instruments. But like Elo7, Depop has had some challenges with growth once the pandemic-related e-commerce boom ended, and it is also not profitable. "They're running Depop very similarly to how they run the Etsy marketplace platform," Khajuria said.

Persons: Etsy, Josh Silverman, Elo7, they've, Bernstein, Nikhil Devnani, Shopify, Devnani, What's, Depop, Kruti Patel Goyal, Khajuria Organizations: Evercore ISI, SEC, Elo7, Analysts Locations: Brazil, Latin America, Europe

☆ Some student-loan borrowers could be facing payments of over $500 this fall, a new study says — and they'll probably have to dip into their savings to afford it
▼ + stars: | 2023-07-19 | by ( Ayelet Sheffey | Noah Sheidlower | ) www.businessinsider.com time to read: +5 min

At the end of June, the Supreme Court struck down President Joe Biden's plan to cancel up to $20,000 in student debt for federal borrowers. To attempt to mitigate the shock of the payment resumption, the Education Department at the end of June announced a series of temporary safeguards. Once repayment starts, those high-income borrowers may have to use those savings to pay the new student loan bills. Zhou said borrowers making less than $250,000 a year cannot support their total spending with the student loan payments. This means nearly all student debt holders will need to adjust their spending behaviors when payments resume.

Persons: TransUnion, Joe Biden's, Biden, Liz Pagel, we're, Anna Zhou, Zhou Organizations: Service, Education Department, UBS, Bank of America Institute, Bank of America, Consumers Locations: Wall, Silicon

☆ Global shares dip after China data; traders bet on Fed sea change
▼ + stars: | 2023-07-17 | by ( Amanda Cooper | ) www.reuters.com time to read: +4 min

This week's data macro calendar is light and Fed officials are in their "blackout period" ahead of their July policy meeting, leaving investors with the big question of whether last week's market moves will continue or reverse. U.S. stock index futures , erased earlier gains and were down 0.1% ahead of a packed week of corporate earnings. "We expect Fed officials cheered the latest inflation developments, but declaring victory with sub-4% unemployment, and over 4% core inflation, would be reckless." Copper , which is also highly sensitive to Chinese data, dropped 2.5% to $8,458 a ton. Additional reporting by Wayne Cole in Sydney; Editing by Lincoln Feast and Christina FincherOur Standards: The Thomson Reuters Trust Principles.

Persons: Michael Brown, Brown, Tesla, Morgan Stanley, Goldman Sachs, disinflation, Michael Feroli, Sterling, Wayne Cole, Lincoln, Christina Fincher Organizations: Global, Federal Reserve, Bank of America, Netflix, JPMorgan, Reuters, Treasury, Bank of England, CBA, Brent, Thomson Locations: China, Europe, Libya, Sydney

☆ Asia shares struggle as China fails to stimulate
▼ + stars: | 2023-07-17 | by ( Wayne Cole | ) www.reuters.com time to read: +4 min

China reported economic growth of 0.8% in the second quarter, above the 0.5% forecasted, while the annual pace slowed more than expected to 6.3%. That followed figures out over the weekend showed China's new home prices were unchanged in June, the weakest result this year. "Markets have already adjusted lower their expectations (for stimulus), and our base case is that there won't be a substantial package." MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) fell 0.3%, though that follows a 5.6% rally last week. S&P 500 futures and Nasdaq futures were both off a fraction, but that followed hefty gains last week.

Persons: Carol Kong, Tesla, Morgan Stanley, Goldman Sachs, disinflation, Michael Feroli, Sterling, Brent, Wayne Cole, Lincoln Organizations: Japan's Nikkei, FTSE, Nasdaq, Bank of America, Netflix, JPMorgan, ., Bank of England, CBA, Thomson Locations: Japan, China, SYDNEY, Beijing, Asia, Pacific, Libya

☆ Asia shares slip as China data underwhelms
▼ + stars: | 2023-07-17 | by ( Wayne Cole | ) www.reuters.com time to read: +4 min

China reported economic growth of 0.8% in the second quarter, above the 0.5% forecasted, while the annual pace slowed more than expected to 6.3%. Industrial output topped forecasts with a rise of 4.4%, while retail sales missed by a tick at 3.1%. That followed figures out over the weekend showed China's new home prices were unchanged in June, the weakest result this year. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) fell 0.2%, though that follows a 5.6% rally last week. S&P 500 futures and Nasdaq futures were both off 0.1%, but that followed hefty gains last week.

Persons: Carol Kong, Tesla, Morgan Stanley, Goldman Sachs, disinflation, Michael Feroli, Sterling, Brent, Wayne Cole, Lincoln Organizations: Japan's Nikkei, FTSE, Nasdaq, Bank of America, Netflix, JPMorgan, ., Thomson Locations: Japan, China, SYDNEY, Beijing, Asia, Pacific, Libya

☆ Asia shares brace for China data to disappoint
▼ + stars: | 2023-07-17 | by ( Wayne Cole | ) www.reuters.com time to read: +3 min

Figures out over the weekend showed China's new home prices were unchanged in June, the weakest result this year. The risk of even softer outcomes kept MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) down 0.2%, though that follows a 5.6% rally last week. S&P 500 futures and Nasdaq futures were both down 0.2%, but that followed hefty gains last week. PRICED FOR 2024 POLICY EASINGAs a result, markets still imply around a 96% chance of the Fed hiking to 5.25-5.5% this month, but only around a 25% probability of yet a further rise by November. Early Monday, Brent was off 58 cents at $79.29 a barrel, while U.S. crude fell 55 cents to $74.87.

Persons: Tesla, Morgan Stanley, Goldman Sachs, disinflation, Michael Feroli, Sterling, Brent, Wayne Cole, Lincoln Organizations: Tesla, Japan's Nikkei, Nasdaq, Bank of America, Netflix, JPMorgan, ., Thomson Locations: Japan, China, SYDNEY, Beijing, Asia, Pacific

With the second half of the year now underway, investors may want to take another look at their fixed income portfolio. High yields have been a boon to income investors, as the Federal Reserve increased interest rates over the past year. "For more of our clients, we're looking to have the fixed income of the portfolio provide lower correlation and income," he said. Greg Wilensky, head of U.S. fixed income at Janus Henderson Investors, generally prefers securitized assets such as asset-backed and mortgage-backed securities. "You can't think of high yield bonds in the same thought as Treasurys," said Cox of eToro.

Persons: James Franke, Sonal Desai, She's, We're, It's, Desai, Franke, Rothschild, Callie Cox, Greg Wilensky, Janus Henderson, Cox Organizations: Federal Reserve, Treasury, Rothschild Investment, Franklin, Janus, Janus Henderson Investors Locations: Treasurys, U.S, eToro

☆ The media industry is in turmoil, and that's not changing anytime soon
▼ + stars: | 2023-07-17 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +11 min

All of this turmoil will be on investors' minds as the media industry kicks off its earnings season this week, with Netflix up first on Wednesday. Netflix, with a new advertising model and push to stop password sharing, looks the best positioned compared with legacy media giants. At the top of the list is contending with Disney's TV networks, as that part of the business appears to be in a worse state than Iger had imagined. The labor fight blew up just as the industry has moved away from streaming growth at all costs. Last week's ruling from a federal judge that Microsoft's $68.7 billion acquisition of game publisher Activision Blizzard should move forward serves as a rare piece of good news for the media industry.

Persons: Mike Blake, Bob Iger, Iger, Bob Iger's, Michael Nathanson, SVB, CNBC's David Faber, Nathanson, Producers –, Mark Boidman, Ross Benes, Benes, Comcast's NBCUniversal, Solomon, Boidman, Random, Paramount's Simon, Schuster, Tegna, Jason Anderson, Peter Liguori, Anderson, HBO Max, Homer, Marge Getty Organizations: Guild of America, Netflix, Alliance, Producers, Reuters, Disney, Disney's, Paramount Global, Comcast, Warner Bros, American Federation of Television, Radio Artists, Media, Solomon Partners, CNBC, Hollywood, Intelligence, ABC, Paramount, BET, NBC Sports, USA, Discovery, Activision, Federal Trade Commission, dealmaking, Microsoft, Tribune Media, Max, HBO, Amazon, MGM, Sky, Fox Corp, FOX Locations: Los Angeles , California, U.S, MoffettNathanson, Hulu

☆ Home foreclosures jumped 13% in the first half of 2023 to the highest level since before the pandemic
▼ + stars: | 2023-07-14 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Foreclosures jumped 13% year-over-year in the first half of 2023, real estate data firm ATTOM reported. However, foreclosure activity in the second quarter was still 65% below pre-recessionary averages. This is the highest January-to-June foreclosure activity since 2019, outpacing the 165,530 filings that occurred in the first half of 2020, when COVID-19 was declared a pandemic. "Although overall foreclosure activity remains below historical norms, the notable surge in foreclosure starts indicates that we may continue to see a rise in foreclosure activity in the coming years," ATTOM CEO Rob Barber said in the recent report. According to ATTOM, foreclosure activity in the second quarter was 65% below the 278,912 averages of the pre-recessionary years.

Persons: Rob Barber Organizations: Service Locations: Wall, Silicon, repossessions

☆ Why better-than-expected earnings this reporting season may have trouble boosting market further
▼ + stars: | 2023-07-13 | by ( Bob Pisani | ) www.cnbc.com time to read: +5 min

They are very high, and that may prevent stock prices from moving forward even if earnings reports exceed estimates. The earnings "apocalypse" — the collapse in earnings that many feared would be coming along with a serious recession in 2023 — has not materialized. What this means is that the price of the S & P 500 has gone up to due multiple expansion, not because earnings estimates have been rising dramatically. Bottom line: The S & P 500 at 4,400 with forward earnings at $230 today (19.2 multiple) is not nearly as appealing as the S & P was in January, when it was at 3,800 with forward earnings at $220 (17.2 multiple). It's the easiest path to get the overall market higher.

Persons: Savita Subramanian, —, Chris Harvey, Wells, Nick Raich, Nicholas Colas, DataTrek Organizations: BofA Securities, Delta, Microsoft, Nvidia, P Technology, Big Tech Locations: Wells Fargo

☆ Real-estate guru Brandon Turner shares the low-risk investing approach his company is now taking amid housing market uncertainty — and which strategies he's avoiding
▼ + stars: | 2023-07-12 | by ( William Edwards | ) www.businessinsider.com time to read: +5 min

He's still bullish on real-estate investing as a strategy to build wealth. But he's taking a buy-and-hold approach right now, and not taking out risky loans. It's hard to imagine anyone who hails the virtues of real-estate investing more than Brandon Turner. He again sang the praises of real-estate investing as a method for building generational wealth, and brushed off calls for a housing market crash that have grown louder since last year. But that's not to say Turner is particularly bullish on every investing approach right now.

Persons: Brandon Turner, He's, Turner, David Greene, that's, Skylar Olsen, Anne Curry, Morgan Stanley's Ellen Zentner, Ray Farris, Ian Shepherdson Organizations: Credit

☆ Morgan Stanley: These 37 stocks are the emerging leaders of the global AI arms race, and will see double the profit growth of the broader market over the next 3 years
▼ + stars: | 2023-07-12 | by ( Laila Maidan | ) www.businessinsider.com time to read: +4 min

A July 6 report from Morgan Stanley lists the leading companies set to benefit from GenAI. According to the report, the total addressable market for AI technology is expected to triple from $90 billion to $275 billion in the next four years. This will result in continued sales and earnings growth within the industry over the next five to 10 years, which will directly benefit the AI leaders Morgan Stanley identified. Below are the 37 leading names that provide AI technology in various sectors. Each stock includes its category, Morgan Stanley's price targets displayed in local currencies, and whether it has an overweight or underweight rating from Morgan Stanley analysts.

Persons: Morgan Stanley, Goldman Sachs, Morgan, Shawn Kim, Kim, they're Organizations: Nvidia, Microsoft

☆ 'I've seen this show before': A renowned market bear who called the dot-com bubble warns a recession is still barreling toward the US economy — and stocks are due to suffer as misguided optimism fuels
▼ + stars: | 2023-07-08 | by ( William Edwards | ) www.businessinsider.com time to read: +6 min

There's a fairly simple way to characterize Societe Generale strategist Albert Edwards' latest note to clients. Bears are boys who cried wolf (recession), and investors are the shepherd who have become sick of the ongoing warnings and have stopped heeding their calls. Societe GeneraleAll of this optimism is likely a mistake, Edwards said as he doubled down on his recession call. In an May note, Edwards said "recession is a done deal," citing The Conference Board's Leading Economic Index, which has been at recessionary levels for months now. The indicators takes into account variables like manufacturing activity, stock performance, consumer confidence, housing market activity, and bond market activity.

Persons: Albert Edwards, Edwards, downgrades, —, I'm, Michelle Cluver, Jason Draho, Neil Dutta, Ian Shepherdson Organizations: Societe Generale, Bears, Generale All, Generale, Investors, Bureau of Labor Statistics, X, Federal Reserve, UBS, Macro

☆ Wall St Week Ahead As earnings loom, investors weigh recession resilience
▼ + stars: | 2023-07-07 | by ( David Randall | ) www.reuters.com time to read: +5 min

The financials sector is down 2%, while energy is nearly 9% lower. These unloved sectors are growing attractive to investors increasingly torn over whether a long-feared U.S. recession will ever materialize. Quincy Krosby, chief global strategist for LPL Financial noted a "tug of war" in the market over the likelihood of a recession. The healthcare sector trades at a forward price-to-earnings ratio of 17.6, well below the 20.1 ratio of the broad S&P 500. Yet a continued rally in megacaps will likely stretch their valuations further, prompting some investors to rotate toward healthcare and financials, LPL Financial's Krosby said.

Persons: Goldman Sachs, Quincy Krosby, Sameer Samana, Max Wasserman, Financials, Tom Ognar, Morgan Stanley, John Quealy, Financial's Krosby, David Randall, Megan Davies, Michelle Price, Richard Chang Organizations: YORK, Global, BofA, Commerce Department, LPL Financial, Reserve, Wells, Wells Fargo Investment Institute, FINANCIALS, Miramar Capital, Abbott Laboratories, Allspring Global Investments, LPL Financial Holdings Inc, Trillium Asset Management, Russell, Thomson Locations: U.S, BlackRock, Wells Fargo, megacaps

Citi thinks aircraft maker Textron is due for a rebound after underperforming thus far in 2023. "We are constructive on revenue and earnings visibility given recent backlog growth, particularly in the company's Aviation and Bell segments," analyst Jason Gursky wrote in a Wednesday note. Current wait lists for new aircraft stretch to more than two years, he noted — resulting in up to 360% backlog growth for Textron since 2019. To be sure, he said that Textron's industrial segment does not have much "connective tissue" across its various assets, which include automotive, aerospace and leisure. A rise in military spending should also create tailwinds for Textron's defense-oriented Bell and Systems segment, added the analyst.

Persons: Jason Gursky, Gursky, —, Michael Bloom Organizations: Citi, Textron, company's Aviation, Bell, Systems

☆ Aramco chief blames recessionary signals for oil drop, says China demand will pick up
▼ + stars: | 2023-07-05 | 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 EmailAramco chief blames recessionary signals for oil drop, says China demand will pick upAramco CEO Amin H. Nasser speaks to CNBC’s Dan Murphy at a two-day OPEC seminar in Vienna, Austria.

Persons: Amin H, Nasser, CNBC’s Dan Murphy Organizations: Aramco Locations: China, Vienna, Austria

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