Month: June 2022
European Central Bank to create new tool to address fragmentation risk after bond yields surge
Christine Lagarde, President of the European Central Bank. The central bank scheduled an emergency meeting to address higher bond yields. John Thys | Afp | Getty Images The European Central Bank announced Wednesday that it plans to create a new tool to tackle the risk of euro zone fragmentation, in a move designed to assuage […]
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5 things to know before the stock market opens Wednesday
Here are the most important news, trends and analysis that investors need to start their trading day: 1. Stocks set to bounce at the open ahead of the Fed’s big rate decision Traders on the floor of the NYSE, June 14, 2022. Source: NYSE U.S. stock futures rose Wednesday as Wall Street prepares for what […]
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Mortgage demand is now roughly half of what it was a year ago, as interest rates move even higher
Total mortgage application volume was 52.7% lower last week than the same week one year ago, according to the Mortgage Bankers Association’s seasonally adjusted index. Sharply rising interest rates are decimating refinance volume, and those rates, along with sky-high home prices and a shortage of houses for sale, are hitting demand from potential buyers. Last […]
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Biden tells oil companies in letter ‘well above normal’ refinery profit margins are ‘not acceptable’
President Joe Biden on Wednesday called on U.S. oil refining companies to produce more, saying they need to help alleviate the burden of high prices on consumers. “At a time of war – historically high refinery profit margins being passed directly onto American families are not acceptable,” the president said in a letter to oil […]
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Stocks making the biggest moves premarket: Baidu, MicroStrategy, Moderna and more
Check out the companies making headlines before the bell: Baidu (BIDU) – Baidu shares jumped 4.1% in premarket trading after Reuters reported the China-based internet search giant is in talks to sell its controlling stake in the video streaming company iQIYI (IQ). iQIYI fell 3.4%. MicroStrategy (MSTR) – MicroStrategy lost 2.2% in the premarket as […]
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Oil giant BP buys 40.5% stake in massive renewables and green hydrogen project
A BP logo photographed in London on May 12, 2021. The International Energy Agency recently reported that 2021 saw energy-related carbon dioxide emissions rise to their highest level in history. Glyn Kirk | Afp | Getty Images Oil and gas supermajor BP has agreed to take a 40.5% equity stake in the Asian Renewable Energy […]
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Robinhood to fall to $5 as trading slows, main revenue source is threatened, Atlantic Equities says
A recovery for Robinhood may not be in the cards anytime soon, according to Atlantic Equities. Analyst John Heagerty on Wednesday downgraded the online brokerage to underweight, saying a decline in user engagement — combined with falling trading volumes, potential regulation around the payment for order flow business model and plummeting cryptocurrency valuations — will […]
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An aggressive Fed has global ramifications. Here are 3 ways the world could be hit
The Federal Reserve is widely expected to hike interest rates by 75 basis points on Wednesday with inflation running at a 40-year high, but aggressive tightening of monetary policy runs the risk of tipping the economy into recession. Brendan Mcdermid | Reuters Global markets took a hammering to start the week as expectations grew that […]
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Netflix is planning a ‘Squid Game’ reality show with a record $4.56 million cash prize
Netflix has opened casting for the show to English-language speakers around the world. Tang Ke | Future Publishing | Getty Images Netflix is doing “Squid Game” for real (without any of the blood and gore). The streaming platform has approved a reality TV series called “Squid Game: The Challenge,” which will pit 456 contestants against […]
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EU launches new legal steps against Britain over N. Ireland plans
The U.K. government on Tuesday announced its intention to drastically overhaul post-Brexit trade rules in Northern Ireland, arguing the plan was needed to end political paralysis in the territory but risking a trade war with the EU. Paul Faith | Afp | Getty Images The European Commission launched two new legal proceedings against Britain on […]
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