Global stock markets fall on worries over Pelosi’s visit to Taiwan
Global stocks were mostly lower on Tuesday as an expected visit from US House Speaker Nancy Pelosi in Taiwan prompted threats from Beijing. European stocks were mostly lower in early trading, after benchmarks ended mostly lower in Asia. France’s CAC 40 fell 0.5% in early trade to 6,406.15, while Germany’s DAX DAX, +0.74% lost 0.7% to 13,388.26. Britain’s FTSE 100 UKX, +0.47% was little changed, rising less than 0.1% to 7,416.42. S&P 500 futures ES00, -0.01% lost 0.6%, while Dow industrials YM00, +1.24% lost 0.4%. China views Taiwan as its own territory and has repeatedly warned of “serious consequences” if…
Read More »Big Bull Rakesh Jhunjhunwala dies at 62
Veteran stock market investor Rakesh Jhunjhunwala passed away this morning in Mumbai. He was 62 years old. He was not keeping well for the past few days and breathed his last today at Breach Candy Hospital in Mumbai, news agency ANI reported. He is survived by his wife and three children. The son of an income tax officer, Jhunjhunwala started his journey into the stock markets while still in college with a capital of just ₹5,000 and when Sensex was at ₹150. Known as ‘India’s Warren Buffett’, Jhunjhunwala’s wealth was linked. ₹40 billion, according to Forbes. “Rakesh Jhunjhunwala was indomitable,”…
Read More »The ultra-rich continue to buy luxury despite inflation and recession fears
Food, gas and travel prices have skyrocketed over the past year, but the wealthy seem to be fending off and still fueling sales to luxury companies, where sneakers can cost $1,200 and sports cars easily exceed $300,000. Companies that cater to the ultra-rich, such as Ferrari and the parent companies of Dior, Louis Vuitton and Versace, are reporting strong sales or raising their profit forecasts. The upbeat results come even as recession fears hover over the economy, with Walmart, Best Buy, Gap and others cutting their financial outlook, citing a pullback in spending among lower-income consumers squeezed by inflation ….
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Volatility investor warns of false dawn for US stock market
Investors buoyed by this summer’s recovery in U.S. stock markets should not relax their guard so soon because worries about corporate debt are likely to trigger another slowdown later this year, one prominent forecaster has predicted the world’s volatility specialists. While the sharp fall in share prices in the first half of the year reflected concerns about future earnings due to inflation, investors have yet to factor in the effects of higher interest rates about companies with too much debt, Paul Britton, founder of Capstone Investment Advisors, told the Financial Times. He warned that news of individual companies struggling to…
Read More »Dalal Street’s Big Bull bows; He was on dialysis because both kidneys had failed
Read more Rakesh Jhunjhunwala dies LIVE Updates: Veteran stock market investor Rakesh Jhunjhunwala passed away on Sunday morning here. He was 62 years old and suffered from kidney disease. According to sources, he was undergoing dialysis regularly as both his kidneys had failed. He was taken to Candy Breach Hospital at 6:45 and pronounced dead. Both a businessman and a chartered accountant, and one of the country’s richest men, he was last seen in public at the launch of Akasa Air. Jhunjhunwala was also Chairman of Hungama Media and Aptech as well as Director of Viceroy Hotels, Concord Biotech, Provogue…
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Stocks rise, tech shares rally as traders look to Fed earnings
US stocks rose in the first session of May after one of the S&P 500’s worst monthly results since the depths of the pandemic in 2020. The S&P 500, Dow and Nasdaq turned positive in the final hour of trading on Monday. U.S. crude prices reversed earlier declines to above $105 a barrel and the benchmark 10-year Treasury yield rose to 3%, its highest level since December of 2018. Investors this week are bracing for more events that could move the market after April’s volatile stretch of trading. The S&P 500 sank 8.8% in April for its worst monthly performance…
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Stocks end mixed after bear market slips as rate decision looms
US stocks ended mixed on Tuesday after a drop that sent the S&P 500 into its first bear market since the peak of the pandemic. The S&P 500 closed down 0.4% in a fifth straight session of losses, sending the index down to 3,735.48. The S&P 500 entered its first bear market since March 2020 on Monday, as its closing price put it more than 20% below its recent record close since January. , while the Dow lost 150 points, or 0.5%, to end at 30,364.83. The benchmark 10-year Treasury yield rose to 3.4% and hit a fresh 11-year high….
Read More »CFPB orders Hyundai to pay $19 million for widespread credit reporting failures
WASHINGTON, DC – Today, the Consumer Financial Protection Bureau (CFPB) penalized Hyundai Capital America (Hyundai) for repeatedly providing inaccurate information to credit reporting companies nationwide and failing to take appropriate steps to address inaccurate information once it was identified between 2016 and 2020. The CFPB found that Hyundai used manual and outdated systems, processes and procedures to provide credit reporting information, which resulted in widespread inaccuracies, and resulted in inaccurate negative information was placed on consumers’ credit reports through no fault of their own. In total, the CFPB found that Hyundai provided inaccurate information in more than 8.7 million cases…
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