U.S. crude oil futures rebounded nearly 1% on Monday after posting the worst week since October 2023.The U.S. benchmark has fallen 15.8% so far in the third quarter while the Brent global benchmark has fallen more than 16.6%.”We have lost 400 million barrels of financial demand since early July,” Daan Struyven, oil research head at Goldman Sachs, told CNBC’s “Squawk Box Asia” on Monday. “That is basically 7 million barrels per day of financial demand that we lost.”Here are Monday’s energy prices:West Texas Intermediate October contract: $68.13 per barrel, up 46 cents, or 0.68%. Year to date, U.S. crude oil has…
Author: usaeverydaylife
Here are the most important news items that investors need to start their trading day:1. Looking for a reboundStock futures ticked higher Monday after equities tumbled last week. The S&P 500 dropped 4.3% for the period, its worst week since 2023. The Nasdaq Composite shed 5.8% in its poorest week since 2022, and the Dow Jones Industrial Average fell 2.9%. Investors will be watching this week for inflation data, which could help to determine how large of a rate cut the Federal Reserve makes at its policy meeting later this month. The central bank is widely expected to trim its…
Federal Reserve Chairman Jerome Powell.Andrew Harnik | Getty ImagesThe U.S. Federal Reserve can afford to make a jumbo 50 basis points rate cut next week without spooking markets, an analyst has suggested, as opinion on the central bank’s forthcoming meeting remains hotly divided.Michael Yoshikami, CEO of Destination Wealth Management, said Monday that a deeper cut would demonstrate that the central bank is ready to act without signalling deeper concerns of a broader downturn.”I would not be surprised if they jumped all the way to 50 basis points,” Yoshikami told CNBC’s “Squawk Box Europe.””That would be considered, on one hand, a…
An Eli Lilly and Company pharmaceutical manufacturing plant is pictured in Branchburg, New Jersey, on March 5, 2021.Mike Segar | ReutersU.S. drugmaker Eli Lilly on Monday said it appointed insider Lucas Montarce as its new chief financial officer, effective immediately.Montarce, who joined Lilly in 2001, has held various finance leadership roles within the company, including head of finance for Lilly Research Laboratories.The appointment comes after former CFO Anat Ashkenazi stepped down in June to join Google parent Alphabet.Shares of the company rose 1.3% to $914.58 in premarket trading. Source link
Niklas Zennstrom, CEO of Atomico and co-founder of Skype.Simon Dawson | Bloomberg | Getty ImagesLONDON — Atomico, an early investor in top European technology firms from Stripe to Klarna, announced Monday the launch of two new funds worth $1.24 billion to back emerging and growth-stage startups in the sector.The launch of Atomico’s sixth batch of new funds, comprised of a $754 million growth-stage fund for startups raising Series B to pre-IPO financing and a $485 million early stage fund, marks a breath of life for a European tech industry that has been reeling from a slide in valuations and mass…
The Netherlands far-right PVV Freedom Party leader Geert Wilders speaks to the media representatives following the European Parliament elections provisional results in The Hague on June 6, 2024. Emiel Muijderman | Afp | Getty ImagesDutch populist leader Geert Wilders has described the European Union as a “monster” that must not be given any more decision-making power by its member states.Rejecting the idea of EU-wide taxation and ever-greater political union, Wilders told CNBC that the region needed less integration, not more.”Europe is a kind of monster, the European Union, if you give it more power they only want more and they won’t…
(This is CNBC Pro’s live coverage of Monday’s analyst calls and Wall Street chatter. Please refresh every 20-30 minutes to view the latest posts.) A tech giant and a consumer goods name were among the companies being talked about by analysts on Monday. Citi reiterated Dell Technologies as a buy, noting the stock could see strong gains after its upcoming inclusion into the S & P 500 index. Meanwhile, Morgan Stanley downgraded Church & Dwight to equal weight from overweight. Check out the latest calls and chatter below. All times ET. 5:58 a.m.: JPMorgan says it’s neutral on GE HealthCare…
RT: Midea appliances with name in backgroundKim Kyung-Hoon | ReutersChinese home appliance maker Midea Group on Monday launched a share offering of about HK$26.97 billion ($3.46 billion) in Hong Kong, according to its filings, in the city’s largest listing in more than three years.The company, listed in Shenzhen, has allotted around 492.1 million shares for the Hong Kong offering, the filing showed, with the stock to be priced between HK$52 and HK$54.80 per share.The listing, which Reuters reported last week, would be the biggest in Hong Kong since JD Logistics raised $3.16 billion in May 2021. The deal eclipses Hong Kong’s most recent biggest deal, Chinese lithium battery maker CALB, which raised $1.3 billion in October 2022.Midea’s Shenzhen-listed shares closed on Friday at 63.02 yuan (HK$69.32) each, which…
Italian Prime Minister Mario Draghi during the press conference at the Multifunctional Hall of the Prime Minister on July 12, 2022 in Rome, Italy.Massimo Di Vita | Mondadori Portfolio | Getty ImagesEconomic growth in the European Union continues to lag behind that of China and the United States, threatening the bloc’s goals of bolstering its geopolitical relevance, social equality and decarbonization, according to a report from economist and politician Mario Draghi.The keenly awaited report led by Draghi — who previously served as prime minister of Italy and president of the European Central Bank during the euro zone debt crisis —…
Shares of boutique investment bank China Renaissance fell as much as 72% to a record low on Monday when they resumed trading 17 months after being suspended during a probe involving its then-chairman and CEO Bao Fan.Greg Baker | AFP | Getty ImagesShares of boutique investment bank China Renaissance fell as much as 72% to a record low on Monday when they resumed trading 17 months after being suspended during a probe involving its then-chairman and CEO Bao Fan.Trading was suspended on April 3, 2023, due to a delay in publishing its 2022 results after mainland Chinese authorities requested Bao’s cooperation in an investigation.The star dealmaker, who founded China Renaissance in 2005, has…
