News

Tech Falls in Late Hours as Earnings Underwhelm: Markets Wrap

The start of the “Magnificent Seven” earnings season failed to impress investors after a powerful rally that drove the US stock market to a record-breaking run.

World-Lagging Thai Stocks See Investors Moving Money Into Regional Rivals

For years, Thai equities stood tall as one of Southeast Asia’s largest stock markets. That bullish story is fast unraveling, and not even cheap valuations can save the day.

Ackman’s Pershing Square Postpones US Closed-End Fund IPO, NYSE Site Says

Billionaire Bill Ackman’s US closed-end fund is facing a delay to its highly-anticipated initial public offering as it awaits regulatory approval.

WeRide Files for Biggest US IPO by Chinese Firm Since Didi

Driverless technology startup WeRide Inc. filed for what could be the biggest US initial public offering by a Chinese company since ride-share company Didi Global Inc.’s disastrous 2021 listing.

Short Sellers Feel Heat After US Charges Andrew Left With Fraud

Trampled by markets and attacked by angry executives, short sellers now find themselves confronting their biggest worry yet: the US government.

Gabrielle Rubenstein Resigns From $80 Billion Alaska Fund

Gabrielle “Ellie” Rubenstein, a daughter of Carlyle Group Inc. co-founder David Rubenstein, resigned from the board of Alaska’s sovereign wealth fund following allegations that she improperly interfered with investment decisions.

World-Lagging Thai Stocks See Investors Moving Money Into Regional Rivals

For years, Thai equities stood tall as one of Southeast Asia’s largest stock markets. That bullish story is fast unraveling, and not even cheap valuations can save the day.

Ackman’s Pershing Square Postpones US Closed-End Fund IPO, NYSE Site Says

Billionaire Bill Ackman’s US closed-end fund is facing a delay to its highly-anticipated initial public offering as it awaits regulatory approval.

WeRide Files for Biggest US IPO by Chinese Firm Since Didi

Driverless technology startup WeRide Inc. filed for what could be the biggest US initial public offering by a Chinese company since ride-share company Didi Global Inc.’s disastrous 2021 listing.

Short Sellers Feel Heat After US Charges Andrew Left With Fraud

Trampled by markets and attacked by angry executives, short sellers now find themselves confronting their biggest worry yet: the US government.

Gabrielle Rubenstein Resigns From $80 Billion Alaska Fund

Gabrielle “Ellie” Rubenstein, a daughter of Carlyle Group Inc. co-founder David Rubenstein, resigned from the board of Alaska’s sovereign wealth fund following allegations that she improperly interfered with investment decisions.

Thoma Bravo to Seek $2.74 Billion in Nasdaq Stake Sale

Thoma Bravo is seeking as much as $2.74 billion for about half of its shares in Nasdaq Inc., according to people familiar with the matter, as it looks to sell down the stake it acquired as part of a transaction last year.

Stocks Climb as Fed Bets Rekindle Broadening Trade: Markets Wrap

The stock market got a boost at the end of a wild week after key economic data bolstered speculation the Federal Reserve will set up the stage for an interest-rate cut in September.

Emerging-Market Assets Drop for Second Week as Traders Shun Risk

Developing-nation assets suffered their first back-to-back weekly loss since May, pulled lower by lingering concerns around the Chinese economy and a rout in technology stocks.

Big Tech Trade Shudders Just as Stock Pickers Make a Comeback

Wall Street’s sure-fire, money-minting trade of 2024 – going all-in on Big Tech – was upended this week, sparking stock volatility across the board and thrashing momentum-chasing investors along the way.

Why South Korea Banned Short Selling  and When Could Ban Be Lifted?

Short sellers are facing the heat in South Korea after regulators extended a ban on the practice of selling borrowed shares. Their goal is to stop big investment banks engaging in illicit trading practices that could erode public trust in markets. While South Korean shares rallied after the ban was imposed in November, the gains soon faded. Critics said it makes the market less transparent, and less attractive to global investors.

What the Biden-Trump Rematch Means for the US Stock Market

Elections in Mexico, India and Europe have set off upheavals in global stock markets this year. In the US, investors contending with uncertainty related to inflation, interest rates and geopolitics are already bracing for volatility that could accompany the presidential campaign and November election.

The Dollar’s Dominance, Explained

Balance of Power 07/26/24

Balance of Power 07/26/24

Wall Street Week 07/26/2024

Carrots to Get Workers Back in Office

Hunt: Summer of Democracy is Heightening Risk

BitGo CEO Belshe to Host Fundraiser for Trump Headlined by Vance

BitGo Chief Executive Officer Mike Belshe will host a fundraiser for Donald Trump’s campaign headlined by the Republican nominee’s running mate JD Vance — the latest sign of the ticket’s appeal to prominent cryptocurrency executives.

Crypto Political Donations Dwarf Payments Made During Bankman-Fried’s Heyday

Donald Trump’s meeting with deep-pocketed donors at a Bitcoin conference tomorrow is just the tip of the iceberg when it comes to the renewed prominence of the digital-asset sector in the current political campaign cycle.

Nomura’s Crypto Unit to Offer Higher-Yielding Ether ETF Alternative

On the heels of the launch of ETFs that hold the Ethereum cryptocurrency, Nomura Holdings Inc.’s digital-asset unit plans to offer a higher yielding alternative that includes a key component US issuers likely left out to help win regulatory approval.

Quant Fund Kbit Says Stay in Crypto Despite Quick Returns From ETFs

While hedge funds are deploying tried-and-true strategies such as the basis trade to profit from the recent influx of US Bitcoin and Ethereum ETFs, the quantitative fund Kbit says sticking within the digital asset world will prove to be more lucrative.

Andrew Left Wasn’t Short for Long

Tech Jobs Keep Moving Out of California. Don’t Panic Yet.

AI’s Hype Correction Is a Healthy Pause for Breath

The Bank of England Shouldn’t Set Its Own Speed Limit

World-Lagging Thai Stocks See Investors Moving Money Into Regional Rivals

For years, Thai equities stood tall as one of Southeast Asia’s largest stock markets. That bullish story is fast unraveling, and not even cheap valuations can save the day.

WeRide Files for Biggest US IPO by Chinese Firm Since Didi

Driverless technology startup WeRide Inc. filed for what could be the biggest US initial public offering by a Chinese company since ride-share company Didi Global Inc.’s disastrous 2021 listing.

Short Sellers Feel Heat After US Charges Andrew Left With Fraud

Trampled by markets and attacked by angry executives, short sellers now find themselves confronting their biggest worry yet: the US government.

Gabrielle Rubenstein Resigns From $80 Billion Alaska Fund

Gabrielle “Ellie” Rubenstein, a daughter of Carlyle Group Inc. co-founder David Rubenstein, resigned from the board of Alaska’s sovereign wealth fund following allegations that she improperly interfered with investment decisions.

Thoma Bravo to Seek $2.74 Billion in Nasdaq Stake Sale

Thoma Bravo is seeking as much as $2.74 billion for about half of its shares in Nasdaq Inc., according to people familiar with the matter, as it looks to sell down the stake it acquired as part of a transaction last year.

Big Tech Trade Shudders Just as Stock Pickers Make a Comeback

Wall Street’s sure-fire, money-minting trade of 2024 – going all-in on Big Tech – was upended this week, sparking stock volatility across the board and thrashing momentum-chasing investors along the way.

Hedge Funds Send Bullish Gasoline Bets Down to Pandemic Lows

Hedge funds haven’t been this disappointed by gasoline demand since the depths of the pandemic, with speculators slashing their net-bullish bets as the US summer driving season continues to underwhelm.

Ackman’s Pershing Square Postpones US Closed-End Fund IPO, NYSE Site Says

Billionaire Bill Ackman’s US closed-end fund is facing a delay to its highly-anticipated initial public offering as it awaits regulatory approval.

Arctos Keystone to Back Hayfin’s Management Buyout of BCI Stake

An arm of Arctos Partners is in talks to help finance a management buyout of Hayfin Capital Management that values the firm at about €1.2 billion ($1.3 billion), according to people familiar with the matter.

Paraguay Raised to Investment Grade Rating by Moody’s on Growth

Paraguay’s credit score was upped to investment grade by Moody’s Ratings, marking a victory for one of the fastest growing economies in South America.

Nigeria’s Dangote Refinery Re-Sells Some US Crude, Official Says

Nigeria’s giant Dangote refinery is re-selling some of the US crude it has purchased to feed the plant, according to a senior official at the refinery.

Brazil Says Trade-Disrupting Chicken Disease Outbreak Has Ended

The outbreak of a virulent poultry disease that prompted Brazil to restrict its chicken exports has been resolved, according to the nation’s government.

Honeywell Weighs Quantinuum IPO at $10 Billion Valuation

Honeywell International Inc. is considering an initial public offering of its majority-owned quantum computing firm Quantinuum as soon as next year, according to people with knowledge of the matter.

Activist Investor Bluebell Attacks BP’s Involvement in Solar

Bluebell Capital Partners continued its push for BP Plc to rethink its investments in clean energy, attacking the company’s involvement in solar projects in the UK.

Soy Falls Most in a Month With Improving US Weather

Soybean futures fell the most in a month as traders take profits and weather forecast show improving crop weather in the US.

US Debt Ceiling Is Once Again Haunting T-Bill Forecasters

Wall Street is already starting to game plan for the US government’s next debt-ceiling standoff, looking ahead to the Treasury’s estimated cash balance for clues on how much bill supply will be coming down the pipeline.

Inflexion Is Said to Near Deal to Sell UK Insurance Broker DR&P

Inflexion is nearing a sale of its majority stake in David Roberts & Partners in a deal that values the UK insurance broker at about £450 million ($579 million), according to people familiar with the matter.

Baker Hughes Cuts US Spending View as Oilfield Recovery Delayed

Baker Hughes Co. lowered its expectations for US shale activity, saying an anticipated recovery in oil drilling is no longer likely this year.

Mexico Peso Gets Battered From All Sides, Leads Currency Losses

Mexico’s peso crashed into some formidable global forces this week — Elon Musk, Donald Trump and the Japanese yen.

T. Rowe CEO Sees Three-Year Streak of Outflows Ending in 2025

T. Rowe Price Group Inc., whose clients have been yanking cash for more than three years, expects the pain to ease in 2025 when actively managed funds attract cash.

BancTrust Plans Bond Investor Trip to Venezuela After Election

Investment bank BancTrust & Co. is organizing a rare trip to Venezuela for investors who hold some of the nation’s $60 billion in defaulted debt, according to people familiar with the matter.

Pemex Posts Steepest Loss in Four Years Ahead of CEO Pick

Petroleos Mexicanos’ posted its worst loss since the global pandemic emerged more than four years ago, a negative signal for whoever President-elect Claudia Sheinbaum chooses to revive oil production and slash the company’s almost-$100 billion debt burden.

Hefty Demand for $269 Billion of Muni Sales Has Buyers on Hunt

The $9 billion-a-week market for new sales of state and local government debt is now so crowded that investors are being forced to get creative in their hunt for value.

World’s Top Copper Supplier Codelco Posts Drop in Production

Codelco posted a decline in first-half production as setbacks loosen the Chilean state-owned company’s grip on the title of world’s biggest copper supplier.

BlackRock, Elliott Among Thames Creditors Leading Crisis Talks

A group of Thames Water’s creditors including BlackRock Inc. and Elliott Investment Management LP formed a coordination committee as talks kicked off with the struggling utility over options to restructure its debt load, according to people familiar with the matter.

Nigerian Leader Pushes Back Against Calls for National Protests

Nigerian President Bola Tinubu sought to diffuse calls for nationwide protests over the country’s cost-of-living crisis, while slamming the organizers for fomenting “anger.”

Royal London, Macquarie Among Firms Planning European CLO Debuts

Europe’s collateralized loan obligation market is set for a record year of issuance, and a flurry of new entrants are looking to get involved in the upturn.

Apollo, Banks Discuss Restructuring for Brightspeed Debt

Apollo Global Management Inc. and a group of banks led by Bank of America Corp and Barclays Plc have been holding restructuring talks for a slug of Brightspeed debt that could see the banks take a loss, according to people with knowledge of the matter.

US Replaces Africa as Global Oil Swing Supplier, Consultant Says

American crude grade WTI Midland has replaced West African oil as the swing supplier for markets between the Atlantic Basin and Asia, according to consultancy Renaissance Energy Advisors.

Inside Miami’s Ultra-Luxury Real Estate Market

Nomura’s Crypto Unit to Offer Higher-Yielding Ether ETF Alternative

On the heels of the launch of ETFs that hold the Ethereum cryptocurrency, Nomura Holdings Inc.’s digital-asset unit plans to offer a higher yielding alternative that includes a key component US issuers likely left out to help win regulatory approval.

Nestle Analysts Are Most Negative on the Stock in Four Years

Nestle SA analysts are cutting their recommendations on the stock in droves on worries that the consumer company will struggle to drive profit growth, leaving it with most negative consensus rating in four years.