Share to Twitter Share to Linkedin Topline The stock market fell on Tuesday—reversing a comeback rally a day earlier—as the months-long selloff on Wall Street persists with investors continuing to offload shares amid a gloomy profit outlook from Snap, which sent tech stocks plummeting and led to rising recession fears. Key Facts The Dow Jones Industrial Average was down 0.5%, nearly 200 points, while the S&P 500 lost 1.3% and the tech-heavy Nasdaq Composite 2.6%. The relentless market selloff resumed on Tuesday—despite a rebound led by financial stocks a day earlier, with seven straight weeks of losses briefly pushing the S&P 500 into bear market territory last Friday. “Stocks are getting hit hard” and the “main culprit is the Snap warning” from Monday evening, says Vital Knowledge founder Adam Crisafulli, after the social media company warned that it expects both quarterly sales and profit to fall short of its own estimates. … [Read more...] about Stock Market Selloff Resumes As Snap’s 40% Plunge Drags Tech Shares Lower
Gibbons rise and fall
This article first appeared in The Edge Malaysia Weekly, on May 16, 2022 - May 22, 2022. - A + A COMMODITIES may still be riding an upward trend, but metal prices have melted to pre-Russia-Ukraine conflict levels. Aluminium, for one, has seen year-to-date gains erased on demand headwinds, especially the slowdown in China’s manufacturing activity due to Covid-19 lockdowns. Since surging past US$3,800 a tonne in March this year — the highest in more than 13 years — aluminium prices have retreated 30% to a five-month low of US$2,700 a tonne. Copper prices have also contracted to a more than seven-month low of US$9,000 a tonne as at last Thursday on fears of a global economic slowdown. Attributing the fall to a strong US dollar and weak Chinese demand, Fitch Solutions expects further weakening in metal prices in the second quarter before stabilising in the second half of the year. Local analysts are not overly concerned about softer aluminium prices as they … [Read more...] about Trailing demand a temporary blip for aluminium players
GoFirst, the budget airline previously known as GoAir, is looking to expand overseas operations after its Rs 3,600 crore initial public offering is completed, people close to the company told Moneycontrol. The airline plans to start flying to Nepal, Sri Lanka, Malaysia, Cambodia and Vietnam and also increase flights to countries in West Asia, they said. The budget airline plans to launch its delayed IPO in the second quarter of this financial year. Morgan Stanley, Citibank and ICICI Securities are the merchant bankers for the IPO. The company plans to raise 75 percent of the funds through qualified institutional placement, the people said. GoFirst plans to use Rs 2,200 crore raised from the IPO to reduce debt and repay lessors. The remaining Rs 1,600 crore will be deployed to increase operations in India and internationally. “GoFirst has trained its pilots to fly to Kathmandu and will first look at launching flights to Kathmandu and Colombo,” one person said. The airline … [Read more...] about GoFirst to expand international operations with IPO proceeds: Sources
Share to Twitter Share to Linkedin The Russian army in three months of fighting has lost as many soldiers killed in action as the Soviet army lost in nine years of warfare in Afghanistan starting in 1979, the U.K. Defense Ministry announced Monday . That’s no less than 15,000 KIA since Russia widened its war on Ukraine on the night of Feb. 24. Worse for Moscow, the possible death toll—which is impossible to verify—belies much greater losses from wounds and fatigue. Not to mention the Ukrainians have captured potentially hundreds of Russian soldiers. In Afghanistan, where the Soviet Union fought a disastrous war that presaged America’s own failed campaign a generation later, the Soviet army suffered three or four wounded for every soldier who died. It’s possible that, if you combine killed and wounded, the Russian army in Ukraine—which at its peak strength included around 125,000 people—has buried or sent to hospitals 50,000. Some of the wounded … [Read more...] about Up To 15,000 Russians Have Died In Ukraine: U.K. Defense Ministry
Financial literacy is en vogue these days, with states like Florida becoming one of the most recent and largest states to mandate personal finance courses for high schoolers. It’s likely a good thing, too, as nearly every worker in the U.S. is stressed out about money , and a possible recession is looming . advertisement advertisement Yet, even after some financial belt-tightening and evidently learning to live with less during the pandemic, many Americans may be less equipped to deal with their finances than a year ago, according to data from the BrightPlan 2022 Wellness Barometer Survey, which polled 1,500 knowledge workers in the U.S. A particularly worrisome finding? Only 13% of workers were able to answer at least four out of the five following financial literacy questions correctly: You should pay off credit cards each month. Funds are taken from a debit card immediately. 15-year mortgages require higher monthly payments that … [Read more...] about Most people can’t answer all 5 of these basic financial literacy questions. Can you?
On May 25, 2020, George Floyd died before our eyes as a police officer knelt on his neck for approximately 9 minutes on a street in Minneapolis. Had Darnella Frazier, then 17, not captured the murder on her cell phone and posted it to Facebook, Floyd would have been yet another Black man to die in police custody – a statistic. Instead, George Floyd became a powerful symbol of persistent inequality and systemic injustice against Black Americans and a wake-up call for all. The response was historic – from the scores of leaders making forceful statements every day about racial justice to the $50 billion that U.S. companies pledged (but not necessarily paid) to support Black communities. To understand the complexities of where we stand as a nation, though, look no further than the racially motivated mass murder at a Buffalo grocery store on May 14. In an effort to capture the reality of being Black in America, we decided that we wanted to hear from leaders in the community. Here are … [Read more...] about Two Years After George Floyd, Black Leaders Reflect On Change
Share to Twitter Share to Linkedin Topline Fresh off the S&P 500's brief plunge into bear-market territory, financial stocks led a staggering market rally on Monday after bullish news from the nation's largest lender, but with uncertainty around interest rate hikes still posing a risk to stocks, experts aren't breathing a sigh of relief just yet. Key Facts The Dow Jones Industrial Average soared 633 points, or 2%, to 31,896 by 3:30 p.m. ET Monday, while the S&P jumped 1.85% and the tech-heavy Nasdaq, 1.4%—setting the market up for its first daily increase in a week. Heading up the Dow and S&P's gains, shares of JPMorgan—though still down 22% this year—surged 7% after the bank raised its outlook for net interest income this year to $56 billion, up from guidance of $50 billion in January, due to expectations that the Federal Reserve will raise rates to 3% this year. "Strong economy, big storm clouds," JPMorgan CEO Jamie Dimon said … [Read more...] about Dow Soars 600 Points As JPMorgan Rallies—But ‘Vicious’ Bear Market Risks Keep Experts On Edge