Trade war affect stock market

Share to Twitter Share to Linkedin Topline Shares of popular stock trading app Robinhood surged higher on Monday after reports that billionaire Sam Bankman-Fried’s cryptocurrency exchange, FTX, is considering a deal to buy the company just over a month after he first disclosed a stake. Key Facts One of the largest crypto trading exchanges in the world, rivaling the likes of Coinbase and Binance, FTX is internally debating how to pursue a full acquisition of Robinhood, Bloomberg first reported on Monday, citing people familiar with the matter. Shares of Robinhood spiked on the news, rising as much as 18% before getting halted for trading shortly at approximately 3:10 p.m. EDT. The stock held on to most of its gains after trading resumed at 3:15 p.m., still rising by 14% on Monday. Robinhood has yet to receive a formal takeover offer, while FTX has not made a final decision on whether to pursue the deal and could still opt out, … [Read more...] about Robinhood Shares Jump 14%, Trading Halted After Report That Crypto Exchange FTX Could Buy The Company

Former President Trump is appealing the dismissal of the lawsuit he filed after Twitter permanently banned him in the wake of the January 6 attack. The suit, which argued that Twitter’s action violated his free speech rights, was dismissed last month by U.S. District Judge James Donato. Today, Trump filed a notice of appeal in San Francisco, meaning that Trump v. Twitter will go before the Ninth U.S. Circuit Court of Appeals, and his and Twitter’s lawyers will face off once again. advertisement Trump’s lawsuit argues that Democrats “coerced” Twitter into deplatforming him as political retribution. Judge Donato rejected the claim that Jack Dorsey, then Twitter’s CEO, “willful[ly] participat[ed] in joint activity with federal actors to censor” Trump. This kept Trump cut off from his account’s almost 89 million followers. Ultimately, he also lost his Facebook, Instagram, YouTube, Snapchat, and Twitch accounts for violating their policies against encouraging or … [Read more...] about Trump’s war on Twitter ban continues with appeal of lawsuit dismissal

A version of this story first appeared in CNN Business' Before the Bell newsletter. Not a subscriber? You can sign up right here . You can listen to an audio version of the newsletter by clicking the same link. London (CNN Business) This week, Russia defaulted on its foreign debt for the first time since the Bolshevik revolution after it failed to pay interest on two bonds during a 30-day grace period that expired Sunday. But to put the event in context, we don't need to go as far back as 1918. Instead, we can look to 1998 . That's the year Russia defaulted on ruble-denominated bonds, triggering a "Moscow meltdown" that infected markets around the globe. Quick rewind: In August 1998 , following years of upheaval after the fall of the Soviet Union, the Russian government defaulted on its local debt and devalued the ruble. The move sparked chaos in Russia, driving up inflation, causing an economic contraction and triggering bank … [Read more...] about Russia’s last default sparked a crisis. This time is different

If you're looking for capitulation in 2022, it's in the bond market. And that tells you that investors' confidence in the global economy is very low. Inside the stock market, it's all about defense. Defensive stocks, which include big healthcare companies and dividend-paying value stocks, have been driving the gains. An index of global defensive stocks put together by Goldman Sachs, which is heavy in healthcare giants, has climbed to more than an 18-month high relative to the MSCI AC World Index. Inside the U.S., the defensive ETF ticker DEF has been outperforming the Spider ETF SPY all last week and all year. For market watchers, this feels a whole lot like a recession trade. While investors in the capital markets are battening the hatches for a recession, money in the private markets is also drying up. The value of venture capital deals in the U.S. dropped more than 25% in the second quarter to just $1 trillion, according to Dealogic . M&A activity in the United States … [Read more...] about What the Business Cycle is Telling us About a Recession

G7 leaders gathering for lunch at the Schloss Elmau hotel in Elmau, Germany on Monday (June 27). The G7 leaders have also agreed to take a more coordinated approach to challenging China's 'market-distorting' practices in global trade. (Photo by Susan Walsh/Pool via Reuters) - A + A SCHLOSS ELMAU (June 28): The Group of Seven (G7) economic powers have agreed to explore imposing a ban on transporting Russian oil that has been sold above a certain price, they said on Tuesday. "We invite all like-minded countries to consider joining us in our actions," the G7 leaders said in the communique. The war in Ukraine and its dramatic economic fallout, in particular soaring food and energy inflation, has dominated this year's summit of the group of rich democracies at a castle resort in the Bavarian Alps. The G7 is looking at price caps as a way to prevent Moscow profiting from its invasion of Ukraine, which has sharply raised energy prices, taking the sting out of Western … [Read more...] about G7 agrees to explore cap on Russian oil price — communique

This article first appeared in The Edge Malaysia Weekly, on June 20, 2022 - June 26, 2022. - A + A THE share price of DRB-Hicom Bhd has been on a downward trend since December 2020, when the shortage of semiconductors became apparent the world over. Last Friday, DRB-Hicom was trading at RM1.16 — its lowest since March 23, 2020. This means DRB-Hicom is now trading at the level when stocks tumbled in reaction to the first Movement Control Order (MCO), which was implemented in March 2020 to contain the spread of Covid-19. This is in contrast to other automotive or automotive-based groups listed on Bursa Malaysia. For example, Bermaz Auto Bhd is trading at more than double the level on March 23, 2020, and MBM Resources Bhd is 38% higher than at the start of the pandemic. Shares in Sime Darby Bhd, which is also a conglomerate like DRB-Hicom, were up 43.5% last Friday compared with March 23, 2020. UMW Holdings Bhd, another conglomerate with a huge automotive … [Read more...] about At an almost two-year low, DRB-Hicom is still demonstrating upside uncertainty

- A + A NEW YORK (June 28): The lukewarm reception for Polestar Automotive Holding, the latest electric-vehicle (EV) company to go public in the US, is sending an ominous message to other start-ups: The purge is not over. Yes, the auto industry is due for a transformation as oil prices soar and the need for cleaner transportation becomes increasingly apparent. But, runaway inflation and a looming economic downturn are making investors leery of speculative investments, which include EV makers despite the allure of the coming revolution. Polestar's tepid welcome — the stock jumped 16% on its first day of trading on Friday and then dropped 15% on Monday — is the latest evidence of that scepticism. The Swedish electric-car maker went public after merging with blank-cheque company Gores Guggenheim Inc. The company's market valuation stood at about US$24 billion as of Monday's close. "EV stocks benefitted greatly from the abundance of liquidity that had been sloshing … [Read more...] about Polestar IPO’s meh greeting a troubling signal for EV makers

- A + A WASHINGTON (June 28): US consumer confidence dropped to a 16-month low in June, as worries about high inflation left consumers to anticipate that the economy would slow significantly or even slide into recession in the second half of the year. Despite the gloomy outlook, consumers showed little sign of cutting back on spending, with buying plans for motor vehicles and other big ticket items like refrigerators and washing machines increasing, the survey from the Conference Board on Tuesday showed. But fewer consumers compared to April intended to go away on vacation at home or abroad, reflecting record high gasoline prices and expensive airfares. The economy is on recession watch as the Federal Reserve aggressively tightens monetary policy to tackle inflation. For now, it continues to grow, with other data on Tuesday showing the goods trade deficit again narrowing significantly in May as exports hit a record high. "Right now we are at an inflection point in … [Read more...] about Inflation saps US consumer confidence; house prices remain elevated

- A + A CHICAGO (June 28): In a year that has seen widespread selling of technology stocks and long-time market leaders fall into bear territory, the woes of Netflix Inc stand alone. The video-streaming company has plummeted 69% this year, abandoned by both investors and analysts as back-to-back disappointing quarterly reports raised concerns about user trends in an industry that’s becoming more competitive and losing its pandemic-related tailwinds. The drop is the most of any Nasdaq 100 or S&P 500 component, and much worse than the former index’s 26% decline. The growth outlook has weakened to the point that Netflix has cut hundreds of jobs and changed its tune on two longstanding principles: it is cracking down on password sharing, and will introduce an ad-based subscriber tier to the platform. That’s on top of a backdrop where high inflation has pushed the Federal Reserve to hike rates sharply, sparking recession fuels and fueling a rotation out of tech. … [Read more...] about The number of Netflix bulls is dwindling

Treasury Secretary Janet Yellen testifies before the House Ways and Means Committee during a hearing on the 2023 on Capitol Hill in Washington, Wednesday, June 8, 2022. [AP] U.S. Treasury Secretary Janet Yellen will be visiting Korea on July 19 and 20. According to the U.S. Treasury Department and the Korean Finance Ministry, Yellen will be stopping in Japan on July 12 and 13 and attending the G20 finance minister and central bank governor meeting in Bali July 15 and 16 before arriving in Korea. On Tuesday, the ministry said Yellen will be meeting with Korean Finance Minister Choo Kyung-ho, the first between the two. They are to discuss economic and financial cooperation and the strengthening of multilateral arrangements. Yellen's visit comes at a time of global economy uncertainties, which have been affecting local financial markets and the value of the won. Korea stocks are down almost 20 percent this year, and the currency is off almost 15 percent. A currency swap with … [Read more...] about U.S. Treasury Secretary Janet Yellen to visit Korea in July