BUSINESS
Vicious Stock reversal - Fed’s feedback problem?
Only he knows, but the question goes to the heart of a puzzle that is likely to dog markets for weeks and months to come. How does the motion of markets affect the state of financial conditions, the cross-asset measure of stress that in Powell’s words is the channel via which monetary policy “reaches the real economy?”
BUSINESS
Wall Street wipeout: Dow falls 1,000 points; Bonds, Stocks down on Fed disruption
In markets, there’s turbulence, then there’s whatever you call the last two days, when a 900-point Dow rally was followed 12 hours later by a 1,000-point decline.
BUSINESS
Elon Musk cuts his margin risk with new equity partners for Twitter
The Tesla Inc. co-founder restructured his complex bid for the social-media giant by getting $7.1 billion in equity commitments from investors. He also cut in half the size of a record margin loan arranged last month with an array of investment banks.
BUSINESS
World Hunger crisis ‘exploding’ after 25% spike before Ukraine war
The comment from the chief economist at the World Food Programme came as the Global Network Against Food Crises warned that the hunger problem is expected to “deteriorate further” this year.
BUSINESS
Oil steady before OPEC+ meet later today, EU talks of Russia ban
West Texas Intermediate traded near $108 a barrel after closing up 5.3% on Wednesday. The EU plans to ban Russian oil over the next six months and refined fuels by the end of the year, to increase pressure on Vladimir Putin over his invasion of Ukraine.
BUSINESS
Wall Street worries inflation may mean relief rally is false dawn
The Fed hiked rates by 50 basis points, the most since 2000, and flagged similar moves in coming months. Powell said 75 basis points was “not something that the committee is actively considering,” spurring a rally in stocks and bonds.
BUSINESS
Crypto exchange Binance gets French regulatory nod in European push
The regulatory nod will help boost the company’s ambitions in Europe and marks the exchange’s first major approval from a G-7 member nation.
BUSINESS
Apple hires 31-year Ford veteran Desi Ujkashevic to ramp up electric-car work
Ujkashevic had worked at Ford since 1991, most recently serving as its global director of automotive safety engineering.
BUSINESS
India plans to restrict wheat exports after record heat damages crop
The South Asian nation experienced its hottest March on record, shriveling the wheat crop that the world was relying on to alleviate a global shortage. To safeguard domestic supplies, the government is considering limiting wheat exports.
MARKETS
RBI Governor to make unscheduled statement, spurring hike talk
Governor Shaktikanta Das will address the public at 2 p.m. local time via You Tube, the central bank’s official Twitter account said
COMMODITIES
OPEC fails to increase oil output amid capacity troubles
While Iraq made a substantial boost, countries such as Libya and Nigeria saw their production fall amid operational disruptions and diminished investment, according to a Bloomberg survey
BUSINESS
China's Evergrande update: Investors readjust Junk exposure
China’s property shares rallied after government officials showed further signs of support, but analysts say the gains may not extend unless more specific steps are taken to fix the sector’s sagging fundamentals
MARKETS
US Fed traders seek an answer to the 75-basis-point question
The US central bank is expected to raise rates by 50 basis points at this meeting, something it hasn’t done since May 2000. But there might still be room for even more hawkishness, depending on how Powell navigates his upcoming press conference
BUSINESS
Morgan Stanley raided in Frankfurt in tax fraud investigation
Morgan Stanley confirmed that its premises were targeted and said the investigation relates to a “historic activity” and that the bank is “continuing to cooperate with the German authorities”
MARKETS
Citi trader made error behind flash crash in Europe stocks
A trader at the US firm made a mistake “inputting a transaction,” Citigroup said late last night, after a knee-jerk selloff in Swedish stocks in five minutes wreaked havoc in bourses from Paris to Warsaw
BUSINESS
Heat to scorch India’s wheat supplies, adding food-shortage worries to world
The food and commerce minister predicted that India will export as much as 15 million tons of wheat this fiscal year, a record high and double what it shipped last year. The scorching heat has thrown that into doubt.
BUSINESS
Germany to woo India with G-7 invite in bid to isolate Putin
Germany, which currently holds the rotating G-7 presidency, will also welcome the leaders of Indonesia, South Africa and Senegal to the gathering in the Bavarian Alps June 26 to June 28, said people with knowledge of the matter
COMMODITIES
Soaring pump prices weigh on growth in India retail fuel sales
A jump in prices has seen growth stall in India’s sales of gasoline and diesel
BUSINESS
Deutsche Bank AGM shouldn’t absolve leaders, advisor says
Proxy adviser Glass Lewis listed probes against Deutsche Bank’s asset manager DWS Group and an unidentified management board member in connection with a tax evasion scheme known as Cum-Ex, according to a report published on Sunday
BUSINESS
China contagion threatens to derail the world’s emerging markets
China’s slowdown will compound the challenging outlook for emerging economies facing soaring energy prices and tighter monetary policy from the major central banks, said an economist.
BUSINESS
Green fix to replace Russian gas is stymied by Europe’s red tape
Russia’s biggest buyer of gas is Germany, where the government vowed to accelerate green-energy development through measures such as increasing the areas available for solar parks, expanding electric grids and adding wind farms at sea
ECONOMY
Singapore says world could face recession in next two years
Singapore’s central bank said last week it expects global growth to moderate to 3.9 percent in 2022 from 5.4 percent last year as inflation reaches its fastest in 14 years
BUSINESS
Buffett is back with one of his biggest buying sprees in years
The conglomerate made roughly $41 billion of net purchases in the first quarter, including a boost to its Chevron Corp stake that vaulted the investment into Berkshire’s top four common stock holdings
ECONOMY
Powell takes lead in round of rate hikes around the world: Eco Week
In a week that’s likely to be marked by a global round of rate hikes, Fed officials are expected to raise their benchmark on Wednesday, and may also announce they’ll start letting the central bank’s bloated balance sheet start to shrink
