(Bloomberg) — Ray Dalio, the founder of Bridgewater Associates, has changed his mind, saying he no longer thinks “cash is trash” and that the short-term interest rate is “now about right.”
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Due to the levels of existing interest rates and the Fed’s shrinking of the balance sheet, cash “is now about neutral” and “neither a very good or very bad deal.”
Bridgewater Keeps Bets Against Europe Banks, Tech as Dalio Warns
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(Bloomberg) — After a furious spate of retail selling unseen since December 2018 and beaten-down risk appetite, all the ingredients were in place heading into the big stock rebound Monday.Most Read from BloombergTrump Asks to Push Special Master Appeal Hearing to JanuaryCredit Suisse Turmoil Deepens With Record Stock, CDS LevelsStocks Rise From the Ashes in Best Day Since July: Markets WrapElon Musk Sets Off Uproar in Ukraine by Tweeting His ‘Peace’ PlanNorth Korea Fires Missile Over Japan for
Greg Abel, who is next in line to succeed Warren Buffett as Berkshire Hathaway Inc’s chief executive, spent more than $68 million on the conglomerate’s shares last week, after selling his stake in the company’s Berkshire Hathaway Energy unit for $870 million. In four regulatory filings, Abel, 60, said that on Sept. 29 he purchased 168 Class A shares of Berkshire, each costing more than $405,000, on behalf of a family trust.
Berkshire Hathaway Vice Chairman Greg Abel, the likely successor to CEO Warren Buffett, bought about $68 million of the company’s shares last Thursday in what appears to be his first purchases of Berkshire stock since he assumed the position in 2018. In several Form 4 filings Monday with the Securities and Exchange Commission, Abel disclosed that he purchased 168 Berkshire Hathaway (ticker: BRK/A, BRK/B) Class A shares through the Gregory Abel Revocable Trust on behalf of his wife, children, and other family members. Abel paid in a range of roughly $405,000 to $408,000 per class A share for the Berkshire stock, which closed Monday at $413,300, up 1.7% on the session.
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The Federal Reserve’s campaign to fight inflation by raising interest rates seems to have reached nearly every corner of the economy except one: Americans’ savings accounts. Mortgage rates doubled this year to nearly 7%, and it has become more expensive to get a car loan or carry a credit-card balance. In March 2020, the average annual yield on a standard savings account was 0.1%, according to Bankrate.com.
(Bloomberg) — Home prices in the US have taken a turn and are now posting the biggest monthly declines since 2009. Most Read from BloombergCredit Suisse Turmoil Deepens With Record Stock, CDS LevelsCredit Suisse Market Turmoil Heightens After Memo BackfiresS&P 500 Jumps 3% After Washout as Bond Yields Sink: Markets WrapTesla Falls Most Since June as Quarterly Deliveries DisappointKim Kardashian to Pay $1.3 Million to SEC for Crypto ToutingMedian home prices fell 0.98% in August from a month ear
(Bloomberg) — Stocks in Asia and US equity futures extended their gains after a rally in US shares triggered risk-on sentiment and weak manufacturing data tamped down fears of more aggressive Federal Reserve rate hikes.Most Read from BloombergTrump Asks to Push Special Master Appeal Hearing to JanuaryCredit Suisse Turmoil Deepens With Record Stock, CDS LevelsStocks Rise From the Ashes in Best Day Since July: Markets WrapElon Musk Sets Off Uproar in Ukraine by Tweeting His ‘Peace’ PlanNorth Kore
(Bloomberg) — Porsche AG stock traded below the price it debuted at last week, succumbing to the market pressures Volkswagen AG defied by going ahead with Europe’s biggest initial public offering in more than a decade.Most Read from BloombergCredit Suisse Turmoil Deepens With Record Stock, CDS LevelsTesla Slumps as Deliveries Disappoint Due to Shipping SnarlsOPEC+ Set to Discuss 1 Million-Barrel Output Cut as Demand SlowsUkraine Latest: Zelenskiy Says Lyman ‘Fully Cleared’ of RussiansStocks Cli
GENEVA (Reuters) -A United Nations agency warned on Monday of the risk of a monetary policy-induced global recession that would have especially serious consequences for developing countries and called for a new strategy. “Excessive monetary tightening could usher in a period of stagnation and economic instability” for some countries, the United Nations Conference on Trade and Development (UNCTAD) said in a statement released alongside its annual report. “Any belief that they (central banks) will be able to bring down prices by relying on higher interest rates without generating a recession is, the report suggests, an imprudent gamble,” it said.
The stock market is often a game in reverse psychology. That is, when the mood gets too euphoric, it’s often a sign it is time to sell. Likewise, when sentiment hits the skids, that could be the ultimate signal the time is right to load up the truck. And on that subject, J.P. Morgan’s Marko Kolanovic thinks we are at – or at least near – the bottom. The firm’s global market strategist believes the Fed’s hawkish stance has left stocks “very oversold,” and while inflation remains persistently high
(Bloomberg) — Amid what would become a 98-day streak of declines, President Joe Biden was quick to take credit in August over one of his most serious political foes: high gasoline prices.Most Read from BloombergTrump Asks to Push Special Master Appeal Hearing to JanuaryCredit Suisse Turmoil Deepens With Record Stock, CDS LevelsStocks Rise From the Ashes in Best Day Since July: Markets WrapElon Musk Sets Off Uproar in Ukraine by Tweeting His ‘Peace’ PlanNorth Korea Fires Missile Over Japan for F
Oil prices inched higher in early Asian trade on Tuesday, on expectations that OPEC+ may agree to a large cut in crude output when it meets on Wednesday but concerns about the global economy capped gains. Brent crude futures rose 43 cents, or 0.5%, to $89.29 per barrel by 0108 GMT after gaining more than 4% in the previous session. The benchmark gained more than 5% in the previous session, which marked its largest daily gain since May.
(Bloomberg) — Singapore Telecommunications Ltd. is engaging lawyers after a major data breach at its Australian unit Optus, even though the company has yet to receive any legal notice of a class action lawsuit. Most Read from BloombergTrump Asks to Push Special Master Appeal Hearing to JanuaryCredit Suisse Turmoil Deepens With Record Stock, CDS LevelsStocks Rise From the Ashes in Best Day Since July: Markets WrapElon Musk Sets Off Uproar in Ukraine by Tweeting His ‘Peace’ PlanNorth Korea Fires
LONDON (Reuters) -The OPEC+ group of oil producers is discussing output cuts of more than 1 million barrels per day (bpd), OPEC sources said, and voluntary cuts by individual members could come on top of that, making it their largest cut since 2020. The group is set to meet on Oct. 5 in Vienna — in person for the first time since March 2020 — against a backdrop of falling oil prices and months of severe market volatility which prompted top OPEC+ producer, Saudi Arabia, to say the group could cut production. OPEC+, which combines OPEC countries and allies such as Russia, has been gradually raising its output target to unwind the record cuts it made in 2020.