Banks urge Kwarteng to act now with November budget ‘way too far away’

Ggood morning. The pound has plunged into the red again after two major interventions last night rekindled investor concerns about the UK’s tax cut. In an extraordinary development, the IMF urged Prime Minister Liz Truss to reverse its economic policy, notably pointing to the decision to abolish the higher income tax rate. Credit rating agency … Read more

Jim Chanos Says This Is The Biggest Investment Story No One Is Talking About

Amid all the buzz about Russia’s invasion of Ukraine and efforts to curb inflation, investors are largely missing out on a huge story in China, famed short-seller Jim Chanos said on Wednesday. The problems in the Chinese real estate market are a distant third of the war and interest rate hikes designed to contain inflation. … Read more

Ken Griffin says the Fed hasn’t done enough, must continue on its path to adjust inflation expectations

Ken Griffin, the founder and CEO of Citadel, believes the Federal Reserve has more work to do to drive down inflation, even after a series of large rate hikes. “We need to continue down that path to ensure we re-anchor inflation expectations,” Griffin said Wednesday at CNBC’s Delivering Alpha Investor Summit in New York City. … Read more

Opportunities abound in this turbulent market

There are plenty of opportunities in this turbulent market, says Mary Callahan Erdoes of JPMorgan. Stocks are trading in a bear market this year as investors navigate inflation, Federal Reserve rate hikes and talk about a potential recession. On Wednesday, the S&P 500 recovered after hitting a new low for the year in the previous … Read more

Stanley Druckenmiller sees ‘hard landing’ in 2023 with possible deeper recession than many expect

Billionaire investor Stanley Druckenmiller believes the Federal Reserve’s attempt to quickly resolve the excesses it has built up over a decade with accommodative monetary policy will not end well for the US economy. “Our pivotal case is a hard landing towards the end of ’23,” Druckenmiller said Wednesday at CNBC’s Delivering Alpha Investor Summit in … Read more

A game of sheep goes viral in China despite strict game rules

The game from a young Beijing company called “Sheep a Sheep” went viral in China in September 2022. Evelyn Cheng | CNBC BEIJING — A new game that has gone viral in China has hit people’s screens with surprising speed at a time when gaming giants like NetEase have waited months for approval to launch … Read more

El-Erian says the Fed made a ‘policy mistake of historic proportions’

Allianz economic adviser Mohamed El-Erian says investors are paying the price for the Federal Reserve’s policy mistakes. “This is a two-pronged policy mistake of historic proportions,” the former CEO of bond giant Pimco told CNBC’s “Squawk Box” in a Monday interview. “Part No. 1 was tempted by ‘transient’ and doing nothing,” he added, referring to … Read more

Wharton’s Siegel Says Jerome Powell ‘Owns The American People An Apology’ For Bad Fed Policy

Jeremy Siegel David Orrell | CNBC Wharton Business School professor Jeremy Siegel on Monday criticized the Federal Reserve and its chairman Jerome Powell, saying the US central bank is acting too aggressively to fight inflation and will hurt American workers. Siegel said on CNBC’s “Squawk Box” that the continued high inflation in 2022 is largely … Read more

New minimum tax could hit Berkshire Hathaway and Amazon hardest, study finds

Berkshire Hathaway chairman Warren Buffett seen at Berkshire’s annual stockholder shopping day in Omaha, Nebraska, US, May 3, 2019. Scott Morgan | Reuters Researchers applied the Inflation Reduction Act’s new 15% corporate tax to 2021 corporate profits and found that the burden would only be felt by about 78 companies, with Berkshire Hathaway and Amazon … Read more

The stock market is faltering. How it could stop falling next week.

Font size The S&P 500 is down 23% from its January peak. Getty Images After one of the worst weeks for the stock market in 2022, two factors could rock the market in the coming days and prime investors for a tumultuous fourth quarter. The market is reeling after a wide-ranging sell-off on Friday, capping … Read more