Showing posts from January, 2021

Why Steve Cohen Exit Twitter? Steve Cohen explains Twitter exit, says family is receiving 'threats' amid GameStop saga Ken Davidoff 2-3 minutes January 30, 2021 | 11:06am | Updated January 30, 2021 | 11:28am Steve Cohen said that “personal threats” his family received over the GameStop saga forced him to flee Twitter for now.  The new Mets owner in a statement Saturday explained why his Twitter account, which had showcased a little-known playful side of the hedge-fund magnate as he engaged with fans, was deactivated Friday night. “I’ve really enjoyed the back and forth with Mets fans on Twitter which was unfortunately overtaken this week by misinformation unrelated to the Mets that led to our family getting personal threats,” the statement read. “So I’m going to take a break for now. We have other ways to listen to your suggestions and remain commi

News | Business: China's Ant Group plans revamp amid regulator pressure - WSJ Reuters Staff 2 minutes (Reuters) - China’s Ant Group Co Ltd is planning to refashion itself as a financial holding company under the supervision of China’s central bank in the face of regulatory pressure, the Wall Street Journal reported on Wednesday. The fintech affiliate of Alibaba Group Holding Ltd has submitted an outline of a restructuring plan, which could be finalised before China goes into the week-long lunar new year holiday in mid-February, the Wall Street Journal said, citing sources. ( ) Chinese regulators had asked Ant to consider folding up most of its financial businesses into a holding company that would be subject to more stringent capital requirements, two sources told Reuters in December. The country’s central bank, People’s Bank of China, has said Ant controls a range of financial institutions, including securities and insurance firms, and should set up a holding fir

Fed on hold as officials weigh pandemic against vaccines, fiscal support

Image Howard Schneider 4-5 minutes WASHINGTON (Reuters) - The Federal Reserve is expected to keep U.S. monetary policy locked in crisis-fighting mode at its meeting ending on Wednesday as policymakers assess an economy still struggling through the shock of a pandemic but looking forward to relief from ongoing vaccinations and new government spending plans. Over its last few meetings the Fed has rolled out significant changes to U.S. policy, linking any future increase in interest rates to a persistent rise in inflation, and tying any change in its $120 billion in monthly bond purchases to “substantial further progress” on its employment and inflation targets. If anything, economic data since the Fed met in December has disappointed, and analysts say central bank policymakers will likely fend off any suggestion that the economic boost from vaccines or a possible surge in prices this spring will cause them to waver on

DealBook: Reddit Traders Made GameStop a $10 Billion Company

Image Andrew Ross Sorkin, Jason Karaian, Michael J. de la Merced, Lauren Hirsch, Ephrat Livni 11-14 minutes The stock has soared to scarcely believable levels, for unlikely reasons. Jan. 27, 2021Updated 8:16 a.m. ET Retail madness Why is Wall Street obsessed with GameStop, the video game chain that until recently was known for middling performance? The company’s stock has soared to scarcely believable levels — its market cap as of yesterday was $10 billion, and its shares briefly doubled in premarket trading today — thanks to an army of small traders spurred on by a Reddit message board. What’s happening: Traders on the Reddit message board, WallStreetBets , a community known for irreverent market discussions, made GameStock their cause du jour and rushed to buy out-of-the-money GameStop options. (A sample comment on the board: “PUT YOUR LIFTOFF DIAPERS ON ITS ABOUT TO START.”) Both Elon M

Bonds: Treasury yields dip slightly of speech from Fed Chair Powell Vicky McKeever 2 minutes U.S. Treasury yields wavered on Wednesday morning, ahead of a speech by Federal Reserve Chairman Jerome Powell later in the day. The yield on the benchmark 10-year Treasury note dipped slightly to 1.031% shortly after 7 a.m. ET, while the yield on the 30-year Treasury bond fell to 1.789%. Yields move inversely to prices. U.S. government bond yields were modestly lower early in the trading session, with Powell expected to give an update on the central bank's economic outlook and monetary policy amid the pandemic. Many investors hope Powell and his colleagues  will steer clear of the word "tapering,"  the process by which the central bank would curb its monthly bond purchases that have helped keep the financial system adrift with cash and encouraged investors to take on risk despite rich equity valuations. The Fed is due to release its interest rate decision at 2 p.m. ET, with Powell

The Cybersecurity 202: Biden denounces Russian hackers in call with Putin Tonya Riley 9-11 minutes with Aaron Schaffer President Biden's has taken a strong stand against Russian hackers during his first days in office. Biden spoke on the phone with Russian leader Vladimir Putin yesterday afternoon in a call during which he raised concerns about ongoing aggressions, including a massive hacking campaign that breached at least eight federal agencies including the Defense, Commerce and State Departments. “ His intention was also to make clear that the United States will act firmly in defense of our national interests in response to malign actions by Russia, ” Jen Psaki, White House press secretary, said in a briefing. The Biden administration has not yet committed to any action against Russia in response to the hacking campaign tied to a breach of the network management company SolarWinds. Biden last week called on the director of national intelligence to

U. S. Market: Dow futures drop 300 points, S&P 500 set to fall from record Yun Li 10-12 minutes This Cookie Notice (“Notice”) explains how NBCUniversal and its affiliates (“NBCUniversal” or “we”), along with our partners, including advertisers and vendors, use cookies and similar tracking technologies when you use our websites, applications, such as games, interactive TV, voice-activated assistants, and other services that link to this policy, as well as connected devices, including those used in our theme parks (“Services”). This Notice provides more information about these technologies, your choices, and is part of the NBCUniversal Privacy Policy available here . You should read the Privacy Policy and this Notice for a full picture of NBCUniversal’s use of your information. WHAT ARE COOKIES AND HOW ARE THEY USED? Like many companies, we use cookies (small text files placed on your computer or device) and other tracking technologies on the Services (referre

Asia-Pacific markets mixed as IMF raises global economic growth forecast Eustance Huang 3-4 minutes SINGAPORE — Stocks in Asia-Pacific were mixed on Wednesday as the International Monetary Fund (IMF) raised its growth forecast for the global economy this year . The Nikkei 225 in Japan rose 0.31% to close at 28,635.21 while the Topix index gained 0.65% to finish its trading day at 1,860.07. South Korea's Kospi closed 0.57% lower at 3,122.56. Mainland Chinese stocks nudged higher on the day: The Shanghai composite advanced 0.11% to 3,573.34 while the Shenzhen component gained 0.4% to 15,413.84. Hong Kong's Hang Seng index was above the flatline, as of its final hour of trading, with shares of Chinese tech giant Alibaba rising 2.76%. China's industrial profits rose 4.1% year-on-year in 2020, the country's National Bureau of Statistics announced Wednesday. For December, industrial profits in China soared 20.1% year-on-year. In Australia, the S&P/ASX 200

Gold Price Report: Gold edges down on U.S. stimulus worries, softer dollar limits losses Reuters 2-3 minutes An employee arranges gold bars for a photograph at the YLG Bullion International headquarters in Bangkok, Thailand. Gold prices edged lower on Tuesday on concerns over a fresh U.S. coronavirus aid package, while a slightly weaker dollar and subdued treasury yields limited losses and investors kept a close eye on the Federal Reserve's policy meeting. Spot gold was down 0.2% to $1,851.26 per ounce at. U.S. gold futures settled down 0.2% at $1,850.90. "There is no clarity on where fiscal spending is going, there is no full clarity of how the central bank is going to react ... these uncertainties are serving as a cap on gold," said Bart Melek, head of commodity strategies at TD Securities. However, the dollar slipped from a near one-week high, raising gold's appeal for other currency holders. "The U.S. dollar came off a little bit and that's typically a supportive factor.

U.S. Markets Closing Report: Stocks close slightly lower as rally takes a breather ahead of Big Tech earnings Yun Li 3-4 minutes The S&P 500 slipped slightly from a record high on Tuesday as Wall Street geared up for the heart of corporate earnings season including reports from a slew of blue-chip companies and major tech players. The broad equity benchmark dipped 0.2% to 3,849.57 after hitting a new intraday record earlier in the session. The Dow Jones Industrial Average dipped 22.90 points, or 0.1%, to 30,937.10. At one point, the 30-stock benchmark traded more than 150 points higher. The Nasdaq Composite fell 0.1% from a record high to 13,626.06. General Electric sh