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Market Extra: What stock-market investors will be looking for in the Fed minutes

The Federal Reserve won’t meet again until the next rate-setting meeting on Dec. 13-14, but November’s meeting minutes due Tuesday afternoon will be watched by investors for clues as to how high the benchmark interest rate needs to go and how long it will stay there for the inflation to come back down to the central bank’s 2% target. David Donabedian, chief investment officer of CIBC Private Wealth U.S., doesn’t think the minutes are likely to deliver a blow to the stock market. “We’re going to see the debate and the discussions around the two-step process, in other words, the

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Market Extra: This isn’t a ‘close your eyes and buy anything’ kind of market

Bond portfolios have fallen deeply in the red this year as the Federal Reserve has jacked up rates to fight stubbornly high inflation, spurring an epic repricing in swaths of the $53 trillion U.S. bond market. Debt no longer is cheap for U.S. households, businesses or the government to borrow. And without the jet fuel of easy credit, many economists and chief executives also think a recession could lurk around the corner. The pain to portfolios has been a bitter pill for investors to swallow in 2022, particularly with Goldman Sachs equity analysts forecasting this week that the S&P 500

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China leads global equity IPO volumes this year

Nov 22 (Reuters) – Chinese companies are at the forefront of global stock offerings this year, with their issuances being facilitated by easy monetary settings at home and a lack of clarity on access to offshore capital markets. According to Refinitiv data, Chinese companies have raised $71.2 billion through initial public offerings (IPOs) in the domestic and overseas markets this year, which is lower than the $98.48 billion raised in the same period last year. But it’s much higher compared to the U.S. companies’ issuance of $17.3 billion and Europe’s $16.4 billion so far. The increase in mainland IPOs comes

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World’s worst-performing stocks have Vietnam investors on edge

As a result, an economy the World Bank calls a “development success story” for transitioning from one of the world’s poorest nations to a middle-income level in a single generation is under siege. Bucking recent trends, the benchmark VN Index rose as much as 2.6 per cent by midday on Tuesday to the highest level since November 10. Ha Hai Dang, a 26-year-old broker who manages nearly 200 retail investor accounts for a Hanoi-based securities company, said that about 80 per cent to 90 per cent of his customers are suffering losses. “One or two years ago, I did not

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Gas play Renergen puts recut equity raising to investors

Street Talk Nov 22, 2022 – 4.59pm Dual listed natural gas and helium producer Renergen had stockbroker MST drumming up interest in a quick $10 million placement after market close on Tuesday. Street Talk. Louise Kennerley MST was offering CDI at $2.14 each, a 10.1 per cent discount to the last close and 7.9 per cent less than the 30-day volume weighted average price. Bids were due 7pm. The deal size was half of the $20 million that Renergen and MST mailed out term sheets for two weeks ago. That raise was at $2.17 a share and was iced. Renergen is

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Business Maverick: Asia stocks mixed as traders mull China Covid path: markets wrap

A gauge of Asian equities trimmed earlier gains as equities in Hong Kong and mainland China extended their losses as China’s daily virus infections climbed to near the highest on record.  Stocks rose in Japan and Australia, while US futures made small gains after technology stocks, which are typically more sensitive to interest rates, had dragged the S&P 500 lower on Monday. Fed officials have broadly maintained their steadfast stance to fight against inflation. Yet San Francisco Fed president Mary Daly also said officials need to be mindful of the lags in the transmission of policy changes while her Cleveland

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Struggling Carvana, the ‘Amazon of Used Cars,’ Has Everyone Worried

Concerns are mounting around Carvana, the “Amazon of used cars.”  The company was an investor darling during the pandemic. They hailed the new economy that wanted consumers to buy everything online: groceries, office equipments, travel tickets, meals, clothes, homes and cars.  Carvana  (CVNA) – Get Free Report was a pioneer in the new way of buying and selling vehicles with its model of car vending machines.  The group also benefited from disruptions to vehicle manufacturers’ supply chains, which had caused a large imbalance between supply and demand for cars at the expense of supply. As a result, car prices had jumped

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Market Snapshot: U.S. stocks trade lower, led by drop in Nasdaq, as China COVID-19 fears resurface

U.S. stocks finished lower on Monday for the third time in the past four trading sessions, as a fresh round of COVID-19 shutdowns in China rattled investors. How stocks traded The Dow Jones Industrial Average DJIA, -0.13% closed down by 45.41 points, or 0.1%, at 33,700.28 after toggling between slight gains and losses during the New York afternoon. The S&P 500 SPX, -0.39% ended down by 15.40 points, or 0.4%, at 3,949.94. The Nasdaq Composite finished down by 121.55 points, or 1.1%, at 11,024.51. The Dow saw a marginal decline last week, while the S&P 500 and Nasdaq Composite lost

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Goldman says the bear market isn’t over yet. Plus, insider buying at Algonquin Power

Goldman Sachs is warning that the global equity bear market is not over as the markets are yet to see a trough in the momentum of global growth deterioration, a peak in interest rates and valuations lowered to reflect a likely recession. The Wall Street investment bank said Monday it expects returns to be a “relatively low” 6 per cent through the end of 2023 as investors focus on the pace of monetary policy tightening and the consequent hit to growth and earnings. “We continue to think that the near-term path for equity markets is likely to be volatile and

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Markets rattled by fears of fresh Covid curbs in China

LONDON – Asian and European stocks mostly fell Monday, with investor sentiment hit by renewed Covid concerns in China amid warnings that markets would remain lacklustre for some time. Shares headed lower as China’s first coronavirus death in six months sparked fears officials would reimpose strict, economically painful restrictions to fight outbreaks across the country. “The bear market is not over, in our view,” Goldman Sachs strategist Peter Oppenheimer said. “The conditions that are typically consistent with an equity trough have not yet been reached. We would expect lower valuations (consistent with recessionary outcomes), a trough in the momentum of growth deterioration,

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Interest rate anxiety hangs over Wall Street as week begins

Stocks closed lower on Wall Street Monday, as a slide in technology companies offset gains elsewhere in the market. The S&P 500 fell 0.4% and the tech-heavy Nasdaq composite dropped 1.1%. The Dow Jones Industrial Average held up better, ending down just 0.1% The Dow benefited from a 6.3% gain in Disney, which soared following news late Sunday that the entertainment giant had replaced CEO Bob Chapek with his predecessor, Bob Iger. Tesla tumbled 6.8% for the biggest drop among S&P 500 stocks and briefly slumped to an intraday low of $167.54, the lowest point in two years. The electric

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Futu Reports 23% Rise in Net Profit despite Lower Trading Volumes

Futu (Nasdaq:FUTU), an online brokerage providing Chinese investors access to Hong Kong and US stock markets, releases its unaudited third-quarter financial metrics, reporting a revenue increase of 12.4% to HK$1,945.6 million ($247.9 million). The gross profit of the company came in at HK$1,727.5 million ($220.1 million), raising 18% year-over-year (YoY), while the net income increased by 22.7% in the same period to HK$754.6 million ($96.1 million). According to the press releases, Futu improved its financials alongside its client base. The total number of registered clients rose to 3,132,800 in the third quarter, which translates to a 21.4% increase compared to

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