Asian Currencies Consolidate Ahead of U.S. CPI Data
Asian currencies consolidated against the dollar ahead of U.S. CPI data due later today.
Market News
Nikkei Rises 0.3% on Possible Position Adjustments Before U.S. CPI Data
The Nikkei Stock Average rose 0.3% on possible position adjustments as investors are waiting to see U.S. CPI data due later today for clues on the Fed's interest-rate increase trajectory.
Singapore Central Bank Unexpectedly Holds Policy Steady
The central bank is “well-positioned to respond effectively to any risk to medium-term price stability and will continue to closely monitor economic developments,” it said.
Trump administration to expand a Delek Texas refinery using Defense Production Act
Trump administration to expand a Delek Texas refinery using Defense Production Act
Banks And Tech Stocks Dominate
Tech stocks follow South Korea's Kospi's decline. Bank stocks are mixed after earnings.
How The $3 Trillion AI Pyramid Could Crack
AI infrastructure is a leveraged pyramid, with cash-rich hyperscalers like Microsoft at the base and highly leveraged neoclouds at the top. Long-term fixed obligations and short-lived hardware create a duration mismatch, risking forced deleveraging if revenue growth lags commitments.
Book Says Russian Diesel Won't Offset Price Surge
Kevin Book, ClearView Energy Partners managing director, says additional Russian diesel is unlikely to offset the roughly 70% run-up in diesel prices, though he estimates increased volumes could provide roughly 5 to 20 cents a gallon in relief by the end of the fourth quarter. Book also warns that further escalation in the Middle East could put more critical Saudi energy infrastructure at risk, potentially creating a much larger disruption to oil markets.
Here's where Jim Cramer stands on this newly public AI infrastructure stock
CNBC's Jim Cramer said investors should hold off on buying newly public AI infrastructure company Accelevation Holdings, citing political uncertainty surrounding data centers ahead of the midterm elections and the presence of well-established competitors. "Accelevation has an exciting story, but after it came public with a whimper, I'm not too eager to jump on this one," he said.
Bank Earnings, AI & the Health of the Economy
The Close brings you the latest news and analysis leading up to the final minutes and seconds before and after the closing bell on Wall Street. Today's guests are Wells Fargo CFO Mike Santomassimo, Golfer Rory McIlroy, Jefferies Equity Research Analyst David Chiaverini, PSP Growth Managing Director, Head of Venture Momei Qu, Applied Materials CEO & President Gary Dickerson, RBC Capital Markets Head of Derivatives Strategy Amy Wu Silverman, Advisors Capital Management Co-Founder & CIO Chuck Lieberman, Brookfield Asset Management CEO Connor Teskey, Blackstone President & COO Jonathan Gray, Vista Equity Partners Founder, Chairman & CEO Robert Smith, & Barclays Senior Equity Analyst Jason Goldberg.
Rising US Bond Yields Show No Sign of Slowing
This year, an important psychological barrier for the bond market was crossed. Yields across different US Treasury maturities exceeded levels not seen in decades.
Houthis Hit Saudi Aramco Headquarters in Missile Attack
Saudi Aramco's headquarters in Dhahran was hit during a missile attack by Yemen's Houthi militants. A fire broke out in part of the complex.
Bond Traders Eclipsed by Equities in Wall Street Reversal
As Wall Street's fixed-income desks struggled in the third quarter, their rivals in equities seized a rare opening to outshine their market brethren. Herman Chan of Bloomberg Intelligence breaks down the day's big bank earnings.
Bank of America to Pay $1.21 Billion to Settle Violations of Money Laundering, Sanctions laws
The Treasury Department said the fine is the third-largest in its history and the biggest ever imposed by the Office of the Comptroller of the Currency.
Bank of America hit with $1.2B in penalties over money laundering compliance failures
The Treasury Department announced approximately $1.21 billion in penalties against Bank of America over failures to investigate suspicious transactions and comply with U.S. sanctions laws
U.S. Stocks Tick Down As Bank Earnings Don't Excite
It was a sluggish day for U.S. stock movements, as early bank earnings failed to quash broader concerns about inflation and Fed rate increases.
Dow closes 170 pts lower as chip stock sell off continues
US stocks ended mixed on Tuesday as investors assessed third-quarter earnings from major banks and continued selling memory chip stocks following a sharp decline in South Korea's equity market. The S&P 500 finished nearly flat, slipping 0.02% to 7,805.83, while the Nasdaq Composite fell 0.15% to 27,203.53.
Ray Dalio Says Illiquidity Will Crash The AI Industry - Here's My Take
Ray Dalio warns the AI industry is nearing the end of its bull run, with a potential breaking point around 2027. Key risks include the mass conversion of paper wealth to cash, driven by liquidity needs and higher interest rates.
Bank Earnings Look Strong, But Markets Shrug
Bank earnings looked strong—with some caveats. JPMorgan Chase, Goldman Sachs, Citigroup and Wells Fargo all reported results on Tuesday. Revenue and profit for the group both climbed, driven by a 39% average increase in revenue from equities trading. Still, a higher yield environment slowed trading in bonds and currencies, while investment-banking fees were down from the second quarter.
How you can prepare for 6% bond yields
Savers and investors at current yields stand to benefit, but fears are growing about the rest of the economy outside of the AI boom
One More U.S. Interest-Rate Increase May Be Appropriate, Fed's Williams Says
It may be appropriate for the Federal Reserve to raise interest rates once more this year, according to New York Fed President John Williams, but he left open the possibility of further boosts in 2027.
