Author: Financial Reporter
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Gautam Adani’s Wealth Plunges $28 Billion, Sparks $51 Billion Sell-Off in Adani Group Companies
Gautam Adani, Asia’s richest man and India’s third-richest man, has seen his wealth plunge by $28 billion in the first month of 2021.[0] This has knocked him out of 4th place on Bloomberg’s Billionaires Index to seventh place and sparked a $51 billion sell-off in shares of Adani group companies.[1] It all began last week…
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Bitcoin Breaks Out Above Cost-Basis Ahead of Fed Rate Decision
The world’s largest cryptocurrency, Bitcoin (BTC -0.26%), continues to hover around the all-time high of $23,000, having declined less than 1% over the past 24 hours to $23,250.[0] Last week saw a total of $117 million flow into digital-asset investment products, with nearly all of it going into funds related to Bitcoin.[1] On Sunday evening,…
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Investors Remain Cautious and Bearish Despite Market Gains
Investors are not completely buying into the stock market’s bullish narrative this year, according to Bank of America.[0] Investors have pulled money out of US technology and healthcare stocks, with the outflow trend of the past month being the worst since January of 2019.[0] The reading from the American Association of Individual Investors (AAII) shows…
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Morgan Stanley’s Mike Wilson Warns Against Investing in This Month’s Stock Rally
The stock market has been on a rally so far in the start of 2023, with the S&P up about 4% on Wednesday and the Nasdaq Composite up about 9%.[0] Investors have been hoping the Federal Reserve will pause its interest-rate hikes, but Morgan Stanley chief equity strategist Mike Wilson isn’t buying it.[1] In a…
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Fed Rate Hike, Central Bank Meetings, and Earnings Reports in Focus Ahead of U.S. Jobs Report
The U.S. Federal Reserve is widely expected to raise interest rates by a quarter of a percentage point on Wednesday, marking the second consecutive session of slowing rate hikes. However, traders are more focused on the tone of the officials during the meeting and the implications for future meetings.[0] Jerome Powell, current Fed Chair, has…
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FOMC Set to Raise Rates, Crypto Market Waits for Inflation Ease, Stocks Rally in January
The Federal Open Market Committee (FOMC) is widely expected to raise the federal funds rate by a quarter percentage point on Wednesday, slowing its pace for a second straight session. Investors will be closely watching the Fed’s commentary to assess when the central bank intends to stop hiking rates altogether, as market pricing puts the…
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Navigating A Week of Central-Bank Meetings & Corporate Earnings: Yield on 10-Year U.S. Treasury Note & S&P500 Earnings In Focus
This week investors are carefully navigating a week of central-bank meetings and corporate earnings. The yield on the benchmark 10-year U.S. Treasury note ticked up to 3.551% Monday morning after ending a three-week losing skid last week.[0] The 10-year yield climbed 7 basis points to 3.56%, while the 2-year yield rose 3 basis points to…
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Bitcoin (BTC) Surges 40% in 2021, Ethereum (ETH/USD) Sees Mixed Performance
This month, Bitcoin (BTC) has seen an increase of 40%, making it the best start to the year since 2013. This is due to the weakening of the U.S. dollar.[0] Over the course of the past month, Bitcoin has surged more than $6,000, and is presently priced at over $23,000.[1] For now, the value of…
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Pakistani Rupee Plummets to Record Low with ECAP Removing Exchange Rate Cap
Pakistan’s rupee plunged to a record low against the US dollar on Thursday, after the Exchange Companies Association of Pakistan (ECAP) removed an unofficial cap on the exchange rate.[0] The removal of the cap was part of the government’s effort to comply with the International Monetary Fund (IMF) condition and let the currency drop slowly…
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Is the U.S. in a Rolling Recession? What You Need to Know to Protect Your Finances.
As the economy continues to produce mixed signals, the question on everyone’s mind is: are we in a recession? While it is difficult to accurately predict, some economists believe that the U.S. is already in a rolling recession. A rolling recession is defined as when different parts of the economy take turns suffering instead of…