Author: Press Room
Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.N26 is pulling out of Brazil as the once high-flying German online bank narrows its focus to Europe in an effort to cut losses.The Berlin-based lender said on Tuesday that it would close its Brazilian operations over the next two months, admitting defeat in its attempt to take on Nubank, the South American country’s largest online lender.The retreat leaves N26, which was valued at $9bn in late 2021 just before rising interest rates hammered European and US fintechs, focused on continental Europe,…
The latest Fannie Mae Home Purchase Sentiment Index (HPSI) revealed a stagnant consumer sentiment in October, largely due to concerns about housing affordability and inflation. Despite improved job security and wage growth, a significant 78% of respondents believe the economy is on the “wrong track,” largely attributing this to inflation. A record 85% of those surveyed indicated that it’s a “bad time” to buy a home due to high home prices and mortgage rates. This figure is up from 84% in the previous month. On the other hand, only 37% believe it’s a “bad time” to sell. The HPSI saw…
© Reuters. Emerson Electric (EMR) weighs on S&P 500 after results miss expectations Emerson Electric (NYSE:) shares declined Tuesday after it released results for the fourth quarter and issued guidance. Despite some positives, the overall report was viewed as a disappointment. Emerson Electric reported fourth quarter earnings per share of $1.29, below the average analyst estimate of $1.31. Revenue also missed consensus, coming in at $4.09 billion versus the consensus estimate of $4.19 billion. Emerson Electric said it sees earnings per share of $1.00 to $1.05 in the first quarter, below the consensus of $1.12. Sales were expected to grow…
on the COMEX division saw a 0.53 percent drop, settling the most active December contract at $1,988.60 per ounce, as U.S. Treasury yields continue to climb. This trend was mirrored in silver and for December and January delivery respectively, experiencing downturns in their prices. The financial market is closely watching speeches from Federal Reserve officials, including a Thursday speech by Chairman Jerome Powell, seeking insights into potential U.S rate cuts. Despite the anticipation, traders are predicting steady rates at the upcoming December Federal Open Market Committee meeting. Federal Reserve Governor Lisa Cook, during a speech at Duke University on Tuesday,…
Kevin Dietsch Federal Reserve Vice Chair for Supervision Michael Barr laid out on Tuesday the economic risks and benefits of artificial intelligence, saying such technology “might” be able to significantly boost productivity for the global economy. Barr noted the use of AI in algorithmic trading can “generate benefits in terms of efficiencies, but also risks in terms of fairness” and market manipulation, he said at the annual DC Fintech Week event. Among the downsides of generative AI includes “significant economic dislocations that might affect how people do work,” he said. Ultimately, he added, the technology could change the composition of…
© Reuters. Sberbank’s leader, Herman Gref, has projected a stable ruble exchange rate at 85-90 rubles/$1 by the end of 2023. The forecast aligns with the sentiment expressed by other economic leaders, including a note on ruble steadiness due to implemented stability measures. Gref attributes the anticipated steadiness to a presidential decree that requires large exporters to sell their foreign exchange earnings in Russia. This measure is designed specifically for currency revenue stabilization. The decree’s implementation has resulted in an increase in the market supply of rubles, contributing to the predicted stability. In addition, Gref has criticized the prevalent use…
[Here’s how to vote in Ohio, New York, Mississippi, Kentucky, and Virginia.]New Jersey voters will decide all 120 seats in the State Legislature and many local races for mayor and town council seats on Tuesday.This is the first time that residents will elect legislative leaders for districts that were redrawn two years ago to reflect the 2020 census, and there are many new names on ballots after a spate of retirements.In 2021, Republicans flipped seven seats in the Assembly and Senate as voter turnout surged, and the party is hoping to make additional gains on Tuesday.Democrats, who hold a 46-to-34…
Navigating the intricate waters of retirement planning is laden with challenges, paramount among which is the looming shadow of sequence of return risk, a precarious pitfall with the potential to unravel financial stability. This risk manifests when an individual faces lower or even negative returns early in retirement, precisely when withdrawals are being made from the retirement funds. Essentially the client retires at an unlucky time with negative markets. The ramifications of this timing can be profound, potentially affecting the retiree’s capacity to achieve their retirement aspirations and, in more dire scenarios, risking running out of funds. getty For a…
(Photo by CARLOS JASSO / AFP) (Photo by CARLOS JASSO/AFP via Getty Images)AFP via Getty Images Has there ever been a year in which headlines aren’t trumpeting “Social Security running out of money?” While’s it’s true that Social Security will hit a gap in its trust fund balance in 2035, it doesn’t mean the program will shut down. Despite the epic leadership meltdown in the House GOP caucus, Congress can remedy Social Security’s fiscal woes any time. The main reason why Social Security will survive and pay benefits is that it’s serving an enormous and growing number of Americans who…
Stay informed with free updatesSimply sign up to the UK financial regulation myFT Digest — delivered directly to your inbox.The UK accounting watchdog has dropped most of its proposed changes to the corporate governance code, in a move it says protects UK “competitiveness”. The Financial Reporting Council’s chief executive Richard Moriarty said on Tuesday he would abandon “over half” of the 18 changes the regulator had proposed in a consultation in May.He said the decision reflected the FRC’s role in “supporting UK economic growth and competitiveness”. He added that the watchdog was “conscious” of a wider debate about business reporting requirements…