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Bloomberg
Nikola Founder Trevor Milton Guilty of Defrauding Investors
(Bloomberg) — Nikola Corp. founder Trevor Milton was convicted of fraud for misleading investors in the electric truck company, a stunning downfall for the door-to-door salesman turned billionaire who promised to revolutionize the auto industry. Most Read from BloombergWorld Faces New Threats From Fast-Mutating Omicron VariantsStocks Surge in Wild Ride After CPI Data Selloff: Markets WrapStocks Upended by Inflation Survey’s Sobering View: Markets WrapKroger Wants to Merge With Albertsons to Cre
TipRanks
Time to Bottom Fish? 3 ‘Strong Buy’ Stocks That Are Down Over 40% This Year
Everyone is hoping the market might be bottoming and by the recent actions of Bank of America clients, some evidently think the lows must be in sight. Last week, BofA customers splashed out $6.1 billion on US stocks, in what amounted to the third largest inflow since 2008. While the bank has stated it is not as confident the bottom is quite so close, it’s not hard to see why investors feel the time is right to lean into equities. The widespread losses have left scores of beaten-down stocks looki
Bloomberg
Singapore Tightens Policy, Warns of Risks Even as GDP Beats
(Bloomberg) — Singapore’s central bank tightened monetary policy settings for a fifth time in the past year, warning of persistent price pressures and a clouded outlook for the global and local economy.Most Read from BloombergWorld Faces New Threats From Fast-Mutating Omicron VariantsStocks Surge in Wild Ride After CPI Data Selloff: Markets WrapKroger Wants to Merge With Albertsons to Create US Grocery GiantCore US Inflation Rises to 40-Year High, Securing Big Fed HikeHot Inflation Torches Bear
Reuters
Citigroup reports $110 million leveraged-loan loss as other banks avoid sector exposure
NEW YORK (Reuters) -Citigroup took a $110 million writedown on leveraged loans in the third quarter, the company said on Friday as its Wall Street competitors downplayed their exposure to the sector. “We took about $110 million in total between markdowns and losses on loans in the leverage space,” Citigroup’s chief financial officer Mark Mason told reporters after the company released its third quarter earnings. U.S. banks wrote down $1 billion on leveraged and bridge loans in the second quarter as rising interest rates made it tougher for them to offload high-risk debt onto investors and other lenders.
MarketWatch
There’s no rush to buy I-bonds
This week’s worse-than-expected inflation report led to turmoil in more than one market, but you only read about one of them. What got far less attention was the flurry of excitement that the inflation report caused in the normally-staid I-bond market.
Quartz
The Fed is facing a housing Catch-22
The latest inflation measure from the US government, an 8.4% annual increase in the Consumer Price Index (CPI), has left market watchers with little doubt that the US Federal Reserve bank will hike interest rates by 0.75 percentage points at its next meeting in November.
Benzinga
7,300% Return In Just 4 years — Early Investors Hit Big With This Stock
Almost everyone has dreamt of hitting the lottery and played the “What would you do?” game. It’s fun to imagine hitting it big, and every year millions of Americans buy lottery tickets every week, leaving their pursuit of wealth up to fate. Some, however, take their financial futures into their own hands and scour data, press releases and every crevice of the internet for a piece of information that may lead to riches. Netflix Inc. recently released “Eat The Rich,” a documentary outlining GameSt
Bloomberg
Korea’s $177 Billion Fund Joins Bond Bulls With Portfolio Shift
(Bloomberg) — South Korea’s $177 billion sovereign wealth fund will buy more bonds, joining a handful of big-name investors who see value in the beaten-down asset class. Most Read from BloombergCore US Inflation Rises to 40-Year High, Securing Big Fed HikeIntel Is Planning Thousands of Job Cuts in Face of PC SlumpHere’s How Weird Things Are Getting in the Housing MarketPutin Says All Infrastructure at Risk After Nord Stream HitStocks Pare Drop as Traders Weigh Fed’s Next Move: Markets WrapKorea
Reuters
Wall Street banks’ profits slide as economic clouds loom, some beat forecasts
(Reuters) -Profits slid at Wall Street’s biggest banks in the third quarter as they braced for a weaker economy while investment banking was hit hard, but investors saw a silver lining with some banks beating estimates. JPMorgan Chase & Co, Morgan Stanley, Citigroup Inc and Wells Fargo & Co’s showed a slide in net income after turbulent markets choked off investment banking activity and lenders set aside more rainy-day funds to cover losses from borrowers who fall behind on payments. “We’re in an environment where it’s kind of odd,” said JPMorgan Chief Executive Officer Jamie Dimon, who said that while the bank was “hoping for the best, we always remain vigilant and are prepared for bad outcomes.”
