Goldman Sachs expects the S&P 500 index to rise by a more modest 9 percent by the end of next year, saying the record-setting rally is likely to cool on worries over slowing economic growth and the prospects of higher interest rates. The U.S. equities market has been on a tear this year, with the…
Goldman Sachs Forecasts Modest Rise for S&P 500 Index in 2022
November 16, 2021
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US Won’t Join Pacific Trade Partnership but Will Pursue New ‘More Robust’ Framework: Commerce Secretary
Commerce Secretary Gina Raimondo told TV Tokyo in an interview on Nov. 15 that the United States will not join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) but will instead seek to form a separate, potentially “even more robust” economic framework. Raimondo told the outlet that while the CPTPP pact “is not something that…
Raimondo Says US Won’t Join CPTPP But Will Pursue New ‘More Robust’ Framework
Commerce Secretary Gina Raimondo told TV Tokyo in an interview on Nov. 15 that the United States will not join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) but will instead seek to form a separate, potentially “even more robust” economic framework. Raimondo told the outlet that while the CPTPP pact “is not something that…
Global Investors Ending 2021 ‘Risk-On’: BofA
November 16, 2021
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MILAN—Investors are heading towards the end of the year in a “risk-on” mood, having reduced cash allocations and lifted their overweight position on U.S. stocks to the highest since August 2013, BofA Securities’ monthly fund manager survey showed. Inflation remains the biggest tail risk for markets but a majority of 61 percent believes it is…
Producer Selling Prices Hit Record High in New York as Higher Business Costs Translate Into Inflation
A Fed report on manufacturing in New York state shows that the prices received index—which measures prices manufacturers are paid for the goods they produce—rose to a record high in early November, reflecting how input cost inflation is filtering down through the supply chain and pushing up prices for end consumers. The New York Fed’s…
Dollar Near 16-Month High Versus Euro Ahead of US Retail Sales Data
November 16, 2021
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LONDON—The dollar held just below a 16-month high versus the euro on Tuesday, while the yuan reached its strongest in more than five months as markets welcomed dialogue between the U.S. President and Chinese leader. U.S. President Joe Biden and Chinese leader Xi Jinping stressed their responsibility to the world to avoid conflict, in talks…
Tesla’s Musk Sells $930 Million in Shares to Cover Stock Option Tax: Filings
November 16, 2021
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Tesla CEO Elon Musk has sold $930 million in shares to meet tax withholding obligations related to the exercise of stock options, U.S. securities filings showed on Monday. Musk sold 934,091 shares after exercising options to buy 2.1 million stocks at $6.24 each on Monday. Tesla shares closed at $1,013.39. He is required to pay…
Stock Markets March on as Biden-Xi Talks Lift Sentiment
November 16, 2021
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LONDON—Global stock markets marched on towards new peaks on Tuesday as U.S. President Joe Biden and Chinese leader Xi Jinping held over three hours of virtual talk, helping to nudge China’s yuan to a five-month high and pulling the dollar lower. The closely watched conversation between the leaders of the world’s biggest economies appeared to…
US Supreme Court Rejects Volkswagen Appeals Over Emissions Tampering
WASHINGTON—The U.S. Supreme Court on Monday rejected Volkswagen AG’s bid to avoid lawsuits filed by officials in three states seeking damages stemming from the German automaker’s diesel emissions cheating scandal. The justices refused to hear appeals by VW and German auto supplier Robert Bosch LLC of a lower court ruling allowing Florida’s Hillsborough County and…
Schumer Encourages Biden to Tap Petroleum Reserves to Control Surging Fuel Prices
November 15, 2021
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Senate Majority Leader Chuck Schumer (D-N.Y.) urged the Biden administration on Sunday to make use of the Strategic Petroleum Reserve in order to curb increasing gasoline prices as Americans enter the holiday season. “COVID’s wreaked havoc on our supply chains. No industry is spared but fuel, gasoline is the worst of all. When fuel is…
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