Following a strong performance by European banking stocks this year, investors should now bet on declines in the sector as lenders are at risk from a looming peak in bond yields, according to JPMorgan Chase & Co. strategists. Any drop in yields, or interest-rate cuts by the European Central Bank...
The financial world’s computer-loving crowd is preparing for the dawn of a new AI-powered era — but that doesn’t mean they’re ready to fully embrace the technology just yet. In an Invesco survey of systematic investors with $22.5 trillion under management, 62% said artificial intelligence is going to be just as important...
Morgan Stanley granted special bonuses worth $20 million each to incoming Chief Executive Ted Pick and his two deputies, Andy Saperstein and Dan Simkowitz. The share-based awards, announced in a filing Friday, follow the firm’s announcement this week that Pick will succeed outgoing CEO James Gorman. In a rare move...
Texas Attorney General Ken Paxton is sending shock waves through the state’s booming municipal bond market, leaving borrowers and bankers alike on edge. At least two banks, RBC Capital Markets and Wells Fargo & Co., were dropped from underwriting muni deals since Paxton said last week that he was probing...
Investors face a growing risk that climate change will result in a sudden loss of value, with existing portfolio models often falling short, according to an analysis by Markus Müller, chief investment officer for ESG at Deutsche Bank. “The temptation is to assume that the effects” of global heating “will...
The S&P 500 is at risk of dropping another 5% after the index fell below a key technical level this week, according to Bank of America Corp.’s Michael Hartnett. The strategist — among the more bearish voices on U.S. stocks — said that now that the S&P 500 had breached...
Embattled debt investors like the look of 5% Treasury yields as they weigh the risk-versus-reward scales for the world’s biggest bond market. The rise in yields to levels last seen before the financial crisis reflects a run of solid data, with the US economy growing last quarter at the fastest pace since...
Byron Wien, the longtime market strategist whose annual list of “10 Surprises” made him one of the most influential voices on Wall Street during a career at Blackstone Inc. and Morgan Stanley, died Wednesday. He was 90. Wien was at Blackstone for the past 14 years and was most recently...
Fidelity Investments is seeking clearance that would allow some of its best-known mutual funds to also operate as exchange-traded funds, becoming the largest firm to challenge Vanguard Group’s former monopoly on the concept. The Boston-based firm applied Tuesday for a government waiver that would allow its actively managed mutual funds...
Sam Bankman-Fried’s testimony in a New York courtroom Thursday will be the latest must-see moment in the high-profile fraud trial over the collapse of his FTX crypto exchange. The 31-year-old Bankman-Fried’s decision to take the stand was questioned by defense lawyers, but may be his only chance to win over...