A New York firm that managed billions of dollars for sanctioned Russian oligarch Roman Abramovich was sued by the Securities and Exchange Commission for not registering as an investment adviser. The SEC filed suit Tuesday against Concord Management LLC of Tarrytown, New York, and founder Michael Matlin. The agency said...
Bank of America Corp.’s Savita Subramanian is the latest Wall Street strategist to boost her target for the S&P 500 after the sharp rally in 2023 left forecasts in the dust. The strategist now expects the benchmark to end the year at 4,600 points versus her earlier target of 4,300...
Options traders are seeking protection from higher interest rates ahead of Wednesday’s Federal Reserve policy decision. That’s a change from the norm over the past couple of weeks, during which traders broadly favored hedging for a pivot to rate cuts by mid-2024. The shift in momentum has a backdrop of...
Currency traders preparing for this week’s policy decisions from the Federal Reserve and Bank of Japan got fresh reminders that Japanese officials stand ready to intervene in the currency market with possible US backing if swings in the yen are deemed excessive. Japan’s top currency official Masato Kanda said Wednesday...
The Federal Reserve is confronting a familiar nemesis as it tries to pilot the economy into a rarely-seen soft landing: rising oil prices. Surging energy costs played a role in tipping the US into recession in the mid-1970s, as well as the early 1980s and 1990s, as they drove up...
The world economy is set for a slowdown as interest-rate increases weigh on activity and China’s pandemic rebound disappoints. Growth will ease to 2.7% in 2024 after an already “sub-par” expansion of 3% this year, according to the latest OECD forecasts. With the exception of 2020, when Covid struck, that...
UBS Group Chief Executive Sergio Ermotti said the bank will give investors an outline of its growth strategy early next year and signaled the direction of plans to grow in the U.S., as the lender progresses with the integration of Credit Suisse. The Swiss lender is currently working at “full...
BlackRock Inc.’s Amanda Lynam says the rebound in junk bond issuance is set to accelerate, as companies work to get ahead of a wall of maturities starting in 2025. The high-yield market has sprung to life in September, with firms taking advantage of improved investor appetite to refinance debt or...
Citigroup Inc. debuted a token service that’s part of a broader push to offer digital assets to institutional clients. The product — known as Citi Token Services — will transform customers’ deposits into digital tokens that can be sent instantly anywhere in the world, according to a statement Monday. The...
Morgan Stanley was sued for at least $750 million by private equity firms that claim they were defrauded in a deal to invest in a credit agreement for a luxury high-speed rail line. Certares Management and Knighthead Capital Management filed suit Monday in New York state court, alleging that Morgan...