Stocks fell as traders took risk off the table ahead of a raft of policy decisions this week from the US, the UK and Japan. Societe Generale SA slumped as much as 7.6% and was among the biggest drags on Europe’s Stoxx 600 Index after the Paris-based lender’s strategic plan included...
The IRS plans to hire 3,700 employees to help fuel its efforts to target large corporations and complex partnerships. Democrats’ Inflation Reduction Act set aside tens of billions of dollars to allow the IRS to intensify its enforcement of tax cheats. The Friday announcement followed agency news last week that...
After a sharp stock rally this year on the back of resilient economic growth, investors now have a more negative outlook for risk assets in 2024, according to Morgan Stanley’s Michael Wilson. The strategist — who has retained his bearish view on equities in 2023 despite a 16% advance for...
Stock-market strategists who were largely wrong about this year’s rally are finally starting to come to face their mistake, raising year-end targets for the S&P 500 Index. Take Societe Generale’s Manish Kabra, who boosted his year-end target last week on the index to 4,750 from 4,300 — 25% above his...
With the final quarter of 2023 approaching, one winning strategy in emerging markets is becoming clearer: buying shares in smaller companies. The trade has produced an extra gain of 12 percentage points over the MSCI large-cap index so far this year, on course for the second-best relative returns in the...
Bond deals arranged by Credit Suisse and Bank of America Corp. in connection with debt swaps for emerging-market issuers are facing renewed scrutiny, after the International Capital Market Association issued new labeling guidelines. The bonds were sold over the past few years to finance so-called debt-for-nature swaps, through which sovereigns refinance...
Charles Schwab Corp. said it has been temporarily affected by attrition from clients as it integrates TD Ameritrade, leading to a decline in net new money for the company last month. Schwab had $4.9 billion of total core net new assets in August, a 64% decline from July and 89%...
China’s central bank ramped up efforts to accelerate an economic recovery, releasing more cash into markets as data show fresh encouraging signs for the country’s growth momentum. The People’s Bank of China added a net 191 billion yuan ($26.3 billion) into the financial system via a one-year policy loan...
BlackRock Inc.’s Edwin Conway says big money clients are snapping up private investments for their portfolios. Institutional clients are allocating anywhere from 20% to 50% of their portfolios to private markets, the global head of equity private markets told Bloomberg Television Thursday. Interest on the wealth side is “still in...
Maintaining interest rates at 4% for a prolonged period may be sufficient to tame inflation, two European Central Bank officials said a day after borrowing costs were raised for what markets and economists think was the last time. “We believe that with the latest increase the level of interest rates,...