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  • Sep 04, 2024

M&G Targets More Cost Savings as Markets Offset Client Outflows

(Bloomberg) -- M&G Plc boosted its capital generation and cost savings targets as net outflows in the first half of the year were offset by buoyant markets.Most Read from BloombergHow Air Conditioning Took Over the American OfficeHong Kong’s Arts Hub Turns to Selling Land to Stay AfloatThe firm said it was now targeting operating capital generation of £2.7 billion ($3.5 billion) by the end of 2024, an increase of £200 million from its March guidance, M&G said in a statement Wednesday. It is also

  • Sep 04, 2024

Asian stocks tumble after Wall Street drops on worries about the economy

Asian stocks tumbled Wednesday after Wall Street had its worst day since early August, with the heavyweight Nvidia falling 9.5%, leading to a global decline in chip-related stocks. Electronics and semiconductor company Tokyo Electron slumped 8.6% on Wednesday. Taiwan’s Taiex lost 4.5%, dragged down by the heavyweight Taiwan Semiconductor Manufacturing Company, which was 5.4% lower.

  • Sep 04, 2024

Bitcoin touches one-month low as glum traders hedge for payrolls

(Bloomberg) -- Bitcoin flirted with a one-month low amid a wider retreat from riskier investments in global markets due to fears about the economic outlook.Most Read from BloombergHow Air Conditioning Took Over the American OfficeHong Kong’s Arts Hub Turns to Selling Land to Stay AfloatThe largest digital asset slid more than 4% at one point on Wednesday before paring a part of the decline to change hands at $56,318 as of 7:15 a.m. in London. Most other major tokens such as Ether also nursed los

  • Sep 04, 2024

Australia economy stuck in slow lane, household spending drags

Australia's economy stayed stuck in the slow lane in the June quarter as stiff borrowing costs and stubborn inflation squeezed consumers, leaving government spending as the main driver of growth. Data from the Australian Bureau of Statistics on Wednesday also revealed that domestic price pressures were still running high, underscoring the central bank's reluctance to cut rates anytime soon even though markets are wagering on a December policy easing.

  • Sep 04, 2024

Safe-haven yen gains, Aussie wobbles as edgy markets face US jobs test

TOKYO (Reuters) -The safe-haven Japanese yen rallied on Wednesday while riskier currencies like the Australian dollar and sterling languished as traders ducked for cover following the worst sell-off in almost a month on Wall Street and big losses for Asian stocks. "The bears are back with a bang," said Michael Brown, senior research strategist at Pepperstone, while adding that the poor factory figures on their own did not justify a market response of such scale. "It does, however, speak to the heightened sensitivity of participants to incoming data, particularly downside surprises."

  • Sep 04, 2024

Wall Street T+1 Switch Causing More Pain Than Thought, Citi Says

(Bloomberg) -- This year’s seemingly smooth transition to a faster settlement regime for US stocks turns out to have been far from plain sailing for many industry players, according to Citigroup Inc.Most Read from BloombergHow Air Conditioning Took Over the American OfficeHong Kong’s Arts Hub Turns to Selling Land to Stay AfloatFrom overhauling arcane funding processes to relocating traders across oceans, the late-May switch to the system known as T+1 proved tougher than expected, the bank found

  • Sep 04, 2024

Risks Too Big for Insurers Just Fed a $200 Billion Market Boom

(Bloomberg) -- As the market for in-house insurance surpasses a record $200 billion, the underlying reasons for that boom show how a hotter, less stable planet is redrawing the risk map for corporations.Most Read from BloombergHow Air Conditioning Took Over the American OfficeHong Kong’s Arts Hub Turns to Selling Land to Stay AfloatCaptive insurance, where companies create their own coverage vehicles, is on the rise, according to insurance broker Aon Plc. Companies are using it to work around re

  • Sep 04, 2024

Stocks tumble as market leaders turn losers

Chip shares dragged Asian indexes lower on Wednesday and European futures fell after growth concerns drove the steepest selloff in a month on Wall Street and investors wiped $279 billion from the value of market darling chipmaker Nvidia. Oil hit year-to-date lows in Asia trade, the safe-haven yen rose, Japanese stocks fell more than 3% and the regional shares ex-Japan dropped nearly 2%.

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