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  • Sep 04, 2024

JPMorgan Abandons Recommendation to Buy China Stocks Ahead of US Election

(Bloomberg) -- JPMorgan Chase & Co. abandoned its buy recommendation for Chinese stocks, citing heightened volatility around the upcoming US elections in addition to growth headwinds and tepid policy support. Most Read from BloombergHow Air Conditioning Took Over the American OfficeHong Kong’s Arts Hub Turns to Selling Land to Stay AfloatThe Outsized Cost of Expanding US RoadsChina was downgraded to neutral from overweight in the bank’s emerging markets allocation, strategists led by Pedro Marti

  • Sep 04, 2024

Top super PAC backing Kamala Harris to accept cryptocurrency donations

A top super political action committee (PAC) backing U.S. Vice President and Democratic presidential candidate Kamala Harris known as Future Forward PAC will accept cryptocurrency donations, a Coinbase spokesperson said Wednesday. Future Forward has raised hundreds of millions of dollars to back Harris in the Nov. 5 U.S. election in which she faces Republican presidential candidate and former President Donald Trump. Although Harris has yet to publicly take a stance on crypto, her campaign staff have met with prominent crypto firms, including Coinbase and Ripple, Reuters has previously reported.

  • Sep 04, 2024

US economy is slowing, but still has momentum, former official says

The U.S. economy is slowing but it still has some momentum, former Treasury Secretary Robert Rubin said on Thursday. The U.S. Federal Reserve is doing about the right thing, Rubin told the Bund Summit in Shanghai, adding that former President Donald Trump poses multiple risks to the economy.

  • Sep 04, 2024

Oaktree’s Marks Says Fed Cuts Won’t Take US Rates Below 3%

(Bloomberg) -- US interest rates will settle in a range of between 3% and 4% after reductions by the Federal Reserve, according to Oaktree Capital Management LP’s Howard Marks.Most Read from BloombergHow Air Conditioning Took Over the American OfficeHong Kong’s Arts Hub Turns to Selling Land to Stay AfloatThe Outsized Cost of Expanding US Roads“The Fed will back off from the emergency rate of five and a quarter, five and a half and get down into the threes,” Marks, the co-chairman and co-founder

  • Sep 04, 2024

Fed's Daly says rate cuts needed to keep labor market healthy

The Federal Reserve needs to cut interest rates to keep the labor market healthy, but it is now down to incoming economic data to determine by how much, San Francisco Fed President Mary Daly said on Wednesday. "As inflation falls, we've got a real rate of interest that's rising into a slowing economy; that's a basic recipe for over-tightening," Daly told Reuters in an interview. Labor market health, she said, has to be "sustained and protected, and we have to be very mindful that if policy is overly tight, you might get additional slowing in the labor market, and to my mind, that would be unwelcome."

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