24 June

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Record inflation pressures keep FTSE 100 subdued By Reuters

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By Shashank Nayar and Amal S (Reuters) -London's FTSE 100 ended lower on Wednesday as economic data showed inflation pressures hit record levels this month, while gains in travel and commodity-linked stocks were offset by a slide in consumer staples. The preliminary reading of the HIS Markit/CIPS UK Composite Purchasing Managers' Index (PMI) pointed to one of the strongest monthly improvements in business activity since 1998. The FTSE 100 index inched lower 0.2%, while the domestically focused mid-cap index shed 0.1% Dollar-earning consumer staples stocks, including Unilever (LON:ULVR), Reckitt Benckiser Group, British American...

24 June

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Boeing faces rocky path to gaining approval for 737 MAX return in China By Reuters

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By Norihiko Shirouzu, Stella Qiu and Jamie Freed BEIJING (Reuters) -Trade power tensions, regulatory hurdles and attempts by the West to counter Chinese competition are delaying a return of the 737 MAX in China, frustrating Boeing (NYSE:BA) Co as a potential rival demonstrates its growing influence. Six months after the West lifted an almost two-year flight ban on the MAX, there is no clear end in sight for the crisis surrounding Boeing's fastest-selling jet in China - the first nation to ground it in 2019 after two deadly crashes in five months. The company...

24 June

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Fund collapse showed ‘buck stops nowhere’ at UK watchdog, say lawmakers By Reuters

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By Huw Jones LONDON (Reuters) - The collapse of London Capital & Finance showed how Britain's Financial Conduct Authority appeared unable to meet standards of accountability it imposes on firms it regulates, a parliamentary report said on Thursday. The report from the Treasury Select Committee said the FCA put an "over-reliance" on its collective responsibility for the investment firm's failure in early 2019, rather than on accountability of senior officials at the regulator. The FCA requires senior managers at regulated firms to be directly accountable for their actions to make it easier to punish individuals, a...

24 June

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A Longtime Fidelity Manager Sold GameStop, and Has Some Regrets By Bloomberg

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(Bloomberg) -- Joel Tillinghast has managed the Fidelity Low-Priced Stock Fund since it was created about 32 years ago, hunting for companies with shares that trade at bargain prices relative to their earnings potential. In 2020, a suffering video-game retailer called GameStop Corp (NYSE:GME). fit that bill. So when the company’s shares suddenly started moving higher at the start of the year, he did what his more than three decades of value-investing experience told him to do: he sold the fund’s entire stake for a profit. And yet, after seeing the...

24 June

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Britain’s Brunswick Group to sell nearly 11% stake to U.S. fund – memo By Reuters

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(Reuters) - Public relations company Brunswick Group has agreed to sell a 10.7% stake to BDT Capital Partners, a U.S. fund run by Warren Buffett's banker Byron Trott, according to a memo seen by Reuters. The deal valued the British firm at 500 million pounds ($697.85 million), a person familiar with the matter. Chicago-based BDT will get a non-executive director seat on Brunswick's board as part of the deal and Brunswick plans to set aside 18 million pounds for a cash distribution to members of the company, the memo said. Brunswick will also distribute 140 million...

23 June

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Breadsticks, Meme Stock, Special Delivery: 3 Things to Watch By Investing.com

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By Dhirendra Tripathi Investing.com -- Stocks paused after a tech-led rally pushed NASDAQ Composite to another record high and as investors absorbed new comments about inflation from an influential Federal Reserve official. Atlanta Fed President Raphael Bostic said Wednesday he was one of the seven Federal Open Market Committee members who projected a rate hike in late 2022, which was in the June summary of economic projections released last week. Bostic told reporters after a speech that the economy is close to meeting the Fed's "substantial further progress" hurdle to start bond tapering. The tech rally...

23 June

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S&P 500 Dips, Nasdaq Ekes Out Record; Hawkish Fed Talk Continues By Investing.com

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By Yasin Ebrahim Investing.com – The S&P 500 closed lower, while the Nasdaq notched a record high Wednesday even as tech struggled to replicate its prior-day rally amid an uptick in U.S. bond yields. The Nasdaq Composite closed up 0.27% at a closing high of 14,271.7, the S&P 500 fell 0.12%, and the Dow Jones Industrial Average slipped 0.21%, or 71 points. Technology stocks, which had a strong session Tuesday, gave up some gains as a slight rise in U.S. bond yields amid hawkish talk from Federal Reserve officials propped up U.S. bond yields. Microsoft (NASDAQ:MSFT,...

23 June

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Fed’s Bostic Sees 2022 Rate Liftoff, Taper Call in a Few Months By Bloomberg

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(Bloomberg) -- Federal Reserve Bank of Atlanta President Raphael Bostic said the central bank could decide to slow its asset purchases in the next few months and he favored lifting interest rates in 2022 in response to a faster-than expected recovery from Covid-19 pandemic. “Given the upside surprises in recent data points, I have pulled forward my projection for our first move to late 2022,” Bostic told reporters Wednesday following a speech to the Russell Innovation Center for Entrepreneurs. ‘’I have two moves in 2023,” he said. The Fed last week published economic projections showing...

23 June

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Archegos Blowup May Spur Greater Bank Supervision, U.K. Regulator Says By Bloomberg

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(Bloomberg) -- The Bank of England’s top banking regulator said the $10 billion meltdown of Archegos Capital Management was “extraordinary” and may lead to supervisory fallout around the world. Sam Woods, head of the BOE’s Prudential (NYSE:PUK) Regulation Authority, told U.K. lawmakers on Wednesday that British regulators’ probe into the collapse would likely conclude within the next month. “From that will flow various bits of supervisory action and there may be policy as well,” Woods said, adding that watchdogs globally are in “live discussion” about their response. “From the banking end, I think we do...

23 June

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S&P 500 Flat as Tech Takes Breather; Fed’s Bostic Talks Up Earlier Rate Hikes By Investing.com

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By Yasin Ebrahim Investing.com – The S&P 500 struggled Wednesday as the rally in tech took a breather amid a slight climb in U.S. bond yields, though downside was limited by rising consumer discretionary and financial stocks. The S&P 500 rose 0.10%, the Dow Jones Industrial Average slipped 0.03%, or 9 points, and the Nasdaq Composite was up 0.23%, and had hit an intraday record high of 14,317.7. Technology stocks, which had a strong session Tuesday, helping the tech-heavy Nasdaq closed at record highs, gave up some gains amid a slight uptick in U.S. bond...

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News

Record inflation pressures keep FTSE 100 subdued By Reuters

Boeing faces rocky path to gaining approval for 737 MAX return in China By Reuters

Fund collapse showed ‘buck stops nowhere’ at UK watchdog, say lawmakers By Reuters

A Longtime Fidelity Manager Sold GameStop, and Has Some Regrets By Bloomberg

Britain’s Brunswick Group to sell nearly 11% stake to U.S. fund – memo By Reuters

Breadsticks, Meme Stock, Special Delivery: 3 Things to Watch By Investing.com

S&P 500 Dips, Nasdaq Ekes Out Record; Hawkish Fed Talk Continues By Investing.com

Fed’s Bostic Sees 2022 Rate Liftoff, Taper Call in a Few Months By Bloomberg

Archegos Blowup May Spur Greater Bank Supervision, U.K. Regulator Says By Bloomberg

S&P 500 Flat as Tech Takes Breather; Fed’s Bostic Talks Up Earlier Rate Hikes By Investing.com

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