1 hour ago
Morgan Stanley, HSBC cut jobs in Asian investment banking this week – Reuters
Morgan Stanley and HSBC will cut dozens of jobs in their investment banking divisions in Asia-Pacific this week, Reuters reports.
Reuters, citing sources, said the move comes as both banks step up cost-cutting measures and a slowdown in deal-making and weak markets in China and Hong Kong weigh on business outlook. It is said that there is.
Starting this week, Morgan Stanley will cut at least 50 jobs in its investment banking division in the region, affecting about 13% of its 400 investment banking employees in Asia, the report said.
HSBC reportedly began cutting jobs on Tuesday, with around 30 dealmakers expected to leave the company.
— Lim Huijie
1 hour ago
CNBC Pro: Many analysts lowered their price targets for these 10 stocks ahead of earnings.
Analysts lowered their expectations for several global stocks this week by lowering their price targets.
The price target change comes ahead of the next earnings season, which covers the first quarter of this year.
CNBC Pro screened global stocks in the MSCI World Index that have had their price targets lowered in the past seven days and have not yet announced earnings.
CNBC Pro subscribers can read more about the 10 stocks here.
— Ganesh Rao
5 hours ago
BTIG says there are “further downside risks” in the coming weeks
BTIG’s Jonathan Krinsky still expects the market to turn lower in the long term.
“It was another messy open with a very wide spread, with an upside range of about 85% and a drop of 70%,” Krinsky said. There is further downside risk for several weeks,” Krinsky said in an article on Wednesday. Note.
He noted that while the Nasdaq 100 index hit a new low on Tuesday, the S&P 500 and Russell 2000 indexes did not. The CBOE Volatility Index remains in the red, he added. He is also cautious about semiconductors, noting that the VanEck Semiconductor ETF (SMH) is about to break out of its 50-day moving average.
— Peer Singh
5 hours ago
Oil falls more than 3% despite risk of war: ‘Peace may be over, but oil continues to flow’
Oil futures fell more than 3% on Wednesday as markets discounted the risk that a war between Israel and Iran could escalate and disrupt supplies.
West Texas Intermediate for May delivery fell $2.76, or 3.23%, to $82.60 per barrel. Brent futures for June contract fell $2.87, or 3.19%, to $87.15 per barrel. US crude oil and global benchmarks fell more than 3.5% for the week.
“The theory that tensions between Iran and Israel would disrupt oil supplies is gone,” said Manish Raj, managing director of Velandera Energy Partners. “Peace may be over, but the oil continues to flow,” he said.
— Spencer Kimball
7 hours ago
Fed report says economy grew ‘slightly’ recently
The U.S. economy grew “slightly” over the past six weeks, but prices rose at a “moderate” pace, the Federal Reserve said in its latest Beige Book report filed Wednesday. Employment also increased “slightly,” he said.
The central bank said in its regular economic report that while car spending had “significantly increased” in some regions, consumer spending had “barely increased”. The report also noted that home sales were “strong” in most regions and characterized the economic outlook as “cautiously optimistic.”
The report predicted that inflation “will remain stable at a moderate pace.” Some manufacturers are anticipating cost increases in both input and output prices.
— Jeff Cox
