New York CNN — Three stocks with ties to former President Donald Trump surged Friday after two sources familiar with the case told CNN that Trump faces 30 counts related to business fraud in an indictment from a Manhattan grand jury. It’s not clear why investors sent shares of those companies soaring Friday, although the […]
A version of this story first appeared in CNN Business’ Before the Bell newsletter. Not a subscriber? You can sign up right here. You can listen to an audio version of the newsletter by clicking the same link. New York CNN — It cost the Federal Deposit Insurance Corporation about $23 billion to clean up the […]
New York CNN — A US default would have such devastating economic and financial consequences that many observers dismiss the possibility out of hand. But investors are not ruling out such a nightmare scenario. Even though a default could wipe out millions of jobs and wreak havoc on Wall Street, the White House and Republican […]
Hong Kong/London CNN — UBS is bringing back its former chief executive, Sergio Ermotti, to manage the hugely complex and risky task of completing the bank’s emergency takeover of rival Credit Suisse (CS). The surprise appointment, announced Wednesday, highlights the scale of the challenge facing the Swiss lender as it executes a first-of-its-kind merger of […]
New York CNN — America’s biggest companies rushed to strengthen their gun safety policies after the mass shooting at a high school in Parkland, Florida, in 2018. Dick’s Sporting Goods stopped selling semi-automatic, assault-style rifles at stores. Citigroup put new restrictions on gun sales by business customers. A year later, after mass shootings at a […]
CNN — Markets seesawed severely this week when two of the US economy’s most prominent leaders gave seemingly contradictory statements on the health of the banking sector. Expect more turbulence ahead. Fresh off of the Federal Reserve’s decision on Wednesday to hike interest rates by a quarter point, Fed Chairman Jerome Powell said in the […]
London CNN — Europe’s banking stocks tumbled Friday in a sign that investors are still nervous that the recent crises at some banks could spill over into the wider sector. Europe’s Stoxx Europe 600 Banks index, which tracks 42 big EU and UK banks, fell 5% by the middle of the European day. The index […]
A version of this story first appeared in CNN Business’ Before the Bell newsletter. Not a subscriber? You can sign up right here. You can listen to an audio version of the newsletter by clicking the same link. New York CNN — In the wake of Silicon Valley Bank’s collapse and subsequent banking meltdown, cash is […]
A version of this story first appeared in CNN Business’ Before the Bell newsletter. Not a subscriber? You can sign up right here. You can listen to an audio version of the newsletter by clicking the same link. New York CNN — The Federal Reserve raised interest rates by a quarter percentage point on Wednesday as […]
Hong Kong/London CNN — European and Asian markets were mixed during Thursday trade as investors digested the decision by the US Federal Reserve to raise its main interest rate by 25 basis points in a bid to bring down inflation. European markets opened lower, with the region’s benchmark Stoxx Europe 600 index falling 0.9% in […]