Elon Musk says the Fed must cut rates ‘immediately’ to stop a severe recession

Elon Musk says the Fed must cut rates ‘immediately’ to stop a severe recession

Tesla Motors CEO Elon Musk unveils a new all-wheel-drive version of the Model S car in Hawthorne, California October 9, 2014. Lucy Nicholson | Reuters Elon Musk thinks a recession is coming and worries the Federal Reserve’s attempts to bring down inflation could make it worse. In a tweet early Wednesday, the Tesla CEO and … Read more

South Africa’s economy at a pivotal point as outlook improves but political, energy risks remain

LONDON – South Africa’s President Cyril Ramaphosa speaks during a press conference in central London on November 24, 2022 JUSTIN TALLIS/AFP via Getty Images South Africa’s long-awaited economic reforms have begun to improve the country’s outlook, but the age-old problems of political uncertainty and a failing power system still pose significant risks. The Economic Reconstruction … Read more

Government to cap wholesale gas prices as part of market intervention to lower power prices

Anthony Albanese and his cabinet are set to endorse a multi-pronged strategy to curb sky-high power prices, as pressure mounts on the government to urgently intervene in the market. Key points: The resources minister says analysis is being done about what price to cap wholesale gas at The government is yet to settle on a … Read more

Stock futures rise after major averages slide on Covid unrest in China

Traders work on the floor of the New York Stock Exchange (NYSE), September 6, 2022. Brendan McDermid | Reuters US stock futures were higher on Tuesday morning after the major averages came under pressure from Covid protests in China, and as investors anticipated more economic data and commentary from Federal Reserve leaders this week. Dow … Read more

Cathie Wood expects a US recession in 2023 that could help her fund’s performance

Although it’s been a less-than-rosy year for Cathie Wood’s Ark Invest, she sees strength ahead for the firm’s investment strategy if the US does fall into a recession. The firm’s flagship ARK Innovation ETF is down more than 60% on the year, underperforming the broader market. The fund consists mostly of tech names, which tend … Read more

The November jobs report and the Fed matter most to markets in the week ahead

November’s jobs report is the big event for markets in the week ahead, and it could provide important insight into the path of Federal Reserve interest rate hikes. Stocks were higher in the shortened holiday week, with the S & P 500 up as Treasury yields slipped and the dollar weakened. The post-Thanksgiving week will … Read more

Singapore’s inflation may have eased slightly, but central bank warns pain likely to linger

Singapore skyline from the Merlion park on May 15, 2020. Roslan Rahman | AFP | Getty Images Singapore’s economy is likely to face persistent pain from global financial concerns, even though the country’s core inflation eased somewhat in October. The Monetary Authority of Singapore warned of prolonged risk factors piling onto the nation’s financial vulnerability … Read more

Fed officials see smaller rate hikes coming ‘soon’

Federal Reserve officials earlier this month agreed that smaller interest rate increases should happen as soon as they evaluate the impact the policy is having on the economy, meeting minutes released Wednesday indicated. Reflecting statements that multiple officials have made over the past several weeks, the meeting summary pointed to smaller rate hikes coming. Markets … Read more

London pre-open: Stocks seen up as oil prices recover

London stocks were seen to rise at the open on Tuesday as oil prices recovered after Saudi Arabia denied a report that it and other Opec countries were in talks about lifting output. The FTSE 100 was called to open 24 points higher at 7,400. CMC Markets analyst Michael Hewson said: “As we look ahead … Read more

Morgan Stanley’s Mike Wilson on inflation in 2023, Fed policy

Morgan Stanley’s Chief US Equity Strategist Mike Wilson expects a “pretty steep decline in inflation” between now and the end of next year. Consumer price increases could drop to 4% or 5% by June next year, and back to 2% or 3% by the end of 2023, he told CNBC’s “Street Signs Asia” Friday. That’s … Read more