Coming off a week of heavy losses, bitcoin fell as much as 10 percent and set a fresh low at $3,447.58 on Sunday, according to data from CoinDesk.It later recovered to roughly $3,945 as of 6 p.m. ET.
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A lawsuit claiming JPMorgan Chase & Co. and Citigroup were rigging the European Interbank Offered Rate (Euribor) has been settled, with the banks agreeing to pay $182.5 million.Investors such as the California State Teachers' Retirement System claimed that the banks were fixing prices of derivatives and rigging rates between 2005 and 2011.
Other banks had reached previous settlements in the case, including Deutsche Bank, Barclays and HSBC who paid $170 million, $94 million and $45 million, respectively. According to the settlement agreement, Citigroup and JPMorgan denied wrongdoing and settled out of court to avoid the costs and distractions that would have arisen with litigation.
Amidst the start of the biggest shopping season of the year, U.K.-based trade union GMB is protesting against Amazon for what it calls "inhuman" working conditions.GMB said that it expects hundreds of people to take part in the protests at five Amazon warehouses in the U.K. and also hopes workers in Italy and Spain to come forward.
Amazon, however, tried to refute claims of inhuman working conditions.
Brazil’s inflation was slower than expected, through the 12 months ending mid-November.
The nation’s IPCA-15 index (tracking consumer price inflation) increased +0.19% from mid-October through mid-November, falling short of the median forecast of a +0.24% increase from 38 analysts surveyed by Bloomberg.Also, the rate was lower than previous month’s 12-month increase of +0.58%.
The IPCA-15 touched 4.39 percent in mid-November.
West Texas Intermediate crude briefly plunged about -7% to $50.60 a barrel, its weakest price since Oct. 12, 2017. International benchmark Brent crude price fell -4.9% to around $59.52 a barrel at 9:44 a.m. ET.
Oil prices are down around -20% so far this month.The International Energy Agency (IEA) recently projected that non-OPEC output alone would climb to 2.3 million barrels per day (bpd) this year, while global supply has already been climbing so far in 2018. The IEA expects demand in 2019 to grow at a rate of 1.3 million bpd, revising down its previous forecast of 1.5 million bpd.
On Thursday, the electric car maker announced that it will be slashing prices of its Model S sedan and Model X SUV by between 12% and 26% in China – even as the ongoing trade war/tariff slapping battle between the U.S. and China makes it potentially costlier to import cars from the U.S.
In May, Tesla slashed prices following China's announcement to reduce import tariff rate from 25% to 15% on U.S.-made cars.But in July, Tesla had to raise prices, after China slapped a higher, 25% tariff rate on cars imported from the U.S. as a retaliation to U.S. tariffs.
As of the latest price cut in China, Model S basic version will come at 782,900 yuan ($113,000) — down from 849,900 yuan ($122,525).
Warren Buffett poured $4 billion into JPMorgan Chase (JMP) in Q3, according to Berkshire Hathaway's (BRKB) latest 13-F filing, which also showed a bigger stake in Apple (AAPL).
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Jeff Bezos predicted to Amazon employees last week that "one day Amazon will fail," according to a recording of an internal meeting heard by CNBC.
Bezos added that Amazon's job was to delay failure for as long as possible by focusing on its customers.
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You may not carry your house on your back or release sulphuric acid, but you’ve got a lot more in common with a sea snail than you may think.Especially where your brain is concerned.
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Baird Equity Research recently surveyed 670 online shoppers, and the results revealed that Amazon was solidly the preferred online shopping destination -- with nearly 60% preferring Amazon over Walmart.
Context is important here, however, as Amazon is newly facing big challenges as both Walmart and Target started investing aggressively to enhance their e-commerce presence and services.It also indicated that Amazon saw a 20% decline in its share of e-commerce growth, thus standing at just above 50%, down from the 70% range in the recent quarters.
In its latest quarterly regulatory filing, GE revealed it has almost $41 billion in credit lines involving dozens of U.S. banks, including Wall Street's big five.
For investors already wary of GE's structural issues and ability to grow earnings, this revelation comes as an additional cause for concern -- particularly given that two of the U.S.’s biggest ratings agencies have downgraded GE's credit rating. In all, Wall Street’s biggest banks have committed to lend at least $3.5 billion each to GE.
To be fair, GE had only utilized about $2 billion of the available credit by the end of the third quarter, and the company has been selling assets to generate cash.JPMorgan (JPM) and Wells Fargo (WFC) are the other two banks involved in the backup facility.
The trade dispute rhetoric really started at the end of January and since that time the Shanghai Composite Index has lost over -24%.
Well-known names like Weibo and JD.com have dropped over 50% since January 26.This is the date when President Trump escalated his trade talks.
One China ETF that has been caught in the downward trend is the iShares MSCI China ETF (Nasdaq: MCHI).
That being said, there is a technical pattern in the iShares MSCI India ETF (Amex: INDA) that suggests that India’s index might be turning lower again.
If we look at the daily chart we see that the fund dipped down to the $32.50 level in May and in June, but bounced each time.How and why does this happen?
The thought process behind why this seems to happen goes something like this.
The dramatic fall in oil prices over the last few weeks has garnered a lot of attention from the financial media.Oil prices dropped for 12 straight days which marked a record losing streak.
There were numerous factors behind the decline—supply and demand imbalances, political pressure, and production level disagreements are just a few.
Regardless of how things play out in the long run, there is a short-term pattern on the chart of the Direxion Daily Energy Bull 3X Shares (NYSE: ERX) that suggests a bounce may be in the works.
The fund dipped down to the $22 level on Thursday and then moved higher later that day and on Friday as well.
U.S.With one of the largest oil reserves in the world, the Permian basin helped Texas emerge as the third-largest oil producing region in the world, only behind Russia and Saudi Arabia.
With nearly 114,000 companies drilling in the region and many turning profitable even with crude prices as low as $50 a barrel, OPEC is feeling an oncoming threat to its oil dominance
OPEC’s concern is likely to increase in the next year, when bottlenecks related to pipelines eases with the addition of three new pipelines, thus enabling combined production of nearly 2 million barrels of oil a day.
Shares of the Illinois-based agricultural, construction and forestry machinery manufacturer, Deere & Company (DE), fell by ~5% even before the opening on Wednesday.
The stock dropped below its 50-day trend-line once again this week, after the company reported weaker-than-expected earnings and sales for its fiscal fourth quarter.
DE reported a net income of $748 million, or $2.30 per share, excluding adjustments, for the fourth-quarter while revenue stood at $8.34 billion (+18%).However, analysts estimated an earnings per share of $2.43 and revenue of $8.594 billion (+21%), meaning Deere widely missed the mark.
Hit by the ongoing U.S. - China trade war, Deere's earnings got dented by higher transportation and material costs.
Foot Locker, the American sportswear and footwear retailer, revealed its third-quarter results after trading hours along with retailers Target (TGT) and Kohl (KSS).But unlike Target and Kohl, which both disappointed investors, the market welcomed FL’s expectation-beating third-quarter performance and strong pricing power and pushed shares more than 12% higher in after-hours trade.
FL reported comparable sales growth of 2.9% in the third-quarter, better than analysts’ estimate of 2%.
Amazon.com said that it shared some of its customers’ information with third parties by mistake.
On Wednesday, the e-commerce behemoth emailed an undisclosed number of its users to notify them that their names and email addresses had been inadvertently leaked due to a "technical error".A privacy breach seems a potential threat to any digital platform’s reputation.
International Petroleum Investment Co. and Abar Investments PJS filed a complaint Wednesday seeking unspecified damages.
The funds allege that Goldman paid privates to a former manager of IPIC and former CEO of Abar Investments.Bloomberg is reporting that Tim Leissner, Goldman Sachs’s former chairman of Southeast Asia, admitted in a plea that he bribed officials to get bond deals and said a culture of secrecy at the investment bank led him to conceal wrongdoing from compliance staff.
Gap Inc. might plan to shut down hundreds of its stores to combat sluggish sales and to improve margins.
The clothing retailer has more than 3,000 stores across the globe, out of which the weakest performers in recent times seem to be those of its namesake brand.In the third quarter, sales at Gap stores open for at least 12 months declined -7%, while the company’s Old Navy and Banana Republic store sales growth were still in positive territory.
According to a CNBC report, Gap Inc.’s CEO Art Peck said Tuesday evening during a call with analysts that the company is considering to shutter under-performing stores with "with urgency".