Finance

China‘s massive consumer base is feeling a chill that could have ripple effects throughout an economy that’s already under pressure. While analysts say individuals are generally financially healthy, many are holding off on spending due to uncertainty about the future. “A decline in consumption is the biggest risk, because everyone already knows about the decline
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Goldman Sachs’s stock won’t see meaningful gains until the Malaysian government investment fund scandal is resolved, according to Morgan Stanley, which downgraded its rival investment bank on Wednesday. “It is unclear how long the issue will take to resolve, what the fines and penalties could be, and what costs Goldman Sachs will subsequently incur to
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One of Wall Street’s biggest bulls predicts a sharp Santa Claus rally will revive the stock market, which has erased its gains for the year. According to Blackstone investment strategist Joe Zidle, a sentiment problem is behind the latest downturn — not warning signals from U.S. businesses or the economy. “I’m a stubborn bull, and
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The Federal Reserve won’t end up raising interest rates as aggressively as projected, said Jim Grant, editor and founder of the venerable Grant’s Interest Rate Observer newsletter. “I think the Fed will definitely blink,” Grant told CNBC on Tuesday. “I don’t know when it will reverse course; I suspect sooner rather than later.” Grant said
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Shares of Navient sank more than 9.5 percent Tuesday after a report said that an ongoing government audit points to deceptive practices at the company that may have resulted in tens of thousands of borrowers opting into higher-cost plans. The results of the audit, reported by The Associated Press, suggest that the nation’s third-largest student
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The Justice Department is asking a judge to put the brakes on a civil lawsuit against J. P. Morgan Chase, citing an ongoing probe into a “related criminal case” that involves alleged manipulation of precious metals markets. The department wants a six-month postponement in the proceedings of the civil lawsuit, which was filed in 2015
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Capital One acquired a four-year old online-shopping startup in its latest effort to offer tech services that engender loyalty to the bank’s credit cards. The bank purchased Wikibuy on Nov. 17 for an undisclosed amount, according to executives from Capital One and the Austin, Texas-based startup. Two million members use Wikibuy to automatically find low
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U.S. companies aren’t leaving China in a big way yet, despite escalating trade tensions between the two economic powerhouses, analysts said. “A lot of companies are talking about making changes, but (are) not actively making changes,” said Chris Rogers, research analyst at Panjiva, a supply chain data company that’s part of S&P Global Market Intelligence.
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The world’s largest cryptocurrency dropped to its lowest level in more than a year on Monday. Bitcoin hit a low of $5,165.24, bringing its losses to more than 18 percent in the past seven days and more than 62 percent this year, according to data from CoinDesk. The digital currency began stumbling last week after
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Rep. Maxine Waters hopes to make changes to the House Financial Services Committee that could have implications for one of President Donald Trump‘s favorite lenders, Axios reported late Sunday. When her party takes control of the House in January, the California Democrat will likely lead the House Financial Services Committee. Waters has already promised to
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One of Wall Street’s most famous proverbs of this bull market is backfiring. “Buying the dip,” or picking stocks when they sell off, isn’t working for the first time in 16 years, according to analysis from Morgan Stanley. The investment bank looked at the average return for the S&P 500 if the previous week was
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