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Economy

“Wholesale prices fell 0.5% in October for biggest monthly drop since April 2020”

“Wholesale prices in October posted their biggest decline in 3½ years, providing another indication that the worst of the inflation surge may have passed. The producer price index, which measures final-demand costs for businesses, declined 0.5% for the month, against… Continue Reading…

Banking

“UBS Is the Biggest Winner From Banking Turmoil With $35 Billion Gain”

UBS the Swiss bank that took over Credit Suisse in March, appears to be the biggest winner so far from the turmoil that has rocked bank stocks this year. UBS joins JPMorgan Chase (JPM), HSBC (HSBC) and First Citizens (FCNCA)… Continue Reading…

Business, Precious Metals

“Gold Miners Newmont, Newcrest Extend Takeover Talks by a Week”

“Talks to secure the biggest ever gold-mining deal will be extended after Newmont Corp. and Newcrest Mining Ltd. failed to reach a binding agreement in the time originally allotted… Newmont, the world’s biggest gold miner, made a non-binding offer to… Continue Reading…

Banking

“First Citizens to Buy SVB After Biggest Failure Since 2008”

“First Citizens BancShares Inc. agreed to buy Silicon Valley Bank after a run on deposits wiped out the company in the biggest US bank failure in more than a decade… The deal to settle SVB’s fate could help tamp down… Continue Reading…

Banking

“Why regulators seized Signature Bank in third-biggest bank failure in U.S. history”

“On Friday, Signature Bank customers spooked by the sudden collapse of Silicon Valley Bank withdrew more than $10 billion in deposits, a board member told CNBC. That run on deposits quickly led to the third-largest bank failure in U.S. history. Regulators announced late Sunday that Signature was being… Continue Reading…

Banking

“Swiss central bank posts biggest loss in its 116-year history”

“The Swiss National Bank on Monday reported a loss of 132 billion Swiss francs ($143 billion) for the 2022 financial year, citing preliminary figures. It represents the biggest loss in the central bank’s 116-year history and equates to roughly 18%… Continue Reading…

Business

“Tesla Stock Is Headed for Its Biggest-Ever Annual Decline”

“Tesla Inc. TSLA -0.03%decrease; red down pointing triangle is poised Friday to close the worst year in the stock’s history, having lost more than $700 billion in market valuation amid investor concerns about production disruptions, demand worries and Chief Executive Elon Musk’s focus on Twitter… Continue Reading…

Economy

“Worker output fell 7.5% in the first quarter, the biggest decline since 1947”

“…Nonfarm productivity, a measure of output against hours worked, declined 7.5% from January through March, the biggest fall since the third quarter of 1947. At the same time, unit labor costs soared 11.6%, bringing the increase over the past four… Continue Reading…

Banking

“Biggest Treasury Buyer Outside U.S. Quietly Selling Billions”

“…Japanese institutional managers — known for their legendary U.S. debt buying sprees in recent decades — are now fueling the great bond selloff just as the Federal Reserve pares its $9 trillion balance sheet. The latest data from BMO Capital… Continue Reading…

Economy

“Producer prices rose 11.2% from a year ago in March, the biggest gain on record”

“…The producer price index, which measures the prices paid by wholesalers, increased 11.2% from a year ago, the most in a data series going back to November 2010. On a monthly basis, the gauge climbed 1.4%, above the 1.1% Dow… Continue Reading…