Wall Street Today | U.S. Dollar Strength Lifts Americans' Relative Spending Power
MACRO
Bank of America Again Warns of 'Recession Shock' As Fed Doubles Down on Inflation Fight
Bank of America is once again warning of a coming recession jolt after the Federal Reserve pledged to "forcefully" fight record-high inflation, even if means slowing the economy.
Liz Truss Wins Contest to Become UK's Next Prime Minister
Liz Truss won the bitter race to succeed Boris Johnson as UK prime minister, and will take power with the country facing brutal economic headwinds that threaten to plunge millions of Britons into poverty this winter.
SECTORS
Oil Prices Climb As OPEC+ Agrees to 100,000 Barrel Cut Per Day
Oil prices climbed on Monday as members of the Organization of Petroleum Exporting Countries and Russia agreed to cut output by 100,000 barrels a day in October. Brent crude, the international standard, rose 3.6% to $96.31 a barrel on Monday afternoon trading in London.
U.S. Dollar Strength Lifts Americans' Relative Spending Power
Inflation is high, but U.S. consumers' relative purchasing power has never been higher. An index that considers inflation when measuring the dollar's strength relative to currencies of major U.S. trading partners in July topped its previous peak from 2002, showing how the dollar's surge has helped mitigate rising domestic prices.
Russian Gas Cut-Off Scuppers German Plan to Bolster Reserves
Germany is unlikely to meet its target for filling natural gas storage sites to 95% by the start of November following the latest Russian supply cut, according to people familiar with the matter.
COMPANY
Instagram Fined $402 Million in EU for Allegedly Mishandling Children's Data
Instagram is being hit with the second-largest European Union privacy fine for allegedly mishandling data about children, ramping up the bloc's enforcement of its privacy law against big technology companies. $Meta Platforms(META.US$
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Ford and Rivian Recall Some EVs
Monday, a recall notice for 1,175 $Ford Motor(F.US$Mustang Mach E vehicles was posted on the National Highway Traffic Safety Administration website. A new notice was also posted for 207 $Rivian Automotive(RIVN.US$ R1T pickup trucks and R1S SUVs for front seat belts anchors that may have been improperly installed. Those parts will be fixed for free as well.
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CVS to Buy Home Health Giant Signify Health for About $8 Billion
$CVS Health(CVS.US$ has reached a deal to acquire in-home health-care company $Signify Health(SGFY.US$ for about $8 billion, the companies said Monday. CVS said it would acquire Signify Health for $30.50 per share in cash.
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This New Apple Watch Could Conquer High-End Smartwatch Segment: Gurman
As the countdown begins for $Apple(AAPL.US$'s "Far Out" hardware launch event on Wednesday, Bloomberg columnist Mark Gurman offered his take on what he said is the most important new product unveil expected at the event.
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Source: Bloomberg, Dow Jones, CNBC, Yahoo Finance
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Marveller : Nice read.
RDK79 : BofA must be behind in getting fake accounts signed on. They should call twitter.
RDK79 RDK79 : Wow, it’s been nearly a year…. since BofA’s recession fear-call. Understand there were many that did the same, and some keep predicting one. I get that, there’s an election next year. But haven’t heard much at all to address the ‘miss’. Glad I’m not a BofA client, fake or otherwise, since tax payers helped bail them out but they wouldn’t even listen how maybe they could help me.