Markets

Wall Street bullish on 3 Club stocks on Wednesday

Apple (AAPL), Constellation Brands (STZ) and Ford Motor (F) were investigated by Wall Street on Wednesday. Here is the latest analyst commentary on these Club holdings, along with our take. Apple analysts say: Baird cut its estimate for iPhone manufacturing by 8 million units in Apple’s fiscal first quarter, citing continued difficulties at an assembly …

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European Central Bank Says Bitcoin Is On “Road To Irrelevance”

The bitcoin logo displayed on a smartphone with euro banknotes in the background. Andrea Ronchini | NurPhoto via Getty Images The European Central Bank has strongly criticized bitcoins Wednesday, saying the cryptocurrency is on a “path to irrelevance.” In a blog post titled “Bitcoin’s Last Stand,” ECB Director General Ulrich Bindseil and analyst Jürgen Schaff …

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Chinese factory activity at lowest since April; Mixed Asian markets

Bitcoin Briefly Crosses $17,000 at Highest Levels Since Mid-November Bitcoin price briefly rose above $17,000 during the morning session in Asia for the first time since mid-November. Bitcoin was up 2.2% from the previous 24 hours, according to Coin Metrics and last traded at $16,863.07 per coin. Ether has also risen and is up 4.74% …

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Chinese factory activity data falls short of expectations; Asia-Pacific markets mixed

Chinese factory activity beats expectations and contracts for second straight month China’s official manufacturing purchasing managers’ index for November came in at 48, below the 50-point mark that separates growth from contraction. That’s below analysts’ expectations polled by Reuters, who had forecast a reading of 49. October’s PMI was 49.2. PMI readings are sequential and …

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Hong Kong shares jump 4% ahead of Chinese Covid briefing

Currency control: Asia-Pacific currencies strengthened strongly, driven by the Chinese yuan The onshore and offshore Chinese yuan strengthened against the dollar in the Asian session ahead of a news conference on Covid measures. The greenback lost 1.09% against the offshore yuan and 0.65% against the land yuan, both trading around the 7.16 levels. The offshore …

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Hong Kong stocks drop 2% on unrest in China, oil drops to 2022 low

Oil futures extend losses, US crude hits year lows U.S. crude futures and Brent crude futures fell more than 2% each in morning trading in Asia as fears over falling demand from China became evident. West Texas Intermediate Futures fell as low as $73.86 a barrel, the lowest levels since December 2021, while Brent futures …

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Dow rises more than 150 points as Wall Street looks to end winning week

The Dow Jones Industrial Average rose on Friday as Wall Street pushed for solid gains in the holiday-shortened trading week. The Dow Jones Industrial Average rose 174 points, or 0.51%. The S&P 500 gained 0.06% and the Nasdaq Composite slipped 0.36%, weighed down by shares of Activision Blizzard, which fell more than 4% following news …

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Recession will be an inch deep but a mile wide, says UBS strategist

Global economic conditions will change next year and that will change which markets and sectors are underperforming, according to UBS Investment Bank’s chief strategist. Bhanu Baweja told CNBC’s “Squawk Box Europe” on Wednesday that between a third and a half of the countries the bank covers globally are facing a recession. “It’s an inch deep …

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