(Bloomberg) — Cathie Wood flagged the risk of “serious losses” in the trillion-dollar auto debt market, after statistics showed US used vehicle prices decreased in September.
Most Read from Bloomberg
The Ark Investment Management LLC founder and chief executive officer cited a shift in consumer taste toward electric cars as leading to a drop in the price of gasoline-powered vehicles, according to a tweet that referenced data released by Manheim Auctions, the world’s largest reseller of used vehicles.
That organization’s US Used Vehicle Value Index posted a 3% drop in September from the month before.
Wood’s post follows a tweet last month warning about risks building for US auto debt. Vehicle loans were at an all-time high of nearly $1.4 trillion as on June 30, according to a quarterly data released by the Federal Reserve.
A Bloomberg index of asset-backed securities has lost 5.3% so far this year, less than the 20.2% slump in an index of global bonds.
Most Read from Bloomberg Businessweek
©2022 Bloomberg L.P.
Columbus Day arrives this year after investors navigated choppy waters last week. The marked its largest two-day gain since April 2020 on Tuesday, after a weak ISM manufacturing activity report and other economic data suggested the Federal Reserve might ease future interest-rate hikes. This week, investors can expect third-quarter earnings results, the September consumer price index reading, and other macro data to give better clues as to whether the Fed will be able to negotiate a soft landing or plunge the U.S. into a recession.
The first quarter of 2022 has been difficult for retirement savers and retirees alike, and according to investment firm Charles Schwab, it was one of the worst quarters for fixed-income in decades. However, the rising yields and changed Federal Reserve … Continue reading → The post Charles Schwab Says Now Is the Time to Add This Asset to Your Retirement Portfolio appeared first on SmartAsset Blog.
Aside from runaway inflation, the energy crisis is sucking up capital to guarantee trades amid wild price swings, and this is an increasingly large risk for European financial institutions
(Bloomberg) — An investment decision on a $25 billion gas pipeline from Nigeria to Morocco that could supply the fuel to Europe will be taken next year, the head of the West African nation’s state oil company said.Most Read from BloombergUkraine Latest: Putin Calls Security Meeting, Comments on BridgeRussia Races to Reopen Crimea Bridge Damaged in Fiery BlastEight Years of Combat Hardened Ukraine’s Army Into a Fighting ForcePutin Orders Sakhalin-1 Project Transferred to Russian EntityThe Nigeri
SINGAPORE (Reuters) -Oil prices fell on Monday, snapping five days of gains, as investors took profits after a report on slowing economic activity in China, the world’s biggest crude importer, re-ignited concerns about falling global fuel demand. West Texas Intermediate crude for November delivery declined by as much as 1.1% and was at $91.84 a barrel, down 80 cents, or 0.9%. Services activity in China during September contracted for the first time in four months as COVID-19 restrictions hit demand and business confidence, data showed on Saturday.
(Bloomberg) — Most Read from BloombergUkraine Latest: Putin Calls Security Meeting, Comments on BridgeRussia Races to Reopen Crimea Bridge Damaged in Fiery BlastEight Years of Combat Hardened Ukraine’s Army Into a Fighting ForcePutin Orders Sakhalin-1 Project Transferred to Russian EntityA possible ban on Russian supplies by the London Metal Exchange would be a seismic event for the metals industry, cutting some of the world’s biggest companies off from the main global marketplace.The exchange
In Musk v. Twitter, a part of the business life of the richest man in the world is revealed. Private messages exchanged with his inner circle immerse us into his process when he conceives an idea. The messages were released by the Delaware Chancery Court as part of the proceedings between the two parties.
PayPal is in trouble. “You are independently responsible for complying with all applicable laws in all of your actions related to your use of PayPal’s services, regardless of the purpose of the use,” the document, called “Acceptable Use of Policy,” said.
The dollar wrecking ball is swinging its way through world markets again, after a solid U.S. jobs report strengthened the view that the Fed will deliver a fourth consecutive 75 basis- point rate hike at its next meeting. Wall Street tanked on Friday and global markets will likely be reeling on Monday. Asian trade could be more volatile than usual as China reopens after the Golden Week holiday.
The declines followed yet another dismal end to the week on Wall Street as a strong U.S. jobs report added to worries the Federal Reserve might consider the higher-than-expected hiring data as proof the economy hasn’t slowed enough to get inflation under control. Investors also are awaiting the latest updates on how companies are dealing with higher prices and interest rate hikes. The dollar rose to 145.44 Japanese yen from 145.34 late Friday, adding to pressure on Japan’s central bank to counter the yen’s prolonged slide by adjusting its policy of keeping its benchmark interest rate below zero to fend off deflation.
The Wall Street Journal
Monday is Columbus Day, a federal holiday. U.S. stock markets are open but the corporate bond and Treasury markets are closed. The Labor Department releases a report on the prices that suppliers charged businesses and other customers in September.
(Bloomberg) — Sign up for the New Economy Daily newsletter, follow us @economics and subscribe to our podcast.Most Read from BloombergUkraine Latest: Putin Calls Security Meeting, Comments on BridgeRussia Races to Reopen Crimea Bridge Damaged in Fiery BlastEight Years of Combat Hardened Ukraine’s Army Into a Fighting ForcePutin Orders Sakhalin-1 Project Transferred to Russian EntityGlobal finance chiefs gather in Washington in the coming days with the warning of a possible $4 trillion loss in t
BENGALURU (Reuters) -Shares of India’s Tata Motors Ltd fell as much as 4.6% on Monday after its Jaguar Land Rover (JLR) business wholesale volumes fell below expectations, prompting top brokerages to cut price targets and also warn of a slowdown next year. Tata Motors on Friday said JLR wholesale volumes – excluding its joint venture in China – were 75,307 for the second quarter, while it had in August, projected wholesale volumes to be around 90,000. The automaker, among the largest in the country, blamed lower-than-expected supply of specialised chips from one supplier for failing to meet its target.