U.S. stocks were lower after the close on Wednesday, as losses in the Healthcare, Basic Materials and Technology sectors led shares lower. Gold and Crude fell and the dollar was up. The excuse seems to be something might happen on Friday in Jackson Hole.
NEW YORK (Reuters) - Wall Street retreated on Wednesday, pulled lower by weakness in the materials and healthcare sectors as investors continued to weigh the possibility of an interest rate hike in the coming months.
WASHINGTON (Reuters) - U.S. banking regulators said on Wednesday they are focused on cyber security risks and controls for U.S. financial institutions after attacks earlier this year involving the global financial network known as SWIFT.
NEW YORK (Reuters) - The former chief executive officer of Comverse Technology Inc pleaded guilty to securities fraud on Wednesday, a decade after fleeing the United States for Namibia to avoid prosecution.
CHICAGO/NEW DELHI (Reuters) - U.S. retailer Bed Bath & Beyond on Wednesday said it ordered an external audit of textiles from Welspun India , after Target Corp last week accused the Indian manufacturer of passing off cheap sheets as premium Egyptian cotton for two years.
(Reuters) - A U.S. appeals court said on Wednesday that Puerto Rico could not force Wal-Mart Stores Inc's affiliate there to pay a special corporate tax that the retailer said was discriminatory and violated the U.S. Constitution.
NEW YORK (Reuters) - Oil prices tumbled on Wednesday, with U.S. crude settling about 3 percent lower, after an unexpectedly large inventory build in the world's biggest oil consumer renewed worries about oversupply.
Anxious young Millennial college students overwhelmingly threw their support behind Bernie during the Democratic Primary. As a student, why wouldn't you support a candidate offering to pay for your school and socialize your existing student loan debt? Bernie seemed like the "logical" choice. But, now that the "obvious" choice is no longer in the race, the folks at LendEDU conducted an online poll of 1,500 people, who currently have student loan debt, to figure out to whom the Bernie voters will be shifting their support.
Unsurprisingly, a lot of Bernie supporters with student loan debt are tossing their support behind Hillary. And why not? Hillary's "deal" for students, though not quite as good as Bernie's, is also very enticing. Per Hillary's website:
Every student should have the option to graduate from a public college or university in their state without taking on any student debt
All community colleges will offer free tuition
A $25 billion fund will support historically black colleges and universities, Hispanic-serving institutions, and other minority-serving institutions
Borrowers will be able to refinance loans at current rates, providing debt relief to an estimated 25 million people. They'll never have to pay back more than 10 percent of their income, and all remaining college debt will be forgiven after 20 years.
Delinquent borrowers and those in default will get help to protect their credit and get back on their feet
Following the recent revelation that the Obama administration paid Iran $400 million in ransom money to release 4 US hostages, perhaps Tehran was looking for a tip, because moments ago a US defense official said that four Iranian ships carried out a "high speed intercept" of a US destroyer in the strait of hormuz, an incident that the official dubbed "unsafe and unprofessional", cited by Reuters.
FOUR IRANIAN MILITARY VESSELS CARRIED OUT "HIGH SPEED INTERCEPT" OF U.S. DESTROYER IN VICINITY OF STRAIT OF HORMUZ ON AUG 23 - U.S DEFENSE
U.S. DEFENSE OFFICIAL SAYS TWO OF IRANIAN VESSELS CAME WITHIN 300 YARDS OF THE U.S. DESTROYER AND INCIDENT WAS "UNSAFE & UNPROFESSIONAL"
As Reuters adds, the four vessels belonging to the Islamic Revolutionary Guard Corps "harassed" a U.S. destroyer on Tuesday by carrying out a "high speed intercept" in the vicinity of the Strait of Hormuz, a U.S. Defense official said on Wednesday.
The Defense official, speaking on the condition of anonymity, said two of the Iranian vessels came within 300 yards of the USS Nitze in an action that was "unsafe and unprofessional."
As a reminder, on January 12, the Iran navy seized 2 US navy boats and their crewmen, for "illegally entering Iranian waters." It released the captives one day later after a thorough questioning, and receipt of an apology. Less than a week later, on January 17, Iran would receive $400 million in non-USD denominated bills to release 4 US hostages.
We look at A Bloomberg Go piece regarding the Oil Market, and illustrate just how poor critical reasoning abilities are in this role for the Big Banks. Analysts at Investment Banks are pretty bad in general, but the energy analysts require skillsets that fetch much higher pay in other roles in the Finance World.
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In July 1944, just weeks after the successful Allied invasion of Normandy, hundreds of delegates from around the world gathered in Bretton Woods, New Hampshire to determine the future of the global financial system.
The vision was simple: America would be the center of the universe, and every other nation would revolve around the US.
This arrangement ultimately led to the US dollar being the world's dominant reserve currency which still remains today.
Whenever a Brazilian merchant pays a Korean supplier, that deal is negotiated and settled in US dollars.
Oil. Coffee. Steel. Aircraft. Countless commodities and products across the planet change hands in US dollars, so nearly every major commercial bank, central bank, multi-national corporation, and sovereign government must hold and be able to transact in US dollars.
This system provides a huge incentive for the rest of the world to hold trillions of dollars worth of US assets- typically deposits in the US banking system, or US government bonds.
It's what makes US government debt the most popular "investment" in the world, why US government bonds are considered extremely liquid "cash equivalents".
As long as this system continues, the US government can continue to go deeper into debt without suffering serious consequences.
Just imagine being totally broke... yet every time you want to borrow money there's a crowd of delighted lenders eager to replenish your wallet with fresh funds.
This may be the US government's #1 advantage right now.
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The headlines for existing home sales say "Slowed by frustratingly low inventory levels in many parts of the country, existing-home sales lost momentum in July and decreased year-over-year for the first time since November 2015". Our analysis of the unadjusted data is much worse than the headlines.
The European Union and Portugal have reached an initial agreement to inject billions of euros into Portugal's largest lender by assets, an important step toward cleaning up the country's troubled banking sector.
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