Author: Multibagger News

EU Tech Giants Lobby EU for Light-Touch AI Regulation to Avoid Billions in FinesBy Martin CoulterThe world’s largest technology companies are making a final push to convince the European Union to adopt a lenient approach to regulating artificial intelligence. They are concerned about potential multi-billion dollar fines that could be imposed if regulations are too strict.In May, EU lawmakers approved the AI Act, the first comprehensive set of rules governing AI technology. However, the specifics of how rules regarding “general purpose” AI systems will be enforced are still uncertain until the accompanying codes of practice are finalized.Companies, academics, and other…

Swatch Group AG Faces Stock Downgrade by Jefferies, Price Target Reduced to CHF120.00 Swatch Group AG (SIX:SW) (OTC: SWGAY) received a stock rating downgrade from Hold to Underperform by Jefferies, along with a decrease in the price target to CHF120.00 from CHF170.00. This adjustment is due to concerns over the company’s exposure to underperforming markets and sectors. The downgrade comes as Swatch Group’s shares have declined by 12% since July 1, compared to a broader sector decline of 18%. Jefferies pointed out the company’s significant sales presence in China, accounting for 33% compared to the industry average of 24%, as…

Breaking News: Dollar Edges Higher After Fed Rate Cut, Sterling Surges on UK Retail Sales Data The U.S. dollar saw a slight increase on Friday following the Federal Reserve’s significant interest rate cut, while the pound rose strongly after positive UK retail sales data. The Dollar Index traded 0.2% higher at 100.480 but remained near a 12-month low. The dollar is struggling to find support after the Fed’s rate cut, with markets predicting further cuts in the future. Analysts suggest that the dollar may break out of its two-year range soon, which could lead to significant selling pressure. Meanwhile, the…

Record Inflows into U.S. Stocks Signal Bullish Trend for Investors: A Comprehensive Analysis Investing.com – Last week, U.S. stocks experienced their third-largest inflow of 2024, with an impressive $33.8 billion being funneled into the asset class, according to a report released by Bank of America on Friday. Key Highlights: U.S. Large-Cap Sector Dominates: The U.S. large-cap sector emerged as the primary magnet for investors, drawing in a significant $26.2 billion. Value stocks saw a substantial inflow of $4.2 billion, their largest since December 2023. Small-cap stocks attracted $3.9 billion, while growth stocks followed with $1.9 billion in inflows. Global Equity…

European Shares Slip After Fed Rate Cut; Mercedes Stock Plunges | Market Update In the wake of the U.S. Federal Reserve’s interest rate cut, European shares took a hit on Friday. The pan-European index fell 0.4% to 519.52 points, with all major markets trading lower except for Spain, which edged up 0.1%. The automotive sector saw significant losses, driven by a 7.6% drop in Mercedes-Benz stock after the company slashed its profit outlook due to declining sales in China. Additionally, German producer prices fell less than expected in August, and consumer confidence in the Eurozone hit a six-month low, causing…

By Sudipto Ganguly COLOMBO (Multibagger) – Sajith Premadasa, the leader of Sri Lanka’s main opposition party, is poised to win Saturday’s presidential election, marking a significant moment in the country’s history. Premadasa, 57, a graduate of the prestigious London School of Economics, entered politics following the tragic assassination of his father, former President Ranasinghe Premadasa, in 1993. Since then, he has steadily risen through the ranks, serving in various government positions before assuming leadership of the Samagi Jana Balawegaya (SJB) party. In the previous presidential election, Premadasa secured 42% of the votes, establishing himself as a formidable contender. His platform…

PBF Energy Inc. Downgraded to ‘Underweight’ by Piper Sandler – What it Means for Investors In a recent development, PBF Energy Inc. (NYSE:) saw its stock rating downgraded by Piper Sandler from ‘Neutral’ to ‘Underweight.’ This downgrade was accompanied by a reduction in the price target for the company’s shares to $25.00 from $47.00. The revision was driven by concerns about PBF Energy’s future financial performance. Piper Sandler highlighted PBF Energy’s position as a small to mid-cap (SMID-cap) company with high refining leverage as a key factor in their analysis. The firm predicts a significant potential drop in earnings before…

FedEx Shares Plummet Over 12% After Disappointing Q1 Earnings and Revised Guidance – What Investors Need to Know Key Points: FedEx Shares Drop: FedEx (NYSE: FDX) shares plunged by over 12% in premarket trading following a disappointing fiscal Q1 earnings report. Revised Guidance: The logistics giant cut its full-year earnings outlook, anticipating adjusted earnings per share to range between $20.00 to $21.00, down from the previously forecasted $20.00 to $22.00. Revenue Growth: The company now expects low single-digit percentage revenue growth year-over-year, scaling back from the earlier projection of a low-to-mid single-digit increase. Cost Management: FedEx aims to manage expenses…

Investment Opportunities: Interest Rate Cuts Expected in Switzerland and Sweden In the wake of a significant Federal Reserve rate adjustment, more interest rate cuts are on the horizon in Switzerland and Sweden. U.S. inflation data and global business activity surveys are pointing towards pressure in the near future. With Japan’s ruling party selecting its next leader and Sri Lankan voters gearing up to elect a new president, the political landscape is also shaping the economy. Let’s dive into what to expect in the world markets in the upcoming week: 1/ Central Banks in Focus Switzerland and Sweden are next to…

Artem, a 22-year-old IT student in Moscow, has no regrets about shelling out more than $3,000 to see his favorite singer perform. Around the world, fans of Taylor Swift – “Swifties” – are used to paying eye-popping prices to attend her concerts. But in Russia, there are other challenges in the quest to catch the superstar on tour. Many Western performers have shunned Russia since 2022, when Russia sent its army into Ukraine, and outward travel to the West is fraught with complications. But Russian Swifties, undeterred, embarked this summer on daunting odysseys – requiring visa appointments and clever flight…