Author: Multibagger News

As the world’s best investment manager and financial market journalist, I am here to provide you with insights into Federal Reserve Chair Jerome Powell’s upcoming semi-annual Congressional testimony. This event is crucial for understanding the Fed’s stance on inflation and potential future rate changes, which could have significant implications for your finances. According to Piper Sandler analysts, Powell is likely to highlight the progress made in reducing inflation but will emphasize the need for further efforts to achieve a sustainable 2% inflation rate. He is expected to address the challenges in maintaining confidence in the inflation outlook and remain vigilant…

Texas Power Outage Crisis: Over 2.3 Million Without Power as Tropical Storm Beryl Strikes Texas Faces Massive Blackouts Due to Tropical Storm Beryl In a significant blow to Texas’ infrastructure, more than 2.3 million homes and businesses are currently without power as Tropical Storm Beryl wreaks havoc across the state. According to PowerOutage.us, the storm made landfall near Matagorda, Texas, earlier today and is expected to weaken into a post-tropical cyclone by Tuesday. CenterPoint Energy and Other Utilities Hit Hard The storm has severely impacted CenterPoint Energy (NYSE: CNP), which serves nearly 2.6 million customers. As of 11:17 a.m. ET,…

Egypt’s Current Account Deficit Skyrockets to $17.1 Billion in Fiscal 2023/24, Central Bank Reports In a shocking revelation, Egypt’s current account deficit has surged to an alarming $17.1 billion in the first nine months of fiscal 2023/24, a stark increase from $5.3 billion in the previous year. This drastic change has been attributed to a significant drop in oil exports, plummeting by $7.2 billion to a mere $4.6 billion. On the flip side, imports of oil products have risen by $1.5 billion, alongside a $268.2 million increase in imports of other goods. These shifts come as Egypt grapples with power…

The Impact of Erdogan’s Plan to Invite Assad on Syrian Refugees in Turkey President Tayyip Erdogan’s surprising move to invite Bashar al-Assad for talks has sparked concerns among Syrians in Turkey about the possibility of being sent back to Syria. This comes after a recent wave of anti-migrant violence that has left them feeling vulnerable. Erdogan’s decision to reach out to Assad marks a significant shift in Turkey’s foreign policy, as Ankara had cut ties with Damascus in 2011 and supported anti-Assad forces in the north. However, Erdogan now emphasizes the importance of reconciliation with Syria. There are fears among…

Binance Delists Four Trading Pairs: What You Need to Know In a recent announcement, Binance, the world’s leading cryptocurrency exchange, has revealed that it will be delisting four trading pairs due to low trading activity, liquidity, and popularity among traders. This move is part of Binance’s commitment to maintaining high standards for listed assets and ensuring the best services for its users. The delisted assets include BarnBridge (BOND), Dock (DOCK), Mdex (MDX), and Polkaster (POLS). Trading for these pairs will cease, and all open orders will be canceled. After the delisting, the valuation of these tokens will no longer be…

UBS Downgrades GlaxoSmithKline Stock, Citing Uncertainties – What Does This Mean for Investors? UBS has downgraded GlaxoSmithKline (NYSE: GSK) from Buy to Neutral, adjusting the price target amid revised expectations for the pharmaceutical company’s products and financial performance. The downgrade reflects a mix of positive and less favorable factors influencing GlaxoSmithKline’s valuation, with lower revenue forecasts for key products leading to a reduced target PE ratio. Despite the downgrade, UBS sees potential supports for the stock, such as a dividend yield of approximately 4% and a limited R&D risk profile. In other recent news, GlaxoSmithKline has secured exclusive rights to…

The stock market soared to new heights on Friday, reaching a record close as the latest jobs report fueled hopes for Federal Reserve rate cuts. The benchmark market index surged by 0.54%, closing at 5,567.19, while the Dow Jones Industrial Average climbed 0.90% to end at 18,352.76. Both indexes hit all-time highs during the session, with the S&P 500 marking its 34th record close of 2024. The Nasdaq added 0.17%, or 67.87 points, closing at 39,375.87. Labor data released on Friday morning showed a 206,000 increase in nonfarm payrolls for June, pushing the unemployment rate up to 4.1%, slightly higher…

Hyundai Motor Reaches Tentative Wage Agreement with South Korean Labor Union: What It Means for Investors and the Auto Industry SEOUL (Multibagger) – Hyundai Motor Co, a global automotive giant, has successfully reached a tentative wage agreement with its South Korean labor union, according to a union official. This crucial development potentially averts a strike and subsequent production losses in South Korea, which is Hyundai’s largest manufacturing hub. Key Highlights of the Agreement Negotiation Duration: The agreement comes after 46 days of intense negotiations. Salary Increment: Hyundai will increase the basic monthly salary of its workers by 111,200 won ($80.46).…

The New Popular Front (NFP), a left-wing alliance in France, has become the top bloc in the upcoming parliament, although they do not have a majority. According to political tradition, President Emmanuel Macron will select a prime minister from the largest political force in parliament. The NFP, comprising the Communist Party, France Unbowed, the Greens, and the Socialist Party, has not yet announced their choice for prime minister. The parties within the alliance have struggled to agree on a candidate who would appeal to a broad audience. Key Figures in the NFP: Jean-Luc Melenchon: A veteran of left-wing politics in…

Breaking News: President Joe Biden Vows to Stay in Presidential Race Despite Calls to Step Aside – What Does This Mean for Investors? President Joe Biden made a bold statement on Monday, affirming his commitment to staying in the presidential race despite calls from various sources to step aside. In an interview with MSNBC’s Morning Joe program, Biden expressed his confidence in the average voter’s support for him on the Democratic ticket. Following a challenging debate against Republican Donald Trump, Biden faced scrutiny over his mental fitness. However, he remains steadfast in his determination to challenge Trump in the upcoming…