Author: Multibagger News

(Reuters) -First Foundation shares slumped 30% in premarket trading on Wednesday after the Texas-based lender with a huge portfolio of multifamily real estate loans disclosed a $228 million “unexpected” capital raise. Banks’ exposure to commercial real estate (CRE) loans has rattled investors as higher-for-longer interest rates and low occupancy due to a shift in work patterns have fanned fears of defaults. Worries about multifamily loans also crushed New York Community Bancorp (NYSE:)’s shares, which have lost nearly two-thirds of their value so far this year. Loans secured by multifamily properties – apartment buildings with more than four units – accounted…

Investing.com —  in the U.S. added fewer roles than anticipated in June, but job gains remained somewhat resilient thanks to a rebound in hiring in the leisure and hospitality industries, according to a report from payrolls processor ADP on Wednesday. The ADP Employment report showed that private payrolls rose by 150,000 last month, down from an upwardly-revised total of 157,000 in May. Economists had seen the figure at 163,000. Leisure and hospitality accounted for a large portion of jobs created in the key services sector, offsetting a decline in the information field and weakness in education and health services. “Job…

Investing.com — U.S. Vice President Kamala Harris is the top alterntive to President Joe Biden should he choose not to continue his campaign for re-election in November, Reuters reported on Wednesday. Citing senior sources within the Biden campaign, the White House and the Democratic National Committee, Reuters said that it would be nearly impossible to forego naming Harris as Biden’s replacement. A host of Democratic governors — California’s Gavin Newsom, Michigan’s Gretchen Whitmer and Pennsylvania’s Josh Shapiro — have all reportedly been floated as potential alternatives. But the sources told Reuters that Harris retains the best name recognition and has polled…

Citi analysts have introduced a framework for understanding and forecasting gold prices, which they state aims to rejuvenate investment in this asset by providing a robust, regime-independent model. This framework is said to explain annual price movements over the past 55 years and quarterly changes over the past 25 years, highlighting key drivers of gold prices. Central to Citi’s framework is the idea that investment demand, from both private and public sectors, as a share of gold mine supply, is the primary driver of gold pricing. According to Citi, “Gold investment demand in China and central banks has risen to…

LONDON (Reuters) – In the run up to announcing provisional tariffs on Chinese-made electric vehicles, the European Commission in April released a 712-page report on the many layers of subsidies it argues the Chinese government provides to domestic firms. The report is designed for anti-dumping cases, but trade experts see it as a supporting document for its anti-subsidy investigation into EVs and as a signal to both China and reluctant European Union member states that it means business. It also leaves the door open to future cases. Here are some of the key findings from the report: Support for state-owned…

On Wednesday, Baird maintained an Outperform rating on Nikola Corp . (NASDAQ:) stock but significantly reduced the shares target to $14 from the previous $60. Nikola Corp. has reportedly surpassed its second-quarter delivery expectations, with a total of 72 fuel-cell electric vehicles (FCEVs) handed over to customers. This figure exceeds both the company’s guidance of 50 to 60 units and Baird’s estimate of 55 units. The company’s second-quarter performance, particularly the repeat business, indicates early signs of success for Nikola’s products with certain customers. Baird’s note underscores the importance of Nikola’s liquidity for the remainder of the year, suggesting that…

By Kevin Buckland and Amanda Cooper TOKYO/LONDON (Reuters) – The yen hit a fresh 38-year trough against the dollar and a record low to the euro on Wednesday, as the currency continued its downward grind, with Japanese officials largely remaining on the sidelines amid the risk of intervention. The dollar edged lower against a basket of currencies, extending Tuesday’s decline after dovish comments from Federal Reserve Chair Jerome Powell overshadowed a robust domestic jobs report. The euro remained resilient, helped by a stubbornly high local inflation reading on Tuesday that suggested the European Central Bank would take its time before…

Investing.com– Bitcoin price slid lower on Wednesday, extending losses seen earlier in the week as traders remained largely averse to the token amid concerns that distributions from the defunct exchange Mt Gox will spark a mass sales of the token. Sentiment towards broader crypto markets also remained dour amid uncertainty over U.S. interest rates, with a recent drop in the dollar doing little to deter weakness in the sector. fell 4% in the past 24 hours to $60,339.1 by 08:20 ET (12:20 GMT). The world’s biggest cryptocurrency was nursing steep losses through June and remained squarely within a trading range…

By Arunima Kumar (Reuters) -Oil prices steadied on Wednesday after trading higher as industry data showed a bigger-than-expected draw in stockpiles, with gains capped by economic headwinds from China and the euro zone. futures inched up 15 cents, or 0.17%, to $86.39 per barrel at 1210 GMT. U.S. West Texas Intermediate (WTI) crude futures gained 11 cents or 0.13% to $82.92 per barrel. On Tuesday, both benchmarks rose to their highest since the end of April but closed down on the day as fears faded that Hurricane Beryl would disrupt production in the Gulf of Mexico. U.S. crude oil inventories…

U.Today – Michael Dell, CEO of Dell Technologies (NYSE:), recently posted a thought-provoking poll on X (formerly Twitter), asking the community to weigh in on what they considered the most important thing between the options: AI, , or love and relationships. This simple yet profound question piqued the interest of the crypto community, with a larger portion of respondents going for Bitcoin. The poll, which seemed to be a casual inquiry, caught the eye of Michael Saylor, MicroStrategy cofounder and CEO who reacted to the survey with a heart emoji. Saylor would later post an epic response to the Dell…