Federal Reserve Governor Christopher Waller recently stated that interest rate cuts are likely to happen soon, provided there are no major surprises regarding inflation and employment. Waller believes that the current economic data support achieving a soft landing, and he will closely monitor the data in the coming months to strengthen this viewpoint. While he
Finance
Gold prices reached a record high on Tuesday, with futures climbing 1.5% to $2,465.30, surpassing the previous high of $2,454.20 set in May. Spot gold also hit an all-time high of $2,465.19 during the session. The surge in gold prices can be attributed to the growing expectations of an interest rate cut in September, which
Small-cap stocks have seen a surge in recent times, taking the baton from megacap technology shares. This shift has propelled these smaller companies to the forefront of the bull market. The benchmark index for small caps, the Russell 2000, experienced a 1% increase on Tuesday, reaching its highest level since January 2022. If the index
Deutsche Bank recently came under fire for incorrectly disclosing deferred tax assets in its 2019 financial statement, a move that did not align with international accounting standards. The German regulator BaFin pointed out that the declarations regarding deferred tax assets in the bank’s consolidated financial statement were incomplete. Missing Information in the Financial Statement BaFin
The recent attempted assassination of former President Donald Trump at a Pennsylvania rally has prompted leaders of some of the most powerful firms on Wall Street to speak out against such acts of violence. JPMorgan Chase CEO Jamie Dimon expressed his deep sadness and condemnation for the violence, emphasizing the importance of standing together against
Goldman Sachs announced impressive second-quarter results on Monday, surpassing profit and revenue estimates. The company reported earnings of $8.62 per share, beating the $8.34 per share estimate from LSEG. Additionally, revenue came in at $12.73 billion, higher than the $12.46 billion estimate. This marked a significant improvement for the bank, with second-quarter profit soaring 150%
China’s National Bureau of Statistics recently reported that the country’s second-quarter GDP only rose by 4.7% year on year, missing expectations of a 5.1% growth based on a Reuters poll. This underwhelming performance indicates a slowdown in the Chinese economy, with June retail sales also failing to meet estimates by rising only 2% compared to
JPMorgan Chase CEO Jamie Dimon recently issued a stark warning about inflation, emphasizing that despite some progress, there are still multiple inflationary forces at play. He highlighted factors such as large fiscal deficits, infrastructure needs, restructuring of trade, and the remilitarization of the world as challenges ahead. Dimon’s cautionary statements come in the wake of
Wells Fargo recently reported a 9% decline in net interest income, which fell short of Wall Street expectations. This decline, totaling $11.92 billion, was attributed to the impact of higher interest rates on funding costs. Analysts had anticipated a figure closer to $12.12 billion, highlighting a significant discrepancy between projections and actual performance. This unexpected
In June, China’s imports experienced a decline of 2.3% in U.S. dollar terms, a surprising result that missed expectations for even slight growth. This contrasted with a forecast of 2.8% growth, indicating a significant shortfall in the import sector. The sluggish performance in imports could be attributed to lackluster domestic demand, impacting the overall economic