US stocks end mixed to close out worst month of 2023 as investors brace for a government shutdown

US stocks traded mixed on Friday as a government shutdown looked increasingly likely. The session also closed out a dismal September, with the S&P 500 losing 5% to mark its worst month of 2023. US stocks traded mixed on Friday as investors initially cheered better-than-expected inflation news but grew jittery as a government shutdown appeared…

Europe is almost out of local olive oil supplies as extreme weather takes a toll on harvests

Wildfires and extreme heat have damaged olive harvests in Europe, leading to shortages of olive oil. To keep up with demand, olive oil is being imported from South America. In the past couple of years, extreme weather, wildfires and droughts have damaged olive tree harvests to the point where Europe is now almost out of…

Bill Ackman and Larry Fink see US Treasury yields hitting 5%: ‘Like literally weeks’

Wall Street heavyweights Larry Fink and Bill Ackman see US Treasury yields reaching 5%. “That could happen in the very short-term,” Ackman said. “Like literally weeks.” Wall Street heavyweights Bill Ackman and Larry Fink see inflation remaining higher and expect US Treasury yields to soon hit 5%. Ackman, who is the CEO of Pershing Square…

Authorities are investigating LVMH billionaire Bernard Arnault in potential money laundering probe

French authorities are looking into billionaire Bernard Arnault’s dealings with a Russian businessman. Nikolai Sarkisov bought properties in 2018 through intermediary companies, but the buyer was Arnault, reports said. The Paris public prosecutor’s office said Friday that it is investigating billionaire LVMH CEO Bernard Arnault’s dealings with Russian businessman Nikolai Sarkisov, according to multiple media…

Russia and Saudi Arabia have likely made close to $3 billion this quarter as OPEC+ production cuts push oil toward $100 a barrel

Russia and Saudi Arabia have made billions in additional oil revenue after their production cuts lifted prices. Russia likely generated an additional $2.8 billion over the past quarter, according to Energy Aspects data. Russia and Saudi Arabia have likely pulled billions in additional oil revenue after steep oil production cuts lifted crude prices. Russia has…

A government shutdown would impact 1,300 home sales each day as insurance program expires

The National Association of Home Builders sounded the alarm on the risks of a government shutdown. If the National Flood Insurance Program isn’t renewed, 1,300 home sales will be affected daily. The federal government’s impending shutdown could significantly disrupt housing market activity, the National Association of Home Builders said on Tuesday. In a letter to…

US stocks jump as investors cheer better-than-expected inflation data

US stocks jumped Friday as investors took in better-than-expected inflation. Core PCE, the Fed’s preferred inflation measure, rose 0.1% in August, below estimates of 0.2%. US stocks edged higher on Friday as markets digested cooler-than-expected inflation data. All three benchmark indexes rose higher at the open, with the Dow Jones Industrial Average gaining nearly points.…

‘Dumb Money,’ the movie based on the 2021 GameStop trading frenzy, comes up short

This post originally appeared in the Insider Today newsletter. When individual investors sent shares of so-called meme stocks skyrocketing in early 2021, putting billion-dollar hedge funds on their heels, one thing seemed obvious: This would make a helluva movie. More than two years later, we get to see for ourselves. “Dumb Money,” which opens for…

Centre’s fiscal deficit at Aug-end touches 36% of full-year target: CGA

New Delhi, The Centre’s fiscal deficit in the first five months of 2023-24 touched 36 per cent of the full-year target, government data showed on Friday. In absolute terms, the fiscal deficit — the gap between expenditure and revenue — was Rs 6.42 lakh crore as of August-end, according to the data released by the…