• As Manchester United fans revolt against the current owners, Michael Knighton says he is lining up a hostile bid to take over the team. For soccer fans of a certain age, there is a certain sense of déjà vu about Knighton’s latest move. Link
    MarketWatch Wed 10 Aug 2022 23:30

    Michael Knighton, the British businessman reportedly planning a bid to purchase football club Manchester United, is no stranger to the spotlight.

    The former Manchester United director is planning a formal bid to buy the club’s operator, Manchester United Ltd. MANU,

  • Here's one big reason why we're unlikely to see the kind of interest-rate shocks that sparked a wave of subprime mortgage defaults from 2007 to 2009. Link
    MarketWatch Wed 10 Aug 2022 23:10

    Sky-high housing prices still threaten to complicate the Federal Reserve’s inflation fight, even as America’s market for single-family homes shows signs of cooling in response to sharply higher interest rates.

    This week, Redfin reported the number of “stale” home listings climbed above 60% in July, reflecting the year’s surge in mortgage rates and concerns about the economy as homes linger on the market for longer.

  • Disney+ and Hulu prices are changing and an ad-supported version of Disney+ is on the way — here’s how much your streaming plan will soon cost. Link
    MarketWatch Wed 10 Aug 2022 22:44

    Walt Disney Co. is launching an advertising-supported version of its flagship Disney+ streaming service later this year, and plans to raise prices on many of its streaming services in conjunction with the move.

    Executives at the media giant announced Wednesday that they plan to raise the price of ad-free Disney+ to $10.99 a month starting Dec. 8. An annual subscription to the service will cost $109.99, up from $79.99 previously.

  • Why home prices can stay high, complicating the Fed’s battle against inflation Link
    MarketWatch Wed 10 Aug 2022 22:24

    Sky-high housing prices still threaten to complicate the Federal Reserve’s inflation fight, even as America’s market for single-family homes shows signs of cooling in response to sharply higher interest rates.

    This week, Redfin reported the number of “stale” home listings climbed above 60% in July, reflecting the year’s surge in mortgage rates and concerns about the economy as homes linger on the market for longer.

    With...

  • Walgreens contributed to San Francisco’s opioid crisis, judge rules Link
    MarketWatch Wed 10 Aug 2022 22:24

    SAN FRANCISCO — A federal judge ruled Wednesday that Walgreens can be held responsible for contributing to San Francisco’s opioid crisis for over-dispensing highly addictive drugs for years without proper oversight and failing to identify and report suspicious orders as required by law.

    San Francisco City Attorney David Chiu said the pharmacy chain “continually violated what they were required to do under the federal Controlled Substances Act,” failing to track opioid prescriptions, preventing pharmacists from vetting prescriptions...

  • Coinbase confirms SEC probe, says listing process, staking programs under review Link
    MarketWatch Wed 10 Aug 2022 21:59

    Coinbase Global Inc. COIN said it has received investigative subpoenas and requests from the U.S. Securities and Exchange Commission, pointing to potential further pressure facing the crypto exchange, after it posted wider-than-expected losses in the second quarter.

    The crypto exchange said Tuesday it has received investigative subpoenas and requests from the SEC “about certain customer programs, operations, and existing and intended future products”, including its processes for listing assets, the classification of certain...

  • Rents were up 6.3% in July compared to a year ago, according to the Labor Department. Unsatisfied with the reality, 13 tenant leaders pitched changes to the Biden administration, including a national landlord registry and caps on rent increases. Link
    MarketWatch Wed 10 Aug 2022 21:54

    With rental prices rising nationwide, there has never been a better time to examine how high housing costs impact everyday Americans. The Rental Trap is a new MarketWatch column profiling tenants’ issues, including renters who spend a high portion of their income on housing.

    In late July, with consumer prices soaring nationwide, tenants from across the country descended on Washington, D.C., to meet with some of the Biden administration’s top housing officials — and make them contend with the real-world impact of a painful cost-of-living crisis.

  • Native Americans were the most burdened group in nearly every spending category, struggling to pay for credit cards, loans, food and medical care at higher rates than their Black and Latino peers, according to a new poll. Link
    MarketWatch Wed 10 Aug 2022 21:29

    Faced with the nation’s worst inflation in four decades, Black, Latino and Native American families are already having more issues affording food, housing and healthcare compared to their white counterparts, a new poll shows.

    The findings, released Monday from NPR, the Robert Wood Johnson Foundation and the Harvard T.H. Chan School of Public Health, mirror prior research detailing the ways in which some people of color are worse off as the cost of living soars. 

  • These stocks were the big winners Wednesday, jumping as much as 12% Link
    MarketWatch Wed 10 Aug 2022 21:09

    Amid the euphoria following what appeared to be the first sign of slowing inflation, stocks staged a broad rally on Aug. 10, with dozens of large-cap stocks rising 5% or more.

    Those included several tech names that investors loved during the early stages of the coronvirus pandemic, along with cruise lines, credit-card lenders and chip-related companies.

  • Stocks rally like it’s ‘mission accomplished’ — but some investors are urging caution as Nasdaq enters bull market Link
    MarketWatch Wed 10 Aug 2022 21:04

    Investors might want to keep their guard up as the stock market continues its rally.

    “The market has kind of gone back to sleep” in appearing to think, “all right, mission accomplished, inflation’s in the bag, the Fed can back off,” said Sameer Samana, a senior global market strategist at Wells Fargo Investment Institute, in a phone interview Wednesday. “We think it’s much too premature.”

    Samana...

  • These stocks soared up to 12% after inflation cooled Link
    MarketWatch Wed 10 Aug 2022 20:59

    Amid the euphoria following what appeared to be the first sign of slowing inflation, stocks staged a broad rally on Aug. 10, with dozens of large-cap stocks rising 5% or more.

    Those included several tech names that investors loved during the early stages of the coronvirus pandemic, along with cruise lines, credit-card lenders and chip-related companies.

    A...

  • Mark Cuban loves crypto and Web3 technology, but believes buying real estate in the metaverse is a bad idea. “The worst part is that people are buying real estate in these places,” Cuban told a YouTube channel. “That’s just the dumbest shit ever.” Link
    MarketWatch Wed 10 Aug 2022 20:59

    Billionaire entrepreneur Mark Cuban loves cryptocurrency and Web3 technology, but thinks buying digital real estate in the metaverse is not a good idea.

    “The worst part is that people are buying real estate in these places,” Cuban told YouTube channel Altcoin Daily this week. “That’s just the dumbest shit ever.”

  • Disney stock jumps 5% in after-hours trading as streaming users top Netflix Link
    MarketWatch Wed 10 Aug 2022 20:34

    Walt Disney Co. added more streaming subscribers than expected and topped Netflix Inc.’s total in the second quarter, and plans to launch an ad-supported tier while increasing prices on its current offerings before the end of the year.

    Disney  DIS,

  • Disney added more streaming subscribers than expected in the second quarter, and plans to launch an ad-supported tier. $DIS on reported the addition of 14.4 million Disney+ subscriptions in its fiscal second quarter for a total of 152.2 million. Link https://t.co/rJdC5VV43Y
    MarketWatch Wed 10 Aug 2022 20:29

    Walt Disney Co. added more streaming subscribers than expected and topped Netflix Inc.’s total in the second quarter, and plans to launch an ad-supported tier while increasing prices on its current offerings before the end of the year.

    Disney  DIS,

  • U.S. stocks closed on Wednesday at their highest levels since early May following a July inflation report that came in slightly cooler than expected. The Dow Jones Industrial Average gained 535.43 points, or 1.6%, to finish at 33,309.32. Link https://t.co/K10AmAdqbg
    MarketWatch Wed 10 Aug 2022 20:19

    After four days in the red, U.S. stocks closed on Wednesday at their highest levels since early May following a July inflation report that came in slightly cooler than expected, sparking a sharp rally in both stocks and bonds. The S&P 500 SPX,

  • Fed’s Kashkari says July CPI is ‘first hint’ of possible good news on inflation Link
    MarketWatch Wed 10 Aug 2022 20:09

    The July consumer price data released Wednesday is the “first hint” that U.S. inflation might be slowing but doesn’t obviate the need for higher interest rates, said Minneapolis Fed President Neel Kashkari on Wednesday.

    “I was certainly happier to see a surprise to the downside,” Kashkari said, during a panel discussion at the Aspen Economic Strategy Group’s annual meeting.

    But...

  • The Dow closes 535 points higher as stocks take inflation news in best light Link
    MarketWatch Wed 10 Aug 2022 20:04
  • The bipartisan duo of Sens. Kyrsten Sinema and John Thune helped private equity firms escape tens of billions of dollars in potential tax increases and instead walk away with relief from the new 15% corporate minimum tax in the Inflation Reduction Act. Link
    MarketWatch Wed 10 Aug 2022 19:39

    The bipartisan duo of Sens. Kyrsten Sinema and John Thune helped private equity firms escape tens of billions of dollars in potential tax increases and instead walk away with relief from the new 15% corporate minimum tax in the Inflation Reduction Act.

    The House of Representatives is expected to vote on the bill Friday after the Senate OK’d the measure on Sunday. The wide-ranging legislation addresses healthcare, climate and taxes, and comes after President Joe Biden’s more expensive Build Back Better proposal stalled on Capitol Hill.

  • Over 7.5 million student loan borrowers, or one out of every six borrowers, was in default prior to the pandemic. Before the payment pause, a million debtors defaulted for the first time every year, Education Department Undersecretary James Kvaal said. Link
    MarketWatch Wed 10 Aug 2022 19:29

    Defaulting on your student loans could lead to the federal government withholding your wages, your tax refunds and possibly your Social Security income — a process that’s both blunt and punitive, one government official says.

    “Even if you were a hard-nosed accountant who only cared about collecting money for taxpayers, it makes no sense to try and collect a loan by driving borrowers into poverty and preventing them from getting back on their feet,” Education Department Undersecretary James Kvaal said in his opening remarks during a virtual panel held by the Student Borrower Protection Center.

  • Officials in the U.K. had a “reasonable worst-case scenario” over potential gas shortages and a cold winter that could force organized blackouts, Bloomberg reported. Link
    MarketWatch Wed 10 Aug 2022 19:14

    While American tourists have been filling all corners of Europe this summer, happily snapping away and occasionally complaining about the heat, the region’s energy and climate crisis continues to deepen.

    In the latest piece of bad news to hit the headlines, Bloomberg reported Tuesday that officials in the U.K. had a “reasonable worst-case scenario” over potential gas shortages and a cold winter that could force organized blackouts.

  • U.S. budget deficit narrows by record amount in July by one measurement Link
    MarketWatch Wed 10 Aug 2022 18:49

    The numbers: The U.S. federal budget deficit has narrowed by a record amount in the fiscal-year-to-date measurement, the U.S. Treasury Department said Wednesday.

    For the first ten months of the fiscal year, which ends Sept. 30, the deficit was $726 billion, down sharply from $2.5 trillion in the same period last year. That’s a record $1.8 trillion narrowing.

    In...

  • The annual core inflation measure, which strips out food and energy, “will likely reaccelerate in August, and isn’t likely to peak until September,” PIMCO economists Tiffany Wilding and Allison Boxer said. Link
    MarketWatch Wed 10 Aug 2022 18:33

    Wednesday’s release of the consumer-price index report for July contained enough downside surprises to give stock investors hope the worst of inflation may be behind. Yet an undercurrent of worry remained at big-name firms like Pimco and BlackRock Inc., the world’s largest asset manager.According to Pimco economists Tiffany Wilding and Allison Boxer, the details of the report were “firmer” than what was implied by the annual headline CPI rate — which fell to 8.5% for July from 9.1% in June and came in below the expectations of economists and inflation-derivatives traders. If food and energy prices continue to ease, June will likely prove to be the peak in year-over-year headline inflation, Wilding and Boxer wrote in a note. But the annual core measure, which strips out food and energy, “will likely reaccelerate in August, and isn’t likely to peak until September.” The so-called core reading, which excludes volatile items, matters to many in financial...

  • Grocery prices in July had largest price increase since 1979 — with one food staple rising by 38% on the year Link
    MarketWatch Wed 10 Aug 2022 18:08

    The rise in the cost of living cooled in July, but not for grocery prices. 

    The price of food at home rose 1.3% from June to July, marking a 13.1% increase compared to last year. It was the largest price increase for groceries since 1979, according to the U.S. Bureau of Labor Statistics. 

    The price of consumer goods and services was steady...

  • The 8.5% annual inflation rate over the past 12 months “is just huge,” Chicago Fed President Charles Evans said. He sees the benchmark policy rate rising to 3.25%-3.5% by the end of 2022. Link
    MarketWatch Wed 10 Aug 2022 17:43

    The U.S. July consumer inflation data was “positive” but the pace of price increases remains “much too high,” Chicago Fed President Charles Evans said Wednesday.

    The 8.5% annual inflation rate over the past 12 months “is just huge,” Evans said, during a conversation about the economy and monetary policy at Drake University.

  • OPINION: “It’s not time to break out the champagne. Inflation isn’t whipped yet. Indeed, it’s likely to bedevil us for at least another year or two,” columnist Rex Nutting writes. Link
    MarketWatch Wed 10 Aug 2022 17:33

    There was no inflation in July, the government said Wednesday. That’s great news.

    But let’s not get too far ahead of ourselves. It’s not time to break out the champagne. Inflation isn’t whipped yet. Indeed, it’s likely to bedevil us for at least another year or two because rents show little sign of moderating.

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