Weak Fed and yen is Bessent's perfect pair trade

A stumbling Kevin Warsh and a ​slump in the ​Japanese currency have awakened the ⁠trader-cum-Treasury Secretary’s animal spirits. ​Using a $60 bln pandemic-era ​facility, the Trump administration is e...

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SpaceX overhang threatens AI IPO launch window

About $100 bln of the rocket-maker’s shares are about ​to be eligible for ​sale, potentially compounding a post-debut ⁠slump. Bankers plotting listings for ​private giants like OpenAI and ​Anthropic w...

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Music giants’ AI bets fail to hit the right notes

Universal Music and $98 bln streaming giant Spotify hope new tools, like artificial ​intelligence remixes, will let them ​charge more rather than chase ⁠new subscribers. Fan demand and buy-in ​from ar...

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Spain’s isolation closes Europe’s migrant door

EU leaders have rolled back ‌attacks on Pedro Sánchez. But concerns persist that the Spanish premier’s scheme to regularise illegal migrants helped ​cause the Ceuta crisis. The net effect ​will likely...

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Insurer share sale is rare cover for India purse

New Delhi will raise $3.3 bln from trimming its stake in LIC. The 11% ​discount is not too deep ​despite weak equity markets. Selling more ⁠assets will help to shore ​up the government’s balance sheet...

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Lawmakers risk making bankers' lives too wonderful

Stuffed inside a recently passed US housing bill are provisions ​that widen loopholes lenders ​use to snag extra deposit insurance. ⁠It’s ostensibly a sop ​to the nation’s 3,852 community banks, ​an e...

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Uncle Sam strains to thread the AI safety needle

A potential ban on Chinese-made data-center parts would ​hit a $26 bln market ​that’s key to the chatbot ⁠buildout and already stretched. ​New policies keep threatening delays ​and costs in a supposed...

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HSBC is starting to look priced for perfection

Strong first-half earnings support the $370 bln ‌bank's 35% stock jump this year, besting rivals like JPMorgan. A valuation over 2 times book implies CEO ​Georges Elhedery will keep returns high. Yet ...

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UBS’s AML fail showcases two types of recidivist

The $175 bln bank’s duff anti-money laundering safeguards ‌endured even after the US cried foul in 2018. Banks’ repeat offending implies fines are just a cost of ​doing business. UBS’s relatively palt...

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Aramco’s profit boom rests on fragile status quo

The Saudi ‌economy has contracted sharply, yet the state oil company’s net income surged to $33 bln in ​the second quarter. High oil prices ​are more than offsetting reduced flows through ⁠Hormuz. Yet...

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Efficient markets will sustain quarterly reporting

Of the 113,000 public comments, 99.5% oppose an SEC plan ​to let companies cut financial ​disclosures to twice a year. It’ll ⁠take a compelling economic case ​for Chair Paul Atkins to ​defy the pushba...

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Big Tech’s circular AI trade grows too big to veil

SpaceX and Anthropic lose money but account for half the $280 bln rise in ​S&P 500 earnings this quarter. ​How? Paper gains at Google and ⁠Amazon from their investments in the ​hot startups. As massiv...

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Iran war fuels new European airline dichotomy

Shares in Air France-KLM, Lufthansa ‌and £19 bln British Airways owner IAG have outperformed low-cost rivals of late. Premium demand, Asia routes and weak ​intra-Europe fares explain the gap. Continui...

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AstraZeneca US M&A idea would ail more than cure

The UK-listed ‌pharma’s shares fell 7% on reports of a Bristol Myers Squibb merger. A $380 bln ​deal would muddy CEO Pascal Soriot’s ​growth pitch without yielding fat returns. ⁠Given US expansion is ...

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Couche-Tard gets the last laugh on Seven & i

After failing to buy the Japanese retailer, the ‌Canadian group has agreed a $9 bln deal with Zabka – the same Polish convenience chain its former target had eyed. For ​Couche-Tard, the returns make s...

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Chevron and Exxon quietly gush over giant profit

Combined, the US oil giants made $27 bln in ‌quarterly profit, or three times as much as a year ago. The Iran war means bumper petroleum and refining margins. With ​President Trump warning about high ...

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There’s no escape from the AI whipsaw

A 3% tumble ‌and rebound for the tech-heavy Nasdaq 100 in a few days underscores markets’ extreme dependence on ​the health of the chatbot boom and ​the credibility of US central bankers. ⁠Stagnant va...

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MPS battle may be more than a one-horse race

Banca Monte dei Paschi ‌di Siena could eye a merger with peer BPM, as an alternative to Intesa Sanpaolo’s €37 bln hostile ​bid. Its larger suitor has more firepower, ​cash and possible savings. A frie...

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Tesla China sale looks best on paper

The $1.2 trln EV giant ‌may sell its China arm to prep for a possible SpaceX merger. Tesla and global carmakers risk ​hitting geopolitical potholes if they stay, for ​more meagre rewards than before. ...

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HSBC’s Aussie retail exit looks like a dud deal

The UK bank is selling its consumer loans Down Under to Blackstone but ​closing the deposits business. The ​two units could be worth $2.6 bln ⁠based on Citi’s Antipodean sale. And ​local lenders need ...

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Accounting tie-up figures brains need more brawn

Grant Thornton is buying CBIZ for $5 bln, creating the fifth largest provider ​of audit, tax and ​advisory services in the US. As ⁠AI threatens to squeeze out ​smaller firms, bulking up is becoming ​a...

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Eli Lilly is pharma’s latest victim of success

As the $1 trln drugmaker’s smash-hit obesity treatments shrink waistlines, its ​cashflow and valuation are ​swelling. Gilead, Moderna and Pfizer show ⁠how hard it is to ​put such a windfall to ​good u...

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Elon Musk's empire would be a better PayPal X-it

The payments processor says it's open to other offers after rejecting Stripe’s $53 bln ​takeover bid. SpaceX wants to turn ​X into a super-app and its ⁠new $1.5 trln stock is a ​valuable currency. Buy...

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Creating bond chaos is a bad way to hike rates

Central banks are conveniently raising rates without raising them. Though US and UK ​policymakers held steady this week, uncertainty ​has lifted borrowing costs, pushing 30-year ⁠Treasury yields above...

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Adidas counts cost of premature goal celebration

The $30 bln group’s World ‌Cup spend helped it hike revenue guidance for the year. But Adidas didn’t do so for operating ​profit, sparking a 17% share-price slump. ​Given the splurge looks like a one-...

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UK banks’ risky sweet spot has further to run

Lloyds ‌Banking Group’s 20% return goal by 2030 rests on higher lending income as the windfall ​from higher rates eases, and ​chunkier fees. That’s possible, and suggests ⁠its shares aren’t toppy. Sti...

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Home prices crack US builder foundations

In a rare turn, new residences cost less than existing ones, ​selling at their biggest ​relative discount since 1968. As a ⁠result, D.R. Horton and peers ​increasingly offer sweeteners while others ​i...

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Big luxury’s wealth-effect engine could backfire

Kering shares rose 12% ​as it and rivals like LVMH flagged how wealthier-feeling ‌Americans are driving growth amid subdued Chinese demand. Yet if luxury increasingly depends on gains in a narrow slic...

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Deutsche pushes against Europe’s glass ceiling

The €59 ‌bln German group delivered better returns, aided by investment banking nous. But European ​universal lenders trade at lower multiples ​than both US rivals and homegrown ⁠retail players. A mor...

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