Traders work on the floor during morning trading at the New York Stock Exchange on March 6, 2024.Spencer Platt | Getty ImagesDespite the U.S. market rally being largely focused in expensive, AI-focused technology stocks, analysts say Wall Street has not yet reached bubble territory.the Standard & Poor's 500 It has risen for 16 of the past 18 weeks and hit a new all-time closing high on Friday, but the gains were largely concentrated among the “Magnificent 7” tech giants, led by meteoric rises. Nvidia.Meanwhile, the US Federal Reserve is expected to start cutting interest rates in June, which could provide…
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Open Editor's Digest for freeRula Khalaf, editor of the Financial Times, picks her favorite stories in this weekly newsletter.Rising instances of airport employee strikes are expected to weigh on Lufthansa's earnings growth in 2024, prompting the German airline to cut its full-year forecasts on margins. The Frankfurt-based company said on Thursday it expects adjusted operating profit for the year to remain flat at 2.7 billion euros and lowered its guidance on adjusted operating margins to 7.6 percent, from a previous forecast of 8 percent.This came at a time when most flights from Frankfurt were halted on Thursday and Friday due…
Gov. Gavin Newsom will try to speed up construction of a massive $2 billion residential and commercial project in downtown Los Angeles, his administration announced Thursday.The 7.6-acre project, called Fourth and Central, will bring 1,500 new homes and 410,000 square feet of office space along with retail, restaurants and a 68-room hotel to what is now a collection of cold storage facilities, parking lots and warehouses at Skid. Row near its border with the Arts District. Newsom's decision Thursday aims to shave years off the construction timeline by expediting a court ruling in any lawsuit filed against the project under…
The European Union has confirmed that it is looking into Apple's decision to close the Epic Games developer account – citing three separate regulations that may apply. Yesterday, the maker of Fortnite revealed that Apple had terminated the account, apparently reversing the decision to approve the developer's account last month. Epic planned to launch its own app store, Epic Games Stores, on iOS in Europe, as well as relaunch Fortnight on the Apple platform. Apple was accused of violating the bloc's Digital Markets Act (DMA) by killing its developer account. In response to this development, a European Commission spokesperson told…
European Union leaders condemn the “reckless” and “despicable” attack on Odessa during the visit of Zelensky and the Greek Prime MinisterPresident of Ukraine Volodymyr Zelensky and Prime Minister of Greece Kyriakos Mitsotakis (L) inspect the operation of the Black Sea “grain corridor” in the port of Odessa, Ukraine on March 06, 2024.Anatolia | Anatolia | Getty ImagesEuropean Union leaders strongly criticized Russia's deadly missile attack on the southern Ukrainian port city of Odessa, near where President Volodymyr Zelensky and Greek Prime Minister Kyriakos Mitsotakis held a meeting.Zelensky and Mitsotakis met in Odessa on Wednesday to honor 12 people killed in…
Open Editor's Digest for freeRula Khalaf, editor of the Financial Times, picks her favorite stories in this weekly newsletter.The latest BIS Quarterly Review is out, and it includes an interesting tidbit about prime brokerage firms, the cornerstone of investment banks that serve hedge fund clients.PBs are one of the main links between traditional banks and shadow banks, providing services such as custody, margin loans, derivatives, research and presenting to companies and investors. In return, they hope to receive thiccc trading commissions. However, risks can also flow in both directions. The affected investment bank could snatch credit lines from hedge funds…
Montgomery, Ala. Facing pressure to resume in vitro fertilization services in the state, Alabama's governor quickly signed legislation into law Wednesday protecting doctors from potential legal liability raised by a court ruling equating frozen embryos with children.Republican Gov. Kay Ivey signed the bill after it was approved in a late-night session by lawmakers who rushed to address a wave of criticism after services were halted at some of the state's largest fertility clinics. Doctors from at least one clinic said they would resume IVF services on Thursday. “I am thrilled to sign this important short-term measure into law so that…
Open Editor's Digest for freeRula Khalaf, editor of the Financial Times, picks her favorite stories in this weekly newsletter.The gender investment gap in the UK has widened with more young people choosing to invest while women hold on to cash due to a lack of confidence, a survey has shown.Investment research house Boring Money found that the gender investment gap rose by £54 billion to £567 billion between January 2023 and January 2024. Men invested £1.01 trillion compared to £450 billion for women. The figures include personal investments but do not include workplace pensions. This difference increased due to more…
Stay informed with free updatesSimply sign up for the World myFT Digest – delivered straight to your inbox.Our main story today is about London's Canary Wharf Group, which will receive a £118m loan from the government's Housing Infrastructure Fund to support the development of a life sciences centre, a healthcare diagnostics facility and several hundred new homes.UK Chancellor Jeremy Hunt referred to the funding in yesterday's budget, promising £242 million as he pledged to help build a total of 8,000 homes in east London and “[transform] Canary Wharf to new hub for life sciences companies.The funding will be split into…
US Secretary of Energy Jennifer Granholm speaks to reporters during a news conference at the White House in Washington on June 22, 2022.Kevin Lamarque | ReutersEnergy Secretary Jennifer Granholm warned Wednesday that China could flood the U.S. electric vehicle market with low-cost offers, weeks after President Joe Biden raised similar concerns.“We are very concerned about China consolidating our manufacturing in the United States even as we now build this incredible manufacturing backbone,” Granholm said during a panel discussion at an Axios event.China is seen as a threat to the US auto industry as US car exports decline and companies such…