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Chinese Consumer-Related Shares Rally as Covid Restrictions Eased

By Bingyan Wang Chinese consumer-related shares from airlines to food chain operators are higher in early trade Monday, after Beijing pared back some of its strictest Covid-19 control measures, pointing to a reopening of the economy. Shares of the three major Chinese airlines rose, with Air China Ltd. jumping 3.4%, China Eastern Airlines Corp. adding …

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FTX fiasco one of the most egregious cases of ‘gross negligence,’ says Ackman

Hedge-fund titan Bill Ackman appears to be walking back comments he made via Twitter last week about Sam Bankman-Fried that some interpreted as implicit support for the 30-something who presided over one of the most epic bankruptcies in financial markets in recent memory. Last week, Ackman tweeted that Bankman-Fried’s statements made during a widely watched …

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The US economy won’t collapse under Fed’s ‘weight’ based on the performance of these sectors despite inflation and oil risks

Investors are trying to read the tea leaves in a choppy US stock market to gauge whether its recent run higher can continue after Federal Reserve Chair Jerome Powell unleashed bullish sentiment at the end of November by indicating its aggressive interest rate hikes could slow. “The leadership of the stock market is telling you …

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Dow ekes out gain Friday, stocks book second week in a row of gains

Major US stock indexes ended a choppy session mixed Friday, while still posting weekly gains, after monthly jobs data showed the Federal Reserve’s rapid pace of interest rate hikes has yet to tame the roaring labor market. The Dow Jones Industrial Average DJIA, +0.10% rose about 33 points Friday, or 0.1%, ending near 34,428, after …

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November employment report is the most important data for this year’s inflation – and not in a good way

The November US jobs report on Friday showed the US economy gained 261,000 jobs last month, with the unemployment rate holding steady at 3.7%. Economists polled by the Wall Street Journal were expecting 200,000 new jobs. Wages rose 0.6% in November, more than double what was expected. Here are some initial reactions from economists and …

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‘I had to keep my composure because I didn’t want to derail my success.’ This financial adviser overcame the odds against her.

Lanta Evans-Motte was forced to grow up quickly. Her mother died when Evans-Motte was still in grade school. Two years later, her father suffered a massive stroke. “We didn’t know if he’d live,” said Evans-Motte, now a financial adviser in Calverton, Md. “It was touch-and-go for awhile.” Evans-Motte was the youngest of nine children. In …

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Mortgage Advice Bureau Sees 2022 Profit Missing Views Amid Economic Turmoil

By Joe Hoppe Mortgage Advice Bureau (Holdings) PLC said Thursday that written business in October and November were 50% below its expectations due to macroeconomic turmoil, and it expects full-year adjusted pretax profit to slightly miss expectations. The UK property-letting company said the UK governments’ budget in late September created significant uncertainty that directly hit …

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Hardship withdrawals from 401(k)s reach ‘concerning’ all-time high, Vanguard says

Amid stubbornly high inflation, a record-breaking share of Americans are turning their 401(k) accounts into emergency piggy banks, according to Vanguard. Dissecting data from a sample of the approximately 5 million employer-sponsored 401(k) accounts that Vanguard handles, researchers said 0.5% of account holders were making hardship withdrawals in October. That’s a “concerning” all-time high, said …

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Pure Storage 3Q Loss Narrows Materially, Beating Market Views — Earnings Review

By Sabela Nail Polish Pure Storage Inc. on Wednesday reported earnings for its fiscal third quarter. Here’s what you need to know: NET LOSS: Pure Storage posted a quarterly loss of $787,000, narrowing from a loss of $28.7 million a year ago. The company was forecast to report a loss of $8.9 million, according to …

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