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Bloomberg
Dollar Rallies, UK Bonds Surge After BOE Statement: Markets Wrap
(Bloomberg) — The dollar rose to another record after the White House talked down the prospect of weakening the currency, while UK bonds surged after the Bank of England said it would carry out temporary purchases of long-dated government bonds to help restore order to the market.US futures were mixed, while European stocks dropped for a fifth day as investors abandon the region at levels last seen during the euro area debt crisis, according to Citigroup Inc. strategists. Asian shares fell.Heal
Bloomberg
Apple Ditches iPhone Production Increase After Demand Falters
(Bloomberg) — Apple Inc. is backing off plans to increase production of its new iPhones this year after an anticipated surge in demand failed to materialize, according to people familiar with the matter.The Cupertino, California-based electronics maker has told suppliers to pull back from efforts to increase assembly of the iPhone 14 product family by as many as 6 million units in the second half of this year, said the people, asking not to be named as the plans are not public. Instead, the com
TheStreet.com
Warren Buffett’s Berkshire Makes List of Undervalued, Stocks
The CBOE Volatility Index has skyrocketed 89% so far this year. Morningstar put together a list of stocks with one- and three-year betas of 0.8 or lower. Then it screened for stocks that are undervalued, according to Morningstar analysts’ fair value estimates.
Reuters
Futures drop after report on Apple slowing iPhone production sparks selloff
Shares of the world’s most valuable public company fell 3.6% after Bloomberg reported that Apple had told suppliers to curtail efforts to increase assembly of its flagship iPhone 14 product family by as many as 6 million units in the second half of this year. Other megacap growth names such as Amazon.com Inc, Microsoft Corp, Meta Platforms Inc and Tesla Inc fell between 0.8% and 1.2% in premarket trading with U.S. 10 year bond yields back at their highest since 2010. Chipmakers Advanced Micro Devices, Qualcomm Inc Nvidia Corp and Micron Tech fell between 1.6% and 2.5%.
Reuters
Fed to take rates higher than previously expected; more pain ahead – Reuters poll
The Federal Reserve will hike its key interest rate to a much higher peak than predicted two weeks ago and the risks are skewed towards an even higher terminal rate, according to economists polled by Reuters. That change in expectations came after the Fed raised rates by 75 basis points last week for the third straight meeting and foresaw going higher than it had previously thought to tame inflation, which is running over four times above target. Since then, already battered global stocks went much deeper into bear market territory – a decline of 20% or more – on fears of recession and most currencies weakened further against the multi-decade high dollar.
Yahoo Life UK
Who is Carrie Johnson and how long has she been with Boris?
Here’s the lowdown on Carrie, wife of Boris Johnson, including her education, children and career.
Yahoo Finance
Stocks trending after hours: Goldman Sachs, Lyft, Mind Medicine and more
Big banks, Mind Medicine, and Lyft are among the top trending stocks on Yahoo Finance on Tuesday, September 27, 2022.
Reuters
Marketmind: Gimme Shelter
As the final quarter of an unremittingly dire year for world markets hoves into view, stocks and bonds have now cratered to new lows as central banks keep talking tough and debt strains mount across major economies. The blowup in British bonds and sterling remains the epicentre of this week’s storm, with global credit rating firms and the International Monetary Fund lambasting UK government tax-slashing plans as incoherent in fighting inflation and a risk to debt sustainability that lifts inequality. Even U.S. Treasury Secretary Janet Yellen said she was monitoring developments in the UK, though she added that financial markets were “still functioning well” with no liquidity problems yet.
Reuters
Biogen, Eisai stocks soar on landmark Alzheimer’s data, lifting rivals
Shares in Biogen and Eisai soared on Wednesday reflecting the surprise trial success of their experimental Alzheimer’s drug, which also lifted the stocks of rival drugmakers Roche and Eli Lilly. Against the odds, Biogen and Eisai on Tuesday said their experimental drug, lecanemab, slowed progress of the brain-wasting disease by 27% compared with a placebo, in a large trial of patients in the early stages of Alzheimer’s. The data is an “unequivocal win” for Alzheimer’s patients and Biogen, said BMO analyst Evan Seigerman.
Reuters
Elon Musk seeks to narrow SEC consent decree, end pre-approval of tweets
NEW YORK (Reuters) -Elon Musk’s lawyers urged a federal appeals court to throw out a provision in his 2018 consent decree with the U.S. Securities and Exchange Commission (SEC) requiring a Tesla Inc lawyer to vet some of his posts on Twitter. In a brief filed late on Tuesday with the 2nd U.S. Circuit Court of Appeals in Manhattan, lawyers for Musk called the pre-approval mandate a “government-imposed muzzle” that inhibited and chilled his lawful speech on a broad range of topics. The SEC did not immediately respond to a request for comment outside market hours.
MarketWatch
Medicare premiums are decreasing in 2023 – this is how much older Americans will save if they’re on Part B
Medicare beneficiaries will see their Part B premiums go down for the first time in more than a decade, President Biden said during a press conference on Tuesday. Monthly Part B premiums, which are currently set at $170.10 in 2022, will decline to $164.90 in 2023 – a $5.20 a month savings, or about $64 a year, according to the Centers for Medicare and Medicaid Services. The annual deductible for Part B will be $226, down $7 from $233 in 2022.
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