European markets open to close, data, earnings, Davos

LONDON — European stocks are expected to open lower Tuesday as U.S. markets struggle to maintain a comeback rally. The U.K.’s FTSE index is seen opening 35 points lower at 7,468, Germany’s DAX 47 points lower at 14,099, France’s CAC 40 down 28 points at 6,310 and Italy’s FTSE MIB 168 points lower at 23,945, according … Read more

Goldman Sachs expects more China real estate defaults, switches to bear case

Real estate and related industries account for more than a quarter of China’s economy, according to Moody’s estimates. CFOTO | Future Publishing | Getty Images BEIJING — Chinese real estate defaults have increased so much that Goldman Sachs analysts have shifted to their worst-case scenario for the riskiest part of the market. Twenty-two China high-yield … Read more

Why China will likely recover more slowly from the latest Covid shock

As Shanghai tries to reopen businesses, one downtown district over the weekend banned residents from leaving their apartment complexes again for mass virus testing. Pictured here, in another district on May 21, 2022, is a line outside a shopping mall. Xu Kaikia | Visual China Group | Getty Images BEIJING — China’s economy won’t be … Read more

Bank balances surged during Covid even as pandemic-era stimulus ended, BofA CEO says

Bank of America’s account holders saw strong growth in their balances during Covid and have yet to spend down their pandemic-era stimulus money, CEO Brian Moynihan told CNBC. In an interview on “Squawk Box” from The World Economic Forum in Davos, Switzerland, BofA’s chairman said customers who had between $1,000 to $2,000 before the pandemic, … Read more

IMF head says stablecoins not backed by assets are a pyramid, hinting at UST

DAVOS, Switzerland — Stablecoins that are not backed by assets to support them are a pyramid scheme, the head of the International Monetary Fund said Monday, hinting at the collapse of terraUSD and luna that sent shockwaves through the cryptocurrency market. Stablecoins are a type of cryptocurrency that aims to track another asset. In the … Read more

Citi CEO Jane Fraser is convinced Europe will fall into a recession

Citigroup CEO Jane Fraser has told CNBC she is convinced Europe is headed into a recession. Speaking at the World Economic Forum Monday, Fraser said that a confluence of factors, including the war in Ukraine and resulting energy crisis, have left Europe vulnerable to a sizeable downturn even as other parts of the world show … Read more

Kissinger says Taiwan cannot be at the core of U.S.-China neogitations

Kissinger served as secretary of state and national security advisor under Republican Presidents Richard Nixon and Gerald Ford in the 1970s. Picture Alliance | Picture Alliance | Getty Images Veteran U.S. diplomat Henry Kissinger on Monday said that Washington and Beijing must seek to avoid putting Taiwan at the center of their tense diplomatic relationship, … Read more

Credit Suisse chairman denies reports of talks to replace CEO Gottstein

The logo of Swiss bank Credit Suisse is seen at its headquarters in Zurich, Switzerland March 24, 2021. Arnd Wiegmann | Reuters Credit Suisse Chairman Axel Lehmann has denied reports that talks have taken place to explore replacing CEO Thomas Gottstein. Bloomberg News reported earlier this month, citing sources close to the matter, that the … Read more

West should have helped Ukraine in 2014, Zelenskyy tells Davos

Ukrainian President Volodymyr Zelensky takes questions at a press conference on April 23, 2022 in Kyiv, Ukraine. NBC News reports a senior Department of State official said the U.S. will reopen its embassy in Ukraine, possibly as early as Monday, and provide another $713 million in military financing for Ukraine and other regional partners. John … Read more

Google, Meta, Amazon to benefit from Ukraine war, Martin Sorrell says

Martin Sorrell, founder and chairman of media firm S4 Capital, believes the war in Ukraine has the potential to benefit three of America’s biggest tech firms. “I’m very bullish on the tech giants … because the war will have an impact on them,” Sorrell told CNBC at the World Economic Forum in Davos Monday. He … Read more