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Trump nominee to replace Ruth Bader Ginsburg on Supreme Court will get Senate vote, McConnell says
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Trump nominee to replace Ruth Bader Ginsburg on Supreme Court will get Senate vote, McConnell says

Senate Majority Leader Mitch McConnell (R-KY) walks to his office on Capitol Hill in Washington, September 10, 2020. Joshua Roberts | Reuters Senate Majority Leader Mitch McConnell said on Friday that he will hold a vote on President Donald Trump's nominee to fill the vacancy left by the passing of Justice Ruth Bader Ginsburg on the Supreme Court. In a statement issued just over an hour after the Supreme Court said that Ginsburg had passed, McConnell said the nominee, who has not been named, "will receive a vote on the floor." McConnell's pledge puts in motion what is likely to be a historic battle over the court in the heat of an already intense election year. The Supreme Court had a 5-4 majority of Republican appointed justices. A 6-3 majority could have a dramatic impact on ...
Ruth Bader Ginsburg, pioneering Supreme Court justice, dies at age 87
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Ruth Bader Ginsburg, pioneering Supreme Court justice, dies at age 87

Ruth Bader Ginsburg, the pioneering Supreme Court justice who became the second female on the nation's highest court, the leader of its liberal wing and a pop culture icon known as Notorious R.B.G., has died. She was 87. The vacancy enables President Donald Trump to nominate his third justice to swing the bench further to the right, setting up what's certain to be a colossal battle perhaps even bigger than those of his nominations of Neil Gorsuch and Brett Kavanaugh. According to NPR, days before her death, Ginsburg told her granddaughter: "My most fervent wish is that I will not be replaced until a new president is installed." Ginsburg had a history of medical problems. In December 2018, doctors removed two cancerous nodules from her left lung, and she underwent additional treatment ...
Trump to block downloads of TikTok, WeChat on Sunday
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Trump to block downloads of TikTok, WeChat on Sunday

The Commerce Department announced Friday morning that it will ban U.S. business transactions with Chinese-owned social apps WeChat and TikTok on Sunday. The announcement comes ahead of an expected statement Friday by President Donald Trump on whether or not the government will approve a deal for Oracle to take a minority stake in TikTok and become a "trusted technology partner" for the company in the U.S. The White House announced a press conference with Trump will be held at 2 p.m. Eastern on Friday. The Commerce Department's announcements leaves room for a deal to go through before the Sunday deadline, and it could be an aggressive move from the Trump administration to push for its original intention to force TikTok to become fully owned by a U.S. company. "At the President's direct...
CaixaBank and Bankia to merge, creating Spain’s largest bank
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CaixaBank and Bankia to merge, creating Spain’s largest bank

The boards of directors at Bankia and CaixaBank have agreed to merge, which would lead to a behemoth in the Spanish banking sector Pierre-Philippe Marcou, Gabriel Bouys | AFP The boards of Spain's CaixaBank and state-owned Bankia have approved a merger plan between the two lenders, which will create the biggest bank in the country by market share in retail operations. The deal terms will see CaixaBank offer 0.6845 of its shares for every Bankia share, according to a release published Friday. The newly created lender, which will keep the CaixaBank brand, will have assets of more than 664 billion euros ($786.7 billion), the companies said. The merger plan still needs to be approved at the General Shareholders' Meetings of both companies and by the competition authorit...
The market isn’t convinced the Federal Reserve can achieve its inflation objective
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The market isn’t convinced the Federal Reserve can achieve its inflation objective

The Marriner S. Eccles Federal Reserve Board Building in Washington, D.C. Jabin Botsford | The Washington Post | Getty Images For the past decade or so, the Federal Reserve has been quite effective in helping to create inflation, just not the kind that it normally targets. The Fed's perpetually easy monetary policy, consisting of historically low short-term interest rates and trillions of dollars in bond buying, has coincided with a huge swell in asset prices, stocks in particular. What it has not driven is the kind of inflation central bank officials like to see – higher wage pressures, for instance, that help improve the standard of living as well as signal a vibrant economy not caught in the slow-growth trend that has persisted since the financial crisis. The Fed is hopin...
Snowflake buyers beware: IPOs that doubled have poor track record after that debut
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Snowflake buyers beware: IPOs that doubled have poor track record after that debut

Snowflake IPO begins trading at the NYSE on Sept. 16th, 2020. Source: NYSE So you think Snowflake up over 100% on its first day is a big deal? Nah, there's been plenty of companies that have had first day pops bigger than that this year.  They include biotech firm CureVac, up 249% on the first day of trading, software as a service firm BigCommerce up 201%, biotech firm Berkeley Lights up 197%, cloud company nCino up 195%, and insurance fintech firm Lemonade up 139% on its first day of trading. 2020 IPOs:  big first-day pops CureVac             up 249%   (biotech) BigCommerce     up 201% (software) Berkeley Lights    up 197%  (biotech) nCino&...
OPEC and non-OPEC allies to review oil production cuts after dire demand warnings
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OPEC and non-OPEC allies to review oil production cuts after dire demand warnings

Oil pumping jacks, also known as "nodding donkeys", are reflected in a puddle as they operate in an oilfield near Almetyevsk, Russia, on Sunday, Aug. 16, 2020. Andrey Rudakov | Bloomberg via Getty Images LONDON — A group of some of the world's most powerful oil-producing nations on Thursday will meet to review production policy, amid a faltering recovery from the pandemic-driven rout and a bleak outlook for energy demand. OPEC and non-OPEC allies, sometimes referred to as OPEC+, will convene for an online meeting to review the market and discuss compliance with deep production cuts. The energy alliance agreed in July to cut output by 7.7 million barrels per day from August through to December, in an effort to prop up oil prices by limiting supply. Iraq and others also pledged...
Fed picks its side in inflation debate and sends market a message — no rate hikes for years
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Fed picks its side in inflation debate and sends market a message — no rate hikes for years

The Fed does not expect to see inflation pick up for years, and it is willing to keep rates at zero even after it does. Stocks initially surged after the Fed released its post-meeting statement and its latest economic forecast, showing it will keep interest rates at zero at least through 2023, as expected. Stocks gave up their gains as Fed Chairman Jerome Powell briefed the media, and described the Fed's guidance as strong and "powerful." "He's the great and powerful Oz. Investors got duped. They thought enhanced forward guidance meant something, but when they peeked behind the curtain they realized the Fed didn't do anything, and the market rolled over," said Michael Arone, chief investment strategist at State Street Global Advisors. Treasury yields moved slightly higher after Powell...
Dow jumps 200 points ahead of Fed announcement, Goldman up 2%
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Dow jumps 200 points ahead of Fed announcement, Goldman up 2%

The Dow Jones Industrial Average and S&P 500 were both higher on Wednesday as traders awaited the Federal Reserve's latest decision on monetary policy. The 30-stock Dow rose 204 points, or 0.8%. The S&P 500 climbed 0.5%. The Nasdaq Composite rose just 0.1% as shares of Facebook, Amazon, Apple, Netflix, Alphabet and Microsoft were all under pressure. Both the Dow and S&P 500 jumped to their session highs after White House chief of staff Mark Meadows said he was optimistic about a coronavirus stimulus deal. President Donald Trump also signaled in a tweet he would back a bigger package. Republicans and Democrats have struggled to reach a deal on further stimulus, dwindling hopes of an agreement being struck before the U.S. presidential election in November. "The Fed can do w...
Blackstone warns of a ‘lost decade’ where stock market returns are ‘anemic’
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Blackstone warns of a ‘lost decade’ where stock market returns are ‘anemic’

SINGAPORE — The coming years could be a "lost decade" for equity returns as companies struggle to grow their earnings, Blackstone's Executive Vice Chairman, Tony James, told CNBC on Wednesday. James, who's attending the virtual Singapore Summit, told CNBC's "Squawk Box Asia" that stock prices may not rise further after becoming fully valued over a "five- to 10-year horizon." "I think this could be a lost decade in terms of equity appreciation," he said, referring to a term commonly used to describe a period in the 1990s when Japan experienced economic stagnation. He explained that current low interest rates may not dip further and may instead rise to more normal levels in the coming years. Higher interest rates, in many instances, tend to negatively affect corporate earnings and stoc...