Dow mildly lower in choppy trade, tries to stay out of correction
U.S. stocks declined on Monday, the last day of trade for August, as investors eyed developments in China and the Federal Reserve.
MONEY (MSM)
Buffett's Berkshire takes $4.48 billion stake in Phillips 66
Warren Buffett’s Berkshire Hathaway Inc disclosed a $4.48 billion stake in oil refiner Phillips 66 , rebuilding a bet it had made in the energy industry before oil prices fell. The 57.98 million-share, or roughly 10.8 percent, stake was revealed in a Friday night filing with the U.S. Securities and Exchange Commission. Phillips 66 shares closed Friday at $77.23.
Goldman Sachs Thinks This Volatility Index Should Be Much Lower
For much of the past year the story has been the extremely low levels of volatility in the market, but that trend came to a screeching halt last week when the Chicago Board Options Exchange Volatility Index rose to levels not seen since the financial crisis. The VIX did fall back to the mid-20s by the end of the week, but Goldman Sachs is arguing that those levels are still too high.
Jackson Hole questions inflation mastery sought by Draghi & Co.
Mario Draghi may have skipped the Federal Reserve’s Jackson Hole symposium this year, but he can’t dodge its conclusion: central banks can’t steer inflation as well as they thought. Less than six months into a stimulus program that the European Central Bank president promised would revive consumer-price growth, the euro area is facing renewed disinflationary pressure as China’s economy slows and commodity prices slump. This week, Draghi may have to
Citi aims to boost equities franchise amid industry shakeout
Citigroup plans to rebuild its long-neglected equities franchise seeking to capitalize on a retrenchment by rivals in the face of new rules designed to make the financial system less risky, according to people familiar with the bank’s plans. Citi has also hired 11 analysts so far this year to support its investment advisory business, and is increasing financing of the unit in general, said the sources, who did not have
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China state media announces confessions in probes into stocks plunge
Chinese state media announced a slew of confessions on Monday following investigations into recent stock market gyrations, including from a detained reporter who admitted to spreading false information that caused “panic and disorder”. An official from China’s securities regulator had confessed to insider trading while four senior executives from China’s largest brokerage, CITIC Securities, had also confessed to insider dealing, the official Xinhua news agency reported. China is trying to
Oil falls back below $49 as glut, China concerns weigh
Oil fell below $49 a barrel on Monday after its biggest two-day rally in six years last week, pressured by a supply glut and renewed concern about a hard landing for China’s economy. International benchmark Brent crude climbed 10 percent last week but was still heading for its fourth straight monthly decline and has risen in only two of the past 14 months. At 1340 GMT, Brent was down $1.28
Fed talk hits stocks; China stocks seeing red; Netflix loses 'Hunger Games'
Stocks are sinking after the Fed’s Stanley Fischer suggests an interest rate hike next month is still very much on the table. China isn’t helping, either, with the market there falling again on indications the government may back off efforts to prop up equities. And Netflix says goodbye to the Hunger Games…but the popular films didn’t stay on the market for long.
US set for lower open with Beijing still in focus
U.S. stock index futures pointed to a lower open on Monday, as European and Asian stocks traded mostly lower on concerns that Beijing might change tack in its efforts to boost the stock market.