Berkshire Hathaway, the conglomerate led by Warren Buffett, made a significant move by trimming its gigantic holding of Bank of America shares for the first time in over four years. This decision came after Bank of America’s strong performance in 2024, where the bank saw a substantial rally of 27.4% in its stock price. The
Global Finance
The recent surge in small cap investments may not necessarily be a result of a rotation from winning growth trades, as noted by ETF journalist Dave Nadig. According to Nadig, investors are not just buying small caps, but rather diversifying their portfolios into various asset classes in an effort to broaden their exposure. This move
Amidst escalating trade tensions with the United States and the European Union, top Chinese officials have reiterated the country’s commitment to focusing on its internal affairs. Han Wenxiu, deputy director at the Chinese Communist Party’s central committee office for financial and economic affairs, emphasized the importance of prioritizing key areas of development to ensure the
JD Vance, Donald Trump’s new running mate, made headlines with his strong stance on China during his recent speech at the Republican National Convention. Vance emphasized the need to protect the wages of American workers and prevent the Chinese Communist Party from benefiting at the expense of American citizens. His tough rhetoric reflects a growing
Federal Reserve Governor Christopher Waller recently hinted at potential interest rate cuts in the near future, assuming there are no major surprises in terms of inflation and employment data. He expressed his belief that current economic indicators are aligning towards a soft landing, indicating that a rate cut may be warranted soon. Waller outlined three
HSBC made a significant announcement on Wednesday, revealing that Georges Elhedery will be taking over as the group CEO starting September 2. This move comes after the departure of Noel Quinn, who had been at the helm for nearly five years. Elhedery, the current chief financial officer, will step into his new role in September,
Gold prices surged to a record high on Tuesday, with gold futures climbing 1.5% to $2,465.30. This jump surpassed the previous peak of $2,454.20 reached in May. Spot gold also hit an all-time high of $2,465.19 during the session. This increase in prices was largely driven by the growing anticipation of a September interest rate
Following the attempted assassination of former President Donald Trump at a Pennsylvania rally, the leaders of Wall Street’s most powerful firms have come forward to denounce the act of violence. JPMorgan Chase CEO Jamie Dimon expressed deep sadness over the incident and emphasized the need to stand together against hate and violence that threaten democracy.
Goldman Sachs recently reported an impressive second-quarter profit and revenue, surpassing analyst estimates. However, one area where the company fell short was in its investment banking division. While investment banking fees rose by 21% to $1.73 billion, it was slightly below the $1.8 billion StreetAccount estimate. The main reason for this miss was the lower-than-expected
China’s National Bureau of Statistics recently released data showing that the country’s second-quarter GDP rose by 4.7% year on year, falling short of expectations of a 5.1% growth as per a Reuters poll. This figure indicates a slower economic recovery than anticipated, raising concerns about the pace of China’s post-pandemic rebound. In addition to the
China’s imports in June took a surprising hit, falling by 2.3% in U.S. dollar terms compared to the previous year. This unexpected decline deviated from the forecasted 2.8% growth, indicating a potential slowdown in the demand for foreign goods within the country. The sluggish performance of imports could be a sign of weakening domestic consumption
China’s push towards developing robotaxis has gained momentum in recent years, with local governments allowing domestic players to operate driverless taxi services. This has led to increasing competition in the transportation industry, particularly concerning traditional taxi drivers who fear losing their jobs. The rise of robotaxis in China has garnered significant attention on social media