business news

Pharma stocks crater as investors brace for litigation charges

Shares of GlaxoSmithKline, Sanofi and Haleon all sold off sharply this week, shedding tens of billions in market value, amid investor fear over potential US litigation charges focused on popular heartburn drug Zantac. This has been a known issue bumbling in the background for years but investor concern exploded this week in the lead-up to …

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China tourist destination set a GDP target, but Covid locked it down

Sanya, on the southern coast of Hainan, was the top destination for couples flying from three of China’s largest cities last week for China’s version of Valentine’s Day, according to booking site Trip.com. Lucas Schifres | Getty Images News | Getty Images BEIJING — China’s tourist-heavy province of Hainan is falling further behind lofty growth …

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Argentina hikes interest rate by 950 basis points to 69.5%

A man walks by Argentina’s central bank on July 4, 2022 in Buenos Aires. Prices rose 7.4% in July, pushing annual inflation to a 20-year high of 71%. Tomás Cuesta | Getty Images News | Getty Images Argentina’s central bank raised its benchmark interest rate by 950 basis points on Thursday as the country struggles …

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Market signals like the ‘VIX’ indicate this comeback rally may be getting ahead of itself

A key measure of stock volatility is providing clues that investors should be wary of the recent market rally, according to Data Trek Research co-founder Nicholas Colas. The CBOE Volatility Index has come off its most recent mid-June highs and now is trading around its long-term average of 20. At the same time, the S&P …

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Citi’s stocks to play the biggest themes of our time like automation and AI

As markets remain saddled with short-term turmoil and recession fears, one top strategist recommends investors start seeking out stocks with long-term structural growth stories. Citi’s Scott Chronert believes stocks that play into the biggest trends of our time, such as artificial intelligence and automation, could start outperforming from here. “Why are we considering themes now? …

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How Wall Street wooed Sen. Kyrsten Sinema and preserved his multi-billion dollar carried interest tax break

US Senator Kyrsten Sinema (D-AZ) waits for an elevator to go to the Senate floor at the US Capitol in Washington, US August 2, 2022. Jonathan Ernest | Reuters Long before Sen. Kyrsten Sinema, D-Ariz., held up a massive spending bill that promised to create jobs, invest in clean energy and tax the rich — …

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Northrop Grumman moves rocket work from Russia, Ukraine with Firefly

Northrop Grumman’s Antares rocket lifts off from NASA’s Wallops Flight Facility in Virginia on Aug. 10, 2021 carrying a Cygnus spacecraft with cargo for the International Space Station. Terry Zaperach/NASA Wallops Northrop Grumman is moving production of the engines and structures for its Antares rockets to the US from Russia and Ukraine, a move that …

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Biden signs China competition bill to boost US chipmakers

[ The stream is slated to start at 10 a.m. ET. Please refresh if you do not see a player above at that time.] President Joe Biden on Tuesday signed a bipartisan bill that aims to strengthen US competitiveness with China by investing billions of dollars in domestic semiconductor manufacturing and science research. “Today is …

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