Today Quick Reads
Starbucks CEO’s ‘Achievable’ Vision Sparks Cautious Optimism on Wall Street
Starbucks’ new CEO Brian Niccol outlined a turnaround strategy during his first earnings call, emphasizing faster service, streamlined mobile orders, and a focus on coffee over extensive customization. He plans to slow new store openings and reduce menu options, aiming to enhance the customer experience. While analysts view the plan as promising, concerns about profitability and competition persist.
Read Full StoryStablecoin Issuer Tether Says Third-Quarter Profit Was $2.5 Billion
Tether Holdings Ltd. reported a $2.5 billion net profit for Q3, driven by gains from US Treasuries and gold. The market value of its USDT stablecoin reached nearly $120 billion amid rising demand. Tether’s reserves exceed $6 billion, with significant investments in Treasuries and various sectors, including renewable energy and Bitcoin mining.
Read Full StoryArgentina tax amnesty scheme lures $18 billion in bank deposits
Argentina’s tax amnesty program, launched by President Javier Milei, has attracted around $18 billion back to local banks as residents bring foreign currency into the formal economy. The initiative, aimed at boosting dwindling foreign reserves amid economic instability, allows tax-free deposits up to $100,000 until November 8, with increasing tax rates for larger amounts thereafter.
Read Full StoryHarris Seizes On Trump’s Vow to Protect Women Whether They ‘Like It Or Not’
Vice President Kamala Harris criticized Donald Trump’s comments about “protecting” women, arguing they undermine women’s autonomy over their bodies and decisions. She emphasized the importance of reproductive rights as pivotal in the election. Both candidates are intensifying their campaigns in swing states, with Harris appealing to women voters and Trump seeking to broaden his electoral base.
Read Full StoryColombia Cuts Key Rate to 9.75% as Fiscal Risks Spook Market
Colombia’s central bank cut its benchmark interest rate by 0.5% to 9.75%, despite pressure for more significant reductions amid concerns over inflation and fiscal risks. The decision follows a 4-3 board vote, with a revised economic growth forecast of 1.9% for this year. The peso has weakened significantly due to investor fears over fiscal policies.
Read Full StorySecurity tech company Evolv fires its chief executive
Evolv has terminated CEO Peter George amid a sales misconduct investigation and other legal issues. Michael Ellenbogen, the chief innovation officer, will serve as interim CEO. The board stated the dismissal was without cause and part of long-term planning. The investigation revealed potential revenue misreporting of $4 million to $6 million, impacting shareholder confidence and causing a nearly 10% drop in shares.
Read Full StoryChina Home Sales Rebound as Stimulus Boosts Buyer Morale
China’s residential property sales rose 7.1% year-on-year in October, marking the first increase of 2024, driven by government stimulus measures. Sales surged 73% month-on-month, following the National Day celebrations and new policies easing mortgage costs and purchasing restrictions. Analysts expect further support to stabilize the market and meet economic growth targets amid a prolonged property downturn.
Read Full StoryOil Surges on Report Iran Is Planning Fresh Attack on Israel
Oil prices rose for a second consecutive day, with West Texas Intermediate surpassing $70 a barrel amid tensions from Israeli airstrikes and potential Iranian retaliation. Despite increased U.S. crude production, geopolitical risks are pushing prices up. Traders are cautious ahead of the upcoming U.S. elections and an OPEC output decision, signaling market uncertainty.
Read Full StoryYields rise before Friday’s jobs report
U.S. Treasury yields rose Thursday, with two-year yields reaching a three-month high ahead of the October jobs report. Falling wage inflation and strong consumer spending were noted, with economists predicting 113,000 new jobs added. A stronger report could complicate Federal Reserve rate cut plans, while recent labor data indicated cooling inflation trends.
Read Full StoryStocks Ending October on Sour Note as Tech Tumbles: Markets Wrap
Stocks fell sharply as Microsoft and Meta’s disappointing forecasts raised concerns about the sustainability of recent gains. The S&P 500 dropped 1.7%, ending a monthly winning streak, while the Nasdaq 100 fell 2.5%. Investors are wary ahead of upcoming earnings from Apple and Amazon, as well as the U.S. election and Federal Reserve decisions, amidst signs of market exhaustion.
Read Full Story- Markets
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