Streetbeat News

Credit

UUP

Economist Peter Schiff warns that the U.S. dollar is at risk of losing its safe-haven appeal as the Swiss franc is set to record its biggest annual gain since 2010. The Dollar Index has fallen about 3% this year due to expectations of Federal Reserve rate cuts. Schiff predicts the franc will hit a record high against the dollar in early 2024, indicating the dollar's waning status. The Invesco DB US Dollar Index Bullish Fund (UUP) reflects this trend, closing down 0.52% recently.

Portfolio Pulse from Shanthi Rexaline

December 28, 2023 | 9:08 am

UBS

Credit Suisse has been fined $3 million by the Monetary Authority of Singapore for failing to provide accurate post-trade disclosures, resulting in overcharging clients for bond transactions. The bank, now under UBS Group AG's control, has compensated the affected clients and paid the fine. Credit Suisse has also enhanced its policies to prevent future misconduct. This follows a series of financial issues for the bank, including a $4 billion Q2 loss and a money-laundering probe involving Chinese nationals.

Portfolio Pulse from Benzinga Neuro

December 28, 2023 | 6:10 am

TLT

XLRE

U.S. 30-year Treasury yields fell below 4%, the lowest since late July, prompting a rise in fixed income and real estate assets due to expectations of Federal Reserve rate cuts. The iShares 20+ Year Treasury Bond ETF (TLT) surged 21% since late October, and the Real Estate Select Sector SPDR Fund (XLRE) increased by 19% over the past three months, both benefiting from the market's anticipation of rate reductions.

Portfolio Pulse from Piero Cingari

December 27, 2023 | 8:37 pm

SPY

VGK

Fitch Ratings reports that default rates for high yield bonds and leveraged loans are expected to rise in the U.S. and Europe in 2024 due to weaker economic growth and high interest rates. U.S. leveraged loan defaults increased from 1.6% at the end of 2022 to 3.04% in 2023, and high yield bond defaults rose from 1.35% to 2.99%. European leveraged loan defaults are projected to reach 4% by the end of 2024, with high yield bond defaults also expected to increase. The forecast reflects sector-specific issues in healthcare, pharmaceuticals, telecom, technology, consumer, industrial, and real estate sectors.

Portfolio Pulse from Benzinga Newsdesk

December 27, 2023 | 1:43 pm

TREE

Trees Corporation (CBOE: TREE), a Toronto-based cannabis company, has received creditor protection under the CCAA from the Ontario Superior Court of Justice. The protection includes its subsidiaries and appoints Ernst & Young Inc. as the monitor. The company is pursuing additional financing and strategic options, including a failed business combination agreement with 420 Investments Ltd. Cboe Canada is expected to review TREE for potential delisting. Meanwhile, Benzinga PotProfits highlights the potential growth in cannabis stocks, with Michael Berger identifying promising stocks.

Portfolio Pulse from Jelena Martinovic

December 26, 2023 | 11:00 pm

ID

PARTS iD, Inc. stock is trading lower following the announcement of entering into a Credit Agreement with Fifth Star. This move indicates the company is seeking additional capital, which could imply current cash reserves are not sufficient or that it is looking to finance growth or operations. Investors may react negatively in the short term due to potential concerns over debt load and interest obligations.

Portfolio Pulse from Benzinga Newsdesk

December 26, 2023 | 4:17 pm

ID

Parts ID, in an SEC filing, has indicated that its credit agreement permits the sale of the company's assets if specific conditions are not met. The plan sponsor would act as the stalking horse bidder and provide additional financing for the sale process.

Portfolio Pulse from Happy Mohamed

December 26, 2023 | 4:12 pm

ID

Parts ID has entered into a credit agreement with Fifth Star for a secured credit facility, which includes prepetition and post-petition term loans, in preparation for the company's intended Chapter 11 bankruptcy filing, as per an SEC filing.

Portfolio Pulse from Happy Mohamed

December 26, 2023 | 4:12 pm

AAL

AFLYY

GOL

GOL Linhas Aéreas Inteligentes S.A. (NYSE:GOL) has been approved to access a credit insurance policy supported by SE-Camex and backed by the FGE, allowing up to $209 million in financing for engine maintenance in Brazil. The company reported a 16.4% revenue growth in Q3 FY23 and has partnerships with American Airlines Group Inc (NASDAQ: AAL) and Air France-KLM (OTC: AFLYY). GOL's shares dropped slightly by 0.25% to $3.72.

Portfolio Pulse from Shivani Kumaresan

December 26, 2023 | 3:49 pm

GOL

GOL Linhas Aéreas Inteligentes S.A. (NYSE:GOL) has received approval for a credit insurance policy backed by the Export Guarantee Fund (FGE) to finance up to $209 million for maintenance of its CFM56-7B engines. The policy supports local maintenance services in Brazil by GE-Celma MRO and strengthens GOL's ability to secure third-party credit lines.

Portfolio Pulse from Happy Mohamed

December 26, 2023 | 12:59 pm