Streetbeat News

Credit

BUSDUSD

Binance (CRYPTO: BUSD) has announced that it will discontinue its Visa (NYSE:V) debit card in Europe, further reducing its presence in the region. Existing cardholders will have access until December 20. This comes after Visa and Mastercard ended their card partnerships with Binance due to legal issues. Binance is currently facing regulatory issues and changes in its portfolio and partnerships.

Portfolio Pulse from Khyathi Dalal

October 22, 2023 | 2:44 am

JPM

WFC

Major US banks JPMorgan Chase (JPM), Wells Fargo (WFC), and Citigroup (C) collectively lost $84.5 billion in deposits during Q3. JPMorgan's deposits decreased by $31 billion, Wells Fargo's by $7.1 billion, and Citigroup's by $46.4 billion. Despite this, JPMorgan reported a net income of $13.2 billion for the quarter. The Federal Reserve Bank of St. Louis data indicates a trend of declining deposits across all commercial banks.

Portfolio Pulse from Bibhu Pattnaik

October 21, 2023 | 8:19 pm

FFIE

LCID

RIVN

TSLA

Electric vehicle stocks fell in the week ending Oct. 21, with Tesla's disappointing Q3 earnings and revenue miss leading the downturn. Tesla's auto margin was below consensus estimates, and CEO Elon Musk's comments on the earnings call were not well received by investors. Rivian CEO R.J. Scaringe allayed liquidity concerns, stating that the company's recent $1.5 billion convertible green note offering was meant to create an additional buffer. Lucid Group's Q3 deliveries were below consensus estimates. Faraday Future shares gained after the company raised non-dilutive capital. Toyota confirmed it will adopt Tesla’s North American Charging Standard for its battery EVs from 2025.

Portfolio Pulse from Shanthi Rexaline

October 21, 2023 | 2:45 pm

LCID

Lucid Group Inc's (NASDAQ:LCID) shares have fallen by 17.5% to $4.26 over the past five sessions due to an overall downturn in the EV industry and rising Treasury yields. The company's Q3 2023 production and delivery figures also contributed to the decline. Lucid produced 1,550 vehicles and delivered 1,457 in the quarter.

Portfolio Pulse from Henry Khederian

October 20, 2023 | 7:54 pm

SPY

Federal Reserve's Loretta Mester stated that the balance sheet reduction should continue irrespective of interest rate changes. She also mentioned that the Fed might have a couple more years of balance sheet cuts.

Portfolio Pulse from Benzinga Newsdesk

October 20, 2023 | 5:24 pm

SPY

Federal Reserve's Mester has stated that the Fed looks at a variety of data when considering monetary policy, including money supply. She also mentioned that the Fed has underestimated inflation levels until recently and cannot confirm if monetary policy has reached its peak.

Portfolio Pulse from Benzinga Newsdesk

October 20, 2023 | 5:13 pm

SPY

Federal Reserve's Loretta Mester stated that if the higher bond yields are sustained, they will help moderate economic activity. She also emphasized that the Fed needs to be 'nimble' with its monetary policy at present. Mester noted that inflation is cooling but is still too high, with risks tilted to the upside.

Portfolio Pulse from Benzinga Newsdesk

October 20, 2023 | 4:19 pm

BABA

CTRYF

EGRNQ

TCEHY

Hong Kong stocks ended the week lower due to a sell-off in tech stocks and ongoing property market issues. China's Central Bank injected a record stimulus into the banking system to maintain steady short-term prime loan rates. Morgan Stanley data showed foreign investors sold $1.6 billion of Chinese shares this month, with Tencent, Alibaba, and JD.com being the most affected. China Evergrande Group scrapped court hearings with creditors to negotiate $20 billion of its offshore debt, while Country Garden Holdings' bondholders are seeking a resolution to a missed bond payment. China's real estate sector declines prompted the People's Bank of China to inject $100 billion into banks.

Portfolio Pulse from Daniel Harrison

October 20, 2023 | 4:06 pm

CME

UTEN

Bank of America analysts predict the Federal Reserve will resume interest rate hikes in December 2023, backed by strong economic indicators. The bank also expects the first rate cut to occur in June 2024, with quarterly reductions of 25 basis points in the policy rate. The 10-year Treasury, as tracked by the US 10-Year Treasury Note ETF (NYSE:UTEN), is anticipated to yield 3.80% in March 2024 and 3.50% by December 2024.

Portfolio Pulse from Piero Cingari

October 20, 2023 | 4:04 pm

RIVN

Rivian Automotive Inc's shares have dropped by 11.2% over the past five sessions, amid a broader decline in the EV industry. The stock has also fallen roughly 24% in October after the company priced its $1.5 billion green convertible senior notes offerings. The issuance of these notes has increased Rivian's debt burden, raising concerns among investors about the company's ability to meet its financial obligations and potentially leading to higher interest expenses and reduced profitability.

Portfolio Pulse from Henry Khederian

October 20, 2023 | 2:50 pm