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Regulatory

SPY

House Speaker Kevin McCarthy is working to avoid a government shutdown on Oct. 1, facing challenges from conservative holdouts and the Democratic-controlled Senate. The outcome of these negotiations could impact the broader market.

Portfolio Pulse from Benzinga Newsdesk

September 26, 2023 | 2:45 pm

BABA

BIDU

CTRYF

EGRNF

NIO

TCEHY

China Evergrande Group (OTC:EGRNF) missed another loan payment deadline and its CEO was reportedly arrested. The company's subsidiary, Hengdu Real Estate Group, will miss $537 million in repayments on its bonds. Evergrande's shares fell 7% and fears of its credit issues affecting Country Garden Holdings Ltd. (OTC:CTRYF) caused the latter's shares to fall 3%. Meanwhile, tech companies like Baidu, Inc. (NASDAQ:BIDU), Tencent Holdings Limited (OTC:TCEHY), and Alibaba Group Holding Limited (NYSE:BABA) held firm despite the property market turmoil. EV maker NIO (NYSE:NIO) completed an additional $1 billion convertible debt financing.

Portfolio Pulse from Daniel Harrison

September 26, 2023 | 2:33 pm

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NIO

TSLA

The European Union (EU) has initiated an anti-subsidy investigation into Chinese electric vehicles (EVs), including exports from Tesla Inc. (NASDAQ:TSLA), BYD Co. Ltd. (OTCPK: BYDDF), and Nio Inc. (NYSE:NIO). The probe aims to determine the extent of subsidies provided by China to these manufacturers and implement countermeasures if necessary. The investigation could impact Tesla's operations and sales in Europe significantly, as almost half of Tesla's total deliveries in Western Europe are made-in-China vehicles.

Portfolio Pulse from Piero Cingari

September 26, 2023 | 2:32 pm

SPY

The outlook for the Texas services sector for September has worsened, with a reading of -8.6 compared to -2.7 in the prior month.

Portfolio Pulse from Benzinga Newsdesk

September 26, 2023 | 2:31 pm

SPY

U.S. Democratic Senators Baldwin and Tester, along with Senator Casey of Pennsylvania, have called for Senator Menendez to resign, according to a statement cited by Reuters.

Portfolio Pulse from Benzinga Newsdesk

September 26, 2023 | 2:19 pm

SPY

Federal Reserve's Neel Kashkari has stated that there is a 40% probability that the Fed will have to raise interest rates significantly to combat inflation. The progress on inflation will be observed over the next few months to determine the dominant scenario.

Portfolio Pulse from Benzinga Newsdesk

September 26, 2023 | 2:09 pm

SPY

Minneapolis Fed President Kashkari stated that there is no theoretical framework that can predict how much tightening of long real rates will be needed to bring inflation back to 2% in a reasonable time frame. He estimates a 60% probability of a soft landing.

Portfolio Pulse from Benzinga Newsdesk

September 26, 2023 | 2:09 pm

SPY

Minneapolis Fed President Kashkari has published an essay on the Minneapolis Fed website, stating that significant progress has been made towards the 2% inflation goal.

Portfolio Pulse from Benzinga Newsdesk

September 26, 2023 | 2:08 pm

SPY

The USA New Home Sales (MoM) for August has been revised from 4.4% to 8.0%.

Portfolio Pulse from Benzinga Newsdesk

September 26, 2023 | 2:05 pm

SPY

The Richmond Manufacturing Index for September came in at 5, beating the estimated -6 and improving from the previous -7.

Portfolio Pulse from Benzinga Newsdesk

September 26, 2023 | 2:02 pm