HNWI

Porsche is upbeat on China sales as automakers bet on luxury electric vehicles

4 years ago

The coronavirus pandemic has generally affected wealthier segments of the Chinese population less, while altering some consumer habits that are driving demand for luxury car brands such as Porsche.
Electric vehicles in the high-end segment are particularly in demand, several executives say.
However, Thomas Ingenlath, CEO of premium electric vehicle brand Polestar, says that even with growth in China, he expects the market will remain less than half of global sales.

Stock futures flat as investors brace for final quarter of 2020

4 years ago

The House of Representatives delayed the vote on a $2.2 trillion rescue package on Wednesday evening after House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin failed to strike a coronavirus aid deal; however, the pair said the conversation would continue.

Vanguard shifting prime money market fund to safer U.S.-backed investments

4 years ago

Next month, Vanguard will transition its $125.3 billion Prime Money Market Fund into a government money market fund and rename it the Vanguard Cash Reserves Federal Money Market Fund.
Prime fund investors will be eligible for lower fees, as Vanguard will reduce the investment minimum for its Prime Admiral Shares from $5 million to $3,000, effective Aug. 27.
Vanguard isn’t alone. Northern Trust also closed a money market fund earlier this year.

SoftBank to sell up to two-thirds of T-Mobile stake, worth about $20 billion

4 years ago

SoftBank plans to sell up to two-thirds of its stake in T-Mobile early next week, sources told CNBC’s David Faber Tuesday.
The transaction would represent as much as $20 billion.
The move is the latest indication of SoftBank’s need for cash.

Airline stocks soar after GOP senators push for $25 billion in additional industry aid

4 years ago

The senators’ backing adds weight to a proposal for additional aid for the ailing airline sector.
Congress set aside $25 billion in aid for passenger airlines the $2.2 trillion CARES Act in March.

Gold just hit a fresh record high — but some say silver is set to overtake

4 years ago

The blasts in Beirut, which killed dozens and wounded thousands, “probably (added) to the shine of Gold above $2020,” said a note from Mizuho Bank.
This year, gold prices have shot to record highs since September 2011, as investors fled to safe havens with the pandemic showing no signs of abating and a crashing economy. Silver prices have followed suit.

Goldman’s top stock picker is bullish on tech and bearish on energy

4 years ago

David Kostin said in a research note dated Friday that analysts at Goldman had been reflecting on a “remarkable” rally during the last three months.
“Most institutional investors have been stunned by the juxtaposition of the sharpest GDP contraction on record with a 36% market rally, as have we,” Kostin said.
“But, the combination of incremental data improvement and extraordinary policy support has been sufficient to assure the forward-looking market that the earnings damage resulting from the virus will ultimately be short-lived,” he added.

How IPOs give the ‘illusion of diversity’ with underwriters, while paying minority-owned firms less

4 years ago

It’s common for initial public offerings to include minority-, women- and veteran-owned business enterprises as underwriters.
But a CNBC analysis found those “MWVBE” firms’ fees are about 12 cents on the dollar — when compared with other smaller firms with “passive” roles.
On average, between 2016 and the first half of 2020, MWVBE’s received 0.69 percent of the fee pool, the CNBC analysis found, using S&P Global Market Intelligence data.

Wells Fargo tells new clients they need $1 million in balances for certain mortgage refinancing

4 years ago

Wells Fargo is now requiring new customers to bring at least $1 million in balances if they want to refinance a jumbo mortgage, up from a previous level of $250,000, according to people with knowledge of the policy.
The change came in a July 1 overhaul of lending guidelines that broadly lowered barriers to the product for existing customers, while making it far harder for new ones to qualify, said the people, who declined to be identified speaking about the move.
“They don’t want to take somebody else’s balance sheet and put it in on theirs,” said one of the sources. “We’re very busy and they wanted to slow down the number of loans coming in.”

Millennials are piling into stock trading in Asia. Here’s how to make the most of your money

4 years ago

Last week, major U.S. indices recorded their best quarter in decades. The Dow Jones closed up 17.77% on June 30 to notch its best three months since 1987. The S&P 500 ended up 19.95%, a high not seen since 1998. The Nasdaq finished higher by 30.63%, its greatest gain since 1999.

HNWI

Porsche is upbeat on China sales as automakers bet on luxury electric vehicles

Stock futures flat as investors brace for final quarter of 2020

Vanguard shifting prime money market fund to safer U.S.-backed investments

SoftBank to sell up to two-thirds of T-Mobile stake, worth about $20 billion

Airline stocks soar after GOP senators push for $25 billion in additional industry aid

Gold just hit a fresh record high — but some say silver is set to overtake

Goldman’s top stock picker is bullish on tech and bearish on energy

How IPOs give the ‘illusion of diversity’ with underwriters, while paying minority-owned firms less

Wells Fargo tells new clients they need $1 million in balances for certain mortgage refinancing

Millennials are piling into stock trading in Asia. Here’s how to make the most of your money

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