Author: FX

Spencer Platt/Getty Images News Two digital media companies have been materially outperforming their legacy media peers this year — but heading into second-quarter earnings, KeyBanc likes Spotify (NYSE:SPOT) over Netflix (NASDAQ:NFLX) for continued upside. Rivals including Disney (DIS), Warner Bros. Discovery (WBD), Paramount (PARA) (PARAA), Comcast (CMCSA), Universal Music (OTCPK:UMGNF) and Warner Music Group (WMG) have lagged in 2023 behind the showings of Netflix (NFLX) and Spotify (SPOT), up 50% and up 110% respectively, analyst Justin Patterson notes. That measure holds not only year-to-date, but Netflix (NFLX) and Spotify (SPOT) have also outperformed those companies and the overall market since…

© Reuters. US President Joe Biden listens during a meeting with Nordic leaders (not pictured) at the Presidential Palace in Helsinki, Finland, July 13, 2023. Ritzau Scanpix/Ida Marie Odgaard/via REUTER (This July 15 story has been refiled to fix typographical errors in paragraphs 3 and 7) By Jason Lange WASHINGTON (Reuters) – President Joe Biden’s re-election campaign ended last month with about $20 million in the bank, just trailing the $22 million plus reported by Republican front-runner Donald Trump, according to financial disclosures released on Saturday. The disclosures filed to the Federal Election Commission point to a competitive money race…

UPCOMING EVENTS:Monday: PBoC MLF.Tuesday: US Retail Sales, Canada CPI.Wednesday: New Zealand CPI, UK CPI.Thursday: PBoC LPR, Australia Jobs Report, US Jobless Claims.Friday: Japan CPI, UK Retail Sales.Monday: There’s no expectations for the PBoC to cut the MLF rate as the recent comments by the PBoC deputy governor Liu Guoqiang last Friday indicated that there’s no fear of deflation as they expect inflation to have a U-shaped recovery in the second half of the year. The Medium-Term Lending Facility Rate (MLF) is the main rate at which the central bank lends to big commercial banks. The MLF acts as a guide…

(Reuters) – An earthquake of magnitude 7.4 struck the Alaska Peninsula region early on Sunday, according to the United States Geological Survey (USGS). The U.S. Tsunami Warning System issued a tsunami threat after the earthquake The quake which was at a depth of 9.3 km (5.78 miles), USGS said. Source link

Rusell Hendry/iStock Editorial via Getty Images United Airlines (NASDAQ:UAL) and its pilots have come to terms on a new four-year labor deal after four years of tough bargaining. The Air Line Pilots Association will need to ratify the deal, but the union valued it around $10B, and it includes raises for pilots by up to 40% over the four-year span, as well as job security assurances and retirement benefits — underscoring some labor strength at airlines, amid rapidly rebounding revenues. And the union said it would put United’s pilots on par with those at Delta Air Lines (DAL), whose pilots…

5/5 © Reuters. Rescue workers take part in a search and rescue operation at an underpass that has been submerged by an flooded river caused by torrential rain in Cheongju, South Korea, July 16, 2023. REUTERS/Kim Hong-ji 2/5 SEOUL (Reuters) – Five bodies of people who were trapped under a tunnel submerged by heavy rains in central South Korea were pulled out on Sunday, firefighting authorities said, taking the death toll from the days of torrential rains that pounded the country to 31. The five people were found from a bus that has been submerged at a flooded underpass in…

imaginima/E+ via Getty Images Russian Urals crude oil prices exceeded the G-7 oil price cap this week for the first time, with oil prices across the board rising as Saudi production cuts begin to take hold while demand moves higher. Prices for Urals crude hit $62.22/bbl for oil ports in the Baltic Sea, and $63.22/bbl for supplies sent from the Black Sea, according to Argus – higher than the $60 cap for Russian crude imposed in December. The tighter markets could ease the economic strain on Russia that Western countries had sought through the oil price cap, and perhaps prompt…

Asset managers generally fared strongly in the first half of this year in terms of growth in assets under management, thanks in part to a strong rally across equity markets. The combined AUM of the nine U.S.-listed asset managers tracked by Seeking Alpha stood at $5.85T at June 30, 2023, up $400B, or 6.83%, from the $5.45T mark at Dec. 31, 2022. The gain was accompanied by the S&P 500 (SP500) jumping 16.4% and the tech-heavy Nasdaq (COMP.IND) surging 32.7%, as seen in this chart. Just one firm – Cohen & Steers (NYSE:CNS) – saw AUM growth stagnate for the…

Lending protocol Geist Finance is shutting down permanently due to losses from the Multichain exploit, according to a July 14 social media post from the app’s development team. Geist contracts were paused on July 6, then resumed in “withdraw and repay only” mode on July 9. The latest post confirms the team does not plan to reopen lending and borrowing on Geist. Geist is a lending protocol running on the Fantom network. It had over $29 million worth of crypto assets locked in its contracts before the Multichain hack. Before the hack, Geist allowed users to borrow, lend or use…

jpgfactory/iStock via Getty Images Two crypto-exposed stocks and three lending companies topped this week’s best-performing financial stocks. On Thursday, a judge’s ruling on the trading of crypto assets lifted the crypto sector overall. For the week, the Financial Select Sector SPDR ETF (NYSEARCA:XLF) rose just under 2%, underperforming the S&P 500’s 2.4% growth. With banks starting to report Q2 earnings on Friday, the Nasdaq KBW Bank Index (BKX) also gained just under 2%. Cryptocurrency exchange Coinbase Global (NASDAQ:COIN), bounding 34%, led financial stocks with a market cap of at least $2B for the week ended July 14. On Thursday, a…