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[hfe_template id='11223'] [ad_1] The S&P 500 and the Dow scored record closing highs on Friday, with the biggest boosts from financial stocks after banks reported strong quarterly results while the latest inflation data supported expectations for a U.S. Federal Reserve rate cut in November. Major financial companies kicked off earnings season with JPMorgan Chase rallying after the lender reported higher-than-expected third-quarter profit and raised its annual interest income forecast. Shares in Wells Fargo rose after its profit also beat analysts' expectations. BlackRock stock gained ground after the asset manager reported that its assets under management had hit a record high for the third straight quarter. Other stocks in the industry rose broadly, making the S&P 500 Financials index the biggest index points boost for the benchmark. "We'd some good earnings reports from some leading financial companies. That's a good start to earnings season,...

[hfe_template id='11223'] [ad_1] It's a packed week ahead with U.S. inflation data, the start of Q3 earnings, a French budget and possibly a big rate cut from New Zealand. Investors are also on edge as Middle East tensions escalate, while Japan's new Prime Minister Shigeru Ishiba is in the spotlight. 1. ONE YEAR OF WAR One year on from Hamas' Oct. 7 attack on Israel and the region looks on the brink of a sprawling war that could potentially reshape the oil-rich Middle East. The conflict, which has killed more than 42,000 people, the vast majority in Gaza, is spreading. Israeli troops are now in neighbouring Lebanon, home to Iran-backed Hezbollah; Iran launched a large scale missile attack on Israel earlier this week. Global markets have remained broadly unfazed. Oil prices, the main conduit for tremors further afield, have jumped about 8% this week, but soft demand and ample supply globally have kept a lid on gains. A further escalation between Iran and Is...

[hfe_template id='11223'] [ad_1] The Federal Reserve’s monetary-easing campaign for 2024 may already be over as the strong labor report Friday underscores the stubborn resilience of the world’s largest economy, according to Wall Street veteran Ed Yardeni. Further policy easing would risk sparking inflation just as oil prices rebound and China seeks to jump start its economy, according to the founder of Yardeni Research Inc., who famously coined the “Fed Model” and the “bond vigilante.”The market prognosticator says the central bank’s September decision to lower rates by half a percentage point — a move usually reserved to tackle a recession or market crash — was “not necessary” with the economy riding high and the S&P 500 hovering near records. “They don’t need to do more,” Yardeni wrote in an e-mailed response to questions. “I assume several Fed officials regret doing so much.” Stocks climbed Friday while Treasury yields and the dollar spiked after government data s...

[hfe_template id='11223'] [ad_1] Weakness in Chinese equities is eroding the confidence of some of Wall Street’s staunchest supporters, with hopes for a turnaround fading in the world’s No. 2 economy. Over the past two weeks, long-standing China bulls UBS Global Wealth Management, Nomura Holdings Inc., and JPMorgan Chase & Co. have all downgraded the country’s equities, citing concerns ranging from the property-led demand slump to piecemeal stimulus measures and geopolitical tensions ahead of the US elections. The thinning patience with an increasingly elusive Chinese stock rebound has coincided with growing consensus among the world’s biggest banks that the country will fail to meet its growth target of around 5% this year. The market weakness could also quicken a shift away from the China-centric model toward new favorites like India, Taiwan and Southeast Asia. “I find this slew of downgrades to be like people throwing in the towel” on China equities, said Britney ...