Wall Street, consumer confidence, currencies and oil

SINGAPORE — Shares in the Asia-Pacific fell on Wednesday after Wall Street’s negative performance on Tuesday. Investors will also be looking forward to Japan’s consumer confidence data release. Hong Kong’s Hang Seng index declined about 1% in early trade, while the Hang Seng Tech index dropped 1.44%. In South Korea, the Kospi dropped 1.55%, while … Read more

Forget Klarna? Investors bet new startups will in ‘buy now, pay later’

With hype over the “buy now, pay later” trend fading, some investors are betting they’ve found the next big thing. Buy now, pay later companies like Klarna and Affirm, which let shoppers defer payments to a later date or break up purchases into interest-free installments, are under immense strain as consumers become more wary about … Read more

ARK Invest’s Cathie Wood says the U.S. is already in a recession

Catherine Wood, chief executive officer of ARK Investment Management LLC, speaks during the Bitcoin 2022 conference in Miami, Florida, US, on Thursday, April 7, 2022. Eva Marie Uzcategui | Bloomberg | Getty Images Ark Invest CEO Cathie Wood said Tuesday that the US is already in an economic downturn, and she admitted that she underestimated … Read more

China cuts quarantine for overseas travelers, easing Covid controls

For more than two years, overseas travelers have had to quarantine upon arrival in China because of Covid restrictions. Pictured here at Beijing International Airport on June 18, 2022, are passengers waiting to be taken to quarantine-designated destinations. Leo Ramirez | afp | Getty Images BEIJING — China cut the quarantine period for international travelers … Read more

Credit Suisse to overhaul its risk management after Archegos and other scandals

A sign above the entrance to the Credit Suisse Group AG headquarters in Zurich, Switzerland, on Monday, Nov. 1, 2021. Thi My Lien Nguyen | Bloomberg | Getty Images Credit Suisse has vowed to forge ahead with its risk management and compliance overhaul in light of a string of scandals, despite what its CEO called … Read more

Stock index futures rise following a losing day Monday

Stock futures rose early on Tuesday following a losing day as investors prepare to rebalance their portfolios with the end of the quarter fast approaching. Futures on the Dow Jones Industrial Average gained 248 points or 0.79%. S&P 500 futures edged up 0.83% and Nasdaq 100 futures advanced 0.94%. The overnight action followed modest losses … Read more

Asia markets: Stocks, earnings currencies, oil

SINGAPORE — Shares in the Asia-Pacific region mostly fell on Tuesday as investors weigh economic concerns. Hong Kong’s Hang Seng index fell 0.86% in early trade, while the Hang Seng Tech index fell 2.26%. Mainland Chinese markets fell. The Shanghai Composite lost 0.33% and the Shenzhen Component inflated down 0.41%. Technology investor Prosus NV will … Read more

U.S. may lose silicon wafer factory if CHIPS Act isn’t funded

US Commerce Secretary Gina Raimondo told CNBC’s Jim Cramer on Monday that she believes GlobalWafers will follow through on its plan to build a silicon wafer factory in Texas — but only if Congress passes funding for the CHIPS for America Act by the time the August recess begins. “This investment that they’re making is … Read more

SPACs wipe out half of their value as investors lose appetite for risky growth stocks

A trader works on the floor of the New York Stock Exchange (NYSE) in New York, June 16, 2022. Brendan McDermid | Reuters SPACs, once Wall Street’s hottest tickets, have become one of the most hated trades this year. The proprietary CNBC SPAC Post Deal Index, which is comprised of SPACs that have completed their … Read more

FCA investigates Wise CEO Kristo Kaarmann over tax default

Kristo Kaarmann, CEO and co-founder of Wise. Eoin Noonan | Sportsfile | Getty Images The CEO £3.9 billion ($4.8 billion) fintech firm Wise is being investigated by UK regulators after tax authorities found he failed to pay a tax bill worth over £720,000. Kristo Kaarmann, who co-founded Wise in 2011, was recently fined £365,651 by … Read more