- JPMorgan buys First Republic Bank
- China’s manufacturing falls back into contraction?
- Democrats say they need Mitch McConnell to prevent a debt default
- Jack Dorsey has harsh words for Elon Musk’s purchase of Twitter
- Bitcoin is on a?winning streak this year
- Deutsche Bank wants to hire more dealmakers, the FT says
- A Chinese home appliance giant has its eye on Sweden’s Electrolux
- Investors remain optimistic that Berkshire Hathaway can beat the market.
- France’s credit rating was cut by Fitch Ratings in another blow to President Emmanuel Macron as he tries to bolster the country’s public finances with unpopular overhauls.?
- Yellen warns the Treasury may run dry.?
- Jamie Dimon says US banking turmoil may be over
- Meta is looking to
- raise $8.5 billion in a five-part bond sale
- Rates for I bonds drop to 4.3% thanks to cooling US inflation.?
- HSBC earnings smash estimates.?
- The RBA unexpectedly raises the cost of borrowing.
- In the UK Food prices continued to accelerate, hitting a fresh all-time high of 15.7%, as ready meals, coffee and fresh produce became more expensive.
- JPMorgan will assume all deposits held by First Republic Bank after the troubled lender was taken over by US regulators. The resolution came after the weekend’s emergency auction, where banks including JPMorgan, PNC Financial Services and Citizens Financial were asked to submit offers. Also invited were Bank of America and US Bancorp — but both decided against bidding. JPMorgan, the country’s largest bank, had the advantage of what Chief Executive Officer Jamie Dimon calls its fortress balance sheet heading into the government-led attempt to sell First Republic. BB
- China's factories are grappling with weaker global demand. Purchasing managers’ indexes for April denoted an unexpected slowdown in factory activity, the first time the indicator falls below 50 this year. Sub-indexes for new orders, new export orders and manufacturing employment were all in contraction territory. China’s economic recovery risks losing steam, analysts said, with the figures adding pressure on the government to increase policy support. The Communist Party’s Politburo — the top decision-making body led by President Xi Jinping — recently said domestic demand is still insufficient. That said, evidence consumers are traveling across the country and splurging over the May holidays may give them some breathing room. BB?
