German Business Mood Darkens as Virus Lockdowns Delay Recovery
By Carolynn Look Ifo business climate index declines to 90.1 in Jan.; est. 91.5 Gauges of current conditions and expectations deteriorated (Bloomberg) — German companies’ optimism in an economic recovery is being tested as extended lockdowns at home and abroad curb activity. A gauge of sentiment over current conditions fell in January, dragging the Ifo Institute’s […]
Waymo’s Self-Driving Future Looks Real Now That the Hype Is Fading
(Bloomberg Businessweek) — Last October, Waymo announced that anybody who hailed one of its rides in the suburbs southeast of Phoenix would be picked up by a truly driverless vehicle—no human sitting behind the wheel. It was a major milestone for Alphabet Inc.’s self-driving-car unit, the culmination of more than a decade of work begun as part of Google’s […]
Lagarde Signals New Recession Even as ECB Holds Stimulus Steady
(Bloomberg) — European Central Bank President Christine Lagarde signaled that the euro-zoneeconomy is headed for a double-dip recession, while insisting that the current level of monetary stimulus is enough for now. The ECB chief said output probably shrank at the end of 2020, and “a decline in the fourth quarter will travel into the first quarter.” Economists are increasingly […]
U.S. Housing Starts Rose to Fastest Pace Since 2006 in December
(Bloomberg) — U.S. home construction starts rose for a fourth-straight month in December to the best pace since late 2006 as builders responded to the robust demand for single-family housing. Residential starts climbed by 5.8% to a 1.67 million annualized rate, according to government data released Thursday. That topped all estimates in a Bloomberg survey of […]
Top fund manager of 2020 warns more than half the S&P 500 is at risk from technological upheaval
As 2020 comes to a close, it’s hard to find a more successful fund manager than Cathie Wood, the chief executive and chief investment officer of ARK Invest. ARK’s flagship fund, the ARK Innovation ETF ARKK, -2.32%, has jumped 154% this year, trouncing the 43% rise for the Nasdaq Composite COMP, -0.87%, and other ARK funds including the ARK Genomic Revolution […]
Jamie Dimon says JPMorgan Chase should absolutely be ‘scared s—less’ about fintech threat
JPMorgan Chase CEO Jamie Dimon has watched while a new breed of fintech players, led by PayPal, Square and tech giants around the world have exponentially grown users and market value. His message to the management team of his $3.4 trillion banking goliath: Be frightened. “Absolutely, we should be scared s—less about that,” Dimon said Friday in a conference call with […]
Here Are the Major Pieces of Biden’s $1.9 Trillion Stimulus Plan
(Bloomberg) — President-elect Joe Biden’s $1.9 trillion Covid-19 relief plan is designed to both pump money into the economy and contain the coronavirus pandemic. The plan includes a wave of new spending, including more direct payments to households, an expansion of jobless benefits, more money for state and local governments and an expansion of vaccinations and […]
Amazon’s ad business will gain the most share this year, according to analyst survey
Amazon will be the leading share gainer among the major digital ads businesses in 2021 and 2022, according to a new ad buyer survey from Cowen released Tuesday. Amazon’s ad business will continue to grow as more spend comes from TV, search and other digital platforms and as buyers see strong return on investment on the […]
Americans spent a record online over 2020 holidays, and more e-commerce gains are expected
U.S. online purchases over the 2020 holidays grew 32.2% from 2019, totaling a record $188.2 billion as shoppers stayed home and shopped on the web during the pandemic, according to Adobe Analytics. E-commerce sales during November, which included Black Friday and Cyber Monday, reached $100 billion for the first time, said Adobe, which tracks the web […]
Tom Lee has a theory on why stocks are far from a bubble and due for another big decade
(A full version of this story is available for CNBC Pro subscribers only) Fundstrat Global Advisors co-founder Tom Lee is pushing back against claims that the stock market is in a dangerous bubble, telling clients that equities are likely set for another strong decade. In reiterating his bullish outlook on Monday, Lee noted that bonds and gold […]