Higher interest rates and rising inflation, plus the cheap money flow that governments pumped into economies to artificially drive up equity markets and economies are causing companies in many sectors to lay off employees.
Author: admin
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$500 BILLION IN DISTRESSED CORPORATE DEBT PRESAGES WAVE OF BANKRUPTCIES
Corporate loans in “distress”—a pre-default phase in which businesses struggle to gather the assets to make debt payments—now total $500 billion, Bloomberg has calculated, the most since 2008, early in the Great Recession.
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WAR SENDS LOCKHEED PROFITS SOARING
Lockheed Martin, the world’s largest defense contractor, reported second-quarter net profits of $1.68 billion, compared to just $309 million for the same period last year and exceeding predictions among economists surveyed by FactSet.
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SALES OF NEWLY BUILT HOMES ON THE RISE
Newly built homes made up almost a third of houses for sale in the U.S. in May, compared to the usual 10 to 20 percent, according to the National Association of Realtors (NAR).
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CONSUMERS WAITING “FOR THE OTHER SHOE TO DROP”
Two key surveys of consumers’ views of the economy both posted their most positive results in 18 months or more.
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CHINA’S ECONOMIC WEAKNESS LEAKS ONTO WALL STREET
Stock-watchers expect a raft of disappointing second-quarter earnings reports from tech firms, luxury retailers, and other companies dependent on China, according to Reuters.
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DOLLAR’S VALUE SINKS FURTHER AS BIG BANKS TURN BEARISH
After closing at 99.91 on 17 July, the U.S. dollar regained little ground against an assortment of other major currencies, trading at 101.08 at 5 p.m. U.S. EDT on 21 July.
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HOME SALES, PRICES SLIP IN JUNE: CRASH COMING?
Sales of existing homes, which normally make up most of the housing market, dropped 3.3 percent in June from May to 4.16 million units, down 18.9 percent from a year earlier and the slowest sales pace since January, the National Association of Realtors reported.
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SPOTLIGHT, TOP TREND 2023: OFFICE BUILDING BUST
The number of office buildings burdened with troubled loans, or already repossessed by lenders, jumped 36 percent in this year’s second quarter from the first, MSCI Real Assets reported.
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UKRAINE’S BURISMA: HUNTER BIDEN ‘STUPID,’ BUT PAID BIDENS $10 MILLION
Congress published an FBI agent's redacted write-up from June 2020 that claimed President Joe Biden and his troubled son Hunter both pulled in $5 million in bribes from Mykola Zlochevsky, the owner of Burisma—who felt “coerced” to make the payment.