The surge in small-cap stocks has been making headlines recently, with the Russell 2000 index leading the bull market. The benchmark for small-cap stocks rose by 1% on Tuesday, reaching its highest level since January 2022. This surge is accompanied by hopes that interest rate cuts by the Federal Reserve will broaden the economic recovery
Finance
Recently, the German regulator BaFin accused Deutsche Bank of incorrectly disclosing deferred tax assets in its 2019 financial statement. According to BaFin, the declarations on deferred tax assets in the consolidated financial statement were incomplete, not meeting international accounting standards. Specifically, 2.076 billion euros worth of deferred tax assets were not disclosed separately in the
The recent attempted assassination of former President Donald Trump at a Pennsylvania rally has left a somber mood among the leaders of Wall Street’s most powerful firms. JPMorgan Chase CEO Jamie Dimon expressed deep sadness and condemned the political violence in a memo to employees. He stressed the importance of standing together against acts of
Goldman Sachs, a financial giant, demonstrated its resilience and strength with its latest earnings report, surpassing profit and revenue estimates. The second-quarter profit saw a remarkable 150% increase from the previous year, reaching $3.04 billion. The earnings per share stood at $8.62, beating the LSEG estimate of $8.34 per share. The company’s revenue also exceeded
China’s National Bureau of Statistics recently released data showing that the country’s second-quarter GDP rose by 4.7% year on year, falling short of expectations set at 5.1%. Despite this, industrial production saw a year-on-year growth in June that surpassed estimates, reaching 5.3%. The growth in high-tech manufacturing value added also outperformed expectations, rising by 8.8%
Wells Fargo reported a 9% decline in net interest income during the second quarter, which fell below analysts’ expectations. This decline was primarily attributed to the impact of higher interest rates on funding costs. As a result, the San Francisco-based lender recorded $11.92 billion in net interest income, missing the $12.12 billion expected by analysts.
In a recent statement regarding JPMorgan Chase’s second-quarter results, CEO Jamie Dimon issued a stark warning about the looming threat of inflation. Despite some recent signs of easing in price pressures, Dimon highlighted the persistent inflationary forces that continue to plague the economy. He pointed to factors such as large fiscal deficits, infrastructure needs, trade
China’s import data for June fell short of expectations, with a 2.3% decrease from a year ago in U.S. dollar terms. This was in contrast to the forecast of a 2.8% growth, according to a Reuters poll. The lackluster performance in imports reflects the ongoing challenges in the global economy, as well as the impact
China is experiencing a significant shift in its transportation sector with the rise of robotaxis. As major players like GM’s Cruise and Alphabet’s Waymo have introduced driverless taxis in the US, local Chinese governments have also begun allowing domestic companies to operate robotaxi rides for the public. The introduction of fully autonomous driving taxi experiences
The world of cryptocurrency exchange-traded funds is about to see a new player: ethereum. With spot ether ETFs potentially entering the market this week pending the approval of the U.S. Securities and Exchange Commission, Bitwise Asset Management’s Chief Investment Officer, Matthew Hougan, is gearing up to seize this opportunity. According to him, the introduction of