Finance

China’s five largest banks reported their biggest profit declines in at least a decade as they brace for further increases in bad loans in an economy weakened by the coronavirus pandemic. The five lenders — Industrial and Commercial Bank of China, China Construction Bank, Agricultural Bank of China, Bank of China and Bank of Communications —

Warren Buffett Gerry Miller | CNBC They say 90 is the new 70, and in Warren Buffett‘s case it may be true. The chairman and CEO of Berkshire Hathaway announced today, on his 90th birthday, that his company has acquired a slightly more than 5% stake in each of the five leading Japanese trading companies.

Getty Images Now that Federal Reserve officials have sent a clear message on their desire for higher inflation, the tough part is convincing the world that they can pull it off. For the past decade, the Fed has struggled to get inflation up to the 2% target it sees as consistent with a growing economy

Take a look at some of the biggest movers in the premarket: Coca-Cola (KO) – The beverage giant announced a reorganization which will see the current 17-unit business structure changed to nine business units. The realignment will result in an undetermined number of both involuntary and voluntary job cuts, with Coca-Cola planning to offer voluntary

The Federal Reserve will have to keep supporting the economy as the recovery from the coronavirus pandemic “is going to be a slow one,” a top official at the central bank said Friday. “There’s more pain out there that we’re going to have to support the economy through,” Loretta Mester, president of the Cleveland Fed,

Patrick T. Harker, president of the Federal Reserve Bank of Philadelphia Charles Mostoller | Bloomberg | Getty Images Philadelphia Federal Reserve President Patrick Harker said Friday that it will take a significant amount of time before the U.S. sees unemployment figures return to their pre-coronavirus lows. Harker, a voting member of the Federal Open Market Committee, also

Pedestrians pass in front of an Ulta Beauty store in New York. Gabby Jones | Bloomberg | Getty Images Check out the companies making headlines in midday trading.  Ulta Beauty — Shares of the retailer gained 6% after the company’s second-quarter profit topped expectations. Ulta earned 14 cents per share during that time period, compared with the

An employee demonstrates the Wirecard AG online payment smartphone app on the company’s exhibition stand at the Noah Technology Conference in Berlin, Germany, on Thursday, June 13, 2019. Krisztian Bocsi | Bloomberg via Getty Images Wirecard Card Solutions, the U.K. unit of disgraced German payments company Wirecard, has announced it will sell some assets to

Futures tied to major U.S. equity benchmarks rose in overnight trading on Thursday as Wall Street attempts to build on its record-breaking rally. The Dow Jones Industrial Average futures gained 211 points. The S&P 500 futures and the Nasdaq 100 futures also traded in positive territory. The S&P 500 reached a new all-time high for

Stocks may have another reason to rally. According to MKM Partners’ Michael Darda, the risk of a monetary policy mistake at the margin is lower now than it was just yesterday. His call follows Federal Reserve chief Jerome Powell’s speech at the virtual Jackson Hole, Wyoming, economic summit on Thursday. “The Fed is focused like

White House senior advisor Jared Kushner on Thursday praised Federal Reserve Chairman Jerome Powell for his leadership of the central bank’s response to the coronavirus pandemic.  “Look, you really see what people are made of in times of crisis and I think that Chairman Powell has really stepped up to the plate, and he’s done a

Economic forecaster Lakshman Achuthan is delivering an encouraging outlook. He finds a surge in commodity prices suggests the industrial space will lead the next leg of the recovery. “[It] is really firing on all cylinders,” the Economic Cycle Research Institute co-founder told CNBC’s “Trading Nation” on Wednesday. He builds his bullish case in a chart

Bloomberg | Bloomberg | Getty Images Check out the companies making headlines after the bell:  NetApp — NetApp shares rose more than 10% in after-hours trading after the data-storage company reported unexpected earnings and sales growth. NetApp reported adjusted earnings of 73 cents a share, up from 65 cents a share a year ago. Analysts had expected

Noam Galai | Getty Images A new shell company set up by a former banking CEO is set to go public this week, with the eventual plan to buy up a fintech company. The special purpose acquisition company — also known as a SPAC — will list on the Nasdaq Wednesday morning, according to its

U.S. stock futures were flat in overnight trading on Tuesday after the S&P 500 closed at a new record high.  Dow futures rose 5 points. The S&P 500 and Nasdaq 100 futures rose 0.04% and 0.1%, respectively.  Software company Salesforce reported blowout earnings after the bell on Tuesday. The soon-to-be Dow member rose more than

With or without the Federal Reserve’s involvement, Peter Boockvar of the Bleakley Advisory Group sees signs inflation is making a comeback. His call comes two days before Fed Chair Jerome Powell is scheduled to deliver a key policy speech at this week’s virtual Jackson Hole event. During his comments, Powell is expected to tackle how

Daniel Pinto, head of the corporate and investment bank at JPMorgan Chase & Co. Simon Dawson | Bloomberg | Getty Images As Wall Street prepares for more of its traders and bankers to return to offices next month, a shift underway at JPMorgan Chase may have lasting implications for the entire industry. Workers in the

Traders work during the closing bell at the New York Stock Exchange (NYSE) on March 17, 2020 at Wall Street in New York City. Johannes Eisele | AFP | Getty Images U.S. stock futures were flat on Monday night after another record-setting session on Wall Street. Dow Jones Industrial Average futures traded just below the

Invesco’s Kristina Hooper is worried overzealous investors are getting swept up in market momentum. Whether it’s optimism or pessimism, she warns they’re becoming dangerously overconfident about where the market is heading next. “People have become very set in their opinions. Some believe that there’s no end in sight to the stock market rally,” the firm’s

Take a look at some of the biggest movers in the premarket: AstraZeneca (AZN) – The White House is considering fast-tracking the Covid-19 vaccine candidate being developed by AstraZeneca and Oxford University, according to the Financial Times. The paper said one option being considered is having the Food and Drug Administration give the potential vaccine treatment