Anna's Daybreak News

Good morning news enthusiasts! Get ready to ride the waves of breaking news, as we bring you a tidal wave of the freshest headlines, intriguing stories, and eye-opening insights that will keep you informed and sharp.

• The custodians of the euro zone have set a course for a policy-inflicted blow since the currency was created.


• The ECB is raising interest rates to heights not seen in over a decade.


• Simultaneously, public spending is set to be restrained.


• The combination of higher interest rates and renewed restraint in public spending will threaten to strangle economic expansion and raise the risk of a recession.


• According to research, the ECB rate hikes will reduce economic output by 4%.


• Our Euro friends may not be able to play the fiddle while Rome burns this time.
Source: Read More

• Moody's cut the ratings of 10 banks by one notch and placed six banking giants on review for potential downgrades.


• The agency changed its outlook to negative for eleven major lenders, including Capital One, Citizens Financial, and Fifth Third Bancorp.


• Moody's warned that higher interest rates, remote work, and a reduction in the availability of CRE credit can make banks with elevated CRE exposures vulnerable.


• The U.S. banking sector continues to face a crisis of confidence, as evidenced by the collapse of Silicon Valley Bank and Signature Bank earlier this year.


• Higher funding costs, potential regulatory capital weaknesses, and risks tied to commercial real estate loans can be attributed to the review


• U.S. Bancorp, BNY Mellon, State Street, and Truist Financial Corp. are among the major lenders facing potential cuts


• When the going gets tough, banks may not get going.
Source: Read More

• BioNTech and Moderna’s stocks fell 8% and 6%, respectively, a decline spurred by BioNTech’s earnings report revealing the German firm’s sales fell 95% year-over-year last quarter.


• Moderna's fresh decline came after it reported a 93% annual decline in quarterly revenues in its own earnings release Thursday.


• BioNTech, which developed a Covid vaccine with Pfizer, said Monday it expects to generate $5.5 billion in Covid vaccine sales this year, a 70% decline from 2022, while Moderna’s $6 billion to $8 billion in forecasted Covid jab sales is similarly about two-thirds below its $18 billion of revenue in the unit last year.


• As the companies grapple with increasingly declining revenues and demand for their Covid prevention and treatment, together they have lost about $340 billion in market capitalization from their 2021 peaks.


• It seems that COVID has found its new unsuspecting victims
Source: Read More

• China's imports and exports took a massive hit in July—12.4% and 14.5% falls respectively—beyond the expectations of many analysts, raising the risk of a slowdown in economic growth


• Measures for foreign demand shows a greater decline than customs data


• The state planner last week promised stimulus to prop up the economy, but investors remain unenthused with proposals


• Inbound shipments have registered the biggest decline since the COVID crisis began in January.


• Analysts are now downgrading growth forecasts despite state promises of policy support.


• The IMF updated its 2020 world economic growth projections to a 4.4% decline, based on forecasts of decreasing demand both domestically and abroad.


• China's yuan hit a three-week low and Asian stocks turned weaker after the data was made public.


• It's a brave new world, and China's ready to show their cards. Now all we have to do is wait and see if the dealer will hit a royal flush.
Source : Read More

Baked with love,

Anna Eisenberg ❤️