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Stock Markets Soar Yet Again, UBS Scores Historic Quarterly Profits and Biden Sends Weapons to Taiwan
Anna Eisenberg
August 30, 2023
Anna's Daybreak News
Good morning news lovers! Join us on a journey through the tapestry of news, where we unveil the latest stories, unravel complex issues, and shine a spotlight on the fascinating narratives that shape our world. 📰🌟
MasterCard & Visa Skyrocket: A Tale of Price Increases and Possible Regret
- Visa and Mastercard proposed a collective $502 million increase in merchant fees which could take effect as soon as October and April, respectively.
- Shares of both companies rose approximately 1% on the news, signaling investor support of the higher fees.
- An analyst from Mizuho Bank warned of the potential for increased regulation or the shift to alternative payment methods due to the higher costs.
- The credit card giants have a combined market capitalization of close to $1 trillion, with Visa at 11th largest company in the world.
- It remains to bbe seen what is the straw that breaks this camel's duopoly Source: Read More
Stock Markets Soar Yet Again: Investing in the "Don't Recession"
The U.S. economy continues to expand but at a slightly slower rate than initially estimated for the second quarter - the gross domestic product (GDP) growth rate was revised down from 2.4% to 2.1%. Despite 525 basis points worth of interest rate hikes from the Federal Reserve since March 2022 and increasing inflation pressures, the U.S. economy is resilient and looks to be avoiding a recession this year.
The U.S. economy continues to expand but at a slightly slower rate than initially estimated for the second quarter - the gross domestic product (GDP) growth rate was revised down from 2.4% to 2.1%. Despite 525 basis points worth of interest rate hikes from the Federal Reserve since March 2022 and increasing inflation pressures, the U.S. economy is resilient and looks to be avoiding a recession this year.
- GDP growth rate revised down from 2.4% to 2.1%
- Consumer spending revised slightly up; business investment pared
- Corporate profits rebound in Q2; down year-on-year
- Private payrolls increase 177,000 in August
- Despite the uncertainty, investors are confidently embracing the "Don't Recession" and stocks are soaring yet again Source: Read More
UBS Makes History with Staggering $29 Billion Profit From Credit Suisse Acquisition
- UBS Group AG posted the biggest-ever quarterly profit for a bank in the second quarter as a result of its emergency takeover of Credit Suisse.
- The $29 billion gain is a result of the accounting difference between the $3 billion price UBS paid for Credit Suisse and the value of the acquired lender’s balance sheet.
- UBS now commands roughly $5 trillion in client assets, giving it a shot at global primacy in the business of managing rich people’s money.
- With UBS' acquisition of Credit Suisse, it's safe to say that Swiss banks are now truly banking even on their failures Source: Read More
Biden Approves Big Arms Deal to Taiwan: U.S. Keeps up the Pressure on Beijing
- The U.S. State Department has approved a $80 million military transfer to Taiwan as part of the Foreign Military Financing (FMF) program
- The move strengthens the U.S.'s deterrence posture against an increasingly authoritarian Chinese Communist Party (CCP)
- The U.S. has also approved other arms sales to Taiwan, such as infrared search and track systems for F-16 fighter jets
- In response to the U.S. military aid to Taiwan, Beijing has warned against "official exchanges" between Washington and Taipei
- Despite threats, the U.S. stands with democracy-loving people in Taiwan and around the world in protecting human rights and keeping international peace. Except in Africa, but who is counting? Source : Read More
Baked with love,
Anna Eisenberg ❤️
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