Shares of Didi Chuxing closed up a modest 1% Wednesday afternoon after spiking as much as 28.6% in the Chinese ride-hailing giant’s market debut. The company’s stock began trading at $16.65 per share, up about 19% from the company’s offering price of $14 per share, bringing its market cap to nearly $80 billion. It closed at $14.14 […] Read more
The Federal Reserve announced Thursday that the biggest U.S. banks could easily withstand a severe recession, a milestone for the once-beleaguered industry. The Fed, in releasing the results of its annual stress test, said all 23 institutions in the 2021 exam remained “well above” minimum required capital levels during a hypothetical economic downturn. Bank shares popped after […] Read more
The quickly tightening labor market could present a problem for financial markets in the medium term, according to Longview Economics CEO Chris Watling. Recent JOLTs data put U.S. job openings in April at a record 9.3 million, but this is running alongside persistent unemployment and subdued hiring rates. The most recent jobless claims data showed a surprise […] Read more
They have a reputation for being loud and obnoxious, but as Europe looks set to reopen its borders to foreign visitors in time for the summer travel season, it’s hoping American tourists will make a comeback. The European Union signaled last week that it will ease restrictions for vaccinated travelers from outside the bloc, including the United States. The […] Read more
LONDON — For Deutsche Bank, bitcoin has lost its flair. Bitcoin suffered a huge plunge this week that saw the digital currency fall to three-month lows. It dived 30% to nearly $30,000 at one point on Wednesday, before paring losses later that day. On Thursday, bitcoin bounced back above $40,000 as the crypto market attempted to recover. Bitcoin was last trading 1% lower […] Read more
Stock futures were flat in overnight trading after major averages rebounded from a three-day losing streak on Thursday led by technology shares. Futures on the Dow Jones Industrial Average last added 18 points, up 0.05%. S&P 500 futures were 0.03% higher. Nasdaq-100 futures ticked 0.07% higher. The move in futures followed a comeback day on […] Read more
Italian supercar maker Lamborghini announced Tuesday that it will launch a fully-electric car in the second half of the decade. Presenting a transformation program, Lamborghini, owned by German firm Volkswagen, laid out “a roadmap to the decarbonization of future Lamborghini models and of the Sant’Agata Bolognese site,” its factory headquarters in Italy. It said the next 10 […] Read more
Apple said Tuesday it rejected almost 1 million apps that were submitted to its App Store for the first time in 2020. The announcement is the latest sign that Apple is becoming more transparent about how it approves and rejects iPhone apps in response to scrutiny including a lawsuit from Epic Games and regulatory attention from lawmakers. Apple argues that […] Read more
LONDON — Ether surged past $4,000 Monday to hit a new record high, extending a stunning rally for the world’s second-largest cryptocurrency. Ether, the digital token of the Ethereum blockchain, rose to an all-time high of $4,196.63 at 12:15 p.m. ET, according to Coin Metrics. It now has a total market value of $483.4 billion, less than […] Read more
A number of U.K.-based tech workers are choosing not to accept or pursue jobs at TikTok over fears that the company has an intense work culture with long and demanding hours. Six people in the industry told CNBC they either pulled out of interviews, turned down job offers, or left the company after learning that […] Read more
