In financial markets, the Hong Kong dollar is known as a “widow-maker”, a ruinous trade that inflicts painful losses on successive generations of investors. While betting against Japanese government bonds has been the most notorious widow-maker trade, challenges to Hong Kong’s currency peg to the US dollar date back to the 1997-98 Asian financial crisis…
Topline Elon Musk, the world’s richest man, blamed fellow billionaires George Soros, Reid Hoffman and the ActBlue fundraising organization over recent protests targeting his firm Tesla, citing an “investigation”—though it’s unclear what investigation he’s referencing. Protesters have voiced opposition to Elon Musk’s DOGE by demonstrating outside Tesla dealerships. … [+] (Tom Williams/CQ-Roll Call, Inc via…
CNBC’s Jim Cramer on Monday reviewed investors’ reaction to President-elect Donald Trump‘s latest cabinet pick, hedge fund manager Scott Bessent. His takeaway is that Wall Street believes the potential Treasury secretary will be a prudent force in the administration. “What matters is that this Treasury secretary designate is a serious person, not unlike Steven Mnuchin…
Global markets rose Monday as investors responded positively to President-elect Donald Trump‘s nomination of billionaire hedge fund manager Scott Bessent as Treasury secretary. European and Asian markets largely tracked Wall Street‘s gains last week, reflecting optimism over a potentially market-friendly economic plan. In Europe, Germany‘s DAX climbed 0.7 percent to 19,461.11, while France‘s CAC 40…
A trader works on the floor of the New York Stock Exchange during morning trading on March 4.Photo: Angela Weiss (Getty Images) In This Story The Dow climbed and the dollar weakened early Monday following the news that President-elect Donald Trump has tapped Wall Street’s Scott Bessent to be his next Treasury Secretary. How AI…
China may be under pressure to let its currency appreciate and should reduce reliance on the US market, Chinese analysts said, after a former protégé of billionaire George Soros was tapped to become Washington’s top economic official. US president-elect Donald Trump on Friday picked hedge fund manager Scott Bessent, founder of investment firm Key Square…
Elon Musk secretly funneled hundreds of thousands of dollars into an effort to turf a Democratic prosecutor in Texas, according to a report in The Wall Street Journal. The Texas resident and Tesla and SpaceX CEO was the chief financier of Saving Austin, a group that distributed incendiary material attacking District Attorney José Garza during…