Weekend Money Markets Roundup February 03, 2024

Image for article titled Weekend Money Markets Roundup February 03, 2024

Photo: Stephane de Sakuten/AFP via Getty Images (Getty Images), AFP via Getty Images (Getty Images), Joshua Roberts (Reuters), Eugene Gologursky/Getty Images for Haute Living (Getty Images), Lam Yik (Reuters), Image: Jay Biggerstaff (Reuters), Pool (Reuters), Pool (Reuters), Staff (Reuters)

A close-up photo of LVMH CEO and chairman Bernard Arnault.

LVMH chair and CEO Bernard Arnault, who is at this moment richer than Elon Musk.
Photo: Stephane de Sakuten/AFP via Getty Images (Getty Images)

Russian president Vladimir Putin standing next to a row of sailors in white dress uniforms.

Lining up an economic boost.
Photo: AFP via Getty Images (Getty Images)

You hear that, ghost of Dwight D. Eisenhower? The US isn’t the only country with a military-industrial complex. The International Monetary Fund’s latest world economic outlook jacks up the agency’s forecast for Russian GDP growth in 2024 to 2.6%, from the 1.1% it was seeing back in October. That boost comes on the back of all the money Russia is blowing on guns and missiles and the like to help it invade Ukraine. – Melvin Backman Read More

Taylor Swift watching football game wearing red Kansas City Chiefs merch

Pop star Taylor Swift attending a Kansas City Chiefs game.
Image: Jay Biggerstaff (Reuters)

Headshot of Tesla CEO Elon Musk

Tesla CEO takes $51 billion hit to net worth after judge struck down his executive compensation package.
Image: Pool (Reuters)

US Federal Reserve in Washington, DC.

When will the Fed finally cut rates?
Photo: Joshua Roberts (Reuters)

The last time the Federal Reserve cut interest rates was in March 2020, right before the global economy was turned upside down by a pandemic. Since then, the Fed has been hiking the federal funds rate—or the rate at which the Fed lends to banks—to tame high inflation and to loosen the labor market. The central bank started raising interest rates in 2022 as inflation spiked, lifting the federal funds rate from nearly 0 to 5.5%—the highest it’s been in more than two decades. – Michelle Cheng Read More

Chinese President Xi Jinping and Russian President Vladamir Putin

Presidents Xi Jinping and Vladmir Putin could see their nations’ private wealth grow significantly over the next 10 years.
Image: Pool (Reuters)

The bloc of non-G7 nations known as the BRICS now has a total investable wealth of $45 trillion, and its population of millionaires will skyrocket in the coming years. This alliance’s economic power has been bolstered by the addition of new oil-rich members: Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates (UAE). – Bruce Gil Read More

three injection pens of weight loss drug Wegovy

Novo Nordisk generated $33 billion in sales in 2023.
Image: Staff (Reuters)

Soaring demand for blockbuster weight loss drugs could result in two pharmaceutical companies becoming the first health care companies to reach a market capitalization of over $1 trillion. – Bruce Gil Read More

Food servers holding up platters of hors d'oeuvres.

Holding onto steady work.
Photo: Eugene Gologursky/Getty Images for Haute Living (Getty Images)

The Great Resignation came, and now it appears to have gone. The US Bureau of Labor Statistics said Tuesday (Jan. 30) that 3.4 million people quit their jobs in December, way down from the 4.5 million who did so back in April 2022. The so-called “quits rate,” or the number of people quitting their jobs as a percentage of overall employment, fell to 2.2%. – Melvin Backman Read More

Why Goldman Sachs and Morgan Stanley might be buys in 2024 | Smart Investing

Jay Hatfield of Infrastructure Capital Advisors tells Quartz why he thinks there are opportunities for profit in investment banks and small caps and more

Chinese and Hong Kong flags fly near surveillance cameras, in Hong Kong

Photo: Lam Yik (Reuters)