US Futures Fall With Oil as Recession Fear Spreads: Markets Wrap

The S&P 500 is now poised for its worst first half since Richard Nixon’s presidency. With just seven trading days left until the end of June, the index is down 21% since the beginning of the year, a scale unmatched by any start to a year going back to 1970, according to data compiled by … Read more

Jack Ma’s Ant to Apply for Key License as Soon as This Month

The People’s Bank of China intends to accept Ant’s application to become a financial holding company once it’s submitted and will then start a review process, which could take months, said the people, asking not to be identified discussing a private matter. Officials will examine Ant’s capital strength and business plans, as well as the … Read more

Ray Dalio Says Reducing Inflation Will Come at Great Cost

While tightening leads to less consumer spending, which may reduce inflation, it does not make things better, the billionaire founder of Bridgewater Associates LP said. “It just shifts some of the squeezing of people via inflation to squeezing them via giving them less buying power,” Dalio added.

Bitcoin Holds Above $ 20,000 After Week of Forced Crypto Selling

Marcus Sotiriou, an analyst at GlobalBlock, pointed to the Glassnode data to say that “a macro bottom, or temporary bottom, could be close,” according to a note on Monday. Altcoins have not suffered the same “cascade in liquidations” as Bitcoin and Ether, which are the tokens primarily used as collateral for leveraged positions, he said.

Biden Says US Recession Avoidable After Call With Ex-Treasury Secretary Summers

(Bloomberg) – President Joe Biden reiterated that a US recession is not “inevitable” following a conversation with former Treasury Secretary Lawrence Summers, who sees a significant chance the country will find itself battling stagflation. “I was talking to Larry Summers this morning, and there’s nothing inevitable about a recession,” Biden told reporters Monday at Rehoboth … Read more