Hints and tips:
...Chinese players now dominate global steel production and US Steel — once associated with the robber barons Andrew Carnegie and John Pierpont Morgan — has now been diminished as an American powerhouse....
...Financier JP Morgan bought it from Carnegie and combined it with a rival to form “the nucleus” of the company....
...Redrow founder and largest shareholder Steve Morgan, formerly a Conservative donor, has been among the critics, saying “it’s like the government wants to destroy the industry”....
...Last week, rating agency S&P upgraded the country’s debt to investment grade....
...Just as the online lender makes its protracted public markets debut, US mortgage rates have hit a two-decade high....
...J. Christopher Flowers, the private equity investor known for reviving failed financial institutions, has warned that private capital’s push into insurance is coming with systemic risks....
...Křetínský’s portfolio includes stakes in the UK’s Royal Mail, grocer J Sainsbury, and West Ham football club as well as German wholesaler Metro and US sneaker chain Foot Locker....
...The banks that lent $13bn to finance the acquisition — a group led by Morgan Stanley, Bank of America, Barclays and Mitsubishi — have been left in a tricky position....
...It will now be up to Fox’s advisers, which include Goldman Sachs and Kirkland & Ellis, and News Corp’s consiglieri, which include bankers at Morgan Stanley and a team of lawyers at Gibson Dunn, to convince...
...Corp, instead....
...JPMorgan Chase launched a new “tax-smart” platform last week, throwing its hat in the ring against existing programmes at Morgan Stanley, BlackRock and other asset managers....
...News round-up Kanye West to buy ‘free speech’ app Parler (FT) Rupert Murdoch proposes merging Fox and News Corp (FT + Lex) Credit Suisse reaches $495mn mortgage settlement with US prosecutors (FT) Bain...
...and Invesco, before jumping ship to benchmarking giant S&P....
...Average mortgage rates have hit a 20-year high, deterring many would-be homebuyers....
...The decline in Tesla weighed on the broader market, accounting for more of the S&P 500’s losses on Tuesday than any other company in the benchmark stock index....
...“Elon Musk’s proposed takeover of Twitter would cause leverage to spike significantly,” said Scott Zari, an analyst at S&P....
...Meanwhile, home builders Lennar Corp and KB Home will add insight into the US housing market when they report earnings after the closing bell....
...Is it a financial innovation that will unlock the promise of home ownership for Americans who have been shut out of mortgage finance?...
...Morgan Stanley chief executive James Gorman has also indicated a desire to remain at the company he has led since 2010 for at least another three years....
...Shares in the asset manager rose 5.7 per cent on the day the deal was announced, and this year they have nearly doubled the S&P 500’s performance....
...Bank of America, Citigroup and Morgan Stanley report later in the week. Here are five things to watch for in the results....
...They appealed to Schwarzman and Peterson, pointing out that Morgan Stanley’s 1930s split from JPMorgan burnished both firms....
...The acquisitions haven’t helped elevate Morgan Stanley’s share price, however, which sits at about $50, a slight discount to the value of the group’s assets....
...S&P Global’s capture of IHS Markit for $44bn and Intercontinental Exchange’s $11bn purchase of mortgage software provider Ellie Mae this year are set to further consolidate ownership of the biggest assets...
...The S&P 500 fell almost 5 per cent last week, and the Vix volatility index rose to its highest level since June....
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