Global Market developments include China’s property crisis plans and Berkshire Hathaway’s investment in insurance player Chubb are among the major global developments.
Berkshire Hathaway’s Chubb investment boosts stock, Wall Street reaches record highs, TikTok acquisition bid leads Frank McCourt, China considers unsold properties, and Cisco surpasses expectations.
Berkshire Hathaway’s Filling
Berkshire Hathaway’s Chubb investment boosts stock, Wall Street reaches record highs, TikTok acquisition bid leads Frank McCourt, China considers unsold properties, and Cisco surpasses expectations.
Wall Street hit historic closing
Wall Street hit historic closing highs on May 15, with the S&P 500 and Nasdaq surpassing 1%, following consumer inflation and potential Federal Reserve interest rate reductions.
US wholesale inflation
US wholesale inflation reached its highest in a year in April, reaching 2.2%, according to the Bureau of Labor Statistics. This increase, higher than March’s revised 2.1%, could delay the Federal Reserve’s plans for rate cuts.
TikTok Takeover
Frank McCourt, former Los Angeles Dodgers owner, is leading an acquisition bid for TikTok, amid pressure from parent company ByteDance to sell the platform or face U.S. ban. McCourt plans to use his organization, Project Liberty, to prioritize people and data empowerment.
China’s property crisis
China is considering purchasing millions of unsold properties to address its property crisis, with state-owned enterprises discussing bulk purchases from struggling developers. The homes would be converted into affordable housing.
Cisco’s earnings
Cisco’s earnings and revenue for the quarter ended March exceeded Wall Street expectations, despite a 13% decline in sales compared to the previous year, leading to an 8 percent stock rise.
Meme Effect Cooled
Meme stocks, including GameStop, AMC Entertainment, and BlackBerry, experienced significant drops on May 15, with GameStop’s shares dropping 19% to $32.44, AMC’s 20% fall, BlackBerry’s 6.4% drop, and Virgin Galactic’s 17% decline.
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