Michael Kitchen
Moneyish
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Past articles by Michael:
Why China’s stock plunge might not be such a big deal
Although some market voices warn of a looming disaster from the recent pullback in Chinese shares, other analysts make the case that any trouble will be limited to holders of the affected stocks. → Read More
Will Greece now leave the euro? Watch the money to find out
While Greece’s fate within the eurozone remains uncertain, many analysts agree that the tipping point will come if and when Europe’s central bank turns off the funding taps. → Read More
Oil futures fall on Greek crisis, rising dollar
Oil futures moved lower in electronic trade early Monday, pushed down by concerns about a possible Greek default and a consequently stronger U.S. dollar. By midday in East Asia, New York-traded August crude-oil futures CLQ5, -1.44% were down 89 cents, or 1.5%, at $58.76 a barrel on the Globex trading platform. London-traded rival benchmark Brent crude LCOQ5, -1.28% was weaker by 82 cents, or… → Read More
Puerto Rico governor says debts 'not payable': report
Puerto Rico Gov. Alejandro García Padilla said that the commonwealth cannot pay its roughly $72 billion in debts, the New York Times reported Sunday. "The debt is not payable," it quoted the governor as saying in an interview. "There is no other option. I would love to have an easier option. This is not politics, this is math." The report said Puerto Rico would "probably seek significant… → Read More
U.S. stock futures show large losses as Greek crisis intensifies
U.S. stock-index futures were quoted significantly lower early Monday, pricing in an increased likelihood that Greece could default on its debts after Athens announced a referendum on the nation's bailout terms. About 12 hours ahead of the open of U.S. markets, futures for the S&P 500 SPX, -0.04% were off 1.6%, while quotes for the CBT eMini Dow Jones Industrial Average futures and eMini Nasdaq… → Read More
Euro lurches sharply lower on Greek news
The euro was trading sharply weaker ahead of the Monday market open for Asia, shedding 2 full U.S. cents after Greece decided to hold a referendum on its bailout terms. At about 6:30 pm U.S. Eastern time, the euro EURUSD, +0.0000% was buying $1.0997, down from $1.1198 late Friday. Related safe-haven buying, meanwhile, buoyed the U.S. dollar, with the ICE Dollar Index DXY, +0.20% at 96.12 against… → Read More
Is China really so ... Japanese?
While the situation facing China’s economy isn’t exactly the same as bubble-era Japan’s, there are lessons to learn, according to HSBC. → Read More
El Niño: The force is strong in this one...
Consensus is growing that 2015’s El Niño event will be a strong one, or at least will stretch through the end of the year, with India and Indonesia likely to feel the heaviest weather burden. → Read More
Fitbit reportedly prices IPO above range, adding shares
Fitbit Inc. has priced its closely watched intial public offering above its expected range, apparently adding shares to the issue as well, according to reports late Wednesday. The wearable-fitness-tracker maker priced the offering at $20 a share, Dow Jones Newswires and CNBC reported separately, above an indicative range of $17-$19 -- which was itself above the original range of $14 to $16. The… → Read More
MSCI to wait on including Chinese shares in key indexes
Global stock-index compiler MSCI Inc. MSCI, +0.08% said late Tuesday that it will wait to add mainland China-listed shares until "a few important remaining issues related to market accessibility have been resolved." In a statement, the company said it "expects to include China A-shares in its global benchmarks" once those issues are worked out, and plans to form a working group with Chinese… → Read More
HSBC to cut asset base, sell off Turkey, Brazil operations
HSBC Holdings PLC 0005, +0.61% HSBC, +0.40% HSBA, +0.10% said Tuesday that it will cut its risk-weighted asset base by $290 billion and sell off its units in Brazil and Turkey as it seeks to cut costs and achieve a return on equity of more than 10% by 2017. HSBC made the announcement in a filing to the Hong Kong stock exchange shortly ahead of an investor update on its overhaul, slated for… → Read More
China stocks dive on margin jitters, bond weakness
Chinese stocks and several other major Asian share indexes plunged in Thursday afternoon trade, though they soon began moving off their lows of the session. The Shanghai Composite Index SHCOMP, -3.47% was down more than 4.5% at one point before trimming its loss to 3.7%. The more volatile Shenzhen ChiNext Price Index saw a more than 6% dive, with key indexes in Hong Kong and Taiwan also falling.… → Read More
Amtrak to resume New York-Philadelphia service Monday
Amtrak said late Sunday it plans to resume regular rail service between New York and Philadelphia, beginning Monday at 5:30 a.m. Eastern time. "Our infrastructure repairs have been made with the utmost care and emphasis on infrastructure integrity, including complete compliance with Federal Railroad Administration directives," the statement quoted Amtrak Chief Executive Officer Joe Boardman as… → Read More
Amtrak train reportedly crashes in Philadelphia
An Amtrak train en route to New York City crashed Tuesday evening with several injuries reported, according to several news accounts. Amtrak Train 188 was traveling from Washington, D.C. when it began shaking as it took a turn at Philadelphia and apparently derailed, the Associated Press said, citing an AP employee traveling on the train. → Read More
North Korea defense minister executed for snoozing at events: report
North Korea has executed its disgraced defense minister for falling asleep at formal events, among other offenses, with the execution carried out using an anti-aircraft gun, a report said Wednesday. North Korean Defense Minister Hyon Yong Chol had held his post for less than a year but was sacked and sentenced to death for allegedly snoozing during military events and even talking back to… → Read More
Australia cuts policy interest rate to record low
The Reserve Bank of Australia cut its policy interest rate by a quarter percentage point Tuesday, putting the benchmark at 2%, its lowest ever. Many market participants had expected the move, with Reuters having reported the debt market pricing in a roughly 75% chance of a cut. RBA Gov. Glenn Stevens said employment and consumer demand were improving, but weak capital investment and government… → Read More
Oil futures edge lower as dollar creeps higher
Oil futures ease, helped downward by a modest gain for the U.S. dollar, with the crude contracts giving back a piece of their mostly bullish moves the previous week. → Read More
Blue Bell recalls all its products in all markets
Blue Bell Creameries L.P. said late Monday it was voluntarily recalling all of its products on sale anywhere for fear of listeria infection. Privately held Blue Bell, sometimes described as Texas's equivalent of Ben & Jerry's, had closed one of its three plants last month after it tested positive for listeria bacteria, according to an NBC News affiliate in Dallas. "We're committed to doing the… → Read More
Which passports are the best (and worst) to have?
How “powerful” is your passport? One company has ranked each of the world’s passports to find which one can get you into the most countries without applying for a visa in advance. → Read More
China’s yuan may join elite money club this year
In what would be a huge milestone in China’s emergence as a major world financial power, the IMF may adopt the country’s currency into the basket that makes up its global forex benchmark. → Read More