Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours.
Larry Fink, the chief executive at BlackRock, which with $US5.1 trillion in assets under management is the world’s largest investor, is sounding the alarm over the US stock market.
“I would say the market is, the US equity markets are probably higher than they should be,” Fink said in an interview with CNBC on Thursday.
The minutes from the Federal Reserve’s mid-March meeting were published on Wednesday. Here are the headlines:
- The Fed wants to start shrinking its $US4.5 trillion balance sheet later this year
- The Fed is getting worried about the stock market
- The Fed is getting aggressive with its messaging to markets after learning hard lessons
- The Fed touched on one of the biggest debates about the post-election economy
- The Fed isn’t sure if Trump can deliver on his economic promises
The Bureau of Labour Statistics will release the March jobs report at 8:30 a.m. ET on Friday. Here’s what you need to know ahead of the publication of the report.
There are three ways Trump’s meeting with China’s president could go — boring, bad, and really bad, according to Business Insider’s Linette Lopez. In related news, China is a “currency manipulator, but the opposite,” according to BlackRock chief Larry Fink.
In Wall Street news, Gary Cohn, President Trump’s top economic adviser and a former Goldman Sachs executive, told senators he’s in favour of a rule that would radically transform Wall Street. And Goldman Sachs says companies like Goldman Sachs are the most undervalued in the market.
In tech, Apple’s profits would jump by 16% under President Trump’s proposed tax reforms, according to Citigroup. Twitter cofounder and board member Evan Williams plans to sell up to 30% of his shares. And Wall Street massively underestimated Nintendo’s Switch, according to Jefferies.
Lastly, you can buy elite residency in Thailand for $US60,000 — and the government will even provide a concierge service.
BANXICO CHIEF: 2 Trump tweets caused us to change our peso strategy – Mexico’s central bank chief said on Wednesday the bank altered course on how to protect the peso after a couple of tweets by US President Donald Trump in early January pummelled the local currency to near historic lows and wiped out the effect of a $US2 billion currency intervention.
PwC: “Fintech and financial services are competing less and coming together” – PwC says the financial services establishment has moved from viewing fintech startups as an amusing aside to seeing them as crucial collaborators, with a huge proportion hoping to partner with new innovators in the future.
New drugs could save the US billions of dollars — but there’s something holding them back – The US pharmaceutical industry is on the brink of a new ecosystem — but it’s not taking off as smoothly as expected.
7-Eleven is buying convenience stores and gas stations from Sunoco for $US3.3 billion – Seven & i Holdings Co on Thursday said it would buy convenience stores and petrol stations from Texas-based Sunoco LP for about $US3.3 billion, as the Japanese retailer closes in on its goal to reach 10,000 North American outlets.
Unilever promises cash to shareholders after rebuffing Kraft approach – Unilever promised a multibillion-euro program of shareholder rewards on Thursday, after a takeover approach from Kraft Heinz prompted the company to show it could generate lucrative returns as an independent company.
Yum China soars after topping expectations for earnings and sales – Yum China on Wednesday reported first-quarter earnings and sales that topped analysts’ forecasts, sending shares up by as much as 10%.
Emirates is using a new perk to defy the US laptop ban – On Wednesday, Emirates announced that it will offer complimentary Microsoft Surface tablets for use on board non-stop flights to the US.
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