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2025-01-13
NoneUp until the market opened on Friday, Dec. 13, America was home to seven technology companies worth $1 trillion or more: However, an eighth company just joined the ranks. Broadcom ( AVGO 11.21% ) stock surged 24% last Friday following the release of its financial results for fiscal 2024 (ended Nov. 3), catapulting the company into the exclusive $1 trillion club. Investors were impressed with Broadcom's soaring artificial intelligence (AI) revenue, which comes from selling custom chips and networking equipment for data centers. Plus, the company issued a very bullish forecast for its future AI revenue, which points to substantial potential growth ahead. However, before you rush to buy Broadcom stock, you'll have to get comfortable with its lofty valuation. Here's what you need to know. Broadcom is becoming a serious player in AI hardware Broadcom was solely a supplier of semiconductors and electronics components for a variety of computing applications up until 2016, when it merged with fellow chip giant Avago Technologies. From there, the new-look Broadcom went on to spend around $100 billion acquiring other companies like semiconductor equipment supplier CA Technologies, cybersecurity vendor Symantec, and cloud software titan VMware. Those companies helped Broadcom diversify its business, and they are now important contributors to the company's overall revenue. In other words, they paved the way for it to become the $1 trillion giant it is today. But thanks to the spending boom on AI infrastructure from some of the world's leading tech giants, investors are currently laser-focused on Broadcom's semiconductor and networking businesses. The company makes custom AI accelerators (a type of data center chip) for three hyperscale customers, and while their identities are not disclosed, hyperscalers typically include Microsoft, Amazon, Alphabet, and Oracle . During Broadcom's fiscal 2024 fourth quarter, it said shipments of AI accelerators doubled compared to the year-ago period. Here's why that's important. Nvidia's graphics processing units ( GPU s) for the data center are currently the most sought after chips in the AI industry. While each of the above hyperscalers are Nvidia customers, Broadcom gives them the ability to design their own chips, which means they can tailor their infrastructure to their own specific needs -- not to mention significantly reduce costs (Nvidia's hardware is very expensive). Additionally, the company said its AI connectivity revenue soared fourfold thanks to sales of its Tomahawk and Jericho data center switches. Those devices regulate how quickly data travels between chips and devices, and since AI developers often use tens of thousands of chips to train their models, faster processing can lead to substantial cost savings. AI revenue surged during fiscal 2024 Broadcom generated a record $51.5 billion in total revenue during the whole of fiscal 2024, which was a 44% increase from fiscal 2023. However, the majority of that growth was attributable to the inclusion of VMware's revenue for the first time, rather than organic growth (Broadcom acquired the company in 2023). Nevertheless, Broadcom managed to impress investors with its AI revenue, which surged by a whopping 220% to $12.2 billion in fiscal 2024. Most of that came from sales of the AI accelerators and networking equipment discussed earlier, and the company expects to carry its strong momentum into fiscal 2025. Broadcom's overall revenue growth came with a substantial increase in costs, which were partly attributable to the company's acquisitions (namely of VMware). Research and development spending, for example, increased by 78% year over year to $9.3 billion, which was the largest of the company's $19 billion in total operating expenses in fiscal 2024. As a result, Broadcom's fiscal 2024 net income (profit) of $5.9 billion actually represented a decrease of 58% from fiscal 2023. That significantly impacts the valuation of Broadcom stock for any investor valuing it based on its GAAP earnings, which I'll discuss further in a moment. On a non-GAAP basis, which excludes one-off expenses from acquisitions and non-cash costs like stock-based compensation , Broadcom's net income came in at $23.7 billion, which was actually a 28% increase from fiscal 2023. That gives investors a clearer idea of the trajectory of Broadcom's business. Broadcom stock looks expensive right now Broadcom generated GAAP earnings per share (EPS) of $1.23 during fiscal 2024, so its stock trades at a price-to-earnings (P/E) ratio of 183. That's an eye-popping number considering the Nasdaq-100 technology index trades at a P/E ratio of just 35. Based on its non-GAAP EPS of $4.96, its P/E ratio is 45. While significantly better, it's still a big number relative to the broader tech sector. Plus, many investors don't consider non-GAAP EPS to be "true" profitability, so it isn't a good idea to hang your hat on that number to make the argument that Broadcom stock looks attractive. Rather than using the traditional P/E ratio, we could value Broadcom using the price-to-sales (P/S) ratio instead, which divides a company's market capitalization by its annual revenue. Broadcom's P/S ratio is currently 20.7, which is almost triple its 10-year average of 7.4: AVGO PS Ratio data by YCharts In other words, Broadcom stock looks very expensive based on two measures of its P/E ratio, and also its P/S ratio. Therefore, buying the stock right now probably isn't a great idea for short-term investors with a time horizon of 12 months. However, there might be a compelling case to buy it for long-term investors who are willing to hold the stock for the next three years or more. That's because Broadcom thinks it can grow its AI revenue to between $60 billion and $90 billion annually by fiscal 2027, thanks to soaring demand for accelerators and networking equipment. Remember, its AI revenue came in at just $12.2 billion in fiscal 2024, so we're talking about a whopping 514% increase over the next three years (at the midpoint of the range). I still think investors should wait for a pullback before buying Broadcom stock given its current valuation, but it's certainly a very high-quality way to play the AI boom.slots ph casino

Playoff game at Ohio State has sold 34% more tickets than Notre Dame game on StubHubThe Minnesota Twins and Tampa Bay Rays will swap home series when they play in the 2025 MLB regular season. The change is due to the damage Tropicana Field sustained during Hurricane Milton, as the Rays will transition to the New York Yankees' George M. Steinbrenner Field in Tampa Bay for their home games. Minnesota will now host Tampa Bay at Target Field from July 4-6 and will play in Tampa Bay from May 26-28, according to the league. Related: Twins avoid arbitration with relief pitcher Brock Stewart, 2 others Follow us on Facebook The Rays are the second team the Twins will play away games at a spring training stadium in 2025, as the Athletics will be playing its home games at Sutter Health Park in Sacramento, Calif., the home of the Sacramento River Cats of the Pacific Coast League. The River Cats are the Triple-A affiliate of the San Francisco Giants. George M. Steinbrenner Field is where the Yankees plays its spring training games and also hosts its Class-A affiliate Tampa Tarpons. Minnesota's first spring training game is scheduled for Feb. 22 against the Atlanta Braves and the MLB regular season opener is scheduled for March 31 against the Chicago White Sox at Guaranteed Rate Field. Kim Klement Neitzel-Imagn Images

Goals from Jamie Gittens, Ramy Bensebaini, and Serhou Guirassy secured a 3-0 victory for Borussia Dortmund over Dinamo Zagreb in the Champions League on Wednesday. English winger Gittens opened the scoring with a spectacular solo strike from the edge of the box before half-time. Bensebaini doubled the lead early in the second half, heading in Pascal Gross’s corner, while Guirassy sealed the win with a late goal after coming off the bench. The victory marked Dortmund’s first away win in any competition since September, moving them into the Champions League top four and virtually guaranteeing a place in the knockout rounds. “We did really well and didn’t allow many chances. We dominated possession—it was a really good game from us,” said Dortmund goalkeeper Gregor Kobel. Related News UCL: 'I’m ready to play any position,' Bellingham says before Liverpool clash UCL: Bayern Munich beat 10-man PSG 1-0 UCL: Arsenal thrash Sporting 5-1 in Lisbon masterclass Defender Nico Schlotterbeck added, “We controlled the game and are happy to have secured this important win in Zagreb.” Despite the triumph, Dortmund coach Nuri Sahin faces concerns over Julian Brandt’s fitness ahead of their crucial Bundesliga clash with Bayern Munich on Saturday. The midfielder limped off with a suspected thigh injury before half-time. The win extends Dortmund’s impressive Champions League campaign, with four victories from five matches. Their only blemish remains a 5-2 loss to Real Madrid in October’s final rematch. AFP

Dallas Mavericks vs. Atlanta Hawks FREE LIVE STREAM (11/25/24): Watch NBA regular season game | Time, TV, Channel

Syrian government services come to a 'complete halt' as state workers stay home

Blake Lively has accused director and co-star Justin Baldoni of sexual harassment during the making of “It Ends With Us,” and a subsequent effort to publicly smear her reputation, according to a legal complaint. Months after rumors first swirled of a behind-the-scenes feud between Lively and Baldoni , the actress is claiming on-set tensions hit such a fever pitch that a meeting was held in which she was forced to address “ repeated sexual harassment and other disturbing behavior ” by Baldoni. In that meeting, attended by multiple people involved in the movie as well as Lively’s husband, Ryan Reynolds, Baldoni was allegedly ordered to alter his behavior. According to the complaint, which precedes a discrimination lawsuit in California, Baldoni was told to stop showing Lively photos and videos of nude women, stop mentioning his “alleged previous pornography addiction” or prior sexual conquests, and to stop referring to the cast and crew’s genitalia. The complaint says Baldoni was also ordered to stop adding “sex scenes, oral sex or on-camera climaxing by [Lively] outside the scope of the script [Lively] approved when signing onto the project,” according to TMZ, which first reported the suit. Lively alleges Baldoni and the studio soon embarked on a “multi-tiered plan” to “destroy” her reputation following that meeting, including planting news stories and engineering social media campaigns that were critical of Lively. The complaint reportedly includes text messages between Baldoni’s PR rep and a studio publicist, obtained through subpoena, which allegedly outlined their plan to “eviscerate” Lively if she went public with her concerns. Amid promotion for the film, production sources told multiple outlets that Lively, a co-producer of the movie, used her celebrity to take creative control from director Baldoni. Lively was accused of bringing in her husband to do last-minute rewrites and of hiring her own editor, resulting in two different cuts of the film . As those stories were circulating online, the crew appeared to side with Baldoni, as did much of the internet, in part due to his centering of the film’s promotion around its story of domestic violence, while Lively billed the movie as more lighthearted. During the press tour, Lively was widely criticized for making light of a troubling story in favor of promoting her hair care and alcohol brands. Many of her old, often dismissive interviews also surfaced online, compounding the public’s negative perception of her. But according to the complaint, Baldoni “abruptly pivoted away from” the movie’s marketing plan and “used domestic violence ‘survivor content’ to protect his public image.” Lively claims his “manipulation” campaign harmed her businesses and caused her to suffer from “grief, fear, trauma and extreme anxiety.” In a statement on Saturday, Baldoni’s lawyer, Bryan Freedman, slammed the “false, outrageous and intentionally salacious” allegations, claiming the “Gossip Girl” alum is merely scrambling to “fix her negative reputation.” Freedman also refuted Lively’s accusations of a “coordinated” smear campaign, instead saying a crisis PR rep was “proactively” hired because she was creating problems during production. Freedman alleges she threatened to not show up on set or promote the movie “if her demands were not met,” but did not specify what those demands were. In her own statement to the New York Times, Lively said she hopes her legal action “helps pull back the curtain on these sinister retaliatory tactics to harm people who speak up about misconduct and helps protect others who may be targeted.” Along with Baldoni, the complaint lists Wayfarer Studios, which Baldoni co-founded, and Baldoni’s publicists among the defendants. With News Wire Services

LARAMIE – The University of Wyoming footbal team's season will likely end the same way it started: with junior Evan Svoboda at starting quarterback. Redshirt freshman Kaden Anderson was put into concussion protocol at the end of the first half last weekend against Boise State. He wasn't cleared to return, and first-year coach Jay Sawvel described his status for the season finale as "undetermined." "We'll see," the coach said during Monday's news conference. "Is there a word between questionable and doubtful? Whatever that is." Anderson has started the Cowboys' past three games. He replaced Svoboda going into the New Mexico game, and he holds a 1-2 record as the starter. His head injury came on a screen pass on UW's second-to-last drive of the second quarter. "We did a poor job at left tackle protecting the quarterback, and he took a hit and his head hit the turf very hard," Sawvel said. "We came out for our last series of the first half, and on our first play we had a motion on that play, and he didn't send the guy in the motion. That's probably when everybody started to realize something was up." Svoboda will get the keys to the offense against Washington State if Anderson doesn't clear concussion protocol in time. He'll be backed up by Gage Brook, who has never taken a college snap. Svoboda finished 6-of-13 for 87 yards against Boise State last weekend. He's 90-of-192 for 1,112 yards and four touchdowns with seven interceptions on the year, and he's added 204 yards and five scores on the ground. The Cowboys are 2-9 overall and 2-5 in the Mountain West going into the season finale. They'll face a Washington State team (8-3) that just dropped out of the AP Top 25 with its second straight loss. Sawvel is determined to put this season in the past following this weekend's matchup with the Cougars. "There's going to be a major, deep dive into every aspect of the program," Sawvel said. "There are things that I already know and have identified that need correction and need adjustment." When asked about specific areas that need improvement, Sawvel said that information will come at a later date. "That'll be something that's probably for another time, probably for after the season," Sawvel said. "... We'll look at every phase in the program. The first thing I'm going to look at is myself and where I need to get better. This isn't going to be something where I say everybody else has some fault. I have a lot of it, and I have to make sure that I get better from it." Recruiting has picked up in recent weeks, and Sawvel said three athletes committed to UW following its game against Boise State. The recent activity brought the Cowboys' total commitments to 18 before early signing day Dec. 4, according to Sawvel. The NCAA will implement a new 105-player roster limit for football teams starting next year, which will alter UW's approach to recruiting. The Cowboys started this season with 118 players, with many of those being preferred walk-ons. “It’s going to drastically cut down preferred walk-on opportunities and things of that nature," Sawvel said. "Right now, we are a shut door in offering any preferred walk-on opportunities currently, and there’s also new rules with how the scholarships work." Under the new rule, if a UW football player receives money through an academic scholarship, the program can then use that money elsewhere for an athletic scholarship. “I love this. This is a great space,” Sawvel said. “... We’re at 18 commits right now. My hope would be to get to 22 or 23 by next Wednesday. That still leaves us working space to obtain 12 to 14 more players, and we’re going to do that.” Another big change for recruiting will be limited the number of players at each position on the roster, especially with the walk-on limitations. The rule change will likely lead to programs across the country encouraging players to transfer this offseason to get down to the 105-player limit. “We will have 105 players,” Sawvel said. “We will have 105 players that can’t live without football, and we’re going to have 105 players that ride for the brand. If I make the determination somewhere along the line that somebody’s not going to ride for the brand and can’t live without football, they will not be in that 105.” Despite the slow start to his tenure as UW's head coach, Sawvel still has plenty of gratitude as he prepares to spend Thanksgiving with his players and coaches. “I’m thankful to be the head coach at Wyoming,” Sawvel said. “Even though this isn’t the kind of year that anybody wants and this is the kind of year we never want to see again, I still am thankful for the people that I work with, player wise, each and every day. "I’m thankful for the opportunity to coach in a state like this and in a place where football is important. Because football is important, when it doesn’t go right, you’re going to hear from people, and you’re going to have people say things. That’s all fine. I get that, and that’s part of it, but the reality to it is that my job is to try to figure out what’s going to give us the best opportunity to be the best team that we can going forward. "I think there’s a number of pieces and factors in place that will give us that chance right now, and my job is to figure out the other pieces and to go get those.” The Cowboys end the season against Washington State at 4:30 p.m. Saturday in Pullman.No. 7 Alabama looks to remain in playoff contention with a visit to Oklahoma

Sara Duterte: Is impeachment next?

Stock market today: Losses for Big Tech pull US indexes lowerPakistan’s budget process, while clearly defined in the 1973 Constitution, subordinate legislations like the Public Financial Management Act (PFMA), 2019 and guided by detailed manuals e.g. Budget Manual 2020, suffers from several strategic and procedural inefficiencies that hinder fiscal sustainability. Despite the existence of a well-structured framework, the budgetary mechanism remains predominantly reactive and lacks a strategic top-down approach. The current methodology involves a bottom-up budget process that relies heavily on outdated fiscal projections and resource ceilings, often disregarding economic fluctuations and emerging fiscal pressures. Consequently, this leads to budgetary submissions based on past figures rather than forward-looking assessments, exacerbating economic vulnerabilities and resulting in misaligned fiscal priorities. ‘Technical Assistance Report Pakistan—Improving Budget Practices’ (August 2024) by International Monetary Fund (IMF) highlights one glaring weakness that is the disconnect between budget preparation and timely dissemination of macro-fiscal data. The Mid-term Budget Strategy Paper, containing vital projections and fiscal policies, is only released three months after budget formulation begins, creating a misalignment with economic conditions. The delay in strategic planning not only compromises the accuracy of budget allocations but also affects the federal government’s ability to make informed decisions. Coordination lapses between the Budget Wing and the Macro-Fiscal Policy Unit (MFPU) hinder real-time data integration, limiting the efficacy of economic forecasts. There are also challenges in ensuring efficient inter-ministerial collaboration, with ministries often working in silos rather than towards cohesive fiscal objectives, further weakening budget execution. The current budgets of federal and provincial governments amplify concerns as these have set ambitious revenue targets for tax and non-tax sources without adequately assessing their strategic viability and collection capacity. Consequently, reliance on multilateral and bilateral financial assistance to address fiscal deficit, especially at federal level, has been an historic impediment, rather a necessary evil, from the outset, reflecting a persistent and concerning vulnerability in public finances. In the wake of autonomy granted to provinces under the Constitution (Eighteenth Amendment) Act, 2010 [18th Amendment] along with right to levy many progressive taxes, a significant share of national revenue is allocated to provincial governments every year. This allocation leaves the federal government with inadequate financial resources, insufficient to meet essential expenditures, including those related to defence. As a result, the federation continues to grapple with substantial fiscal pressures, high borrowing, and constrained financial flexibility, emphasizing the urgent need for a more balanced and sustainable revenue-sharing framework. Instead of levying agricultural income tax as per the 1973 Constitution and imposing progressive taxes like inheritance tax (estate duty), gift tax, wealth tax, property tax and capital gain tax on the wealthy class, the four provinces collectively received Rs 5264 billion in fiscal year 2023-24 from the federal government under the 7th National Finance Commission (NFC) Award. At their own, they collected a meager amount of total revenues of Rs 997 billion, with tax revenue of only Rs 774 billion. Collection under the head of agricultural income tax by all provinces in total tax collection of the country in FY 2024 was mere 0.3 percent! During the last decade the provincial governments in Pakistan have performed poorly in streamlining their tax collection, which does not align with their economic potential. While they have been very keen to launch projects for political gains, the mismanagement of taxpayers’ money and short-term funding has resulted in discontinuation of many projects or incurring enormous overrun costs. The real sufferers are citizens as no worthwhile social welfare programmes were implemented and there was complete apathy in empowering local governments as envisaged in Article 140A of the Constitution. In Punjab, though tax collection increased from Rs 98,054 million in 2014-15 to Rs 326,282 million in fiscal year (FY) 2023-24, it was through regressive sales tax on services rising significantly from Rs 58,662 million in 2015-16 to Rs 224,440 million in FY 2023-24. However, property tax witnessed a decline from Rs 7,812 million in FY 2014-15 to Rs 6,335 million in FY 2019-20. It disappeared as an independent head in fiscal operations reported by Ministry of Finance from FY 2020-21 onwards—merged under “others” showing total collection at Rs 35,504 million in FY 2023-24. Similarly, excise duties and stamp duties grew modestly, reaching Rs 4,058 million and Rs 41,793 million, respectively, by FY 2023-24. In Sindh, the total tax collection grew from Rs 93,807 million in FY 2014-15 to Rs 363,733 million in FY 2023-24, with sales tax on services rising from zero to Rs 222,750 million in the same period. Property tax stagnated, and excise duties grew from Rs 3,820 million to Rs 7,004 million. Stamp duties showed an impressive rise from Rs 6,550 million to Rs 17,122 million. In Khyber Pakhtunkhwa, tax collection increased from Rs 11,369 million in FY 2014-15 to Rs 53,787 million in FY 2023-24, with sales tax on services reaching Rs 35,911 million. However, property taxes fluctuated, and excise duties remained modest. In Balochistan, tax collection grew from Rs 2,593 million in FY 2014-15 to Rs 30,392 million in FY 2023-24, with sales tax on services rising from zero to Rs 21,516 million. While the growth is commendable, collection still falls short of the province’s economic potential. Reliance on a narrow range of taxes, particularly sales tax, highlights inefficiencies in the tax system across the provinces, with all of them underperforming relative to their economic capacity. The performance of the present government of Punjab in managing its economy and administrative duties has been a subject of significant concern, despite ambitious goals set for FY 2024-25. The provincial revenue target of Rs 960.3 billion, with Rs 471.9 billion from taxes and Rs 488.4 billion from non-tax sources, is termed a bold attempt to boost the financial capacity having current population of 128 million. However, the early signs of fiscal year have raised doubts about the feasibility of these targets. The Punjab government posted a deficit of Rs 160 billion in the first quarter, only to later on revise it into a surplus of Rs 40 billion. While this may appear to be an improvement, it is important to note the alarmingly high statistical discrepancy of Rs 177 billion reflected in the revised figures pointing to the Punjab government’s continued inability to generate accurate and reliable financial information. The continuous existence of such discrepancies highlights a fundamental weakness in the province’s financial management, which raises questions about the government’s ability to meet its long-term revenue goals. The Punjab government also struggled with poor law and order management, as seen in its failure to control student protests that escalated into violence, highlighting a lack of administrative competence. The government’s response to health crises like smog and Dengue remains inadequate, with reactive measures like lockdowns and no long-term solutions, such as tackling crop burning or promoting green initiatives. Additionally, the government has shown a lack of preparedness and foresight in managing these recurring issues. Despite ambitious fiscal targets, the government’s reliance on short-term solutions, overwhelming reliance on federal receipts, and its inability to generate reliable financial data undermine its capacity to effectively govern and maintain public trust. Performance of Khyber Pakhtunkhwa government under Pakistan Tehreek-e-Insaf (PTI) has been sharply criticized by political figures, particularly regarding management of the substantial Rs 1200 billion allocated under the NFC Award. Critics argue that the government has failed to provide transparency about the use of this money, raising questions about its effectiveness and accountability. Additionally, the PTI government, which once positioned itself as an advocate for provincial rights, did not take essential steps to assert those rights when they held power at the federal level, undermining their credibility on the issue. Sindh’s performance has raised concerns with the IMF, particularly due to its failure to implement the National Fiscal Pact, despite discussions, thus, undermining fiscal accountability. Similarly, despite its vast resources and strategic location, Balochistan has faced significant challenges under its government, including a deteriorating law and order situation and widespread illiteracy. Mismanagement and a lack of effective governance have hindered the province’s ability to capitalize on its economic potential. This failure to utilize its financial capacity and geographic advantages has left the people underserved and unable to reap the benefits of its position and resources. The challenges are substantial and cannot be effectively tackled by the federal government alone. Rather than focusing on short-term political projects, provincial governments should prioritize long-term structural reforms aimed at building sustainable cash flow, embracing digitization, and curbing wastage across all sectors. Additionally, as outlined in IMF’s technical assistance report on improving budget practices in Pakistan, the federal government must adopt a more strategic, top-down budgeting approach that emphasizes policy coherence and data-driven decision-making. One key recommendation is to release the Budget Strategy Paper concurrently with the Budget Call Circular, integrating up-to-date macro-fiscal projections and establishing binding budget ceilings. This would provide ministries with a clearer resource envelope and promote discipline in budget submissions. Strengthening of coordination between the Budget Wing and MFPU, enhancing data exchange protocols, and regularly updating fiscal forecasts are also vital steps. Furthermore, increasing the Budget Wing’s involvement in development project negotiations would ensure that capital expenditure is aligned with national priorities and fiscal realities. Expanding the Budget Call Circular’s scope to include best international practices, and issuing it jointly with the Planning Division, could create a more comprehensive budgeting framework. Organizational reforms within the Finance Division to reduce fragmentation and improve decision-making are crucial for strengthening fiscal governance. These strategic reforms are fundamental to building a resilient, transparent budgetary system that supports sustainable economic growth. (Huzaima Bukhari & Dr Ikramul Haq, lawyers and partners of Huzaima & Ikram, are Adjunct Faculty at Lahore University of Management Sciences (LUMS), members Advisory Board and Visiting Senior Fellows of Pakistan Institute of Development Economics (PIDE) and Abdul Rauf Shakoori is a corporate lawyer based in the USA and an expert in ‘White Collar Crimes and Sanctions Compliance’) Copyright Business Recorder, 2024

Car GPS Navigation System Market is Booming Worldwide | Gaining Revolution In Eyes of Global ExposureThe exterior of the New York Stock Exchange is seen on November 4, 2020 in New York (Photo by Kena Betancur / AFP) NEW YORK, United States — US stocks rose Monday, with the Dow finishing at a fresh record as markets greeted Donald Trump’s pick for treasury secretary, while oil prices retreated on hopes for a ceasefire between Israel and Hezbollah. The Dow climbed one percent to a second straight all-time closing high on news of the selection of hedge fund manager Scott Bessent to lead the critical economic policy position. A widely respected figure on Wall Street, Bessent is seen as favoring growth and deficit reduction policies and not being overly fond of trade tariffs. The market “breathed a sigh of relief” at Bessent’s selection, said Art Hogan from B. Riley Wealth Management. But after an initial surge on Monday, the gains in US equities moderated somewhat. While investors are enthusiastic about the possibility of tax cuts and regulatory relief under Trump, “we do have to face the potential for tariffs being a negative as well as a very tight market around immigration, which is not positive for the economy,” Hogan said. Earlier, equity gains were limited in Europe as growth concerns returned to the fore with Germany’s Thyssenkrupp announcing plans to cut or outsource 11,000 jobs in its languishing steel division. Currently around 27,000 people are employed in the steel division, which has been battered by high production costs and fierce competition from Asian rivals. Elsewhere, crude oil prices fell decisively as Israel’s security cabinet prepared to decide whether to accept a ceasefire in its war with Hezbollah, an official said Monday. The United States, the European Union, and the United Nations have all pushed in recent days for a truce in the long-running hostilities between Israel and Hezbollah, which flared into all-out war in late September. Speaking on condition of anonymity, an Israeli official told AFP the security cabinet “will decide on Tuesday evening on the ceasefire deal.” And bitcoin’s push toward $100,000 ran out of steam after coming within a whisker of the mark last week, on hopes that Trump would enact policies to bring the cryptocurrency more into the mainstream. Bitcoin was recently trading under $96,000, having set a record high of $99,728.34 Friday — the digital currency has soared about 50 percent in value since Trump’s election. This week’s data includes a reading of consumer confidence and an update of personal consumption prices, a key inflation indicator. Those reporting earnings include Best Buy, Dell, and Dick’s Sporting Goods. New York – Dow: UP 1.0 percent at 44,736.57 (close) New York – S&P 500: UP 0.3 percent at 5,987.37 (close) New York – Nasdaq: UP 0.3 percent at 19,054.84 (close) London – FTSE 100: UP 0.4 percent at 8,291.68 (close) Paris – CAC 40: FLAT at 7,257.47 (close) Frankfurt – DAX: UP 0.4 percent at 19,405.20 (close) Tokyo – Nikkei 225: UP 1.3 percent at 38,780.14 (close) Hong Kong – Hang Seng Index: DOWN 0.4 percent at 19,150.99 (close) Shanghai – Composite: DOWN 0.1 percent at 3,263.76 (close) Euro/dollar: UP at $1.0495 from $1.0418 on Friday Pound/dollar: UP at $1.2564 from $1.2530 Dollar/yen: DOWN at 154.23 yen from 154.78 yen Euro/pound: UP at 83.51 pence from 83.14 pence West Texas Intermediate: DOWN 3.2 percent at $68.94 per barrel Subscribe to our daily newsletter By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy . Brent North Sea Crude: DOWN 2.9 percent at $73.01 per barrel

Paige DeSorbo Says She’ll Use This Acne Spot Treatment ‘Until the End of Time'

Pep Guardiola drops biggest Kevin de Bruyne exit hint yet as Man City boss says ‘I’m sure he will be honest’Unity Mall project at Fintech Park gets 100cr sanctioned by finance ministry

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