UK lenders pull mortgages at record rate as market chaos worsens

LONDON, Sept 28 (Reuters) – A record 935 mortgage products were pulled in Britain overnight, financial services provider Moneyfacts said on Wednesday, as deepening turmoil in financial markets pushed more lenders to temporarily withdraw products for new customers. The volatility comes after the new UK government announced huge tax cuts funded by borrowing, leading to … Read more

Why Apple Stock Is Falling Today – Apple (NASDAQ:AAPL)

Apple Inc AAPL shares are trading lower Wednesday morning following reports the company intends to back off plans to increase iPhone production this year.  According to a Bloomberg report citing people familiar with the matter, Apple told suppliers to pull back on efforts to increase the iPhone 14 product family by as many as 6 million units in the back half of this … Read more

New retirees can expect to face money surprises, financial advisors say

Retirement is a major goal many workers keep their eye on throughout their career. However, once people actually reach retirement age, they are often in store for some financial surprises — despite decades of preparation. For today’s retirees, that is compounded by new uncertainties brought by on by historically high inflation and recent turbulence in … Read more

Here’s why one strategist says the consumer and related stocks might get a second wind

Welcome to intervention Wednesday. The Bank of England has halted, at least for now, soaring gilt yields via some temporary bond buying. Stock futures pared some losses, but are still in the red, with the S&P 500 SPX, -0.21% in the grips of its longest losing streak since February 2000. With the bad news seemingly … Read more

El-Erian says Bank of England’s latest rescue move shows we are still in central bank ‘la-la land’

The Bank of England’s Wednesday reversal where it announced it would start buying bonds to ease market stress shows the bind central banks find themselves in today, and the markets may end up with a rougher landing anyway, Mohamed El-Erian said Wednesday. “The longer you stay in this la-la land of QE (quantitative easing), floored … Read more

California Launches Crackdown on 11 Crypto Firms Accused of Operating Ponzi Schemes – Regulation Bitcoin News

The California Department of Financial Protection and Innovation (DFPI) has cracked down on 11 cryptocurrency companies that are accused of violating California securities laws. Nine of the firms reportedly solicited funds from investors in order to trade cryptocurrencies on the customer’s behalf. One of the accused companies pitched an alleged metaverse software development scheme, and … Read more

8 million student loan borrowers will get automatic forgiveness

Leopatrizi | E+ | Getty Images As part of President Joe Biden’s historic student loan forgiveness plan, up to 8 million people could get automatic debt relief, according to the White House. Across the board, most people with federal student debt will be eligible for some forgiveness: up to $10,000 if they didn’t receive a Pell Grant, … Read more

The Truss tax plan cushions the wealthy while pushing borrowers toward a financial cliff

This story is part of CNN Business’ Nightcap newsletter. To get it in your inbox, sign up for free, here. New York CNN Business  —  After tumbling to a record low against the dollar, the British pound stabilized Tuesday, rising more than 1% to $1.08. But the economic policy that sparked the currency’s historic nosedive … Read more

10-year Treasury yield tops 4%, soaring to 14-year high

The benchmark 10-year Treasury briefly topped 4% on Wednesday, reaching levels not seen since 2008, as markets took in Federal Reserve speaker commentary that hinted at further interest rate hikes. The yield on the 10-year Treasury was up 3 basis points to 3.9945% at around 4:20 a.m. ET. Earlier in the day, it rose as … Read more