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North America
Yahoo Finance

Stock Market Is 'Overdue' For An Over 10% Correction, Says BofA Ahead Of FOMC Meeting

The stock market was taking a double hit Monday from growing concerns around the AI trade and another jump in oil prices, while BofA raised its S&P 500 target to 7,400 with a warning that stocks may be “overdue for a pullback.” In a note to investors cited by TheFly, BofA equity and quantitative strategist Savita Subramanian lifted her year-end S&P 500 target from 7,100 to 7,400. The new target still implies roughly 3% downside from current levels, underscoring the bank's cautious near-term view despite the higher full-year forecast. Subramanian said stocks are entering a “seasonally weak period” and due for a correction. She noted that the S&P 500 has experienced only one 5% pullback this year, compared with an average of roughly three per year, according to BofA. It added that a correction of at least 10% typically occurs about once a year, but the last such decline came in spring 2025. The warning comes as markets prepare for the Federal Reserve's policy meeting on Wednesday. CME FedWatch data showed a roughly 87% probability of a quarter-point rate hike. The market was already under pressure Monday, with Nasdaq-100 futures falling as much as 1.8% in early trading. Semiconductor stocks were hit particularly hard. Direxion Daily Semiconductor Bull 3X Shares (SOXL) fell about 14%, marking its second double-digit decline since August 18. Oil prices provided another source of pressure Monday, with West Texas Intermediate crude for October delivery up about 2.75% near $103 a barrel. Brent crude for November gained roughly 2.7% to above $107. Despite the near-term risks, Wall Street remains broadly bullish on the S&P 500. Barclays last week raised its year-end target to 7,950 from 7,800, citing a “standout earnings season” and “AI-driven earnings durability,” while noting that higher rates could keep valuations in check. HSBC raised its target to 8,100 from 7,650, while Fundstrat's Tom Lee has an 8,000 target. That leaves BofA's 7,400 target well below several major Wall Street forecasts, even after Subramanian raised her projection.

Stock Market Is 'Overdue' For An Over 10% Correction, Says BofA Ahead Of FOMC Meeting
Europe
BBC Business

Healey to ask EU finance ministers to let UK into industry scheme

The chancellor is to warn the European Union (EU) not to lock the UK out of its scheme to protect industries from unfair Chinese competition. John Healey will push for closer UK-EU partnerships on tech, defence, and manufacturing at a meeting of EU finance ministers in Dublin on Friday. But he will call on the EU to design its "Made in Europe" programme in a way that deepens ties with the UK "rather than erecting new barriers", Treasury sources told the BBC. Officials said Healey will tell European finance ministers it is important to "learn lessons" after talks collapsed last year for Britain to join an EU defence loans scheme. The "Made in Europe" policy, officially called the Industrial Accelerator Act (IAA), is currently being considered by the bloc and aims to protect EU manufacturing with restrictions on goods from outside countries. There is concern in government the scheme could lock British firms out of European supply chains. Treasury officials said Healey wanted to reduce the economic impact of Brexit and build closer ties with the EU, but not at any cost to the UK. Healey said: "The next chapter of Britain's growth story will be written in more places. "To me, closer ties with the EU means British businesses – wherever they are based across the UK – get better access to both the supply chains and the customers they need to grow." Healey will use the meeting in Dublin to focus on tech firms, defence companies, and manufacturing. "The chancellor wants to make sure nothing holds them back," a Treasury source said. It comes after a reset summit with the EU was delayed after Sir Keir Starmer's resignation as prime minister.

Healey to ask EU finance ministers to let UK into industry scheme
Europe
BBC Business

Brewdog's unpaid workers to receive nothing after takeover deal

Former Brewdog staff and several creditors of the collapsed Scottish beer giant are not expected to receive anything from the administration process. A report from administrators AlixPartners said there were "insufficient funds" for payouts to those owed money by Brewdog's retail arm. The Aberdeenshire-based brewer had more than £500m of debts when it was sold in March to US drinks firm Tilray in a £33m rescue deal. Administrators said about £489,000 was owed for staff wages and accrued holiday pay. A further £2.4m was owed to HMRC for unpaid VAT. BrewDog's takeover saw 38 bars close across the UK and £20m in unpaid bills left to hundreds of UK businesses. Unpaid businesses ranged from coffee shops, bakeries and laundry services, to lawyers, councils and holiday parks. AlixPartners said there were now "insufficient funds" for preferential creditors to be repaid. This is due to lower than expected funds raised through sales of Brewdog assets and increased costs during the administration period. The administrators cited unforeseen costs around the security of closed Brewdog pubs after a number of "unauthorised occupiers" gained access. The report highlights small amounts of money raised through asset sales. These include: A 7.8 acre field in Potterton, Aberdeenshire, which sold to a local farmer for £41,300 Nine Brewdog vehicles of "old age and varying roadworthiness" that made only £6,250 from just one sale. The rest were abandoned.

Brewdog's unpaid workers to receive nothing after takeover deal
Europe
The Guardian

Workers in New York seek to create first AutoZone union as company resists

An AutoZone store in Richmond, California, on 26 February. Photograph: David Paul Morris/Bloomberg via Getty ImagesView image in fullscreenAn AutoZone store in Richmond, California, on 26 February. Photograph: David Paul Morris/Bloomberg via Getty ImagesUS unionsWorkers in New York seek to create first AutoZone union as company resistsCompany may have spent about $200,000 to fight union effort in White Plains, where 11 people can vote to join UAW Workers at an AutoZone in White Plains, New York, are seeking to become the first store at the US’s largest auto parts retailer to win a union election, set to begin 25 September, despite a heavy-handed union opposition campaign from the company. LaborLab, a non-profit workers’-rights watchdog, estimates AutoZone has spent around $200,000 to oppose the unionization effort at the White Plains store, where 11 workers are eligible to vote to join the United Auto Workers Local 259. The estimate is based on external attorney costs and internal costs of executive salaries based on reports from workers at the store. The company has more than 6,800 retail stores in the US and reported a net income of $2.5bn in fiscal year 2025. Nathan DuCongé has worked at an AutoZone store in White Plains, New York, for about two years, where he started as a sales associate making minimum wage. “I just remember that being very low, but I needed it very badly, and so I accepted the job,” said DuCongé. “For a job that just essentially pays minimum wage, it just makes no sense, that you’re doing all of this work, which essentially is service sales, and you’re also expected to upsell certain products too.” He explained that the idea to unionize came from the low pay and working conditions, but took off after he attended an Emergency Workplace Organizing Committee training session and met an organizer with United Auto Workers. David Valencia, who also works at the AutoZone store in White Plains, said he began working there in May 2026, and became interested in the union after being scheduled to work the Fourth of July holiday and did not receive any sort of holiday pay or bonus for doing so. “When I got my paycheck and saw that they didn’t pay anything extra when part-time employees leave their families for holidays and sacrifice the time that they have with their families to come to work, you don’t get anything extra, any recognition, and that just blew my mind,” Valencia said. According to Indeed, AutoZone only provides paid holidays for eligible full-time employees. “Our goal is to get compensation, job security, just more things that closely reflect the value that we know that we bring to the company. We’re not getting close to what we’re worth,” Valencia added. “There is no bargaining when you’re alone. They’re only going to bargain when you’re together. So we don’t have a choice. Either we’re going to live in poverty and not be able to pay our bills, or we’re going to do this.” DuCongé and Valencia both explained that AutoZone management caught wind of the union organizing drive after they had collected enough union authorization cards to file for a union election with the National Labor Relations Board. They said the following day, the store became filled with regional and corporate managers and human resources executives.

Workers in New York seek to create first AutoZone union as company resists
North America
CNBC Finance

Bank of America expects third-quarter investment banking fees to fall more than 10%; shares slide

Bank of America is seeing a far more subdued few months for its Wall Street advisory and trading businesses after a blockbuster second quarter, CEO Brian Moynihan told analysts Monday. Investment banking fees will likely decline by more than 10% in the third quarter from the year-earlier period, while trading revenue will be roughly flat, Moynihan said at a conference. That compares to a second quarter in which the bank posted a 50% jump in investment banking fees and a 33% jump in trading revenue. "What we're seeing is the market generally in investment banking is down 10%," Moynihan said, citing Dealogic data. "We're not as well positioned in some of the businesses that have more activity, so we'll be down probably a bit more than that." Bank of America shares were down 5% in afternoon trading Monday following Moynihan's comments. The muted outlook from the country's second-largest bank by assets could be an early signal that Wall Street's AI-fueled advisory and trading boom might have hit turbulence. While Moynihan pointed to a robust deal pipeline, particularly in middle-market investment banking, the projected double-digit decline in investment banking may make investors wonder if the industry's surge in capital markets activity will prove short-lived. Later Monday, Citigroup CFO Gonzalo Luchetti told analysts that investment banking is tracking for "low-single-digit" revenue growth in the third quarter, while trading was heading for "mid-single-digit" revenue growth. Those figures could climb if Citigroup's bankers and traders end the quarter on a strong note, he said. "September is a key month," Luchetti said. "These few weeks are very meaningful." Get this delivered to your inbox, and more info about our products and services. Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes, and Market Data and Analysis.

Bank of America expects third-quarter investment banking fees to fall more than 10%; shares slide
Asia
The Economic Times

Jefferies is bullish on Adani Ports and 5 other logistics sector stocks. How many do you have?

Jefferies said Indian port volumes rose 7% YoY in August 2026, driven by government-owned Major Ports. Indian Railways’ container volumes, however, declined 3% YoY, compared with a 10% YoY increase in port container volumes, which the brokerage attributed to Middle-East tensions. Here are 6 logistics stocks the brokerage is bullish on: Jefferies has assigned a Buy recommendation, a current market price of Rs 1,794 and a target price of Rs 2,160, indicating an upside of 20%. JSW Infrastructure carries a Buy recommendation, with its current market price of Rs 370 against a target price of Rs 395, implying an upside of 7%. Concor, a public sector undertaking, has a Buy recommendation, with a current market price of Rs 474 and a target price of Rs 650, pointing to an upside of 37%. The logistics giant carries a Buy recommendation, with a current market price of Rs 429 and a target price of Rs 540, implying an upside of 26%. Gateway has a Buy recommendation, with its current market price of Rs 54 and a target price of Rs 74, pointing to an upside of 38%. TCI Express has been given a Buy recommendation, with its current market price of Rs 484 against a target price of Rs 770, implying an upside of 59%. Disclaimer: This article has been written by Veer Sharma, who is not a SEBI-registered Research Analyst or an Investment Adviser. Veer Sharma and his/her ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here.

Jefferies is bullish on Adani Ports and 5 other logistics sector stocks. How many do you have?
Europe
BBC Business

Thames Water rescue deal should be rejected - MPs

A cross-party committee of MPs has urged the government to reject a £10bn takeover proposal from Thames Water's creditors. The UK's biggest water company owes roughly £20bn and has been working with creditors and government officials. A report by the Environment, Food and Rural Affairs (EFRA) Committee has now said the government should consider placing it into special administration, a form of temporary nationalisation. A Thames Water spokesperson said it needed to be "recapitalised and put on a firm financial footing". Fears that the firm, which serves 16 million customers, could collapse first emerged three years ago. The committee said a takeover plan by a consortium of more than 100 of its creditors did not have "the interests of the public, the company or the environment at heart". The plan was seen as the final realistic option to avoid a special administration regime, after a previous deal with a US private equity giant collapsed. Creditors, who collectively own about £17bn of Thames Water's debt, were previously warned by former environment secretary Emma Reynolds their plan did not go far enough to protect customers or the environment. The new report said Thames Water, alongside other "poor-performing" water companies, was in a "doom loop" of fines for poor performance leaving it with less money to invest in improvements. It warned the company would "likely accrue" more than £900m in penalties over the next five years. The committee said laws needed to change to allow the government to trigger a special administration on performance grounds alone. It also warned the top priority for the bidders, called London & Valley Water, was to "extract immediate value from Thames Water, not steer it to long-term success".

Thames Water rescue deal should be rejected - MPs
Europe
BBC Business

Early Bowie music available to stream for first time

Image source, Alisdair MacDonald/Mirrorpix/Getty ImagesByJosh Korber HoffmanBusiness reporterPublished4 hours agoTen years ago Alec Palao was casually flicking through a collection of old records when he noticed some faint pencil markings that were enough to draw a gasp. "Davie Jones," it read. What he had found was musical gold: five unreleased songs by a young David Bowie, filed away under his birth name. From Friday, those tracks, plus another five unreleased songs that came Palao's way after the initial discovery, will be available to buy and stream. "They are probably the most visceral, raw you'll ever hear the man," said Palao, a music historian and archivist. For the music industry, David Bowie is big business. He entered the mainstream with his 1969 single, Space Oddity, and went on to achieve 11 number one albums. Six of the previously unreleased tracks from the new collection will be available on vinyl, tapping into Bowie's popularity in that format specifically. In 2022, Bowie was named the best-selling vinyl artist of the 21st century by Music Week, ahead of The Beatles. "It's just a fascinating window into London in 1965 and its possibilities," said Palao. In the early sixties, Bowie was a teenager, performing as Davie Jones at London clubs and dreaming of stardom. Many of the tracks he recorded in that period are either little known or lost to time. But his first professional producer, Shel Talmy, had kept a recording from 1965 among his collection of material by other artists he had worked with: The Kinks; The Who; Manfred Mann; The Easybeats. Image source, Alisdair MacDonald/Mirrorpix/Getty ImagesImage caption, In 1965 Bowie made an appearance on the BBC show 'Gad Zooks Its All happening' but caused controversy with his long hair. It was within Talmy's collection that Palao came across the valuable 12-inch acetate. That material and the five other previously unheard tunes, as well as demos and remastered songs, form part of a new, posthumous album called The Shel Talmy Recordings.

Early Bowie music available to stream for first time
Europe
BBC Business

The virtual worlds where robots are trained

Freddo the robot walks across the office and takes a plastic bottled offered by a staff member. Given that a robot recently beat Usain Bolt's 100m sprint record, it's not the most startling achievement. But the speed by which Freddo has been trained to walk, recognise the bottle and grasp it is impressive. It took just a few minutes to develop those skills and upload them to Freddo. His developers say rival systems could take days to attain such skills. I'm at Vsim, a British start-up based in Cambridge. Founders Michelle Lu and Kier Storey hope one day their software will control robots that can navigate and do useful tasks in the home and workplace. "It's a weird situation with robotics because actually the stuff that we find as humans to be incredibly difficult, like gymnastics, you can get robots to do reasonably well. The stuff that humans are really good at, like fine dexterity, is really hard in robots," Storey says. Freddo's skills were honed in a virtual environment, where a task can be performed in a computer simulation millions of times. Once the optimum solution (known as a policy) is found, it can be uploaded and used by the hardware - in this case Freddo. Such virtual simulations are a common way to train robots. Tech giant Nvidia has a system called Isaac Sim which works that way - Lu and Storey both worked on an early version of it. In 2022 they decided to set up Vsim, to build the their own training system environment and other tools. As they were starting from scratch Lu and Storey could optimise the software to exploit the powerful computer chips used in AI, known as graphics processing units or GPUs. "The underlying algorithms that we were using for most of these robotic simulations they hark back to the 1970s and 1980s, but those algorithms are not really brilliant fits for GPUs," Storey says. Within months they realised their system could work much faster than anything they had seen before. "Eighteen months in and we actually have a completely functional, super high-performance simulator," says Lu.

The virtual worlds where robots are trained