- REUTERS/Lucas Jackson
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Markets around the world have been grappling with historically low volatility for some time now. And Societe Generale thinks they’re finally due for a reckoning. In fact, the situation has gotten so tenuous that it’s reminding the firm of the period leading up to the 2007-8 financial crisis.
In related news, hedge fund legend Julian Robertson warned that “we’re creating a bubble.”
Bitcoin enthusiasts reacted with anger and derision at JPMorgan CEO Jamie Dimon’s claim that the cryptocurrency is a “fraud.” Jeff Gundlach, DoubleLine Capital’s founder, said he is “going to let this [bitcoin] mania go on without [him].” He also said the dollar is due for a rally.
In Wall Street news, Betterment struck a deal with BlackRock and Goldman Sachs to provide its 270,000 users more investment options. Vikram Pandit, former CEO of Citigroup, says 30% of banking jobs could disappear within the next five years.
In other news, the ultra-wealthy have 10% of global GDP stashed in tax havens – and it’s making inequality worse than it appears. And millennials are driving a shift in how the ultra-wealthy manage their money.
BridgeBio Pharma, a biotech company focused on inherited diseases, raised $135 million from a bunch of Wall Street firms. And a 35-year-old banker left Goldman Sachs to start a fintech company inspired by his mother, and five years later received £100 million from his former employer.
Apple revealed its iPhone X on Tuesday amid much fanfare. Here’s what you need to know:
- It takes all of five minutes with the iPhone X to realize why it’s worth $1,000 Here’s how Apple’s new iPhone 8 and iPhone X compare with the top Android smartphones Shares in Apple suppliers across Asia promptly crashed after the launch of the latest iPhone T-Mobile is offering a $300 discount on the iPhone 8 and iPhone X – but there’s a big catch Here’s how Apple’s iPhone X event is impacting other stocks Everything you need to know about buying the iPhone X through Apple’s iPhone upgrade program
- Here’s a look at BMW’s electric sports sedan of the future Audi just unveiled a stunning electric concept designed to drive over 400 miles on a single charge Mercedes’ $2.7 million hypercar will arrive in 2019 – and it’s a high-tech marvel Two of the best new cars at the Frankfurt Motor Show are throwbacks to another way of life