Morgan Stanley upgrades US equities to 'overweight'
"Despite unprecedented policy uncertainty, the global economy is still in expansion mode, albeit with slowing growth", Morgan Stanley analysts wrote in a note on Tuesday.
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Daily Mail
26 minutes ago
- Daily Mail
Small waterfront community dethrones Beverly Hills as America's richest ZIP code
A gated Florida community has bumped Beverly Hills as America's priciest neighborhood. Gables Estates, a celebrity-filled gated manor on the south side of Miami, ranked number one in Zillow's monthly home value tracker. The analysis, which combs home tax assessments and real estate transactions, found that the palm tree-lined neighborhood with massive Spanish colonial homes was America's most expensive neighborhood. Currently, it has five homes listed for sale. They're priced from $17.5 million to $54.9 million. There are 179 homes, averaging over 55,000 square feet - or nearly the size of a football field - in the neighborhood. Almost every home is considered beachfront property with private access to Miami's warm ocean waters. Dozens of homes come equipped with ports ready for mega yachts, gargantuan pools, and obsessively manicured lawns. And, after paying the eye-watering cost of the home, owners are expected to pay upwards of $250,000 annually in homeowners' association fees. Meanwhile, Beverly Hills, long considered the zenith of celebrity wealth, fell to number four on the list of high-priced neighborhoods. Home prices have dropped in the star-studded California neighborhood. After the median Beverly Hills home listing price peaked at around $9.5 million in February 2023, sellers have slashed expectations to $6.6 million. Beverly Hills' decline and Gables Estates' rise come as some of America's wealthiest individuals head for tax havens. Florida does not collect income tax. Dozens of executives - including Amazon's Jeff Bezos, Citadel's Ken Griffin, and Palantir's Peter Thiel - have dashed to the Sunshine State. Multiple tech companies are also snapping up office space in Coral Gables, the neighboring city. Apple recently inked a deal to lease office space in the town, while Amazon is currently working to move part of its headquarters to neighboring cities. But even before the tech-funded migration, Gables Estates was home to dozens of A-list celebrities. Richard Fain, Royal Caribbean Cruises' former CEO, has owned a home in the neighborhood since 1989 Meanwhile, the average listing price for a Beverly Hills home has dropped $2.9 million in the past two years, according to Singer Gloria Estefan owns a home in the neighborhood. Former baseball star Alex Rodriguez called it home, too. Richard Fain, Royal Caribbean Cruises' former CEO, also owns property. Chart-topping musicians - including Jay-Z, Pharrell Williams, Shakira, and Jennifer Lopez - have been photographed partying and beaching at the luxe enclave. Gables Estates' rise on the charts is part of a growing trend for Florida. The state is home to seven of the ten most expensive zip codes in the US, the study found. California houses the other three highest-value communities. No other states crack the top ten. Port Royal in Naples, Florida, grabbed the second spot. Old Cutler Bay, located just down the street from Gable Estates, took bronze. The Flats, a section of Beverly Hills, claimed the fifth-place slot.
Reuters
28 minutes ago
- Reuters
Hertz, Amazon Autos partner to sell used vehicles online
Aug 20 (Reuters) - Car rental company Hertz Global Holdings (HTZ.O), opens new tab said on Wednesday its car sales unit was partnering with Amazon's (AMZN.O), opens new tab automotive retail platform, Amazon Autos, to sell pre-owned vehicles online.
Reuters
28 minutes ago
- Reuters
Russia expects India to keep buying its oil and seeks China-India-Russia talks
NEW DELHI, Aug 20 (Reuters) - Russia expects to continue supplying oil to India despite warnings from the United States, Russian embassy officials in New Delhi said on Wednesday, adding that Moscow hopes trilateral talks will soon take place with India and China. U.S. President Donald Trump has announced an additional tariff of 25% on Indian goods exported to the U.S. from August 27, as a punishment for buying Russian oil, which constitutes 35% of India's total imports compared with a negligible 0.2% before the Ukraine war. "I want to highlight that despite the political situation, we can predict that the same level of oil import (by India)," Roman Babushkin, the charge d'affaires at the Russian embassy in India, told a press briefing. He predicted India and Russia would find ways to overcome Trump's latest tariffs in their "national interests". Trade talks between India and the U.S. broke down over the opening up of India's vast farm and dairy sectors, as well as its purchases of Russian oil. The total tariff announced on Indian goods entering the U.S. is 50%. The Indian foreign ministry did not immediately reply to an emailed request for comment. It has previously said the U.S. decision to single out India for Russian purchases was "extremely unfortunate". Russia's Deputy Trade Commissioner Evgeny Griva on Wednesday said buying oil from Russia is "very profitable" for India, which will not want to change its supplier. On average Russia gives a 5%-7% discount to Indian buyers, he said, adding that Russia has a "very, very special mechanism" to continue oil supplies to India. In addition, he said Russia had started accepting Indian rupee payments for its goods after the resolution of issues that had trapped billions of dollars worth of funds in Indian banks. As tensions between Washington and New Delhi rise, high-profile visits from New Delhi and Beijing in recent weeks have raised hopes on the part of the Asian neighbours that ties damaged by a 2020 border clash can be repaired. Indian Prime Minister Narendra Modi plans to visit China for the first time in over seven years later this month. The planned visit was reported by Reuters last week, even as other high profile exchanges, including Chinese Foreign Minister Wang Yi's two-day visit to New Delhi, concluded. At the same time, Russia is trying to revive long-standing plans for a trilateral meeting with India and China to help them forge a "greater Eurasian partnership". "As far as the trilateral is concerned, we are quite hopeful that this format will be resumed sooner rather than later because its importance is not questioned," Babushkin said. "This is closely linked to the Russian initiative of the establishment of the greater Eurasian partnership," Babushkin said. Russian President Vladimir Putin will meet Modi in New Delhi by the end of year, he said. Putin, Modi and Chinese President Xi Jinping are also expected to all attend the Shanghai Cooperation Organisation starting August 31.
