Quote:“I think that the debt ceiling is the biggest buy-the-rumor-sell-the-news event, because the lead-up to the debt ceiling has actually been a major driver of liquidity being pumped into this market,” she told CNBC in an interview late Wednesday. “When the Treasury has been spending down its cash balance instead of issuing new bonds, the end result is that it increases reserves in the system and adds liquidity and that’s one of the reasons why growth stocks, technology stocks, speculative stocks have been up year to date,” said the former Bank of America equity analyst. “But when we get past the debt ceiling, the Treasury will start issuing new bonds and that will have the net effect of taking liquidity out of this market,” removing a tailwind for equities, said Dawson.Debt ceiling is a buy-the-rumor but sell-the-news event, cautions this strategist
Quote:Telecoms giant BT is to shed up to 55,000 jobs by the end of the decade, mostly in the UK, as it cuts costs. Up to a fifth of those cuts will come in customer services as staff are replaced by technologies including artificial intelligence. The headcount reduction from the current workforce of 130,000 includes staff and contractors. "Whenever you get new technologies you can get big changes," said chief executive Philip Jansen. He said "generative AI" tools such as ChatGPT - which can write essays, scripts, poems, and solve computer coding in a human-like way - "gives us confidence we can go even further". BT to cut 55,000 jobs with up to a fifth replaced by AI