The price of oil could go sharply higher, depending on the duration of the disruption at Saudi oil facilities and whether there is a military response.Powering the Futureread more
Energy stocks, one of the worst-performing sectors this year, spiked Monday after an attack on Saudi Arabia's heart of oil production Saturday sent oil prices soaring.Marketsread more
The Saudi-led military coalition battling Yemen's Houthi movement said on Monday that the attack on Saudi oil plants was carried out by Iranian weapons and did not originate...Oilread more
President Donald Trump said Monday he's in no rush to respond to a coordinated attack that hit Saudi Arabia's oil industry over the weekend.Marketsread more
"The United States military, with our interagency team, is working with our partners to address this unprecedented attack and defend the international rules-based order that...Politicsread more
Traders in the fed funds futures market on Monday were pricing in a 34% chance that the Fed will stay put on rates.The Fedread more
Gas prices could rise by about 20 cents per gallon "starting tomorrow," oil analyst Andy Lipow says Monday.Oil and Gasread more
Some operators are cashing in on the CBD craze by substituting cheap and illegal synthetic marijuana for natural CBD in vapes and edibles such as gummy bears, an AP...Health and Scienceread more
Attack on Saudi oil facilities shows that 'risk is real', Chevron CEO Michael Wirth said on CNBC's "Closing Bell" Monday.Marketsread more
J.P. Morgan's chief quant says oil prices would start to hurt stock prices when they hit the $80 to $85 range.Market Insiderread more
Walmart said Monday it's relaunching the once-beloved trendy New York fashion brand, Scoop NYC, on its website nationwide and in select stores.Retailread more
The millennial generation could be worth as much as $24 trillion in three years' time, according to UBS. For reference: That's roughly 1.5 times the size of the U.S. economy in 2015.
The wealth of this demographic group, now roughly ranging in age from 21 to 35, is driven by inheritance, entrepreneurial activities and income gains, the bank said in its report Thursday.
"Looking ahead, this generation looks set to benefit from one of the largest intergenerational wealth transfers ever, carried out over a comparatively short timeframe," write UBS' Mark Haefele, Simon Smiles, and Matthew Carter. Quoting a 2015 Accenture report, "Baby Boomers are expected to pass down around USD 30 trillion between 2011 and 2050 in North America alone."
But companies are going to have to do their research in order to win business from this generation. "It is critical that institutions adapt to the needs of these new guardians of capital," Simon Smiles, UBS' chief investment officer for its ultra-rich client group, said during an interview on CNBC's "Street Signs."
"A first step in making changes would be to understand millennial tastes and behaviors, comparing those to other age groups in order to establish any observable differences," he said.
For their part, UBS suggests three differences in millennial traits compared with older generations: a desire for convenience, multi-channel delivery, and transparency.
According to the Harvard Business Review, millennials accounted for nearly half of all on-demand consumers in the U.S. in 2015, compared to 22 percent aged 55 or older. In turn, Deloitte Digital announced that 47 percent of millennial consumers used social media as part of their shopping experience.
Smiles added that millennials are more concerned than their parents are with the sustainability and impact of their consumer choices and investing. He said 87 percent of millennials "are likely to check the sustainability criteria of the products they buy. They're two times more likely than the average person to divest from a company that does not meet sustainability practices."
They are also risk-takers in business. A 2016 study from BNP Paribas and Scorpio Partnership finds that millennials not only launch businesses twice as often as their baby boomer parents but also eight years earlier in their careers.
"Businesses should therefore supplement traditional operating models with new, technologically-enabled ones," UBS said.