Covid vaccinations are gaining momentum and fiscal support is helping the growth outlook, lifting bond yields. Global investors have overlooked Canada for years in favor of countries with greater choice in high-growth technology stocks, primarily the U. Canadian equity exposure is also increasing, according to Bank of Nova Scotia analysts. They say the valuation gap with U. Financials are nearly one-third of the benchmark; rising rates and an improving economy help insurers such as Manulife Financial Corp. The first decade of this century was better for emerging markets such as Brazil and commodities-driven developed countries including Canada.
Production constraints elsewhere in the world had seen prices for many commodities gain momentum in the early part of , the department said. Price gains are likely to moderate, leading to a modest decline in resources earnings in fiscal , although growth in demand for the materials vital to the clean energy transition is seen buoying the industry out to and beyond. Bloomberg -- Nomura Holdings Inc. The Tokyo-based firm also canceled plans to sell dollar-denominated bonds. While the Nikkei newspaper reported that the losses arose at its U.
Nomura said the estimate of the claim against the client may change depending on unwinding of the transactions and market price fluctuations. It will continue to take steps to address the issue and make a further disclosure once the impact of the potential loss has been determined. Updates with Nikkei report in the fourth paragraph For more articles like this, please visit us at bloomberg.
Mortgage rates were on the rise once more last week. The upward trend in rates and home prices is beginning to take effect on refinancing and demand. Bloomberg -- The family office of former Tiger Management trader Bill Hwang was behind the unprecedented selling of some U. The companies involved ranged from Chinese technology giants to U. ViacomCBS and Discovery posted their biggest declines ever Friday, after the selling and analyst downgrades. The liquidation had triggered price swings for every stock involved in the high-volume transactions, rattling traders.
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Hwang was an institutional stock salesman at Hyundai Securities Co. Updates with reasons behind selling in second paragraph For more articles like this, please visit us at bloomberg. Nearly 30 million Social Security and Supplemental Security Income beneficiaries are still waiting for stimulus money, according to House Democrats. The mammoth cargo ship marooned in the Suez Canal has the potential to inflict damage on a global economy still recovering from the COVID pandemic. While some of the stocks targeted in the block trades initiated by Goldman Sachs Group Inc. They posted their biggest daily losses ever.
Morgan Stanley was shopping a large block of ViacomCBS shares on Sunday, according to a person familiar with the matter.
Volume statistics
About 45 million shares were offered on behalf of an undisclosed holder, the person said. Futures on the Nasdaq dropped 0. Huge RalliesThe possibility of additional block trades still looms over the market, while the traditional end-of-quarter volatility may contribute to sharper swings on high-flying stocks.
ViacomCBS and Discovery have rallied this year. The stock fell 9. On Friday, a downgrade by Wells Fargo and the large block trades compounded the selling pressure. Australian shares climbed on Friday, lifted by miners and oil and gas explorers as commodity prices stabilized. Bloomberg -- Philippine central bank Deputy Governor Mamerto Tangonan has long wanted to make electronic money so ubiquitous that one could pay at a street stall via mobile phone.
Digital payments are widespread in parts of Asia, particularly in China, and have surged globally amid the pandemic. One strategy could be a national payments system based on QR codes that could be used in businesses ranging from family-run convenience stores to utility companies. A unified, national bill-settlement facility is also in the works this year, Tangonan said.
But widespread adoption and usage has been slow, it said. The central bank is undertaking an aggressive social-media campaign to address this. More than half of Filipino adults have a smartphone, and nearly all are active on Facebook, Tangonan said.
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The World Bank estimates Filipinos spend 10 hours a day on the Internet, the most worldwide, including nearly four hours on social media. The bank had pushed to open up access to satellite services for Internet providers, a proposal recently approved by President Rodrigo Duterte. Government efforts to boost digital payments are a boon to local e-wallet operators such as GCash -- a partnership between Globe Telecom Inc.
While use of digital payments has surged during the pandemic, Tangonan wants it to become much more commonplace. Copper prices rallied on Friday, making up some of the losses of earlier this week, fueled by optimism about near-term demand in Asian markets. Markets open in 7 hrs 55 mins. Dow Futures 32, Nasdaq Futures 12, Russell Futures 2, Crude Oil Gold 1, Silver Vix CMC Crypto 1, FTSE 6, The exchange noted that U.
The options cited by the exchange include selling them for assets that will stay available to them, canceling orders and moving them off the exchange.
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After the change comes into effect, U. Some limited functionality concerning the assets will still be available to U. As Cointelegraph reported in mid-March, Bittrex canceled its first Initial Exchange Offering, which it had been planning to host on Bittrex International. As reported last week, the decentralized exchange developed by top cryptocurrency exchange Binance will block website access to users based in 29 countries, including the U.
As Cointelegraph reported this week, bitcoin BTC trading volumes on major cryptocurrency exchange Coinbase recently hit a high of , BTC on May 12, a volume that has not been seen since February 4, A survey shows rates are higher for a sixth week, but they might already be pausing.
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West Texas Intermediate lost as much as 2. Crude has been hit by rising volatility in recent sessions, with WTI swinging between gains and losses last week. Traders were also tracking the advent on Monday of a significant new contract, with Abu Dhabi kicking off futures for its oil in a bid to establish a new regional benchmark. Oil is still set to close out a fourth consecutive quarterly gain this week, aided by sustained supply curbs imposed by the Organization of Petroleum Exporting Countries and its allies, and optimism that global demand will expand as coronavirus vaccines get rolled out.
Rates for tankers had increased, boosting the cost of shipping crude around the world. Despite progress with vaccines, the Covid pandemic remains a challenge. Global cases rose for a fifth week, with several European nations facing a resurgence. Also in Asia, the Philippine capital is also back under strict curbs. This time around, Goldman Sachs Group Inc. Citigroup Inc. For more articles like this, please visit us at bloomberg. Following is a list of company earnings scheduled for release March April 2, along with an earnings preview for select companies.
Bloomberg -- Goldman Sachs Group Inc. S, according to an email to clients seen by Bloomberg News. More of the unregistered stock offerings were said to be managed by Morgan Stanley, according to people familiar with the matter, on behalf of one or more undisclosed shareholders. Wall Street is now collectively speculating on the identity of the mysterious seller or sellers. The liquidation triggered price swings for every stock involved in the high-volume transactions, rattling traders and prompting talk that a hedge fund or family office was in trouble and being forced to sell.
CNBC reported forced sales by Archegos were probably related to margin calls on heavily leveraged positions. Maeve DuVally, a Goldman Sachs spokeswoman, declined to comment. A spokesperson for Morgan Stanley declined to comment. Price SwingsIn block trades, large volumes of securities are privately negotiated between parties, usually outside of open market.
The peers later recovered after traders said word of the offerings lessened fears that a broader trade was unfolding throughout the sector. That late rebound pushed up an index of companies engaged in internet-related businesses in China and the U. But on Monday, when Abu Dhabi begins selling futures contracts for its oil and then shipping the barrels from Fujairah, it will mark an aggressive shift by the emirate. Investors globally are clamoring for commodities because of their high yields relative to other assets and to protect themselves against any rise in inflation.
Creating a new benchmark will hardly be easy. Oil traders dislike change, especially when they believe markets already do a good job matching supply and demand. It was forced to shelve the plan indefinitely. Murban will also face competition regionally. Platts publishes price assessments for Dubai oil and the Dubai Mercantile Exchange trades futures for Omani crude. Both act as benchmarks for Middle Eastern shipments to Asia.
Abu Dhabi says the combination of high supply, easy access to oil-consuming markets from Fujairah and the absence of trading restrictions will attract plenty of buyers to its exchange.
The futures platform will be run by Atlanta-based Intercontinental Exchange Inc. The Murban exchange and the capacity boost could raise tension within the Organization of Petroleum Exporting Countries, according to Hari of Vanda Insights. The Gulf states dominate the cartel and tend to prize unity. They also began unprecedented production cuts last year to bolster prices as the coronavirus pandemic spread. The trades were linked to sales of holdings by Archegos Capital Management, a person with knowledge of the matter told Reuters.
Items that protect you from the virus are medical expenses, the tax agency says. Helping to provide some support for gold, was a dip in the U. Bloomberg -- As the global economy picks up speed, investors are dusting off the Canada playbook. Covid vaccinations are gaining momentum and fiscal support is helping the growth outlook, lifting bond yields.
Global investors have overlooked Canada for years in favor of countries with greater choice in high-growth technology stocks, primarily the U. Canadian equity exposure is also increasing, according to Bank of Nova Scotia analysts. They say the valuation gap with U. Financials are nearly one-third of the benchmark; rising rates and an improving economy help insurers such as Manulife Financial Corp. The first decade of this century was better for emerging markets such as Brazil and commodities-driven developed countries including Canada. Production constraints elsewhere in the world had seen prices for many commodities gain momentum in the early part of , the department said.
Price gains are likely to moderate, leading to a modest decline in resources earnings in fiscal , although growth in demand for the materials vital to the clean energy transition is seen buoying the industry out to and beyond.