Updates with reasons behind selling in second paragraph For more articles like this, please visit us at bloomberg. Stocks are giving back gains after a strong week, with little seen moving the needle before March's jobs data.
Top news and what to watch in the markets on Monday, March 29, Shares of Bilibili opened 2. 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.
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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.
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They also began unprecedented production cuts last year to bolster prices as the coronavirus pandemic spread. The pessimism underscores the mounting difficulties faced by Prime Minister Boris Johnson. Trade data showed EU shipments collapsed in January. Sterling slipped as much as 0. Some of the shine is already starting to fade.
Data from the Chicago-based Commodity Futures Trading Commission in Washington show investors have started to trim bullish bets on the pound. After their long positions hit a one-year high earlier in March, leveraged funds scaled back their wagers for a third-straight week.
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Even with a Brexit deal and an agreement on financial regulation out of the way, the U. Britain now expects to receive the first doses of the U. Consumers did return to online and in-store shopping in February after a slump at the beginning of the year, official figures published Friday showed. Still, the rebound was modest. There are a lot of little bad things in the background that individually have the potential to be pretty systemic. A survey shows rates are higher for a sixth week, but they might already be pausing. Nomura and Credit Suisse are facing billions of dollars in losses after a U.
Losses at Archegos Capital Management, run by former Tiger Asia manager Bill Hwang, had triggered a fire sale of stocks on Friday, a source familiar with the matter said. Bloomberg -- He was a hot-shot disciple of the hedge-fund legend Julian Robertson -- one of the stars to strike out on his own from the vaunted Tiger empire. How and why marquee-name banks embraced Hwang after his first stumble -- an insider trading plea in -- and enabled him to run up so much leverage is an open question on Wall Street, though his frequent trading and use of borrowed money meant he was a profitable client.
Much of the leverage was provided by the banks through swaps, according to people with direct knowledge of the deals. Swaps are also an easy way to add a lot of leverage to a portfolio. The charity is dedicated to the areas of Christianity, art, education, justice and poverty.
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After leaving Tiger Management as Robertson wound down the firm, Hwang, who is in his mids, spent a decade running his Tiger Asia Management -- backed by his former boss -- and building it into a multi-billion firm with top returns. In , he closed the hedge fund after he admitted on behalf of the firm in federal court in Newark, New Jersey, to trading on inside information.
He was at Hyundai Securities Co. No one was focusing on Korea back then and we hired him soon after. Food delivery group Deliveroo has narrowed the price range on its initial public offering, ensuring its order books were fully covered for what will be London's biggest IPO in a decade. The London-based company, founded by boss William Shu in , could be valued at up to 7. The direction of the June U. Dollar Index futures contract on Monday will be determined by trader reaction to After getting furloughed by American Airlines, and watching her side gig leading trips outside of the US evaporate overnight at the start of the pandemic, Brittany Floyd felt unsettled.
Having lived across every aspect of the income scale—she grew up in a low-income household, where her mother worked as a custodian and her father as a construction worker—she had no intention of going back to a life of financial struggle. The pandemic had Floyd thinking about wanting to be financially independent and not having all her money tied up in one sector of the economy.
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The huge container ship blocking Egypt's Suez Canal for nearly a week has been partially refloated, the Suez Canal Authority SCA said, raising hopes the busy waterway will soon be reopened for a big backlog of ships. Prices have swung wildly in the last few days as traders and investors tried to weigh the impact of the blocked key trade transit point and the broader effect of lockdowns to stop coronavirus infections. Nearly 30 million Social Security and Supplemental Security Income beneficiaries are still waiting for stimulus money, according to House Democrats. Bloomberg -- Goldman Sachs Group Inc.
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. Ogier says that this deal is really three years in the making. Car Life.
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