Twitter held talks to acquire Clubhouse for $4 billion, Bloomberg reported. Yahoo Finance's Julie Hyman, Brian Sozzi and Myles Udland discuss the details.
Twitter held talks to acquire Clubhouse for $4 billion, Bloomberg reported. Yahoo Finance's Julie Hyman, Brian Sozzi and Myles Udland discuss the details.
(Bloomberg) -- No matter the asset class, the outlook is turning bleak for China’s financial markets.The nation’s stocks, bonds and currency are losing their shine after an impressive start to the year, overshadowed by a stronger dollar, higher U.S. Treasury yields and a domestic campaign to cut financial risk.The nation’s benchmark stock index remains 13% below a 13-year high in early February, following a brutal selloff that wiped out more than $1.3 trillion in market value. The yuan just suffered its worst month in a year in March, erasing all its 2021 gains against the greenback. Chinese sovereign bonds, a sanctuary during the recent global rout, saw foreign investors lower their holdings last month for the first time in more than two years.The sharp reversal of fortunes came as confidence grew in a strong U.S. economic recovery that is reclaiming the allure of dollar assets around the world. The latest underperformance of Chinese markets also resulted from Beijing’s decision to resume a battle on debt that was interrupted by the trade war with Washington and the pandemic.Concerns about inflation and tighter monetary conditions mean appetite for Chinese shares will likely remain subdued, while the country’s government debt market faces the test of a supply glut later this year, investors and analysts say. The yuan could weaken further as the dollar extends its global resurgence.“China’s bull run is being tested,” said Adrian Zuercher, head of global asset allocation of UBS Chief Investment Office. “Volatility will stay elevated in the near term.”Subdued TradingAfter delivering a world-beating rally earlier in the year, Chinese shares have reversed course since February, when it became increasingly clear that policymakers were shifting their priority to taming asset bubbles and reducing financial leverage.The broader de-risking campaign also includes a crackdown on the country’s internet and fintech giants. In the latest of such moves, the authorities slapped a record $2.8 billion fine on Alibaba Group Holding Ltd. over the weekend after an anti-monopoly probe found it abused its market dominance.The benchmark CSI 300 Index fell 1.1% as of 10:38 a.m. Beijing time, bringing its year-to-date loss to 4.5% and down 14% from a peak in February.The world’s second-largest stock market is $838 billion smaller than at its February peak and trading interest has been waning. Daily average turnover on China’s two stock exchanges was 670 billion yuan ($102 billion) so far this month, the lowest since May, according to data compiled by Bloomberg.UBS’ Zuercher said he expects rising Treasury yields to be a major source of near-term volatility in China’s equity market, as it will continue to exert pressure on valuations of the country’s growth stocks and trigger rotation.Echoing the view, Herald van Der Linde, HSBC Holdings Plc’s head of Asia Pacific equity strategy, said there remains downside risk to Asian equities in the near term and “China is no exception”.Domestically, a central bank unwilling to keep funding conditions too loose, a contrast to its peers in other major economies, has also disappointed stock investors. Apart from its deleveraging campaign, signs of inflationary pressures, as shown in March’s consensus-beating 4.4% jump in China’s producer prices, could prompt Beijing to further dial back its pandemic-induced economic stimulus.“We believe monetary policy might be tightened,” Hanfeng Wang, a strategist at China International Capital Corp., wrote in a note this week, adding that investors should pay attention to policy signals from the next meeting of the Politburo, the Communist Party’s top decision-making body.Bonds PressuredWhile Chinese government bonds outpaced their competitors in the first quarter as their haven status helped them stand out as a bulwark amid the global slump, they are facing a host of challenges in the coming months.In addition to a longer-than-expected phase-in period for the inclusion in FTSE Russell’s World Government Bond Index, a surge in bond supply from local governments and a narrowing China-U.S. yield gap also threaten to reduce the appeal of Chinese debt.Now at 3.21%, yields on China’s benchmark 10-year sovereign notes are expected to rise to 3.5% by the end of this quarter, according to Becky Liu, head of China macro strategy at Standard Chartered Plc.As China’s yield premium over Treasurys thinned, global investors last month trimmed their holdings of Chinese government debt for the first time since February 2019, a trend that is expected to continue for some time. The yield gap fell to 144.8 basis points on March 31, the narrowest since Feb. 24, 2020 when it was 144.2 basis points.Weaker YuanThe dollar’s renewed strength, the tighter yield gap, as well as Beijing’s latest move to boost capital outflows also have prompted analysts, including ING’s, to lower their forecasts on the Chinese currency.After rising nearly 7% against the dollar last year and reaping further gains earlier this year, the yuan suffered its worst selloff in a year last month, arresting a steady advance since May.Read: Yuan Erases Year’s Gains Against Dollar as PBOC Steps AsideAlso weighing on the yuan is the slowing speed of capital inflows: Cross-border currency flows tracked by Goldman Sachs totaled $1.5 billion in the week ended on April 7, compared with about $3 billion in the previous week.“It’s about how views on the U.S. dollar have changed rapidly,” said Zhou Hao, an economist from Commerzbank AG. “People believe the U.S. economy will recover strongly in the next two years and that’s what stocks and bonds have been pricing in.”Zhou said he expects the yuan to weaken to 6.83 per dollar by the end of this year, from around 6.56 Friday.(Updates with CSI 300 Index’ latest performance in the ninth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- Asian stocks slipped Monday as investors weighed the latest upbeat economic assessment from Federal Reserve Chair Jerome Powell against persistent risks from the pandemic. The dollar ticked up.Shares in China and Hong Kong underperformed, even as Alibaba Group Holding Ltd. rallied after the weekend imposition of a record antitrust fine removed a key uncertainty. U.S. equity futures retreated after a third straight week of gains for the S&P 500 Index, with investors bracing for earnings reports this week.The yield on 10-year Treasuries held Friday’s advance on stronger-than-expected producer-price inflation data and ahead of a heavy week of supply.China Led The Recovery Trade; Now Almost Everyone Is CautiousWhile the economic recovery is accelerating, policy makers say more progress is needed before they consider withdrawing exceptional support. Traders’ concerns that this stimulus will boost inflation have already weighed on bonds, driving yields higher. And prices data are about to get an artificial boost as the pandemic-driven economic collapse falls out of year-on-year index comparisons. U.S. consumer-price data are due Tuesday.The U.S. economy is at an “inflection point” with stronger growth and hiring ahead thanks to rising vaccinations and powerful policy support, Powell told CBS’s 60 Minutes in an interview aired Sunday. He warned that a resurgence of Covid-19 remains the principal risk to the economy and any rebound in inflation will be temporary.“The Fed is going to be more concerned about the labor market,” Sian Fenner, senior economist at Oxford Economics, told Bloomberg News. “Definitely inflation’s not spiraling out of control.”Investors are wary of supply stirring more rates-market volatility. Bonds have rallied from the losses that roiled equity markets earlier this year, but another heavy round of auctions could pressure yields higher again. The U.S. sells three-, 10- and 30-year Treasuries at the start of the week.Oil inched back toward $60 a barrel after a 3.5% drop last week. Bitcoin eased from a rally past $61,000 on the weekend. The forthcoming listing of cryptocurrency exchange Coinbase Global Inc. in the U.S. has put the spotlight back on the digital-token sector.Some key events to watch this week:Banks and financial firms begin reporting first-quarter earnings, including JPMorgan Chase & Co., Citigroup Inc., Bank of America Corp., Morgan Stanley, Goldman Sachs Group Inc.U.S. officials and company executives are due to discuss the global shortage of computer chips on Monday.The U.S. releases inflation data Tuesday.Chinese trade data are scheduled for Tuesday.Economic Club of Washington hosts Fed Chair Jerome Powell for a moderated Q&A on Wednesday.U.S. Federal Reserve releases Beige Book on Wednesday.U.S. data including initial jobless claims, industrial production and retail sales come Thursday.China economic growth, industrial production and retail sales figures are on Friday.These are some of the main moves in financial markets:StocksS&P 500 futures dipped 0.3% as of 11:39 a.m. in Tokyo. The index rose 0.8% on Friday.Japan’s Topix Index fell 0.2%.China’s Shanghai Composite fell 0.7%.Hong Kong’s Hang Seng dropped 1.3%.South Korea’s Kospi Index was flat.Australia’s S&P/ASX 200 slipped 0.4%.CurrenciesThe Bloomberg Dollar Spot Index edged up 0.1%.The yen was up 0.1% at 109.52 per dollar.The euro was at $1.1888.The offshore yuan was at 6.5633 per dollar.BondsThe yield on 10-year Treasuries steadied at about 1.65%.Australia’s 10-year yield climbed a basis point to 1.77%.CommoditiesWest Texas Intermediate crude was up 0.1% at $59.37 a barrel.Gold was down 0.3% at $1,737.07 an ounce.(An earlier version corrected the day of the U.S. CPI release.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
All things being equal, Australia’s economic recovery is on track. Here’s what you should know.
For the second consecutive night, a sell-out of 25,675 fans attended WrestleMania at Raymond James Stadium in Tampa Bay, FL with millions more watching at home on Peacock in the U.S. and on WWE Network around the world.
Asian shares faltered on Monday as investors wait to see if U.S. earnings can justify sky-high valuations, while bond markets could be tested by what should be very strong readings for U.S. inflation and retail sales this week. MSCI's broadest index of Asia-Pacific shares outside Japan was off 0.6% in slow trade.
An American sports reporter has been fired after his controversial comments about sexual assault complainants.
Shorter curfew hours will be imposed on Metro Manila as the region shifts from the enhanced community quarantine to the looser modified enhanced community qurantine (MECQ). Starting today the curfew hours will be from 8pm to 5am, according to a statement released by the Metropolitan Manila Development Authority (MMDA). The curfew will last until April ... This article, Metro Manila imposes 8pm to 5am curfew as it shifts to MECQ, originally appeared on Coconuts, Asia's leading alternative media company.
After going viral on social media Debra Hunter said her family have lost friends and no longer go out in their community anymore.
(Bloomberg) -- Career banker Guillermo Lasso won Ecuador’s presidential election runoff after a late surge in the polls, preventing a return to socialism and reassuring bondholders in the default-prone country.With 97% of the votes counted, the 65-year-old Lasso had 52.5% compared with 47.5% for economist Andres Arauz, a left-wing protege of former president Rafael Correa. The win caps a surprise last-minute comeback in the polls by the pro-market candidate in the final weeks after Arauz, who conceded defeat on Sunday’s vote, won the first round by 13 percentage points.Lasso’s victory will likely be well received by investors when markets open Monday as he’s vowed to uphold a $6.5 billion financing agreement with International Monetary Fund and stay current on the country’s overseas bonds. The nation’s recently restructured notes rallied in recent weeks as polls showed his chances improving.Why Ecuador’s Runoff Vote Matters for the Bond Market: QuickTakeWhile the bond market may breathe a sigh of relief, Lasso won’t have an easy time running the country of 17 million people which is far behind in its vaccination campaign and reeling from the economic impact of the pandemic. Last year the economy contracted 7.8%, its worst performance since at least the 1970s.To govern successfully, he will also have to find a working relationship with the National Assembly, where his backers hold just 31 of the 137 seats. He will also need to reach out to the more than 1.8 million Ecuadorians who voided their votes, including many from indigenous movements.Arauz, 36, had vowed to use central bank reserves to pay poor families and was expected to strengthen ties with left-leaning governments in the region including Argentina, Mexico, Venezuela and Cuba. He had obtained 32.7% of the vote in the first round of the elections in February, while Lasso edged into the runoff with 19%.Lasso, a self-made millionaire and father of five, has been president of Banco de Guayaquil, one of the nation’s biggest private banks, and has also served as a regional governor and as finance minister. This was his third run for president.The now president-elect has said he’ll promote policies that boost investment and private sector job creation, and will phase out a tax on taking money out of the country. He’s also promised to boost the monthly minimum wage to $500, from $400, and oversee the vaccination of 9 million people against Covid-19 during his first 100 days in office.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
The Mets-Marlins game went into a rain delay after just seven pitches on Sunday.
Police were left shocked after pulling over a man who drove this car across several states before being noticed.
Members of an angry crowd have vandalised police cars after the death of a man shot by an officer about 16 km from where George Floyd died during his arrest last May in Minneapolis.About 100 people, some visibly upset and one carrying a sign declaring "Justice for George Floyd" confronted police in riot gear after an officer shot a man in his car in Brooklyn Center, a Minneapolis suburb, on Sunday.
Cruz Hewitt has added more tennis silverware to the family's stash, watched on by his dad, former world No.1 Lleyton Hewitt, as he breezed to the Australian under-12 clay court title.
Parramatta five-eighth Dylan Brown could miss Saturday's NRL clash with Canberra after being charged by the NRL judiciary for a crusher tackle.Brown will cop a one-game ban with an early plea after being charged with a grade one offence on St George Illawarra lock Tyrell Fuimaono for an incident in the first half of the Eels' 26-12 loss to the Dragons.
Sixty years after he became the first person in space, there are few figures more universally admired in Russia today than Soviet cosmonaut Yuri Gagarin.
(Bloomberg) -- Hong Kong’s CLP Holdings Ltd. is looking offshore to help meet a growing need for renewable energy, as limited land supply in the city poses a challenge to building clean-power capacity.CLP, one of the two main electricity generators in the city, said it is revisiting offshore wind technology, and may submit proposals for an offshore wind farm to the local government for their next five-year development plan starting 2023.Hong Kong, a city with sky-high land prices, has already set a goal to achieve net-zero emissions by 2050. To do so it will have to eliminate fossil fuels, which currently accounts for 75% of its power generation, with nuclear and renewables mostly imported from China making up the rest.“When you look at land being quite a valuable and a scarce resource. That leads you to think, well, what about the water?” chief executive officer Richard Lancaster said in a media briefing last week. “It is much more economic now to build offshore wind than it was 10 years ago.”CLP had proposed in 2010 to build an offshore wind farm in southeastern Hong Kong waters, but the costs were too high at the time, Lancaster said. The average offshore wind project cost about $134 per megawatt-hour that year, according to BloombergNEF data. That’s fallen to about $89 this year.It’s also easier to develop such a project near Hong Kong now, as an offshore building boom in South Korea, Taiwan and China mean there are more ships in the region that specialize in erecting the towering turbines.“We are continuing to consider the project’s feasibility with new turbines which are more effective at the relatively modest wind speeds seen in Hong Kong waters,” CLP said in a statement.Solar power will be a relatively smaller part of the energy mix in Hong Kong, while nuclear, hydrogen and battery storage will all play a role, Lancaster said. CLP hasn’t ruled out making investments in China, and has been exploring renewable energy projects in Vietnam, he said.(Adds company comment in seventh paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
A TikTok user was told that her hair was too big for her passport photo, so staff had photoshop it out - leaving her unrecognisable
The woman shared the unfortunate tale on TikTok in a clip that has since gone viral. See it here.
Russians on Monday celebrate the 60th anniversary of the first manned flight to space carried out by cosmonaut Yuri Gagarin as the Soviet hero remains one of the most admired figures in the country.
Marc Leishman has come up short in his bid for a green jacket but has rediscovered his hunger for glory after another close call at the Masters.After a year littered with sub-par performances and general lethargy in his attitude, Leishman says collecting his second top-five at Augusta National has reinvigorated his season and has him pining for the remaining three majors of 2021.