Tag: top 10

1. U.S. Stocks Slump as Oil Tumbles, Bonds Advance

U.S. equities slumped as rising virus cases and a lockdown in Germany sparked concerns the global reopening will be delayed. The S&P 500 Index edged lower amid signs that progress against the pandemic is stalling as worldwide deaths and cases creep higher. The small-cap Russell 2000 fell 2% as beneficiaries of the reopening trade including Carnival Corp. and TripAdvisor Inc. declined after Germany announces a hard lockdown over Easter to try to defuse another wave of coronavirus infections. European shares slumped. The dollar strengthened, while the 10-year U.S. Treasury yield slid for a second day. Oil dropped below $60 a barrel on concerns the market is oversupplied.

The S&P 500 Index fell 0.3% as of 10:40 a.m. New York time.

The Stoxx Europe 600 Index decreased by 0.2%.

The MSCI Asia Pacific Index decreased by 0.8%.

The MSCI Emerging Market Index fell 0.9%.

2. Oil Slumps With Bearish Market Flashing Demand Trouble

Oil dropped sharply in London on concerns about the demand outlook and as the futures curve flipped into a structure indicating near-term weakness. Brent futures slumped as much as 5%. There are concerns over the prospects for consumption with Covid-19 cases surging in India and threatening the economy’s recovery from recession. Germany will extend its curbs and impose an Easter lockdown, while in the U.S., New York City’s mayor urged a pause on reopening. At the same time, West Texas Intermediate fell below its 50-day moving average for the first time since November.

3. China’s Stock Benchmark Falls Back to Key 5,000 Support Level

China’s equity benchmark edged back toward its 2021 low, briefly piercing through a key support level as traders sold everything from electronic cigarette stocks to raw-materials firms amid broader concerns over earnings and valuations. The CSI 300 Index fell 1%, extending its decline from this year’s peak to nearly 14% just days after the benchmark notched its longest weekly losing streak since early 2016. Foreign investors sold a net $1.1 billion worth of mainland stocks through trading links, the most since March 8. Traders said they were concerned about earnings growth not living up to the expectations that drove a buying frenzy before the Lunar New Year break.

4. Microsoft in Talks to Buy Discord for More Than $10 Billion

Microsoft is in talks to acquire Discord, a video-game chat community, for more than $10 billion. Discord has been talking to potential buyers and software giant Microsoft is in the running, but no deal is imminent. Discord is more likely to go public than sell itself. Representatives for Microsoft and Discord declined to comment. VentureBeat reported earlier on Monday that Discord was engaged in sales talks. San Francisco-based Discord is best known for its free service that lets gamers communicate by video, voice and text, and people stuck at home during the pandemic have increasingly used its technology for study groups, dance classes, book clubs and other virtual gatherings. It has more than 100 million monthly active users.

5. Germany to go into Hard Lockdown for Easter

Chancellor Angela Merkel ordered a five-day lockdown over Easter in one of Germany’s toughest moves since the start of the pandemic, highlighting the sudden deterioration in Europe’s efforts to contain the coronavirus. Just a few weeks after the spread appeared under control, a new spike in infections and sputtering vaccinations have led to France and Italy expanding lockdowns. The Netherlands will likely extend curbs later on Tuesday while in Hungary, hospitals are calling for help from untrained volunteers. The region’s darkening outlook will be reflected in a joint statement by European Union leaders on Thursday when they discuss the pandemic, which has taken a turn for the worse because of aggressive Covid-19 strains.

6. China Lashes Out at U.S. Allies in Bid to Thwart Biden Strategy

This week Joe Biden made good on his campaign promise to work more with allies to pressure China, coordinating with U.S. partners to impose sanctions over alleged human-rights abuses in Xinjiang. China wasted no time Monday night immediately retaliating with reciprocal sanctions against European Union officials while summoning the bloc’s ambassador to China. Those hit included politicians in a range of countries, one of the main EU bodies formulating foreign policy and Europe’s largest research institute focused on China.

7. Hong Kong Ruins Business Leaders’ Hopes for Loose Covid Rules

Hong Kong’s government has dashed business leaders’ hopes for a near-term easing of the city’s Covid quarantine measures, signalling in a private meeting that any relaxation would require a dramatically higher vaccination rate and prolonged drop in local cases. Policymakers led by Chief Secretary of Administration Matthew Cheung reiterated a target of vaccinating 50% of the population before any major loosening. As of Monday, about 5% of the financial hub’s residents had received their first vaccine shots. Policymakers also downplayed prospects for travel bubbles or a reopening of the border with China any time soon. The government didn’t offer a clear road-map for reopening despite requests to do so from multiple business groups.

8. U.K. Immigrant Worker Population Declines Less Than Feared

The U.K. may have lost fewer immigrants during the coronavirus crisis than previously feared, according to government data. The pandemic has made it hard to count people entering and leaving the U.K., and some economists had calculated that more than 1 million foreign-born workers may have left the country last year. That was based on responses to a survey regularly carried out by the Office for National Statistics. But in an article published Tuesday, the ONS said that real-time tax data suggest that the reduction may have been overstated. While the Labour Force Survey indicates the number of non-U.K. nationals in employment in the U.K. was 15% lower in the fourth quarter of 2020 than a year earlier, real-time information puts the decline at just 4%.

9. Citigroup CEO Bans Friday Zoom Calls, Encourages Vacations

Citigroup Inc. Chief Executive Officer Jane Fraser has barred internal video calls on Fridays and encouraged vacations in an effort to combat workplace malaise brought on by the coronavirus pandemic. Fraser, who replaced Michael Corbat earlier this year, said the final day of the working week shall be known as “Zoom-Free Fridays,” according to an internal memorandum obtained by Bloomberg. She also designated May 28 as a firmwide holiday to be known as “Citi Reset Day.” Staff at Citi, one of the world’s biggest lenders, are also encouraged to avoid scheduling meetings outside of what was normal working hours before the outbreak of Covid-19 kept most of its workers home, according to the memo.

10. Goldman CEO Vows to Protect Junior Bankers’ Saturdays Off

Goldman Sachs Group Inc.’s David Solomon vowed his firm would try harder to ensure junior bankers get at least one day off a week after a group of analysts raised an alarm about increasing burnout among the group. In a voice memo sent to workers on Sunday, the chief executive officer said the firm would strengthen enforcement of its so-called Saturday rule, which states junior bankers should not be expected to be in the office from 9 p.m. Friday to 9 a.m. Sunday. A group of 13 first-year analysts surveyed themselves and prepared a presentation for their managers that showed some were working hundred-hour weeks and feeling the effects of declining physical and mental health. The presentation was making the rounds on social media last week and Solomon on Sunday commended the analysts for speaking their mind.

Curated from Bloomberg.com

1. Stocks Decline With Treasury Yields Pushing Higher

U.S. stocks declined and Treasury yields pushed higher with inflation concerns lingering and the Federal Reserve letting a capital break for big banks expire. The yield on the benchmark 10-year Treasury rose for the fourth day after the central bank denied requests from Wall Street that it extend the relief to mitigate any impacts to the financial system and the $21 trillion Treasury market. Yields are up for an eighth consecutive week amid concern the Fed risks letting pricing pressures get out of control. The S&P 500 slumped for a second day, led lower by the financial and materials sectors. The tech-heavy Nasdaq 100 fluctuated in the wake of Thursday’s 3.1% slump.

The S&P 500 Index dipped 0.6%.

The Nasdaq 100 Index decreased 0.5%.

The Stoxx Europe 600 Index fell 1.1%.

2. Fed to End Covid-19 Capital Break It Gave Wall Street Banks

The Federal Reserve will let a significant capital break for big banks expire at month’s end, denying frenzied requests from Wall Street that it extend the relief to mitigate any impacts to the financial system and the $21 trillion Treasury market. The reprieve that was granted last April — a response to coronavirus that allowed lenders to load up on Treasuries and deposits without setting aside capital to protect against losses — will expire March 31 as planned. Though the regulator has concluded the threat that Covid-19 poses to the economy isn’t nearly as severe as it was a year ago, the agency also said that it’s going to soon propose new changes to the so-called supplementary leverage ratio, or SLR.

3. U.S.-China Talks in Alaska Quickly Descend Into Bickering

The first high-level talks between the U.S. and China since President Joe Biden took office immediately descended into bickering and recriminations, illustrating the deep divide that remains despite the change in the White House. Each side sharply criticized the other over human rights, trade and international alliances at the meeting in frozen Anchorage, Alaska. U.S. Secretary of State Antony Blinken vowed to raise concerns about cyber attacks, the treatment of Muslim minorities in Xinjiang and Beijing’s increasing control over Hong Kong.

4. Putin to Biden After ‘Killer’ Insult: ‘It Takes One to Know One’

Russian President Vladimir Putin fired back at American counterpart Joe Biden’s accusation that he’s a killer, saying “it takes one to know one” as he insisted the U.S. will have to take Russia’s interests into account despite insults. “I would say to him: I wish you good health,” Putin said Thursday, asked for his response to Biden, 78, during a televised videoconference celebrating the anniversary of Russia’s 2014 annexation of Crimea. He said Moscow would continue to work with Washington in areas of common interest, even as he claimed there were sharp, even biological, differences between Russians and Americans.

5. Oil’s Swift Rout Triggers the Biggest Weekly Loss Since October

Oil, one of the most-favoured reflation trades, just took a heavy beating. Prices headed for the biggest weekly slump since October after a sell-off driven by inflation concerns and a cooling physical market. Futures in New York fell Friday, deepening Thursday’s 7.1% decline. The drop followed a surge in Treasury yields that pushed the dollar higher, while there were signs of softer near-term crude demand in Asia. The unwinding of long positions by some commodity trading advisers may also have played a role. The impact of the rout stretched into Friday. The market’s structure weakened markedly, with key gauges of supply for both Brent and WTI veering toward a bearish contango structure. It’s the latest sign of a physical market that’s cooled off in recent days.

6. Yemeni Rebels Attack Aramco Refinery in Saudi Capital

Yemen’s Iran-backed Houthi rebels attacked an Aramco refinery in the Saudi capital Friday using six bomb-laden drones, stepping up their offensive on the kingdom’s energy and security installations. Saudi Arabia’s state news agency said the attack took place at 6:05 a.m. local time, causing a fire that was later controlled with no impact on oil supplies or derivatives. There were no casualties, it said, quoting an Energy Ministry spokesman. Houthi attacks on Saudi Arabia rarely claim lives or cause extensive damage but their frequency has increased in recent months, creating unease in the Gulf, a region key to global oil production and transit.

7. Tesla Cars Banned by China Military on Concerns of Cameras

Tesla cars have been banned from Chinese military complexes and housing compounds because of concerns about sensitive data being collected by cameras built into the vehicles. The order, issued by the military, advises Tesla owners to park their cars outside of the military property. The ban, relayed to residents of military housing this week, was triggered by concerns that the world’s biggest maker of electric vehicles is collecting sensitive data via the cars’ in-built cameras in a way the Chinese government can’t see or control. Multi-direction cameras and ultrasonic sensors in Tesla cars may “expose locations” and the vehicles are being barred from military residences to ensure the safety of confidential military information.

8. India Regulator to Ease Rules That Caused Bank Bond Selloff

India’s markets regulator is set to ease proposed rules that caused a selloff in perpetual notes of domestic banks who use them to raise capital. The Securities & Exchange Board of India will allow mutual funds to value so-called perpetual debt as 10-year bonds in the financial year starting April 1, instead of the 100-year-debt valuation that was supposed to take effect. An announcement is likely soon. The rules will gradually be tightened toward 100-year treatment over a multiyear timeframe.

9. Didi Accelerates IPO Plans, Targeting Valuation Above $62 Billion

Chinese ride-hailing giant Didi is accelerating plans for an initial public offering as early as next quarter to capitalize on a post-pandemic turnaround. Didi, the largest investment in SoftBank Group Corp.’s portfolio, is targeting a valuation above the $62 billion it secured during its last funding round. The company moved up plans from a previous target of late 2021 after its Uber-like car-hailing business bounced back with China’s success in bringing Covid-19 under control. Based on a common 15% float for mega IPOs in Hong Kong, one potential venue, Didi could raise roughly $9 billion in what would be one of the largest tech debuts globally in 2021. The company hasn’t made a final decision on the listing location. 

10. Thailand to Reduce Quarantine for Visitors to Revive Tourism

Thailand will shorten the mandatory quarantine period for foreign travellers from next month but deferred a decision on recognizing vaccine certificates for easier global mobility amid a spike in global virus cases. A panel chaired by Prime Minister Prayuth Chan-Ocha on Friday approved curtailing the quarantine to 10 days from two weeks starting April 1, Traisuree Taisaranakul, a government spokeswoman, told reporters in Bangkok. The country may stop enforcing quarantine altogether from Oct. 1 though the group delayed a decision on cutting the isolation period to seven days for vaccinated tourists as recommended by an expert group last week.

Curated from Bloomberg.com

1. Yields Jump, Tech Declines Amid Dot Plot Anxiety

Treasury yields climbed to more than one-year highs and growth stocks favoured under the so-called reflation led U.S. equity declines amid concern Federal Reserve officials could revise forecasts for when they see a liftoff from near-zero rates. The tech-heavy Nasdaq 100 slumped for the first time in three trading sessions as U.S. central bankers meet for a second day. The S&P 500 also declined, while the Dow Jones Industrial Average erased earlier gains. WTI crude oil reversed a gain after the International Energy Agency said markets aren’t on the verge of a new price supercycle.

The S&P 500 Index sank 0.6%.

The Dow Jones Industrial Average declined 0.1%.

The Nasdaq 100 Index declined 1%.

The Stoxx Europe 600 Index decreased by 0.6%.

2. Astra Gets WHO Support; CDC Finds Vaccine Inequity

AstraZeneca’s embattled Covid-19 vaccine was defended by the World Health Organization, which said the shot’s benefits outweigh its risks and advised resuming immunizations after more than a dozen European countries suspended them on concerns about blood clots. Vaccination coverage was lower in U.S. counties with the most socially vulnerable residents, according to a report by the Centers for Disease Control and Prevention. Mexico and Canada are at the top of President Joe Biden’s list of countries to eventually receive exports of U.S.-made coronavirus vaccines.

3. U.S. Warns Banks Over Ties With Sanctioned Chinese Officials

The U.S. added more than a dozen Chinese officials to a list of people that banks must avoid, putting global financial institutions on notice that they risk running afoul of American sanctions. The State Department added 14 Chinese lawmakers, including a member of the Communist Party’s ruling Politburo, to a blacklist under the Hong Kong Autonomy Act. While all the officials had been already designated for sanctions by the Treasury Department in December, the latest action could lead to greater penalties for banks that have any business with them. Chinese Foreign Ministry spokesman Zhao Lijian denounced the action as inappropriate interference in the country’s domestic affairs.

4. Samsung Warns of Severe Chip Crunch; Delays Key Phone

Samsung warned it’s grappling with the fallout from a “serious imbalance” in semiconductors globally, becoming the largest tech giant to voice concerns about chip shortages spreading beyond the automaking industry. Samsung, one of the world’s largest makers of chips and consumer electronics, expects the crunch to pose a problem to its business next quarter. The company is also considering skipping the introduction of a new Galaxy Note — one of its best-selling models — this year. The fear is the crunch, which first hit automakers hard, may now disrupt the much larger electronics industry.

5. Goldman, Citi Lead U.S. Banks Plowing Billions Into China

Goldman Sachs led U.S. banks plowing billions of fresh cash into China last year, undeterred by political turmoil as the world’s second-largest economy further opens its $50 trillion financial markets. The bank’s “cross-currency outstandings” rose 33% to $17.5 billion last year in China, covering a broad array of cash and financing to companies and government entities, according to an annual filing. Together with Citigroup, JPMorgan Chase, Bank of America and Morgan Stanley, the five big U.S. banks had $77.8 billion in exposure, up 10% from 2019. China’s financial markets are a potent lure for the world’s biggest banks, with billions of profits on the line in investment banking and wealth management. But they also face an opaque regulatory environment and a tense political climate that has deteriorated over the past years and that’s unlikely to see major improvements under the Joe Biden administration.

6. Baidu Raises $3.1 Billion From Second Listing in Hong Kong

Chinese search engine Baidu raised HK$23.9 billion ($3.1 billion) in its Hong Kong share sale, sealing the latest in a string of blockbuster equity offerings in the financial hub. Nasdaq-listed Baidu follows online car-sales website Autohome Inc. in seeking a trading foothold in Hong Kong, after a wave of such share sales in 2020 which saw some $17 billion raised. Other companies looking at selling shares in the city include Tencent Music Entertainment Group and video site Bilibili Inc.

7. KKR Enters SPAC Frenzy With Flat Debut After $1.2 Billion IPO

The first special purpose acquisition company from private-equity giant KKR & Co. Inc. opened flat in its debut session on Wednesday. KKR Acquisition Holdings I Corp. raised $1.2 billion in an upsized initial public offering that priced Tuesday after the market closed. The vehicle will now search for acquisition targets in the consumer and retail industries. The search will be led by Chief Executive Officer Glenn Murphy, chairman at Lululemon Athletica Inc. The listing arrives amid a record wave of issuance by SPACs, but performance has been muted in the aftermarket. Blank-check vehicles that went public this year are trading just 1.7% above their IPO price on average.

8. Biden Agrees Putin Is Killer, Says He’ll Pay for Meddling

President Joe Biden agreed that Russian President Vladimir Putin is a “killer,” and said in an interview with ABC News that Russia would pay for alleged interference in U.S. elections. His comments, recorded Tuesday, came the same day as a U.S. intelligence community report that Putin ordered influence operations to hurt Biden’s candidacy, favouring former President Donald Trump just as the intelligence community says the Russian leader did in 2016 against then-Democratic presidential candidate Hillary Clinton. Putin “will pay a price” for the interference, Biden said. In a “long talk” with the Russian leader, Biden said he told him, “I know you and you know me. If I establish this occurred, then be prepared.”

9. Saudi Arabia Pays More Aramco IPO Fee: Wall Street Misses Out

Saudi Arabia recently paid around $50 million of extra fees to banks on the record-breaking listing of state oil company Aramco, with most of the cash going to local underwriters after Wall Street firms were sidelined. The discretionary incentive fee — doled out to reward banks for the number of orders they brought in — was transferred to arrangers of the 2019 share sale in the last couple of months. The payments totalled about 0.25% of the money raised from institutional investors. The additional money brings the sum that the kingdom paid to the banks on the $29.4 billion IPO to just over $100 million.

10. Saudi Arabia Implements Expat Labor Reforms With Caveats

Saudi Arabia added conditions to a new package of labour reforms for foreign workers that could curtail the greater freedom of movement the changes had promised. The reforms are meant to help level the playing field for overseas workers and citizens in a bid to reduce domestic unemployment while continuing to draw foreign talent. It’s a major shift away from the kingdom’s controversial “kafala” or sponsorship system, criticized by human rights groups as allowing employers to trap and exploit foreign workers. And indeed, non-Saudis no longer need their employer’s permission to change jobs, travel abroad or leave the country permanently.

Curated from Bloomberg.com

1. Tech Shares Rise for Second Day; Oil Extends Drop

Technology shares gained for a second day as investors continued to shift between growth and value stocks while gauging the global economic recovery. Apple and Microsoft led the tech-heavy Nasdaq 100 higher, while the Dow Jones Industrial Average declined from a record high. The benchmark S&P 500 edged higher for a sixth consecutive trading session. Treasury 10-year yields eased for a second day as the Federal Reserve began its two-day policy meeting. In Europe, traders appeared to shrug off decisions by Germany, France and Italy to suspend the AstraZeneca vaccine. Markets saw modest gains in Japan and China, where investors were watching for a possible broader crackdown on the internet sector. Oil retreated for a third day, while the dollar was little changed.

The S&P 500 Index gained 0.2%.

The Nasdaq 100 Index jumped 1.6%.

The Stoxx Europe 600 Index rose 0.7%.

2. Xi Warns Against Tech Excess in Sign Crackdown Will Widen

China’s top leader warned that Beijing will go after so-called “platform” companies that have amassed data and market power, a sign that the months-long crackdown on the country’s internet sector is only just beginning. President Xi Jinping on Monday chaired a meeting of the communist party’s top financial advisory and coordination committee, ordering regulators to step up oversight of internet companies, a crackdown on monopolies, promote fair competition and prevent the disorderly expansion of capital. Internet companies need to enhance data security and financial activities need to come under regulatory supervision.

3. U.S. Retail Sales Declined in February with Cold Weather

U.S. retail sales declined in February, when inclement winter weather settled over large swaths of the country, representing a temporary setback in demand that’s poised to accelerate in the coming months. The 3% decrease in total retail receipts followed an upwardly revised 7.6% surge in January that was the strongest advance in seven months, Commerce Department figures showed Tuesday. The median forecast in a Bloomberg survey of economists called for a 0.5% drop in February.

4. Biden’s Tax Hike to Hit People Earning Over $400,000 Hardest

With the Covid-19 relief bill behind him, U.S. President Joe Biden is turning his attention to the next item on his agenda: tax reform. He’s said to be planning the first major federal tax hike since 1993, with the aim of delivering on one of his campaign promises. Biden’s proposal will mostly affect those earning more than $400,000 a year and could prove to be the vehicle with which he’ll pay for some of his long-standing economic and infrastructure plans. The Biden administration is drawing up its plan at a time when at least half a dozen states are also considering raising taxes for the wealthy in response to the economic fallout from the coronavirus pandemic.

5. VW Soars Most Since Famous Short Squeeze to Beat Tesla

Volkswagen shares surged the most since a historic short squeeze a dozen years ago after back-to-back days of briefings on how it plans to supplant Tesla as the global electric vehicle leader. VW’s common stock soared as much as 29% on Tuesday after the company announced plans to standardize key technologies across its sprawling industrial empire and generate scale effects that both Tesla and established automakers are unlikely to match. On Monday, VW said it would build six battery factories in Europe alone.

6. It’s Time to Buy Stuff Amid ‘Stupid’ Bond Economics: Ray Dalio

Ray Dalio has long been known for his disdain of holding cash amid rising money printing and inflation, but the billionaire investor now says bonds may be a bad bet as well — or any-U.S. dollar-denominated asset for that matter. Dalio thinks it may even be a good time to borrow cash to buy higher-returning non-debt investment assets in a new paradigm he said could be characterized by “shocking” tax increases and prohibitions against capital movements. With rising amounts of government debt and “classic bubble dynamics” among many different asset classes, Dalio recommends a “well-diversified” portfolio of non-debt and non-dollar assets.

7. China Warns European ‘Haters’ Over Human Rights Sanctions

China warned the European Union not to interfere in its national security affairs, saying any sanctions over human rights abuses — based on “lies” — could fuel confrontation. “I am deeply concerned about possible sanctions,” China’s ambassador to the EU, Zhang Ming, said during a European Policy Centre event on Tuesday. “If some insist on confrontation, we will not back down.” The EU is preparing a slate of measures over alleged human rights abuses that could include sanctions on Chinese officials and entities. The action would be related to Beijing’s alleged treatment of its Muslim minority in the northwestern region of Xinjiang. China has denied that any personal freedoms have been restricted and has touted the benefits to people living in the region.

8. Huawei to Start Demanding 5G Royalties From Apple, Samsung

Huawei will begin charging mobile giants like Apple a “reasonable” fee for access to its trove of wireless 5G patents, potentially creating a lucrative revenue source by showcasing its global lead in next-generation networking. The owner of the world’s largest portfolio of 5G patents will negotiate rates and potential cross-licensing with the iPhone maker and Samsung. It aims to get paid despite U.S. efforts to block its network gear and shut it out of the supply chain but promised to charge lower rates than rivals like Qualcomm, Ericsson and Nokia. Huawei should rake in about $1.2 billion to $1.3 billion in patent and licensing fees between 2019 and 2021.

9. Warburg Downgrades Ant Valuation After Failed China IPO

Warburg Pincus, an early investor in Ant Group, marked down the value of the Chinese fintech giant after its initial public offering was derailed last year. The company cut Ant’s valuation to a range of $200 billion to $250 billion at year-end, down from a peak of about $280 billion before the IPO was halted amid a regulatory crackdown. Global investors in Ant are grappling with how to assess their investments made in 2018 when the firm was valued at $150 billion. Ant is discussing a “short-term liquidity solution” for employees in April, while Chairman Eric Jing told employees that the company would eventually go public.

10. Saudi Economy Contracted 3.9% in Fourth Quarter as Oil Drags

Saudi Arabia’s economy contracted 3.9% in the fourth quarter of 2020 from the same period a year earlier, dragged down by the biggest slump in the oil sector in at least 10 years. Still, the overall data marked an improvement from the previous quarter, when the economy shrank an annual 4.6%, as Covid-19 cases eased and the kingdom gradually returned to business as usual. The economy contracted 4.1% last year, in line with February’s preliminary estimates. The non-oil economy, the engine of job creation, shrank an annual 0.8% in the fourth quarter, with the headline figure pushed down by an 8.5% contraction in the oil sector — which makes up the bulk of the economy of the world’s largest crude exporter.

1. Nasdaq Futures Slide as Yields Climb With Dollar

A fresh bout of bond volatility hit markets on Friday, sparking a risk-off mood that sent technology stocks sharply lower. The dollar jumped. Futures on the Nasdaq 100 gauge slumped after accelerating vaccinations in the U.S. and the passage of the $1.9 trillion pandemic-relief bill sent Treasury yields surging. The tech-heavy index dropped as much as 2% as the Treasury 10-year yield hit 1.61%. European shares dropped, with tech the biggest decliner.

Futures on the S&P 500 Index dipped 0.3% as of 8:20 a.m. New York time.

The Stoxx Europe 600 Index declined 0.4%.

The MSCI Asia Pacific Index climbed 0.1%.

The MSCI Emerging Market Index fell 0.4%.

2. Biden Sees Normalcy Return by Summer as Vaccinations Surge

President Joe Biden offered a Fourth of July goal for the U.S. to begin returning to normal as “light in the darkness” to a weary nation on Thursday, counting on a rapidly expanding supply of coronavirus vaccine to raise American hopes. In his first prime-time address as president, Biden told states he wants all adults in the U.S. made eligible for vaccines by May 1. The new goal carried echoes of the last time Biden made a promise he was already on track to meet — his declaration before taking office that his administration would preside over 100 million doses of vaccine jabbed into American arms in his first 100 days. 

3. Yellen Says Americans to Start Seeing Payments This Weekend

U.S. Treasury Secretary Janet Yellen said Americans would begin receiving $1,400 relief payments in their bank accounts this weekend following the enactment of the $1.9 trillion pandemic-relief bill. Her remarks came hours after President Joe Biden signed the bill into law triggering aid for households, businesses and state and local governments. Biden addressed the nation from the White House Thursday evening, marking the day a year ago when the Covid-19 virus began forcing Americans into isolation. The disease devastated the economy and eventually killed more than 500,000 people in the U.S.

4. Canada’s Economy Adds 259,000 Jobs, Blows Past Expectations

Canada’s labour market roared back to life in February after authorities began lifting lockdowns. The economy added 259,200 jobs, Statistics Canada reported Friday in Ottawa. That’s the first month of job gains since November when a new set of containment measures were implemented to curb the second wave of Covid-19 cases. The unemployment rate fell to 8.2%, the lowest since the very beginning of the pandemic. Friday’s better-than-expected report should ease worries about widespread scarring in the labour market from the pandemic, and stoke expectations the Bank of Canada will soon start tightening ultra-easy monetary policy.

5. EU Governments Push to Relax Ban on International Travel

A group of European Union nations that count tourism as a significant industry is pushing for a relaxation of rules on travelling to the bloc from the rest of the world, according to diplomats. The EU imposed a blanket ban on non-essential travel from most countries last March in a bid to stem the spread of Covid-19. But with vaccinations gathering pace, some states want to adopt a more targeted regime to help spur an economic recovery. The governments want to move to a system that allows people to travel on the basis of whether they have been inoculated against the coronavirus, recovered from it, or tested negative, in a similar regime to the one that’s been proposed for internal EU travel.

6. Grab in Advanced Talks to Merge With Altimeter’s First SPAC

Grab Holdings is in advanced talks to go public through Altimeter Capital’s first blank-check company, in a deal that could value the Southeast Asian ride-hailing giant at about $40 billion. The potential transaction with Altimeter Growth Corp. could involve raising $2.5 billion to $3 billion through private investment in public equity, or PIPE. Formal talks with prospective PIPE investors could start as soon as next week. A deal announcement could come as early as April. Evercore, JPMorgan Chase & Co. and Morgan Stanley are advising on the SPAC discussions, and more banks could be added later.

7. China Hits Out at New Huawei Curbs, Says U.S. Can’t Be Trusted

China blasted President Joe Biden’s administration for imposing new restrictions on national tech champion Huawei Technologies, saying the U.S. “isn’t a reliable country that is to be trusted.” The U.S. informed some Huawei suppliers of tighter conditions on previously approved export licenses, prohibiting items for use in or with 5G devices. The ban is effective as of this week. The measure would hurt both the U.S. and China, Foreign Ministry spokesman Zhao Lijian told reporters at a regular press briefing in Beijing on Friday. “It will severely disrupt the technological exchanges and trade exchanges of the two countries and the world at large, it will undermine the global industrial chains and supply chains,” Zhao said. “The U.S. should stop the suppression of Chinese companies immediately and treat Chinese companies in a fair, just and non-discriminatory manner.”

8. Binance Probed by CFTC On U.S. Residents Making Trades

Binance, the largest cryptocurrency exchange, is being investigated by the Commodity Futures Trading Commission over concerns that it allowed Americans to place wagers that violated U.S. rules. The CFTC is seeking to determine whether Binance, which isn’t registered with the agency, permitted U.S. residents to buy and sell derivatives that the regulator polices. Binance, which has an office in Singapore but says it lacks a single corporate headquarters, hasn’t been accused of misconduct and the investigation may not lead to enforcement action. The scrutiny is the latest sign that market watchdogs may thwart the crypto industry’s ambitions of becoming more mainstream for U.S. investors.

9. Ant Group CEO Simon Hu Said to Resign, Jing to Take Position

Simon Hu has unexpectedly resigned as chief executive officer of Ant Group, adding fresh turmoil to the financial technology giant as it grapples with Chinese government demands to overhaul its business. Hu resigned for personal reasons, also stepping down from his role as an executive director on the company’s board. Eric Jing, already Ant’s chairman, will become CEO as well effective immediately. Hu, 51, joined Ma’s Alibaba Group in 2005 after working at China Construction Bank, the nation’s second-largest lender. He was known for rolling out innovations such as using data analytics to offer collateral-free financing services to small businesses and helping Alibaba beat Amazon.com to build Asia’s largest cloud business.

10. Quiet India Tycoon Beats Musk, Ambani to Add The Most Wealth

Indian tycoon Gautam Adani has added more billions to his wealth than anyone else in the world this year on the back of investor excitement around his ports-to-power plants conglomerate. The net worth of Adani, a first-generation entrepreneur who rarely speaks publicly, has jumped $16.2 billion in 2021 to $50 billion, according to the Bloomberg Billionaires Index. This has made him the year’s biggest wealth gainer, beating even Elon Musk, who has tussled with Jeff Bezos in 2021 for the title of world’s richest. Shares of all Adani group stocks, except one, have rallied at least 50% this year.

Curated from Bloomberg.com

1. Futures Rise, Dollar Erases Gain on Inflation Data

U.S. equity futures turned higher and the dollar erased gains after a key measure of American consumer prices rose less than expected in February. Treasuries fluctuated. S&P 500 contracts jumped as the core consumer price index increased 0.1% from a month earlier and 1.3% from the prior year, suggesting broader inflationary pressures remain tame. The Stoxx Europe 600 Index climbed modestly amid gains in energy and real estate shares.

Futures on the S&P 500 Index increased 0.3% as of 8:46 a.m. New York time.

The Stoxx Europe 600 Index climbed 0.3%.

The MSCI Asia Pacific Index gained 0.4%.

The MSCI Emerging Market Index rose 0.8%.

2. Saudi Arabia Vows to Protect Oil Facilities After Drone Strike

Saudi Arabia said it would guarantee global energy security and deter further attacks on its infrastructure, days after a missile and drone assault on the world’s largest oil-export terminal. The attack on the kingdom’s Ras Tanura port on Sunday caused a brief spike in oil prices and was claimed by Iran-backed Houthi fighters in neighbouring Yemen, who are battling a Saudi-led coalition. The missiles were intercepted but the incident marked a serious escalation and has further stirred regional tensions at a time when U.S. President Joe Biden is aiming to re-start nuclear diplomacy with Tehran. “The failed attempts to target the port of Ras Tanura do not only target the security of the economy and Saudi Arabia. They target the global economy and its oil supplies”, Foreign Minister Prince Faisal bin Farhan said in Riyadh.

3. China Weighs Tighter Rules on STAR Board IPOs, Fintech Curbs

China is considering tighter rules for first-time share sales on Shanghai’s Nasdaq-style STAR board that will require firms to prove their technology credentials and raise the bar for companies such as Ant Group. The China Securities Regulatory Commission may introduce revised rules as soon as next month, placing greater emphasis on hardcore technology and innovation. There will also be increased scrutiny on financial health to boost the quality of companies and protect investors. Authorities are seeking to tamp down on the sub-par firms that have rushed to raise funds to take advantage of lax oversight and high valuations. Regulators have also pledged to rein in China’s fintech firms.

4. Australia to Aid Ailing Tourism With 800,000 Half-Price Flights

Australia’s government will subsidize 800,000 half-price airfares as part of a A$1.2 billion ($920 million) package to prop up the nation’s ailing tourism industry. To run from April 1 to July 31, the discounted fares are designed to help tourism-dependent regions and should support airlines, hotels and hospitality venues. The package also includes further support for the international aviation industry and will expand a government-backed loan program to small and medium-sized businesses. The subsidized tickets program means more jobs and investment for the tourism and aviation sectors as Australia heads towards winning our fight against Covid-19 and the restrictions that have hurt so many businesses.

5. Credit Suisse Probes Collapsed Funds, Suspends Managers

Credit Suisse Group started an internal probe into the collapse of a $10 billion group of supply chain finance funds and temporarily replaced three employees in its asset management unit who were tied to the strategy. The Swiss lender has reached out to external firms to deal with regulators’ queries surrounding the collapse of the funds, which it ran with Australian financier Lex Greensill. Credit Suisse froze the funds last week after doubts emerged about the valuations of some of the assets, kicking off a chain of events that culminated in the collapse of Greensill Capital.

6. Hackers Breach Thousands of Security Cameras: Exposing Tesla, Jails, Hospitals

A group of hackers say they breached a massive trove of security-camera data collected by Silicon Valley startup Verkada Inc., gaining access to live feeds of 150,000 surveillance cameras inside hospitals, companies, police departments, prisons and schools. Companies whose footage was exposed include carmaker Tesla Inc. and software provider Cloudflare Inc. In addition, hackers were able to view video from inside women’s health clinics, psychiatric hospitals and the offices of Verkada itself. Some of the cameras, including in hospitals, use facial-recognition technology to identify and categorize people captured on the footage.

7. Biden Stimulus Nears Finish Line With House Vote Wednesday

The House is poised to send the $1.9 trillion Covid-19 relief plan to President Joe Biden for his signature, providing an economic boost that will last long after $1,400 stimulus checks start arriving in Americans’ accounts this month. With four days until supplemental unemployment benefits begin running out, House Democratic leaders are planning for passage Wednesday, with the vote expected early afternoon. The bill is far bigger than initial Wall Street expectations of what could be accomplished in a closely divided Congress. It provides a template for a potential longer-term expansion of an American social-safety net that has long been much smaller than its European counterparts.

8. China’s Binge On Iranian Oil Clogs Up Ports and Storage Tanks

China is gorging Iranian oil even as other nations wait for U.S. President Joe Biden to remove sanctions on the Islamic Republic. Crude shipments from Iran to the province of Shandong, home to a quarter of China’s refining capacity, have surged so much this month they’re causing congestion at ports and filling up storage tanks. Chinese imports of Iranian crude will hit 856,000 barrels a day in March, the most in almost two years and up 129% from last month. Most refiners and traders are reluctant to purchase Iranian crude for fear of repercussions that can include being cut off from the American banking system and having cargoes seized by the U.S.

9. SoftBank-Backed Grab Weighs U.S. IPO Through SPAC Merger

Grab is exploring going public in the U.S. through a merger with a blank-check company as the Southeast Asian ride-hailing and delivery giant seeks to expedite its listing process. JPMorgan Chase & Co. and Morgan Stanley, which are already advising Grab on its initial public offering plans, are working with the startup to identify special purpose acquisition companies that it could combine with. Still, a U.S. listing via a traditional IPO isn’t off the table. Merging with a SPAC would allow Grab — Southeast Asia’s most valuable startup backed by SoftBank Group — to accelerate its listing process.

10. Qatar Ships First Oil Cargo to UAE Since Gulf Embargo Ended

Qatar exported what appeared to be its first oil cargo to a Persian Gulf neighbour since the United Arab Emirates and three other countries agreed to restore ties with Doha in January. Qatar loaded about 700,000 barrels of oil onto the tanker Abu Dhabi-III on March 4 and the vessel delivered the fuel to Dubai’s Jebel Ali port 3 days later. The exports may be a sign that business is getting back to normal now that the three-and-a-half-year suspension of diplomatic and trade ties has come to an end.

Curated from Bloomberg.com