Shein has built a fanbase among US teens with the constant deluge of trendy new clothes it releases online and through its app, as well as with its aggressive social-media marketing.
(Bloomberg) -- Chinese assets 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 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 Aside“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.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 FBI has issued a new warning against fake vaccine cards. The scams put people at risk of contracting Covid-19, and creating or using a forged card is criminal.
As persistent and savvy as hackers can be, the last thing any of us need is for the most popular sites and services on the planet to give those hackers a platform to trick people into having their data stolen. Unfortunately, that is precisely what appears to have happened, as TechCrunch reports that cybercriminals have been taking out ads on Facebook for a fake "Clubhouse for PC" app that is actually filled with dangerous malware. Earlier this week, unnamed sources alerted TechCrunch that multiple Facebook pages were running ads advertising a supposed PC version of the Clubhouse app, which is a drop-in audio chat app currently only available on iPhone. Anyone who clicks the ad on Facebook is redirected to a website that purports to be run by the team behind Clubhouse, complete with a fake screenshot of the non-existent PC port and a link to download the scam app. Providing you ever run into this ad, hopefully, you know not to click on it, but if you were to click through to the website, download the fake app on to your computer, and open it, the app would begin attempting to communicate with a command and control server that would send instructions on how to proceed. TechCrunch links to a sandbox analysis of the malware which showed it trying to infect an isolated machine with ransomware. We can hope this will serve as another cautionary tale for those who think they can let their guard down while clicking around on a site as massive as Facebook, but it appears that the scammy websites went down shortly after TechCrunch was made aware of them. Amit Serper, research at Guardicore, tested the malware in a sandbox on Thursday and found that it received an error. The malware appears to be inactive now that the websites are gone. Being an invite-only platform, it's no surprise that hackers chose Clubhouse as the Trojan horse to fool unsuspecting Facebook users into downloading malware. Back in February, App Annie reported that Clubhouse had been downloaded over 8 million times, but more than 3.5 million of those downloads occurred in the first half of February. It was a viral sensation, and hackers wanted to take advantage of the app's skyrocketing success. TechCrunch notes that the Facebook pages featuring the ads for the malicious software only had a few likes each, but they were still active when the site published its report. When TechCrunch reached out, Facebook wouldn't say how many people had clicked the fraudulent ads, and Clubhouse never returned a request for comment. The ads have at least been removed from Facebook's Ad Library, but you can see what they looked like here.
- Charlotte Observer
How might Charlotte Hornet LaMelo Ball’s broken wrist affect Rookie of Year vote?
- Business Insider
A looming shortage of bacon and hot dogs could leave big cookout plans up in smoke for July Fourth when most Americans are vaccinated
The supply-chain squeeze likely won't improve in time for summer, said ArrowStream's Isaac Olvera.
- USA TODAY
Neuralink, the neurotechnology startup from Elon Musk, released a video that appears to show a monkey playing a game of Pong with only its mind.
- LA Times
The NHL has extended the regular season to May 16 to accommodate rescheduled games for the Vancouver Canucks after a COVID-19 outbreak within the team.
- Raleigh News and Observer
The latest racing news and lap-by-lap highlights from Martinsville Speedway.
- Associated Press
The only regret Jayson Tatum had about his first career 50-point game was that his 2-year-old son wasn't there to see it. “It just means I’ll have to do it again someday," Tatum said. Tatum scored a career-high 53 points — including 18 in the fourth quarter and overtime — and the Boston Celtics held on to beat the Minnesota Timberwolves 145-136 on Friday night.
- The Telegraph
Sir John Major said yesterday that the “friction” between the Royal family and the Duke of Sussex was “better ended as speedily as possible”. The former prime minister spoke about the rift after Buckingham Palace confirmed that Prince Harry would fly back from the US to attend the Duke’s funeral. Appearing on the BBC’s Andrew Marr Show, Sir John was asked whether he agreed with comments made by Cardinal Vincent Nichols, who said: “Many a family gather and get over tension and broken relationships at the time of a funeral. Something very profound unites them all again – that would be true of this family, I am sure.” Sir John, who was appointed special guardian to Princes William and Harry after the death of their mother Diana, Princess of Wales, said: “I’m sure he is right, I believe he is right and I certainly hope so. “The friction that we are told has arisen is a friction better ended as speedily as possible, and a shared emotion, a shared grief, at the present time because of the death of their father, their grandfather, I think is an ideal opportunity. “I hope very much that it is possible to mend any rifts that may exist.”
Cavill, 37, introduced his "beautiful and brilliant love" Natalie Viscuso to his 15 million Instagram followers.
A 911 dispatcher in Louisiana was arrested after authorities say she refused to return $1.2 million that was accidentally deposited into her account
According to a lawsuit filed last week, Charles Schwab & Co. mistakenly transferred the woman more than $1.2 million. It meant to transfer $82.56.
The actor said it was his "destiny" for the couple to be together.
- The Telegraph
Army engineers worked around the clock to make sure the Duke of Edinburgh’s specially-designed Land Rover hearse was ready in time for his funeral. A team from the Corps of the Royal Electrical and Mechanical Engineers (REME) was deployed to prepare the hearse after the Duke was admitted to hospital in February. His month-long stay at the age of 99 was the longest period Prince Philip had spent in a hospital. Details about the hearse are a closely-guarded secret but sources have suggested the converted Land Rover has an open-top design. It is also understood to be from the Land Rover Defender series. Two vehicles were commissioned from Land Rover and converted for “belt and braces” purposes but only one will be used at the funeral on Saturday. Sources have suggested one vehicle is green and the other black and it is unclear which will be deployed. The Corps of engineers, formed in 1942, is responsible “for maintaining and repairing the Army’s equipment”.
- The Telegraph
Bristling tensions with Prince Harry remain, but Royal family will wear the mask of unity at Duke’s funeral
The subtle briefings were designed to give Prince Harry the softest possible landing on his arrival back in the UK ahead of his beloved grandfather’s funeral on Saturday. From sources suggesting he was “united in grief” with the rest of the Royal family following the death of the Duke of Edinburgh, to the couple’s unofficial spokesman Omid Scobie insisting – should anyone be in doubt – that “Harry was incredibly close to Philip”, the Sussex spin machine was in evidence as the displaced Prince prepared for his first transatlantic flight in 13 months. Members of the Royal family also sought to calm serves ahead of what is feared could be a difficult reunion for the House of Windsor, with a palace source suggesting that the Prince of Wales was particularly looking forward to seeing his youngest son. “It’s been more than a year,” they pointed out.
'I hate this home now:' California couple finally changes the locks on their dream house after previous owner refused to leave for over a year
Myles and Tracie Albert bought their home with cash in January 2020. But the seller used a legal loophole during the pandemic to remain in the house.
- The Telegraph
Of all the images that stood out during the televised funeral of Diana, Princess of Wales, there was one that has endured in the collective consciousness longer than any other: that of two boys who had just lost their mother, walking in sombre procession behind her coffin, while the world looked in upon their most private moment. Alongside Princes William and Harry that day walked their grandfather, the Duke of Edinburgh. Amid a terrible whirlwind of public mourning and spectacle, the Duke was reportedly deeply concerned about the emotional wellbeing of his bereaved grandsons, then 15 and 12. “I’ll walk if you walk,” he apparently told them at a dinner before the funeral. And, of course, he kept his word. Almost a quarter of a century later, has there been a change of heart within the monarchy about the role of children at Royal funerals? It is understood that the Duke’s 10 great-grandchildren, who include Prince George, Princess Charlotte and Prince Louis, will not be in attendance at his funeral this Saturday. That nine are under 10 years of age (Savannah Phillips will turn 11 in December) has likely played a part in the decision.
- Business Insider
For Boehner, a jovial, backslapping politician who is known to publicly cry, McConnell's steely and to-the-point demeanor is quite a contrast.
- Business Insider
Harry Reid on former House Speaker John Boehner: 'I did everything I could to cause him trouble' but we 'got a lot done'
"The deal is this - Boehner and I got a lot done, but we didn't mince words," he said. "He was right. I did everything I could to cause him trouble."
- The Telegraph
She vowed not to breed any more dogs, fearing she might trip over them in her advancing years, or worse still – leave them behind when the time came. Yet the Queen’s unexpected decision to take on two new puppies last month at the age of 94 will help her to cope with the loss of Prince Philip, according to royal insiders. The dog-loving monarch surprised palace staff when she requested that they begin searching for a pair of pets to replace her beloved pooches. The move followed the death of Her Majesty’s dorgi (a cross between a corgi and a dachshund) Vulcan, last November leaving her with one dorgi, called Candy.