The foam clogs of dubious aesthetics have become the footwear of choice for millions of Americans homebound in the pandemic.
- Motley Fool
Lawmakers had pushed for higher pay, but it's most likely not going to be part of new relief legislation.
(Bloomberg) -- Dublin is the favorite destination for finance firms moving jobs into the European Union after Brexit, according to a study by consultancy EY.Three dozen financial services firms are considering moving some U.K. operations to the Irish capital, or have already done so, the review found. Luxembourg is second, attracting 29 companies in total, followed by Frankfurt, which has drawn 23. Twenty businesses are moving business to Paris, according to EY’s survey of public statements by 222 firms through February.Finance firms have announced that about 7,600 jobs will move from the U.K. to the bloc -- an increase of about 100 since EY’s last tracker, published in October. Almost 1.3 trillion pounds ($1.8 trillion) of assets have also moved, up about 100 billion pounds.Some companies have pulled back from the U.K. as policy makers try to establish how much access to the EU’s markets London will have. Think-tank Bruegel said in 2018 that the City could ultimately lose 10,000 banking jobs and 20,000 roles in the financial services industry.There are other signs that some aspects of London’s decades-long dominance of European finance is eroding. This year, the capital lost its crown to Amsterdam as Europe’s top place to buy and sell stock while traders have shifted some interest-rate swaps out of the U.K.“The push and pull of markets across Europe for business historically led from the U.K. continues,” EY partner Omar Ali said. “Such ongoing uncertainty poses the risk of fragmented markets, which is inefficient and costly for all financial services users and potentially damaging to the global competitiveness of both the UK and EU.”(Updates with comment in final paragraph. An earlier version of the story corrected million to billion in third 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.
- Simply Wall St.
Hallenstein Glasson Holdings Limited's (NZSE:HLG) Has Had A Decent Run On The Stock market: Are Fundamentals In The Driver's Seat?
Hallenstein Glasson Holdings' (NZSE:HLG) stock up by 7.6% over the past three months. We wonder if and what role the...
Costco's (COST) second-quarter results are likely to reflect better price management, decent membership trends and increasing penetration of e-commerce business.
(Bloomberg) -- U.S. stocks dropped after the biggest rally in nine months spurred speculation about excessive investor optimism. Treasuries stabilized, following a recent spike in yields. The dollar retreated.Technology shares led losses in the S&P 500 as Apple Inc. and Tesla Inc. dragged down the Nasdaq 100 -- with the electric-car maker tumbling more than 4%. Target Corp. sank on an underwhelming profitability outlook. Rocket Cos., a Detroit-based holding company, soared after a news report that the stock could become a Reddit target for its high short-interest.Bullishness among Wall Street strategists is near levels that have presaged potential trouble for stocks, according to a Bank of America Corp. gauge. The measure assesses the average recommended allocation to equities and is close to triggering a sell signal. A valuation methodology, sometimes called Fed model that compares corporate profits to bond rates, recently showed stocks were losing their edge. Earlier Tuesday, China’s top banking regulator said he was “very worried” about risks from bubbles in global financial markets.For Bill Northey, senior investment director at U.S. Bank Wealth Management, rising rates are seen as an important element of what’s “giving investors pause at this point in time.” He also noted that they’re relevant when it comes to figuring out the appropriate level of valuations against the stream of corporate earnings.“Did we come too far, too fast in pricing in a strong economy and corporate earnings recovery?” he said.An almost year-long surge in U.S. stocks is due for a pause about now, according to Ryan Detrick, chief market strategist at LPL Financial LLC. “History would say be open to some type of weakness or consolidation,” he said in a blog post Friday. Detrick cited the S&P 500’s performance after bull markets that began in 1982 and 2009, the two fastest starters before the current advance. Both rallies faltered near the one-year mark, and the S&P 500 was little changed to lower six months later.There are some key events to watch this week:U.S. Federal Reserve Beige Book is due Wednesday.OPEC+ meeting on output Thursday.U.S. factory orders, initial jobless claims and durable goods orders are due Thursday.The February U.S. employment report on Friday will provide an update on the speed and direction of the nation’s labor market recovery.These are some of the main moves in markets:StocksThe S&P 500 fell 0.8% at 4 p.m. New York time.The Stoxx Europe 600 Index increased 0.2%.The MSCI Asia Pacific Index declined 0.4%.The MSCI Emerging Market Index decreased 0.1%.CurrenciesThe Bloomberg Dollar Spot Index decreased 0.3%.The euro gained 0.3% to $1.2089.The Japanese yen was unchanged at 106.76 per dollar.BondsThe yield on 10-year Treasuries fell one basis point to 1.41%.Germany’s 10-year yield dipped two basis points to -0.35%.Britain’s 10-year yield decreased seven basis points to 0.687%.CommoditiesWest Texas Intermediate crude fell 1.6% to $59.65 a barrel.Gold rose 0.5% to $1,733.71 an ounce.Silver added 0.5% to $26.71 per ounce.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.
Target Corporation (TGT) is seeing favorable earnings estimate revision activity and has a positive Zacks Earnings ESP heading into earnings season.
(Bloomberg) -- New Zealand’s central bank said it’s watching financial markets closely for signs of dysfunction and warned it has the ability to increase its weekly bond purchases to put more downward pressure on yields.The Reserve Bank “observed pockets of dysfunction” last week and has the operational flexibility to adjust its Large Scale Asset Purchase program up or down, Assistant Governor Christian Hawkesby said in an interview Tuesday in Wellington. Under the NZ$100 billion ($73 billion) program, the bank is currently buying NZ$570 million of government bonds a week.“We are watching markets very closely, we’re very aware of what’s going on and we do have that ability to adjust the size of our LSAP operations from week to week,” Hawkesby said. “We absolutely have the flexibility to adjust those purchases down or up.”Central banks are fighting back against runaway bets on inflation that have seen global bond yields surge, undermining monetary stimulus. The Reserve Bank of Australia yesterday bought twice as many longer-dated government bonds as it usually does, spurring the biggest drop in yields there in a year.Hawkesby noted the RBA’s recent purchases and reiterated that the RBNZ remains committed to a prolonged period of stimulus. The bank could cut its official cash rate -- currently at 0.25% -- further if needed, even into negative territory, he said.“The message that we’re giving along with other central banks is that stimulus is going to be in place for a long time, that we need to have a very high degree of confidence that we’re going to achieve our mandate and that will take time and patience to occur,” Hawkesby said. “We have to ability to lower the official cash rate, and we need to keep reminding markets that we have that ability.”While the economic recovery in New Zealand has been stronger than elsewhere, “it has been very uneven, it is very fragile” and “there is a material probability that we may have to lower the official cash rate” to achieve the RBNZ’s mandate, Hawkesby said.He cited the current Auckland lockdown due to a Covid-19 outbreak as a reminder of the risks. “There’s still a long way to go. These periods can erode confidence,” he said.New Zealand Central Bank Told to Include Housing in Rate PolicyAsked about the government’s move last week to make the RBNZ take soaring house prices into consideration when setting both monetary and financial policy, Hawkesby said the directive on financial policy was “the first and most important part of the changes.”He said the RBNZ’s financial policy is now required to “have regard” to housing, while the bank has only been asked to “assess the implications” of its monetary policy decisions on the property market. He drew a distinction between the two, saying the former was a “higher threshold” than the latter, which amounted to “a point around transparency and communication.”“The key message is that the appropriate tool to use if we’re going to influence sustainable house prices is our macroprudential tools,” Hawkesby said. “When we make our monetary policy decisions we need to make them with a clear understanding of the broader context we’re operating in. The remit helps articulate that more fully.”It would take time for markets to understand these announcements “and the primacy of the macroprudential tools in that space.”The RBNZ would like to see mortgage rates fall further, Hawkesby said.(Updates with Hawkesby comments throughout)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.
Interactive Brokers Group, Inc. (IBKR) shares have started gaining and might continue moving higher in the near term, as indicated by solid earnings estimate revisions.
Ambarella (AMBA) delivered earnings and revenue surprises of 75.00% and 6.77%, respectively, for the quarter ended January 2021. Do the numbers hold clues to what lies ahead for the stock?
(Bloomberg) -- Danone is preparing to sell its stake in a Chinese dairy company to fund stock buybacks as the French company tries to boost shareholder returns amid pressure from disgruntled investors.Danone said Sunday it plans to sell its stake in China Mengniu Dairy Co., which has a market value of more than $2 billion, later this year. Most of the proceeds would be used to fund share repurchases. Danone shares rose as much as 2.6%.The announcement comes hours before Danone’s board reportedly meets to discuss its response to calls from investors such as Artisan Partners Asset Management Inc. for management changes. Danone Chairman and Chief Executive Officer Emmanuel Faber is facing demands for him to give up one or both of his positions at the company, which he has led since 2014.China Mengniu climbed 1.5% early Monday amid a broader market rally in Hong Kong. Shares of the company, which makes milk, ice cream and cheese, have gained 54% over the past 12 months.Faber said last month that Danone will divest assets that don’t contribute to profitable growth. The CEO is under scrutiny after Danone shares lost a quarter of their value last year. Bluebell Capital Partners has also called on the company to replace him.Danone CEO to Open Talks With Shareholders as Sales DeclineDanone first took a stake in Mengniu in 2013. Its 9.8% holding is currently held indirectly in a venture with COFCO Corp., Mengniu’s biggest shareholder, and first Danone will convert the investment into a direct holding.The conversion process is subject to regulatory approval and the divestiture could take place in one or several transactions, depending on market conditions, the French company said. The book value of the holding is 850 million euros ($1.03 billion).Mengniu said in a statement it respects Danone’s decision and the move won’t affect its business strategies and plans. The move will cut COFCO’s holding to 21.4% from the current 31.3%.The Chinese dairy maker is expected to post a 17% profit decline for 2020 amid the pandemic’s disruption of the supply chain and logistics, after reporting profit growth of more than 30% in both 2018 and 2019.Danone said that China will remain highly strategic for the company following the sale. The company started a strategic review in October, when it also announced plans to sell smaller businesses such as the Vega protein-powder brand and operations in Argentina.(Updates with market value of stake in second 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.
Helios Technologies (HLIO) delivered earnings and revenue surprises of 46.34% and 7.91%, respectively, for the quarter ended December 2020. Do the numbers hold clues to what lies ahead for the stock?
The largest cryptocurrency was up more than 8% Monday, rebounding after its worst seven-day stretch since the coronavirus sell-off in March 2020.
DENTSPLY SIRONA (XRAY) witnesses consumable revenue growth in the fourth quarter.
If you are one of the fortunate people who receives mail these days, you may have seen a letter from the IRS informing you of the amount of your upcoming stimulus check. Although the full $1.9...
In early February, President Biden reiterated his support for the $1,400 stimulus payment checks as part of the $1.9 trillion American Rescue Plan, saying "I'm not cutting the size of the checks....
- FX Empire
The direction of the AUD/USD on Monday is likely to be determined by trader reaction to the short-term Fibonacci level at .7733.
(Bloomberg) -- Bond traders have been saying for years that liquidity is there in the world’s biggest bond market, except when you really need it.Last week’s startling gyrations in U.S. Treasury yields may offer fresh backing for that mantra, and prompt another bout of soul-searching in a $21 trillion market that forms the bedrock of global finance. While stocks are prone to sudden swings, such episodes are supposed to be few and far between in a government-debt market that sets the benchmark risk-free rate for much of the world.Yet jarring moves occur periodically in Treasuries, forming a bit of a mystery as no two events have been the same. Some point to heightened bank regulations in the wake of the 2008 financial crisis. Scrutiny over liquidity shortfalls intensified in October 2014 when a 12-minute crash and rebound in yields happened with no apparent trigger. Panic selling during the pandemic-fueled chaos a year ago, exacerbated when hedge funds’ leveraged wagers blew up, brought the issue to the fore again.And then came last week, when the gap between bid and offer prices for 30-year bonds hit the widest since the panic of March 2020.The latest events “are a stark reminder what happens when liquidity suddenly vanishes in the deepest, largest bond market,” said Ben Emons, managing director of global macro strategy at Medley Global Advisors.At issue is whether this vast market is more vulnerable to sudden bouts of turbulence thanks to measures that have made it more difficult for banks to hold Treasuries. Some analysts say the tumult last week was magnified by questions over whether the Federal Reserve will extend an easing of bank capital requirements, which is set to end March 31. Put in place early on in the pandemic, the measure is seen as making it easier for banks to add Treasuries to their balance sheets.The 2014 episode triggered a deep dive into the market structure, and regulators have pushed through some changes -- such as increased transparency -- and speculation has grown that more steps to bolster the market’s structure may be ahead.“While the scale and speed of flows associated with the COVID shock are likely pretty far out in the tail of the probability distribution, the crisis highlighted vulnerabilities in the critically important Treasury market that warrant careful analysis,” Fed Governor Lael Brainard said Monday in prepared remarks to the Institute of International Bankers.There are plenty of potential culprits in last week’s bond-market tumble -- which has since mostly reversed -- from improving economic readings to more technical drivers. Ultra-loose Fed policy and the prospect of fresh U.S. fiscal stimulus have investors betting on quicker growth and inflation. Add to that a wave of convexity hedgers, and unwinding by big trend-following investors -- such as commodity trading advisers.Based on Bloomberg’s U.S. Government Securities Liquidity Index, a gauge of how far yields are deviating from a fair-value model, liquidity conditions worsened recently, though it was nothing like what was seen in March.For Zoltan Pozsar, a strategist at Credit Suisse, the action began in Asia with bond investors reacting to perceived hawkish signs from the central banks of Australia and New Zealand. That sentiment then carried over into the U.S. as carry trades and other levered positions in the bond market were wiped out. A disastrous auction of seven-year notes on Thursday added fuel to the unraveling.Last week’s drama “brings to mind other notable episodes in recent years in which a deterioration in the Treasury market microstructure was primarily to blame,” JPMorgan & Chase Co. strategist Henry St John wrote in a note with colleagues.One key gauge of Treasury liquidity -- market depth, or the ability to trade without substantially moving prices -- plunged in March 2020 to levels not seen since the 2008 crisis, according to data compiled by JPMorgan. That severe degree of liquidity shortfall didn’t resurface last week.The bond-market rout only briefly took a toll on share prices last week, with equities surging to start this week, following a sharp retreat in Treasury yields amid month-end buying.The Fed cut rates to nearly zero in March 2020, launched a raft of emergency lending facilities and ramped up bond buying to ensure low borrowing costs and smooth market functioning. That breakdown in functioning has sparked calls for change from regulators and market participants alike.GLOBAL INSIGHT: Recovery? Yes. Tantrum? No. Yield Driver ModelFor now, Treasuries have settled down. Pozsar notes that the jump in yields has provided an opportunity for some value investors to swoop in and pick up extra yield, effectively helping offset the impact of the leveraged investors who scrambled for the exits last week.“Some levered players were shaken out of their positions,” Pozsar said in a forthcoming episode of Bloomberg’s Odd Lots podcast. “It’s not comfortable -- especially if you’re on the wrong side of the trade -- but I don’t think that we should be going down a path where we should redesign the Treasury market.”(Updates with details on Bloomberg’s liquidity index in 10th paragraph, and a chart)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 pandemic isn't just prompting people to reschedule their weddings and other immediate events - it's also causing many folks to rethink their retirement timeline. A new study from Northwestern...
- Associated Press
Texas is lifting its mask mandate, Gov. Greg Abbott said Tuesday, making it the largest state to no longer require one of the most effective ways to slow the spread of the coronavirus. The announcement in Texas, where the virus has killed more than 43,000 people, rattled doctors and big city leaders who said they are now bracing for another deadly resurgence. Federal health officials this week urgently warned states to not let their guard down, warning that the pandemic is far from over.
A bill in Congress would give families up to $300 a month per child starting this summer.