Shares of Chinese electric vehicle maker NIO (NYSE: NIO) were rising on Thursday, following reports from a press conference in which the company's CEO discussed some of NIO's goals for 2021. As of 1:15 p.m. EDT, NIO's American depositary shares were up about 4% from Wednesday's closing price. At a press conference following the event, CEO William Bin Li shared a few items of interest to electric vehicle investors.
(Bloomberg) -- The reflation trade that dominated the start of 2021 in the bond market has taken a breather, leaving investors bracing for a key set of data in the week ahead that has the potential to reaffirm expectations that price pressures will build as the economy rebounds.All eyes will be on Tuesday’s release of the U.S. consumer price index for March, which is expected to show a significant jump. The number will likely be distorted by the huge slump in year-earlier figures at the outbreak of the pandemic. But traders may be reluctant to dismiss an acceleration -- as they did to some extent with Friday’s stronger-than-projected producer price data -- if there’s a growing sense that it marks the beginning of a trend.The statistics come at a crucial time for bond bears betting on reflation. Market measures of inflation expectations, fueled by ultraloose Federal Reserve policy and immense amounts of fiscal stimulus, have stalled near multiyear highs and have yet to be backed consistently by actual data. The same goes with gauges of the yield curve, which have retreated from recent peaks. It’s not just bond positions at stake: Without follow-through from data, bets on Fed tightening as soon as late 2022 may fade, potentially sapping demand for the surprisingly resilient dollar.“We don’t have strong reflation-trade momentum at the moment because people are waiting for more data,” said Daniel Tenengauzer, head of markets strategy at Bank of New York Mellon Corp. “As the data comes in, we are probably going to see the reflation trade play out again more strongly” toward the middle of the year.Tenengauzer says every inflation reading counts from this point because “the longer inflation stays at 2.5%,” an annual CPI reading last seen before the pandemic took hold, “the more underwater you are from holding fixed income.”Ten-year Treasury yields rose Friday, while finishing below the day’s high, after the PPI report showed a 4.2% increase from March 2020. Although it was relative to a period when the pandemic caused price pressures to crash, it was the biggest annual gain since 2011. The benchmark yield has retreated since approaching 1.8% last month, the highest since January 2020.There are strong arguments on both sides of the inflation debate as the market moves from a phase where it was driven by rising expectations for price pressures, to one where investors are seeking backup from the data. There’s also a view that expectations for growth, not inflation, may end up dominating the narrative for Treasuries later this year, through higher real yields.Inflation ‘Psychosis’Fed Chair Jerome Powell, who’s scheduled to appear on “60 Minutes” Sunday and will also speak Wednesday, has said any pickup in inflation will likely be temporary. Hoisington Investment Management Co., meanwhile, said in its latest quarterly report that inflation fears are a “psychosis” that will fade.But that doesn’t mean that a jump in the consumer price index won’t spook bond investors at least briefly. The March figure is forecast to show a year-over-year increase of 2.5%, which would be the highest since January 2020 and above every point on the yield curve. It’s a development that may also undermine stocks.“The market’s been pricing in a reflation theme already since the second half of 2020, but strong, realized prints would almost add fuel to the fire,” said Shahid Ladha, head of Group-of-10 rates strategy for the Americas at BNP Paribas SA.That, in turn, would produce upside risk to yields on intermediate maturities because of the possibility that the Fed might have to tighten sooner than expected, he says.Investors are also tasked with absorbing a combined $120 billion of coupon auctions next week, including 30-year debt, as they ponder the inflation question. While expectations for an elevated CPI reading may be a concern, the past month has shown that there’s sufficient demand for Treasuries, which should help “grease future bond auctions,” Tenengauzer said.What to WatchEconomic calendar:April 12: Monthly budget statementApril 13: NFIB small business optimism; CPI; average earningsApril 14: MBA mortgage applications; import/export prices; Fed’s Beige BookApril 15: Jobless claims; retail sales; Empire manufacturing; Philadelphia Fed business outlook; industrial production; Langer consumer comfort; business inventories; NAHB housing index; TIC flowsApril 16: Building permits; housing starts; University of Michigan sentimentFed calendar:April 12: Boston Fed’s Eric RosengrenApril 13: Philadelphia Fed’s Patrick Harker; San Francisco Fed’s Mary Daly; Richmond Fed’s Thomas Barkin; Atlanta Fed’s Raphael Bostic, Cleveland Fed’s Loretta Mester and Rosengren at event on racism and the economyApril 14: Dallas Fed’s Robert Kaplan; Powell speaks to the Economic Club of Washington; Beige Book; New York Fed’s John Williams; Vice Chair Richard Clarida discusses new policy framework; BosticApril 15: Bostic; Daly; New York Fed Executive Vice President Lorie Logan; Clarida; MesterApril 16: Kaplan in two appearancesAuction schedule:April 12: 13-, 26-week bills; 3-, 10-year notesApril 13: 30-year bondsApril 15: 4-, 8-week billsFor 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.
- Motley Fool
Tesla (NASDAQ: TSLA) has been a magnet for attention, and criticism, in recent years, but it is hard to argue with the results. Shares of the electric vehicle maker are up more than 1,000% over the past three years as investors grow increasingly excited about the wave of change coming to the automotive industry. Tesla has come a long way in a short amount of time, but it will hardly be alone in benefiting from the electrification of the automobile.
VectivBio Holding and Reneo Pharmaceuticals made their market debuts on the Nasdaq. VectivBio's performance stood out.
Every UK newspaper and tabloid paid tribute to the Duke of Edinburgh in their Saturday issues.
- Associated Press
Egyptian archeologists have unearthed a 3,000-year-old lost city, complete with mud brick houses, artifacts, and tools from pharaonic times. Noted archeologist Zahi Hawass said an Egyptian mission discovered the mortuary city in the southern province of Luxor. It dates back to what is considered a golden era of ancient Egypt, the period under King Amenhotep III of the 18th dynasty.
- Architectural Digest
While locations of the kitchen and bathrooms are set, clients can customize the layouts to fit their needs, including open or traditional floor plans, and add amenities such as balconies, gardens, and parking. Architect Jeffrey Sommers of Square Root designed the semi-customizable C3 Pre-fab—the first LEED Platinum–certified home in Chicago—using corrugated Galvalume, reclaimed wood, and fiber cement. Modular construction allowed the firm to build on a narrow site that would have not have allowed traditional building methods.
- Lexington Herald-Leader
Saturday brings the final two prep races before the 147th running May 1 at Churchill Downs.
- The Telegraph
An island tribe in the South Pacific which has worshiped Prince Philip as a god for decades is thinking of establishing a political movement in the wake of his death. While the Duke of Edinburgh had a reputation for making politically incorrect remarks about other cultures, from Australian Aborigines to the Chinese, on the volcanic island of Tanna in Vanuatu he is held in high esteem. A cluster of villages that worshiped him as a living deity held grief-stricken meetings on Saturday to decide how to commemorate his death. Their plan to set up a political party is not as unlikely as it sounds – a rival cult on Tanna called the John Frum Movement formed a political party some years ago and even managed to send an MP to the national parliament in Port Vila, the capital of Vanuatu. Prince Philip latest news and funeral plans
- Architectural Digest
Supremely versatile, loveseats work as standalone pieces in studio apartments and as part of a seating arrangement in sprawling living rooms Originally Appeared on Architectural Digest
- Associated Press
Aaron Judge's health is again a concern for the New York Yankees. The star slugger has missed two games with soreness in his left side, and manager Aaron Boone wasn't sure if Judge would be able to play Saturday against the Tampa Bay Rays. The 2017 AL Rookie of the Year was off to a hot start, and New York is hoping that won't be interrupted by a trip to the injured list.
- USA TODAY
Boeing said it recommends 16 airlines temporarily remove certain Max planes due to a potential electrical issue.
- The State
The Charlotte Hornets’ renewed attention to detail in drafting and development has seen players like McDaniels grow from late draft picks to impactful fill-in starters.
- Raleigh News and Observer
The American Rescue plan went into effect in March and provided most Americans with relief payments.
- The Daily Beast
via REUTERSThe medical examiner who wrote the controversial report on George Floyd’s cause of death testified on Friday that the cops’ restraint “was just more than Mr. Floyd could take”—but he wouldn’t rule out the role of drugs and heart issues.Hennepin County Medical Examiner Dr. Andrew Baker’s testimony provided a small glimmer of hope for Derek Chauvin’s defense team after a devastating week of evidence in which the Minneapolis Police Chief said the former officer “absolutely” violated protocol, and two renowned medical experts said Floyd died of low oxygen caused by the cops’ actions alone.Baker’s official report listed Floyd’s cause of death as “cardiopulmonary arrest complicating law enforcement subdual, restraint, and neck compression.” He listed hardening and thickening of the artery walls, heart disease, fentanyl use, and methamphetamine use as “other significant conditions.”The report’s mention of drug use and heart issues, and its omission of any reference to oxygen deprivation, outraged Floyd’s family last year, prompting them to commission their own independent report, which won’t be shown to the jury, that concluded Floyd died of strangulation.Pulmonologist: Chauvin’s Knee on Floyd Was Akin to Having ‘a Lung Removed’It also became the crux of Chauvin’s defense, which is that Floyd’s death was partly the result of factors unrelated to the arrest, like pre-existing heart issues and drugs, and Chauvin was only doing what he had been trained to do as a cop.On Friday, Baker said his cause of death was “fancy medical lingo for the heart and the lungs stopped. No pulse, no breathing.” It occurred “in the setting of” law enforcement subdual, restraint, and neck compression, he said.While Baker said Floyd was “generally healthy” before May 2020, he refused to rule out Floyd’s heart issues—high blood pressure, carotid arteries, a larger-than-normal heart due to hypertension—as playing a role in the death.“He has a heart that already needs more oxygen than a normal heart, by virtue of its size, and it’s limited in its ability to step up to provide more oxygen,” he said. “In my opinion the law enforcement subdual, restraint and neck compression was just more than Mr. Floyd could take by virtue of those heart conditions.”He said the amount of fentanyl was higher than amounts found in some fatal overdoses, and the methamphetamine would have increased the work Floyd’s heart had to do to keep pumping oxygen.But, ultimately, he said that was not the cause of death. The “topline” was that Floyd’s heart and lungs stopped “in the setting” of the officers’ activities.“It was the stress of that interaction that tipped him over the edge given his underlying heart disease and toxicological status,” he said.A veteran medical examiner, who previously worked in the Hennepin County office with Baker, testified on Friday that she agreed with Baker’s official cause of death—but thought it was solely due to the officers’ activities.Chauvin ‘Absolutely’ Violated Policy When He Knelt on Floyd: Police ChiefDr. Lindsey Thomas said drug levels were “very low” and his slow death over several minutes indicated that it wasn’t a heart attack. “This is not a sudden cardiac death,” she said.She said the mechanism of death was “asphyxia or low oxygen”—echoing testimony from an Illinois pulmonologist on Thursday who said Floyd’s lungs and breathing apparatus were slowly cut off by the combination of four factors: Chauvin’s left knee on Floyd’s neck, Floyd’s prone position during the arrest, Chauvin’s right knee on Floyd’s back, arm, and side, and the combination of handcuffs and the roadway acting like a vice for Floyd.“Put all together… what it means, to me, is that the activities of the law enforcement officers resulted in Mr. Floyd’s death,” Thomas said.After viewing videos of Floyd’s death, she could pinpoint the moment she saw an “anoxic brain reaction,” which looks like a twitch and is what the body does when the brain no longer has enough oxygen.Chauvin kept his knees on Floyd for several minutes after that moment, she said, even after another cop said there’s no pulse. “They maintain the position so, at that point, his heart has also stopped,” she said.Thomas said that “other significant conditions” are usually only included on death certificates for public health and research purposes, and none of them caused Floyd’s death.However, under cross-examination, she conceded that, if the police were taken out of the equation, she may have concluded that heart problems or drug use were the cause of death.Chauvin, 45, is on trial for second and third-degree murder as well as second-degree manslaughter after holding his knee on Floyd’s neck for over nine minutes during the arrest over a counterfeit bill. Three other officers—Tou Thao, Thomas K. Lane, and J. Alexander Kueng—will face a trial in August.Nelson has raised questions about whether the distressed crowd of bystanders and Floyd’s refusal to initially get into a squad car factored into Chauvin’s level of force. However, several current and former Minneapolis police officials, and use-of-force experts, have testified that it was not part of his training and was “totally unnecessary” once Floyd had stopped resisting.Read more at The Daily Beast.Got a tip? Send it to The Daily Beast hereGet our top stories in your inbox every day. Sign up now!Daily Beast Membership: Beast Inside goes deeper on the stories that matter to you. Learn more.
During this weekend’s highly anticipated donor retreat hosted by the Republican National Committee in Palm Beach, Ohio Senate candidate Josh Mandel was escorted off the premises while his primary opponent, Jane Timken, was allowed to stay, two sources with direct knowledge of the situation tell Axios.What we’re hearing: The invitation-only event is taking place at the Four Seasons Resort, and the RNC reserved the entire hotel. While Timken, former Ohio GOP chair, was invited to the event “because she is a major donor” — Mandel was not, so he was asked to leave, according to one of the sources.Stay on top of the latest market trends and economic insights with Axios Markets. Subscribe for freeDespite not having his name on the list, Mandel seized on the opportunity to get some face time with top Republican donors while they all were in one place, one source familiar with his plans told Axios.But when the first event formally kicked off at the hotel Friday night, Mandel and others who did not have credentials were asked to leave.A spokesperson for the RNC declined to comment. Mandel's team did not immediately respond to requests for comment.Between the lines: Those attending the retreat not only have access to big donors, but also key party players, including former President Trump. Saturday evening, the group will travel to Mar-a-Lago, where Trump is expected to deliver remarks and mingle with attendees. Florida Gov. Ron DeSantis, a potential 2024 presidential contender, will also speak. Why it matters: The incident gives Timken more visibility and access to Trump, which is crucial as he continues to be the party’s rainmaker and most influential player. It also underscores how Trump’s efforts to continue leading the GOP have made all interactions with donors high-stakes. Background: Trump previously showed interest in endorsing Timken, but was ultimately talked out of it by his son, Donald Trump Jr., and other top advisers.Mandel and Timken have long been extremely pro-Trump and both are vying to get the former president's endorsement — which could be the deciding factor in who wins the race to replace Sen. Rob Portman (R-Ohio), who recently announce he will not run for reelection.More from Axios: Sign up to get the latest market trends with Axios Markets. Subscribe for free
- Raleigh News and Observer
Lawmakers passed a $271 million rent relief bill. Who is eligible for assistance?
- The Telegraph
The Duke of Edinburgh’s coffin will be carried through the grounds of Windsor Castle in a modified Land Rover that he designed for the occasion himself. The funeral will take place next Saturday at 3pm, following a short procession in which the Prince of Wales and senior members of the Royal family will follow the coffin on foot as it is driven to St George’s Chapel. The Queen will not take part in the procession. It will be a royal funeral like no other, with Royals adhering to Covid-19 guidelines by wearing masks throughout the ceremony and maintaining social distancing. A Buckingham Palace spokesperson confirmed that it would not be a state occasion, in accordance with the Duke’s wishes, but a ceremonial royal funeral in line with the Queen Mother’s funeral in 2002. Her Majesty gave final approval to the plans, which “very much reflect the personal wishes of the Duke" who died peacefully at home in Windsor Castle on Friday morning.
- The Week
Texas GOP Rep. Dan Crenshaw recovering from emergency eye surgery that will leave him blind for a month
Rep. Dan Crenshaw (R-Tex.) revealed Saturday that he underwent emergency surgery on his left eye a day earlier after a doctor discovered his retina was detaching. The surgery "went well" he said, but it will require a long and likely arduous recovery. "I will be effectively blind for about a month," he explained, adding that a "few more prayers that my vision will get back to normal ... wouldn't hurt." While he recovers, he'll be mostly "off the grid," he said. It was a "terrifying prognosis" for Crenshaw, a former Navy SEAL, who was hit by an IED blast during a mission in Afghanistan's Helmand province in 2012. The injury cost him his right eye and badly damaged his left, his vision only returning after several surgeries, The Dallas Morning News notes. Crenshaw said "it was always a possibility that the effects of the damage to my retina would resurface, and it appears that is exactly what has happened." pic.twitter.com/9laF7Gjfvo — Dan Crenshaw (@DanCrenshawTX) April 10, 2021 House Minority Leader Kevin McCarthy (R-Calif.) called Crenshaw a "fighter" who "has the support of every one of his colleagues" in Congress. "He's going to win this battle, too," McCarthy wrote on Twitter. More stories from theweek.com7 brutally funny cartoons about Mitch McConnell's corporate hypocrisyHow red states silence urban votersYou should start a keyhole garden
Meghan Markle won't travel to Prince Philip's funeral. Experts say flying while pregnant during the pandemic can be risky.
An OB-GYN said flying while pregnant is generally safe before 36 weeks. Meghan Markle, whose due date is not known, didn't get clearance to fly.
Prince Charles breaks the royal family's public silence after Prince Philip's death: 'I miss my father enormously'
The Prince of Wales is the first of Queen and Prince Philip's four children to share a statement after the death of their father.