The Dow Jones Industrial Average gained 0.1%, while the technology-heavy Nasdaq Composite rose 0.8%.
(Bloomberg) -- From factory closures to the Suez Canal logjam and the global chip shortage, Sea-Doo manufacturer BRP Inc. was caught in all the supply-chain headaches of the past 15 months. But there’s been an upside, according to its chief executive officer: “a complete reset” of the industry that’ll mean fewer price promotions.The pandemic, with its restrictions on travel and close contact, sent consumers rushing to buy recreational products such as snowmobiles, all-terrain vehicles and person
(Bloomberg) -- The size and type of defaults that have occurred in China in recent times indicate that the notion of “too big to fail” may no longer apply to the nation’s borrowers, according to Goldman Sachs Group Inc.There has been a noticeable up-tick in defaults by Chinese state-owned enterprises since late 2019 and some of the borrowers that have failed to repay debt recently such as China Fortune Land Development Co. have had large amounts of outstanding bonds, analysts including Kenneth H
(Bloomberg) -- Members of the Walton family have sold 16.7 million shares of Walmart Inc. this year as they try to keep their stake in the world’s biggest retailer from ballooning amid the company’s stock buybacks.The Walton Family Holdings Trust sold $430 million worth over the past week, taking their total sales to almost $2.1 billion since Jan. 1, according to Securities and Exchange Commission filings. The notifications were filed on behalf of second-generation family members Alice, Rob and
Investors will be mainly focused on the Federal Reserve's June policy decision this week.
The country is testing the currency in different pilots.
(Bloomberg) -- The European Union is testing investors’ appetite to fund nearly $1 trillion of debt over five years as it seeks to finance its recovery from the coronavirus pandemic.The bloc opened books on debut 10-year bonds as part of its NextGenerationEU (NGEU) program, which will finance grants and loans to member states. European Central Bank President Christine Lagarde said in an interview published Monday the NGEU stimulus will “transform the future of Europe.”The bonds, which are likely
(Bloomberg) -- The world’s top makers of Covid-19 vaccines are dropping after tests of Novavax Inc.’s shots showed they were 90% effective at preventing symptoms.Stocks tied to inoculations already cleared for emergency use fell in Monday’s trading, led by Moderna Inc.’s slide of as much as 9.5%. Pfizer Inc. fell 1.6% and the drugmaker’s German partner BioNTech SE dropped 6.1%. Even the consumer giant Johnson & Johnson slipped 0.6%, slightly more than the S&P 500 index as the broader market drop
(Bloomberg) -- Many of the issues thrown up in the transition away from sterling Libor appear to have been addressed, Bank of England Governor Andrew Bailey said Monday, delivering a confident assessment of the U.K.’s exit from the discredited benchmark.Britain, the home of Libor, is making faster progress than the U.S. and Japan. U.K. replacement rate Sonia, the Sterling Overnight Index Average, has seen widespread take-up the derivatives market, and firms were instructed in April to stop issui
The chief executive of Rolls-Royce has come under fire for remarking that its workforce is “frankly a bit too old”. Speaking at a technology conference in London, Warren East said one of the challenges he faced when he joined the jet engine maker was its older workforce. His comments were in response to a question about inspiring young engineers at the company and ensuring it had an “exciting” atmosphere. However, the remarks sparked a furious backlash with critics calling his comments "disgrace
With President Biden about to unleash a potential trillion-dollar spending spree on green infrastructure, ESG investors could see opportunities in the years to come
(Reuters) -The U.S. Supreme Court on Monday gave Microsoft Corp's LinkedIn Corp another chance to try to stop rival hiQ Labs Inc from harvesting personal data from the professional networking platform's public profiles - a practice that LinkedIn contends threatens the privacy of its users. The justices threw out a lower court ruling that had barred LinkedIn from denying hiQ access to the information that LinkedIn members had made publicly available.
(Bloomberg) -- Shares of companies controlled by billionaire Gautam Adani recouped a part of their day’s losses after refuting a local report that said accounts of three Mauritius-based funds that own the group’s stocks were frozen.The Economic Times reported Monday that National Securities Depository Ltd. froze the accounts of Albula Investment Fund, Cresta Fund and APMS Investment Fund. It said the action was probably due to insufficient disclosure of information regarding beneficial ownership
Bitcoin option's smile shows persistent fears of deeper drop and low expectations for a quick rally.
The president's speech follows El Salvador's adoption of bitcoin as legal tender.
(Bloomberg) -- I-Mab is seeking a partner to jointly develop a cancer drug in the U.S. and Europe as the Chinese firm aims to replicate the success of last year’s $2.9 billion deal with AbbVie Inc., according to people familiar with the matter.The Shanghai-based drug developer is working with advisers and is in talks with several global pharmaceutical companies over a potential deal for its Uliledlimab, or TJD5, treatment that could be worth a few billion dollars, the people said, asking not to
GBP/USD settled below the 20 EMA and is trying to settle below the support at 1.4100.
(Bloomberg) -- Abu Dhabi sovereign fund ADQ is in talks to invest about $500 million in India’s Flipkart, according to people familiar with the matter, as the Walmart Inc.-backed e-commerce firm raises funds ahead of a potential initial public offering next year.The oil-rich emirate’s newest state investment company is discussing an injection of funds that would value Flipkart between $35 billion and $40 billion, the people said, asking not to be identified as the information is private. The fun
(Bloomberg) -- Washington Prime Group Inc., a real estate investment trust that operates enclosed malls and strip centers across the U.S., filed for bankruptcy after the Covid-19 pandemic drove away shoppers.The Chapter 11 filing in Houston lets Washington Prime stay in business while it restructures its debts in a deal that it reached with certain creditors, according to the bankruptcy. The company, with assets estimated at $4 billion and debt of almost $3.5 billion, secured a bankruptcy loan o
(Reuters) -The European Union on Monday began selling the first bond backing its recovery fund, according to a lead manager, a crucial step in financing members states' economic recovery from the coronavirus pandemic. The sale of the 10-year bond is the start of up to 800 billion euros of debt issuance between now and 2026 that will back grants and loans to member states - an unprecedented act of fiscal solidarity on the EU's part that may transform it into a leading European borrower. The sale should be completed on Tuesday, EU Budget and Administration Commissioner Johannes Hahn said.
(Bloomberg) -- Despite a short squeeze that pushed benchmark Treasury yields to a three-month low last week, Wall Street sees plenty of reasons for bonds to sell off again.Strategists at JPMorgan Chase & Co. turned bearish on 10-year Treasuries ahead of Wednesday’s Federal Reserve meeting, saying markets are now pricing in a too shallow rate-hike outlook. Their peers at Morgan Stanley are bracing for a hawkish surprise from the U.S. central bank and a team at TD Securities is also calling for a