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Alan Greenspan’s famous phrase doesn’t do justice to some current developments. Cases in point: a $100 million deli, a desperate reach for yield, and Coinbase’s mega-valuation.
Alan Greenspan’s famous phrase doesn’t do justice to some current developments. Cases in point: a $100 million deli, a desperate reach for yield, and Coinbase’s mega-valuation.
(Bloomberg) -- Jaguar Land Rover’s Indian owner reported a pretax profit for the three months through March as a recovery in Chinese demand lifted sales of the automaker’s luxury sports cars and SUVs.Tata Motors Ltd. posted fourth-quarter earnings of 57 billion rupees ($23 million) before tax and one-time items on Tuesday, rebounding from a loss of 65 billion rupees a year earlier. Revenue soared 42% and exceeded estimates.JLR’s improving sales performance is crucial for Mumbai-based Tata as the group’s Indian business is being buffeted by the surge in coronavirus cases gripping the country. Government-imposed lockdowns have shuttered sales outlets and halted factories’ production lines.“While demand remains strong, the supply situation over the next few months is likely to be adversely impacted by disruptions from Covid-19 lockdowns in India and semiconductor shortages worldwide,” Tata said in a statement.Charge TakenThe group booked a 1.5 billion-pound ($2.1 billion) charge initially flagged in February related to JLR’s shift to electric models, though its net loss still narrowed.Tata Motors closed 3.5% higher before the company released earnings. The stock is up 80% this year.Jaguar Land Rover posted a pretax profit of 534 million pounds in the quarter after selling 12% more vehicles. Sales more than doubled in China and increased 10% in North America.All model ranges except Jaguar-brand autos were back to pre-Covid levels in the quarter, lifting JLR’s market share to 6%. That was up from 4.4% in the first three months of the financial year, with the new Defender sport utility vehicle spurring gains.Chip IssueThe global shortage of semiconductors has affected JLR since the quarter ended, forcing the carmaker to suspend production at its Castle Bromwich and Halewood plants for a limited period.The company is working with suppliers to resolve the issue, though Chief Financial Officer Adrian Mardell said it could contribute to a small Ebit loss in the current quarter, which is always JLR’s weakest for cash flow. He reiterated full-year cash and profit-margin targets.JLR is staging a recovery after wrangling with uncertainty over Brexit and stricter emissions limits in the past few years. Chief Executive Officer Thierry Bollore has outlined plans to cut costs by 2.5 billion pounds and reduce headcount by 2,000 while accelerating an electrification drive.The company said it has reduced expenses to lower its breakeven point to 400,000 vehicle sales a year, from 600,000 in 2019.Tata said its own operations will show a “relatively weak” performance in the current quarter as the Covid-19 outbreak hampers production and commodity prices increase. It expects a gradual improvement later in the year.(Updates with sales details in the eighth paragraph.)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- Credit Suisse Group AG is still feeling the effects in bond markets of two major missteps this year.The lender on Monday issued its first euro and sterling notes since the collapse of Greensill Capital and Archegos Capital Management. While the sales left demand for the bank’s debt in no doubt -- orders passed a combined 4.7 billion euros-equivalent ($5.7 billion) -- they also highlighted increases in the bank’s funding costs since March.Credit analysts and investors said that some of the bank’s senior debt is carrying a premium of at least 10 basis points more than it would have without the twin crises. The cost of insuring its bonds against default also remains elevated versus competitor UBS Group AG.“It reflects the weaker credit view, with potential compensation of investors still to come as well as serious questions around risk management,” said Bjorn Norrman, an investment manager at Aegon Asset Management.Credit Suisse declined to comment on its recent sales. The 1.5 billion-euro and 750 million-pound notes on Monday followed a $3.25 billion 11-year note last week.The bank emerged as the biggest loser among global investment banks as family office Archegos imploded in March, wiping out a year of profit. It’s since taken steps to reassure investors and overhaul the business, including a $2 billion capital raise, but has struggled to contain a string of senior banker defections.An investigation by the Swiss financial regulator into the bank’s risk management is “likely to hang over” the bank’s debt in the short term, said Tom Kinmonth, an ABN Amro credit analyst. He pointed to Danske Bank AS, the subject of multiple investigations into money laundering in both the U.S. and Europe.“In these type of cases, for example like at Danske Bank, it takes time for a bank to settle the cases, to rebuild its reputation and to re-convince investors of its new governance structure,” Kinmonth said.Still, he retains a positive view of the bank and thinks its credit spreads “will make up this lost ground over this year.” Some of the bank’s dollar bonds, including a $2 billion 1.305% senior note sold in January, have already retraced some of their widening since late March.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
The Paxos Settlement Service uses blockchain technology to speed up the process of completing transactions.
(Bloomberg) -- Vodafone Group Plc shares fell as much as 8.3% after Chief Executive Officer Nick Read’s strategy showed higher capital expenditure on network investments will hit free cash flow.Although Read’s message is “spend more to grow more,” the “prospect of the improved growth may take longer for investors to absorb,” said Berenberg analyst Carl Murdock-Smith.Vodafone said it can increase margins in the medium-term and guided for adjusted earnings before interest, tax, depreciation and amortization after leases between 15 billion and 15.4 billion euros ($18.8 billion) in 2022, with adjusted free cash flow of at least 5.2 billion euros.Organic service revenue rose 0.8% in the fourth quarter versus an average analyst estimate of 0.4% compiled by Bloomberg.Key InsightsRead wants to do more with less. He’s sold some of the telecom group’s farther-flung units like New Zealand while cutting costs and consolidating operations in Europe and Africa.The centerpiece of this asset-squeezing strategy has been carving out and listing Vodafone’s masts in the form of Vantage Towers AG, which reported earnings in line with guidance on Monday.The Newbury, England-based telecom group will focus on fixed and mobile connectivity in Europe, and mobile data and payments in Africa, the company said in a statement Tuesday. That will mean upgrading fixed and wireless networks.In Africa, the group had 84.9 million data users and mobile money platform M-Pesa handled 15.2 billion transactions in 2021, an increase of 25%.Vodafone has been the subject of press reports and speculation about potential consolidation deals as rivals around Europe merge: Liberty Global Plc is set to combine its U.K. operations with Telefonica SA’s O2, while Spanish rival Masmovil Ibercom SA is snapping up Euskaltel SA.Market ContextVodafone shares have risen 5.4% in the 12 months to Tuesday versus a 13.1% rise in the Stoxx Europe 600 Telecommunications Index.Of 26 analysts surveyed by Bloomberg, 23 rate Vodafone buy, 1 hold and 2 sell.Get MoreStatementNOTE, May 17: Vantage Towers FY Adj. EBITDA AL EU524M Vs. EU513M Y/yNOTE, Apr. 30: Ethiopia Pledges to Allow Mobile Money for New Telecom Entrants(Updates with analyst reaction, shares, and M-Pesa details)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- Early, middle, or late? For stock investors who believe the past is prologue, it’s a mystery that matters.Wall Street wants the answer to what sounds like an easy question: how old is the bull market? That depends, of course, on what you consider its birthday. Is it the end of the financial crisis, the end of the Covid-19 rout 11 years later, or some other point in time?Roughly three camps exist. Long-lifers consider last year’s rout a hiccup, and therefore say the rally is nearing expiration. New bulls view the last 14 months as the first leg of a powerful rally just getting started. There’s also an in-between set who say that while this may be a new phase, it’s one where time is passing at warp speed.“It relates to the uniqueness of the cycle. This is not your traditional economic expansion,” said Tom Hainlin, national investment strategist at U.S. Bank Wealth Management. “There’s still so much uncertainty that it creates a wide range of outcomes.”No question we live in interesting times. Economists are struggling to forecast the most widely followed data, missing numbers on the consumer price index and the jobs report, among others, by huge margins. At the same time, many strategists have been rushing to upgrade their year-end projections as the market runs ahead of even some of the most bullish cases.So, where in the cycle are we? Here are some views:Still EarlyWhile everything from investor euphoria to record equity issuance suggests a maturing bull market, Citigroup Inc. strategists led by Robert Buckland highlight one thing that points to it still being early: earnings.Corporate profits worldwide troughed last November amid pandemic lockdowns, meaning (by this logic) that the market is still in the first year of a recovery cycle when it comes to the bottom line. As the global economy reopens, earnings are expected to surge 36% in 2021, analyst estimates compiled by Citi show.So whatever doubts bears are casting over the 14-month equity rally, in the eyes of Buckland, the current fundamental underpinning is too strong to ignore. In fact, his team found that since 1976, there have been no years when earnings are up more than 25% and the market is down.“We would buy into any short-term dip in the markets and cyclical stocks in particular,” Buckland wrote in a note Thursday. “It’s too early to give up on the recovery trade.”Brent Schutte, chief investment strategist at Northwestern Mutual Wealth Management Company, says the economic cycle -- which is tied to market cycles -- is also in its early stage.“Economic cycles in the past, they were much more erratic and much shorter than the past two or three that we’ve had,” meaning that this one could be a shorter one, he said. “The question is how fast does the cycle progress?”Middle PartMike Wilson at Morgan Stanley says the market’s entered the middle part of the cycle faster than normal. And with that comes a change in leadership.The firm’s chief U.S. equity strategist has in recent weeks started to pivot away from recommending early-cycle and re-opening beneficiaries -- he downgraded consumer discretionary, for instance. Instead, he recommends investors favor the reflation trade -- including financials and materials -- as well as reasonably priced growth stocks, which can be found in the health care sector and certain parts of communication services. The net effect is a tug-of-war between earnings and valuation, tepid returns over the next 12 months, and a likely 10-20% correction over the stretch should profits stand still.“This recession and recovery is unique for a number of reasons, not the least of which is its velocity, down and up,” he wrote in a note subtitled “Mid-Cycle Brings More Risk than Reward.” “The rapid recovery has us entering a mid-cycle environment only one year in, and market internals are reflecting that.”Meanwhile, Emily Roland, co-chief investment strategist at John Hancock Investment Management, says fundamentals and earnings growth start to matter more during the mid-phase of the cycle, which is what she’s starting to see now.“We have to start to think about the fact that peak stimulus and peak easing financial conditions are going to be coming into the rear-view mirror as we move throughout the year here,” she said in a phone interview. “The fundamental support for this bull market is still in place here, but we do think it’s going to come with a lot more choppiness as we head into year two and three and into the middle part of this cycle.”Late StageWhen StoneX’s Vincent Deluard considers the speed with which the S&P 500 recovered from 2020’s lows, he comes to one conclusion: the market’s still in the same pre-pandemic cycle.The massive increase in equity issuance on extraordinary valuations is “not something you’d see at a bottom,” the global macro strategist said on a recent episode of Bloomberg’s “What Goes Up” podcast. At the same time, insiders are cashing out at a rapid clip. And, at the dawn of new bull markets, there tends to be a lot of distrust on the part of retail investors. That definitely isn’t happening right now.Phil Toews, chief executive officer of asset manager Toews Corp., agrees. He’s projecting that yields will continue to move higher, which will present a challenge for equity markets. Furthermore, valuations -- which by some measures have been topping the dot-com era -- tend to be the best predictor of market moves, he said.“I wouldn’t give it two years -- I would give it maybe one year at the most,” he said. “Looking at the economy and saying the stock market is going to advance when we’re at these valuations may also be incorrect and we may see a divergence between the price of financial assets and the economy.”More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Amid the slump sweeping across crypto assets Tuesday, investors were turning their attention to a meme asset, SafeMoon, that has garnered increased attention was recently drawing fresh looks after comments made by Barstool Sports founder Dave Portnoy on Twitter.
‘Will she still be able to use our daughter as a tax deduction? My concern is also with the coming child tax credit this summer.’
A paper that my colleague Anqi Chen and I wrote last year — “How Much Taxes Will Retirees Owe on Their Retirement Income?” — keeps hitting the “top 10” list on a major listserv for social sciences research. As people approach retirement, they tend to add up their financial resources — Social Security benefits, defined benefit pensions, defined contribution balances, and other assets. The question we look at is just how large the tax burden is for the typical retired household and for households at different income levels.
SafeMoon debuted its cryptocurrency in March, claiming to solve common problems that plague Bitcoin, Ethereum, and Dogecoin.
AT&T's stock is the biggest loser in the S&P 500 on Tuesday. Its valuation depends on how much credit investors give the combined WarnerMedia/Discovery for its future streaming efforts.
Experienced hands look to be buying the dip as a key bitcoin price indicator suggests the pullback may be coming to an end.
Raoul Pal tells bitcoin investors that current volatility is to be expected, but big things are around the corner.
‘Everybody wants to have asset prices forever going up and the cost of financing to be next to nothing,' Kerry Killinger says.
(Bloomberg) -- U.S. stocks turned lower as technology shares erased earlier gains with investors weighing the prospects of economic reopenings against concern about a pickup in virus cases in parts of Asia. Oil prices dropped amid a report that significant progress has been made to revive the U.S.-Iran nuclear deal.The Nasdaq 100 Index was little changed after megacaps including Amazon.com Inc. and Microsoft Corp. erased earlier gains. The S&P 500 fell for a second day. AT&T Inc. plunged the most in the benchmark gauge after the company said it plans to spin off its media operations. Walmart Inc. rallied the most in six weeks after boosting its profit outlook.Stocks have been volatile after touching a record in early May as investors assessed economic growth prospects against a Covid-19 resurgence in countries including India. Minutes from the latest Federal Reserve meeting, due Wednesday, may offer clues on inflation pressure and hints of a timeline for tapering stimulus. Fed Vice Chair Richard Clarida said Monday that the weak U.S. jobs report showed the economy had not yet reached the threshold to warrant scaling back asset purchases.“What appeals to me is that investors are acting like investors again,” Abby Joseph Cohen, senior investment strategist at Goldman Sachs Group Inc., said in an interview on Bloomberg TV. “There is less emphasis on momentum and there’s more emphasis on relative valuation and which of the companies that have the strongest cash flow growth and are investing that cash flow growth.”Global investor sentiment is “unambiguously bullish,” Bank of America Corp. strategists led by Michael Hartnett said, citing the firm’s latest fund manager survey. Inflation topped the list of the biggest tail risks, followed by a bond market taper tantrum and asset bubbles, while Covid-19 was only in fourth place.West Texas Intermediate crude declined after the BBC Persian news channel, citing Russian diplomat Mikhail Ulyanov, reported that a major announcement may be made on Wednesday regarding talks to broker an agreement between Iran and the U.S. and revive the 2015 nuclear deal. Ulyanov said on Twitter that “unresolved issues still remain and the negotiators need more time and efforts to finalise an agreement on restoration” of the accord.Elsewhere, Bitcoin fell to the lowest since February after the People’s Bank of China reiterated that the digital tokens cannot be used as a form of payment. Coinbase Global Inc. fell after Monday’s drop below the reference price used in its April direct listing.Here are some key events this week:The Fed publishes minutes from its April meeting Wednesday, which may provide clues to officials’ views on the recovery and how they define “transitory” when it comes to inflationEIA crude oil inventory report WednesdaySt. Louis Fed President James Bullard and Atlanta Fed President Raphael Bostic to speak at separate events WednesdayIMF Managing Director Kristalina Georgieva and ECB President Christine Lagarde speak at the Vienna Economic Dialogue ThursdayAustralia unemployment rate ThursdayEuro-area finance ministers and central bank chiefs hold an informal meeting. A larger group of EU finance ministers and central bank chiefs will meet May 22These are some of the main moves in markets:StocksThe S&P 500 fell 0.3% as of 2:33 p.m. New York timeThe Nasdaq 100 was little changedThe Dow Jones Industrial Average fell 0.3%The MSCI World index rose 0.4%CurrenciesThe Bloomberg Dollar Spot Index fell 0.3%The euro rose 0.6% to $1.2228The British pound rose 0.4% to $1.4194The Japanese yen rose 0.3% to 108.88 per dollarBondsThe yield on 10-year Treasuries was little changed at 1.65%Germany’s 10-year yield advanced one basis point to -0.10%Britain’s 10-year yield was little changed at 0.87%CommoditiesWest Texas Intermediate crude fell 1.2% to $66 a barrelGold futures were little changedMore stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
GameStop and AMC overcame rocky starts to the trading day as comments on social media surged and retail traders mused once again about “squeeze"s on both stocks.
The payments will reach more than 65 million children, according to senior administration officials.
AT&T said Monday it will combine its massive WarnerMedia media assets, which includes HBO and CNN, with Discovery Inc. to create a new media heavyweight in a $43 billion deal.
Companies caught in the middle of the global semiconductor shortage, which is roiling the car business, are starting to see light at the end of the tunnel.
Dividend stocks are always popular. They offer investors a clear path to returns, with regular cash payments and a yield – a return on the original investment – that usually far exceeds bond yields. But not all dividend stocks are created equal, and some offer better opportunities than others. Dividend yield is a key metric. Among S&P listed companies the average yield is only 2%. However, the highest yields aren’t always the way to go. Investors should also consider share appreciation or upside potential – these factors aren’t always connected to dividends, but they will affect the general returns available from a given stock. To that end, we’ve used the TipRanks database to pull up two high-yield dividend stocks that share a profile: a Buy-rating from the Street’s analyst corps; considerable upside potential; and a dividend yielding over 8%. Let’s take a closer look. New York Mortgage Trust (NYMT) We’ll start with a real estate investment trust (REIT), a logical place to turn for high dividend returns. REITs typically pay out higher than average dividends, as a way of complying with profit-return regulations in the tax code. New York Mortgage Trust, which holds a portfolio of adjustable-rate residential mortgage loans, commercial mortgages, and non-agency mortgage-backed securities, is typical of its niche, both in the quality of its portfolio and its high yield dividend. In its recent 1Q21 financial release, NYMT listed several metrics of interest to investors. The company sold off non-agency RMBS and CMBS totaling $111.6 million, purchased $347.3 million in residential loans, and finished the quarter with $4.72 billion in total assets. The company saw net investment income of $30.3 million, and was able to fund its dividend payment, to the tune of 10 cents per common share. At that payment rate, the dividend yields 8.91%. This was the second dividend declaration in a row at 10 cents; the company has been gradually increasing the payment since cutting it back last summer during the worst of the corona crisis. B. Riley analyst Matt Howlett was impressed by NYMT’s management of the recent economic crisis, and that factor takes a lead role in his recent initiation report. “Over the last decade, NYMT has delivered among the highest economic return within the space due in part to strong asset selection, low leverage, and a highly efficient operating structure. While the March 2020 liquidity crisis was a setback for the industry, NYMT managed the crisis admirably, in our view, and avoided any major wear and tear on the company. In fact, we argue that as NYMT has rebuilt, its originations have become more direct (acquiring loans vs. securities), and its cost of capital has been declining,” Howlett opined. In line with these comments, Howlett rates the stock a Buy, and his $6 price target implies a one-year upside potential of 36%. Based on the current dividend yield and the expected price appreciation, the stock has ~45% potential total return profile. (To watch Howlett’s track record, click here) Overall, there are four recent reviews on record for NYMT, and they break down to 2 Buys, 1 Hold, and 1 Sell for a Moderate Buy consensus rating. The shares are selling for $4.45, and the average price target of $5.17 suggests room for ~17% upside from that level. (See NYMT stock analysis on TipRanks) Global Net Lease (GNL) Next up, Global Net Lease, is another REIT. The portfolio here is built on commercial real estate properties. A review of the company’s portfolio shows 306 such properties, totaling 37.2 million square feet of leasable space, let to 130 tenants. GNL operates in 10 countries, and boasts that 99.7% of its total square footage has been leased. The average lease has 8.3 years remaining – an important factor, as the long term provides stability to the portfolio. In the first quarter of 2021, GNL showed a top line of $89.4 million, up 12.8% from the year-ago quarter. The company ran a net loss, but at $800,000 that loss was significantly smaller than the $5 million lost in 1Q20. Net operating income was up from $71.9 million one year ago to $81.8 million in 1Q21. GNL reported sound liquidity in the quarter, with $262.9 million in cash or cash equivalents and an additional $88.6 million available in credit. And most importantly, GNL reported collecting 100% of rents due in Q1. GNL declared a 40 cent dividend for common shareholders during the quarter, and through it distributed a total of $36.2 million. At that rate, the dividend annualizes to $1.60 and gives a high yield of 8.59%. The dividend was cut last year during the corona crisis, but has been kept stable for five quarters since then. All of this adds up to a company that is sound on fundamentals of its business, and that has attracted notice from analyst Bryan Maher. In his note for B. Riley, Maher writes, “GNL's strong portfolio metrics provide for an attractive setup for the balance of 2021…. Given that GNL, in our view, is not over-levered and can borrow at exceedingly low rates, combined with prudent use of its in-place ATM, we are not concerned about the REIT's ability to finance acquisitions to hit our $300.0M target for 2021.” The analyst summed up, "Given GNL's well-crafted industrial/ office net lease portfolio and strong operating metrics, we reiterate our Buy rating on the shares." The Buy rating comes with a $23 price target attached. At current share price, that implies an upside of ~25% for the next 12 months. (To watch Maher’s track record, click here) Some stocks fly under the radar, and GNL is one of those. Maher's is the only recent analyst review of this company. (See GNL stock analysis on TipRanks) To find good ideas for dividend stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights. Disclaimer: The opinions expressed in this article are solely those of the featured analysts. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.
(Bloomberg) -- Beijing threw the spotlight on trade tensions with its top commodities supplier, Australia, after the government’s economic planning agency said it’s looking to diversify China’s supply of iron ore.Chinese firms should boost domestic exploration for the steel-making input, widen their sources of imports, and explore overseas ore resources, the National Development and Reform Commission said at its monthly briefing.The NDRC also said Australia should stop damaging economic and trade cooperation with China and take measures to promote the healthy development of bilateral ties.Iron ore is Australia’s biggest export earner, and relations with Canberra have taken a turn for the worse in recent weeks. But adding the mineral to a raft of curbs already in place on Australian commodities would be a risky move given near-record prices and China’s dependence on Australia’s high-quality supply for about two-thirds of its imports.“While an outright ban would be almost unimaginable, various forms of restrictions, delays or increased administrative burdens on Australian iron ore imports could yet happen,” Wood Mackenzie said in a recent note.Chinese industrial commodities prices powered on, meanwhile, recovering much of their poise after last week’s pullback.Citigroup said further gains for markets like steel, aluminum and coal are supported by solid demand and a policy agenda that includes “domestic production crackdowns for environmental, energy and safety control purposes,” according to a note from the bank.At the same time, an acceleration in credit tightening is unlikely in the foreseeable future after the central bank expressed only limited concern about the surge in commodities prices feeding through into CPI, Citigroup said.Otherwise, the day’s agenda is led by China’s agricultural imports for April. Purchases of corn, wheat and sorghum are likely to stay elevated, as China’s buying binge continues to help fuel a global grains rally.Events Today(All times Beijing unless noted otherwise.)China’s 2nd batch of April trade data, incl. agricultural imports; LNG & pipeline gas imports; oil products trade breakdown; alumina and rare-earth product exports; bauxite, steel & aluminum product importsLONGi Green, Goldwind execs among speakers at Macquarie Group conference in Hong KongEARNINGS: Daqo New EnergyToday’s ChartChina’s data dump for April suggests the economy’s expansion may have plateaued as policy makers seek to rein in commodities-intensive spending on real estate and infrastructure before new growth drivers of consumer spending and manufacturing investment have recovered.On the WireShaanxi province, China’s third-biggest coal producing region, hit a clean energy milestone last month when generation from renewables briefly topped thermal power for the first time.In a town on the edge of the Gobi desert is a sign in English and Chinese that reads “Oil Holy Land.” Nearby, a preserved drilling rig marks the spot of China’s first commercial oil well.JinkoSolar Announces Change to Senior ManagementChina Is Drafting Carbon Peaking Plans for Steel, Power SectorsAsian Copper Stocks Rise on Top Producer Chile’s Election ResultHuadian Power Downgraded to Sell by Citi on Rising Coal CostsBank of China, Citigroup, BNP Lead Green Bond Offshore MarketCGN Wind Energy Adds Zhejiang Province’s Largest Offshore FarmGCL-Poly Energy Says Deloitte Touche Tohmatsu Resigns as AuditorBrazil Iron Ore Miners Seen Lifting Output Coming Months: IbramChina’s Tapering of Monetary Stimulus Could Pop Oil Price BubbleThe Week AheadWednesday, May 19China’s monthly loan primes rates, 09:30China’s April output data for base metals and oil productsHOLIDAY: Hong KongThursday, May 20China’s 3rd batch of April trade data, including country breakdowns for energy and commoditiesSMM battery materials conference in Changsha, Hunan, day 1USDA weekly crop export sales, 08:30 ESTFriday, May 21Ganfeng Lithium, EVE Energy, Huayou Cobalt execs among speakers at Macquarie Group conference in Hong KongChina weekly iron ore port stockpilesShanghai exchange weekly commodities inventory, 15:30SMM battery materials conference in Changsha, Hunan, day 2AGMs: Cnooc, Tianqi Lithium, CATLMore stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.