(Bloomberg) -- Gold headed for its best week since December amid a retreat in bond yields and a report that top buyer China may import more of the metal.After weeks trading in a narrow range, gold has advanced as Treasuries yields and the dollar head for weekly losses. Lower yields boost the appeal of bullion, which doesn’t offer interest. Dollar declines helped spur a broad rally in raw materials, with the Bloomberg Commodity Index also on track for its best week of 2021.Bullion is showing tentative signs of breaking out of a slump following three straight monthly losses. Prices rose above the 50-day moving average on Thursday, a positive signal for traders who follow chart patterns. On Friday, bullion extended gains to the highest since February after Reuters reported that China has given banks permission to import a large amount of bullion to meet domestic demand.The overall robust performance in commodities this week was “being supported by a surprise drop in U.S. Treasury yields accompanied by a weaker dollar,” said Ole Hansen, head of commodities research at Saxo Bank. Gold, along with crude oil and copper, “broke higher, thereby potentially signaling renewed momentum attracting fresh buying from speculators.”Spot gold rose 0.8% to $1,778.17 an ounce by 1:43 p.m. in New York. Prices are up about 2% this week, on course for the biggest gain since Dec. 18. Futures for June delivery on the Comex rose 0.8% to settle at $1,780.20 an ounce.Federal Reserve Chairman Jerome Powell’s reiteration of his dovish stance on monetary policy also helped bullion this week. That helped offset the impact of improving U.S. and Chinese economic reports, which could otherwise diminish demand for the metal as a haven.“The economic data published in the U.S. yesterday afternoon turned out for the most part to be significantly better than the market had anticipated,” Commerzbank AG analyst Daniel Briesemann said. “It seems that market participants believed the U.S. Federal Reserve’s assertion this time that it would not react to good data and would tolerate economic overheating.”In other precious metals, silver and platinum advanced.Palladium rose 1.2% after reaching the highest in more than a year. The metal, which reached a record of $2,883.89 in February last year, has benefited from stricter emissions rules that boost usage in autocatalysts.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.
(Bloomberg) -- The Biden administration is evaluating the impact of new sanctions on Russia and is prepared to escalate those penalties if the Kremlin fails to rein in hacking attacks and attempts to interfere with the U.S. political process, according to people familiar with the matter.Options available to President Joe Biden include expanding the measures announced Thursday to bar U.S. financial institutions from the secondary market for ruble-denominated bonds issued by Russian state banks, said the people, who discussed the matter on condition of anonymity.Biden ordered the latest sanctions on Russia -- including limits on buying newly issued sovereign debt -- in response to allegations that Moscow was behind a hack on SolarWinds Corp. and interfered with last year’s U.S. election.The U.S. also sanctioned a number of entities and individuals, while expelling 10 Russian diplomats working in Washington, including some intelligence officers.Yet the moves were calibrated by the U.S. to punish the Kremlin for past misdeeds while keeping relations from deteriorating further, especially as tensions grow over a Russian military buildup near Ukraine.In another sign of worsening relations between the two countries, Russia on Saturday accused a Ukrainian diplomat of stealing information and gave him three days to leave the country on Saturday, the news agency Interfax reported. Ukraine hinted it would respond in kind. Two days before announcing the sanctions, Biden offered to meet Russian President Vladimir Putin later this year, even as he warned his counterpart about a litany of transgressions.White House communications staff didn’t immediately offer a comment.For now, U.S. officials are waiting to see how Putin responds. On Friday, Russia expelled 10 American diplomats and imposed sanctions on eight officials in tit-for-tat moves that stopped short of responding to U.S. restrictions on its sovereign debt.Foreign Minister Sergei Lavrov told reporters in Moscow that Russia could take steps that harm the interests of U.S. businesses but will hold those in reserve for now.Market ImpactThe Biden administration is also watching global markets to see the impact of its latest measures, including on the ruble, and any shifts in foreign ownership of Russian ruble bonds, according to the people. Interest rate decisions by Russia’s central bank and capital flows will also provide important clues, they said.The Bank of Russia’s next interest rate decision is scheduled for April 23.Under the sanctions unveiled Thursday, the Biden administration will bar U.S. financial institutions from participating in the primary market for new debt issued by the Russian central bank, Finance Ministry and sovereign wealth fund. Those limits would take effect starting June 14.Russian bonds fell and the ruble dropped the most since December on news of the impending penalties, but recovered their losses on Friday as investors concluded that the measures were milder than had been feared.White House officials sought to limit the sanctions’ fallout for the U.S. and global financial system while sparing the Russian civilian population from unnecessary harm, the people said. The Biden team now hopes to begin de-escalating tensions and believe that would benefit financial markets and the Russian economy, one of the people said.Still, U.S. officials are holding in reserve other potential escalations, including moves aimed at preventing secondary market trading in any ruble debt for the first 90 days or more after issuance, the person said.(Updates with Russia expelling Ukraine diplomat in fifth 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.
Taiwan has never sought to use foreign exchange rates to gain an unfair trade advantage, the central bank said on Sunday, after the U.S. Treasury said Taiwan tripped thresholds for possible currency manipulation under a 2015 U.S. trade law. Taiwan's tech-focused exports have soared during theCOVID-19 pandemic because of global demand for laptops, tablets and other equipment to support the work-from-home boom, driving its trade surplus with the United States and jacking up the value of the Taiwan dollar.
In a new interview, BNY Mellon Wealth Management CEO Catherine Keating tamped down concern about inflation, saying the price hikes will be temporary. She pointed to two trends that predate the pandemic: an aging population and rising debt.
(Bloomberg) -- Investors betting against Treasuries -- or even just hiding out in cash waiting for lower prices -- just suffered a rough week, even after a robust slate of economic figures showed the rebound from the pandemic is gaining steam.The debate over the long-term outlook for the $21 trillion market is far from over. The bearish view has dominated in 2021, but it was just dealt a blow as Treasuries posted their biggest weekly rally since August. And some strategists see potential for yields to stage a brief foray to even lower levels.Ten-year yields tumbled to just above 1.5% Thursday, a stunning turnaround after the specter of a 2% breach swirled just a few weeks ago. The bond rally gained speed as evidence of robust international demand spurred some investors to exit short bets, a move that seemed to defy logic as it came amid an array of strong economic data.It doesn’t look like there’s much help straight ahead for the bears, with next week devoid of major data releases, Federal Reserve officials muzzled before their April 28 decision and geopolitical tensions brewing. What’s more, the fate of the next U.S. spending plan -- which may include a chunk of taxes -- is unclear, and the reopening push took a hit as regulators paused Johnson & Johnson’s Covid-19 vaccine rollout.“Lower yields, or even just no further pickup, seems to be the pain trade now,” said Chris Ahrens, a strategist at Stifel Nicolaus & Co. “A lot of financial institutions are very flush with cash and had been holding on and hoping for higher yields -- cheaper prices -- to come back into the Treasury market. Now they are being forced to buy Treasuries at higher prices.”After the worst quarter since 1980, the Treasuries market has gained around 1% this month, paring its 2021 loss to about 3.3%, according to Bloomberg Barclays index data through April 15.The 10-year note yields 1.58%, down about 20 basis points from the more than one-year high reached at the end of March. Hedge funds had been massive sellers of Treasuries since the start of January. With stocks surging of late, retail buyers have also been biased against bonds, pouring more cash into equity funds.Bullish ToneBut now there’s a bullish tone emerging in parts of the rate market, with demand surfacing for options targeting a drop in 5-year Treasury yields to as low as 0.55% ahead of their May expiry, and for the 30-year yield to sink to 2.1%. Those maturities yield 0.83% and 2.26%, respectively.Treasury yields could extend their decline, potentially taking the 10-year yield as low as 1.2% -- a level not seen since February, says Tom Essaye, a former Merrill Lynch trader who founded “The Sevens Report” newsletter.“The market is ignoring really good economic data now, so the thing that is going to get yields moving higher again is either a surprise pop in inflation or a bit of a hawkish turn in tone from the Fed,” he said by phone. “I don’t see either of those things happening in the very short-term. Longer-term, I still think yields are headed higher -- but we are in this weird position now where the Fed has essentially said they aren’t changing their opinion of things no matter what the data is.”Fed Chair Jerome Powell has said that while the economy appears to have turned a corner, central bankers aren’t in a hurry to remove monetary support. BlackRock Inc. the world’s biggest asset manager, is among those predicting the Fed will begin communicating plans to taper its bond buying in June.Granted, the bears can take solace in views that surfaced at the end of the week, suggesting it’s time to get short again. Mark Cabana, head of U.S. interest rates strategy at Bank of America Corp., said on Bloomberg TV on Friday that he’s been encouraging clients to use the “little rate rally” to reset short positions.The median forecast in a Bloomberg survey is for the 10-year yield to end the year at 1.86%.What to WatchThe economic calendar:April 21: MBA mortgage applicationsApril 22: Chicago Fed national activity index; jobless claims; Langer consumer comfort; leading index; existing home sales; Kansas City Fed manufacturing activityApril 23: Markit U.S. PMIs; new home salesThe Fed calendar is empty ahead of the April 27-28 policy meetingThe auction calendar:April 19: 13-, 26-week billsApril 20: 52-week billsApril 21: 20-year reopeningApril 22: 4-, 8-week bills; 5-year TIPSFor 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 two firms both plan to add significant computing power to their fleets throughout the remainder of the year.
(Bloomberg) -- An index of New York City regional service-sector firms expanded in April after declining for 13 straight months, marking the first signs of life in a key industry battered during the Covid-19 pandemic.The Federal Reserve Bank of New York’s service-sector survey index, which includes businesses such as hotels and restaurants, advanced to 30.2 from a negative 4.8 a month earlier, a report showed Friday. Figures above zero indicate expansion.After manufacturing activity started to rebound earlier in the pandemic, the latest data on service firms signal a return to widespread growth across industries.Employment moved higher among service firms in the New York metropolitan area for the first time since last March, as did future capital spending plans, as businesses expressed widespread optimism that conditions would continue to improve in the months ahead.While activity picked up, wage gains have been tepid over the last year, with an average rise of 1.6% for existing service workers. Almost 40% of them receiving no increase.Growth at New York state manufacturers expanded in April at the fastest pace since 2017, according to a report on Thursday. The manufacturing data also showed stronger orders and increased shipments, while a growing number of factories reported paying more for materials and charging higher prices.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.
(Bloomberg) -- Morgan Stanley surprised investors with a $911 million loss tied to the collapse of Archegos Capital Management, staining what was otherwise a record quarter for revenue and profit.“The current quarter includes a loss of $644 million related to a credit event for a single prime brokerage client, and $267 million of subsequent trading losses through the end of the quarter related to the same event,” Morgan Stanley said Friday in its first-quarter earnings statement.The hit was related to Archegos, Chief Executive Officer James Gorman said on a call with analysts. The CEO called the matter a “very complex event,” and said he was pleased with how the company handled it.The firm’s philosophy is to “cauterize bad stuff” and deal with it as quickly as possible, Gorman said. Archegos won’t change how Morgan Stanley views its prime-brokerage business, but it will be looking hard at certain types of family offices and the adequacy of their financial disclosures, he said.The Archegos hit leaves Morgan Stanley as the only major U.S. bank to be nursing losses from the flameout of Bill Hwang’s family office. The New York-based bank was one of the early backers of Archegos despite the legal taint tied to Hwang, who was previously accused of insider trading and in 2012 pleaded guilty to wire fraud on behalf of his predecessor hedge fund, Tiger Asia Management.“This amount is material and should have been disclosed earlier, especially given the degree of attention prior to earnings,” Mike Mayo, an analyst at Wells Fargo & Co., said in a note to clients. “We expect more from Morgan Stanley when it comes to governance, and are incrementally concerned about complacency based on the tone from today’s conference call.”Shares of the company fell 3.4% to $78.05 at 1:57 p.m. in New York, paring this year’s gain to 14%The Archegos collapse rattled investment banks across continents, with Credit Suisse emerging as the worst hit with almost $5 billion in losses from its exposure to the family office.In the wake of Archegos, Morgan Stanley’s equity traders gave up their No. 1 spot, falling behind Goldman Sachs Group Inc. and JPMorgan Chase & Co., which posted big trading wins earlier this week off a wild quarter for markets.Equities-trading revenue at Morgan Stanley nevertheless rose 17% to $2.88 billion, compared with the $2.6 billion average estimate of analysts surveyed by Bloomberg. Goldman Sachs and JPMorgan have been clawing away at Morgan Stanley’s lead in that business, but until now the firm has managed to stay ahead of the pack. Both rivals posted equities revenue in excess of $3 billion for the quarter.Gorman’s PayIn January, Gorman leaped past JPMorgan’s Jamie Dimon as the best-paid CEO of a major U.S. bank, after being awarded $33 million for the firm’s performance in 2020 while running a firm that’s a third the size of JPMorgan.One reprieve for Gorman’s firm was the timing of the fund’s blowup. In any other quarter, the losses would have stood out more starkly. Instead, the hit came at a time when the bank and all its major peers have smashed one record after another, helping dull the pain.“Such a shame we have to talk about the” Archegos hit, given the strong results throughout the rest of the firm, Glenn Schorr, an analyst at Evercore ISI, said in a report titled, “Other Than That, It Was a Great Quarter, Mrs. Lincoln.”Fixed-income trading revenue at Morgan Stanley rose 44% to $2.97 billion, compared with the $2.2 billion analysts were predicting before earnings season kicked off.Morgan Stanley’s investment bankers pulled in $2.61 billion in fees, compared to the $2 billion analyst estimate, as equity underwriting quadrupled. The quarter proved particularly lucrative with the continued explosion in blank-check companies, better known as SPACs, as well as public offerings from technology companies.Banks are also having to fend off fierce demand for their top talent, with venture-capital firm General Catalyst this month luring away Paul Kwan, Morgan Stanley’s head of West Coast technology investment banking.Wealth-management revenue totaled $5.96 billion, up from $5.68 billion in the previous quarter.The acquisition of E*Trade last year also proved timely, as average daily trading surged in the first quarter, well above its fourth-quarter record. The firm also announced the completion of the Eaton Vance takeover last month, adding another business likely to throw off consistent fee-based revenue.(Updates with analyst’s comment in sixth 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.
(Bloomberg) -- Europe’s late but accelerating vaccination push is allowing monetary officials to begin pondering an economic future free of the curse of the coronavirus.While European Central Bank policy makers will reiterate existing emergency stimulus settings with a horizon of March 2022 when they meet by video this week, the step-up in immunizations across the region has emboldened some of them to start a public discussion on what might happen when the pandemic no longer menaces the euro region.There’s a spectrum of views on that outlook. Dutch central bank Governor Klaas Knot favors tapering crisis bond purchases as soon as the third quarter, while his French colleague, Francois Villeroy de Galhau, cites March as a possible end date. President Christine Lagarde reckons monetary support will be needed “well into the recovery.”ECB officials know only too well that weaning financial markets off emergency stimulus is a fraught task. For now, they have the comfort of knowing that they still have time before any winding down of stimulus needs to begin, and in the meantime they can look across the Atlantic for a guide to the pitfalls.The Bank of Canada has already hinted that it might be one of the first Group of Seven institutions to start paring back monetary policy support. At the central bank’s next decision on Wednesday, officials may announce slower bond purchases, a policy shift that their counterparts in Frankfurt can only dream of for now.What Bloomberg Economics Says:“The ECB will no longer have to fret about rising government borrowing costs when it meets on April 22. A full assessment of the pace of asset purchases will not happen until June, but the tone of this week’s press conference may offer some hints on the debate to come. The hawks are likely to focus on the successful containment of bond yields and the economic recovery, while the doves will be more cautious.”--David Powell, senior euro-area economist. For full analysis, click hereElsewhere, central bankers in Russia, Israel and Indonesia also hold rate decisions and China follows up record-breaking GDP data with its high-profile Boao forum.Click here for what happened last week and below is our wrap of what is coming up in the global economy.U.S. and CanadaIn the U.S., investors will be watching for the latest reading of weekly jobless claims -- after they dropped to a new pandemic low -- to gauge whether upside momentum in the labor market is holding. Reports on manufacturing, services, new and existing homes sales are also due out.Officials at the Federal Reserve are in blackout ahead of their next policy meeting on April 27-28.If the Canadian central bank’s decision on Wednesday proceeds to detail next steps to pare bond purchases, such a roadmap would set policy apart from the neighboring U.S., where the Fed isn’t expected to attempt a so-called taper until next year.The BOC has been buying a minimum of C$4 billion ($3.2 billion) in government bonds each week, accumulating more than C$250 billion over the past year. That pace is likely no longer warranted with an outlook that appears to improving dramatically by the week, helped by a recovery in commodity prices and a robust housing market.Meanwhile, Canadian Prime Minister Justin Trudeau will make a pitch for tens of billions in additional spending to support the recovery.For more, read Bloomberg Economics’ full Week Ahead for the U.S.AsiaChina is signaling it’s open for business with the resumption of its high-profile Boao forum, where key leaders, senior government officials and business executives will discuss the economy’s outlook in a post-pandemic world. Among likely speakers are PBOC’s Governor Yi Gang, IMF Managing Director Kristalina Georgieva, Apple’s Tim Cook, Tesla’s Elon Musk and BlackRock CEO Larry Fink.Japanese export figures will offer an indication of how firmly world demand is recovering as the pandemic grinds on. Early April figures for South Korea will provide an even more up-to-date snapshot of the health of global trade, as will Taiwan export orders for March.Japan inflation numbers are still likely to show falling prices ahead of a Bank of Japan meeting the following week that is set to show inflation failing to reach 2% during Haruhiko Kuroda’s stint as governor.Indonesia is set to keep interest rates steady at Tuesday’s meeting.For more, read Bloomberg Economics’ full Week Ahead for AsiaEurope, Middle East, AfricaInitial data on economic activity in April will likely show the U.K.’s dominant services industry has rebounded strongly as larger parts of the economy reopened. The same can’t be said about activity in major euro-zone economies reeling under renewed restrictions.U.K. inflation, meanwhile, probably stayed well below the Bank of England’s target in the previous month.Read more: U.K. Economy Picks Up Steam as Hiring Restarts With Lockdown EndIsrael is expected to keep rates on hold at 0.1% on Monday as the central bank helps steer the world’s most-vaccinated economy out of lockdown. The central bank chief said the low long-term interest-rate policy will continue as long as there isn’t an unexpected inflationary surge, and the primary goal is to return to growth.Data on Wednesday will probably show that Ghana’s economy grew 1.3% in the fourth quarter after the country eased pandemic restrictions. In South Africa, inflation is forecast to accelerate to 3.3%, back within the lower bound of central bank’s target range.For more, read Bloomberg Economics’ full Week Ahead for EMEALatin AmericaLook for Brazil’s economic activity indicator posted Monday to show a second straight decline in February, which reflects the end of government aid to poor families, rising prices and a deadly new phase of the pandemic.Though well short of the crisis in Brazil, a new wave of the virus in Colombia likely undercut February’s economic activity index after a -4.6% print in January.In Mexico, a report out Thursday should put bi-weekly inflation up near a three-year high, pressured by core goods and energy. Analysts see Banxico holding at 4% this year, year-end inflation just above the 4% target ceiling with growth at a decade-high.The country’s unemployment rate probably held near a five-year high in March while retail sales data should betray significant slack in the economy.Don’t let Thursday’s report on Argentina’s economic activity –- it likely rose for a 10th month in February -- obscure the big picture: After three years of recession, more than 40% of the country has fallen into poverty, it’s cut off from credit markets, Covid-19 cases have spiked and inflation is surging.For more, read Bloomberg Economics’ full Week Ahead for Latin AmericaFor 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.
(Bloomberg) -- Bitcoin plunged the most in more than seven weeks, just days after reaching a record.The biggest crypto coin fell 8.5% to $55,810.32 as of 2:52 p.m. in Singapore on Sunday, after declining as much as 15.1% to $51,707.51. Ether, the second-largest token, dropped almost 18% before paring losses.Several online reports attributed the plunge to speculation the U.S. Treasury may crack down on money laundering that’s carried out through digital assets.Bitcoin hit a record high of $64,869.78 last week ahead of the debut trade for the cryptocurrency exchange Coinbase Global Inc. on the Nasdaq Wednesday. The original crypto coin, Bitcoin is valued at more than $1 trillion after a more than 800% surge in the past year.Bitcoin Approaches $65,000 With Coinbase Listing Fueling DemandGrowing mainstream acceptance of cryptocurrencies has spurred Bitcoin’s rally, as well as lifted other tokens to record highs. Interest in crypto went on the rise again after companies from PayPal to Square started enabling transactions in Bitcoin on their systems, and Wall Street firms like Morgan Stanley began providing access to the tokens to some of the wealthiest clients.That’s despite lingering concerns over their volatility and usefulness as a method of payment. Dogecoin, a token created as a joke and which has been boosted by the likes of Elon Musk and Mark Cuban, rallied more than 110% Friday before dropping the next day. Demand was so brisk for the token that investors trying to trade it on Robinhood crashed the site, the online exchange said in a blog post Friday.Governments are inspecting risks around the sector more closely as the investor base widens.Federal Reserve Chairman Jerome Powell last week said Bitcoin “is a little bit like gold” in that it’s more a vehicle for speculation than making payments. European Central Bank President Christine Lagarde in January took aim at Bitcoin’s role in facilitating criminal activity, saying the cryptocurrency has been enabling “funny business.”Turkey’s central bank banned the use of cryptocurrencies as a form of payment from April 30, saying the level of anonymity behind the digital tokens brings the risk of “non-recoverable” losses. India will propose a law that bans cryptocurrencies and fines anyone trading or holding such assets, Reuters reported in March, citing an unidentified senior government official with direct knowledge of the plan.Crypto firms are beefing up their top ranks to shape the emerging regulatory environment and tackle lingering skepticism about digital tokens. Bitcoin’s most ardent proponents see it as a modern-day store of value and inflation hedge, while others fear a speculative bubble is building.(Updates with regulators’ concerns from seventh 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.
For context, Armstrong's holdings in the crypto exchange has been estimated at north of $7 billion.
(Bloomberg) -- U.S. stocks ended the week at all-time highs as Chinese growth data added to signs of a global economic recovery. The dollar slipped.The S&P 500 Index capped its fourth straight weekly advance as the strong data from Asia joined a raft of robust readings in the world’s largest economy to boost sentiment. Chinese stocks outperformed in Asia after a report showed the nation’s economy soared in the first quarter. The Stoxx Europe 600 Index posted a seventh week of advances, its longest streak since May 2018.The data from Beijing added to Thursday’s string of positive economic figures out of the U.S., pushing the MSCI All-Country World Index to a fresh record. Treasuries extended their gains. Morgan Stanley became the latest American bank to post record first-quarter results.Along with healthy corporate earnings, the week’s dump of data gave fresh impetus to the reflation trade. In the U.S., retail sales and weekly jobless claims data signaled an accelerating recovery in the world’s biggest economy. Investors will look for further confirmation as the reporting season picks up pace next week, with about 80 S&P 500 members and more than 50 Stoxx 600 firms announcing.“In addition to earnings, there has been plenty of impressive data to digest indicating that the U.S. economy is firing up,” Fiona Cincotta, senior financial markets analyst at City Index, said. “With a strong vaccine rollout in addition to fiscal stimulus and loose monetary policy, the recovery is picking up pace. Despite the blowout data, U.S. treasury yields are heading lower suggesting investors have bought into the Fed’s low rates for longer mantra.”These are some of the main moves in financial markets:StocksThe S&P 500 Index climbed 0.4% as of 4 p.m. New York time.The Nasdaq 100 added 0.1%.The Stoxx Europe 600 Index jumped 0.9%.The MSCI Asia Pacific Index increased 0.3%.The MSCI Emerging Market Index gained 0.6%.CurrenciesThe Bloomberg Dollar Spot Index fell 0.1%.The euro jumped 0.1% to $1.1978.The British pound gained 0.3% to $1.3834.The onshore yuan was little changed at 6.52 per dollar.The Japanese yen was little changed at 108.76 per dollar.BondsThe yield on 10-year Treasuries fell one basis point to 1.57%.The yield on two-year Treasuries climbed less than one basis point to 0.16%.Germany’s 10-year yield advanced three basis points to -0.265%.Britain’s 10-year yield jumped three basis points to 0.762%.Japan’s 10-year yield increased less than one basis point to 0.093%.CommoditiesWest Texas Intermediate crude lost 0.5% to $63.14 a barrel.Gold strengthened 0.8% to $1,778.25 an 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.
The car company said it and LG Chem are building a production facility in Tennessee. Think of a Tesla Giga factory, GM style.
The IRS chief tells Congress the child tax credit payments will arrive on time after all.
On Friday, Keith Gill exercised his 500 GameStop call options to get 50,000 more shares at a strike price of $12, which is less than a tenth of the current stock price. What Happened: Keith Gill, the Reddit WallStreetBets trader, also bought 50,000 more GameStop Corp (NYSE: GME) shares, bringing his total investment to 200,000 shares worth more than $30 million. Gill — who goes by DeepF------Value on Reddit and Roaring Kitty on YouTube — is the man who helped inspire the GameStop short squeeze in January. On Friday, he shared a screenshot of his portfolio marked "final update" on the WallStreetBets subreddit. The screenshot showed nearly $34.5 million in his assets with $30.9 million of GameStop shares and $3.5 million in cash. The Wall Street Journal also reported Gill held more than $30 million in assets. Gill uploaded a video on YouTube entitled "Cheers everyone!" According to Gill's latest update on Reddit's r/WallStreetBets forum, his average price paid for GameStop shares is $55.17. Keith Gill gained fame amid Reddit's WallStreetBets craze. He has been posting about GameStop for a year and also making videos on YouTube. Gill found himself in the middle of the GameStop story after posting about large gains made from buying the stock before its 1,000% increase. Gill was registered as an agent with MML Investors Services LLC, a broker-dealer arm for Mass Mutual. Last month, the company filed a termination request with FINRA to remove Gill's broker license. In February, a class-action lawsuit was filed against Gill after the GameStop short squeeze. He appeared at a Congressional hearing in February regarding Reddit's influence on the market. The CEOs of Robinhood, Citadel and Melvin Capital also spoke at the hearing. Price action: GameStop closed Friday at $154.69. Image: Screenshot of Keith Gill's video See more from BenzingaClick here for options trades from BenzingaKorean EV Battery Suppliers To Ford, VW Reportedly Reach Agreement To Avoid Import DisruptionWhy Alibaba Just Got Hit With A Record .87 Billion Fine In China© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Dow hits new high, J&J asks other vaccine makers to investigate blood clots, and other news to start your day.
'Sell in May and go away,' advises the trading maxim. But with stocks at record highs, one trader at the New York Stock Exchange is recommending a related but different strategy.
All manner of weird things keep happening in financial markets, from bond yields that go down when they should go up, to near-daily swings between big-picture convictions. It's hard to manage money when everything feels so fragile.
(Bloomberg) -- Bank of America Corp. is poised to sell $15 billion of bonds, setting a fresh record for the largest bond sale by a bank just a day after rival JPMorgan Chase & Co. sold what was then the biggest such offering, according to data compiled by Bloomberg.Investors poured about $25 billion of orders into the deal, according to a person with knowledge of the matter, which will help BofA borrow at cheaper rates than it initially offered. JPMorgan raised $13 billion on Thursday.Major U.S. banks are pouncing on historically low rates to replenish capital and to get cheap funding and investors have responded enthusiastically. On Thursday, Goldman Sachs Group Inc. sold $6 billion of notes.Read more: Big Banks Pounce on Cheap Rates as They Bust Bond Market RecordsTreasuries rallied Thursday as JPMorgan and Goldman Sachs were selling debt, driving 30-year rates to the lowest since early March. Corporate bond yields are usually set in terms of their spread to U.S. rates.Bank of America joined other banking giants in reporting strong results from Wall Street operations on Thursday, with revenue from sales and trading rising 17% and equity underwriting fees more than tripling. The bank also released $2.7 billion in credit reserves.The longest portion of the six-part offering on Friday -- a 21-year security -- is set to yield 115 basis points above Treasuries, according to the person, who asked not to be identified as the details are private.Bank of America is the sole bookrunner on the sale, and the proceeds will be used for general corporate purposes, the person said.(Updates with deal size beginning in first 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.
Dogecoin was worth as much as $55 billion on Friday, nearly tripling on the day. At current levels, it’s worth about as much as Ford and Marriott.