U.S. gasoline stocks rose 309,000 barrels in the week to 234.9 million barrels, less than analysts’ expectations for a 786,000-barrel rise.
Major global stock indexes scaled new peaks on Wednesday after upbeat U.S. and European earnings pointed to a strong recovery from the coronavirus pandemic, while the dollar dipped to three-week lows as Treasury yields held below recent highs. High-flying growth stocks declined on Wall Street, sending the benchmark S&P 500 and Nasdaq lower in afternoon trade, while underpriced value stocks rose, lifting the Dow to a new record. U.S. import prices increased more than expected in March, lifted by higher costs for petroleum products and tight supply chains in the latest data to show inflation is heating up as economies reopen.
* Graphic: World FX rates https://tmsnrt.rs/2RBWI5E (Adds schedule for Biden remarks on Russia, details on U.S. data, comments from Fed's Daly, euro context, updates prices) By Karen Brettell NEW YORK, April 15 (Reuters) - The dollar index was little changed on the day on Thursday as investors balanced bullish data showing U.S. retail sales rose by the most in 10 months in March against a continued drop in U.S. Treasury yields. Dollar strength was capped, however, as Treasury yields dropped to one-month lows, reducing the relative attractiveness of the U.S. currency. The dollar index earlier on Thursday hit a one-month low of 91.487, before rebounding to 91.608, unchanged on the day.
The brand saw a social media backlash after a nurse claimed staff were being turned away for beauty treatments.
The direction of the NZD/USD on Thursday is likely to be determined by trader reaction to the short-term Fibonacci level at .7145.
Confidence among Japanese manufacturers rose to a more than two-year high in April, as strong demand in the electronics market and favourable exchange rate conditions boosted prospects for exporters, a Reuters poll showed on Friday. Manufacturers in the service sector were also slightly less pessimistic than the previous month, according to the Reuters Tankan poll, which tracks the Bank of Japan's (BOJ) closely watched tankan quarterly survey.
(Bloomberg) -- U.S. stocks jumped to record highs with retail sales and weekly jobless claims data signaling an accelerating recovery in the world’s biggest economy. Yields on benchmark 10-year Treasury notes dropped the most since February.The S&P 500 advanced to an all-time high, led by the real estate, health care and technology sectors. Financial shares declined with yields falling, even after Citigroup Inc. and Bank of America Corp. posted better-than-forecast trading revenue. The Dow Jones Industrial Average and the Nasdaq 100 indexes also reached all-time peaks.“The consumer is ready to go out and spend, after nearly a year of lockdowns from Covid-19,” said Vanessa Martinez, managing director and partner at The Lerner Group, a Chicago-based wealth management firm. “There is plenty of pent-up demand in the economy.”The ruble slid as the Biden administration imposed new sanctions on some Russian debt, individuals and entities in retaliation for alleged misconduct related to the SolarWinds hack and the U.S. election. Traders suggested international concerns may have helped fuel the rally in Treasuries, with many investors caught positioned for higher yields.“This continues to be one of the more confusing dynamics in markets at least right now,” said Michael Arone, chief investment strategist for the U.S. SPDR exchange-traded fund business at State Street Global Advisors. “I think part of it is that you saw the 10-year make a very rapid move over a very short period of time, so this could be a pause before it starts to move higher again.”Expectations of a strong economic recovery, combined with optimism over monetary and fiscal stimulus, have pushed equities to record levels this week as company reporting continues. Still, investors are closely monitoring developments on the vaccine rollout, while also keeping an eye on the threat from rising inflation.“We are probably entering the last stage of the pricing of the growth acceleration, and we see encouraging signs suggesting the ‘reflationary’ environment can continue and be supportive for risky assets in the near term,” Goldman Sachs Group Inc. strategists led by Alessio Rizzi wrote in a note. “Across assets we continue to prefer equity over credit, and favor a pro-cyclical stance within equity.”Elsewhere, Bitcoin gained and Coinbase Global Inc. fell even following news that three funds at Cathie Wood’s Ark Investment Management bought shares at Wednesday’s debut of the largest digital asset exchange. Oil edged higher in the wake of Wednesday’s surge.Some key events to watch this week:China economic growth, industrial production and retail sales figures are on Friday.These are some of the main moves in financial markets: StocksThe S&P 500 Index rose 1.1% to a record high as of 4:02 p.m. New York timeThe NASDAQ Composite Index rose 1.3%, more than any closing gain since April 5The Dow Jones Industrial Average rose 0.9% to a record highThe MSCI World Index rose 0.9% to a record highCurrenciesThe Bloomberg Dollar Spot Index fell 0.1%, falling for the fourth straight day, the longest losing streak since April 6The euro was unchanged at $1.20The British pound climbed 0.1%, rising for the fourth straight day, the longest winning streak since Feb. 24The Japanese yen climbed 0.2%, rising for the fourth straight day, the longest winning streak since Feb. 22BondsThe yield on 10-year Treasuries declined 8.1 basis points, more than any closing loss since Feb. 26Germany’s 10-year yield declined 3.2 basis points, more than any closing loss since April 1Britain’s 10-year yield declined 6.7 basis points, more than any closing loss since March 2CommoditiesWest Texas Intermediate crude rose 0.3%, climbing for the fourth straight day, the longest winning streak since Feb. 25Gold futures rose 1.7%, the most since March 30For 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 firm released $5.2 billion of credit reserves, bolstering EPS.
Bezos is committing the company to be “Earth’s Best Employer and Earth’s Safest Place to Work.”
(Bloomberg) -- D & Z Media Acquisition Corp., a special purpose acquisition company co-sponsored by Intercontinental Exchange Inc., is in talks to merge with Simplifi Holdings Inc., an advertising technology platform, according to people with knowledge of the matter.The SPAC is seeking to raise new equity to support a transaction that values the combined entity at $1.5 billion or more, said one of the people, who asked to not be identified because the matter isn’t public. Terms aren’t finalized and it’s possible talks could fall apart.Representatives for D & Z, Simplifi and private equity firm GTCR, Simplifi’s majority owner, declined to comment.Simplifi, which also does business as Simpli.fi, makes software that enables buyers of localized advertising to execute campaigns across various digital formats and devices. It says its platform is used by over 30,000 active advertisers including agencies, media groups, networks, and trading desks that collectively run 130,000 active daily campaigns.Simplifi is led by co-founders Chief Executive Officer Frost Prioleau and Chief Technology Officer Paul Harrison. The company recently bolstered its board with the appointment of Lynda Clarizio, a former Nielsen and AppNexus executive.D & Z is led by Chairman and CEO Betty Liu, a media entrepreneur and alumnus of both the New York Stock Exchange and Bloomberg TV. The blank-check firm raised about $288 million in a January initial public offering and said it would focus on finding a targets in the media and education technology sectors. Intercontinental Exchange and Navigation Capital Partners are co-sponsors of the SPAC, filings show.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.
An HSBC representative said the bank has “limited appetite to facilitate products or securities that derive their value from virtual currencies.”
Top news and what to watch in the markets on Thursday, April 15, 2021.
(Bloomberg) -- Alcoa Corp. reported first-quarter earnings that beat analysts’ expectations, with aluminum prices surging amid optimism that reopening economies will spur demand for everything from automobiles to airplanes to toasters.The biggest U.S. aluminum producer reported earnings before interest, taxes, depreciation, and amortization of $521 million, topping the $450.8 million average of six analysts’ estimates compiled by Bloomberg and the highest since 2018. Sales rose to $2.87 billion, the company said in a statement Thursday, compared with the $2.62 billion analysts had forecast.Shares of Alcoa have climbed six-fold from a pandemic low last year, with aluminum demand rising just as China’s push to cut carbon emissions spurs expectations that the Asian nation will curb aluminum-supply expansions. China is the world’s largest producer of the metal. Alcoa Chief Executive Officer Roy Harvey said last month that China is taking meaningful steps to rein in production, calling it a “game-changer” for the industry after years of gluts.The Pittsburgh-based company expects a strong 2021 based on continued economic recovery and increased demand for aluminum in all end markets, according to the statement.Benchmark aluminum prices surged 25% from the end of September through March, marking the biggest gain over that period since 2006.A resurgence in virus cases and vaccine shortages in some countries is hurting economic-growth prospects in regions including Asia. Federal Reserve Chair Jerome Powell said this week that while the U.S. economy appears poised for stronger growth, Covid-19 remains a threat.The earnings statement was released after the close of regular trading in New York, where Alcoa fell 1.7% to 32.84. The shares rose following the report.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) -- Taiwan Semiconductor Manufacturing Co. warned that a global shortage of semiconductors across industries from automaking to consumer electronics may extend into 2022, prompting the linchpin chipmaker to lift targets on spending and growth for this year.The world’s largest contract chipmaker said Thursday that its auto industry clients can expect chip shortages to begin easing next quarter, alleviating some of the supply disruptions that have forced the likes of General Motors Co. and Ford Motor Co. to curtail production. But overall deficits of critical semiconductors will last throughout 2021 and potentially into next year, Chief Executive Officer C.C. Wei told analysts on a conference call.TSMC now expects investments of about $30 billion on capacity expansions and upgrades this year, up from a previous forecast for as much as $28 billion, Chief Financial Officer Wendell Huang said. It foresees sales in the June quarter at a better-than-projected $12.9 billion to $13.2 billion, driving full-year revenue growth of 20% in dollar terms -- ahead of the “mid-teens” growth predicted in January.But the increased spending means its target for gross margins this quarter came in below expectations at 49.5% to 51.5%, spurring concerns about the longer-term impact on profitability. TSMC’s shares slipped 1.8% in Taipei on Friday, their biggest intraday loss in about three weeks.“The capex boost is a mixed bag with better long-term growth but lower margins,” Morgan Stanley analysts wrote.What Bloomberg Intelligence SaysLarge depreciation costs from new 5-nm production equipment may lower gross margin by 2%, while slower-than-expected production efficiency improvement implies that gross margin will continue to contract, possibly to under 50% in 2Q.- Charles Shum and Simon Chan, analystsClick here for the research.TSMC joins a growing number of industry giants from Continental AG to Renesas Electronics Corp. and Foxconn Technology Group that warned of longer-than-anticipated deficits thanks to unprecedented demand for everything from cars to game consoles and mobile devices. While Taiwan’s largest chipmaker has kept its fabs running at “over 100% utilization,” the firm doesn’t have enough capacity to satisfy all its customers and it has pledged to invest $100 billion over the next three years to expand.“We see the demand continue to be high,” Wei said. “In 2023, I hope we can offer more capacity to support our customers. At that time, we’ll start to see the supply chain tightness release a little bit.”Read more: See How a Chip Shortage Snarled Everything From Phones to CarsSemiconductor shortages are cascading through the global economy. Automakers like Ford, Nissan Motor Co.and Volkswagen AG have already scaled back production, leading to estimates for more than $60 billion in lost revenue for the industry this year. The situation is likely get worse before it gets better: a rare winter storm in Texas knocked out swaths of U.S. production, while a fire at a key Japan factory will shut the facility for a month. Rival chipmaker Samsung Electronics Co. warned of a “serious imbalance” in the industry.With major American carmakers and other gadget suppliers facing a prolonged shortage of chips, U.S. President Joe Biden has proposed $50 billion to bolster semiconductor research and manufacturing at home. The initiative could aid TSMC’s plan to build a cutting-edge fab in Arizona this year that could cost $12 billion.TSMC is “happy” to support chip manufacturing in the U.S., though research and development and the majority of production will continue to remain in Taiwan, executives said on Thursday. They reiterated that construction of their plant in Arizona will begin this year.Read more: Why Shortages of a $1 Chip Sparked Crisis in Global EconomyNet income for the January-March period climbed 19% to NT$139.7 billion ($4.9 billion), beating the average analyst estimate, buoyed by demand for high-performance computing (HPC) equipment and a milder seasonal effect on smartphone demand. Gross margin for the quarter eased to 52.4% from 54% in the three months prior, due in part to relatively lower levels of utilization and exchange-rate fluctuations. First-quarter revenue rose 17% to NT$362.4 billion, according to a company statement last week.The company said Thursday it now expects to be able to achieve the higher end of its compound annual growth rate target of 10% to 15% for the five years to 2025, citing its investment spending plans.“TSMC’s statement that the chip crunch may spill into 2022 will smooth over concerns that chip demand may fall on overbooking later this year and further boost investors’ confidence in the overall semiconductor demand in the long run,” said Elsa Cheng, an analyst at GF Securities.Shares of TSMC have more than doubled over the past year.TSMC’s most-advanced technologies continued to account for nearly half of revenue in the March quarter, with 5-nanometer and 7-nanometer processes contributing 14% and 35% of sales, respectively. By business segment, its smartphone business amounted for about 45% of revenue, while HPC increased to more than a third, reflecting sustained demand for devices and internet servers even as economies start to emerge from the pandemic.“We are seeing stronger engagement with more customers on 5-nm and 3-nm, in fact the engagement is so strong that we have to really prepare the capacity for it,” Wei said. Smartphones and HPC will be the main drivers for demand of 5-nm, which will contribute around 20% of wafer revenue this year.TSMC Is On Fire. Just Beware of the Flames: Tim Culpan(Updates with share action from the fourth 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) -- New Zealand’s central bank signaled it is in no rush to remove monetary stimulus, saying the outlook remains uncertain as the economy gradually recovers from the Covid-19 pandemic.The Reserve Bank’s monetary policy committee on Wednesday maintained its current stimulatory settings, holding the official cash rate at 0.25% and the Large Scale Asset Purchase program at NZ$100 billion ($71 billion). It reiterated it is prepared to lower the cash rate further if required.“The committee agreed that, in line with its least regrets framework, it would not remove monetary stimulus until it had confidence that it is sustainably achieving the consumer price inflation and employment objectives,” the bank said. “Given that uncertainty remains elevated, gaining this confidence is expected to take considerable time and patience.”Policy makers are assessing whether an expected pick-up in inflation this year will be sustained, and whether the labor market’s gradual recovery will be hurt by the possibility of a double-dip recession. At the same time, the government now requires the RBNZ to consider the impact of its decisions on New Zealand’s housing market, where soaring prices are raising concerns about widening social inequalities.“The New Zealand economy is evolving broadly in line with RBNZ expectations, and there’s time to see how more recent developments impact things,” said Sharon Zollner, chief economist at ANZ Bank New Zealand in Auckland. “The RBNZ is under no pressure to make any bold calls about how precisely things will turn out.”The New Zealand dollar rose after the statement. It bought 70.88 U.S. cents at 3:21 p.m. in Wellington, up from 70.60 cents beforehand.The RBNZ said the outlook for growth remains similar to the scenario it presented in its last statement in February. It said inflation is likely to exceed its 2% target “for a period” but this is likely to be temporary.“This outlook remains highly uncertain, determined in large part by both health-related restrictions, and business and consumer confidence,” it said. “The committee agreed that medium-term inflation and employment would likely remain below its remit targets in the absence of prolonged monetary stimulus.”New Zealand’s economy has enjoyed a V-shaped recovery from its pandemic-induced recession and the housing market is booming, turning attention to when the RBNZ might begin to remove stimulus. The jobless rate fell to 4.9% in the fourth quarter and the central bank in February forecast that inflation will accelerate to 2.5% by June, exceeding the midpoint of its target range.Double-Dip Recession?Still, the economy unexpectedly contracted 1% in the final three months of 2020 and economists see little or no growth in the three months through March, raising the prospect of a double-dip recession.Some analysts are tipping the RBNZ will explicitly start to reduce its bond buying later this year, with a minority already projecting rate rises in 2022. But others see the central bank on hold for a prolonged period after the government in March announced a raft of measures to cool the rampant housing market, including tax adjustments to curb investor demand.The RBNZ said the extent of the dampening effect of the government’s new housing policies on house prices, and hence inflation and employment, will “take time to be observed.”New Zealand will start to allow travelers from Australia to enter the country without undergoing quarantine from April 19, which may deliver some relief for a decimated tourism industry. But the border is expected to remain closed to all other foreigners throughout 2021, and the country won’t start mass immunization until the second half.“The planned trans-Tasman travel arrangements should support incomes and employment in the tourism sector both in New Zealand and Australia,” the RBNZ said. “However, the net impact on overall domestic spending will be determined by the two-way nature of this travel.”In late February, the government instructed the RBNZ to consider the impact on housing when it makes monetary and financial policy decisions. Specifically, the monetary policy committee will to need to explain regularly how it has sought to assess the impacts of its decision on housing outcomes, Finance Minister Grant Robertson said at the time.“The committee’s initial assessment is that stimulatory monetary policy is playing a role in lifting house prices,” the bank said today. “Other factors are also influencing house prices including: the impact of low global interest rates on all asset prices, constrained housing supply and infrastructure, land use regulations, tax policies and the broader recovery in aggregate demand.”(Updates with economist in fourth 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.
The IRS commissioner says the child credit payments will arrive on time after all.
The IRS sent out COVID-19 relief checks to nearly 2M more Americans, including over 700,000 'plus-up' payments for people eligible for more money.
(Bloomberg) -- The chief executive officer of AMC Entertainment Holdings Inc. said the movie-theater chain is once again “under attack” from short sellers after skirting bankruptcy during the Covid-19 pandemic.The volume of short sales -- bets that the stock will go down -- rose about 50% in March to 73.8 million shares, CEO Adam Aron said in a discussion with the social-media finance commentator Trey Collins. In a wide-ranging interview, he also touched on a proposal to raise new equity and praised the meme investors who bid the stock up to more than $20 a share in January.The shares have since retreated from that lofty level. But they rose as much as 9.4% on Thursday after Aron said he has no immediate plans to issue any of the 500 million new shares the company is asking shareholders to authorize. The company won’t seek to sell those shares in 2021 but rather in the coming years. Aron is seeking to carry out a long-term growth plan that could silence AMC’s doubters.“There are strategies we have that are very good for AMC, to come out of this pandemic, to rebuild this company,” Aron said. “But not only get back to where we were, I’d like to keep going. And I’d like to grow this company even more so.”Shirting CollapseAron also reflected on the difficult stretch the theater chain endured. In 2019, revenue averaged $450 million a month. It slumped virtually to zero a little over a year ago, after the pandemic forced theaters to close. The chain was weeks away from running out of cash at least five times, and has since restructured its finances, banking enough cash to last through most of 2021.Other theaters have succumbed to the Covid-19-struggle. ArcLight Cinemas and Pacific Theatres, two jointly owned California movie-theater chains, announced plans this week to close permanently, underscoring the still-tenuous state of the industry.If short-term funding needs arise, AMC has a prior authorization to sell 43 million new shares. Aron said that’s enough to get the company through the pandemic, but limits its growth opportunities. If investors at the May 4 annual meeting approve the plan for additional stock, he’ll gain flexibility to buy back debt at a discount or acquire another chain at an attractive price, which would counteract any dilution.The theater chain has about 450 million shares outstanding now, according to data compiled by Bloomberg. Aron’s remarks were included in a regulatory filing Thursday.Praise for TradersAron, who has long been known as outspoken, also praised the internet investors who see themselves as fighting against “conventional” market participants, like short sellers who profit when stock prices decline. He connected with Collins, who offers online investment commentary under the username Trey’s Trades, after his 30-year-old son saw a tweet that Collins had sent to his nearly 50,000 followers, known as “apes.”“My hat’s off to you,” Aron said. “I’m well aware that you have been talking about AMC a lot over the last few months and you have, you know, hundreds of thousands of subscribers, tens and tens of thousands of people watching your shows on the YouTube channel,” Aron said.“I actually work for you,” he said, “and for that reason it’s a special reason for me to engage with all of you.”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 investment comes a little over a week after Grayscale confirmed that it would convert GBTC into an ETF.
Federal tax returns are due May 17, but many people still need to pay their first quarter 2021 estimated tax payments April 15. Plus more tax tips.