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March 25 (Reuters) - Weichai Power Co Ltd:
* SAYS 2018 NET PROFIT UP 27.2 PERCENT Y/Y Source text in Chinese: https://bit.ly/2Fza8Mf Further company coverage: (Reporting by Hong Kong newsroom)
March 25 (Reuters) - Weichai Power Co Ltd:
* SAYS 2018 NET PROFIT UP 27.2 PERCENT Y/Y Source text in Chinese: https://bit.ly/2Fza8Mf Further company coverage: (Reporting by Hong Kong newsroom)
If approved, North America's third bitcoin ETF is planned for listing on Tuesday.
(Bloomberg) -- Italy’s billionaire Agnelli family agreed to buy a stake in French shoe and bag maker Christian Louboutin for 541 million euros ($640 million), expanding in the luxury industry.The family’s Exor holding company said Monday it’s acquiring a 24% stake and sees growth potential for the brand in China and in e-commerce. Exor will nominate two of Louboutin’s seven board members.Under the leadership of John Elkann, the Agnelli family’s investment company has been diversifying its investments in recent years as the founders of Fiat Chrysler expand beyond the car industry. Linking up with Louboutin, known for its signature red-soled women’s shoes, follows Exor’s 80 million-euro investment in Chinese luxury brand Shang Xia.Founded in 1991, Christian Louboutin has grown to operate 150 stores in 30 countries. Exor is stepping in as many shoe brands are suffering from the pandemic.“Formal footwear brands are difficult,” said Luca Solca, an analyst at Sanford C. Bernstein. “They are impacted by a secular casualization trend, of which sneakers are the epitome in the category, and they are difficult to expand into other product categories, as footwear’s average price is relatively low.”The Agnelli family owns 53% of Exor through a separate holding company named after Fiat founder Giovanni Agnelli that includes dozens of his descendants as investors. It also controls sportscar maker Ferrari NV, Juventus Football Club SpA and reinsurance business PartnerRe, as well as a stake in Stellantis NV, formed by the merger of Fiat Chrysler with PSA Group.The deal is expected to close in the second quarter of 2021.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 European Union’s latest offering of social bonds looks set to avoid the collapse of demand seen in recent sovereign debt sales.The bloc pulled in over 61 billion euros ($73 billion) of orders for a 9 billion-euro sale of 15-year debt via banks Tuesday, with the proceeds to be used to help fund a jobs program in the region. Still, it was about half as much as a previous deal for the same maturity in November. Since then global bonds have suffered a sharp selloff.“I take the swiftness of the process as a sign that there is no real challenge for the EU to get demand,” said Antoine Bouvet, senior rates strategist at ING Groep NV. “There might be more reluctance on the part of investors to put bids worth a multiple of the size they’re expecting to get.”The triple-A rated bloc has emerged as one of the most appealing new borrowers, after bidding for its first social bond smashed records last year and a sale in January saw strong demand. That comes as investors are still piling into debt linked to ethical goals, with Italy’s debut last week pulling in the biggest-ever green order book.The broader debt market has seen demand struggle at sovereign auctions, including for U.S. Treasuries and German bonds, sparking the selloff in recent weeks. The EU may have its own appeal, with its debt seen as a potential future rival asset to Treasuries.Treasury Traders Beware Auctions in March as Demand Litmus TestThe sales for its 100 billion-euro SURE social bond program are just a taster ahead of financing for its 800 billion-euro pandemic recovery fund.“There is strong appetite for its name out there,” said Piet Christiansen, chief strategist at Danske Bank A/S, who expects another social bond sale by the end of the month.The bloc cut pricing to 4 basis points below midswaps, from initial guidance of about 2 basis points below. While the order book is “huge,” even the EU is not immune to market repricing and it’s no longer a “one-way street” in terms of ever-tighter deal prices, said Michael Leister, head of rates strategy at Commerzbank AG.DZ Bank AG, HSBC Holdings Plc, NatWest Markets, Toronto-Dominion Bank and UniCredit SpA were appointed as joint lead managers. The EU’s sale of 15-year bonds in November attracted more than 114 billion euros of demand.(Updates with final terms of sale throughout, analyst comments.)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.
Shares of Hong Kong-listed Chinese photo editing app Meitu Inc rose as much as 14.4% on Monday morning after the company said it had bought $40 million of cryptocurrencies. The beauty-focussed technology firm said in a Sunday evening exchange filing that it bought $22.1 million worth of Ether, the world's second-largest cryptocurrency by market capitalisation, and $17.9 million worth of Bitcoin on March 5. Meitu is the latest company to say it will hold cryptocurrencies as part of its treasury operations.
(Bloomberg) -- India’s record foreign-exchange reserves and a rare current-account surplus look set to cushion the nation’s currency and bonds from a global surge in interest rates.While the central bank does have its hands full managing the government’s large debt issuance, strategists see the country in a much stronger financial position now than it was during previous bouts of turmoil in world markets. They cite the rupee, which has eked out a gain this year, defying the slump seen in most emerging-market currencies, and relative stability of India’s bonds.With reserves closing in on $600 billion and a current-account surplus forecast to exceed 1% of gross domestic product, talk of India as one of five fragile emerging markets has mostly faded away. When the description was coined during the taper tantrum in 2013, inflation in India was running at around 10%.Data due March 12 is projected to show consumer prices rising at less than half that level, and well below the 6.6% average of last year. Meanwhile, benchmark 10-year bond yields have largely been capped since last year by the central bank and the nation’s stocks continue to see foreign inflows.“India’s markets are likely to be relatively immune to higher U.S. yields in the weeks ahead,” said Mitul Kotecha, chief EM Asia and Europe strategist at TD Securities Ltd. in Singapore. “India has been a key beneficiary of equity inflows into Asia and we do not see outflows persisting.”Ahead of the CPI figures, here is a series of charts highlighting points of strength in India that have been cited by analysts.Stock InflowsIndian stocks have attracted about $6 billion of foreign inflows this year, the highest in emerging Asia after China, and well above those of the country’s erstwhile “Fragile Five” peers. The prospect of strong economic growth has been underpinned by an early start to India’s coronavirus inoculation campaign, aided by domestically produced vaccines.FX ReservesIndia’s central bank has added $127 billion to its foreign-exchange kitty since the beginning of January last year, the biggest increase among major Asian economies. At the current rate of accumulation, India is on course to pass Russia and take fourth place in global rankings for reserves, behind China, Japan and Switzerland. This large well of reserves should give authorities fire power to deal with any potential capital outflows driven by external shocks, according to Kaushik Das, chief India economist at Deutsche Bank AG in Mumbai.Current AccountIndia is expected to post a current-account surplus of 1.1% of GDP in the current fiscal year, along with a balance-of-payments surplus of $96 billion, according to Emkay Global Financial Serviced Ltd. While the current account may swing back to a small deficit next fiscal year, healthy capital flows may keep the balance of payments positive to the tune of $45-50 billion, helping to support the rupee, according to Madhavi Arora, lead economist at Emkay.Bond ReturnsIndia’s sovereign bonds offer more stable returns than many others in emerging markets, as measured against annualized 60-day volatility in benchmark 10-year securities. The Reserve Bank of India has made over 3 trillion rupees ($41 billion) of bond purchases this fiscal year and plans to buy at least that amount next year, according to RBI Governor Shaktikanta Das, which should help to curb gains in yields.Economic GrowthIndia’s economy is projected by the International Monetary Fund to grow 11.5% in 2021, a pace that is likely to be the fastest of any major economy, which also augurs well for inflows and the rupee.Below are are the key Asian economic data and events due this week:Monday, March 8: Japan balance of paymentsTuesday, March 9: South Korea balance of payments, Japan GDP, Australia NAB Business Confidence, Taiwan CPIWednesday, March 10: China CPI, PPI; RBA’s Lowe gives speech in SydneyThursday, March 11: New Zealand food prices and house sales, Japan PPIFriday, March 12: Philippines trade, India Feb. CPI and Jan. industrial production, Thailand forex reserves, Malaysia industrial productionFor 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.
Oil prices settled lower on Monday, retreating from a session peak above $70 a barrel after attacks on oil facilities in Saudi Arabia lifted prices that high for the first time since the COVID-19 pandemic began. Yemen's Houthi forces fired drones and missiles at the heart of the Saudi oil industry on Sunday, including a Saudi Aramco facility at Ras Tanura vital to petroleum exports. "The situation evaporated when it became obvious that there was no damage to the largest oil facility in the world," said Bob Yawger, director of energy futures at Mizuho.
Mar.07 -- Catherine Yeung, investment director at Fidelity International, discusses the prospect of rising inflation, President Joe Biden's $1.9 trillion Covid-19 relief plan and its implications for financial markets, and the opportunities she sees. She speaks with Rishaad Salamat on "Bloomberg Markets: China Open."
(Bloomberg) -- Eric Yuan, chief executive officer of Zoom Video Communications Inc., donated more than a third of his stake in the company, filings show.Yuan gifted almost 18 million shares of the conferencing-technology firm last week. The filings didn’t specify the recipient of the stock, which was owned by a Grantor Retained Annuity Trust, or GRAT, for which Yuan is a trustee.The shares were valued at about $6 billion, based on Friday’s closing price.The distributions are consistent with the Yuans’ “typical estate planning practices,” a Zoom spokesman said in a statement.Yuan, 51, joins other members of the world’s mega-rich who’ve been transferring stock recently -- including Hong Kong billionaire Li Ka-shing, who last month gave some of his Zoom holding to his businessman son Richard. Jeff Bezos, the world’s richest person, has been donating shares of Amazon.com Inc. in support of a $10 billion pledge made last year to combat climate change.Pandemic SurgeYuan became one of the world’s wealthiest people as demand for Zoom’s main product skyrocketed during the pandemic. The stock surged almost 400% last year, but has dipped 7.8% in 2021.He’s the world’s 130th-richest person with a pre-transfer net worth of $15.1 billion, according to the Bloomberg Billionaires Index, a $9.2 billion increase since last March. The company has also brought huge gains to other shareholders, including Tiger Global Management’s Chase Coleman and Taiwanese investor Samuel Chen. Li’s Zoom stake now represents almost one-fifth of his net worth. Born in China, Yuan was refused a U.S. visa eight times before finally prevailing and moving to Silicon Valley. An early employee of rival video-conferencing group WebEx Communications, he founded Zoom in 2011, inspired in part by the challenges of maintaining a long-distance relationship when he was in college.The Wall Street Journal reported the share transfer earlier Monday.(Adds that Li Ka-shing cut his Zoom holding in fifth paragraph, details about the stake in seventh)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.
And will you even get a payment this time, under the new limits the president agreed to?
Friday’s price action suggests the direction of the March U.S. Dollar Index on Monday will be determined by trader reaction to 92.310.
(Bloomberg) -- Tucked away among the Ford, Dodge and Chevy sedans, the 12,000-gallon storage container and the inoperable Caterpillar tractor being auctioned off by the U.S. government is an unusual item: 0.7501 of a Bitcoin.The U.S. General Services Administration typically uses its auctions to sell surplus federal equipment to the general public. With lot 4KQSCI21105001, which goes up for auction in a week, the government is offering an amount of Bitcoin worth about $38,000 at Monday’s price.The government doesn’t say where its surplus digital currency came from. And while it’s a far cry from the 30,000 Bitcoins auctioned off by the U.S. Marshals Service in 2014 after they were seized from the Silk Road marketplace, the GSA auction is one more indication of how Bitcoin is becoming more and more mainstream.On Wall Street, too, there is a newfound openness to the world’s most valuable digital currency: Custody banking giant Bank of New York Mellon Corp. said it will hold, transfer and issue digital currencies, while Mastercard Inc. announced plans to let cardholders transact in certain cryptocurrencies on its network. A Morgan Stanley unit known for picking growth stocks is considering adding Bitcoin to its possible bets and, last week, a person close to Goldman Sachs Group Inc. said the bank plans to reopen a trading desk for cryptocurrencies.The Bitcoins auctioned off by the U.S. Marshals Service in 2014 were estimated at the time to be worth about $19 million, though the winning bid -- by venture capitalist Tim Draper -- wasn’t disclosed. Those coins would be worth $1.5 billion today as the cryptocurrency’s price has skyrocketed to almost $51,000.The GSA auction is scheduled to be held from March 15 to 17.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.
Shares of AMC Entertainment Holdings Inc. soared Monday, as the "meme" stock's bounce from last month's plunge continued, after Wedbush analyst Michael Pachter doubled his price target ahead of the company's earnings report, citing an increasing optimism over the post-pandemic environment.
The U.S. Senate finally passed a $1.9 trillion COVID-19 relief bill over the weekend and stocks are broadly moving higher at the start of the week. The yield on the 10-year Treasury (BX:TMUBMUSD10Y) up 64 basis points this year through Friday, rose 2 basis points to 1.589% on Monday. After its biggest intraday comeback in a year at the end of last week, the tech-heavy Nasdaq Composite (COMP) was 0.9% down into afternoon trading after a volatile morning.
It's true: Hurrying with your tax return could put your relief money at risk.
With President Joe Biden's American Rescue Plan, your 2020 tax return has become a moving target.
Goldman Sachs didn't start ranking bitcoin versus global assets until late January, but its year-to-date return is double the next-closest competitor.
They have been trading longer than many adults, and are learning valuable lessons about investing early. MarketWatch speaks to four teenagers who are taking on the markets.
On March 8, David Tepper, the founder of Appaloosa Management, said during an interview with Joe Kernen of CNBC that the rise in interest rates on 10-year U.S. Treasury notes (BX:TMUBMUSD10Y) to a yield of about 1.60% signaled that a major risk for U.S. bonds and stocks was “off the table.” Tepper, whose predictions are closely watched by Wall Street, went on to say that the expected $1.9 trillion government stimulus would be a near-term catalyst for stocks, pointing to Amazon.com Inc. (AMZN) as especially attractive. Amazon’s shares fell 8.5% for the three-week period through the close March 5.
The US dollar is the most widely used and recognized currency worldwide. Central banks and governments hold US dollars as the primary exchange asset of their foreign exchange reserves. The dollar is the world’s reserve currency.
Hi tech is the cool kid of investment sectors, offering an unbeatable combination of cutting edge chic and long-term stock market returns. It’s understandable; our digital world has clearly passed a point of no return in the integration of tech with our daily lives. Tech companies, whether large or small, are clearly in a position to gain from this trend, offering the products and innovations that will facilitate and expand the growth of our high-tech footprint. Artificial Intelligence, or AI, is at the forefront the tech wave. AI systems, which allow machines to learn from experience, adapt to change, and process more information faster than ever before, are powering the evolution of tech. New AI systems are making possible autonomous vehicles, personalizing sales and marketing, and speeding up the networked systems that hold the digital universe together. From an investor standpoint, the companies that are building and using AI systems now are in position for gains in the near future. AI is here, and it’s only going to expand its presence. With this in mind, we’ve opened up the TipRanks database to get the scoop on three "Strong Buy" stocks, according to the analyst community, which are making profitable use of AI technology, and jockeying for position out of the gate. iCAD, Inc. (ICAD) We’ll start in the medtech segment, where iCAD produces solutions, including advanced image analysis, radiation therapy, and workflow to facilitate early identification and treatments for cancer. iCAD offers a comprehensive platform of hardware and software. The company’s ProFound AI Risk tool is an integrated platform that streamlines the diagnosis and treatment of breast cancer; the VeraLook platform uses similar advanced technology to improve image processing in the detection of colon polyps. Medical technology is in high demand, and iCAD’s AI-powered platforms take common diagnostic tools and improve their accuracy. It’s part of a natural trend in medtech, of greater integration of tools and treatments. The field, like much of the medical industry, is growth, and iCAD reported $10.5 million in revenues for 4Q20, a sequential gain of 47%, which was powered by a 70% sequential gain in product revenue from ProFound AI. Year-over-year, quarterly revenue was up 11%, and the ProFound AI sales, in particular, gained 21%. Covering this stock for Oppenheimer, analyst Francois Brisebois sees ProFound AI as powerful gainer for the company. "We believe growth investors will be rewarded over the years as ICAD gains further share in a growing TAM by providing transformative AI-driven breast cancer detection products as well as targeted, efficient, cancer therapy solutions (quality over quantity). We believe ICAD represents an attractive vehicle for investors looking for exposure to biotech innovation themes and AI data growth waves. Ultimately, while ProFound AI Risk is in its very early stages of launch, we believe it represents a great example of AI's potential in changing treatment paradigms," Brisebois opined. Unsurprisingly, Brisebois rates ICAD an Outperform (i.e. Buy) along with a $27 price target. This figure implies a 63% one-year upside. (To watch Brisebois’ track record, click here) The unanimous Strong Buy consensus rating on ICAD shares shows that Wall Street is in broad agreement with Oppenheimer’s analyst; there are 7 Buy-side ratings on ICAD shares. The $21.57 average price target implies an upside of 30% from the $16.55 trading price. (See ICAD stock analysis on TipRanks) Baidu, Inc. (BIDU) Not every high-end AI stock is based in the US. Shifting our view to China, we’ll take a look at Baidu, the Asian giant’s largest search engine. In fact, Baidu is the largest internet search platform in the world’s largest language, used daily by well over 1.3 billion people. Baidu has a massive userbase, and just because Western and Chinese internet systems aren’t interconnected doesn’t mean that Western investors should overlook BIDU stock. Baidu’s gains are driven by a series of initiatives. The company benefits, like Google, from placing targeted ads on the search platform, ads that are powered by AI software. In addition, Baidu has been expanding the potentialities of its AI, moving into cloud computing and autonomous vehicles. In the past year, the company has even begun launching an autonomous vehicle system, the 14-passenger Apolong bus, in Guangzhou. In February, Baidu reported 4Q20 earnings and revenues, with slightly mixed results. The top line revenues came in at $4.6 billion, just below the forecast of $4.7 billion, but was still up 12% year-over-year; EPS on the other hand, at $3.08, slipped 25% yoy despite beating the forecast by over 10%. Among BIDU's bulls is Fawne Jiang, a 5-star analyst with Benchmark, who writes: “BIDU is making great strides monetizing new AI initiatives including smart transportation and intelligent driving, which should fuel the Company’s longer-term growth. We believe BIDU is well positioned to grow into a meaningfully expanded TAM capitalizing on growth opportunities in cloud, smart transportation, intelligent driving and other AI initiatives.” In line with these upbeat comments, Jiang rates BIDU as a Buy, and sets a $385 price target that indicates confidence in a 65% upside potential. (To watch Jiang’s track record, click here) With 14 recent Buy ratings, opposed to only 4 Holds, the BIDU shares have earned a Strong Buy from the analyst consensus. The stock is selling for $232.68, and its $343.44 average price target implies ~48% upside from that level. (See BIDU stock analysis on TipRanks) Five9 (FIVN) Let’s look into the cloud now, where Five9 offers a scalable contact center platform using an AI cloud technology. Contact centers have been a successful growth segment in the past couple of decades, and cloud computing has changed the way we use software. AI, by making computers smarter and data analysis faster, more efficient, and more accurate, has revolutionized both; contact centers using AI ‘smart’ clouds can track and route calls, process information, and direct callers and service agents to each other faster for better results. In 4Q20, the most recent reported, the company showed 39% year-over-year growth in revenue, to $127.9 million – a company record. EPS, however, was negative, with the loss hitting 11 cents per share. This was an unfortunate turnaround from the 1-cent EPS profit posted in the year-ago quarter. On a more positive note, the company finished 2020 with $67.3 million in operating cash flow, up 31% from the prior year. Also of interest to investors, Five9 on March 4 announced that it has been selected as the cloud computing vendor for CANCOM, a leading UK IT company. The partnership makes Five9 the platform that CANCOM will use to expand its call center services, and gives Five9 a strong foothold in the European market. Weighing in for Craig-Hallum, 5-star analyst Jeff Van Rhee noted, “Digital transformations have been kicked into high gear by COVID and the genie is not going back in the bottle. In addition, FIVN has been very aggressive over the past few years moving to public cloud for the entire stack and layering in outstanding AI capabilities. Demand for AI was noted to be playing an extremely important role in many of the largest deals… there’s little doubt about the momentum, performance, and remaining opportunity for FIVN.” Van Rhee puts a Buy rating on the stock, along with a $215 price target implying a 40% one-year upside. (To watch Van Rhee’s track record, click here) Once again, we are looking at a Strong Buy stock. The analyst consensus rating here is based on 17 recent reviews, including 15 Buys and 2 Holds. Shares are trading for $153.81 and have a $202.31 average price target, making the 12-month upside ~32%. (See FIVN stock analysis on TipRanks) To find good ideas for AI 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.