How Is Neurocrine Biosciences' (NASDAQ:NBIX) CEO Paid Relative To Peers?

Bloomberg
Vingroup Said to Weigh $2 Billion U.S. IPO of Unit VinFast
(Bloomberg) -- Vingroup JSC is considering a U.S. initial public offering of its car unit VinFast that could raise about $2 billion, according to people familiar with the matter.The biggest carmaker in Vietnam is working with advisers on the potential offering that could take place as soon as this quarter, the people said. An offering could raise as much as $3 billion, said the people, who asked not to be identified as the information is private. The company is seeking a valuation of at least $50 billion after a listing, one of the people said.At $2 billion, VinFast’s IPO would be the biggest ever by a Vietnamese company after Vinhomes JSC’s $1.4 billion first-time share sale in 2018, according to data compiled by Bloomberg. The carmaker could also become the first Vietnamese company to list in the U.S. if successful.Shares in Vingroup climbed as much as 5.3% on Tuesday to a record high. They have risen 27% this year, giving the company a market value of about $20 billion.Details of VinFast’s IPO including size and timeline could change as deliberations are ongoing, the people said. A representative for Vingroup declined to comment.VinFast, founded by billionaire Pham Nhat Vuong, began delivering gasoline-powered autos to Vietnamese consumers with BMW-licensed engines in 2019. The carmaker plans a Vietnam roll-out of electric cars later this year and said last month it has received 3,692 local orders. The startup aims to deliver its first electric vehicles to the U.S., Canada and Europe next year and is looking to open a factory in the U.S.(Updates with Vingroup shares 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.
7h ago
CoinDesk
Market Wrap: Bitcoin Near $60K as Coinbase Listing Stirs Fresh Crypto Hype
The listing could spur newbie investors to try cryptocurrencies.
12h ago
Reuters
Asia shares bounce on strong China trade data
Asian stocks markets were broadly positive Tuesday after China's exports grew at a strong pace during March and imports rebounded giving investors heart that domestic demand is improving as part of the recovery from the pandemic. MSCI's broadest index of Asia-Pacific shares outside Japan was trading up 0.4% Tuesday after opening up less than 0.1% higher. In Australia, the S&P/ASX200 bucked the regional trend and was flat while Japan's Nikkei rose 1.1% in the afternoon session.
7h ago
FX Empire
US Dollar Posts Worst Week of the Year as Yields Drop on Dovish Fed Minutes
Helping to pressure the U.S. Dollar were higher-than-expected weekly initial claims, but this was somewhat offset by a jump in producer prices.
2d ago
Reuters
Gold retreats on firm dollar, yields; U.S. inflation data eyed
Gold prices fell on Tuesday as a stronger dollar and rising Treasury yields dented demand for the safe-haven metal ahead U.S. inflation data later in the day. Spot gold fell 0.4% to $1,725.15 per ounce by 0633 GMT. U.S. gold futures were also down 0.4% at $1,726.20 per ounce.
7h ago
Yahoo Finance
Stock market news live updates: Stocks pull back from record levels as investors await earnings
Traders took a pause after the S&P 500 and Dow logged fresh record highs last week.
13h ago
Bloomberg
Iron Ore Gains on China’s Import Surge as Focus Turns to Costs
(Bloomberg) -- Iron ore futures in China extended an advance as imports surged to a five-month high, signaling robust demand as the country grapples with rising commodity prices.Imports topped 100 million tons for the first time since October, with first-quarter volumes surging 8% from a year earlier, according to customs data released Tuesday. Steel product imports rose to the highest this year and steel exports jumped to the highest since 2017.Iron ore has rallied on tight near-term supply, and a surge in steel prices as China pushes to rein in the sector’s carbon emissions has boosted profitability at mills. While the latest trade data signals robust demand, investors are focused on the extent to which the country’s green push will restrict steel production. China also plans to strengthen controls on raw materials markets to help limit costs for companies amid a broader surge in commodity prices.While environmental regulations including production restrictions may weaken iron ore prices, the “downside is limited given relatively tight fundamentals in the global iron ore market,” China International Capital Corporation Ltd. said in a note.On the supply side, daily average iron ore exports from Brazil were 1.32 million tons in the first six business days of April, compared with 1.2 million in the same month last year. Shipments from Port Hedland rose to a nine-month high in March.Iron ore futures in Dalian rose as much as 0.9% before closing 0.8% higher at 1,022.5 yuan a ton, highest level since March 30. Futures in Singapore declined 0.3% to $166.15 a ton by 3:15 p.m. local time. Rebar and hot-rolled coil futures in Shanghai both rose over 2.6%.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.
2h ago
Reuters
US STOCKS-S&P 500, Dow dip ahead of earnings, inflation data
The S&P 500 and Dow Jones industrial average dipped below record levels on Monday as investors paused ahead of the start of the corporate reporting season and a key inflation report later this week. Among the 11 major S&P 500 sector indexes, communication services and energy shares were the steepest decliners.
14h ago
Bloomberg
Bond Traders Face Reflation Fight That Will Echo Around World
(Bloomberg) -- Bond traders searching for a chink in the armor of central banks are starting to look Down Under, where a likely showdown over yield-curve control is set to test the power of policy makers to contain the next wave of reflation bets.The global trading day for bonds begins in earnest in Sydney each morning, giving developments in Australia’s $600 billion sovereign debt market an out-sized impact on sentiment. It was the scene of a dramatic “flash crash” last year when the yield program was announced, illustrating the potential for turmoil.While the Reserve Bank of Australia has largely tamed markets since then, as the economy’s recovery strengthens, wagers against the RBA’s ability to keep yields lower look poised to rise.“If inflation expectations do start to un-anchor, then I think the RBA will be one of the first central banks to be tested by bond traders,” said Shaun Roache, an economist at S&P Global Ratings in Singapore. “The RBA is a canary in the coal mine for central banks as it is ahead in its labor market recovery.”The RBA brought short-sellers quickly to heel when the global bond rout emboldened them to test its grip on yield control in February. After weeks of aggressive positioning by traders, the bank nudged up the cost of speculating on rising rates and the yield on benchmark three-year bonds fell neatly back into line with its 0.1% target.But keeping the market at bay next time may prove more difficult, as vaccination campaigns gather pace in major economies and the U.S. recovery nears an “inflection point,” emboldening traders. Pressure is already apparent in Australia’s three-year swap rate, which is increasing the costs of managing interest-rate risks for corporate borrowers.If yield control fails in Australia, it may fade away as a potential option for other monetary authorities in need of more policy ammunition. Especially because yield control’s record in Japan -- the only other country to officially employ it -- is patchy.Pinning the rate of one key bond maturity has helped the Bank of Japan reduce borrowing costs in general and also allowed it to slow the pace of bond purchases. But it has come at a cost. The nation’s debt market is lambasted as dysfunctional and an economic recovery strong enough to revive inflation looks as far away as ever.Widening GapBeneath the surface, problems are building Down Under too. While the RBA has its thumb on one specific bond line, there is a large gulf between the yield on this security and those maturing slightly later. There’s also a widening gap to rates on the suite of derivatives linked to three-year yields that flow through into borrowing costs for companies and consumers.The three-year swap rate surged through February and March, rising to four times the RBA’s target for three-year bonds amid pressure from higher U.S. yields and a rebounding economy at home.Australia’s bond futures tell a similar story. The yield implied by three-year futures doubled in the two weeks to Feb. 26 and remains elevated, even after retreating from its high point.“Lack of liquidity, a central bank that’s digging its heels in -- all that, for us, means there’s going to be more volatility in Aussie rates,” said Kellie Wood, a fixed-income portfolio manager at Schroders Plc’s Australian unit. “The RBA has succeeded in terms of round one. But we are starting to see cracks,” said Wood, who expects the market to challenge the 0.1% target again.Stephen Miller, an investment consultant at GSFM, an arm of Canada’s CI Financial Corp., agrees that higher yields may arrive in Australia sooner than the RBA thinks. “It will be powerless if the U.S. curve shifts upwards and other rates markets follow,” said Miller.Not everyone is prepared to bet against the RBA.For Fidelity International’s Anthony Doyle, taking on the RBA may be a recipe for steep losses if past lessons from the European Central Bank and U.S. Federal Reserve are anything to go by.Nine years ago, then ECB President Mario Draghi vowed to do “whatever it takes” to save the euro, leading to quantitative easing and bond purchases that are still in place. The Fed said more than a year ago that it would buy unlimited amounts of Treasuries to keep borrowing costs at rock-bottom levels, and it’s still holding firm.Holding the Cards“I don’t think it’s ever wise to fight anyone that has a printing press,” said Doyle, a cross-asset investment specialist at Fidelity in Sydney. “The RBA as a house holds all the cards. If they want yields lower, they’ll get it.”This caution is shared by JPMorgan Asset Management’s Kerry Craig.For now, the central bank “definitely has enough dry powder,” said Craig, a strategist in Melbourne. But he is concerned that with monetary policy and markets around the world moving in sync, “you can only fight so much if U.S. rates or global rates go higher -- it’s going to drag Australian ones up.”Yet Governor Philip Lowe isn’t doing everything he could to damp doubts over the RBA’s resolve. His reluctance to make an early switch in the yield target to bonds maturing in November 2024, from ones due in April 2024, is fueling debate about how soon the policy could be wound back.Lowe said at the conclusion of the latest board meeting on April 6 that a decision would be made later this year, without being more specific. He also indicated that the RBA expected to maintain “highly supportive monetary conditions” until at least 2024, even though the number of Australians with a job has returned to pre-pandemic levels.“We don’t think they’ll extend yield-curve control” beyond the current April 2024 bond, said Wood, who warned of potential taper tantrums.Lowe’s February win against short sellers, and a slide in yields at home and abroad over recent weeks, has given the RBA space to breathe. But it’s likely only a matter of time before bond traders come back for round two.“Everybody’s watching how this is going to unfold,” said S&P’s Roache. “The RBA may not want this role, but it is taking quite a starring role I think among global central banks.”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.
4h ago
Bloomberg
Goldman’s Kostin Warns Biden Tax Plan Will Slash Earnings
(Bloomberg) -- Joe Biden’s tax hike proposals will deal a blow to corporate earnings growth next year, Goldman Sachs Group Inc. strategists warned, highlighting a headwind for U.S. equities following a rally that has pushed prices to record highs.The U.S. president wants to raise corporate income tax to 28% and set a 21% minimum levy on global corporate earnings. The ambitious package is set to face resistance in Congress, before a potentially revised version goes into effect next year.Goldman strategists including David J. Kostin write in a note that in the unlikely scenario that no tax reforms are adopted, the S&P 500’s annual earnings per share will grow by 12% to $203 next year. However, full adoption of the Biden proposals would cut growth to just 5% or $190.“Legislation will be heavily negotiated,” the strategists wrote, adding their current estimate for a 9% earnings per share growth assumes that taxes will rise. The strategists predict that a statutory rate hike to 28% would shave off $8 from EPS growth next year, the foreign income rate hike would cost $5, while a minimum corporate rate of 15% would erase $1.The president plans to meet with a bipartisan group of centrist lawmakers on Monday as part of his pitch to support initiatives that he said would address inequality, strengthen the U.S. economy and rebuild the country’s infrastructure. Centrist Democrats like West Virginia’s senator Joe Manchin have said that the current tax proposal goes too far.U.S. equity futures retreated on Monday, following a third straight week of gains and fresh records for the S&P 500 Index.While global stocks have rallied on the expectation that economies will rebound as vaccinations against the coronavirus progress, cash-starved governments are under pressure to raise corporate taxes following an unprecedented spending spree to cushion the blow from the steepest recession in living memory.The Biden administration has floated a proposal for a new international tax code that would hit as many as 100 global corporate giants with a levy on their revenue. A push by European Union members to tax more of the income on the countries where tech giants do business had been stalled, amid a pushback from Donald Trump’s administration.(Updates with breakdown of EPS cost in fourth paragraph, U.S futures update in 6th)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.
23h ago
Bloomberg
Business Sentiment Jumps to Third-Highest Ever in Canada
(Bloomberg) -- Business sentiment rose to near record levels at the start of 2021 on an improving outlook for both domestic and foreign demand, according to the Bank of Canada.The results its latest quarterly survey of executives show business conditions continuing to improve, with many firms no longer worried about pandemic uncertainty. Managers reported stronger sales outlooks, investment intentions and accelerating inflation expectations, though they indicated capacity constraints were slightly weaker at about historical averages. The central bank also highlighted, as it has been doing throughout the recovery, the unevenness of the rebound.The Bank of Canada’s composite gauge of sentiment rose to 2.9 in the first quarter, the highest since 2018 and the third highest score in data going back to 2003. That’s up from 1.3 in the fourth quarter and a decade-low of -6.9 at the height of the pandemic last year. The indicator hit a record of 3.0 in the second quarter of 2018.“Firms reported less uncertainty related to the Covid‑19 pandemic and strengthening demand from weak levels,” the central bank said in its summary of the findings. “Still, the recovery remains uneven, with firms tied to high-contact services facing ongoing challenges.”The results of the survey will only fuel expectations the Bank of Canada will start tightening its aggressive monetary policy stance as early as its April 21 policy decision, when it could begin slowing the pace of its government bond purchases. Separately, the central bank issued its quarterly survey of consumers that also found spending expectations at a record.The interviews in the Bank of Canada business outlook survey were conducted from mid-February to early March, before new economy-wide restrictions were imposed amid a third wave of Covid-19 cases. The data, though, do show signs businesses are adapting to containment measures, including a greater capacity for online sales, according to the central bank.Other HighlightsNearly two-thirds of firms indicate sales have reached or exceeded pre-pandemic levelsStill, some businesses in high-contact sectors are hurting. One‑fifth of managers said they don’t expect sales to return to pre-pandemic levels over the next 12 months60% of firms reported improving indicators of future sales, up from 41% at the end of last yearInvestment intentions are at record highs with 59% of managers saying they plan higher spending on machinery and equipment over the next 12 months.Only 6% of companies see lower employment levels over the next 12 months. 51% expect to increase staff, slightly down from 54% at end of last yearMore than half of firms see inflation at above 2%, the first time it’s past the 50% threshold since 2018The balance of opinion for both input and output price inflation is highest on record(Updates with consumer survey results in 5th 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.
18h ago
Reuters
Temasek, BlackRock partnership commits initial $600 million to fund firms reducing carbon
Singapore state investor Temasek Holdings and BlackRock, world's largest asset manager, said on Tuesday they have launched a partnership to invest in firms with products and technologies that will reduce carbon emissions. BlackRock and Temasek are committing a combined $600 million in initial capital to invest in multiple funds launched by the partnership, called 'Decarbonization Partners', which has a fundraising target of $1 billion for its first fund and will also raise third-party capital, the companies said in a joint statement.
7h ago
BBC
Goldmans backs office life with Birmingham tech hub
The investment bank is creating a new Midlands outpost which will eventually employ up to 500 staff.
2h ago
Bloomberg
Stocks Drop From Record Highs; Yields Edge Higher: Markets Wrap
(Bloomberg) -- U.S. stocks slipped from record highs while investors weighed the start of corporate earnings season and an influx of bond supply that loom as speedbumps to a roaring rally.Intel Corp. led tech shares lower after Nvidia Corp. said it’s offering the company’s first server microprocessors, extending a push into Intel’s most lucrative market. The S&P 500 dipped into negative territory in the wake of a third straight week of gains for the benchmark index. In Europe, the Stoxx Europe 600 Index weakened.Yields were mostly higher as the U.S. Treasury auctioned three- and 10-year notes at slightly lower demand than the previous sales of the securities. The government will offer 30-year bonds tomorrow.“We’re just kind of digesting,” said Marc Odo, client portfolio manager at Swan Global Investments. “This quiet period is just everyone digesting the first quarter and all of the news coming out of Washington about fiscal policy and monetary policy.”While the U.S. recovery is accelerating, parts of Europe and South America are beset by rising Covid-19 cases and troubled vaccination rollouts. The rotation toward cyclical and small-cap stocks appears to have stalled as well, prompting worry about the strength of the U.S. economic comeback at the start of earnings season.At the same time, massive government spending and central-bank stimulus could stoke excessive inflation. In an interview aired Sunday with CBS’s 60 Minutes, Federal Reserve Chair Jerome Powell sought to provide reassurance that any surge in price pressures won’t last.“Investors are concerned about the impact the proposed infrastructure bill will have on corporate profits,” said Chris Zaccarelli, chief investment officer for Independent Advisor Alliance. “If the corporate tax rate goes up by one-third from 21% to 28% then that will be a significant hit to earnings.”Elsewhere, oil rose with the dollar little changed. Bitcoin neared an all-time high before a listing by the largest U.S. cryptocurrency exchange.Some key events to watch this week:Banks and financial firms begin reporting first-quarter earnings, including JPMorgan Chase & Co., Citigroup Inc., Bank of America Corp., Morgan Stanley, Goldman Sachs Group Inc.U.S. officials and company executives are due to discuss the global shortage of computer chips on Monday.The U.S. releases inflation data Tuesday.Chinese trade data are scheduled for Tuesday.Economic Club of Washington hosts Fed Chair Jerome Powell for a moderated Q&A on Wednesday.U.S. Federal Reserve releases Beige Book on Wednesday.U.S. data including initial jobless claims, industrial production and retail sales come Thursday.China economic growth, industrial production and retail sales figures are on Friday.These are some of the main moves in financial markets: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.
13h ago
Reuters
Oasis Management says CVC's $20 billion offer Toshiba is too low
TOKYO (Reuters) -Hong Kong-based activist fund Oasis Management said on Tuesday CVC Capital's $20 billion proposal to take Toshiba Corp private was "far below fair value" and urged the Japanese conglomerate to seek other offers. The fund, an investor in Toshiba since 2016, said a price of more than 6,200 yen ($56.54) per share for Toshiba would be appropriate instead of a reported offer of 5,000 yen. Oasis joined U.S. hedge fund Farallon Capital Management, a leading shareholder, in asking Toshiba to seek multiple offers.
6h ago
CoinDesk
Galaxy Digital Files for US Bitcoin ETF
It's one of several such applications before the U.S. Securities and Exchange Commission.
20h ago
Reuters
Intel in talks to produce chips for automakers within six to nine months -CEO
The chief executive of Intel Corp told Reuters on Monday the company is in talks to start producing chips for car makers to alleviate a shortage that has idled automotive factories. Chief Executive Officer Pat Gelsinger said the company is talking to companies that design chips for automakers about manufacturing those chips inside Intel's factory network, with the goal of producing chips within six to nine months. Gelsinger earlier on Monday met with White House officials to discuss the semiconductor supply chain.
15h ago
Bloomberg
Microsoft to Acquire Nuance for $19.6 Billion in Health-Care Bet
(Bloomberg) -- Microsoft Corp. is buying speech-recognition pioneer Nuance Communications Inc. in an all-cash deal valued at $19.6 billion, gaining artificial-intelligence technology aimed at helping doctors predict patients’ needs and upgrading hospitals’ digital record-keeping.The software giant is offering to purchase Nuance at $56 a share, a 23% premium to Friday’s close, according to a statement Monday, which confirmed an earlier Bloomberg report. The deal marks Microsoft’s largest acquisition since LinkedIn Corp.The transaction value is derived by the $56 a share multiplied by about 350 million fully diluted shares of Nuance, including stock options and stock awards. The acquisition will decrease earnings by less than 1% in the year that begins July 1 and start to add to profit the following year, Microsoft said.Microsoft is tapping the company tied to the Siri voice technology to develop solutions that free doctors from note-taking and better determine health-care needs. It has been working with Nuance for two years on AI software that helps clinicians capture patient discussions and integrate them into electronic health records, and combining the speech technology company’s products into its Teams chat app for telehealth appointments.“The Nuance deal is a strategic no-brainer,” Wedbush Securities analyst Dan Ives wrote in a note Monday. It “fits like a glove into its health-care endeavors at a time in which hospitals and doctors are embracing next-generation AI capabilities,” Ives said, also praising Nuance Chief Executive Officer Mark Benjamin for leading a turnaround that has made his company a “unique asset” for Microsoft.Under Benjamin, Nuance has narrowed its focus and separated peripheral businesses, such as Cerence Inc., the automotive AI unit that was spun off two years ago. It also sold its imaging division to Thoma Bravo’s Kofax for $400 million, and zoomed in instead on partnerships with health-care providers and the biggest electronic medical records companies.Although the companies have partnered for two years, “together we can really bend the curve around health care – really improve the health outcomes and reduce costs,” Microsoft CEO Satya Nadella said in an interview. “Every provider, that’s what they want coming out of this pandemic, they want to look for a trusted partner, in this case the combination of Nuance and Microsoft, to help them.”Microsoft has been trying to make inroads into the health-care sector, selling more cloud software to hospitals and doctors. As AI software gets better at parsing language and predicting medical needs, Nuance and Microsoft may be able to develop technology that searches for certain words in health records to make better suggestions to doctors for patient care. The acquisition is likely to deepen competition between Microsoft and Amazon.com Inc. The retail giant in recent years has pushed to sell its cloud-computing services and Alexa voice software to health-care companies. And Amazon and Alphabet Inc.’s Google are both also investing heavily in the field of artificial intelligence.As of Friday, Nuance’s shares had climbed 3.4% this year, giving the company that laid the groundwork for the technology used in Apple Inc.’s Siri a market value of almost $13 billion. The gain still trailed the 9.9% jump in the S&P 500 Index, while Microsoft added 15%. Microsoft shares were little changed Monday in New York, and Nuance rose 17%.Microsoft expects the deal to close this calendar year, and Nuance’s Benjamin will join Microsoft, retaining the CEO title and reporting to Microsoft cloud chief Scott Guthrie. Nuance’s financial results will be included as part of Microsoft’s intelligent cloud unit.Nuance, whose products include Dragon speech-recognition software, had net income of $91 million on revenue of $1.48 billion for its fiscal year ending Sept. 30., after losing $217 million the previous year.Nuance already has partnerships with large electronic medical records companies like Epic Systems Corp. and Cerner Corp., and Microsoft plans to continue those, Nadella said. The goal is “absolutely not” to try to replace those companies, he said. “If anything we want to double down on our partnership with Epic and Cerner.”Nuance and Microsoft also plan to offer the Dragon Ambient Experience software, used to ease how clinicians document patient care, in other industries where AI tools to turn speech into records can be useful, Benjamin said.Microsoft has also been increasingly focused on health care. In May, the software maker unveiled a package of industry-specific cloud software, and has also hired executives with medical backgrounds and researching machine learning and AI tools for areas including clinical trials.“The more we worked together, the more we realized that we’re solving some of the greatest, most challenging and complex scenarios and speed matters,” Benjamin said in an interview.Coincidentally, one of Microsoft’s Boston-area offices is located right next to Nuance’s headquarters.Still ActiveWith a market value of $1.93 trillion, the most in the world after Apple, Microsoft remains active on the deals front.Last month, Bloomberg News reported that the software giant was in talks to acquire Discord Inc., a video-game chat community, for more than $10 billion. It also bought video-game maker Zenimax Media Inc. for $7.5 billion in cash in a deal that closed this year.The Nuance deal would rank as Microsoft’s second-largest acquisition, behind the 2016 LinkedIn purchase at an equity value of more than $26 billion, according to data compiled by Bloomberg. The company, which had more than $130 billion in cash and short-term investments at the close of last year, said it will continue its stock buyback program, despite spending cash on Nuance.Microsoft entered the artificial intelligence space decades ago with research projects and an early focus by co-founder Bill Gates on finding ways to make it easier for people to speak to computers using plain English.The Nuance purchase will complement efforts in recent years, where Microsoft has assigned thousands of employees to its AI work and released tools customers can use to build applications that understand and translate speech, recognize images and detect anomalies. The company views AI as a key driver of future sales of cloud services.(Updates with analyst’s comment 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.
11h ago
Bloomberg
Bond Yields Rise as U.S. Futures Steady Before CPI: Markets Wrap
(Bloomberg) -- Bond yields climbed and U.S. futures steadied as traders awaited inflation data, a Treasury auction and corporate earnings to assess the market outlook. Bitcoin hit a record.The yield on the 10-year U.S. benchmark headed back toward 1.7%, with rates across Europe rising in sympathy. Gains in European shares were led by tech shares, while most U.S. stock futures were little changed.Tuesday’s U.S. consumer-price data is being closely watched as the Federal Reserve has signaled it’s prepared to let the economy run hot to guide the rebound from the pandemic. Although policymakers at the U.S. central bank expect a bump in consumer prices to be short-lived, faster CPI threatens not only bonds but stocks with long-term horizons such as tech.“A jump in U.S. CPI today is well flagged, but it should be a wake up call to what we think will be stickier inflation in the coming months, if not years,” strategists at ING Groep NV including Padhraic Garvey wrote in a client note. “This would render the Fed’s position increasingly stretched.”“Policy-sensitive” five-year securities way be most vulnerable to a deeper selloff, according to the ING strategists. The Treasury plans to auction 30-year bonds Tuesday after sales of three- and 10-year notes attracted decent demand Monday.Meanwhile, Bitcoin jumped to an all-time high as the mood in cryptocurrencies turned bullish before Coinbase Global Inc. goes public. Oil rose toward $60 a barrel.Some key events to watch this week:Banks and financial firms begin reporting first-quarter earnings, including JPMorgan Chase & Co., Citigroup Inc., Bank of America Corp., Morgan Stanley, Goldman Sachs Group Inc.The U.S. releases inflation data Tuesday.Economic Club of Washington hosts Fed Chair Jerome Powell for a moderated Q&A on Wednesday.U.S. Federal Reserve releases Beige Book on Wednesday.U.S. data including initial jobless claims, industrial production and retail sales come Thursday.China economic growth, industrial production and retail sales figures are on Friday.These are some of the main moves in financial markets:StocksFutures on the S&P 500 Index were little changed at 9:40 a.m. London time.The Stoxx Europe 600 Index rose 0.2%.The MSCI Asia Pacific Index gained 0.2%.The MSCI Emerging Market Index was little changed.CurrenciesThe Bloomberg Dollar Spot Index was little changed.The euro sank 0.1% to $1.1898.The British pound rose 0.1% to $1.375.The onshore yuan was little changed at 6.548 per dollar.The Japanese yen was little changed at 109.34 per dollar.BondsThe yield on 10-year Treasuries jumped two basis points to 1.69%.The yield on two-year Treasuries gained one basis point to 0.17%.Germany’s 10-year yield rose one basis point to -0.29%.Japan’s 10-year yield decreased less than one basis point to 0.107%.Britain’s 10-year yield increased one basis point to 0.795%.CommoditiesWest Texas Intermediate crude climbed 0.2% to $59.82 a barrel.Brent crude increased 0.3% to $63.46 a barrel.Gold weakened 0.3% to $1,727.52 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.
24m ago
Bloomberg
A Key Oil Spread Heralds Rising Competition Among Suppliers
(Bloomberg) -- The battle for oil sales is set to become more intense as rising output from OPEC+ and the Middle East boosts the competitiveness of the region’s shipments, potentially forcing other suppliers to discount their barrels.The warning signs can be seen in the widening of a key price spread that’s used by traders to determine the affordability of cargoes from the Middle East against Brent-linked barrels. Right now, the gap is close to the widest in more than 16 months, and that doesn’t bode well for oil that’s priced against Brent.“There’s much cheaper crude, and a lot of it coming from the Middle East,” said Grayson Lim, a senior oil analyst at FGE. “Those Brent-linked cargoes will need to be offered at a huge discount for buyers in the region to snap up the barrels,” he said, referring to Asian users. “But if they’re heavily discounted, there’s a chance that Chinese buyers may come out to buy.”Earlier this month the Organization of Petroleum Exporting Countries and its allies decided to relax the deep production curbs that rescued prices from last year’s pandemic-driven collapse. The move will see more than 2 million barrels a day in supply restored in stages through to July amid expectations that the roll-out of vaccines will underpin further gains in energy consumption. So far, the plan has been defended by leading architect Saudi Arabia, with futures for Brent and West Texas Intermediate up almost a quarter this year.At the same time that the OPEC+ cartel is preparing to loosen off the taps, there have been continuous flows of clandestine Iranian oil to China. That -- plus planned maintenance of some North Sea fields, which will shrink the flow of Brent-linked barrels -- has pushed out the spread to the widest since late 2019, according to data compiled by Bloomberg.That’s a big reversal from just a few months ago. The so-called Brent-Dubai exchange of futures for swaps -- to give the marker its formal name -- showed Brent-Dubai at a small discount as recently as November. In October and September, Dubai-linked cargoes were also more costly on some days.The shift favoring Dubai-linked flows is likely to ripple through the market, prompting buyers to shop around and sellers to respond. In Asia, the widened spread means users will probably scoop up more affordable spot cargoes from the Middle East, unless oil from the Atlantic Basin and West Africa is slashed to stay competitive, according to traders who asked not to be identified.There may be signs of that already. Last week, Angola’s Sonangol Group again reduced the offer price for a Dated Brent-linked Saturno cargo for May, with the shipment eventually taken by China’s Unipec. Nigeria has also cut official selling prices of Qua Iboe and Bonny Light to the lowest since November.While Iran’s U.S.-sanctioned barrels aren’t counted under the formal OPEC+ quota system, the flows still contribute to downward pressure on Dubai-linked cargoes. The Iranian shipments taken by China reduce local demand for other spot cargoes. FGE estimates that Iran’s exports of crude, condensate and fuels could easily reach up to 2 million barrels a day in the coming months.Those flows will need to be accommodated alongside the additional barrels that OPEC+ now plans to push into the market over the coming months. Saudi Arabian Energy Minister Prince Abdulaziz bin Salman said last week that the alliance’s move to revive volumes was “a good decision.”“A wider spread is good for OPEC+ as it looks to recapture market share,” said Vandana Hari, founder of Vanda Insights in Singapore. Still, over time the differential will prove to be “self-correcting as Asian consumers will reduce their uptake of Atlantic barrels in favor of the Mideast sour, or the Atlantic discounts will widen.”(Adds comment from Vanda’s Hari in the final 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.
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Component	2019	2018	Proportion (2019)
Salary	US$725k	US$675k	8%
Other	US$8.7m	US$8.0m	92%
Total Compensation	US$9.5m	US$8.6m	100%

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