Hermed offentliggøres opdaterede prospekter for afdeling Linde & Partners Global Value Fond og afdeling Linde & Partners Dividende Fond i Investeringsforeningen Wealth Invest.
Hermed offentliggøres opdaterede prospekter for afdeling Linde & Partners Global Value Fond og afdeling Linde & Partners Dividende Fond i Investeringsforeningen Wealth Invest.
French automaker Renault will seek to generate more than 1 billion euros ($1.20 billion) in sales from the so-called "circular economy" by turning its Flins factory outside Paris into a research, recycling and repair centre, its boss told French weekly Journal du Dimanche. "Our ambition, by 2030, is to achieve more revenue (from recycling and repair at Flins) than from assembling cars there," said Luca de Meo, Renault's chief executive.
(Bloomberg) -- As London’s shops and pub gardens reopen for the first weekend in three months, funds targeting smaller U.K. companies are among the best performers in Europe thanks to a rally in domestic stocks that benefit from Britain’s vaccine rollout success.Among Western European stock funds with $200 million or more in assets, the majority of the 10 best performers this year are focused on U.K. small caps, according to data compiled by Bloomberg. The FTSE Small Cap Index has gained 14% in 2021 versus a rise of 11% for a benchmark tracking small stocks on euro-area exchanges.The nation’s markets are benefiting from a confluence of factors: Valuations had been depressed by the overhang of the U.K.’s departure from the European Union, and during the worst of the pandemic, when there was no economic growth, investors were will paying to pay a premium for the few companies that were enjoying rapid increases in sales. With the Brexit cloud removed and the economy rebounding as virus restrictions ease, investors are turning back to domestic stocks and those that are cheap relative to earnings.“The ability to generate a return in the U.K. market compared with the most other stock markets is very, very attractive,” said Gervais Williams, co-manager of the Premier Miton U.K. Smaller Companies Fund. Previously, the U.K. had been “very much out of fashion.”U.K. smaller companies are still inexpensive: The FTSE Small Cap sells for about 14 times estimated earnings for this year, compared to a multiple of 20.8 for the Euro Stoxx Small Index.“I’ve been investing since ‘85; I don’t think I’ve ever known this mismatch, this disparity,” said Williams, whose fund has returned 26% in 2021 with holdings including appliances retailer AO World Plc, chilled-storage provider Norish Plc and insurance investor Randall & Quilter Investment Holdings Ltd.Small caps are a traditional way of gaining exposure to the economic cycle, said James Athey, a money manager at Aberdeen Standard Investments.“That end of the company spectrum is, by far and away, most likely to have been heavily and negatively affected by lockdown, because you tend to be talking about companies that deal with these sort of parochial face-to-face services which have been essentially banned for most of this period,” Athey said by phone.English consumers have been splashing out in shops, pub gardens and hairdressers since Monday after venues were allowed to reopen following almost 100 days of being closed to control the spread of Covid-19. Britain also hit its target a few days ahead of schedule of offering a first coronavirus vaccine shot to all over-50s, as its inoculation campaign progresses faster than those of its continental neighbors.In many countries around Europe, meanwhile, restrictions remain in place, with France keeping open-air cafes closed until at least May 15 and Germany taking steps to allow the federal government to impose tighter restrictions.To be sure, it’s not just small-cap funds that are outperforming, with the continued interest in cheaper value stocks instead of high-growth companies also benefiting U.K. mid- and large-cap funds.The U.K. market, with its heavy weighting in commodity companies, is tilted toward value and cyclical shares.“There’s been a colossal rotation that we’ve been enormous beneficiaries of,” said Ian Lance, co-manager of Temple Bar Investment Trust Plc, which has returned 24% year-to-date with bets on stocks like postal group Royal Mail Plc, high street bank Natwest Group Plc and retailer Marks & Spencer Group Plc.Many of Temple Bar’s holdings were cheap even before the pandemic, so recent rallies don’t mean they are now overvalued, Lance said by phone.One issue with small caps is that they often play just one theme -- in many cases right now, the reopening -- leaving them vulnerable to any potential hiccups in the vaccine roll-out, Alexandra Jackson, manager of the Rathbone U.K. Opportunities Fund, said in an interview.Slightly larger companies that might prove to be less “binary” in that sense include Softcat Plc, a technology infrastructure group that also offers work-from-home tech, and construction retailers like Howden Joinery Group Plc and Grafton Group Plc, which should benefit from an elevated interest in home improvements even after people get used to post-lockdown life, said Jackson, whose fund is up 7.4% this year.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 Issa brothers have bought the British fast food chain Leon, which has more than 70 sites.
(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.
There's speculation about forgiving $10,000 or $50,000 per person, but no real plan yet.
Advocates and lawmakers say the crisis isn't over, and neither is the need for relief.
(Bloomberg) -- The mania that drove crypto assets to records as Coinbase Global Inc. went public last week turned on itself on the weekend, sending Bitcoin tumbling the most since February.The world’s biggest cryptocurrency plunged as much as 15% just days after reaching a record. It was down 7.7% at 56,169 at around 4:30 p.m. in New York. Ether, the second-biggest, dropped as much as 18% to below $2,000 before also paring losses to the 7% range. Binance Coin, XRP and Cardano each lost more than 12% at one point. Dogecoin, the token started as a joke, bucked the trend to jump more than 10%. The weekend carnage came after a heady week for the industry that saw the value of of all coins surge past $2.25 trillion amid a frenzy of demand for all things crypto in the runup to Coinbase’s direct listing on Wednesday. The largest U.S. crypto exchange ended the week valued at $68 billion, more than the owner of the New York Stock Exchange.“With hindsight it was inevitable,” Galaxy Digital founder Michael Novogratz said in a tweet Sunday. “Markets got too excited around $Coin direct listing. Basis blowing out, coins like $BSV, $XRP and $DOGE pumping. All were signs that the market got too one way.”Dogecoin, which has limited use and no fundamentals, rallied last week to be worth more than $50 billion at one point before stumbling Saturday. Demand was so brisk for the token that investors trying to trade it on Robinhood crashed the site a few times Friday, the online exchange said in a blog post.There was also speculation Sunday in several online reports that the plunge was related to concerns the U.S. Treasury may crack down on money laundering carried out through digital assets. The Treasury’s Financial Crimes Enforcement Network (FinCEN) said in an emailed response on Sunday that it “does not comment on potential investigations, including on whether or not one exists.” “The crypto world is waking up with a bit of a sore head today,” said Antoni Trenchev, co-founder of crypto lender Nexo. “Dogecoin’s 100% Friday rally was ‘peak party,’ after the Bitcoin record and Coinbase listing earlier in the week. Euphoria was in the air. And usually in the crypto world, there’s a price to pay when that happens.”Besides the “unsubstantiated” report of a U.S. Treasury crackdown, Trenchev said factors for the declines may have included “excess leverage, Coinbase insiders dumping equity after the direct listing and a mass outage in China’s Xinjiang province hitting Bitcoin miners.”Growing mainstream acceptance of cryptocurrencies has spurred Bitcoin’s rally, as well as lifting 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.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 attempt to get comment from Treasury 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.
Bitcoin prices sink into correction territory on Sunday, marking the sharpest slide for the digital asset since February, coming on the heels of what has been a remarkable stretch for the crypto industry.
U.S. stocks kept moving higher, ending the week with gains, after another volley of blue-chip earnings and more signs of economic growth.
The IRS commissioner now says the monthly payments to families will indeed start in July.
The U.S. has leveled sanctions on Russia over election interference and cyberattacks, including barring U.S. financial institutions from buying new domestically issued Russian government debt.
The amount represents roughly 1.5% of his holdings.
The Biden administration’s plan for a global minimum corporate tax risks backfiring on the US and West as the rise of consumers in India and China shifts sales to Asia, tax experts have warned. The US has proposed a minimum tax based on local sales, but the President has been cautioned that the shrinking influence of the West will mean revenues become concentrated in the developing giants in Asia within decades. Marvin Rust, head of European tax at Alvarez & Marsal, said: “Over time, as the Indians and the Chinese become more wealthy and middle class and their consumption rises, the effect of the policy would be a shift to tax revenues being collected in China and India. “You can see that the Chinese and Indians are not going to want this reversed once their populations become more prosperous… from a Western world perspective, there needs to be a bit of care about this.” The White House is attempting to win support for its plan that will seek to level the playing field in tax and clamp down on avoidance. Many European leaders have also backed the proposals for a global minimum tax on the biggest firms after seeking to clamp down on US tech giants in recent years. Matt Kilcoyne, deputy director of the Adam Smith Institute, said: “The concern is absolutely right, and it highlights well that Yellen is attempting to uphold a world that is rapidly ceasing to exist. Rising non-western states are not going to automatically accept the hegemony of the USA.” He added: “Demanding tax harmonisation risks pushing our old friends and countries we currently have issue with into the arms of one another while diminishing the West.” Economists expect tectonic shifts in the global economy to occur in the next few decades, with developing countries becoming far more powerful and wealthy. China and India’s economies are expected to catch up with the US in size, with Indonesia, Brazil, Mexico and Nigeria also climbing the rankings. The US wants to ramp up taxes on businesses to help pay for a jump in spending with Joe Biden eyeing an infrastructure investment boost. However, its plan may struggle to win the backing of countries that benefit from low business taxes. Bank of America estimates that 60pc of US multinationals’ income was booked in just seven tax havens in 2019, including Ireland, Switzerland and the Netherlands. That has risen sharply from 30pc in 2000.
Mortgage rates fall for a second consecutive week but fail to boost purchase demand, with inventories and rising prices leaving home buyers on the sidelines.
WASHINGTON (Reuters) -The U.S. Treasury Department on Friday said Vietnam, Switzerland and Taiwan tripped its thresholds for possible currency manipulation under a 2015 U.S. trade law, but refrained from formally branding them as manipulators. In the first semi-annual foreign exchange report issued by Treasury Secretary Janet Yellen, the Treasury said it will commence "enhanced engagement" with Taiwan and continue such talks with Vietnam and Switzerland after the Trump administration labeled the latter two as currency manipulators in December.
Bitcoin was last trading down 10% at $53,991 as of 1320 GMT, a whopping $12,000 below record highs set on Wednesday. Data website CoinMarketCap cited https://coinmarketcap.com/headlines/news/chinas-xinjiang-blackout-and-bitcoin-hashrate-correction-caused-btc-price-crasha blackout in China’s Xinjiang region, which reportedly powers a lot of bitcoin mining, for the selloff. Luke Sully, CEO at digital asset treasury specialist Ledgermatic, said in an email that people "may have sold on the news of the power outage in China and not the impact it actually had on the network".
Oil prices have risen significantly in Q1 of this year, but despite the improving environment, many oil and gas companies continue to face huge debt levels
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.
'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.
(Bloomberg) -- The unprecedented oil inventory glut that amassed during the coronavirus pandemic is almost gone, underpinning a price recovery that’s rescuing producers but vexing consumers.Barely a fifth of the surplus that flooded into the storage tanks of developed economies when oil demand crashed last year remained as of February, according to the International Energy Agency. Since then, the lingering remnants have been whittled away as supplies hoarded at sea plunge and a key depot in South Africa is depleted.The re-balancing comes as OPEC and its allies keep vast swathes of production off-line and a tentative economic recovery rekindles global fuel demand. It’s propping international crude prices near $67 a barrel, a boon for producers yet an increasing concern for motorists and governments wary of inflation.“Commercial oil inventories across the OECD are already back down to their five-year average,” said Ed Morse, head of commodities research at Citigroup Inc. “What’s left of the surplus is almost entirely concentrated in China, which has been building a permanent petroleum reserve.”The process isn’t quite complete. A considerable overhang appears to remain off the coast of China’s Shandong province, though this may have accumulated to feed new refineries, according to consultants IHS Markit Ltd.Working off the remainder of the global excess may take some more time, as OPEC+ is reviving some halted supplies and new virus outbreaks in India and Brazil threaten demand.Still, the end of the glut at least appears to be in sight.Oil inventories in developed economies stood just 57 million barrels above their 2015-2019 average as of February, down from a peak of 249 million in July, the IEA estimates.It’s a stark turnaround from a year ago, when lockdowns crushed world fuel demand by 20% and trading giant Gunvor Group Ltd. fretted that storage space for oil would soon run out.Stockpile SlumpIn the U.S., the inventory pile-up has effectively cleared already.Total stockpiles of crude and products subsided in late February to 1.28 billion barrels -- a level seen before coronavirus erupted -- and continue to hover there, according to the Energy Information Administration. Last week, stockpiles in the East Coast fell to their lowest in at least 30 years.“We’re starting to see refinery runs pick up in the U.S., which will be good for potential crude stock draws,” said Mercedes McKay, a senior analyst at consultants FGE.There have also been declines inside the nation’s Strategic Petroleum Reserve, the warren of salt caverns used to store oil for emergency use. Traders and oil companies were allowed to temporarily park oversupply there by former President Trump, and in recent months have quietly removed about 21 million barrels from the location, according to people familiar with the matter.The oil surplus that gathered on the world’s seas is also diminishing. Ships were turned into makeshift floating depots when onshore facilities grew scarce last year, but the volumes have plunged, according to IHS Markit Ltd.They’ve tumbled about by 27% in the past two weeks to 50.7 million barrels, the lowest in a year, IHS analysts Yen Ling Song and Fotios Katsoulas estimate.A particularly vivid symbol is the draining of crude storage tanks at the logistically-critical Saldanha Bay hub on the west coast of South Africa. It’s a popular location for traders, allowing them the flexibility to quickly send cargoes to different geographical markets.Inventories at the terminal are set to fall to 24.5 million barrels, the lowest in a year, according to ship tracking data monitored by Bloomberg.For the 23-nation OPEC+ coalition led by Saudi Arabia and Russia, the decline is a vindication of the bold strategy they adopted a year ago. The alliance slashed output by 10 million barrels a day last April -- roughly 10% of global supplies -- and is now in the process of carefully restoring some of the halted barrels.The Organization of Petroleum Exporting Countries has consistently said its key objective is to normalize swollen inventories, though it’s unclear whether the cartel will open the taps once that’s achieved. In the past, the lure of high prices has prompted the group to keep production tight even after reaching its stockpile target.Mixed BlessingTo consuming nations the great de-stocking is less of a blessing. Drivers in California are already reckoning with paying almost $4 for a gallon of gasoline, data from the AAA auto club shows. India, a major importer, has complained about the financial pain of resurgent prices.For better or worse, the re-balancing should continue. As demand picks up further, global inventories will decline at a rate of 2.2 million barrels a day in the second half, propelling Brent crude to $74 a barrel or even higher, Citigroup predicts.“Gasoline sales are ripping in the U.S.,” said Morse. “Demand across all products will hit record levels in the third quarter, pushed up by demand for transport fuels and petrochemical feed-stocks.”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.