Hedge fund billionaire Steven Cohen is reportedly in talks to purchase a majority stake in the New York Mets major league baseball team. The deal has not been completed yet as Cohen awaits approval from MLB owners.
Hedge fund billionaire Steven Cohen is reportedly in talks to purchase a majority stake in the New York Mets major league baseball team. The deal has not been completed yet as Cohen awaits approval from MLB owners.
Goldman Sachs is looking for billions of more dollars to be funneled into the stock market by households in the wake of the new COVID-19 relief bill.
(Bloomberg) -- The bearish mood prevailing in China’s stock market is proving a match even for state-backed funds, and casting a cloud over the Communist Party’s biggest annual political event.The CSI 300 Index closed about 2.2% lower despite evidence that state-backed funds had intervened to shore up the market in morning trading. The news earlier helped the gauge erase losses of as much as 3.2%, before declines resumed in the afternoon. Kweichow Moutai Co., the stock that’s become an indicator of sentiment in China’s mutual fund industry, fell 1.2%.The funds, known as China’s “national team,” had stepped in order to ensure stability during the National People’s Congress in Beijing, according to people familiar with the matter. A Hong Kong-based trader, who declined to be identified discussing client business, said entities linked to mainland funds were actively buying shares through stock links with Hong Kong Tuesday morning.The CSI 300 has now plunged more than 14% from its Feb. 10 high in the biggest loss among global benchmarks tracked by Bloomberg. Declines have been led by the champions of the recent rally such as Moutai, which has fallen 26%.The China Securities Regulatory Commission, which regulates the securities industry, didn’t immediately reply to a fax seeking comment on whether state funds were behind Tuesday’s moves.Historically, Beijing has supported markets when needed around significant events or dates. On Friday, the first day of the NPC, the CSI 300 ended the day down 0.3% after falling as much 2%. Evidence of intervention includes buying through trading links with Hong Kong.Authorities had in many ways encouraged the recent correction in stocks after the CSI 300 briefly surpassed its closing record last month. Officials repeatedly warned of asset bubbles and said that curbing risks in the financial system was this year’s key policy goal. Moutai, for instance, had surged 30% this year to be worth more than $500 billion, making it one of the world’s most valuable stocks.With the CSI 300 entering a correction on Monday, and dropping below its 100-day moving average for the first time since May, it’s likely authorities decided the rout had removed enough froth. Slumps of 10% or more in the CSI 300 have occurred twice in the past two years, before the index bounced back each time. The Communist Party, which has long sought to cultivate a ‘slow’ bull market in equities, will need to do more to restore sentiment this time.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) -- 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.
(Bloomberg) -- The Nasdaq 100 Index led a surge in U.S. equity futures and bonds rebounded from Monday’s selloff.Contracts on the tech-centric Nasdaq 100 rose 2.5% while those on the S&P 500 advanced more than 1%. Shares in Tesla were up 5.7% in premarket trading, while Cathie Wood’s flagship exchange-traded fund Ark Innovation ETF, which has Tesla as its largest holding, gained 4.9%. Both are set to open higher after five straight days of declines.Markets have been gripped by volatility in tech stocks this week and the Nasdaq 100 has fallen 11% from an all-time high. Tuesday’s moves veered back to risk-on, with the dollar weakening and stocks from Asia and Europe also notching gains.Investors will be closely watching Treasury sales in the coming days, with the U.S. planning three debt auctions totaling $120 billion. The sales will test appetite for the safest debt after last month’s poorly bid auctions sent shockwaves throughout global markets and short bets climbed to a record.Prospects of accelerating growth have driven up borrowing costs in recent weeks, raising the specter of inflation and unsettling tech stocks with long-term growth horizons.But Treasury Secretary Janet Yellen offered reassurance Monday, suggesting such fears are overblown. She has repeatedly rejected concerns that U.S. fiscal stimulus is excessive given the economy’s signs of recovery, and that runaway inflation could damage the economy.“I really don’t think that’s going to happen,” she told MSNBC. Inflation before the pandemic “was too low rather than too high,” she noted.Yellen Says Stimulus Unlikely to Cause Inflation ProblemElsewhere, Bitcoin was steady around $54,000 after hitting a two-week high on more signs of institutional interest. Oil hovered around $65 a barrel.Here are some key events to watch:EIA crude oil inventory report is due WednesdayThe U.S. February consumer price index will offer the latest look at price pressures Wednesday.The U.S. government auctions 3-, 10- and 30-year Treasuries this week.The European Central Bank holds its monetary policy meeting and President Christine Lagarde is set to do a briefing Thursday.StocksFutures on the S&P 500 Index advanced 1.1% as of 6:58 a.m. New York time.The Stoxx Europe 600 Index gained 0.6%.The MSCI Asia Pacific Index increased 0.5%.The MSCI Emerging Market Index climbed 0.1%.CurrenciesThe Bloomberg Dollar Spot Index sank 0.5%.The euro jumped 0.5% to $1.1904.The British pound jumped 0.4% to $1.3876.The onshore yuan strengthened 0.2% to 6.512 per dollar.The Japanese yen strengthened 0.1% to 108.77 per dollar.BondsThe yield on 10-year Treasuries declined six basis points to 1.53%.The yield on two-year Treasuries decreased less than one basis point to 0.16%.Germany’s 10-year yield fell five basis points to -0.33%.Japan’s 10-year yield increased less than one basis point to 0.127%.Britain’s 10-year yield declined five basis points to 0.709%.CommoditiesWest Texas Intermediate crude climbed 1.2% to $65.85 a barrel.Brent crude increased 1.4% to $69.21 a barrel.Gold strengthened 1.5% to $1,709.43 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.
(Bloomberg) -- The Chinese yuan erased all its gains against the dollar this year, the latest to fall prey to the Treasury-led global market selloff.The onshore yuan weakened as much as 0.5%, falling past the 6.5283 per dollar level it closed at last year. At its January peak, it was up 1.6% from 2020 as the economy rebounded and investors poured money into the Chinese bond market.Optimism over a global recovery from the pandemic has morphed into concerns that central banks will withdraw stimulus quicker-than-expected, leading to higher bond yields. This latest bout of market selling was spurred by the U.S. stimulus package and better Chinese exports data.“Surging U.S. Treasury yields and a USD rebound are pressuring EM Asia currencies including the renminbi,” said Ken Cheung, chief Asia currency strategist at Mizuho Bank Ltd in Hong Kong. “Foreign investors may have started to trim their emerging-market asset exposure and repatriate capital back into dollars. We turn more cautious on the CNY outlook in the near term.”Monday’s rout across markets picked up pace as Treasury 10-year yields hit 1.61%, nearing Friday’s high. A Bloomberg gauge of the dollar’s strength gained as much as 0.5% to its highest in almost four months.Trading volumes for onshore yuan rose to $48.9 billion on Monday, the highest level in over two months. Some bank clients who were previously hoarding dollars were selling off positions at higher prices, according to China-based traders, who asked not to be identified as they’re not authorized to speak publicly.The traders added they also received a higher volume of requests for forward prices on the greenback, including from clients who had just signed import orders and were looking to lock in foreign-exchange rates to guard against further yuan depreciation risks.China’s main stock benchmark entered a correction on Monday, with concerns over liquidity conditions and lofty valuations in some stocks fueling bearish sentiment.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.
Spot gold fell 0.7% to $1,689.87 per ounce by 1523 GMT, after hitting its lowest since June 8 at $1,683.68 earlier. The dollar climbed to a three-month peak, while the U.S. 10-year Treasury yield held close to a more than one-year high, increasing the opportunity cost of holding gold, which pays no interest. "We have an economy that is recovering and inflation is materializing; that ultimately means that yields have room to move higher," said Bart Melek, head of commodity strategies at TD Securities, adding that gold could fall further towards $1,660 as a result.
(Bloomberg) -- The U.S. and China are pursuing divergent economic policies in the aftermath of the coronavirus recession in a role reversal from last time the world economy was recovering from a shock.One of the takeaways from the annual National People’s Congress under way in Beijing is a conservative growth goal, with a tighter fiscal-deficit target and restrained monetary settings. That’s a big contrast with Washington, where President Joe Biden is preparing a second major fiscal package after he gets final approval for his $1.9 trillion stimulus.The widening policy divergence is putting strains on exchange rates and could potentially reshape global capital flows. It stems, in part, from different policy lessons from the 2007-09 crisis.A stunted and choppy U.S. recovery left key Democrats concluding it’s vital to “go big” on stimulus and keep it flowing. For monetary policy the moral was: “Don’t hold back” and “don’t stop until the job is done,” Federal Reserve Chair Jerome Powell said last week.China’s leaders have a different take. A massive unleashing of credit growth back then led to unused infrastructure, ghost towns, excess industrial capacity and an overhang of debt. While rapid containment of the pandemic meant the economy didn’t need as much help in 2020, President Xi Jinping and his team are now winding things back to re-focus on longer-term initiatives to strengthen the technology sector and tamp down debt risks.“Each learned a lesson from the previous episode, and so it is kind of a swap of positions,” said Nathan Sheets, head of global economic research at PGIM Fixed Income and a former U.S. Treasury undersecretary for international affairs. The policy mix now makes “a compelling case for renminbi appreciation,” Sheets said.That’s a view that’s widely shared: the median forecast in a Bloomberg survey is for a strengthening to 6.35 against the dollar by the end of the year, from 6.5114 in Shanghai late Tuesday.One of China’s financial regulators, Guo Shuqing, highlighted in a briefing just days before the opening of the annual legislative gathering that high leverage within the financial system must continue to be addressed. Guo pointed to worries about inflated property prices and the risk of overseas money pouring in to take advantage of the premiums China’s assets offer. He also indicated the nation’s lending rates will likely go up this year.What Bloomberg’s Economists Say...“China is increasingly shifting its attention from pandemic recovery to managing the economy in more normal conditions.”--Chang Shu, chief Asia economistFor the full report, click hereWhile U.S. Treasury yields have surged recently, 10-year rates remain less than half those in China, where the central bank has forsworn Western-style zero interest rates or quantitative easing.“Unlike many of its peers, including the Fed, China’s central bank has continued to calibrate its policy partially with a view to prevent an excessive rise in asset prices,” said Frederic Neumann, co-head of Asian economics research at HSBC Holdings Plc in Hong Kong. Confronted with currency-appreciation risks, China will be hoping for a “well-timed exit from the Fed’s ultra-ease stance.”That’s unlikely to come soon. Powell in three appearances the past fortnight has made clear the Fed is going to keep policy rates near zero until well into the economic recovery, when most jobless Americans are brought back into employment. He also gave no indication asset purchases will be tapered as Biden’s fiscal stimulus kicks in in coming months.As China contends with capital inflows, the U.S. is likely to be pumping out a greater supply of dollars into the global economy -- via a widening current-account deficit -- as its growth revs up, supercharged by Biden’s stimulus and the Fed’s easy stance.“There’s been a regime break,” in the U.S. with the outsize Biden relief bill and a planned longer-term follow-up, said Robin Brooks, chief economist at the Institute of International Finance. As growth soars past 6% this year, a wider current-account deficit will be “the pressure valve” given domestic production constraints, he said.Brooks projects that deficit will hit 4% of gross domestic product this year. That would be the highest since large shortfalls during the 2002-08 period, when a broad measure of the dollar tumbled as much as 27%.Read More: Dollar Is Increasingly Overvalued as Deficit Widens, IIF Says“As our fiscal support goes into uncharted territory, it puts enormous pressure on our budget deficits -- and by inference our domestic saving rate and the current account and trade deficit, with the consequences primarily falling on the currency,” said Stephen Roach, a Yale University senior fellow and former chairman of Morgan Stanley Asia.China’s reluctance toward the kind of “go big” message of Treasury Secretary Janet Yellen dates back many years. After unleashing a fiscal package of 4 trillion yuan ($586 billion, at the time) and an unprecedented surge in broader credit after the 2008 crisis, Beijing was already by 2012 saying it wouldn’t do that again.Reticence toward across-the-board stimulus later turned into a concerted push to rein in leverage. A May 2016 front-page treatise in the People’s Daily -- the Communist Party’s mouthpiece -- blasted excessive debt as the “original sin” sowing risks across financial and real-estate markets. The anonymous article -- widely said to have been written by Vice Premier Liu He, Xi’s top economic adviser -- called stimulating the economy through easy monetary policy a “fantasy.”So with the country’s success in applying draconian restrictions to contain the coronavirus, it should come as little surprise that Beijing is returning toward its pre-pandemic focus on building domestic tech capabilities and managing down debt risks.After ditching an annual growth target for 2020 given the turmoil caused by Covid-19, China’s leadership set a goal of a GDP increase of more than 6% this year -- conservative since it’s well below economists’ projections for this year’s expansion.In the meantime, surging American GDP gains are set to lift China’s prospects as well. Exports to the U.S. soared more than 87% in the first two months of this year compared with the pandemic-hit period a year before, faster than China’s overall rise of just under 61%.“The U.S. locomotive is back on track,” said Catherine Mann, global chief economist at Citigroup Inc.(Updates yuan forecast, trading in seventh paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
The official news outlet of the Communist Party of China's Xinjiang region said unidentified companies from the area have filed a domestic civil lawsuit seeking unspecified compensation from a U.S.-based human rights researcher whose reports alleged forced labour is used in the region's cotton industry. The companies said researcher Adrian Zenz's reports were untrue, damaged the reputation of the industry and led to economic losses after the United States banned cotton imports from Xinjiang, according to a report on by the Xinjiang Communist Party website on Monday evening.
A gauge of global stocks rose in choppy trading on Monday as investors eyed the yield on U.S. Treasuries for signs of inflation pressures in the wake of the U.S. Senate's passage of a $1.9 trillion stimulus bill. The Japanese yen weakened 0.49% versus the greenback at 108.83 per dollar, while Sterling was last trading at $1.3813, down 0.20% on the day.
Iran has quietly moved record amounts of crude oil to top client China in recent months, while India's state refiners have added Iranian oil to their annual import plans on the assumption that U.S. sanctions on the OPEC supplier will soon ease, according to six industry sources and Refinitiv data. U.S. President Joe Biden has sought to revive talks with Iran on a nuclear deal abandoned by former President Donald Trump in 2018, although harsh economic measures remain in place that Tehran insists be lifted before negotiations resume. The National Iranian Oil Company (NIOC) has started reaching out to customers across Asia since Biden took office to assess potential demand for its crude, said the sources, who declined to be named because of the sensitivity of the matter.
Stocks were mixed on Monday and Treasury yields climbed further after Congress made headway toward passing another significant COVID-19 relief package.
(Bloomberg) -- Vodafone Group Plc is looking to raise 2 billion euros ($2.4 billion) from an initial public offering of its European mobile-phone towers unit in Frankfurt, in what will be one of the region’s biggest stock market listings this year.The U.K. telecommunication giant plans plans to sell shares in Vantage Towers AG at 22.50 euros to 29 euros apiece, according to a statement Tuesday. Vodafone is targeting maximum proceeds of 2.8 billion euros from the offering, which would include an option to increase the deal size and an over-allotment. The final number of shares sold will depend on where the IPO prices. Vodafone shares climbed 2% to 128.60 pence at 11:18 a.m. in London.Vantage has gathered enough investor demand to cover the full deal size of its offering, according to terms seen by Bloomberg.Two investment funds, Digital Colony and RRJ, agreed to buy 500 million euros and 450 million euros of stock, respectively, in the offering, which will run through March 17. The new stock will start trading on March 18. The IPO values Vantage at as much as 14.7 billion euros. Vodafone will use the proceeds to pay down some of its debt pile, the company has said.The presence of cornerstone investors makes the remaining shares more scarce and could help push pricing for Vantage’s IPO into the upper half of the range, New Street Research analyst James Ratzer said by email, adding that they also pose a risk to the company’s liquidity for other shareholders.Vodafone and other European carriers, hit by increasing competition, regulations and the Covid-19 pandemic, are looking to squeeze value from their mast and fiber assets. The push to roll out fifth-generation networks is also driving demand for more tower capacity, fueling a wave of consolidation and restructuring.And for yield-hungry investors, these assets promise steady returns as tower companies typically sign long-term contracts, linked to inflation, for the space they rent out to mobile operators. Vantage plans to pay out 60% of recurring free cash flow annually in dividends, and intends to distribute 280 million euros in July for this financial year, the company said last month.Still, mobile carriers looking to rent capacity from Vantage are direct competitors of the tower company’s majority shareholder and main customer across geographies: Vodafone. Independent European mast operators like Cellnex Telecom SA don’t have this drawback.Vantage would be the biggest European IPO since InPost SA’s in January. Vantage’s blockbuster offering will put Germany’s IPO market on track for its best year since 2018, according to data compiled by Bloomberg. And a slew of other offerings are being considered, ranging from units being carved out of large conglomerates such as Volkswagen AG and Daimler AG to much potential listings from younger companies.Language app Babbel and ProSiebenSat.1 Media SE-owned dating platform ParshipMeet are eyeing IPOs, Bloomberg News reported last month. Listings for open-source software developer SUSE, online eyewear retailer Mister Spex, cybersecurity provider Utimaco GmbH, prosthetic limb maker Ottobock SE & Co. and e-commerce site About You GmbH are also said to be in the works.(Adds information on book covered message in third paragraph. A previous version of this story corrected the maximum deal size.)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.
Women face challenges working for online platforms, even as they present themselves as a simpler, even better, alternative to more traditional jobs.
A growing semiconductor shortage could hamstring the EV boom in 2021. Here’s who could profit in the days ahead
(Bloomberg) -- Tech shares tumbled anew, sending the Nasaq 100 Index down 11% from its all-time high, as investors fled high-valuation stocks for companies whose fortunes are closely tied to the economic cycle.The benchmark for megacap tech dropped 2.9% and is now at the lowest since November. The S&P 500 ended lower after rising as much as 1% as tech shares in the gauge dropped 2.5%. Financial firms and materials producers kept losses from being worse. The Dow Jones Industrial Average hit an all-time high before settling for a 1% gain, buoyed by rallies in banks and Walt Disney Co. Tesla Inc. pushed its five-day rout past 20%. Blank-check companies backed by Chamath Palihapitiya tumbled.The 10-year Treasury rate jumped toward 1.6%, while the dollar strengthened. Brent crude briefly traded near $70 a barrel before pulling back. Gold slumped and Bitcoin traded above $51,000.Investors embraced the prospect for a surge in global economic growth as vaccine distribution improves and the U.S. heads toward passing a $1.9 trillion spending bill. The risks associated with rising Treasury yields remain an overhang amid fears that government aid programs could overheat economic growth.“You will see a lot of volatility in markets,” Kim Stafford, Asia Pacific head at Pacific Investment Management Co., said on Bloomberg Television. “We believe that confidence is improving, especially with vaccines coming online, so we will see an uptick in growth globally. There are a lot of reasons to be confident in the market, but a lot of this is also priced in.”There are also questions about whether equity valuations have become excessive, especially in speculative tech shares. The Nasdaq 100 Index has fallen about 8% since early February.Crash Landing on Stock Heroes of Yesteryear Is Worst in a DecadeHere are some key events to watch:The annual session of China’s National People’s Congress continues in Beijing.Japan GDP is due Tuesday.EIA crude oil inventory report is due WednesdayThe U.S. February consumer price index will offer the latest look at price pressures Wednesday.The European Central Bank holds its monetary policy meeting and President Christine Lagarde is set to do a briefing Thursday.These are some of the main moves in 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.
(Bloomberg) -- Greensill Capital filed for administration in the U.K., capping a stunning collapse for the supply-chain finance company after key backers walked away over concerns about the valuation of its assets.A hearing was held in London on Monday to review the submission, according to court documents. Lex Greensill’s eponymous company had been readying the filing since last week, after Credit Suisse Group AG froze and then later started winding down $10 billion of funds that bought products from Greensill. That decision set off a chain of events that also saw regulators in Germany shut down its local bank.Greensill remains in talks with Apollo-backed Athene Holding Ltd. on the sale of its operating business, though any transaction will likely be at a fraction of the $7 billion valuation that the company had sought in fundraising talks last year when it was considering plans to go public. Athene is offering about $60 million for Greensill’s IT and intellectual property, the court documents showed.Greensill unraveled in a matter of days once the lack of confidence began to sweep across the financial world. At the heart of the trouble are loans made by its supply-chain finance business. Greensill backers from Credit Suisse to Softbank Group Corp. and GAM Holding Corp. signaled doubts about the debt, upending the multi-billion-dollar empire. It also emerged that Softbank’s Vision fund had substantially written down its $1.5 billion holding in Greensill late last year.Grant Thornton has been appointed as joint administrators, and is “in continued discussion with an interested party in relation to the purchase of certain Greensill Capital assets,” the firm said in an emailed statement. Bloomberg reported last week that Greensill was in the process of filing for insolvency.Read more: Greensill Crisis of Confidence Worsens as GAM Winds Down FundGrant Thornton was also named as administrators to Greensill in Australia and is working closely with the U.K. administrators, it said in a statement on Tuesday.Some of the most high-profile drama took place in Germany, where regulator BaFin shuttered Greensill Bank AG and asked law enforcement officials to investigate accounting irregularities. BaFin spent months probing the bank’s exposure to companies linked to U.K. industrialist Sanjeev Gupta. Greensill said it was always transparent with auditors and regulators about its approach to classifying assets.About 90% of Greensill’s revenues were derived from non-investment grade borrowers, according to filings from the court. The largest of those clients is Gupta, according to the documents. In a letter dated Feb. 7, Gupta’s GFG Alliance told Greensill that if it ceased to provide working capital for the firm, it would collapse into insolvency.Pressure on Greensill ratcheted up as it lost its allies, with Credit Suisse freezing and then deciding to liquidate the family of funds that invest in Greensill-sourced loans, citing “uncertainty” about the valuations of some of the debt. The Swiss bank also last week demanded repayment of a $140 million loan it had made to Greensill. The firm was unable to do this and was therefore cash insolvent, the filings showed.GAM also said it will begin shuttering its $842 million GAM Greensill Supply Chain Finance Fund and return investors’ money as it sought to end its dealings with the firm.Separately, Apollo earlier on Monday agreed to acquire the about 65% it didn’t already own of Athene in a deal that values the firm at about $11 billion.(Updates with administrators in Australia 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.
The S&P 500 and the Dow rose on Monday, led by stocks poised to benefit the most from an economic rebound as the U.S. Senate passed the $1.9 trillion COVID-19 relief package, while heavyweight tech-related stocks clawed back some losses. President Joe Biden said he hoped for a quick passage of the revised bill by the House of Representatives so he could sign it and send $1,400 direct payments to Americans.
The hack exploits four newly-discovered flaws in Microsoft Exchange Server email software.
Stronger bond yields and a rising dollar are capping price progress for risk assets.
When Elon Musk's Tesla became the biggest name to reveal it had added bitcoin to its coffers last month, many pundits were swift to call a corporate rush towards the booming cryptocurrency. Yet there's unlikely to be a concerted crypto charge any time soon, say many finance executives and accountants loath to risk balance sheets and reputations on a highly volatile and unpredictable asset that confounds convention. "When I did my treasury exams, the thing we were told as number one objective is to guarantee security and liquidity of the balance sheet," said Graham Robinson, a partner in international tax and treasury at PwC and adviser to the UK's Association for Corporate Treasurers.