Yahoo Finance Plus Yahoo Finance's Brian Sozzi and Alexis Christoforous speak with Zoom CFO Kelly Steckelberg to discuss the company's uptick amid the spread of coronavirus.
Wall Street is kicking off a crucial reporting season as U.S. companies provide quarterly results a year after the coronavirus pandemic crippled the economy and as investors look for reasons to support a stock market at record highs. Overall S&P 500 earnings are expected to have jumped 25% in the first quarter from a year ago, according to IBES data from Refinitiv. That would be the biggest quarterly gain since 2018, when tax cuts under former President Donald Trump drove a surge in profit growth.
(Bloomberg) -- The stocks that were hammered as collateral damage in the liquidation of Archegos Capital Management are seeing a silver lining from their slump: they’re becoming investable again.Companies including U.S. media conglomerates ViacomCBS Inc. and Discovery Inc., as well as apparel retailer Farfetch Ltd. saw a total of about $194 billion in market value erased as banks from New York to Zurich to Tokyo unwound leveraged equity bets by Archegos.At first, the forced selling in such a specific group of shares raised fears of potential undisclosed issues with the stocks, fueling even more losses. With that scenario now discarded, and with the dust from the Archegos blowup settling, analysts are saying investors should look at some of these names again.“Usually these dislocations where you get forced selling for non-fundamental reasons work out to be very good buying opportunities,” said Greg Taylor, chief investment officer at Toronto-based Purpose Investments. “The counter to that is having to figure out how much of the runup was due to the buying that shouldn’t have been there either. So you have balance that both out.”Read more: Block-Trade Bevy Wipes $35 Billion Off Stock Values in a DayTake ViacomCBS for example.Until late in March, the company was among the top performing stocks in the benchmark S&P 500 Index, alongside Discovery, boosted in part by optimism over its streaming strategy but also thanks to a massive play by Bill Hwang’s Archegos. The fund at one point amassed $10 billion worth of ViacomCBS shares and colossal positions in a few other companies.Read more: Bill Hwang Was a $20 Billion Whale, Then Lost It All in Two DaysSince Archegos’ blowup and after a 52% drop in ViacomCBS’s stock over the course of a week -- which in turn brought its valuation down by over 50% from a peak on March 22 -- at least six research firms have raised their ratings on the company, according to data compiled by Bloomberg.At Wolfe Research, analyst John Janedis said in a note that ViacomCBS shares are now a buy opportunity as the media company’s valuation appeared attractive after its selloff. He also pointed to its streaming business as a potential tailwind.A similar view is also behind Deustche Bank analyst Bryan Kraft‘s decision this week to raise Discovery’s 12-month forecast to $60 from $35. The company’s improved growth outlook warrants a higher valuation, he noted. Farfetch also got a “buy” recommendation from JPMorgan analyst Doug Anmuth on Thursday, who said the stock delivers a “compelling buying opportunity.”No BargainsWhile the stocks caught at the center of the Archegos crisis are definitely hurting, they aren’t exactly cheap. Their average price-to-earnings ratio -- a measure which indicates how expensive a company is -- is in line with the 10-year median, which signals how high valuations had gotten before the selloff. Aside from ViacomCBS, Discovery and Farfetch, Chinese companies like GSX Techedu Inc., Tencent Music Entertainment Group, Baidu Inc., VipShop Holdings Ltd. and IQiyi Inc. were also caught in the crosshairs of Archegos.Determining whether the selloff has turned a once-overvalued stock into a good buy will require some digging, said Barry Schwartz, chief investment officer at Baskin Wealth Management.“If you’ve studied the company and you understand the business and you see this price drop as overdone, then take that opportunity to buy their shares,” Schwartz said by phone. “If you haven’t done your homework and you’re thinking this is another GameStop situation, you’re going to be the sucker at the table.”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 art collective that sold the customised sneakers will recall the shoes and offer full refunds.
(Bloomberg) -- The quietest week in stocks so far in 2021 has Wall Street wondering what will break the calm.Equity trading volume plunged as the S&P 500 marched to an all-time high, with the five-day average across U.S. exchanges dropping to 9.5 billion shares traded -- the lowest since October, according to Bloomberg data. Friday was particularly placid, with just 8.7 billion shares moving, the lowest daily total since Christmas Eve.The lull felt especially abrupt after 13 months of frenzied trading brought the fastest bear market ever and a furious rally not equaled in 90 years. Stuck-at-home traders turned online brokerages into casinos, while vaccine approvals in November sparked more euphoria, spurring investors into stocks they’d shunned for months. Since then, more than $575 billion has poured into the market, exceeding total inflows for the prior 12 years combined, according to Bank of America data.That all changed in April, and theories abound as to what’s behind it. The retail mania has cooled as economic restrictions eased. Stimulus bets got settled. A brief bout of selling sparked higher yields was becalmed by a chorus of Federal Reserve officials. Economic data is starting to help justify valuations. There are just fewer major issues left to drive massive market bets. No matter, say money managers, the tranquility won’t last.“We were going 100 miles an hour and now we’re back within the speed limit,” Arthur Hogan, chief market strategist at National Securities, said by phone. “We’re going to see a resurgence of volumes and volatility because this year is going to be like no other year that people have ever seen in terms of economic growth, earnings growth, inflation, a brand-new framework for the Federal Reserve.”After a 1.4% rally Monday, the S&P 500 ground out three more records to end the week as trading volumes slowed to pre-pandemic averages. The index notched a third straight weekly gain, and the Cboe Volatility Index slipped to its lowest level in 14 months. Fading bets on Fed hikes spurred the biggest weekly drop in 5-year Treasury yields since June.Traders whipsawed by the pandemic tumult are unmoved by the calm and point to signs that more turbulence is to come. Take the VIX. At 17, it’s stubbornly elevated compared to its average of 14.9 in the seven years through 2019. Bets that the summer will bring more market chaos have pushed the spread between the VIX and implied 30-day volatility four months from now to the widest level in almost nine years.Bond markets show similar expectations for fireworks -- short interest in the $14 billion iShares 20+ Year Treasury Bond exchange-traded fund as a percentage of shares outstanding rose to the highest level since 2017 this week, IHS Markit Ltd. data show, even as the ETF rallied.Meanwhile, Wall Street prognosticators think the advance that pushed S&P 500 to dot-com-era valuations is likely exhausted for the year. At an all-time high of 4,128.80, the index closed Friday ahead of the average year-end target of 4,099 from strategists tracked by Bloomberg.Skeptics have cited everything from rising yields to stretched valuation and potential tax hikes as reason for caution. Tobias Levkovich, chief U.S. equity strategist at Citigroup Inc. whose 2021 target sat at 3,800, expects the Fed to start rolling back monetary stimulus later this year and earnings guidance to weaken, posing headwinds for stocks and stoking volatility.“Sentiment is in very worrisome territory as is valuation, yet money flows continue to push indices higher,” Levkovich wrote in a note earlier this week. “Huge fiscal stimulus and supportive central banks have created the notion of there being no need to be risk averse,” he added. “Indeed, all developments are perceived as positive news. Yet, such one-sided views are not usually a good starting point.”Kim Forrest of Bokeh Capital Partners is feeling more optimistic. She expects the kickoff of what’s expected to be the best earnings season since 2018 to breathe life back into the stocks, with big lenders including JPMorgan Chase & Co. and Citigroup Inc. set to report next week. First-quarter profits from S&P 500 firms probably expanded 24%, led by carmakers, banks and retailers, data compiled by Bloomberg Intelligence show.“Unless there’s some other craziness going, like Covid, earnings always drive the market,” said Forrest, the firm’s chief investment officer. “We are heading into earnings season and the bar has been set really low, and I think the first quarter has been pretty good, so that’s encouraging.”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.
Stock picking is ripe for a shift away from passive investing, which could suffer a decade of low or nonexistent returns, says Bill Smead.
(Bloomberg) -- U.K. bond investors eager for the government to sell more of its longest-dated debt appear to have gotten their way.A bond auction on Tuesday will include a 1 billion-pound ($1.37 billion) offering of gilts maturing in 2071 with more scheduled for sale in June. Minutes of a conference call with the Debt Management Office last month revealed investors asked for more of the bonds because there isn’t enough to go around. It also cited dealers reporting strong demand for the longest-dated gilts.The success of Britain’s vaccination roll-out and plans to gradually reopen the economy have pressured gilts, lifting 50-year yields to their highest since 2019 last month. That’s now unleashing appetite among money managers to pile back in looking for income-bearing assets to match liabilities .The same dealers have also been reluctant to sell their inventory of long-maturity debt this year back to the Bank of England as part of its quantitative easing program in another sign of anticipated demand. This suggests they don’t want to be caught short of any bonds should investors want to buy from them.Also pushing the strong demand theme, oversubscription rates for bonds maturing in 50 years have been the highest on record since the end of last year.“With the U.K. market having most aggressively priced the re-opening story in Europe, even a mild re-assessment of the re-opening and vaccination story, should see gilts recapture some lost ground,” said Megan Muhic, a strategist at RBC Europe Limited.Next WeekEuro area bond issuance from Germany, Italy and the Netherlands is expected to total 12 billion euros next week according to Commerzbank AG; Danske Bank A/S flags that Ireland could sell a new 20-year bond through banks; Italy, Finland and Portugal pay redemptions of about 29 billion euros and coupons of over 2 billion eurosIn the U.K., the Debt Management Office will sell 1 billion pounds of its longest conventional gilt which matures in 2071 and 600 million pounds of a 30-year inflation-linked bond; the Bank of England will buy back 4.4 billion pounds of debt in three operationsData for the coming week in the euro area and Germany is thin and mostly backward-looking, with the exception of the ZEW survey numbers for April on TuesdayU.K. data is also slim with February GDP due on TuesdayECB policy maker speeches are scheduled from Isabel Schnabel, Fabio Panetta and Luis de Guindos all on Wednesday before a self-imposed quiet period kicks in ahead of the following week’s monetary policy decisionBOE policy maker Silvana Tenreyro speaks on Monday followed by Jonathan Haskel on Wednesday and Jonathan Cunliffe on FridayDBRS Ltd. reviews France on FridayFor 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 publicly traded app developer has now spent $100 million on bitcoin and ether.
Chinese lenders use contracts to seek an advantage over other creditors in developing countries, a new report says.
(Bloomberg) -- Chinese assets are losing their shine after an impressive start to the year, overshadowed by a stronger dollar, higher U.S. Treasury yields and a domestic campaign to cut financial risk.The nation’s benchmark stock index remains 13% below a 13-year high in early February, following a brutal selloff that wiped out more than $1.3 trillion in market value. The yuan just suffered its worst month in a year in March, erasing all its 2021 gains against the greenback. Chinese sovereign bonds, a sanctuary during the recent global rout, saw foreign investors lower their holdings last month for the first time in more than two years.The sharp reversal of fortunes came as confidence grew in a strong U.S. economic recovery that is reclaiming the allure of dollar assets around the world. The latest underperformance of Chinese markets also resulted from Beijing’s decision to resume a battle on debt that was interrupted by the trade war with Washington and the pandemic.Concerns about inflation and tighter monetary conditions mean appetite for Chinese shares will likely remain subdued, while the country’s government debt market faces the test of a supply glut later this year, investors and analysts say. The yuan could weaken further as the dollar extends its global resurgence.“China’s bull run is being tested,” said Adrian Zuercher, head of global asset allocation of UBS Chief Investment Office. “Volatility will stay elevated in the near term.”Subdued TradingAfter delivering a world-beating rally earlier in the year, Chinese shares have reversed course since February, when it became increasingly clear that policymakers were shifting their priority to taming asset bubbles and reducing financial leverage.The world’s second-largest stock market is $838 billion smaller than at its February peak and trading interest has been waning. Daily average turnover on China’s two stock exchanges was 670 billion yuan ($102 billion) so far this month, the lowest since May, according to data compiled by Bloomberg.UBS’ Zuercher said he expects rising Treasury yields to be a major source of near-term volatility in China’s equity market, as it will continue to exert pressure on valuations of the country’s growth stocks and trigger rotation.Echoing the view, Herald van Der Linde, HSBC Holdings Plc’s head of Asia Pacific equity strategy, said there remains downside risk to Asian equities in the near term and “China is no exception”.Domestically, a central bank unwilling to keep funding conditions too loose, a contrast to its peers in other major economies, has also disappointed stock investors. Apart from its deleveraging campaign, signs of inflationary pressures, as shown in March’s consensus-beating 4.4% jump in China’s producer prices, could prompt Beijing to further dial back its pandemic-induced economic stimulus.“We believe monetary policy might be tightened,” Hanfeng Wang, a strategist at China International Capital Corp., wrote in a note this week, adding that investors should pay attention to policy signals from the next meeting of the Politburo, the Communist Party’s top decision-making body.Bonds PressuredWhile Chinese government bonds outpaced their competitors in the first quarter as their haven status helped them stand out as a bulwark amid the global slump, they are facing a host of challenges in the coming months.In addition to a longer-than-expected phase-in period for the inclusion in FTSE Russell’s World Government Bond Index, a surge in bond supply from local governments and a narrowing China-U.S. yield gap also threaten to reduce the appeal of Chinese debt.Now at 3.21%, yields on China’s benchmark 10-year sovereign notes are expected to rise to 3.5% by the end of this quarter, according to Becky Liu, head of China macro strategy at Standard Chartered Plc.As China’s yield premium over Treasurys thinned, global investors last month trimmed their holdings of Chinese government debt for the first time since February 2019, a trend that is expected to continue for some time. The yield gap fell to 144.8 basis points on March 31, the narrowest since Feb. 24, 2020 when it was 144.2 basis points.Weaker YuanThe dollar’s renewed strength, the tighter yield gap, as well as Beijing’s latest move to boost capital outflows also have prompted analysts, including ING’s, to lower their forecasts on the Chinese currency.After rising nearly 7% against the dollar last year and reaping further gains earlier this year, the yuan suffered its worst selloff in a year last month, arresting a steady advance since May.Read: Yuan Erases Year’s Gains Against Dollar as PBOC Steps Aside“It’s about how views on the U.S. dollar have changed rapidly,” said Zhou Hao, an economist from Commerzbank AG. “People believe the U.S. economy will recover strongly in the next two years and that’s what stocks and bonds have been pricing in.”Zhou said he expects the yuan to weaken to 6.83 per dollar by the end of this year, from around 6.56 Friday.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.
Stocks traded mixed Friday morning following another record-setting session on Wall Street.
The 90-year-old billionaire has taken advantage of low interest rates — and so should you.
Gold futures are trading sharply lower on Friday, pressured by rising Treasury yields and a stronger U.S. Dollar. The moves are likely being fueled by profit-taking ahead of the weekend, but some are saying that robust economic data from China boosted hopes of a swift recovery. A fast paced recovery will bring central banks closer to lifting their current easy monetary policy, which would pressure gold prices.
(Bloomberg) -- Stocks climbed to another record as investors shrugged off concern over inflation and focused on prospects for an economic rebound. Treasuries fell, while the dollar advanced.The S&P 500 closed above 4,100 and posted its third-straight weekly rally -- the longest winning streak since October. Volume on U.S. exchanges hit a new low for this year. Honeywell International Inc. led gains in the Dow Jones Industrial Average on an analyst upgrade. Boeing Co. retreated after grounding dozens of 737 Max jets to repair an electrical flaw that emerged in recently delivered models.Equities extended a surge from their March 2020 lows to about 85% as Federal Reserve officials reassured markets that policy will remain supportive. Vice Chairman Richard Clarida said the Fed is looking for evidence on whether it’s reaching the goals on price stability and employment before adjusting rates. Still, a report showing the rise in producer prices added fuel to the debate about the path of inflation.“It’s noisy data,” said Giorgio Caputo, senior fund manager at J O Hambro Capital Management. “It’s important to remember the positive elements of what is actually happening -- prices are going up because we’re getting demand back together.”These are some of the main moves in markets:StocksThe S&P 500 climbed 0.8% at 4 p.m. New York time.The Stoxx Europe 600 Index gained 0.1%.The MSCI Asia Pacific Index decreased 0.5%.CurrenciesThe Bloomberg Dollar Spot Index gained 0.1%.The euro fell 0.1% to $1.1904.The Japanese yen weakened 0.4% to 109.65 per dollar.BondsThe yield on two-year Treasuries rose one basis point to 0.16%.The yield on 10-year Treasuries rose four basis points to 1.66%.The yield on 30-year Treasuries rose two basis points to 2.33%.CommoditiesWest Texas Intermediate crude fell 0.5% to $59.32 a barrel.Gold slid 0.7% to $1,742.83 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) -- China slapped a record $2.8 billion fine on Alibaba Group Holding Ltd. after an anti-monopoly probe found it abused its market dominance, as Beijing clamps down on its internet giants.The 18.2 billion yuan penalty is triple the previous high of almost $1 billion that U.S. chipmaker Qualcomm Inc. had to pay in 2015, and was based on 4% of Alibaba’s 2019 domestic revenue, according to China’s antitrust watchdog. The company will also have to initiate “comprehensive rectifications,” from protecting merchants and customers to strengthening internal controls, the agency said in a statement on Saturday.The fine -- about 12% of Alibaba’s fiscal 2020 net income -- helps remove some of the uncertainty that’s hung over China’s second-largest corporation. But Beijing remains intent on reining in its internet and fintech giants and is said to be scrutinizing other parts of billionaire founder Jack Ma’s empire, including Ant Group Co.’s consumer-lending businesses and Alibaba’s extensive media holdings.Alibaba used its platform rules and technical methods like data and algorithms “to maintain and strengthen its own market power and obtain improper competitive advantage,” the State Administration for Market Regulation concluded in its investigation. The company will likely have to change a raft of practices, like merchant exclusivity, which critics say helped it become China’s largest e-commerce operation.“The high fine puts the regulator in the media spotlight and sends a strong signal to the tech sector that such types of exclusionary conduct will no longer be tolerated,” said Angela Zhang, author of “Chinese Antitrust Exceptionalism” and director of Centre for Chinese Law at the University of Hong Kong. “It’s a stone that kills two birds.”Alibaba’s practice of imposing a “pick one from two” choice on merchants “shuts out and restricts competition“ in the domestic online retail market, according to the statement.The government action sends a clear warning to the tech sector as the government scrutinizes the influence that companies like Alibaba and social media giant Tencent Holdings Ltd. wield over spheres from consumer data to mergers and acquisitions.The investigation into Alibaba was one of the opening salvos in a campaign seemingly designed to curb the power of China’s internet leaders and their billionaire founders. The company has come under mounting pressure from authorities since Ma spoke out against China’s regulatory approach to the finance sector in October. Those comments set in motion an unprecedented regulatory offensive, including scuttling Ant Group Co.’s $35 billion initial public offering.Alibaba said it will hold a conference call Monday morning Hong Kong time to address lingering questions around the antitrust watchdog’s decree.“China’s record fine on Alibaba may lift the regulatory overhang that has weighed on the company since the start of an anti-monopoly probe in late December,” Bloomberg Intelligence analysts Vey-Sern Ling and Tiffany Tam said, describing the fine as a small price to pay to do away with that uncertainty.”Further ActionStill, it remains unclear whether the watchdog or other agencies might demand further action. Regulators are said for instance to be concerned about Alibaba’s ability to sway public discourse and want the company to sell some of its media assets, including the South China Morning Post, Hong Kong’s leading English-language newspaper.The Hangzhou-based firm will be required to implement “comprehensive rectifications,” including strengthening internal controls, upholding fair competition, and protecting businesses on its platform and consumers’ rights, the regulator said. It will need to submit reports on self-regulation to the authority for three consecutive years.“Alibaba accepts the penalty with sincerity and will ensure its compliance with determination. To serve its responsibility to society, Alibaba will operate in accordance with the law with utmost diligence, continue to strengthen its compliance systems and build on growth through innovation,” the company said in a statement on Saturday.Faced ChallengesChief Executive Officer Daniel Zhang said in a memo to employees on Saturday that Alibaba always reflected and adapted when it faced challenges. He called for unity among staff, saying the company should “make self-adjustments and start over again.”The Communist Party-run People’s Daily newspaper said in a commentary on Saturday that the punishment involves specific anti-monopoly measures regulatory authorities take to “prevent the disorderly expansion of capital.”“It doesn’t mean denying the significant role of platform economy in overall economic and social development, and doesn’t signal a shift of attitude in terms of the country’s support to the platform economy,” the newspaper said. “Regulations are for better development, and ‘reining in’ is also a kind of love.”(Updates with company’s comment from 14th paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- China slapped a record $2.8 billion fine on Alibaba Group Holding Ltd. after an anti-monopoly probe found it abused its market dominance, as Beijing clamps down on its internet giants.The 18.2 billion yuan penalty is triple the previous high of almost $1 billion that U.S. chipmaker Qualcomm Inc. had to pay in 2015, and was based on 4% of Alibaba’s 2019 domestic revenue, according to China’s antitrust watchdog. The company will also have to initiate “comprehensive rectifications,” from protecting merchants and customers to strengthening internal controls, the agency said in a statement on Saturday.The fine -- about 12% of Alibaba’s fiscal 2020 net income -- helps remove some of the uncertainty that’s hung over China’s second-largest corporation. But Beijing remains intent on reining in its internet and fintech giants and is said to be scrutinizing other parts of billionaire founder Jack Ma’s empire, including Ant Group Co.’s consumer-lending businesses and Alibaba’s extensive media holdings.Alibaba used its platform rules and technical methods like data and algorithms “to maintain and strengthen its own market power and obtain improper competitive advantage,” the State Administration for Market Regulation concluded in its investigation. The company will likely have to change a raft of practices, like merchant exclusivity, which critics say helped it become China’s largest e-commerce operation.“The high fine puts the regulator in the media spotlight and sends a strong signal to the tech sector that such types of exclusionary conduct will no longer be tolerated,” said Angela Zhang, author of “Chinese Antitrust Exceptionalism” and director of Centre for Chinese Law at the University of Hong Kong. “It’s a stone that kills two birds.”Alibaba’s practice of imposing a “pick one from two” choice on merchants “shuts out and restricts competition“ in the domestic online retail market, according to the statement.The government action sends a clear warning to the tech sector as the government scrutinizes the influence that companies like Alibaba and social media giant Tencent Holdings Ltd. wield over spheres from consumer data to mergers and acquisitions.The investigation into Alibaba was one of the opening salvos in a campaign seemingly designed to curb the power of China’s internet leaders and their billionaire founders. The company has come under mounting pressure from authorities since Ma spoke out against China’s regulatory approach to the finance sector in October. Those comments set in motion an unprecedented regulatory offensive, including scuttling Ant Group Co.’s $35 billion initial public offering.Alibaba said it will hold a conference call Monday morning Hong Kong time to address lingering questions around the antitrust watchdog’s decree.“China’s record fine on Alibaba may lift the regulatory overhang that has weighed on the company since the start of an anti-monopoly probe in late December,” Bloomberg Intelligence analysts Vey-Sern Ling and Tiffany Tam said, describing the fine as a small price to pay to do away with that uncertainty.”Further ActionStill, it remains unclear whether the watchdog or other agencies might demand further action. Regulators are said for instance to be concerned about Alibaba’s ability to sway public discourse and want the company to sell some of its media assets, including the South China Morning Post, Hong Kong’s leading English-language newspaper.The Hangzhou-based firm will be required to implement “comprehensive rectifications,” including strengthening internal controls, upholding fair competition, and protecting businesses on its platform and consumers’ rights, the regulator said. It will need to submit reports on self-regulation to the authority for three consecutive years.“Alibaba accepts the penalty with sincerity and will ensure its compliance with determination. To serve its responsibility to society, Alibaba will operate in accordance with the law with utmost diligence, continue to strengthen its compliance systems and build on growth through innovation,” the company said in a statement on Saturday.Faced ChallengesChief Executive Officer Daniel Zhang said in a memo to employees on Saturday that Alibaba always reflected and adapted when it faced challenges. He called for unity among staff, saying the company should “make self-adjustments and start over again.”The Communist Party-run People’s Daily newspaper said in a commentary on Saturday that the punishment involves specific anti-monopoly measures regulatory authorities take to “prevent the disorderly expansion of capital.”“It doesn’t mean denying the significant role of platform economy in overall economic and social development, and doesn’t signal a shift of attitude in terms of the country’s support to the platform economy,” the newspaper said. “Regulations are for better development, and ‘reining in’ is also a kind of love.”(Updates with company’s comment from 14th 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 president is being urged to roll more direct aid money into his infrastructure bill.
Bitcoin’s struggle to retest a key resistance level at $60,000 has “dampened” market sentiment, said one trader.
Without exactly saying so, Biden and his fellow Democrats plan to dismantle most of his predecessor's signature tax law.
The stamp duty holiday extension led to a "resurgence" in the housing market in March, the Halifax says.
A rebound in growth and technology stocks has investors gauging whether a months-long rally in the shares of banks, energy companies and other economically sensitive names is running on empty or simply refueling. The Russell 1000 value index started 2021 with its biggest quarterly outperformance relative to its growth counterpart in 20 years, as investors poured money into the shares of battered companies they thought would benefit most from a vaccine-generated reopening of the U.S. economy. The script has flipped since mid-March, with the Russell growth index gaining over 6% compared to a rise of just over 2% for value.
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