'Socialism Sucks' authors Robert Lawson and Benjamin Powell on the failure of socialist policies in countries such as Venezuela, Cuba and North Korea.
'Socialism Sucks' authors Robert Lawson and Benjamin Powell on the failure of socialist policies in countries such as Venezuela, Cuba and North Korea.
(Bloomberg) -- Coinbase Global Inc. sank to a record low as investors fled high-flying market newcomers.The operator of the largest U.S. cryptocurrency exchange slumped 6% to $256.76 on Thursday, dropping for a fourth straight day. That left the shares just above the $250 reference price for its April direct listing. An exchange-traded fund that tracks shares of companies that recently went public plunged for an eighth day, the longest slide since 2015. Virgin Galactic Holdings Inc. and Opendoor Technologies Inc., companies that came to market through blank-check offerings, each sank at least 3.8%.“We saw a mini-bubble in SPACs, IPOs, crypto, clean-tech and hyper-growth in late 2020 and early 2021 and many of these asset classes are nursing bad hangovers,” said Mike Bailey, director of research at FBB Capital Partners.Coinbase’s slide comes as investors pour into extremely speculative cryptocurrencies such as Dogecoin and Binance Coin -- tokens that the exchange doesn’t offer. Most of its traffic had come from Bitcoin trades, but the price of the largest crypto coin has been mired in a narrow band for weeks. Coinbase started trading at $381 on April 14 before briefly topping $400. It’s now down 22% from the close on its first day.Nasdaq had set a reference price of $250 a share on April 13 for Coinbase’s direct listing, a number that’s a requirement for the stock to begin trading, but not a direct indicator of the company’s potential market capitalization.“What has really hurt Coinbase, now that their direct listing has taken off, you’re seeing expectations that other exchanges are coming on board,” said Edward Moya, senior market analyst at Oanda. “There’s this belief this could be as good as it gets for Coinbase in the short-term.”The Renaissance IPO ETF dropped 4.2% on Thursday, bringing its year-to-date loss to about 14%.(Updates prices.)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) -- North American lumber companies plan to ramp up production by expanding existing mills as strong home construction fuels the need for more wood.West Fraser Timber Co., the world’s biggest lumber producer, plans to expand capacity at five of its lumber mills in the U.S. South. Interfor Corp. is rebuilding a sawmill in Georgia that is on track for completion by the end of 2021. Both companies expect home-building and renovation demand to continue supporting strong prices for wood products in the near future.Interfor shares soared to a new high Friday after the company reported record quarterly earnings. West Fraser climbed as much as 1.9%.The pandemic-fueled surge in home construction last year took North American sawmills by surprise, sending lumber prices to new records. U.S. futures this week hit $1,600 per 1,000 board feet for the first time, a four-fold increase from a year ago. While production has since ramped up, demand continues to outpace supply.The expansions will be primarily in the southern U.S., where there is an abundance of planted timber available to be harvested. They should help to increase overall inventories in the country and push prices off their record highs over time. But that won’t come fast enough to alleviate supply constraints during the peak building season.“We remain optimistic about the favorable market fundamentals we’re currently seeing supported by the underlying environmental benefits of building with wood, which have never been more clear and more widely accepted,” said West Fraser Chief Executive Raymond Ferris, speaking to analysts Friday.Though 80% of the Vancouver-based company’s operations are now outside of British Columbia, which has historically provided significant amounts of spruce-pine-fir wood that is preferred by many home builders, Ferris noted the log costs in the province are rising.West Fraser plans to invest roughly $150 million at five of its U.S. South lumber mills under its strategic capital program. Already, it’s increasing the number of working shifts at mills where possible, the company said.“These investments will increase our capacity and increase the value of our products while reducing production costs overall,” Ferris told analysts.Increased demand and stable supply have pushed North American lumber inventories to “critical levels,” said Bart Bender, senior vice president of sales and marketing for Interfor, speaking to analysts Friday morning.“Even if there was an opportunity to build inventories, distribution channels would be reluctant at current market prices, he said. “We expect this scenario to exist through 2021 into 2022 and, as such, expect volatility in pricing with little to no buffer in inventories.”A trucking shortage combined with severe winter weather in the first few months of the year slowed deliveries across the continent, where builders scramble to get their hands on building materials. West Fraser said it is attempting to secure additional transportation resources and is already seeing an improvement in shipping early in the second quarter.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 as investors digested a disappointing April jobs report, which showed the U.S. economy added back far fewer jobs than expected last month despite easing stay-in-place restrictions.
(Bloomberg) -- China’s appetite sent Brazil soybean exports to a record high in April, with the Asian nation working to feed its growing hog herd just as planted area for the oilseed may drop.Brazil shipped 12.6 million metric tons to China in April, a 19% jump from a year earlier and the most in a single month in data going back to 1997, according to Brazilian Trade Ministry data published on Thursday. The volume shipped to all destinations also hit a record in April, surpassing the previous high by 2.5 million metric tons.China has been buying massive amounts of soybeans and corn to rebuild the world’s largest hog herd. The demand comes after Brazil’s shipments started later than usual this year following a delay in the soybean harvest. As supplies from the new crop have reached ports, exports have sped up.Chinese soybean area may drop for the first time in six years, shrinking 7.3% from a year earlier, according to the China National Grain and Oils Information Center. Soybean imports will rise to 102 million tons in the year starting October, from 98 million tons this year, it said.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) -- One of the biggest Brexit battlegrounds between the European Union and the U.K. now has a price tag: at least $2.4 million a day.That’s how much any move by the European Union to cut off access to London’s dominant clearinghouses for derivatives could cost traders in euro interest rate swaps, net of buying, according to an estimate from Albert Menkveld, professor of finance at Vrije Universiteit Amsterdam, who has sat on advisory panels to European regulatory authorities.Fragmenting cross-Channel clearing would result in additional costs because global dealers would need more collateral for their positions in multiple clearinghouses in the U.K. and in the EU, Menkveld said. They wouldn’t be able to offset, or net, the positions as easily and that would require dealers to raise extra funds.Those additional costs would likely be passed on to pensions, money managers and other users of derivatives in the local jurisdiction, Menkveld said, who compares the burden on financial markets to traffic jams caused by passport controls.“This is the price we all paid for control by national authorities,” Menkveld wrote in a blog post. “As a European citizen I can now zip onto the Autobahn at 100-plus kilometers per hour, but my pension fund might soon pay for crossing the border with the U.K. to diversify risk.”His tally is one of the first to show the immediate fallout if authorities stop the seamless, cross-Channel settlement of trillions in euro interest rate swap contracts, which currently takes place largely in London. The actual cost could be far greater if it weakens London’s attractiveness as a global financial center. The business is widely viewed as a core pillar of London’s standing and the EU’s desire to pull more of that business away has prompted sabre-rattling from politicians, financiers and even the governor of the Bank of England.The U.K. and major lobby groups for the biggest banks and money managers in the world are calling for the EU to maintain easy access to London clearinghouses, including the London Stock Exchange Group Plc’s LCH unit which is the world’s biggest for euro interest rate swaps. The European Commission in Brussels wants the bloc’s traders to move more of their euro-denominated business inside the EU and not rely so heavily on London. A ruling last year extended access to London through June 2022.Clearinghouses serve as a key hub in the global financial system, settling hundreds of trillions of dollars in deals between banks, hedge funds, pensions and a wide range of corporations. The firms collect collateral, or margin, from buyers and sellers to reduce the risk that the default of one side spreads panic to the other and, in turn, across the broader system.If the temporary decision isn’t renewed, Bank of England Governor Andrew Bailey has said a quarter of euro-derivatives clearing business would need to shift to the EU. The rest would likely stay in London because it is currently the most efficient place for it, he said.Additional CostsThe estimated net price impact probably understates the total additional costs to traders in the market from the disruption that would ensue, Menkveld said.Costs could mount because traders would probably have a harder time offsetting positions in euros, pounds and other currencies as well as the increased compliance burden. In more stressed markets, traders could face much higher costs from the split and difficulty using clearinghouses in both the U.K. and the EU, he said.“There is a trade-off here between the benefits of local control by regulators, and the additional costs that fragmented clearing imposes,” Menkveld said. “The benefit is hard to quantify but the costs are non-trivial.”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.
It's been a long time since inflation posed a potential problem for investors, and some strategists have some ideas how to defend a portfolio against it.
(Reuters) -U.S. auto parts suppliers warned of more production cuts at major automakers as a global semiconductor chip shortage worsens before easing in the second half of the year and aiding in a partial recovery of lost sales. The chip shortage came at an inopportune time for automakers as demand rebounded from pandemic lows due to low interest rates and consumers' preference for personal transport amid the health crisis. "We've embedded a 3% reduction in industry production to factor in what we're anticipating and expecting as further announced downtime that hasn't been publicly announced at this point," Lear Corp Chief Financial Officer Jason Cardew said on Friday.
(Bloomberg) -- Investment firms shouldn’t be allowed to keep half a billion dollars Citigroup Inc. accidentally sent them because the payment wasn’t due for three more years, legal experts and advocacy groups said in asking a court to overturn the ruling.A group of law professors said in a brief filed Thursday with the federal appeals court in Manhattan that the lower-court ruling, allowing Revlon Inc. lenders to hold on to $504 million the bank wired them last August, misapplied legal precedent and could harm the industry’s standards.“The sheer magnitude of the transfer, constituting nearly 100 times the size of defendants’ scheduled coupon payments, was a giant ‘red flag,’” the professors told the court. They said the prepayment of the 2016 loan, at par and without notice, “constituted another glaring red flag that would have caused a reasonable person to inquire.”The law shouldn’t encourage similar “self-imposed ignorance in situations where it is nearly costless for a party” to “uncover and remedy the error,” the professors said in their friend-of-the-court brief offering the judge their views. They aren’t a party to the case.$900 Million BlunderThe conflict started after Citigroup inadvertently wired more than $900 million to asset managers for the Revlon lenders and then asked for it back. The bank sued firms, including Brigade Capital Management, HPS Investment Partners and Symphony Asset Management, that wouldn’t return the funds. It unexpectedly lost that battle in February.The embarrassing blunder forced Citigroup to answer to regulators and tighten its internal controls. The ruling was a boon to creditors, which had been locked in a battle with billionaire investor Ronald Perelman’s struggling cosmetics company over previous restructuring maneuvers.Read More: Citi Asks Court to Reverse $500 Million Transfer DecisionCitigroup has asked the appeals court to overturn U.S. District Judge Jesse Furman’s decision, saying it “sent shockwaves through the markets and generated outcry across the financial industry.” Oral argument in the appeal will be held in August or September.The professors said the funds “were not due until the term loan matured in 2023,” and full repayment required prior written notice from both Revlon and Citibank that never occurred and was never questioned. The payment occurred outside of the contract between the investors, the company and the bank, which was acting as administrative agent on the loan. That should have “put a reasonable lender on notice of Citibank’s mistake,” they said.‘Manual Touches’The Loan Syndications and Trading Association offered similar arguments in its own friend-of-the-court brief, saying the mistaken payment has already “significantly disrupted” the drafting and negotiation of credit facilities and the expectations of participants in the market. Mistakes will happen because the often automated transactions require “manual touches,” the trade group said.Another brief was filed by the American Bankers Association, the Bank Policy Institute, the Clearing House Payments Company LLC and the Clearing House Association LLC in support of Citi. They said allowing the decision to stand would “upset well-settled industry customs and practices” followed for 30 years.“The daily volume and size of wire transfers executed by banks have increased exponentially,” those groups said. “Banks should not solely bear the risk of human error visà-vis lenders who, in this case, would suffer no injury if the mistakenly transferred funds were returned.”Furman’s decision letting the investment firms keep the money was based on a 1991 New York state court case, Banque Worms v. BankAmerica International. In that case, New York’s highest court ruled that under a principle called discharge for value, when a third party mistakenly sends money from a debtor to a creditor, the creditor can keep the payment if it didn’t realize it was sent in error and didn’t make any misrepresentations.But the mistaken payment in the Banque Worms case was money due to the creditors at the time it was sent, critics of the Citi ruling noted.Read More: Citi Faces ‘Finders Keepers’ in Fighting $500 Million RulingThe Citi decision could have “substantial, detrimental effects” on the industry, including adding costs and risks in the leveraged loan market, “discouraging parties from engaging in collaborative contracting and punishing those who do,” and introducing “uncertainty into both new and already existing leveraged loan agreements,” the Loan Syndications and Trading Association said.The academic group includes Columbia Law School professors Eric Talley, Talia Gillis, Ronald Gilson, Joshua Mitts and Robert Scott; University of California at Berkeley professor Robert Bartlett; University of Michigan professor Albert Choi; and University of Pennsylvania professor David Hoffman, as well as Edward Morrison, co-director of the Richard Paul Richman Center for Business, Law, and Public Policy at Columbia.The appeal is Citibank NA v. Brigade Capital Management LP, 21-487, U.S. Court of Appeals, Second Circuit (Manhattan). The lower-court case is Citibank NA v. Brigade Capital Management, 20-cv-6539, U.S. District Court, Southern District of New York (Manhattan).(Updates with filing by other groups)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) -- JCPenney landed in bankruptcy court after foundering during the pandemic, but the reorganized retailer now sports a relatively big liquidity cushion and its sales are growing.The company has more than $1.2 billion of cash and credit availability, interim Chief Executive Officer Stanley Shashoua said in an interview. And the 119-year-old company, whose financials are no longer public, has improved sales since it left bankruptcy in December.“We are very pleased to be running ahead of plan,” Shashoua said. “With improving sales and cash flow, and a strong liquidity position, we are turning our focus from stabilization to growth and we’re excited about JCPenney’s opportunities.”JCPenney, which entered Chapter 11 last May as the pandemic collided with its struggling turnaround plan, was part of a wave of retail bankruptcies tied to the pandemic. More than three dozen clothing sellers have sought to reorganize in 2020 and 2021, including Ann Taylor parent Ascena Retail Group Inc., Francesca’s Holdings Corp. and Neiman Marcus Group Inc.Since then, retailers have enjoyed a sales boom as Covid restrictions ease and consumers spend cash from stimulus checks. Data last month showed retail sales hitting a record high in March. Yet they’ve also had to contend with sluggish supply chains and vendors reluctant to advance shipments after taking losses last year.JCPenney closed around 150 stores as part of its restructuring, leaving around 670. Last week, the company cut 650 jobs. A spokeswoman called the layoffs “a necessary step to ensure the long-term success of our company.”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.
There was a slight pullback in oil prices following Wednesday’s highs, but the rally is still very much on and bullish sentiment is palpable as summer driving season nears
While some technology stocks got a boost Friday after a disappointing U.S. jobs report, some portfolio managers say that blow-out earnings from several large technology companies over the last few weeks are not enough to keep making outsized bets on the sector. Instead, those fund managers say that they are continuing to rotate into value and cyclical stocks - whose fortunes are closely tied to economic conditions - in anticipation that the economic recovery will be longer and more gradual than originally anticipated. The notion that the U.S. jobs recovery has not yet peaked was reinforced by data from the Labor Department on Friday that showed U.S. employers hired far fewer workers than anticipated.
(Bloomberg) -- Discover what’s driving the global economy and what it means for policy makers, businesses, investors and you with The New Economy Daily. Sign up here.U.S. job growth significantly undershot forecasts in April, suggesting that difficulty attracting workers is slowing momentum in the labor market and challenging the economic recovery.Payrolls rose 266,000 from a month earlier, according to a Labor Department report Friday that represented one of the largest downside misses on record. Economists in a Bloomberg survey projected a 1 million hiring surge in April.The unemployment rate edged up to 6.1%, though the labor-force participation rate also increased.The report stunned investors as Treasury yields plunged and the dollar turned sharply lower. U.S. stocks rose on expectations that monetary policy will remain conducive to economic growth for a sustained period. The eurodollar market pushed back its pricing for a Federal Reserve rate increase to mid-2023.Follow reaction in real-time here on Bloomberg’s TOPLive blogThe disappointing payrolls print leaves overall employment more than 8 million short of its pre-pandemic level and is consistent with recent comments from company officials highlighting challenges in filling open positions.“It’s a lot faster to lay off workers than it is to hire them back,” said Sarah House, senior economist at Wells Fargo & Co. “While we are seeing some workers come back into the labor force it just isn’t fast enough.”While job gains accelerated in leisure and hospitality, employment at temporary-help agencies and transportation and warehousing declined sharply.Fed Chair Jerome Powell said last week the dichotomy between a large number of unfilled positions and millions of unemployed likely reflects a combination of a skills gap, child care obligations and lingering virus fears.What Bloomberg Economics Says...“April payrolls fell dramatically short of expectations, as a clumsy reopening of the economy appears rife with frictions, such as skills-mismatches, parents unable to return to the workforce amid a significant share of schools not yet open, and far from complete vaccination efforts.”-- Carl Riccadonna, Yelena Shulyatyeva, Andrew Husby and Eliza Winger, economistsFor the full note, click hereMassive fiscal stimulus including the latest $1.9 trillion package passed by President Joe Biden in March may also be impacting the pace of job growth. Some firms indicate enhanced unemployment benefits and the latest round of pandemic-relief checks are discouraging a return to work even as job openings approach a record.A sustained period of tepid job gains could support calls for further government spending.In an interview with Bloomberg Television, Minneapolis Fed President Neel Kashkari said the data justified why the Fed is continuing to deliver its own stimulus. “Today’s jobs report is just an example of we have a long way to go and let’s not prematurely declare victory,” he said.On an unadjusted basis, payrolls rose by more than 1 million last month. Seasonal adjustments usually call for a large hiring gain in April, which may in part explain why the headline number fell short of forecasts.Another reason for the more moderate employment gain is problems in the nation’s supply chains. For instance, motor vehicle production has been severely hampered by shortages of semiconductors. The jobs report showed manufacturing payrolls declined 18,000 in April, driven by a sharp fall in jobs at automakers.Average hourly earnings rose 0.7% in April from a month earlier, to $30.17, the jobs report showed. The wage data for April suggest that the rising demand for labor associated with the recovery from the pandemic may have put upward pressure on wages, the Labor Department said in a statement.A separate measure of compensation that isn’t subjected to shifts in industry employment -- the employment cost index -- rose 0.9% in the first quarter. That was the largest quarterly gain since 2007, according to the Labor Department’s data last week.“While the jobs numbers themselves were certainly disappointing, I think there are a few nuggets in here that are positive development,” House said.Participation RateLabor force participation, a measure of the percentage of Americans either working or looking for work, rose to 61.7% in April from 61.5%, likely supported by increased vaccinations that helped fuel the reopenings of many retail establishments, restaurants and leisure-facing businesses.Average weekly hours increased to match the highest in records dating back to 2006. The gain in the workweek, increased pay and the improvement in hiring helped boost aggregate weekly payrolls 1.2% in April after a 1.3% gain a month earlier.Workforce participation for men age 25 to 54 increased last month, while edging lower for women.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) -- VanEck Associates Corp. just kicked off a new push for an ETF tracking the cryptocurrency Ether.If approved, the VanEck Ethereum Trust would hold Ether and value its shares daily based off the MVIS CryptoCompare Ethereum benchmark rate, according to a filing with the Securities and Exchange Commission.The application comes after three Ether ETFs debuted in Canada last month, the first in North America to carry such an ETF label. The Canadian market is known for beating the U.S. in new ETF concepts, most recently with the launch of the first Bitcoin ETF.“Canada approving Ethereum ETFs so quickly on the heels of Bitcoin ETFs is part of the reasoning for this filing,” said James Seyffart, ETF analyst for Bloomberg Intelligence. “I don’t see the SEC approving an Ethereum ETF until we have a Bitcoin ETF that has already begun trading. It’s possible that other issuers will follow suit because VanEck has been leading the charge with these filings in the last five months or so.”U.S. regulators have yet to approve a crypto ETF though at least 11 companies are looking to launch one. Nine of them have filed since the end of 2020, according to a tally kept by Bloomberg Intelligence. VanEck renewed the push for a U.S. Bitcoin ETF with a filing in late December; the SEC has delayed a decision on this application until at least June.A red-hot runup in crypto prices has seen Bitcoin, the largest digital asset, double year-to-date and Ether advance more than 350%. Ether rose to a record high of around $3,589 in Friday trading.Its rally this year has pushed the coin, the second-largest behind Bitcoin, into the limelight. The token is used on Ethereum, the world’s most-actively utilized blockchain, the technology that verifies and records transactions.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) -- Bank of England Governor Andrew Bailey issued a stark warning to those investing in cryptocurrencies: “Buy them only if you’re prepared to lose all your money.”‘In response to a question about financial stability, Bailey said the central bank was well positioned to respond to any threats that might arise. However, he objected to the use of the phrase cryptocurrency and took the opportunity to push back on their growing popularity.“I’m afraid crypto and currency are two words that don’t go together for me,” he said at a press conference Thursday. “They have no intrinsic value.”Bailey has long been dismissive of the assets, and his comments follow yet another period of speculative excesses for a market Nouriel Roubini once described as the “mother of all bubbles.”While in the past, trillions of dollars in stimulus by governments and central banks might have triggered a rush into gold for the inflation-wary and risky stocks for the intrepid, a deluge of cash this time round is flooding into the crypto market. It’s even pushed up the price of digital tokens previously considered a joke, like Dogecoin.The BOE last month said it would join forces with the U.K. Treasury to weigh the potential creation of its own central bank digital currency, joining authorities from China to Sweden exploring the next big step in the future of money. If approved, the U.K.’s digital currency would exist alongside cash and bank deposits, rather than replacing them, they said.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) -- Stocks climbed to a record after surprisingly weak jobs data eased fears about higher inflation and a cutback in stimulus. The dollar slumped, while Treasuries were little changed.All major groups in the S&P 500 rose, with energy, real-estate and industrial shares leading the charge. Earlier in the day, technology led equity gains as softer economic data drove investors into the perceived safety of pandemic darlings -- megacaps flush with cash and stay-at-home stocks. A gauge of giant growth companies such as Apple Inc. and Amazon.com Inc. pared most of its advance.The long-awaited employment data rattled markets, with payrolls up only 266,000 in April, trailing the projected 1 million surge. For several analysts, the figures may give a boost to President Joe Biden’s $6 trillion economic agenda and another reason for the Federal Reserve to keep its accommodative stance. Treasury Secretary Janet Yellen said the report “underscores the long-haul climb back to recovery,” while retaining her expectation of a return to full employment next year.“Today’s report suggests that the jobs recovery may not be quite as rapid as many had expected,” said Mike Bell, global market strategist at JPMorgan Asset Management. “If this slower pace of job gains persists, then the Fed is likely to start raising rates later than markets had been expecting. While less good for the economy than a booming labor market, a ‘Goldilocks’ jobs recovery that is neither too hot nor too cold could continue to support equity markets.”Federal Reserve Bank of Minneapolis President Neel Kashkari told Bloomberg Television he has “zero sympathy” for critics on Wall Street, who slam the central bank’s aggressive support of the U.S. economy while millions of Americans remain out of work.“We need to rebuild this labor market and put them back to work. Then there will be plenty of time to normalize monetary policy,” he said.These are some of the main moves in markets:StocksThe S&P 500 rose 0.7% as of 4 p.m. New York timeThe Nasdaq 100 rose 0.8%The Dow Jones Industrial Average rose 0.7%The MSCI World index rose 0.9%CurrenciesThe Bloomberg Dollar Spot Index fell 0.7%The euro rose 0.8% to $1.2167The British pound rose 0.8% to $1.4002The Japanese yen rose 0.4% to 108.60 per dollarBondsThe yield on 10-year Treasuries was little changed at 1.57%Germany’s 10-year yield advanced one basis point to -0.22%Britain’s 10-year yield declined two basis points to 0.77%CommoditiesWest Texas Intermediate crude rose 0.2% to $65 a barrelGold futures rose 1% to $1,833 an ounceFor 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 downside momentum appears to be strong enough to drive the index into the February 25 main bottom at 89.655 over the near-term.
Stocks are in a frenzy. Cryptocurrencies now equal the value of U.S. dollars in circulation. Real estate is booming. And the Federal Reserve is still pumping stimulus into the economy.
Bill Gates transferred stakes in several companies to Melinda Gates on the day the power couple announced their divorce
The stock market can be a volatile setting where each investor’s success depends on both strategy and their tactics. In addition, each investor must create a balance between minimizing risk and maximizing returns. Savvy investors know how to navigate fluctuating … Continue reading → The post What Is the Smart Money Index (SMI)? appeared first on SmartAsset Blog.
As the US economy continues to open up, the April jobs report from the US Bureau of Labor Statistics shows the boom in delivery jobs has taken a tumble. The industry covers workers who deliver and pick up packaged good, employed by companies like Amazon, Fedex, and DHL. When the Covid-19 pandemic halted the world and people stayed home, the demand for online retailers, online grocers, delivery firms shifted into high-gear.