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Peloton is back above its 50-day moving average as it consolidates gains.
Peloton is back above its 50-day moving average as it consolidates gains.
French automaker Renault will seek to generate more than 1 billion euros ($1.20 billion) in sales from the so-called "circular economy" by turning its Flins factory outside Paris into a research, recycling and repair centre, its boss told French weekly Journal du Dimanche. "Our ambition, by 2030, is to achieve more revenue (from recycling and repair at Flins) than from assembling cars there," said Luca de Meo, Renault's chief executive.
The next major move in gold will be determined by trader reaction to the major 50% level at $1788.50.
A pension fund filed a lawsuit against Credit Suisse Group AG on Friday in a U.S. court, accusing the Swiss bank of misleading investors and mismanaging risk exposure to high-risk clients, including Greensill Capital and Archegos Capital Management. The pension fund, City of St. Clair Shores Police & Fire Retirement System, based in St. Clair Shores, Michigan, filed the class action lawsuit in federal court in Manhattan, alleging violations of federal securities laws.
Dick Parsons could bring a critical eye to some of the decentralized finance protocols that look like structured products, said Celo co-founder Rene Reinsberg.
(Bloomberg) -- The frenzy around digital tokens is taking its zaniest turn yet in the price of a token created as a joke, buckling the crypto trading system at Robinhood Markets.Dogecoin, boosted by the likes of Elon Musk and Mark Cuban, rallied more than 110% Friday before dropping by 26% on Saturday, according to CoinMarketCap.com. It now has a market value of more than $36 billion and is still up 13,400% from a year ago, when it traded for $0.002 and was worth about $250 million.Demand was so brisk for the token that investors trying to trade it on Robinhood crashed the site, the online exchange said in a blog post Friday. Some $68 billion worth of Dogecoin changed hands in the prior 24 hours as of 4:45 p.m. Friday in New York, the most since June, CoinMarketCap.com data showed.Doge’s surge is part of a rise in altcoins, a term for all the digital tokens that have sprung up in imitation of Bitcoin. Like most of them, its use case is limited, making it a tool for speculators and raising concern that a bubble is inflating in a crypto world now worth more than $2.25 trillion.“This reminds me of the dot com days. We knew something big was going on, a lot of investors were chasing it hard. That led to a bubble,” Scott Knapp, chief market strategist at CUNA Mutual Group, said. “For every Amazon.com there were 10 pets.com that went bankrupt. Is Dogecoin the pets.com of the cryptocurrency era?”Interest in crypto is on the rise again after companies from PayPal to Square started enabling transactions in Bitcoin on their systems, and Wall Street firms like Morgan Stanley began providing access to the tokens to some of the wealthiest clients. All along, crypto die-hards who say the blockchain technology will rewire the financial community have been plugging crypto, getting rich in the process.The Shiba-Inu themed Dogecoin was created as a joke by software engineers Billy Markus and Jackson Palmer in 2013. Musk sparked a rally in it earlier this year when he posted a photo of a faux magazine “Dogue” featuring a dog in a red sweater.But Michael Novogratz, chief executive officer of Galaxy Digital Holdings, isn’t buying the hype, since Dogecoin “doesn’t really have a purpose.”“It’s reminiscent of GameStop,” he said in an interview with Bloomberg TV, referring to the meme stock mania that gripped markets in February. “I would be very, very worried if one of my friends was investing in Dogecoin at these prices.”With little to back up the case for buying cryptocurrencies, the likelihood of them cratering remains high, leaving novice traders who jumped in on the hype vulnerable to steep losses.“The government has pumped so much monetary and fiscal stimulus into the economy now, even worthless assets are being bid up,” said Michael O’Rourke, chief market strategist at JonesTrading.Yet alt-coin popularity is hard to ignore. While Bitcoin is worth more than $1 trillion, the total market cap of the token universe now exceeds $2.25 trillion, according to CoinGecko.com, which tracks more than 6,700 coins.Bitcoin’s dominance in the crypto world has declined 28% since the beginning of the year, according to OKEX Insights Analyst Robbie Liu, citing data from Tradingview. The waning influence started to accelerate this month, he said in an email Friday, and Bitcoin now accounts for less than 54% of the crypto market capitalization -- the lowest level in nearly two years.“On the altcoins front, we continue to see strong momentum,” said Pankaj Balani, the CEO of Delta Exchange, a leading crypto derivatives exchange, in a note Thursday. He noted Ether’s recent record and increased activity in decentralized finance or DeFi, adding that “decentralized exchange coins will be in focus in the next few days, given that the market has validated Coinbase at a $100 billion valuation.”Other tokens with shaky to no fundamentals are also rising. Cardano and Polkadot, both in the top 10 cryptocurrencies by market cap, have surged this week.“Polkadot and Cardano have very few ‘users’” currently, said Shashwat Gupta, founder of Altcoinbuzz.io, in an email Wednesday, though he added that there’s a substantial amount of development being built on them.And it looks like Coinbase CEO Brian Armstrong may have been on to something when he said after the listing that it marks a “shift in legitimacy” for crypto.The Coinbase listing “ultimately will deliver more ‘use cases’ for cryptos and should keep the crypto market growing,” said Edward Moya, senior market analyst for North America at Oanda Corp.(Updates with Dogecoin’s price decline on Saturday. A prior version of this story was corrected to show Dogecoin was created in 2013.)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’s financial regulator said operations at China Huarong Asset Management Co. are normal and the company has ample liquidity, marking the first official comments aimed at easing investor concerns over the financial health of the nation’s largest bad-debt manager.The state-owned company is actively cooperating with its auditor and will complete its annual report as soon as possible, the China Banking and Insurance Regulatory Commission said in a statement. Huarong’s dollar bonds climbed, extending their rally from record lows on Thursday. A dearth of communication from Huarong and regulators on the company’s plight has unnerved investors who are seeking more details on its finances, its overhaul plans and its level of support from Beijing.Huarong, which owes $42 billion to local and offshore bondholders, jolted Asian credit markets after failing to meet a March deadline for releasing its 2020 earnings. The company was already under a shadow after its former chairman, Lai Xiaomin, was executed earlier this year after being found guilty of bribery. Under his leadership, Huarong expanded into areas including securities trading and trusts in a significant shift away from the company’s original mandate of helping banks dispose of bad debt.Huarong said earlier this week it had “adequate” liquidity and has repaid all bonds that matured on time, yet the company has declined to comment on its plans for future payments. The lack of clarity has fueled investor concerns about the potential for a debt restructuring that would be China’s most consequential since the late 1990s. Huarong’s dollar bond maturing in November climbed 4.3 cents on the dollar to 82.6 cents as of 5:35 p.m. in Hong Kong. Its yield, which approached 100% on Thursday, fell to 39%.The company’s offshore bonds began rebounding on Thursday, after reports that Huarong had funds for a full repayment of a S$600 million ($450 million) offshore note due April 27. The company’s onshore securities unit has wired funds to repay a local bond maturing Sunday, people familiar with the matter said on Friday. Huarong and its subsidiaries need to repay or refinance some $7.4 billion of local and offshore bonds this year. The company counts Warburg Pincus, Goldman Sachs Group Inc. and Malaysia’s sovereign wealth fund among its shareholders, according to data compiled by Bloomberg. The stock has dropped 67% since its 2015 listing in Hong Kong and has been halted from trading since the start of April.Hu Jianzhong, chief supervisor at Huarong, said at an event in Beijing on Friday that China will see more difficulties in bad-asset disposal market over the next three to five years as the volume rises and prices fall. Hu didn’t mention Huarong’s debt situation in the speech and declined to comment on the company’s bond repayment plan or the timing for its annual report on the sidelines of the event.The nation’s distressed loan managers are facing mounting pressure as the pandemic has made it harder to dispose of assets, according to a closely watched survey by China Orient Asset Management Co. released on Friday.Increasing credit losses at the managers themselves threaten to hurt profits and have adverse impact on their capital strength over the long term, China Orient, one the nation’s four state-owned bad-debt managers, said in the report. It also warned of growing difficulties with maturity mismatches as the companies’ liabilities are mostly short-term.Financial IndustrySeparately, China’s regulator said on Friday that the country’s banks saw their non-performing loans climb to 3.6 trillion yuan ($552 billion) as of March 31, up 118.3 billion yuan from the end of 2020. The NPL ratio eased to 1.89%, 0.02 percentage point lower than at the end of 2020.With the coronavirus largely contained and the economy rebounding, Chinese policy makers have renewed a campaign to restrain leverage and curb risks, especially in the closely managed financial and real estate sectors. Last year’s stimulus pushed debt to almost 280% of annual economic output.The central bank last month asked major lenders to curtail loan growth for the rest of this year after a surge in the first two months stoked bubble risks, people familiar with the matter have said.The economy accumulated much of its record debt pile after the global financial crisis, when it binged on credit to avoid the economic slumps ravaging the West. Efforts in 2017 to restrain debt growth, especially in the shadow-banking industry, led to higher money-market rates and a slump in government bonds.(Adds background throughout.)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.
Grab Holdings, Southeast Asia's ride-hailing to delivery giant, is considering a secondary listing in its home market of Singapore after completing a Nasdaq listing via a $40 billion SPAC merger, three sources familiar with the matter said. Listing on Singapore Exchange would enable Grab to have an investor base close to where its regional business is based, the people said, potentially offering its customers, drivers and merchant partners easier access to trade its shares. Grab, a household name across Southeast Asia, is in the early stages of considering a secondary listing in the city-state, said the sources, who declined to be identified as they were not authorised to speak about the matter.
Stocks traded higher Friday in another record-setting day on Wall Street, with a batch of stronger-than-expected economic data and corporate earnings results helping fuel a risk rally.
For context, Armstrong's holdings in the crypto exchange has been estimated at north of $7 billion.
USD/CAD declined below the support at 1.2525 and is testing the next support level at 1.2500.
The car company said it and LG Chem are building a production facility in Tennessee. Think of a Tesla Giga factory, GM style.
Turkey's crypto ban sets a bad precedent for other countries mulling similar moves.
The IRS chief tells Congress the child tax credit payments will arrive on time after all.
On Friday, Keith Gill exercised his 500 GameStop call options to get 50,000 more shares at a strike price of $12, which is less than a tenth of the current stock price. What Happened: Keith Gill, the Reddit WallStreetBets trader, also bought 50,000 more GameStop Corp (NYSE: GME) shares, bringing his total investment to 200,000 shares worth more than $30 million. Gill — who goes by DeepF------Value on Reddit and Roaring Kitty on YouTube — is the man who helped inspire the GameStop short squeeze in January. On Friday, he shared a screenshot of his portfolio marked "final update" on the WallStreetBets subreddit. The screenshot showed nearly $34.5 million in his assets with $30.9 million of GameStop shares and $3.5 million in cash. The Wall Street Journal also reported Gill held more than $30 million in assets. Gill uploaded a video on YouTube entitled "Cheers everyone!" According to Gill's latest update on Reddit's r/WallStreetBets forum, his average price paid for GameStop shares is $55.17. Keith Gill gained fame amid Reddit's WallStreetBets craze. He has been posting about GameStop for a year and also making videos on YouTube. Gill found himself in the middle of the GameStop story after posting about large gains made from buying the stock before its 1,000% increase. Gill was registered as an agent with MML Investors Services LLC, a broker-dealer arm for Mass Mutual. Last month, the company filed a termination request with FINRA to remove Gill's broker license. In February, a class-action lawsuit was filed against Gill after the GameStop short squeeze. He appeared at a Congressional hearing in February regarding Reddit's influence on the market. The CEOs of Robinhood, Citadel and Melvin Capital also spoke at the hearing. Price action: GameStop closed Friday at $154.69. Image: Screenshot of Keith Gill's video See more from BenzingaClick here for options trades from BenzingaKorean EV Battery Suppliers To Ford, VW Reportedly Reach Agreement To Avoid Import DisruptionWhy Alibaba Just Got Hit With A Record .87 Billion Fine In China© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Dow hits new high, J&J asks other vaccine makers to investigate blood clots, and other news to start your day.
'Sell in May and go away,' advises the trading maxim. But with stocks at record highs, one trader at the New York Stock Exchange is recommending a related but different strategy.
(Bloomberg) -- GameStop Corp. Chief Executive Officer George Sherman, who is expected to leave the struggling video-game retailer, disposed of almost $12 million in shares, with the proceeds earmarked by the company to pay compensation-related taxes.The 76,097 shares were withheld by GameStop upon vesting to cover taxes related to the 2019 inducement award, according to a regulatory filing Friday. The shares were valued at $156.44 each, or about $11.9 million.Representatives of GameStop didn’t immediately respond to a request for comment.Activist investor Ryan Cohen, the company’s incoming chairman, is spearheading a turnaround effort at GameStop, which is seeking a new CEO to replace Sherman, people with knowledge of the matter have said. Sherman earlier this week forfeited about $98 million in compensation after failing to meet performance targets.Shares of GameStop have become a favorite of Reddit-reading day traders this year, sending the stock soaring, despite shrinking sales and losses in the latest fiscal year.(Corrects details of transaction starting in first 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.
All manner of weird things keep happening in financial markets, from bond yields that go down when they should go up, to near-daily swings between big-picture convictions. It's hard to manage money when everything feels so fragile.
Dogecoin was worth as much as $55 billion on Friday, nearly tripling on the day. At current levels, it’s worth about as much as Ford and Marriott.
Ant Group is exploring options for founder Jack Ma to divest his stake in the financial technology giant and give up control, as meetings with Chinese regulators signaled to the company that the move could help draw a line under Beijing's scrutiny of its business, according to a source familiar with regulators' thinking and two people with close ties to the company. Reuters is for the first time reporting details of the latest round of meetings and the discussions about the future of Ma's control of Ant, exercised through a complicated structure of investment vehicles. The Wall Street Journal previously reported that Ma had offered in a November meeting with regulators to hand over parts of Ant to the Chinese government.