slotที่ดีที่สุดtrue,แนวโน้มภาคบ่าย: แกว่งตัวในกรอบจำกัด ฟิทช์คงอันดับเครดิต ADVANC ที่ BBB+ แนวโน้มมีเสถียรภาพSIRI Trading แนวรับ 1.71 แนวต้าน 1.77-1.79 ตัดขาดทุน 1.68 ，แนวโน้มภาคบ่าย: แกว่งตัวในกรอบจำกัด DCC (TP4.5): Support 3.9/3.8 Resistant 4.02/4.12มูลค่าการซื้อขายใบสำคัญแสดงสิทธิอนุพันธ์(Total DW Turnover) 1,554.76 ล้านบาท บางคนมีเงินเดือนถึง 2-3 แสนบาท ลักษณะอย่างนี้เป็นต้น ตรงนี้ไม่ใช่สิ่งที่สั่งการว่าจะต้องทำอย่างนั้นอย่างนี้ เพียงแต่ท่านนายกฯ ยกตั้งอย่างให้ฟังว่าในการแก้ปัญหาองค์กรโดยรวม อย่ามองเฉพาะผู้ปฏิบัติการอย่างเดียว บางโอกาสระดับผู้บริหาร ถ้าคนล้นงานแล้วสามารถปรับลดลงได้ก็จะทำให้การแก้ปัญหาขาดทุนได้น้อยลง พล.ต.สรรเสริญ กล่าวภาวะการซื้อขายในตลาดหุ้นนิวยอร์กเป็นไปอย่างซบเซาตั้งแต่ตลาดเปิดทำการ เนื่องจากนักลงทุนระมัดระวังการซื้อขายก่อนที่จะทราบผลการประชุมเฟดซึ่งจะมีขึ้นในวันที่ 27-28 ต.ค.นี้ โดยนักลงทุนต้องการหาสัญญาณว่า เฟดจะส่งสัญญาณเรื่องการปรับขึ้นอัตราดอกเบี้ยหรือไม่บริษัทมีแผนขยายพื้นที่สื่อโฆษณาเพิ่มเติมอย่างต่อเนื่อง โดยมีเป้าหมายภายในสิ้นปีนี้จะมีพื้นที่สื่อโฆษณาเพิ่มขึ้นเป็น 100,000 ตารางเมตร จาก ณ สิ้นเดือนกันยายนมีพื้นที่สื่อโฆษณาแล้วกว่า 90,000 ตารางเมตร นอกจากนี้ บริษัทยังเตรียมจัดกิจกรรมแคมเปญการตลาดเพื่อกระตุ้นการซื้อสื่อโฆษณาเพิ่ม ซึ่งคาดว่าจะช่วยผลักดันยอดการใช้พื้นที่สื่อโฆษณาของ MACO ในไตรมาสสุดท้ายได้เป็นอย่างดี，HMPRO ดีดตัวจาก 6.65 มาเคลื่อนไหวเหนือกลุ่มเส้นเฉลี่ย ซึ่งเรียงตัวเชิงบวก ล่าสุดตั้งลำแกว่งออกข้างแถว 7.05 และดีดตัวแรงทำจุดสูงระยะสั้นใหม่ ด้าน DI+ อยู่เหนือ DI- ขณะที่ ADX ยกตัวยืนยันแนวโน้มเชิงบวกสะท้อนโอกาสที่ราคาจะสร้างแนวโน้มปรับตัวขึ้นได้ต่อ、 PTTEP เผยแหล่งแอลจีเรีย 433เอ-416บี เริ่มผลิตน้ำมันดิบ คาดเริ่มขาย Q4/58แนวรับ 4.10-4.24 บาทส่วนสัญญาที่ 2 งานก่อสร้างทางรถไฟทางคู่ ช่วงวิหารแดง-บุใหญ่ พร้อมอุโมงค์รถไฟ มูลค่า 598.602 ล้านบาท มีจำนวนเอกชนเข้ายื่น 4 ราย ได้แก่ บริษัท อิตาเลียนไทย ดีเวล็อปเม้นท์ จำกัด (มหาชน) หรือ ITD กิจการร่วมค้าทีซี จอยเวนเจอร์ บริษัท ไร้ท์ทันเน็ลลิ่ง จำกัด และ บริษัท เนาวรัตน์พัฒนาการ จำกัด (มหาชน) หรือ NWRทั้งนี้คลื่น FM 98.5 สถานีข่าวจริง สปริงเรดิโอ ถือเป็นการต่อยอดและตอกย้ำความมุ่งมั่นตั้งใจของ สถานีข่าวสปริงนิวส์ ทีวีดิจิทัล ช่อง 19 ที่ต้องการเสิร์ฟข่าวจริง เป็นกลาง ครบทุกด้าน ครอบคลุมทุกช่องทาง จากคนข่าวคุณภาพ บนความรับผิดชอบต่อสังคมไทย และกลุ่มอาเซียนDAII (ราคาปิดภาคเช้า 6.15) เงินบาทเปิด 35.47/48 แข็งค่าเล็กน้อย คาดปริมาณซื้อขายเบาบาง， แนะนำซื้อ MDX โดยมีแนวรับที่ 7.30 และ 7.25 และมีแนวต้านที่ 7.70 และ 7.80 เป็นจุดขายทำกำไรสถานะทางการเงินที่แข็งแกร่งของบริษัทได้รับแรงหนุนจากผลการดำเนินงานที่ดี ตลอดจนความสามารถในการสร้างกระแสเงินสดที่เพิ่มขึ้น และสภาพคล่องที่เพียงพอ อัตรากำไรจากการดำเนินงาน (อัตราส่วนกำไรจากการดำเนินงานก่อนค่าเสื่อมราคาและค่าตัดจำหน่ายต่อรายได้) เพิ่มขึ้นจาก20.4% ในปี 2556 เป็น 21.5% ในช่วงปี 2557 และ 21.3% ในช่วง 6 เดือนแรกของปี 2558 โดยเป็นผลมาจากการทำกำไรที่แข็งแกร่งของโรงพยาบาลหลักของบริษัทและความพยายามในการควบคุมค่าใช้จ่าย ถึงแม้ว่าโรงพยาบาลใหม่ในเครือบางแห่งจะยังไม่ทำกำไร แต่บริษัทก็พยายามปรับกระบวนการภายในของโรงพยาบาลใหม่ให้ได้ระดับมาตรฐานของบริษัทพร้อมทั้งเพิ่มประสิทธิภาพการให้บริการ เงินทุนจากการดำเนินงานของบริษัทปรับดีขึ้นจาก 9,007 ล้านบาทในปี 2556 มาที่ 10,832 ล้านบาทในปี 2557 และ 5,807 ล้านบาทสำหรับช่วงครึ่งแรกของปี 2558 สภาพคล่องของบริษัทมีความแข็งแกร่งโดยวัดจากอัตราส่วนเงินทุนจากการดำเนินงานต่อเงินกู้รวมซึ่งอยู่ที่ 34.2% ใน 2557 และ 35.9% ในช่วง 6 เดือนแรกของปี 2558。
นายเฟธ ไบรอล ประธานบริหารสำนักงานพลังงานระหว่างประเทศ (IEA) เปิดเผยว่า การลงทุนในโครงการน้ำมันใหม่ๆ มีแนวโน้มจะชะลอตัวลงต่อไปในปี 2559 เนื่องจากนักลงทุนยังคงมีความระมัดระวัง ท่ามกลางราคาน้ำมันที่ตกต่ำต่อเนื่อง อันเป็นผลมาจากอุปสงค์ที่อ่อนแอและภาวะอุปทานล้นตลาด，carx highway racing、best online game 2020 pc、โดยขณะนี้มีผู้ขึ้นทะเบียนใช้สิทธิในการรับรองถิ่นกำเนิดด้วยตนเองกับกรมการค้าต่างประเทศรวม 121 ราย แบ่งเป็นผู้ใช้สิทธิในโครงการที่ 1 และ 2 จำนวน 138 ราย และ 47 ราย ตามลำดับ และมีมูลค่าการส่งออกในช่วงเดือนมกราคม-กันยายน 2558 ไปยังประเทศในโครงการที่ 1 จำนวน 250.71 ล้านเหรียญสหรัฐฯ และประเทศในโครงการที่ 2 จำนวน 0.16 ล้านเหรียญสหรัฐฯ。 แนวต้าน : 10.70 และ 10.80，นายประกิต สิริวัฒนเกตุ ผู้อำนวยการฝ่ายวิจัย บล.กสิกรไทย เปิดเผยถึงตลาดหุ้นไทยวันนี้ (26 ต.ค.) ปรับตัวขึ้นในทิศทางเดียวกับภูมิภาคส่วนใหญ่ที่อยู่ในแดนบวก รับ Sentiment บวกจากต่างประเทศ จากที่ธนาคารกลางยุโรป (ECB) ได้ส่งสัญญาณจะขยายขนาดมาตรการผ่อนคลายเชิงปริมาณ (QE) และจีนได้ปรับลดอัตราดอกเบี้ย และลดสัดส่วนการกันสำรอง (RRR) ของธนาคารพาณิชย์ ส่งผลให้เงินดอลลาร์สหรัฐฯแข็งค่าขึ้น ทำให้ตลาดมองว่าธนาคารกลางสหรัฐ (FED) มีโอกาสน้อยลงที่จะปรับขึ้นอัตราดอกเบี้ย ภาพตลาดฯจึงเป็นบวกหุ้นกลุ่มพลังงานร่วงลง หลังจากราคาน้ำมันดิบตลาดนิวยอร์กปรับตัวลง อันเนื่องมาจากความวิตกกังวลเกี่ยวกับภาวะอุปทานล้นตลาด โดยเอ็กซอน โมบิล ร่วงลง 2.1% หุ้นเชฟรอน ดิ่งลง 2.7% และหุ้นเชซาพีค เอนเนอร์จี ร่วงลง 8.9% หุ้นกลุ่มเทคโนโลยีปรับตัวลงเช่นกัน โดยหุ้นแอปเปิล ร่วงลง 3.2% ก่อนที่บริษัทจะเปิดเผยผลประกอบการ ขณะที่หุ้นซีร็อกซ์ คอร์ป ดิ่งลง 3% หลังจากบริษัทเปิดเผยรายได้ที่น้อยกว่าการคาดการณ์การจัดตั้งธุรกิจเป็นหัวข้อที่มีการปฏิรูปมากที่สุดในรอบปีที่ผ่านมา เมียนมาร์ได้มีการปรับปรุงเรื่องการจัดตั้งธุรกิจครั้งใหญ่ระดับโลก โดยการลดทุนจดทะเบียนขั้นต่ำของบริษัทในประเทศ และปรับปรุงขั้นตอนการดำเนินงานจัดตั้งธุรกิจให้มีประสิทธิภาพมากขึ้น ทั้งหมดนี้ได้ช่วยให้วิสาหกิจขนาดเล็กประหยัดเวลาและทรัพยากรอันมีค่า บรูไนเดรุซาลามก็ได้มีการปฏิรูปขั้นตอนการจัดตั้งนิติบุคคลด้วยเช่นกัน ทำให้การใช้เวลาในการจัดตั้งธุรกิจลดลงเหลือเพียง 14 วันจากเดิมที่ต้องใช้เวลา 104 วันเมื่อปีที่ผ่านมา อันเป็นผลมาจากการปรับปรุงการดำเนินงานระบบออนไลน์ การทำให้ขั้นตอนการลงทะเบียนและกระบวนการหลังการจดทะเบียนง่ายขึ้นสำหรับรายละเอียดของสัญญายางแผ่นรมควันชั้น 3 (RSS3) ที่จะซื้อขายในตลาด TFEX 1 บัญชี สามารถซื้อขายได้ 10,000 สัญญา โดย 1 สัญญามีขนาด 5 ตัน และในสัญญาเดือนใกล้มากที่สุดจะซื้อขายได้ไม่เกิน 1,000 สัญญาต่อบัญชี โดยนักลงทุนที่ต้องการส่งมอบสินค้าจริงจะต้องระบุก่อนเทรด ส่วนนักลงทุนที่เข้ามาซื้อขายทั่วไปจะเป็นลักษณะการเก็งกำไรโดยไม่ต้องส่งมอบของจริง ，นอกจากนี้ราคาที่ตกลงในการเข้าทำรายการครั้งนี้เป็นราคาที่เหมาะสมและอยู่ในระดับที่ยอมรับได้ ส่วนประชุมเพื่อขอมติจากผู้ถือหุ้นในวันที่ 30 ต.ค.นี้ มั่นใจว่าจะสามารถตอบข้อซักถามได้ทั้งหมด และเชื่อว่าจะได้รับแรงสนับสนุนจากผู้ถือหุ้นด้วยดีเหมือนเช่นที่ผ่านมาแนวรับ : 7.15 6.95อันดับเครดิตภายในประเทศของ ICBCTL นั้นอยู่ในระดับเดียวกันอันดับเครดิตภายในประเทศของ ICBCT เนื่องจากฟิทช์มองว่า ICBCTL เป็นบริษัทลูกหลัก (core subsidiary) ของ ICBCT โดย ICBCTL มีบทบาทสำคัญต่อกลยุทธ์ของธนาคารและมีสัดส่วนสินเชื่อคิดเป็น 30 % ของสินเชื่อรวมของ ICBCT และมีสัดส่วนรายได้คิดเป็น 44% ของรายได้รวมในครึ่งแรกของปี 2558คำแนะนำของ ASLซื้อระยะสั้น ปรับตัวมีแนวรับสำคัญ 5.40-5.35 แนวต้าน 5.85 / 6.35 ，ทางด้านแรงซื้อขายสุทธิใน DW28 วานนี้ นักลงทุนซื้อสุทธิใน SET50 Put เช่น S5028P1511A ขณะที่มีแรงขายสุทธิใน SET50 Call เช่น S5028C1511B ส่วน DW บนหุ้นรายตัว มีแรงซื้อสุทธิเล็กน้อยใน AOT28C1601A KBAN28C1607A และ PTTG28C1602A แต่มีแรงขายสุทธิใน STEC28C1512A DTAC28C1602A และ TRUE28C1512Bหุ้นเปอร์โยต์ ซีตรอง ร่วงลง 3.6% หลังจากบริษัทเปิดเผยยอดขายไตรมาส 3 ที่น้อยกว่าการคาดการณ์ ขณะที่ WPP ร่วงลง 2.2% หลังจากบริษัทเปิดเผยยอดขายที่อ่อนแรงลงในตลาดอังกฤษ}หุ้นดอยช์แบงก์ ร่วงลง 1.4% หลังจากไฟแนนเชียล ไทมส์รายงานว่า เจ้าหน้าที่สหรัฐกำลังตรวจสอบกรณีการฟอกเงินของธุรกิจในรัสเซียของดอยช์แบงก์รายละเอียดของอันดับเครดิตมีดังต่อไปนี้:。
(Bloomberg) -- Ken Griffin’s Citadel has once again found itself at the center of a WallStreetBets drama, this time over the firm’s holdings of silver.The precious metal has become a popular buying target for retail investors keen to inflict losses on hedge funds, after posts on WallStreetBets claimed the market was ripe for a short squeeze. Yet some members of the Reddit forum have responded with pleas to avoid the trade, saying Citadel stands to benefit as a major holder of the largest silver exchange-traded fund.“CITADEL IS THE 5TH LARGEST OWNER OF SLV,” one WallStreetBets user wrote on Sunday, referring to the iShares trust’s ticker symbol. “IT’S IMPERATIVE WE DO NOT ‘SQUEEZE’ IT.”Read more: Silver Spikes Past $30 as Retail Investors Swarm Biggest TargetCitadel Advisors LLC owned about 6 million shares of the iShares Silver Trust as of Sept. 30, equivalent to a 0.93% stake, data compiled by Bloomberg show. The firm also held shares in at least 17 other silver companies and ETFs.While WallStreetBets users have stunned the world by banding together to fuel epic gains in heavily shorted stocks including GameStop Corp., the debate over silver highlights that traders in the forum are far from a homogeneous group. Investors have been watching the metal’s rally for clues on the staying power of a David-vs-Goliath buying spree that’s spreading to ever-bigger targets.Silver futures on the Comex jumped as much as 13% on Monday. That pushed prices above $30 an ounce to the highest level since 2013, but the gains are so far tiny relative to GameStop’s 16-fold surge since mid-January.A phone call to Citadel’s Chicago office outside regular business hours went unanswered. It’s unclear whether the firm’s holdings of iShares Silver Trust or other silver-related securities have changed since September. Inflows into the iShares trust surged by a record $944 million on Friday as trading in the ETF soared.Citadel runs one of the largest hedge funds and one of the biggest market makers in the world. The firm drew the ire of the WallStreetBets crowd last month after it injected cash into hedge fund Melvin Capital, which lost about 53% in January after being hit by a short squeeze on shares including GameStop.Anger toward Citadel among WallStreetBets users only increased after Robinhood Markets imposed curbs on trading GameStop last week. Some alleged that Griffin, whose firm helps execute orders from Robinhood customers, might be behind an attempt to stamp out the rebellion of individual investors. Citadel and Robinhood both denied any involvement by the billionaire in the decision.(Updates silver price and adds chart.)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 Indian government on Monday said it plans to raise limits on how much foreign companies can invest in the country's insurance industry, a move that could attract inflows from U.S. and European insurers. Finance Minister Nirmala Sitharaman in her budget speech for 2021-22 said the government would allow foreign direct investment of up to 74% in insurance entities, up from 49% currently, clearing the way for "foreign ownership and control with safeguards". The change could attract investments from international insurance companies, industry sources said, many of which have existing joint-venture operations in India, including from American International Group and United Kingdom's Prudential Plc.
Playboy Enterprises Inc, the lifestyle brand that is in the process of going public and known for its eponymous magazine, said on Monday it has agreed to acquire the parent company of sexual wellness chain Lovers. In October, Playboy agreed to go public by merging with blank-check acquisition company Mountain Crest Acquisition Corp in a deal that values Playboy at $413 million, including debt.
NBA legend Ray Allen spoke with Yahoo Finance's Brian Sozzi to discuss his partnership with Abbott on their FreeStyle Libre 2 device to help monitor his son's type 1 diabetes. Allen also discussed the Covid-19 pandemic's impact on the U.S. as well as the fight for social justice.
Fertitta Entertainment Inc, owned by Billionaire Tilman Fertitta, said on Monday it has agreed to go public through a merger with a blank-check company, in a deal that values the combined entity at $6.6 billion. The deal with FAST Acquisition Corp includes a $1.2 billion private investment from institutional shareholders, Fertitta Entertainment said. Fertitta would be the Chief Executive Officer of the combined company and its largest shareholder, the company said.
(Bloomberg) -- Nexters Global Ltd., the game developer behind Hero Wars and Throne Rush, is going public through a deal with a blank-check company started by former MegaFon PJSC head Ivan Tavrin.The transaction between Limassol, Cyprus-based Nexters and Tavrin’s Kismet Acquisition One Corp. is valued at $1.9 billion, according to a statement Monday. Kismet Capital Group will invest an additional $50 million in the deal.Tavrin, the founder of Russian media company UTH Russia Ltd. and former chief executive officer of telecommunications group MegaFon, has filed for three special purpose acquisition companies -- or SPACs -- since last year. Kismet Acquisition One, which raised $250 million in August, was formed to focus on acquisitions in the telecom infrastructure, internet, technology and consumer industries, according to its filing documents.“There is a great opportunity for European businesses to go public on Nasdaq through SPACs,” Tavrin said in an interview. “It was our thesis that technology and innovation has no borders.”Shares in Kismet, which is listed on the Nasdaq Capital Market, closed at $10.47 Friday. They climbed 7% to $11.20 in early New York trading Monday.Tavrin will join the board of the listed company. The transaction is expected to close in the second quarter, after which the company will trade under the GDEV tickerNexters was founded in 2010 by Andrey Fadeev and Boris Gertsovsky. Its main franchise is Hero Wars, a multiplayer battle game where characters fight for territory in a fantasy land known as Dominion.”Nexters is very well diversified in terms of gamers and in terms of currency,” Tavrin said, adding that 60% of its users are in the U.S. and Europe, and 20% are in Asia, excluding China where the company has yet to establish a footprint.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) -- After a one-month trial of 2021, the shoppers of emerging-market assets can point to any number of reasons for wanting their money back.Yet the balance of evidence suggests they’ll stick with the product for a while.For all the factors that triggered last week’s selloff, the prospect of stronger growth ahead as stimulus kicks in, vaccines are distributed and restrictions lifted continues to underpin confidence. Goldman Sachs Group Inc., Societe Generale SA and Loomis Sayles & Co. were among those talking up emerging markets in the past week, even as the Cboe Volatility Index had its biggest daily jump in about three years on Wednesday.“I see the current backup as an opportunity to fade weakness, rather than the start of another sustained leg down,” said Ilya Gofshteyn, a senior emerging-markets strategist at Standard Chartered in New York. “Assets can rally once U.S. equity market volatility rolls over. Emerging-market currencies were on the back foot even ahead of the recent spike in VIX, so positioning is much cleaner now.”MSCI Inc.’s gauge of developing-nation shares had the worst week since March in the five days through Friday, falling 4.5%, as the uneven rollout of inoculation programs and gyrations brought about by retail traders in U.S. markets sapped risk appetite.Investor anxiety, as measured by expected price swings for equities, reached the highest in almost three months last week even as Federal Reserve Chairman Jerome Powell pledged to keep monetary spigots wide open. Implied volatilities across emerging-market currency pairs jumped on Friday, while local bonds fell for a third straight week.February may still get off to a rocky start. Kicking off a week of economic releases, an official gauge of China’s manufacturing output slipped for a second month in January, while activity in the services sector slowed to the lowest reading since March, data published on the weekend showed. Traders are also monitoring silver’s price spike, as the precious metal took center stage Monday in the retail investor frenzy sweeping through markets.Listen: EM Weekly Podcast: Risk of Retail Frenzy Contagion; PMI NumbersDefaults and RestructuringsZambia skipped a $56.1 million coupon payment on Jan. 30 on its Eurobond maturing in 2027, the Finance Ministry confirmed SundayIt became Africa’s first pandemic-era sovereign to default after it missed a $42.5 million Eurobond coupon payment in NovemberEthiopia’s State Minister of Finance Eyob Tekalign said the nation will seek to restructure its external debt under a Group-of-20 programIts Eurobonds plunged the most on record on FridayChad was the first country to request the restructuring of its external debt under the G-20 common frameworkElsewhere, Argentina’s Salta province reached a deal with an ad-hoc creditors group for amendments to its foreign bonds due in 2024Central Banks DecideThe Bank of Thailand is expected to keep interest rates on hold on Wednesday by unanimous consensusBloomberg Economics believes that this does not preclude other easing measures to build on relief for retail borrowersThe central bank may also express further concern about the Thai baht’s strength and discuss steps to “address structural problems in the foreign-exchange market and encourage more balanced capital flows,” as described in the most recent minutesRead: Shorter Thai Bonds in Demand Ahead of Rate Verdict: SEAsia RatesThe Reserve Bank of India’s decision will be closely watched on Friday. Consensus expects policy makers to stand patHowever, Bloomberg Economics says the central bank has scope to ease rates after December inflation dropped to within its target bandIf they do cut, analysts will watch how much shorter-tenor yields can fall even with the expected rate cut as the RBI has signaled its willingness to withdraw liquidityPoland’s central bank is expected to hold rates Wednesday, according to all economists surveyed by BloombergThe zloty is little changed this yearThe regulator pledged to return to currency interventions to avoid zloty gains and allow the economy take full advantage of ultra-lax monetary conditionsCentral banks in the Czech Republic, Ghana and Egypt are also expected to keep rates on hold this weekCentral Banks InterveneA number of Asia’s large holders of reserves are due to report January foreign-exchange levels this weekJanuary shouldn’t have been a heavy dollar-buying month given the recovery in the U.S. currency. For those countries that experienced depreciation pressure -- like South Korea -- the figures will provide an illustration of the asymmetric nature of reserves accumulation; Asian countries are generally more willing to buy dollars than to sell themSouth Korea reports on Wednesday. Valuation effects alone could reduce the figure to $441.6 billionThe calculations of valuation-adjusted reserves accumulation are done on the assumption that 40% of currency reserves are denominated in non-dollar currencies -- broadly along the lines of the International Monetary Fund survey dataThe Korean won was the worst-performing Asian currency in JanuaryIndonesia, Thailand, Taiwan and the Philippines release data on Friday. Valuation alone would cut Taiwan’s figure to $528.1 billionChina releases its numbers on Feb. 7The yuan was the strongest currency in Asia last week, as the authorities continued to battle the attraction of rising interest rates and corporate demand for the Chinese currencyRead: Yuan Bulls Take Comfort From High FX Conversion Rate: Macro ViewPMI PulseA slew of factory activity data from Indonesia to India, Russia and Brazil will offer further clues on the pace of recovery across the developing world as investors assess whether market valuations are stretchedChina’s official PMIs -- especially services -- were poor in data released on SundayThe Caixin manufacturing numbers also disappointed in data released on Monday, falling 1.1 points below consensusChina aside, Asia’s January Markit manufacturing PMIs have so far come in strong. The average outcome -- excluding China -- rose for the ninth consecutive month, by 0.7Back of the envelope calculations suggest that PMIs should have been expected to come in roughly flat. On the one hand, the tightening of lockdown conditions across the region and spill-over from China’s official PMI slowdown were expected to constrain these figures. On the other, strong U.S. Markit figures for January, and impressive export data from South Korea suggested support for the numbersChina (Caixin) and India’s (Markit) service PMIs are due Wednesday. China’s number is expected to lose a little momentumInflation WatchJanuary CPI data will be closely watched. Any sign of slowing inflation would boost real yields in a low interest-rate environment -- a relief to bond investorsIndonesia’s number on Monday unexpectedly fell on a headline basis, and remains comfortably below the central bank’s target rangeSouth Korea’s figure is due on Tuesday. Philippines, Thailand, and Taiwan report on Friday -- consensus expects most to remain stableA reading of Colombia’s January consumer price inflation, scheduled for Friday, may show a small increase while lingering below the targetArgentina’s central bank is expected to release its monthly survey on inflation expectations on FridayPeruvian headline inflation for January is expected to rise from a month earlier while staying near the midpoint of target, according to Bloomberg EconomicsOther Data & EventsMyanmar’s military detained Aung San Suu Kyi, declared a state of emergency and seized power for a year after disputing her party’s landslide November election victory in a setback for the country’s nascent transition to democracy. The nation’s stock exchange on Monday said it halted trading due to a connection errorStill, it’s unlikely that there will be a spill-over into other Asian marketsIndia’s bonds tumbled and stocks surged after the government unveiled a spending plan worth almost a half-trillion dollars to help lift Asia’s third-largest economy out of a pandemic-induced slumpThe fiscal deficit next year is expected at 6.8% of gross domestic product. That’s wider than the 5.5% forecast in a Bloomberg survey. The deficit will be 9.5% for the current year, against a planned 3.5%India plans to borrow about 12 trillion rupees ($164 billion) in the next fiscal year starting in AprilIndia to Borrow Big for Nearly Half-Trillion Dollar Budget Indian Bonds Tumble on Near-Record Borrowing, Focus Turns to RBISouth Korean export data, released on Monday, beat expectations by a little more than 1 percentage point, while the nation’s current-account balance is due FridayIndonesia’s fourth-quarter GDP report is due on Friday, and is expected to show a continued contractionBrazilian developments around a strike planned for Monday by truckers, unhappy with higher diesel prices, should be monitoredA nationwide truckers’ strike in 2018 (mid-May to early June) all but shut down Latin America’s No.1 economy and cost billions alone in lost outputBrazilian Minister of Infrastructure Tarcisio Gomes de Freitastold daily Estadao that he had spoken with sector leaders and expected minimal participationBrazil’s $3.5 billion bond maturing in 2030 was little changedBrazilian lawmakers are set to return from recess on Monday and vote on new presidents for the lower house and Senate. The two candidates backed by President Jair Bolsonaro are broadly favored to win and the result of the election could impact the outlook for economic reform in Latin America’s largest economy, including further fiscal stimulus to ward off the worst of the pandemic’s economic effectsOn Tuesday, Brazilian December industrial production figures are expected to show a continued rebound from the pandemic plunge.A reading of Chile’s December economic activity on Monday flagged a tepid recovery while lingering below levels from a year earlierBusiness confidence rose, perhaps signaling that vaccine rollouts in the nation will be enough to stoke a comebackMeeting minutes from Colombia’s January meeting may offer investors a more dovish tone and hint at further accommodation if inflation remains subdued, according to Bloomberg EconomicsPolicy makers held their key rate at an all-time low for a fourth straight month last weekFor 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.
U.S. stock index futures bounced 1% on Monday following a steep sell-off on Wall Street last week, as a shift in the retail trading frenzy to silver drove up mining stocks and investors awaited manufacturing data later in the day. The iShares Silver Trust ETF jumped 9% in premarket trading as silver broke above $30 an ounce for the first time since 2013 with an army of retail traders storming into the metal after betting billions of dollars on stocks last week. Wall Street's main indexes last week logged their steepest weekly fall since October, as investors digested the efficacy data from Johnson & Johnson's COVID-19 vaccine trial results, while a slugfest between Wall Street hedge funds and retail investors added to volatility.
Russian state prosecutors said they would back an effort to jail opposition politician Alexei Navalny for up to three and a half years at a court hearing on Tuesday, as the Kremlin said it would not heed U.S. complaints about his case. Riot police used forced to break up protests across Russia on Sunday calling for Navalny, a prominent critic of President Vladimir Putin, to be freed.
(Bloomberg) -- Retail sites for silver have been overwhelmed with demand for bars and coins, suggesting the frenzy that roiled commodities markets last week is spilling over into physical assets.Sites from Money Metals and SD Bullion to JM Bullion and Apmex, the Walmart of precious metals products in North America, said over the weekend they were unable to process orders until Asian markets opened because of unprecedented demand. Buying continued on Monday, and both spot and futures silver prices spiked up to breach $30 an ounce.“Pretty much physical silver is almost all gone in terms of live inventory,” Tyler Wall, president and chief executive officer at SD Bullion, said in a Bloomberg TV interview. “Currently we’re seeing the premium -- the price you pay over spot to get actual physical silver in your hands -- is skyrocketing. Most stuff on our website’s at least 30% over spot and we can’t source it for much less than that right now from our wholesalers.”Phones were ringing non-stop at Swiss dealer Gold Avenue, said CEO Alessandro Soldati.“Demand was ten times a typical Sunday yesterday, and today I would say six times,” he said on Monday. “Everyone is calling us saying ‘I want to buy gold and silver ASAP.’”Retail traders, inspired by Reddit posters, stormed into the silver market last week and successfully drove up prices of the physical metal, silver miners and exchange-traded funds. Spot prices, silver futures on the Comex and the largest silver exchange-traded fund, iShares Silver Trust, all climbed more than 5% in the week.Premiums are expected to rise quickly, according to Apmex, which said it’s seeing significant increases in costs and warned it likely needs an additional day or two to fill orders. On Saturday alone, it added as many new customers as it usually adds in a week.Premiums on American Eagle silver coins have risen to close to $5 from a normal level of $2 over the past three days, according to Everett Millman at Gainesville Coins in Florida. His company’s website has a notice saying orders are taking longer than normal to fulfill.“That absolutely motivates more people not only to jump on the bandwagon with the Redditors,” Millman said by phone. It also “reinforces the bias that holding physical silver is a safer investment as opposed to speculating on the stock market.”What’s unusual this time in the physical silver market is that “everybody has been raising their premiums,” according to Millman. In normal times, some retailers will be able to offer lower premiums.There are also signs that investors are holding onto silver they own, rather than trying to take profits.“Now we’re seeing nothing, no single offer, which is scary,” Peter Thomas, senior vice president at Zaner Group, said by phone from Chicago. “Whatever we sell, people are holding it. There’s no inflow of metal at all.”The surge in demand also spread to Asia.“We have seen unprecedented demand for physical silver,” Gregor Gregersen, founder of Singapore-based dealer Silver Bullion Pte. “The demand is broad based and deep as we have witnessed both a record number of orders as well as new record size orders over the past 24 hours.”(Updates with fresh comments from fourth 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) -- Tilman Fertitta is taking his restaurant and casino empire public again through a merger with a special purpose acquisition company that values his Fertitta Entertainment Inc. at $6.6 billion, including debt.Fertitta is combining his closely held Houston-based business with Fast Acquisition Corp., a shell company taken public last year by fellow restaurateurs Sandy Beall and Doug Jacob. Bloomberg News reported earlier that the deal was in the works.Fast Acquisition surged as much as 49% in premarket trading Monday and was up 22% to $12.90 at 7:28 a.m. in New York.Institutional investors have agreed to invest an additional $1.2 billion for a roughly 35% stake in the business. Those investors include Fidelity Investments, BlackRock Inc. and Neuberger Berman, according to people familiar with the deal, who asked not to be named because the investors haven’t been made public.Fertitta, who’ll be chairman and chief executive officer, will own about 60% of the shares, a stake valued at roughly $2 billion. He’ll also control the majority of the vote through a special class of stock.Fertitta, 63, said he was taking the company public now to take advantage of opportunities for acquisitions in the wake of the global pandemic, particularly in the casino industry. Sports betting has exploded in the U.S. since the Supreme Court allowed states outside of Nevada to offer such wagers in 2018.“I want to do big gaming deals,” Fertitta said in an interview Sunday. “Thirty years ago there was gambling in two states. Now we’re approving new states for online almost on a weekly basis.”Pandemic PainThe company reported about $3.4 billion in sales in 2019, but like most consumer-driven businesses, Fertitta’s chains were hit hard by the coronavirus. Fertitta said he expects earnings to rebound to $575 million this year and $648 million in 2022, giving the company leverage of around four times. That’s up from around $250 million in 2020, when the company furloughed tens of thousands of employees and borrowed at a rate of 13% to weather the pandemic.The Texas native first acquired control of Landry’s, then consisting of two seafood restaurants, in 1986. Today the business is a surf-and-turf giant, with 500 locations including the Morton’s and Del Frisco’s steak chains and the Chart House and McCormick and Schmick’s seafood eateries.Fertitta also branched into casinos and now operates five under the Golden Nugget brand. The new company will include Fertitta’s 50% stake in Golden Nugget Online Gaming Inc., which he took public last year, also via a merger with a SPAC. Golden Nugget Online rose 2% to $18.20 in premarket trading Monday.The Houston Rockets basketball team, which Fertitta bought four years ago for $2.2 billion, isn’t part of the transaction. Nor are his hotels, which include the Post Oak in Houston.Landry’s operated as a public company previously from 1993 to 2010, when Fertitta took it private because he didn’t think the public market valued it highly enough.The company is hosting a prerecorded call for investors at 9 a.m. New York time on Monday.Beall, one of the founders of the Ruby Tuesday chain, and Jacob of &pizza raised $200 million in their public offering of Fast Acquisition last year. They and the current Fast shareholders will own about 5% of the new company.(Updates with shares in third and 10th paragraphs.)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 European Commission will continue discussions with AstraZeneca with the purpose of receiving more doses of its COVID-19 vaccine than the company has so far pledged in the first quarter of the year, a spokesman said on Monday. On Sunday, the Commission president Ursula von der Leyen said AstraZeneca had raised its target of supplies to the EU to 40 million doses from 31 million until the end of March, after a large cut last week. The offer by AstraZeneca was an improvement but "it is definitely not the amount which we expect to receive until the end of the first quarter, so of course discussions will continue," the spokesman told a news conference.
Stock futures traded higher Monday morning, recovering some losses after last week’s selloff.
Electric-vehicle battery maker Microvast said on Monday it would go public through a merger with blank-check company Tuscan Holdings Corp, in a deal that values the combined entity at roughly $3 billion. The deal with Tuscan was announced in November. Microvast will receive $822 million in gross cash proceeds, which includes a private investment of $540 million from investors like Oshkosh Corp, BlackRock Inc, Koch Strategic Platforms and InterPrivate Investment Partners.
The Swiss franc fell out of recent trading ranges against the dollar on Monday, dropping to its lowest levels in two months while the U.S. currency bounced to a 2-week high. A weaker euro, which lost half a percent against the dollar by 1147 GMT, helped the index that measures the greenback's broader strength gain 0.2% on the day. The Swiss franc broke lower from recent ranges to drop more than half a percent to its lowest against the buck since Dec. 2, at 0.8964 francs per dollar.
Two people in southern England have tested positive for the South African variant of the coronavirus without having any links to people who have travelled recently, prompting a step-up in testing in that area.
(Bloomberg) -- The name is a byword for power on Wall Street. But suddenly, there it was, in the White House Briefing Room, too: “Citadel.”Given the wild stock-market spectacle involving GameStop Corp., the question last week for the new press secretary was this: would Janet Yellen, now Treasury secretary, recuse herself from the matter given the hundreds of thousands of dollars she’d collected in speaking fees from Citadel?For people outside financial circles, the answer -- Yellen is a pro, nothing to see here -- was probably less surprising than the fact that Citadel came up at all. But in the is-this-for-real story of GameStop and Robinhood, Citadel, the financial empire run by billionaire Kenneth Griffin, has become a subject of fascination, speculation and, in some corners of the internet, grassy-knoll conspiracy theories.No one in a position of authority has officially accused Citadel of wrongdoing. But from Washington to Silicon Valley to Wall Street to cyberspace, the giant financial firm lies at the center of many of the questions being raised, including the big one: What on Earth just happened?Griffin, 52, got his start trading out of his Harvard dorm room, and three decades later, he runs one of the largest hedge funds and one of the biggest market makers in the world. On the brink of extinction during the 2008 financial crisis, the billionaire has now become the ultimate example of a moneyed, Wall Street archetype who is easy to rage against.Enter the angry retail mob with their “to the moon” bets on GameStop, AMC Entertainment and other stocks. When Robinhood imposed curbs on trading many of those companies last week, Redditors and politicians cried foul. Accusatory fingers pointed at Griffin, a Republican mega-donor, for scheming to stamp out the rebellion of individual investors -- even as Citadel and the online broker both denied any involvement by the billionaire in the decision.All roads in last week’s saga seemed to go through Citadel. The market maker, Citadel Securities, is one of the biggest sources of Robinhood’s revenue, as it pays the no-fee trading app for handling its orders and fills more of them than any other firm.Meanwhile, the hedge fund -- a separate entity from the market maker -- along with Griffin and his partners together invested $2 billion in Melvin Capital, which lost 53% in January after being bloodied by a short squeeze on shares including GameStop. Citadel’s hedge funds lost less than 1% from its investment in Melvin, and overall dropped 3% during the month.‘Categorically False’No one could say why they were sure of Griffin’s hand in Robinhood’s decisions and they gave short shrift to the more likely explanation: the brokerage’s financial fragility. The deposits Robinhood had to make for equities jumped 10-fold during the week.Congressman Rohit Khanna, a California Democrat, called for Robinhood CEO Vladimir Tenev to answer questions about whether he discussed the company’s actions with anyone from Citadel, and whether clearinghouses were restricting trade in coordination with hedge funds.“There’s people saying that we were forced to do this by market makers we route to or other market participants, and I just want to come out and say that that’s categorically false,” Tenev said in an interview on Bloomberg TV. He later reiterated that no market makers or other players had even asked him to restrict buying in GameStop or a handful of other high-volume names.Texas Attorney General Ken Paxton launched his own probe into Citadel, Robinhood and other brokers: “The apparent coordination between hedge funds, trading platforms, and web servers to shut down threats to their market dominance is shockingly unprecedented and wrong. It stinks of corruption,” he said.Paxton is himself under investigation for corruption on a separate matter, according to the AP, for which he has denied wrongdoing.Citadel denies even the hint of any suspect behavior. “Citadel Securities has not instructed or otherwise caused any brokerage firm to stop, suspend, or limit trading or otherwise refuse to do business,” the company said in a statement. For its hedge fund, “Citadel is not involved in, or responsible for, any retail brokers’ decision to stop trading in any way.”Market MakingAmateur sleuths found fertile ground to fan conspiracies. They didn’t hesitate in casting Jeff Psaki, a money manager at Citadel, as proof of dark arts at the firm. It started with claims that Psaki, an ex-Goldman trader, was married to White House Press Secretary Jen Psaki. He’s not: He’s her second cousin and has never spoken to her, a person who knows him said. But on it went, ricocheting from chatboards to Twitter and beyond.There were the questions over Yellen’s windfall from Citadel -- the more than $700,000 she got for speaking engagements the firm paid for over the past two years.What’s certain is that Griffin’s Citadel Securities plays a key role in trading across the stock market, and has probably made a lot of money during the GameStop frenzy. The market-maker’s machines are built to thrive on uncertainty and high-volume days, of which there were many in January: On Wednesday alone, $29 billion worth of GameStop shares changed hands.And in recent days, Citadel’s holding of silver have come under scrutiny on Reddit. The precious metal has become a popular buying target for retail investors, after posts on WallStreetBets claimed the market was ripe for a short squeeze. Others in the forum have balked, saying Citadel stands to benefit as a major holder of the largest silver exchange-traded fund.The trading mania offers millions of chances to execute a trade. Firms like Citadel Securities make money from the price difference between buying (or selling) a stock and then almost immediately selling (or buying) it. While the amount is minuscule for any individual order -- fractions of a penny -- it adds up quickly in extreme moments.“Citadel Securities witnessed an extraordinary level of retail trading last week,” the company said in a statement to Bloomberg. “At many times over the course of the week, the large brokerage firms depended upon our capabilities to handle the deluge of orders.” The firm said it saved individual investors a total of $1.3 billion last year by executing their orders at better prices than those available on exchanges.“The more shares they see, the more bread crumbs they take,” said Larry Tabb, an analyst at Bloomberg Intelligence. “Especially in highly volatile names, the spreads are wide so they’re not necessarily bread crumbs any more.”Given that scenario, Robinhood’s decision to limit purchases of certain stocks “has to do more with clearing than with execution,” he said.(Updates with Citadel’s silver bets in fourth paragraph below second subheadline.)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 retail trading frenzy on Wall Street has grossly distorted markets and it was concerning to see lawmakers cheering this from the sidelines, global hedge funds industry body AIMA said on Monday. Retail investors have been driving up the price of stocks shorted by hedge funds. "What is dangerous, amid this trading frenzy, is that retail investors have been chasing prices so far above any sane valuation and that many will end up nursing losses," AIMA CEO Jack Inglis said in a letter to members.
(Bloomberg) -- AMC Entertainment Holdings Inc. and some other Redditor favorites extended January’s spectacular advance on Monday, while GameStop Corp’s rally paused, as brokerages removed trading restrictions from all but the most volatile stocks.AMC rose 18% to $15.51, while GameStop erased earlier gains and was 7.7% lower at $300 as of 7:10 a.m. in New York. The latter surged 1,625% last month, propelled by day traders using Reddit forums to take on the Wall Street establishment and inflict multibillion-dollar losses on hedge funds with large short positions.Robinhood Markets Inc. is continuing to impose trading curbs on GameStop, movie-theater chain AMC and six other stocks, but on Sunday removed restrictions on 42 others. Clients can buy only 1 share in GameStop, and as many as 10 in AMC. The popular trading app put buying limits in place last week after its clearinghouse deposit requirements for equities increased. Other brokerages including Morgan Stanley’s E*Trade also eased restrictions.Among other stocks recently favored by the Reddit community, Blackberry Ltd. rose 5.3%, cannabis firm Sundial Growers Inc. gained 10% and headphones and loudspeakers retailer Koss climbed 6.3%.The attention of the retail speculators who fueled the breathtaking gains in the most heavily shorted stocks looked to be shifting over the weekend to commodities such as silver, which broke above $30 an ounce in a move that like GameStop and AMC can be traced back to Reddit’s WallStreetBets forum.“So far, it is not exactly the GameStop anomaly, but it is a hint that the retail traders who just discovered the strength of their unity are out there, looking for new targets -- and apparently bigger ones,” Ipek Ozkardeskaya, senior analyst at Swissquote Bank, said in written comments.European-listed silver miners surged, with Fresnillo Plc rising as much as 21% in its biggest intraday gain since 2008, and Hochschild Mining Plc climbing 18%. U.S.-listed peers also skyrocketed in premarket trading, with First Majestic Silver Corp. and McEwen Mining Inc. both rising 28%.(Updates with details of trading limits in third 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) -- India will set up a company to manage banks’ bad loans, which are expected to reach record levels this year and threaten the financial stability of the world’s second-most populous nation.The firm will hold stressed assets -- bad loans, restructured debt and advances to companies that can’t service their debt -- which can be sold on to investors at a reduced price, Finance Minister Nirmala Sitharaman said in a budget speech on Monday, without giving further details. An index of bank shares surged the most since May.Banks might have to put in initial capital to start the bad bank, which will be a “cash neutral” company, banking secretary Debasish Panda told reporters at a subsequent briefing.Like their global peers, Indian lenders are struggling with the economic fallout of the coronavirus, which has triggered an unprecedented economic slump and hurt borrowers’ ability to repay debts. Banks were already weakened by a two-year-old shadow lending crisis and are now struggling with one of the worst bad-loan ratios among major nations.The Reserve Bank of India expects non-performing assets will rise to 13.5% of total advances by the end of September from 7.5% a year ago, according to its semiannual Financial Stability Report published last month. If the number holds through the fiscal year ending March 2022, it would be the worst since 1999.“The government wants bankers to now boost lending and spin off stressed loans to experts who can focus on recovery,” said Karthik Srinivasan, group head of the financial sector at ICRA Ltd., the local arm of Moody’s Investors Service Ltd. “However, a bad bank is not a magic wand that will resolve the issues of India’s bad loans in the next few quarters. A lot depends on the fine print of execution plan for the bad bank.”Shares of Indian lenders surged, with the Bankex index climbing as much as 7.4% after the announcement.The idea of a bad bank has been floated -- and rejected -- for many years. Former chief economic adviser Arvind Subramanian in 2017 recommended setting a bad bank. Former RBI Governor Raghuram Rajan rejected the idea.Separately, the government plans to pump 200 billion rupees ($2.7 billion) into state-run lenders from April 1, to boost lending in a nation that’s set for its worst contraction since at least 1952, Sitharaman said.The measures follow a 200 billion rupee budgeted infusion in the year ending March 31, but fall short of estimates from ICRA, which expected 430 billion rupees.While private banks raised about 700 billion rupees in equity capital last year, state-run peers have mainly relied on capital bonds and private placements. As a result, many government-owned banks have cut lending after bad loans spiked and capital waned. Overall lending has slowed to 3.2% this financial year after dropping to a multi-decade low of 6.1% in the year ending March 2020.Sitharaman also outlined plans to privatize two more state lenders and a state-run insurance firm, in addition to IDBI Bank.After completing a mega-merger in 2019 that reduced the number of large state banks to 12 from 27, the government has been looking to reduce its stake in some lenders to raise much-needed cash.The government will also start the sale of a stake in Life Insurance Corp. of India after announcing the plans a year ago, Sitharaman said.(Updates to add banking secretary comment in third 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) -- Silver broke above $30 an ounce as the precious metal took center stage in the retail investor frenzy sweeping through markets.Most-active futures jumped as much as 13% to $30.35 an ounce on the Comex, the highest in eight years. That followed a weekend buying binge that overwhelmed online sellers of silver coins and bars from the U.S. to Australia. BlackRock Inc.’s iShares Silver Trust, the largest exchange-traded product tracking the metal, recorded an unprecedented $944 million net inflow on Friday.Like the buying stampede in GameStop Corp. and other small-cap stocks that has captivated the financial world in recent weeks, silver’s advance can be traced to Reddit’s WallStreetBets forum. One post last week declared the metal “THE BIGGEST SHORT IN THE WORLD” and encouraged traders to pile into the iShares trust as a way to stick it to big banks.Yet silver differs in important ways from stocks like GameStop. For one, the scope for a short squeeze in silver is far less obvious: money managers have had a net-long position on the metal since mid-2019, futures and options data from the Commodity Futures Trading Commission show.The market for silver is also by some measures much deeper than those for smaller stocks like GameStop. The bricks-and-mortar video game retailer had a market capitalization of about $1.4 billion in mid-January, before the Reddit frenzy sent the company’s value soaring more than 16-fold. By contrast, London vaults held 1.08 billion ounces of silver at the end of November, according to LBMA data. That’s worth almost $32 billion at current prices.Why Reddit traders will learn commodities aren’t stocks: Macro ViewWhat’s more, it’s unclear how long retail investors will stick to the silver trade. Already some prominent members of the WallStreetBets forum have advised against it, with some noting that Ken Griffin’s Citadel Advisors LLC, a favorite bogeyman of the Reddit crowd, is listed as one of the biggest shareholders of the iShares silver trust.Whether or not the rally fizzles, it could have ramifications beyond what has typically been a relatively niche corner of the commodities world. As the first high-profile target of the retail frenzy to start trading on Monday, silver may help set the tone this week for managers trying to gauge how Reddit-fueled volatility will impact their risk models and potentially cascade from one asset to the next.Momentum Trade“Last week’s events have shown it to be unwise to doubt the purchasing power of retail investors, and this has been sufficiently demonstrated again on the silver market,” said Howie Lee, an economist at Oversea-Chinese Banking Corp. “They may find it a bit harder to squeeze the silver market than they did with GameStop -- the former is much bigger and more liquid -- but the momentum looks like it rests with them at the moment.”Early trading pointed to more gains for SLV on Monday. The ETF was up about 9% in the pre-market session, on huge volumes. As of 7:03 a.m. in New York 5.4 million shares had changed hands, about eight times the second most-traded fund.Futures were trading 11% higher on the Comex, after rising more than 5% last week. Spot silver climbed to as high as $30.1003 an ounce. Other precious metals also advanced. Spot gold rose 0.9%, while platinum jumped 4.1%.The buying frenzy also fed into mining shares. Mexican silver miner Fresnillo Plc surged as much as 21% in London trading. China Silver Group Ltd. rose as much as 63% in Hong Kong, while Australia’s Silver Mines Ltd. gained as much as 49%.The calls to buy silver began appearing on WallStreetBets as early as Wednesday, when the mania surrounding GameStop reached a fever pitch. Some of the posts touched on a similar David-vs-Goliath theme that has inspired individual investors to take on short-selling hedge funds: “Any short squeeze in silver paper shorts would be EPIC. We know billion (sic) banks are manipulating gold and silver to cover real inflation.”But that narrative isn’t as straightforward as the one surrounding GameStop, one of the most-shorted stocks in the U.S. before it began surging this month.Silver has performed well over the past year, rallying more than 60% on a weaker dollar and hopes for an end to the pandemic. It has also attracted bullish commentary from some of the biggest Wall Street banks. Goldman Sachs Group Inc. described silver as the “preferred precious metal” in a Jan. 27 research note that had a price target of $30 an ounce. Net-bullish bets by money managers rose to a three-week high in the week to Jan. 26, according to CFTC data compiled by Bloomberg.Short-term forward rates on the London silver market flattened on Monday, indicating strong demand for the metal in coming weeks.“I can envisage a scenario where maybe a hedge fund has purchased maybe a short-term tactical long position, so the upside could be a combination of several factors now,” said Philip Newman, managing director at consultancy Metals Focus.Locking UpStill, that hasn’t stopped some retail investors from piling in. By Sunday, sellers of physical silver including Apmex -- often called the Walmart of precious metals products in North America -- said they were unable to process orders until Asian markets opened because of record demand. “It’s been nuts,” said John Feeney, business development manager at Guardian Vaults in Sydney.Ken Lewis, Apmex’s chief executive officer, said the decision to temporarily suspend silver sales was unprecedented in the company’s history and that it may take longer then usual to fill orders going forward.“As we evaluate the markets, it is difficult to know where silver’s price and demand will go in the coming day and weeks,” Lewis said, adding that his firm is “locking up any metal we can find in the marketplace.”(An earlier version of this story corrected value of London vault holdings in fifth 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) -- Battery maker Microvast Inc. will go public via a merger with blank-check company Tuscan Holdings Corp. in a deal that values the combined company at $3 billion.The companies will receive more than $800 million in cash when the deal closes, including a $540 million investment led by Oshkosh Corp., BlackRock Inc., Koch Strategic Platforms and InterPrivate, according to a statement Monday.Special purpose acquisition company Tuscan raised $276 million in March 2019. Led by Chief Executive Officer Stephen Vogel, the firm initially said it intended to focus on targets in the cannabis industry, though it could pursue an acquisition in any sector, according to its listing documents. Tuscan shares closed at $15.66 each on Friday in New York.“There are many battery companies out there to talk to,” Vogel said in an interview. “This is the only battery company out there we talked to that has a history of 10 years, and has revenue -- its products are being used by customers every day.”Microvast, founded in 2006, makes batteries for commercial vehicles such as taxis and buses, as well as specialty transportation including mining trucks and port equipment. CITIC Securities, a Chinese state-owned broker, led a $400 million private funding round in the company in 2017, according to its website.Last year, Microvast said it was awarded a contract by the U.S. Advanced Battery Consortium to develop low-cost and fast-charge batteries for electric vehicle applications.“We are tackling commercial vehicles first because they’re required to run for longer hours and require better technology,” said Yang Wu, CEO of Microvast, in an interview. “I believe that carmakers are eventually going to make batteries by themselves, and why would I want to compete with my customers?”One of the lead investors in the additional investment raised to support the transaction -- InterPrivate -- has also managed a SPAC. InterPrivate Acquisition Corp. signed a merger agreement with Lidar company Aeva Inc. in November.The deal is expected to close in the second quarter, after which the company will be listed on Nasdaq under the ticker symbol MVST.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.
Global shares bounced and silver markets surged on Monday as retail investors expanded their social media-fuelled battle with Wall Street to drive the precious metal to an eight-year high. Stock markets were roiled last week after a spike in retail demand to buy the stocks most bet against by hedge funds drove huge gains in companies such as GameStop Corp, and prompted fresh concern that COVID-19 monetary and fiscal support measures were fuelling a market bubble. With chatrooms abuzz with talk that silver was the new target, silver-exposed stocks, funds and coins jumped, helping push spot silver up more than 11%, before gains were trimmed and it last traded up around 9%.
Israeli automotive data firm Otonomo said on Monday it would merge with a blank-check company to go public at a valuation of $1.4 billion. The deal with Software Acquisition Group Inc II is expected to fetch Otonomo $307 million in cash, including a $172.5 million private investment from investors such as Fidelity Management & Research Co and BNP Paribas Asset Management Energy. Otonomo's partners include Daimler AG, Mitsubishi Motor Co, BMW and Avis Budget Group.
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