$ 157 Billion Growth in Global Activewear Apparel Market 2020-2024| Technavio

MarketWatch
Bitcoin, crypto investors will be watching these 5 questions facing the Biden administration
The fate of the dizzying rally in crypto assets could depend greatly on the Biden administration's regulatory stance to the burgeoning crypto economy
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Yahoo Finance
What rising mortgage rates really mean for the housing market
Mortgage rates may be on the rise, but that doesn’t necessarily mean the housing boom is about to go bust.
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CoinDesk
Danish Red Cross Backs $3M Blockchain Volcano Catastrophe Bond
The volcanos, situated in Cameroon, Chile, Colombia, Ecuador, Guatemala, Indonesia and Mexico, were selected based on "the significant humanitarian threat they represent."
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FX Empire
GBP/USD Price Forecast – British Pound Gaps Lower on Monday
The British pound has gapped lower on Monday but found a little bit of support near the 50 day EMA to turn around and fill the gap.
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CoinDesk
‘Altcoin Season’ Leaves Some Bitcoin Alternatives Frozen
Index data points to a changing of the altcoin guard, as Web 3.0 surges.
8h ago
Reuters
India to launch supercharged push for global electric vehicle players
India plans to offer fresh incentives to companies making electric vehicles (EVs) as part of a broad auto sector scheme it expects to attract $14 billion of investment over five years, according to industry sources and a document seen by Reuters. The country's efforts to promote EVs to reduce its oil dependence and cut pollution have been stymied so far by a lack of investment and weak demand, as well as the patchwork nature of existing incentives that vary from state to state. The new automotive sector scheme, however, has been under discussion since mid-2020 to provide a more focused approach, industry sources close to the matter told Reuters.
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FX Empire
Price of Gold Fundamental Daily Forecast – Traders Monitoring Potential Currency Crisis in Turkey
Gold prices fell as Treasurys and the dollar rose after a dramatic downturn in the Turkish Lira sparked fears of a new currency crisis.
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Yahoo Finance
Existing home sales plummet in February as inventory reaches record low
Existing home sales plummeted 6.6% to a seasonally adjusted 6.22 million in February from a month earlier, according to the National Association of Realtors (NAR).
10h ago
Reuters
Microsoft to allow more employees at its headquarters from March 29
Employees working at Redmond sites or nearby campuses have the choice to return to those facilities, continue working remotely or shift to a hybrid model, the company said in a blog post. Many companies, including Twitter Inc and Salesforce.com Inc, have started opting for hybrid or permanent remote-working models after the COVID-19 pandemic forced firms to adopt to working from home. Microsoft said in October it would allow most of its more than 160,000 employees to clock in up to half their weekly working hours remotely, providing greater flexibility even after offices start reopening.
6h ago
Reuters
Pandemic leaves digital laggard Italy scrambling to catch up
Small Italian car filter supplier Ecofiltri took out a state-backed loan last year, just like thousands of other businesses fighting to keep afloat during the pandemic. But instead of burning through the cash to pay overdue rent and bills, Ecofiltri is investing the money on a technological revamp of its business. "We've expanded our facilities, bought high-tech equipment and even created an R&D department where we are working on three projects we hope we can patent to provide more intelligent products and services," Ecofiltri co-founder Simone Scafetta told Reuters over a video call.
2d ago
Reuters
Canadian Pacific to buy Kansas City Southern in $25 billion railway bet on trade
Canadian Pacific Railway Ltd agreed on Sunday to acquire Kansas City Southern in a $25 billion cash-and-stock deal to create the first railway spanning the United States, Mexico and Canada, standing to benefit from a pick-up in trade. It would be the largest ever combination of North American railways by transaction value. It comes amid a recovery in supply chains that were disrupted by the COVID-19 pandemic, and follows the ratification of the US-Mexico-Canada Agreement (USMCA) last year that removed the threat of trade tensions that had escalated under former U.S. President Donald Trump.
2d ago
Reuters
Canadian police's failure to preserve emails of key witness was 'negligence,' Huawei CFO lawyers say
Canadian police were negligent when they failed to preserve the texts and emails of a retired officer who later refused to testify at Huawei Chief Financial Officer Meng Wanzhou's U.S. extradition hearings, Meng’s defence argued in court on Monday. Meng, 49, is accused by the United States of misleading HSBC about Huawei Technologies Co Ltd’s business dealings in Iran, causing the bank to break U.S. sanctions. Meng says she is innocent and is fighting her extradition from house arrest in Vancouver.
14h ago
Bloomberg
Apple, Tesla Trigger Wall Street Dreams of $3 Trillion Valuation
(Bloomberg) -- A growing chorus of Wall Street professionals is predicting that electric and autonomous vehicles sales will propel Apple Inc. and Tesla Inc. to $3 trillion each in market value by 2030.The blockbuster targets come as shares of both companies -- though two of the most popular in the S&P 500 index -- have slumped this year and are lagging the benchmark’s 4.9% rise. That hasn’t dented the enthusiasm of a handful of analysts and investors betting big on the future of driver-less cars.Cathie Wood’s Ark Investment Management, for example, sees a 50% chance of Tesla achieving fully autonomous driving within five years, while Citigroup Inc.’s Jim Suva said developing the Apple Car could boost the company’s sales by up to 15% after 2024.“Tesla is the perfect example of a momentum stock that is really all about the optimism of the future and optimism of what they can do with everything that they are working on,” said Greg Taylor, chief investment officer at Purpose Investments. “And conversely Apple has almost become the new defensive stock. It’s the company with one of the best balance sheets out there. And it’s become almost the new defensive that when people buy the market, they buy Apple.”Wood was the latest to predict that Tesla would reach the eye-popping milestone after she boosted her share price forecast to $3,000, giving the company a valuation of almost $3 trillion. That follows New Street analyst Pierre Ferragu, who forecast the electric-vehicle maker can have a market capitalization of $2.3 trillion to $3.3 trillion by 2030.Read more: Tech Recovery Proved Fragile With Index Down Again For YearShares of Tesla rose 2.3% to $670 on Monday, giving it a market value of about $643 billion.“A $3 trillion market cap has to be a function of both the promise of a technology and some very tangible proof that it’s economic model is profitable, and deeply profitable,” said Nicholas Colas, co-founder of DataTrek Research. “So you don’t get to $1 trillion, let alone $3 trillion by just talking. You get there by showing the numbers, by showing the profitability.”And while Apple has a solid track record of strong profit generation, Tesla is still in the early stages of that.“Tesla has yet to prove remarkable profitability. And it doesn’t exactly operate in a sector that has remarkable profitability. I understand why it has the valuation it has today -- breaking through on EVs and making them a mass market concept is worth this valuation. However, getting a triple out of it, requires, that you then show that that business model is profitable,” Colas added.High ValueCitigroup and Wedbush see potential for Apple to hit the $3 trillion target, an increase of about $1 trillion from its current market capitalization. Apple is already the most valuable stock in the world.Apple is down 7% this year and Tesla has slipped about 5%, pushing it further away from the recent bull calls. Analysts covering Apple expect the stock to rally about 23% this year on average, with 32 of them posting buy ratings, 10 with holds and three suggest selling the shares. Those that report on Tesla forecast a further 5.3% decline, with 15 of them having buy recommendations, 14 with holds and 12 with sell ratings. Both stocks make up a total of more than 7% of the S&P 500 Index.Part of the decline for these high-flyers is a general rotation by investors out of growth and momentum stocks and into the value trade this year as optimism about economic growth and concern about inflation fueled a selloff in bonds. The Nasdaq 100 Index, where both these stocks are listed, has wiped out this year’s gains twice within a matter of two weeks. The index is now up 1.5% for 2021. “It’s hard to discount anything right with the amount of money printing that’s going on. I think it all comes back to just how much money is in the system. As long as money keeps being printed at the rate that it has been, then it’s going to be put into risk assets in the equity market,” Taylor said.(Updates share price moves 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.
4h ago
Bloomberg
More Canadians Than Ever Before Are Expecting Higher Home Prices
(Bloomberg) -- A record share of Canadians expect home prices will continue hitting new highs, an exuberance that adds to concern the housing market is entering a speculative bubble.Six in 10 Canadians believe the value of real estate in their neighborhood will increase over the next six months, according to the latest weekly survey by Nanos Research Group for Bloomberg News. It’s the first time such readings have surpassed 60% since polling began in 2008, underscoring how the rally in home prices is beginning to feed expectations of future high returns.The concern is these so-called extrapolative expectations will attract the wrong sort of demand -- from speculators or investors fearing they will miss out -- that will hyper-inflate the market, exacerbate inaffordability for young or low-income families, add to rising mortgage debt and amplify the risks of a destabilizing market crash.“This fear of missing out is out there and it’s driving people to make decisions they’ll have to live with,” Robert Hogue, an economist at Royal Bank of Canada in Toronto, said by phone.The poll result isn’t the only housing indicator that’s flashing red:Prices for new homes rose at the fastest monthly pace in more than three decades in February, Statistics Canada reported last week.A separate home-price index calculated by the Canadian Real Estate Association shows prices nationally are up 17% over the past 12 months.Twelve major markets -- or about one quarter of the total -- have posted price gains of more than 30%.There are good underlying reasons for the rally. For one, mortgage interest rates dropped to all-time lows last year, making it a lot cheaper to carry all that debt. That’s why home ownership costs are only growing about 2.2% annually -- which is in line with recent historical averages -- despite soaring housing values.A shift to remote work during the pandemic has also led to increased demand for single-family homes, particularly in suburban areas and small towns. At the same time, inventory has been tight and that’s driving up prices.But concerns are beginning to mount. Bank of Canada Governor Tiff Macklem cautioned last month there are some early signs of “excess exuberance.” Flippers, who buy with the intention of reselling quickly for major profit after minor improvements, are becoming more prominent. And stories abound of modest-sized homes being sold at exorbitant prices.Canadians aren’t expecting it to stop. In the Nanos poll, the share of respondents who say the value of real estate will increase is up from a pandemic low of 9% last May.Nor are there many signs government is going to step in to slow things down. The housing rally has been a key driver of new wealth and confidence at a time of great uncertainty, and policy makers will be wary of tampering. There is also a political constraint to action, with Prime Minister Justin Trudeau’s government weighing whether to trigger an election this year.“At the minimum, I’d say they need to state they are concerned and are considering options to cool the market down,” Hogue 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.
12h ago
CoinDesk
People’s Bank of China Official Says Fully Anonymous Digital Yuan ‘Not Feasible’
The central bank needs to balance privacy for users with "international consensus" on risk control, the director of the PBoC's Digital Currency Research Institute said
11h ago
Bloomberg
Death of a Treasury Bull Market Rocks Faith in Market Winners
(Bloomberg) -- Stocks may be catching a breather in Monday trading, but the aftershocks from the sharpest bond selloff in almost five decades are set to reverberate across investing strategies hitched to the cheap-money era.Consider the troublesome cross-asset linkages out there. Technology stocks have become ever-more sensitive to U.S. debt, with co-movements turning the most negative since 1999, according to Bank of America Corp.Volatile currencies from the Mexican peso to Australian dollar have become more vulnerable to Treasury gyrations. Meanwhile, the short-term link between bonds and the S&P 500 have spiked to the most positive since 2016 -- signaling the growing threat of concurrent declines across both assets.As the U.S. experiment with run-it-hot economics spurs the demise of the long-dated Treasury bull market, strategies tied to the low-rate era look dangerous. And that raises the prospect of fresh selling to come.“The duration heuristic is the most powerful force in the market at present,” Warren Pies, founder of 3Fourteen Research, wrote in a note. “The pandemic -- and our collective response to it -- has created this situation.”While the Treasury rout has been taking place for good economic reasons -- juicing trades that ride the business cycle -- some of the biggest market winners of the past year still look vulnerable.Take Big Tech. While they have not always shown a positive link with bonds, the likes of Facebook Inc. and Netflix Inc. are by nature long-duration trades. When economic growth plunged in the pandemic, investors bought these equities for their promise of long-term profits discounted at record-low rates.With the U.S. economy expected to expand at the fastest pace since the 1980s while bond yields are on the rise, the sector has become less attractive -- while cyclicals like energy and financials have regained favor.In fact, U.S. tech stocks are even more vulnerable to higher rates now than during the 2013 Taper Tantrum, when the Federal Reserve signaled a reduction in its asset purchases, BofA strategists led by Andy Pham wrote in a note.The Nasdaq 100 rose almost 2% in Monday trading as Treasury yields dipped, underscoring the close ties between the two.All this is a problem for those chasing U.S. large-cap benchmarks where tech is easily the chunkiest sector. It’s also an issue for a classic 60/40 portfolio.One way of figuring out duration risk in stocks is to invert dividend yields, an indication of how long it would take an investor to recoup their initial investment, other things being equal. By that measure, a portfolio with 60% in the S&P 500 and 40% in Treasuries would have highest duration in some two decades, according to Jeroen Blokland.“Equity duration has steadily increased over the last decade as the weight of technology stocks, very high duration stocks, has risen to all-time highs,” the Robeco portfolio manager wrote on the asset manager’s website. “As a result, portfolio duration has increased as well, as both bond duration and equity duration have spiked.”Stock sectors have fluctuated in the past month by more than what is implied by their historical relationship with rates, suggesting the market is pricing in another 15 to 25 basis point gain in 10-year yields, UBS Group AG strategists led by Keith Parker wrote in a note last week.All this is causing headaches for some of Wall Street’s hottest products.Cathie Wood’s flagship ETF at Ark Investment Management was one of the best performing funds in the U.S. in 2020. But the ARK Innovation ETF, ticker ARKK, is down 20% from a February peak after being caught up in the fallout of rocketing rates.Risky BusinessSensitivity to rates has been elevated in credit, too. Duration in the $43.5 billion iShares iBoxx $ Investment Grade Corporate Bond ETF (ticker LQD) climbed to a record 10.3 years later last year, according to data compiled by Bloomberg. It’s fallen to 9.7 years now, with the fund slumping around 6.5% this year amid the Treasury yield surge.Meanwhile in currency markets, commodity-exposed nations including Mexico, Australia and Canada have been in the line of fire thanks to bonds, according to BofA. “The rate rise has contributed materially to a synchronized, risk-off environment across rates, equities, and FX,” strategists wrote in a Thursday note.A JPMorgan Chase & Co. index of EM currencies has dropped nearly 3% from a one-year high reached last month.Morgan Stanley, for its part, is bearish on emerging-market currencies on expectations that few central banks will raise rates fast enough to counteract the effects of rising U.S. yields, strategists led by James Lord wrote.That would mark a break from the past year, when those exchange rates caught a break from a depreciating dollar as risk appetite recovered.The silver lining in all this? Investing strategies that ride the business cycle are picking up the slack. A long-short value strategy, for example, is set for its best quarter since 2001, a Bloomberg index shows.“As long as bond yields are moving higher, value has a chance to perform,” JPMorgan strategists led by Mislav Matejka wrote in a note.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.
8h ago
Bloomberg
Fight Between Commodities Giants and Shippers Leaves Seafarers Stuck
(Bloomberg) -- A standoff between commodities giants and shipping companies is prolonging the labor crisis at sea, with an estimated 200,000 seafarers still stuck on their vessels beyond the expiration of their contracts and past the requirements of globally accepted safety standards. In an effort to keep deliveries of food, fuel and other raw materials on schedule, some of the big commodities firms are avoiding hiring certain vessels or imposing conditions that may block relief for exhausted seafarers. The companies are trying to steer clear of crew changes, which have become far more expensive and time-consuming during the coronavirus outbreak. In an effort to keep shipments on schedule, some firms have asked their shipping partners to guarantee that no change will take place, according to emails and contracts reviewed by Bloomberg.Those requirements risk worsening a labor crisis already in its 12th month, according to ship owners, labor unions and the United Nations. More than a year into the pandemic, hundreds of thousands of mariners are long overdue for shore leave. Some have been working without pay or a firm plan for repatriation, and many have taken desperate measures: in one instance, a captain diverted his ship to the middle of the ocean and refused to return to course without a guarantee of relief.Prior to the pandemic, a ship owner could bring in new crew during routine port stops. That common practice has become a logistical nightmare with Covid border curbs. Some ports require lengthy quarantines for incoming and outgoing workers, others turn away vessels that have changed crews within 10 to 14 days over fears seafarers could spread the virus.In January, around 300 companies, including Vitol Group, the world’s biggest independent oil trader, and Australian mining behemoth Rio Tinto Group, signed a pledge to take action to resolve the crisis for seafarers. Called “the Neptune Declaration,” signatories recognized a “shared responsibility” and promised increased collaboration between ship operators and charterers to facilitate crew changes.As of now, though, some ship owners and labor advocates say little has changed, and not all of the biggest charterers signed on. “We chose not to sign because we believe that our current practices in respect of crew changes are fair and fully respect the need for regular crew changes,” said a spokesperson for Equinor ASA, a major oil, gas and energy company based in Stavanger, Norway. “We do not charter vessels for any voyage if a crew change will be required that cannot be accommodated in our delivery schedule.” Exxon Mobil Corp., the largest U.S. oil and gas producer, has also declined to sign. A spokesperson said the company is “considering next steps.” The pact is “a work in progress,” said Rajesh Unni, a captain and chief executive officer of Synergy Marine, which manages more than 375 ships including container vessels and commodity carriers. Shipping has always had competing interests, he said, but companies that sign the Neptune Declaration “at least commit that they will then follow the standard protocol, which should then give you a lot more comfort that now we’re all on the same page.”What you need to know: Tracking the Labor Crisis at SeaThe fight over who should pay for the higher costs of crew changes is most acute for commodities companies and their shipping partners, which carry out what are called spot charters. Crewed vessels available on demand for anywhere from a few days to several months, spot charters make up 85% to 90% of dry bulk and tanker shipments in the commodities industry, according to industry group BIMCO.Some companies have stipulated no crew changes or asked for verbal guarantees before hiring a charter, according to emails and contracts reviewed by Bloomberg. Charterers have also used questionnaires to learn whether ships are planning crew swaps, according to ship owners. In one instance, a ship owner told Bloomberg, in order to secure a charter with Rio Tinto, he had to extend workers’ contracts, paid additional salary and promised to relieve them when the voyage was complete. He also had to confirm that no crew change was planned for the duration. “Rio Tinto does not use ‘no crew change’ clauses in chartering contracts,” the company said in a statement. “Rio Tinto aims to support the shipping industry and the human rights of the seafarers on which it depends. This requires collaboration between ship owners, who employ the seafarers, charterers and regional port authorities around transparency of information and flexibility on schedule.”The problem, labor advocates and seafarers say, is that the workers don’t have a choice either way. Ship captains often hold the passports of their crew – a convenience for port stops, they say – and ports are tightly controlled borders. Even if a worker wanted to walk away from his vessel, he wouldn’t get very far without a passport, a visa or a plane ticket home.The International Transport Workers' Federation, or ITF, which represents seafarers, is calling on the industry to do more to alleviate the crisis.``There are still charterers rejecting charters unless they are given assurances that crew changes don't take place,'' said Stephen Cotton, ITF general secretary. ``It might not be as blatant as putting it in writing, but it's still going on. As long as seafarers' lives remain secondary to companies' profits, this crisis will continue to unfold." Read more: What Happens When Tycoons Abandon Their Own Giant Cargo ShipsThe industry says it is the responsibility of ship owners to arrange crew changes and to ensure the safety and well-being of the seafarers on their vessels. BIMCO has encouraged charterers to share the costs of crew changes and developed contract language that requires companies that hire vessels for a fixed period of time -- called a time charter -- to do just that. Owners of ships available for spot charter, the group said, should change crews when the ship isn’t out for hire.Labor and industry groups want companies to be more flexible and allow tankers and dry bulk vessels to divert or delay deliveries to help alleviate the crisis in stranded mariners. Shareholders, too: A group of 85 investors that manage more than $2 trillion of assets, including Fidelity International, said in January that frequent charterers should be flexible about enabling crew changes and should consider providing financial support for mariners who need to be repatriated.“Charterers at this point do need to share costs and assume the delays they might face,” said Laura Carballo, head of maritime law and policy at World Maritime University in Malmo, Sweden. “That’s their biggest argument: it’s about the delays. Sorry, we’re all facing delays right now. The world is only running because seafarers are doing their job.”Wichita, Kansas-based Koch Industries, which has interests spanning petroleum and agriculture, has instructed ship owners not to conduct crew changes while under charter, according to a person with direct knowledge of the terms and who asked not to be identified because the conversations were private. The requests were delivered verbally, not in writing.In response to questions about the stipulation, the company responded in a statement: “Koch works closely with vessel owners to ensure the safety and wellbeing of crew members. This is an issue we are watching closely and looking for ways to resolve.”Rotterdam-based Vitol has required ship owners not to make crew changes on some spot charters, according to people familiar with the company’s contract terms who asked not to be identified because they weren’t authorized to speak publicly. Vitol says that it has “sought to manage our shipping business in line with the standards outlined in the Neptune declaration.”“Wherever commercially and operationally possible we facilitate crew changes,” company spokesperson Andrea Schlaepfer said in a statement. “As a vessel owner and manager Vitol appreciates the challenges of the current situation but believes that with good management owners can maintain high standards of seafarer welfare.”The Neptune Declaration also calls on world leaders to change their port and border policies to ease the burdens on seafarers, following a September statement from consumer companies including Unilever Plc and Procter & Gamble Co. to do the same. Last month, the IMO recognized 55 countries that agreed to consider seafarers “essential workers” and encouraged nations that hadn’t yet to do so. That designation has no official definition, and the countries weren’t specific about what if any change it would bring to the port procedures.On Friday, the shipping industry raised concerns that, while the number of seafarers stranded has dropped since its peak, the improvements could be short-lived as governments and port authorities respond to the threat of new Covid-19 variants with stricter restrictions. Seafarers, many of whom are from developing countries, may also miss out on the ongoing vaccination drives, risking further delays and supply chain disruption.“The crisis is still ongoing,” said Guy Platten, secretary general of the International Chamber of Shipping, which represents more than 80% of the world's merchant fleet. “Governments will not be able to vaccinate their citizens without the shipping industry or, most importantly, our seafarers.”(Updates with recent statements from the shipping industry on the threat of new Covid-19 variants to efforts to relieve seafarers. )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.
12h ago
Reuters
Gold falls as U.S. yields, Wall Street gains hurt appeal
Gold slipped 1% on Monday, with a lull in the dollar's rally offering little respite as U.S. equities gained and U.S. Treasury yields remained near a one-year peak. Spot gold had fallen 0.4% to $1,737.16 per ounce by 10:49 A.M EDT (1449 GMT). U.S. gold futures fell 0.4% to $1,735.10.
19h ago
Quartz
Why are Goldman’s junior bankers still complaining about long hours?
Goldman Sachs and other investment banks have pledged to ease up on junior bankers before. But changing cultural norms is hard work.
3h ago
FX Empire
Morgan Stanley Raises Darden Restaurants’ Target Price to $144, Says Better Days Right Ahead
Morgan Stanley raised their stock price forecast on Darden Restaurants to $144 from $142, reiterating an “Overweight” rating on the multi-brand restaurant operator and said it has the greatest potential to structurally improve its business post-COVID-19 and benefit from the current environment.
19h ago

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$ 157 Billion Growth in Global Activewear Apparel Market 2020-2024| Technavio

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