Share buy-back programme - week 12

Ringkjøbing Landbobank A/S

March 29, 2021, 2:52 PM·14 min read

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Nasdaq Copenhagen
London Stock Exchange
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Date 29.03.2021

Share buy-back programme - week 12

The share buy-back programme runs from and including 4 February 2021 up to and including 30 July 2021. During this period Ringkjøbing Landbobank will buy-back shares to a maximum market value of DKK 255 million under a share buy-back programme, see company announcement of 3 February 2021.

The programme is implemented in compliance with EU Commission Regulation No. 596/2014 of 16 April 2014 and EU Commission Delegated Regulation No. 2016/1052 of 8 March 2016, which together constitute the “Safe Harbour” regulation.

The following transactions have been made under the programme:

Date	Number of shares	Average purchase price (DKK)	Total purchased under the programme (DKK)
Total in accordance with the last announcement	127,300	598.64	76,446,928
22 March 2021	5,000	602.80	3,014,000
23 March 2021	5,000	605.52	3,027,600
24 March 2021	5,000	604.62	3,023,100
25 March 2021	4,000	603,71	2,414,840
26 March 2021	4,000	611.69	2,446,760
Total under the share buy-back programme	150,700	599.69	90,373,228

With the transactions stated above, Ringkjøbing Landbobank now owns the following numbers of own shares, excluding the bank’s trading portfolio and investments made on behalf of customers:
·311,300 shares under the completed and present share buy-back programme(-s) corresponding to 1.1 % of the company’s share capital.

In accordance with the above regulation etc., the transactions related to the share buy-back programme on the stated reporting days are attached to this corporate announcement in detailed form.

Yours sincerely,
Ringkjøbing Landbobank

John Fisker
CEO

Detailed summary of the transactions on the above reporting days

Volume	Price	Venue	Time CET
50	597	XCSE	20210322 9:00:58.878033
48	597	XCSE	20210322 9:00:58.986460
2	597	XCSE	20210322 9:01:01.301960
16	597	XCSE	20210322 9:01:10.607891
12	597	XCSE	20210322 9:01:20.632855
12	597	XCSE	20210322 9:01:20.632890
9	597	XCSE	20210322 9:01:30.554690
1	597	XCSE	20210322 9:01:50.591243
50	597	XCSE	20210322 9:02:03.714079
50	597	XCSE	20210322 9:03:02.761364
24	597	XCSE	20210322 9:03:03.015929
7	597	XCSE	20210322 9:03:10.631221
7	597	XCSE	20210322 9:03:20.561853
7	597	XCSE	20210322 9:03:30.645967
5	597	XCSE	20210322 9:03:40.638170
70	596	XCSE	20210322 9:03:41.638430
50	596	XCSE	20210322 9:03:41.638430
85	596	XCSE	20210322 9:03:41.638439
30	596	XCSE	20210322 9:03:41.688160
17	596	XCSE	20210322 9:03:41.723713
50	600	XCSE	20210322 9:15:44.130624
14	600	XCSE	20210322 9:15:44.130717
10	600	XCSE	20210322 9:15:44.130724
26	600	XCSE	20210322 9:15:44.130746
48	600	XCSE	20210322 9:15:44.178333
50	603	XCSE	20210322 10:29:31.887071
50	603	XCSE	20210322 10:29:31.896632
50	603	XCSE	20210322 10:29:31.904623
60	605	XCSE	20210322 10:37:16.397401
90	605	XCSE	20210322 10:37:16.397416
50	604	XCSE	20210322 10:54:07.438924
250	604	XCSE	20210322 10:54:07.438924
15	603	XCSE	20210322 10:59:15.535763
35	603	XCSE	20210322 11:00:00.992528
50	603	XCSE	20210322 11:27:20.258812
50	602	XCSE	20210322 11:36:41.981119
46	602	XCSE	20210322 11:36:41.981272
4	602	XCSE	20210322 11:36:41.981804
50	602	XCSE	20210322 11:39:02.059544
50	602	XCSE	20210322 11:49:09.060471
200	604	XCSE	20210322 12:13:18.118239
50	603	XCSE	20210322 12:39:49.739957
300	604	XCSE	20210322 12:40:45.005634
50	603	XCSE	20210322 13:39:14.447433
300	605	XCSE	20210322 14:21:15.864209
127	605	XCSE	20210322 14:35:20.418234
70	605	XCSE	20210322 14:35:20.418234
3	605	XCSE	20210322 14:35:20.418291
20	603	XCSE	20210322 15:03:37.214779
30	603	XCSE	20210322 15:09:09.221559
50	603	XCSE	20210322 15:13:55.402224
42	603	XCSE	20210322 15:16:09.452020
8	603	XCSE	20210322 15:16:09.452054
50	603	XCSE	20210322 15:28:09.100368
50	603	XCSE	20210322 15:32:09.131621
20	603	XCSE	20210322 15:32:09.131621
20	603	XCSE	20210322 15:36:09.164256
10	603	XCSE	20210322 15:36:09.168583
50	603	XCSE	20210322 15:40:09.194211
50	603	XCSE	20210322 15:46:09.244720
50	603	XCSE	20210322 15:49:09.265834
11	604	XCSE	20210322 15:55:20.449267
100	604	XCSE	20210322 15:55:20.449267
100	604	XCSE	20210322 15:55:20.449267
18	604	XCSE	20210322 15:55:20.449267
41	604	XCSE	20210322 15:55:20.449267
70	604	XCSE	20210322 15:55:20.449267
3	604	XCSE	20210322 15:55:20.449267
74	604	XCSE	20210322 15:55:20.449267
79	604	XCSE	20210322 15:55:20.469812
4	604	XCSE	20210322 15:55:20.471612
30	605	XCSE	20210322 15:55:29.150679
18	605	XCSE	20210322 15:55:29.150679
52	605	XCSE	20210322 15:55:29.150679
27	605	XCSE	20210322 15:55:29.150679
70	605	XCSE	20210322 15:55:29.150679
39	605	XCSE	20210322 15:55:29.150679
20	605	XCSE	20210322 15:55:29.150679
44	605	XCSE	20210322 15:55:29.150679
40	603	XCSE	20210322 16:04:09.247129
10	603	XCSE	20210322 16:10:10.909627
77	603	XCSE	20210322 16:10:10.909663
50	603	XCSE	20210322 16:10:10.926675
139	603	XCSE	20210322 16:10:10.926675
30	603	XCSE	20210322 16:10:10.927960
20	603	XCSE	20210322 16:12:09.451643
90	603	XCSE	20210322 16:12:09.451643
50	603	XCSE	20210322 16:12:56.125846
44	603	XCSE	20210322 16:12:56.146962
10	603	XCSE	20210322 16:17:18.853698
7	603	XCSE	20210322 16:17:18.853698
3	603	XCSE	20210322 16:17:18.853698
79	603	XCSE	20210322 16:17:18.853698
70	603	XCSE	20210322 16:17:18.853698
72	603	XCSE	20210322 16:17:18.853698
100	603	XCSE	20210322 16:25:05.105171
130	603	XCSE	20210322 16:29:09.587441
29	603	XCSE	20210322 16:32:09.607788
70	603	XCSE	20210323 9:05:06.453710
100	603	XCSE	20210323 9:05:06.453710
47	603	XCSE	20210323 9:05:08.287421
7	603	XCSE	20210323 9:05:08.676978
46	603	XCSE	20210323 9:05:08.680858
93	603	XCSE	20210323 9:05:08.686431
7	603	XCSE	20210323 9:05:15.411157
100	603	XCSE	20210323 9:05:17.808759
30	603	XCSE	20210323 9:05:25.824025
50	602	XCSE	20210323 9:06:27.266495
2	602	XCSE	20210323 9:36:21.318820
48	602	XCSE	20210323 9:36:21.318851
2	602	XCSE	20210323 9:37:27.759448
48	602	XCSE	20210323 9:38:33.499847
70	602	XCSE	20210323 9:38:33.499904
50	604	XCSE	20210323 10:08:50.505706
50	604	XCSE	20210323 10:08:50.523019
50	604	XCSE	20210323 10:13:30.536958
23	604	XCSE	20210323 10:13:30.553975
27	604	XCSE	20210323 10:19:14.273901
50	604	XCSE	20210323 10:19:14.291827
42	604	XCSE	20210323 10:24:03.772554
8	604	XCSE	20210323 10:24:03.772575
19	603	XCSE	20210323 11:02:02.831919
31	603	XCSE	20210323 11:02:02.848777
25	603	XCSE	20210323 11:02:02.848888
25	603	XCSE	20210323 11:02:02.852865
50	603	XCSE	20210323 11:27:19.772323
50	603	XCSE	20210323 11:27:19.772526
34	603	XCSE	20210323 11:27:19.790132
5	603	XCSE	20210323 11:27:19.792002
11	603	XCSE	20210323 11:27:19.793354
14	603	XCSE	20210323 11:27:19.822296
28	603	XCSE	20210323 11:27:20.982493
8	603	XCSE	20210323 11:35:56.381085
45	603	XCSE	20210323 11:35:58.286986
5	603	XCSE	20210323 11:35:58.287198
5	603	XCSE	20210323 11:37:02.853103
30	603	XCSE	20210323 11:37:58.199480
15	603	XCSE	20210323 11:57:21.112981
26	604	XCSE	20210323 12:15:05.558090
70	604	XCSE	20210323 12:15:05.558090
94	604	XCSE	20210323 12:15:05.558090
17	604	XCSE	20210323 12:15:05.558090
22	604	XCSE	20210323 12:17:33.785415
28	604	XCSE	20210323 12:17:33.785473
50	605	XCSE	20210323 12:49:15.696563
46	605	XCSE	20210323 12:49:15.746825
400	605	XCSE	20210323 12:49:15.862778
4	605	XCSE	20210323 12:49:15.862778
70	607	XCSE	20210323 13:48:37.699536
153	607	XCSE	20210323 13:48:37.699536
68	607	XCSE	20210323 13:48:43.183812
32	607	XCSE	20210323 13:48:43.183812
50	608	XCSE	20210323 14:58:45.143193
12	608	XCSE	20210323 14:58:45.143193
15	608	XCSE	20210323 14:59:24.806224
35	608	XCSE	20210323 15:00:05.432441
90	609	XCSE	20210323 15:01:48.471835
125	609	XCSE	20210323 15:01:48.471835
27	609	XCSE	20210323 15:01:48.471835
70	609	XCSE	20210323 15:01:48.471835
88	609	XCSE	20210323 15:01:48.471835
50	608	XCSE	20210323 15:04:52.659029
20	608	XCSE	20210323 15:04:52.659029
110	608	XCSE	20210323 15:04:52.659063
71	608	XCSE	20210323 15:04:52.659067
40	608	XCSE	20210323 15:04:52.659080
47	608	XCSE	20210323 15:04:52.676096
50	608	XCSE	20210323 15:04:52.676096
40	608	XCSE	20210323 15:23:24.737716
70	608	XCSE	20210323 15:23:24.737716
10	608	XCSE	20210323 15:23:24.737716
80	608	XCSE	20210323 15:23:24.737716
50	605	XCSE	20210323 16:04:46.582555
42	605	XCSE	20210323 16:33:02.114339
8	605	XCSE	20210323 16:33:02.131537
41	605	XCSE	20210323 16:33:02.131648
9	605	XCSE	20210323 16:35:29.957345
1200	606	XCSE	20210323 16:42:26.444130
50	606	XCSE	20210323 16:42:26.444130
70	604	XCSE	20210324 9:00:36.946440
17	604	XCSE	20210324 9:00:36.946440
51	604	XCSE	20210324 9:00:36.946440
162	604	XCSE	20210324 9:00:36.946468
70	604	XCSE	20210324 9:00:46.507274
3	604	XCSE	20210324 9:00:46.507274
3	604	XCSE	20210324 9:00:46.507274
47	604	XCSE	20210324 9:00:46.507274
77	604	XCSE	20210324 9:00:46.507307
50	603	XCSE	20210324 9:01:03.833458
70	603	XCSE	20210324 9:01:03.833498
5	603	XCSE	20210324 9:01:10.553380
45	603	XCSE	20210324 9:01:10.553409
30	603	XCSE	20210324 9:01:10.553413
97	603	XCSE	20210324 9:22:11.126953
3	603	XCSE	20210324 9:24:03.192926
17	602	XCSE	20210324 9:36:12.943245
83	602	XCSE	20210324 9:36:32.646683
100	601	XCSE	20210324 9:37:14.049726
200	601	XCSE	20210324 9:37:14.049748
200	604	XCSE	20210324 10:33:37.117091
72	603	XCSE	20210324 10:33:38.330844
28	603	XCSE	20210324 10:33:38.330868
69	602	XCSE	20210324 10:33:39.482733
3	604	XCSE	20210324 12:22:35.657100
16	604	XCSE	20210324 12:32:09.285771
281	604	XCSE	20210324 12:41:25.328250
950	605	XCSE	20210324 14:45:31.425004
50	605	XCSE	20210324 14:45:31.425004
500	605	XCSE	20210324 15:02:29.651311
100	606	XCSE	20210324 16:42:48.078742
1400	606	XCSE	20210324 16:42:48.078742
100	606	XCSE	20210324 16:42:55.814182
31	606	XCSE	20210324 16:42:55.814182
300	606	XCSE	20210325 10:01:54.645307
28	605	XCSE	20210325 10:23:02.903056
20	605	XCSE	20210325 10:29:06.212575
2	605	XCSE	20210325 10:30:06.362972
50	605	XCSE	20210325 10:43:03.782674
10	605	XCSE	20210325 11:13:09.652990
40	605	XCSE	20210325 11:35:34.222370
50	605	XCSE	20210325 11:35:34.222568
50	605	XCSE	20210325 11:35:34.222606
50	605	XCSE	20210325 11:35:34.222636
100	605	XCSE	20210325 12:23:30.486948
100	605	XCSE	20210325 12:23:30.487071
63	605	XCSE	20210325 12:23:30.487071
18	605	XCSE	20210325 12:23:30.487074
170	605	XCSE	20210325 12:23:30.487128
100	605	XCSE	20210325 12:24:15.314893
100	605	XCSE	20210325 12:24:15.314893
100	605	XCSE	20210325 12:30:25.536051
49	605	XCSE	20210325 12:30:25.553259
70	605	XCSE	20210325 16:16:01.466132
100	605	XCSE	20210325 16:16:03.728807
12	605	XCSE	20210325 16:16:03.728854
100	605	XCSE	20210325 16:16:03.728925
84	605	XCSE	20210325 16:16:03.749585
64	604	XCSE	20210325 12:15:16.135072
102	604	XCSE	20210325 12:15:39.965419
36	604	XCSE	20210325 12:15:39.965419
13	604	XCSE	20210325 12:31:07.722060
85	604	XCSE	20210325 12:31:07.722094
2	604	XCSE	20210325 12:46:54.734945
49	604	XCSE	20210325 12:51:29.649409
49	604	XCSE	20210325 12:51:29.669562
35	603	XCSE	20210325 12:31:59.461669
65	603	XCSE	20210325 12:31:59.461703
100	603	XCSE	20210325 12:32:35.286533
95	603	XCSE	20210325 12:32:35.286533
5	603	XCSE	20210325 12:40:03.108797
196	603	XCSE	20210325 16:13:39.268994
59	603	XCSE	20210325 16:13:39.268994
68	603	XCSE	20210325 16:13:39.268994
24	603	XCSE	20210325 16:13:39.268994
80	603	XCSE	20210325 16:13:39.268994
39	603	XCSE	20210325 16:13:39.268994
61	603	XCSE	20210325 16:13:39.268994
26	603	XCSE	20210325 16:13:39.289618
50	602	XCSE	20210325 13:41:31.630631
70	602	XCSE	20210325 13:41:31.630700
50	602	XCSE	20210325 13:41:31.647809
50	602	XCSE	20210325 13:41:31.647809
50	602	XCSE	20210325 13:41:31.647922
30	602	XCSE	20210325 13:41:31.647922
33	602	XCSE	20210325 15:54:53.814732
17	602	XCSE	20210325 15:54:53.814732
2	602	XCSE	20210325 15:54:53.814732
48	602	XCSE	20210325 15:54:53.814732
70	602	XCSE	20210325 15:54:53.814732
33	602	XCSE	20210325 15:54:53.814732
17	602	XCSE	20210325 15:54:53.814732
18	602	XCSE	20210325 15:54:53.814744
26	602	XCSE	20210325 15:54:53.835386
15	602	XCSE	20210325 15:56:16.524757
59	602	XCSE	20210325 16:07:01.687966
23	602	XCSE	20210325 16:07:01.687966
70	602	XCSE	20210325 16:07:01.688011
50	602	XCSE	20210325 16:12:31.597426
153	600	XCSE	20210325 13:54:54.923745
47	600	XCSE	20210325 13:54:54.923786
100	611	XCSE	20210326 9:13:42.805411
25	610	XCSE	20210326 9:14:24.994678
25	610	XCSE	20210326 9:14:31.505546
150	611	XCSE	20210326 9:35:33.602576
2	610	XCSE	20210326 9:40:50.327892
40	610	XCSE	20210326 9:49:27.664510
2	610	XCSE	20210326 9:56:17.647216
6	610	XCSE	20210326 9:57:06.118269
2	611	XCSE	20210326 12:26:47.716444
50	611	XCSE	20210326 12:33:29.986678
2	611	XCSE	20210326 12:37:41.591121
46	611	XCSE	20210326 12:38:12.889650
100	611	XCSE	20210326 13:14:54.797058
126	611	XCSE	20210326 13:14:54.797058
100	611	XCSE	20210326 13:21:30.037569
74	611	XCSE	20210326 13:34:15.995163
3	611	XCSE	20210326 13:48:46.944231
100	612	XCSE	20210326 14:06:43.187818
400	612	XCSE	20210326 14:06:43.187818
129	611	XCSE	20210326 14:18:29.445577
45	611	XCSE	20210326 14:19:10.324779
350	612	XCSE	20210326 14:39:03.128696
100	612	XCSE	20210326 15:30:23.949029
500	612	XCSE	20210326 15:30:23.949029
123	611	XCSE	20210326 15:44:24.026070
700	612	XCSE	20210326 16:23:11.959772
100	612	XCSE	20210326 16:23:11.959772
600	612	XCSE	20210326 16:32:43.020095

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UK Aktieopkøbsprogram 2021 - Week 12

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Reuters
Nomura, Credit Suisse warn on losses after Archegos share sale
Nomura and Credit Suisse warned on Monday they were facing significant losses after a U.S. hedge fund, named by sources as Archegos Capital, defaulted on margin calls. A fire sale of stocks on Friday caused big drops in the share prices of companies linked to Archegos, according to a source familiar with the matter, putting markets on edge about the scale of the possible fallout. Nomura said on Monday that it faced a possible $2 billion loss due to transactions with a U.S. client while Credit Suisse said a default on margin calls by a U.S.-based fund could be "highly significant and material" to its first-quarter results.
10h ago
MoneyWise
IRS: Your COVID face masks and hand sanitizer are tax-deductible
Items that protect you from the virus are medical expenses, the tax agency says.
2d ago
FX Empire
European Equities: A Lack of Stats Leaves COVID-19 and Geopolitics in Focus
It’s a quiet day on the economic calendar, with no major stats for the markets to consider. That leaves COVID-19 news and geopolitics in focus.
8h ago
Reuters
China Evergrande to raise $2 billion in pre-IPO for property, car marketplace unit
China Evergrande Group on Monday said it will sell 10% of its online real estate and automobile marketplace, Fangchebao (FCB), to 17 investors for HK$16.35 billion ($2.10 billion), in a fundraising ahead of the unit's initial public offering (IPO). FCB, with a pre-financing valuation of over 150 billion yuan ($22.92 billion), could list on the Nasdaq or other suitable stock exchange, Evergrande said in a bourse filing. The firm listed Evergrande Property Services Group Ltd in December, raising $1.8 billion.
3h ago
Bloomberg
Tiger Cub Hwang’s Family Office Behind Friday Trade Frenzy
(Bloomberg) -- The family office of former Tiger Management trader Bill Hwang was behind the unprecedented selling of some U.S. stocks Friday, according to two people directly familiar with the trades.Archegos Capital Management was forced by its banks to sell more than $20 billion worth of shares after some positions moved against him, said the people, who asked not to be named because the details aren’t public. The companies involved ranged from Chinese technology giants to U.S. media conglomerates.Morgan Stanley traded about $13 billion, including Farfetch Ltd., Discovery Inc., Baidu Inc. and GSX Techedu Inc., said the people, while Goldman Sachs Group Inc. sold $6.6 billion worth of shares of Baidu, Tencent Music Entertainment Group and Vipshop Holdings Ltd. before the market opened in the U.S, according to an email to clients seen by Bloomberg News.That move was followed by the sale of $3.9 billion of shares including ViacomCBS Inc. and iQiyi Inc. the email said.Hwang didn’t reply to an email seeking comment Sunday. A Goldman spokesperson declined to comment and a Morgan Stanley official didn’t immediately respond.ViacomCBS and Discovery posted their biggest declines ever Friday, after the selling and analyst downgrades. ViacomCBS closed 27% lower to $48.23, down from a high of $100.34 on March 22. Discovery also slumped 27% to $41.90, down from $77.27 on March 19.Wall Street figures have been feverishly speculating about the identity of Friday’s seller. The liquidation had triggered price swings for every stock involved in the high-volume transactions, rattling traders.Block trades -- the sale of a large chunk of stock at a price sometimes negotiated outside of the market -- are common, but the size of these trades and the multiple blocks hitting the market during the normal trading hours aren’t.Hwang was an institutional stock salesman at Hyundai Securities Co. in the early 1990s, where he dealt with Julian Robertson’s Tiger Management. Robertson hired him in 1995 after Hwang won an annual prize awarded to the person outside of Tiger who had contributed most to the fund’s success.After Robertson closed Tiger, Hwang set up Tiger Asia Management, in part with money seeded by his mentor Robertson.In December 2012, Hwang admitted to illegally using inside information to trade Chinese bank stocks and agreed to criminal and civil settlements of more than $60 million.(Updates with reasons behind selling in second 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.
15h ago
Bloomberg
Abu Dhabi Wants to Revolutionize How Middle East Oil Is Sold
(Bloomberg) -- Tucked between the Gulf of Oman and a craggy mountain range, the dusty port Fujairah isn’t an obvious base from which to try and revolutionize the Middle East’s oil markets.But on Monday, when Abu Dhabi begins selling futures contracts for its oil and then shipping the barrels from Fujairah, it will mark an aggressive shift by the emirate. It hopes to change the way nearly one-fifth of the world’s crude is priced.Persian Gulf states pump nearly 20 million barrels of oil a day and Abu Dhabi wants the futures for its flagship Murban grade to become the region’s main benchmark.The Gulf’s biggest producers -- including Saudi Arabia, Iraq and the United Arab Emirates, of which Abu Dhabi is the capital -- have traditionally priced their barrels based on benchmarks from other regions. They’ve mostly sold their crude directly to refiners or international companies with stakes in their fields. Crucially, they’ve prevented those customers from re-selling the oil and benefiting from arbitrage opportunities that exist in energy markets.Now, Abu Dhabi’s removing those curbs with the aim of opening up its oil to financial as well as physical traders. Investors globally are clamoring for commodities because of their high yields relative to other assets and to protect themselves against any rise in inflation.Once sold on an exchange, Murban will be sent by pipeline to Fujairah, where Abu Dhabi’s desert fields physically connect with global markets.“If successful -- and I think the chances are good -- Murban futures could be a pivotal moment for Middle East crude pricing,” said Vandana Hari, founder of Singapore-based Vanda Insights, which provides oil analysis. If “a sizable chunk of Middle Eastern crude trades freely in the spot market,” that could push other regional producers to follow Abu Dhabi’s lead, she said.Storage CavernsTo help its cause, Abu Dhabi National Oil Co., the state energy firm, is spending around $900 million to build 40 million barrels of storage space in caverns beneath Fujairah’s mountains. That, and tanks Adnoc already has at the port, will ensure there’s plenty of Murban on hand to manage any future supply disruptions, Khaled Salmeen, the company’s head of marketing and trading, told reporters this month.Adnoc can pump about 2 million barrels a day of Murban and has pledged to provide the exchange with half that amount over the next year -- in line with or greater than the supply of today’s major oil benchmarks such as Brent and West Texas Intermediate.Liquidity’s “critical to the whole equation,” said Chris Bake, a director at Vitol Group, the largest independent oil trader, which is backing the exchange.Creating a new benchmark will hardly be easy. Oil traders dislike change, especially when they believe markets already do a good job matching supply and demand. S&P Global Platts caused uproar this year after announcing it would overhaul Dated Brent, the world’s main crude price. It was forced to shelve the plan indefinitely.Murban will also face competition regionally. Platts publishes price assessments for Dubai oil and the Dubai Mercantile Exchange trades futures for Omani crude. Both act as benchmarks for Middle Eastern shipments to Asia.Enter GoldmanThe benefits from trading Murban, a crude first exported in 1963, are worth the effort, according to Sultan Al Jaber, Adnoc’s chief executive officer. “Price transparency will allow our customers to better hedge and manage their market risks,” he wrote Sunday in The National, a local newspaper.Abu Dhabi says the combination of high supply, easy access to oil-consuming markets from Fujairah and the absence of trading restrictions will attract plenty of buyers to its exchange. Philippe Khoury, a former HSBC Holdings Plc energy banker who Adnoc hired in 2018 to build its trading operations, said Murban may even compete with Brent and WTI.The futures platform will be run by Atlanta-based Intercontinental Exchange Inc. and called ICE Futures Abu Dhabi. Last week, ICE approved Goldman Sachs Group Inc., Citigroup Inc. and 22 other banks and brokers as exchange members.Wider AmbitionAdnoc’s plan underscores the UAE’s wider ambition to monetize its hydrocarbon resources faster in case oil demand starts shrinking with the global shift to greener energy. The country aims to increase output capacity from about 4 million barrels a day now to 5 million by 2030, which would make it OPEC’s biggest producer after Saudi Arabia.The Murban exchange and the capacity boost could raise tension within the Organization of Petroleum Exporting Countries, according to Hari of Vanda Insights. The Gulf states dominate the cartel and tend to prize unity. They also began unprecedented production cuts last year to bolster prices as the coronavirus pandemic spread.Still, the UAE says Murban futures won’t affect OPEC or its ability to stabilize oil prices.“We definitely hope” other regional producers adopt Murban as a benchmark for their own crude, Adnoc’s Khoury said this month at the Fujairah Bunkering & Fuel Oil Forum.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.
7h ago
FX Empire
Earnings to Watch in Holiday-Shortened Week: Lululemon, Walgreens Boots and CarMax in Focus
Following is a list of company earnings scheduled for release March 29-April 2, along with an earnings preview for select companies. Next week’s earnings are probably not much significant for major market movements as earnings almost ended, but it is adequate to gauge investors’ sentiment.
1d ago
Bloomberg
Nomura Warns of ‘Significant’ Loss From Unnamed U.S. Client
(Bloomberg) -- Nomura Holdings Inc. said it may have incurred a “significant” loss arising from transactions with a U.S. client, sending its stock tumbling the most in more than nine years.The estimated amount of the claim against the client is about $2 billion based on market prices as of March 26, the Japanese brokerage said in a statement on Monday. It didn’t name the customer.Nomura is evaluating the extent of the possible loss and the impact it could have on the group’s results. The Tokyo-based firm also canceled plans to sell dollar-denominated bonds.While the Nikkei newspaper reported that the losses arose at its U.S. prime brokerage, it wasn’t immediately clear whether they were tied to the massive margin call that roiled U.S. markets on Friday. Archegos Capital Management, the family office of former Tiger Management trader Bill Hwang, was forced by its banks to sell more than $20 billion worth of shares after some positions moved against him, Bloomberg reported.Shares of Nomura fell as much as 15% on Monday morning in Tokyo, the biggest intraday decline since November 2011. The stock has climbed 29% in the past 12 months.The potential loss would blemish a bumper year for Japan’s biggest securities firm, which has benefited from a boom in trading and investment banking during the pandemic. Nomura’s profit jumped to the highest in 19 years in the nine months ended December.Nomura said the estimate of the claim against the client may change depending on unwinding of the transactions and market price fluctuations. It will continue to take steps to address the issue and make a further disclosure once the impact of the potential loss has been determined.(Updates with Nikkei report in the 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.
6h ago
Bloomberg
Investors Return to Neglected Canadian Stocks as Economy Rises
(Bloomberg) -- As the global economy picks up speed, investors are dusting off the Canada playbook.Covid-19 vaccinations are gaining momentum and fiscal support is helping the growth outlook, lifting bond yields. That’s a winning set of conditions for the nation’s value-oriented and cyclical stock market, which is outrunning its U.S. counterpart in 2021 after years of lagging performance.“Canada has what you want” in the current landscape, said Mike Archibald, vice president and portfolio manager at AGF Investments, a unit of Toronto-based AGF Management Ltd., which has C$39.8 billion ($31.6 billion) in assets under management.The S&P/TSX Composite Index has trailed the S&P 500 nine of the past 10 calendar years but is beating the U.S. benchmark in 2021 with a 7.6% gain. That’s largely because of banks, which are producing a gusher of profits, and energy and industrial companies that are riding economic tailwinds.Global investors have overlooked Canada for years in favor of countries with greater choice in high-growth technology stocks, primarily the U.S., but valuations and earnings momentum have become attractive, Archibald said.Canadian equity exposure is also increasing, according to Bank of Nova Scotia analysts. They say the valuation gap with U.S. stocks is still “extremely wide,” with the TSX at a 23% discount on a forward price-to-earnings basis.“We have started to notice some flows into Canadian-branded equity funds funds/ETFs this year,” strategist Hugo Ste-Marie wrote in a note to clients. “The bleeding of the past few years could be over if the macro landscape improves as we expect.”Canadian exchange-traded funds have taken in more than $9 billion in less than three months this year, according to data compiled by Bloomberg Intelligence analyst James Seyffart. That’s well ahead of last year’s pace, which saw a total of $22.2 billion of flows, or about $1.9 billion a month, and 2019 at about $17.5 billion.‘Re-Rating’ Market“The reflationary environment of robust global growth prospects and unrelenting monetary policy support are likely to embolden sentiment towards the previously-battered value space and prompt a re-rating in the S&P/TSX,” Candice Bangsund, vice president and portfolio manager at Montreal-based Fiera Capital Corp., said via email.Bangsund, whose firm manages about C$180 billion, predicts Toronto’s index will beat the S&P 500 this year. Financials are nearly one-third of the benchmark; rising rates and an improving economy help insurers such as Manulife Financial Corp. and Sun Life Financial Inc. as well as banks, which see wider lending margins and reduced loan losses.The first decade of this century was better for emerging markets such as Brazil and commodities-driven developed countries including Canada. “It might well be that the next decade lines up well for non-U.S. markets,” Craig Basinger, chief investment officer of Richardson Wealth, said in an interview.On the other hand, hiccups in the effort to reopen economies could lower growth and inflation expectations, hindering Canada’s bull case.“To be clear, we are not suggesting investors should ‘buy Canada’ at the expense of U.S. stock exposures,” but the group is worth a closer look, Archibald said in a note.“If a sustained cyclical rally moves out of the realm of possibility and becomes a reality, Canadian stocks might, at long last, be something to finally gloat about.”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.
17h ago
Bloomberg
BlueBay’s Pound U-Turn Signals U.K. Post-Brexit Pain Starts Now
(Bloomberg) -- The risks to the pound’s 2021 recovery may be becoming too numerous to bear as Britain’s currency looks poised to end a five-month winning streak.Everything from waning euphoria over the nation’s vaccine-rollout program to renewed worries about the state of the post-Brexit economy and a squeeze on public finances are taking the wind out of a rally that’s made sterling the biggest gainer this year among the G-10 currencies after the Canadian dollar. It’s slipped more than 1% in March so far, on track to interrupt an advance since September that drove it to its strongest level in almost three years.“Too much optimism may be in the price,” said London-based Mark Dowding, who this month reopened bets against the pound at BlueBay Asset Management LLP, where he oversees $70 billion. “The lockdown in the U.K. remains more restrictive than elsewhere,” putting the shackles on growth.The pessimism underscores the mounting difficulties faced by Prime Minister Boris Johnson. Questions over Britain’s future following its break last year from the European Union are taking center stage again, even during one of the world’s most successful Covid-19 inoculation campaigns. Trade data showed EU shipments collapsed in January. The budget deficit is set to hit about 15% of GDP this fiscal year, the highest since the Second World War.For Dowding, that means sterling may retreat more than 5% to $1.30 in the next three months, a level last seen in November -- when markets were being rattled by doubts over whether a Brexit deal could be reached. The chances of the currency touching that level by year-end are almost 50%, according to Bloomberg probability calculations based on a combination of options and forecasts. Sterling slipped as much as 0.2% to $1.3757 on Monday.Some of the shine is already starting to fade. Data from the Chicago-based Commodity Futures Trading Commission in Washington show investors have started to trim bullish bets on the pound. After their long positions hit a one-year high earlier in March, leveraged funds scaled back their wagers for a third-straight week.Even with a Brexit deal and an agreement on financial regulation out of the way, the U.K.’s departure from the EU has ushered in a fresh series of risks, including tension on the Irish border and a possible referendum on Scottish independence.Brexit will bring “a slowdown in potential growth, so from a longer-term perspective we would expect sterling to resume its downward trend,” said Seema Shah, the chief strategist at Principal Global Investors in London who sees the pound retreating to $1.30 as early as the third quarter. “Once this vaccine rollout is done and other countries have caught up, and the U.K. no longer looks like a shining light, we’re back to where we were.”Some 47% of the U.K. population had received at least one dose of vaccine as of March 25, compared with 41% in the U.S. and just 14% in Germany, according to data collected by Bloomberg News and Johns Hopkins University. Britain now expects to receive the first doses of the U.S.-made Moderna Inc. vaccine within weeks, Culture Secretary Oliver Dowden said on Sunday.Vaccination success has helped stoke optimism the country’s early reopening and a services-led recovery could put it ahead of its peers. The median forecast of analyst forecasts compiled by Bloomberg is for the pound to end June at $1.39, compared with $1.35 in early January.“Negative sentiment toward the pound is gone,” said John Roe, the London-based head of multi-asset funds at Legal & General Investment Management, which turned neutral on the pound-dollar after closing its short positions on Feb. 25. “The U.K. is much less prone to a Covid-related relapse.”Bank of England Chief Economist Andy Haldane said last week there could be a “rip-roaring” recovery even if consumers spend only a small proportion of savings accumulated during lockdown. Consumers did return to online and in-store shopping in February after a slump at the beginning of the year, official figures published Friday showed. Still, the rebound was modest.Phil Rush, at research firm Heteronomics, a Malvern, England-based financial research firm, isn’t convinced about such a recovery. He says savings have been accumulated by households least likely to spend them, and there’s no sign of any likely spending splurge.”The longer-term picture is far less positive” for the pound, said Antony Foster, head of G-10 spot trading at Nomura International Plc in London. “We all know the public finances are in dire straits. There are a lot of little bad things in the background that individually have the potential to be pretty systemic. Add them all together and it’s just not a great picture.”(Updates pricing, adds detail on Moderna Inc. vaccine in ninth 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.
32m ago
Bloomberg
Turkey Says April Rate Cut Shouldn’t Be Taken for Granted
(Bloomberg) -- Turkish central bank Governor Sahap Kavcioglu said markets shouldn’t take for granted that he’ll cut interest rates as soon as April, when he sets monetary policy for the first time since his surprise appointment.“I do not approve a prejudiced approach to MPC decisions in April or the following months, that a rate cut will be delivered immediately,” Kavcioglu said in a written response to questions emailed by Bloomberg News, referring to monetary policy committee meeting next month.Q&A: Turkey’s New Central Banker Comments on Monetary Policy“In the new period, we will continue to make our decisions with a corporate monetary policy perspective to ensure a permanent fall in inflation. In this respect, we will also monitor the effects of the policy steps taken so far,” Kavcioglu said.Kavcioglu was appointed on March 20 after President Recep Tayyip Erdogan fired Naci Agbal from the central bank, two days after a larger-than-expected rate increase. The selection fueled expectations for a quick reversal of Turkey’s monetary policy, and triggered a sharp selloff in Turkish assets as investors concluded that policies that had briefly restored the lira’s fortunes had come to an abrupt end after angering the president.Erdogan Ousts Central-Bank Head, Installs Interest-Rate AllyBut in his first interview since taking the job, Kavcioglu said he held a “strict adherence” to the bank’s 5% inflation target. The Turkish lira extended gains on the news, rising as much as 1.1%, before trimming its advance to 0.6% as of 10 a.m. in Istanbul. It was still the best-performing emerging-market currency.Erdogan’s ShadowIn contrast to most central bankers around the world, Erdogan believes higher interest rates fuel inflation, and wants them to be kept as low as possible. That preoccupation has seen the president fire three central bank three governors in less than two years. Now, after his shock appointment, Kavcioglu is the latest to hold the post.When asked about the Turkish monetary authority’s credibility, given the president’s strong influence and his ability to replace governors, Kavcioglu said the bank maintains “instrument independence” by law. He pledged to use all its tools as required by the inflation outlook, and said he’d stick to the single-rate policy framework inherited from his predecessor.Until Kavcioglu’s predecessor started an aggressive tightening cycle in November, investors frequently criticized the bank for being too quick to undo tightening and too slow to respond to risks, most recently in August 2018 when the lira lost about a quarter of its value.Kavcioglu, a former lawmaker for the ruling AK Party, served as a professor of banking at Marmara University in Istanbul and a columnist at the pro-government Yeni Safak newspaper, which criticized the monetary authority’s latest interest-rate increase on its front page.Central Bank of Erdogan Has Foreign Cash Exiting Turkey The new governor said, though, that he found it wrong to comment on earlier decisions of the central bank both “in principle and ethically.”“We strictly adhere to the medium-term inflation target of 5% set jointly with the government, and I am aware of its importance of this for sustainable growth,” he said. “When determining the monetary policy stance, we will continue to take into account the realized and expected inflation as well as global capital flows, real yields in peer countries, and the portfolio preferences of residents.”Reserves PledgeIn response to a question on how Turkey used its official reserves for nearly two years through 2020 to support the lira, the new central bank chief said, “exchange rates will be determined by supply and demand balance under free market conditions.”Last year alone, Turkish banks spent more than $100 billion of the nation’s foreign reserves to support the currency, according to a report by Goldman Sachs Group Inc. That prompted calls by opposition lawmakers for a judicial probe into the official reserves, while Erdogan’s allies argued reserves were used to finance current-account deficit.Turkey’s total gross reserves, including gold and money held by the central bank on behalf of commercial lenders, dropped 20% last year to $85.2 billion until Agbal’s appointment in November, while net foreign-exchange reserves fell by more than half to $19.6 billion.The central bank will try to amass foreign reserves when market conditions are right, Kavcioglu said, a policy priority he shares with Agbal.“The central bank may use reserve-boosting tools under appropriate conditions, with prior and proper communication thereof,” Kavcioglu said.(Adds lira price in sixth 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.
45m ago
FX Empire
U.S Mortgage Rates Rise for a 6th Consecutive Week
Mortgage rates were on the rise once more last week. The upward trend in rates and home prices is beginning to take effect on refinancing and demand.
1d ago
Bloomberg
Bilibili Drops in Hong Kong Debut as Tech Shares Lose Shine
(Bloomberg) -- Bilibili Inc. fell on its debut in Hong Kong, becoming the latest U.S.-traded Chinese firm to disappoint on its homecoming during a global sell-off in the country’s technology shares.Shares of the fast-growing video streaming service sank more than 6% early Monday. Bilibili’s $2.6 billion listing comes after a string of block trades rattled U.S. markets and American regulators last week revived concerns over potential delistings by implementing a law requiring stricter audit inspections. Its disappointing debut also follows Baidu Inc., which last week closed unchanged on its first day of trading in Hong Kong and has since dropped roughly 15%.In his first interview with international media, Bilibili chief executive Chen Rui said he’s unconcerned with short-term market gyrations. The firm -- which has 200 million mostly Chinese millennial or Gen Z monthly users, as well as the backing of both Tencent Holdings Ltd. and Alibaba Group Holding Ltd. -- will use most of the proceeds from the share sale to beef up its content and support its creators, in anticipation of an explosive growth in online video adoption over the next few years.All internet users in China -- numbering nearly 1 billion as of December -- will eventually adopt the format, Chen predicts. The company intends to prioritize improving its content and growing its user base over the next few years over profitability, in order to capitalize on the video mega-trend.“We wouldn’t care too much about short-term performance in the stock market,” the 43-year-old billionaire entrepreneur told Bloomberg Television, adding the firm had long been planning to list in Hong Kong. “Nobody will remember whether your stock went up or down on the debut in 10 years’ time.”Back in 2009, Bilibili was born as a forum for gaming and anime fans like its creator Xu Yi, a then 20-year-old college student. But it was Chen who transformed the site from an after-school project into a promising business when the serial entrepreneur took the helm in 2014. Bilibili has since cleaned up pirated content on its platform while plowing half a billion dollars into broadcast rights since 2018. It expanded into adjacent businesses including live-streaming, e-commerce, and game publishing, its biggest cash cow.Along the way, Chen, who previously co-founded app maker Cheetah Mobile Inc., secured investments from both Tencent and Alibaba, a rare feat in China’s internet arena where up-and-comers usually align themselves with one of the twin giants. The company has partnered with Tencent and Alibaba on content production and e-commerce, respectively, and could “further deepen ties” with both parties, said Chen, who holds roughly 13% of the equity but about 44% of the vote. Sony Corp. has a stake in the firm as well.Videos “will be a major trend for the internet industry over the next three to five years,” said Chen. “The market will be in ultra-high-speed growth for the next several years. Popular video platforms, like us, will all have great opportunities.”The company forecast revenue to grow at least 73% to 3.7 billion yuan ($565 million) this quarter and aims to double its monthly active users by 2023.“With support from Tencent and Alibaba, Bilibili looks well-positioned to capture the long-term trend in the Gen Z entertainment market across content, community, and commercialization,” said Jefferies analysts led by Thomas Chong in a February note. It’s “one of the key beneficiaries to capture the secular trend in video consumption.”Investors embrace Bilibili as a way to tap into the growing buying power of China’s Gen Z population, which has also supercharged startups like toy maker Pop Mart International Group Ltd. and social commerce app Xiaohongshu. Over 86% of Bilibili’s monthly users are aged 35 and below, iResearch estimated.Alongside posts on League of Legends or Japanese manga series Naruto, Bilibili users now consume and create content on everything from life hacks to rap mixes and make-up tutorials. Even Apple Inc. CEO Tim Cook last month sat down for an interview with a tech influencer on the platform.Bilibili’s move into the mainstream places it in direct competition with rival social media companies like Kuaishou and ByteDance Ltd. as well as the video streaming subsidiaries of Tencent and Alibaba. Net loss for the December quarter more than doubled to 843.7 million yuan on swelling marketing costs.Policing content is also a persistent risk: Chinese censors in June penalized Bilibili alongside nine other popular livestreaming apps over vulgar and problematic content as part of a growing crackdown on the country’s internet giants. In February, a new Japanese anime series on Bilibili was accused of spreading sexist views, triggering several brands to cancel sponsorship deals with the company.For now, the increased scrutiny isn’t concerning Chen, who says the company has been taking steps to ensure its content is in in line with government regulations.“I would still describe the development environment facing Bilibili in China as benign,” he said. “There are thousands of types of videos of Bilibili’s platform and it is a very dynamic and diverse content platform. This shows that in China, creators have enough freedom to produce the content they want.”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.
6h ago
Reuters
Analysis: With stick and carrot, Saudi starts winning over firms in regional race
When CSG opted to shift its regional headquarters this year from Dubai to Riyadh, it marked an early win for Saudi Arabia and proved a surprisingly easy move for the U.S. technology firm: the new office was up and running in just two months. CSG is among several foreign companies that agreed earlier this year to set up regional offices in Saudi Arabia rather than overseeing operations remotely from Dubai, the buzzing commercial hub in neighbouring United Arab Emirates.
3h ago
Reuters
Nomura flags $2 billion loss, cancels bond issue; shares plummet
TOKYO (Reuters) -Nomura Holdings Inc on Monday flagged a possible $2 billion loss at a U.S. subsidiary, prompting Japan's biggest brokerage and investment bank to shelve a hefty bond issuance and sending its stock tumbling by the most in over a decade. Nomura's stock was greeted by a deluge of sell orders at market open, pushing its price down as much 16% in early trade. The trades were linked to sales of holdings by Archegos Capital Management, a person with knowledge of the matter told Reuters.
8h ago
FX Empire
Price of Gold Fundamental Daily Forecast – Gold Finishes Lower for First Week in Three
Helping to provide some support for gold, was a dip in the U.S. 10-year Treasury yield from its intraday high.
14h ago
BBC
China's answer to YouTube slumps on market debut
Shares of Bilibili opened 2.2% below their issue price before slipping further in early trade
5h ago
Yahoo Finance
‘Some risks of the ship breaking’: How the Suez Canal blockage could move from meme to ‘serious obstruction’
The mammoth cargo ship marooned in the Suez Canal has the potential to inflict damage on a global economy still recovering from the COVID-19 pandemic.
2d ago

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