Global Automotive Subscription Services Market- AB Volvo, BMW AG, Cox Automotive Inc., among others to contribute to the market growth

Bloomberg
China’s Bond Defaults Pile Up at Fastest Pace on Record
(Bloomberg) -- Chinese corporations are defaulting on local bonds at the fastest pace on record, as authorities ramp up efforts to introduce more financial discipline and transparency in the world’s second-largest debt market.Firms so far this year have failed to make payments on 99.8 billion yuan ($15.5 billion) of onshore bonds, according to Bloomberg-compiled data. While 2021 is set to be the fourth straight year the 100 billion yuan level has been topped, it previously hadn’t happened before September. For all of 2015, when China’s stock market crashed, defaults totaled just 8.9 billion yuan.Missed payments are running at a record pace this year, following the late 2020 defaults of some state-linked firms which affirmed convictions that authorities in China are increasingly willing to not bail out weak firms. The recent tumult surrounding bad debt manager China Huarong Asset Management Co. raised fresh questions about support for central state-owned firms, even as the risk of contagion remains relatively contained. Signs of a maturing credit market have helped Chinese officials’ effort to refocus on financial risks in areas like asset prices and debt levels.Ultimately, more defaults are part of a healthy credit market with a genuine high-yield onshore sector and adequate pricing of risk, according to Jean-Charles Sambor, head of emerging-market debt at BNP Paribas Asset Management.“Policy makers are willing to draw a line in the sand between what is systemic and what is not,” he said. “They want to inject more credit risk in the system and change the mindset of investors, forcing them to look more at stand alone credit risk rather than speculating on the likelihood of support from the central government.”Delinquencies are crucial in helping develop a mature and efficient market that improves transparency, reduces moral hazard and prompts a reassessment of risk. Increased financial discipline for companies and improved credit ratings serves Beijing’s longer-term goal of attracting more foreign cash to the country’s capital markets-- especially from more stable sources like pension funds and insurers instead of hot money flows.Payment failures also help deepen regulation, as well as create a more standardized process and better assumptions in terms of recovery rates, Sambor said. “This short-term pain will translate into medium-term gain.”China’s central bank, in its first-quarter monetary report published Tuesday, urged establishing a mechanism that holds local party and government leaders accountable for major financial risks.Developer DefaultsReal estate firms are leading this year’s surge in onshore bond defaults, as authorities tighten access to funding in the debt-laden sector. Developers have made up about 25% of those missed payments with the government’s “three red lines” policy increasingly weighing on these borrowers. Payment failures at China Fortune Land Development Co. and Tianjin Real Estate Group Co. topped 10 billion yuan in the first quarter, according to Bloomberg-compiled data. They also did for chipmaker Tsinghua Unigroup Co. and Hainan Airlines Holding Co.Defaults on offshore bonds have also ramped up -- logging a combined $3.7 billion in January and February but none since, according to Bloomberg-compiled data. Still, that’s nearly half of 2020’s full-year $8.3 billion.(Adds quote in the seventh 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.
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Sectors to watch as inflation fears spook U.S. markets
Worries over inflation are rippling through the U.S. stock market, spooking equities overall while causing investors to consider which shares can hold up better in an environment where inflation may be heating up. Inflation talk grew on Wednesday as data showed U.S. consumer prices increased by the most in nearly 12 years in April. Research by UBS equity strategists found the S&P 500 starts moving in the opposite direction to inflation expectations when the breakeven rate on the 10-year U.S. Treasury Inflation-Protected Securities (TIPS) -- a market-based measure of inflation -- exceeds 2.5%.
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Bitcoin, Dogecoin sink after Elon Musk walks back Tesla's support for crypto transactions
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Momentus to the Moon? Retail Investors Need to Vote 3% of Shares by Wednesday Night to Save Deal
Stable Road has attracted more votes but remains 3% short of the 65% needed to approve an extension amendment Extension amendment must be approved by May 13 meeting to prevent SPAC from being dissolved Last chance to vote online is Wednesday, May 12 at 11:59 pm ET Investors show support for deal with stock trading […]
2d ago
Reuters
Traders not betting on a quick U.S. market rebound as tech stocks tumble
Traders have been placing more bearish bets on equity derivatives in recent days, data showed on Wednesday, indicating less confidence in U.S. stocks rebounding from a sharp sell-off which has particularly hit high-flying tech names. Investors' tendency to look past minor wobbles in stocks as the S&P 500 rallied about 90% over the past year or so has been a key feature of the equity market since it rebounded from March 2020 pandemic lows and has helped make market pullbacks shallow and brief. The S&P 500 Index was down 1.7%, while the Nasdaq Composite was 2.3% lower.
12h ago
Reuters
JPMorgan to bring all staff back to office in England - memo
JPMorgan will step up the return of all of its employees in England to working at least part of their week in its offices from June 21st, according to a memo seen by Reuters on Tuesday. The U.S. lender will still cap occupancy at 50% in its main London and Bournemouth hubs, it said, and the plans are dependent on there being no changes to government plans to ease remaining COVID-19 related restrictions. "We expect in the weeks that follow that June date, all employees in England will be in the office on a consistent schedule," the bank said.
2d ago
Bloomberg
U.K. Traders Are Now Betting on BOE Rate Hike by September 2022
(Bloomberg) -- Discover what’s driving the global economy and what it means for policy makers, businesses, investors and you with The New Economy Daily. Sign up here.Money markets are wagering on an increase in Bank of England borrowing costs as soon as next year, having only recently erased bets on negative rates.Traders now see 15 basis points of tightening in September 2022. That’s a sharp turnaround from the second half of last year, when traders were contemplating rates of as low as minus 0.1% after the central bank said it was studying the feasibility of such a move. They only removed bets on further loosening in February, when policy makers stressed that negative rates are not imminent as the U.K.’s vaccine rollout transformed the nation’s monetary policy debate. A larger-than-expected increase in U.S. consumer prices on Wednesday triggered a global rates selloff, sending benchmark gilt yields to their highest level in around two months and spurring traders to bring forward their expectations for a BOE rate hike.The central bank traditionally shifts its key interest rate by multiples of 25 basis points, though it cut rates by 15 basis points in March 2020, at the height of the coronavirus pandemic. If officials wanted to tighten financing conditions, a move back to 0.25% is seen by strategists as a plausible first step.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
Iron Ore’s ‘Ridiculous’ Prices to Stay as Fear Grips Commodities
(Bloomberg) -- Iron ore’s stunning surge won’t fade anytime soon because buyers remain nervous about being caught short as global demand accelerates amid lingering supply threats, according to a veteran commodities trader.The steelmaking material soared past $230 a ton Wednesday to a fresh record for Singapore futures, amid a broadening commodities boom. While steel demand and production are strengthening, many analysts argue market fundamentals alone don’t justify such high prices. That won’t halt further gains, according to Andrew Glass, Singapore-based founder of Avatar Commodities Ltd.“Logic dictates that these are ridiculous prices but fear will continue to keep the scramble going,” said Glass, a former head of ferrous trading at mining major Anglo American Plc, who has traded commodities since the 1990s. “There is fear of not being able to secure the logistics and the resources you need -- $220 is expensive, but it’s much more expensive if you have to shut down a mill because you can’t get material.”Industrial commodities and shipping costs are spiking as buyers hurry to secure raw materials with global industries from manufacturing to construction gearing up again as the pandemic fades. That adds to strong demand from China, where elevated steel margins are providing support for high iron ore prices. They could test $250 in the coming 12-18 months, according to Oversea-Chinese Banking Corp.China’s steel and iron ore futures also jumped to record highs Wednesday. The nation’s steelmakers are ramping up production in defiance of government attempts to rein in output to control the industry’s carbon emissions, while robust profit margins are enabling mills to better accommodate surging input costs.Amazing MotivatorIron ore is “grossly overpriced at the moment, but fear is an amazing motivator and prices are a reflection of fear,” Glass said. “You’re seeing fear more broadly with gold prices up, the dollar down, there is a flight to safety, and there is a certain amount of fear feeding into commodities markets.”China relies on just two countries -- Brazil and Australia -- for 80% of its iron ore imports. Brazil is grappling with a deadly surge of the coronavirus, and there are global concerns about the Covid-19 variant that’s overwhelming India. Separately, China’s fraying ties with Australia have added another element of risk to the market.“From Brazil, those boats are 40 days away,” Glass said. “So any more problems in Brazil because of the virus, you better make sure you are well-covered. And if politics between Australia and China does get to the point of creating a problem with Australian supply, and there is a Brazil issue too, then security of supply becomes very, very important.”Iron ore in Singapore rose as much as 5.7% to reach a record $233.55 a ton and traded at $232.20 at 2:25 p.m. local time. Iron ore on China’s Dalian exchange and steel rebar in Shanghai also both advanced to fresh all-time highs.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.
1d ago
Bloomberg
The $160 Billion Frenzy for Speculative Tech Is Fading Fast
(Bloomberg) -- The $160 billion boom in thematic funds is fizzling out fast as investors pull back from Wall Street’s most speculative bets.The breed of exchange-traded fund targeting niche investment ideas from sports betting to artificial intelligence is on pace for its first month of outflows in more than a year, according to data compiled by Bloomberg.Traders have pulled about $1.6 billion in May so far. While that’s only 1% of assets in the category, it’s a striking reversal from the start of the year when inflows peaked at $18 billion in January.The sector’s most popular funds are being hit hardest. The Ark Innovation ETF (ticker ARKK), the poster child of the thematic frenzy, has dropped more than a third from its February peak. Investors have withdrawn about $500 million in the past two weeks.“For some of the more short term money, folks are exiting,” said Michael Arone, chief investment strategist for the U.S. SPDR ETF business at State Street Global Advisors. “Investors are a bit anxious about the growth prospects for a lot of these companies and the valuations as interest rates rise.”ARKK was falling for the 10th day out of 12 on Wednesday, now down 18% year-to-date. Tech shares once again led Wall Street declines on the back of the biggest inflation surge since 2009 last month. Investors are adjusting portfolios and turning away from stocks most vulnerable to rising yields and prices. These include expensive-looking tech names, in particular those whose valuations are more reliant on hopes for future growth than current earnings.The pain is particularly acute for the products at Ark Investment Management. Cathie Wood’s slate of funds, which led inflows in the boom with $8 billion added in January alone, have in total lost about $1.3 billion in May.Clean-energy ETFs are also struggling after a record-breaking few months. Cybersecurity funds are suffering too, with the likes of Global X’s BUG ETF losing about $300 million in May even after a high-profile hack disrupted U.S. fuel supplies.Thematic ETFs now boast about $160 billion in assets, down from a peak of around $176 billion in February.That’s still almost treble a year ago, however. For many, the trend of investing according to easy-to-understand narratives is likely to persist, even if the specific themes change.“Although thematic funds have bled about $1.6 billion this month, it is relatively small compared to their aggregate size,” said James Pillow, managing director at Moors & Cabot Inc. “As long as we cling to narratives, there will always be thematic funds.”(Updates with latest trading.)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.
11h ago
Bloomberg
Cathie Wood’s Misery Mounts as ARKK Assets Dip Below $20 Billion
(Bloomberg) -- Cathie Wood’s miserable month continued on Tuesday, as her flagship exchange-traded fund extended declines and its assets dropped below $20 billion to the lowest since January.The Ark Innovation ETF (ticker ARKK) slid 1% as of 9:47 a.m. in New York. Caught in a broad tech selloff, the product has fallen for nine of the past 10 sessions, a retreat that accelerated on Monday in the biggest slide in about seven weeks.Tesla Inc., the fund’s biggest holding, was down 3.5% on Tuesday. Teladoc Inc., also heavily weighted in the ETF, dropped less than 1%.The stock rotation out of expensive-looking tech names is proving tough for Wood and her firm, Ark Investment Management, with investors pulling more than $500 million from the main fund in May so far.Big bets on the likes of Tesla and Bitcoin lured billions to Ark’s products, but more recently investors have been souring on the kind of pricey shares the money manager favors in companies with often unproven technologies. Other speculative corners of the market have also suffered, with an ETF tracking special-purpose acquisition companies slumping 20% this year.Read more: Rout Lands on Nasdaq Where Shorts Are Massing, Bulls Getting OutWith ARKK down some 34% from its February peak, options activity paints an increasingly gloomy picture. The number of bearish put contracts outstanding has jumped to a record. Short interest remains near an all-time high, according to data from IHS Markit Ltd.(Updates 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.
2d ago
Bloomberg
What Can China Do to Control Record Commodity Prices?
(Bloomberg) -- The surging cost of commodities to industries and households is a threat to China’s economic growth and the purchasing power of its citizenry.As prices soar for everything from the copper and steel used in construction, to the coal that heats homes and powers factories, to the corn that feeds animals, what can Beijing do to control the record-breaking rally?The answer is complicated by several factors, including policies on pollution and imports that have only served to exacerbate supply constraints. Beijing has imposed output curbs on metals like steel and aluminum to reduce emissions as part of President Xi Jinping’s commitment to deliver a carbon neutral economy by 2060. And it has cut purchases of coal and other commodities like copper from major supplier Australia as relations between the two nations have soured.Moreover, the world’s biggest consumer of commodities is being forced to compete for materials just as global economies bounce back from the pandemic, driven by massive government stimulus, particularly in the U.S.That can only dilute China’s efforts to rein in markets. Still, short of imposing price controls, Beijing has options that range from precise strikes on individual commodities to blunter tools that would affect the whole economy.Trading RestrictionsChina’s busy commodities bourses are a usual suspect for Beijing whenever the government feels price moves are getting a bit too wild. True to form, Monday’s dramatic jump in iron ore triggered a stern response. The Dalian Commodity Exchange vowed to “severely punish” unspecified violations in iron ore trading as it raised margin requirements and narrowed daily trading bands. The Shanghai Futures Exchange also pledged to tighten trading on steel, while the Zhengzhou bourse made a similar move on thermal coal.The goal is to cool speculative flows that can draw in waves of investment and generate dizzying price spikes. The trouble is that this approach doesn’t necessarily help to manage a physical market with its own momentum. Steel prices are rallying worldwide without having a really significant futures market, for example. Still, iron ore futures in Dalian dropped slightly on Tuesday, while rebar and hot-rolled coil in Shanghai marched to new highs ahead of the new restrictions. Thermal coal also forged a fresh record.Inducing SupplyChina is able to lean on its vast state sector to ease shortages, an effort that has recently met with only mixed results at best. Last month, the top economic planning agency told coal miners to produce at their maximum winter output levels, which has barely put a dent in the market’s subsequent rise to all-time highs. For gas, unusually cold winter weather led to an official dressing down for importers following their inability to meet demand, which seems to have motivated some to bring forward their purchases for this year.The efforts to boost energy supplies have been upset by diplomatic tensions with Canberra. China has banned Australian coal imports, one of a number of restrictions on a swathe of goods from barley to wine. And at least two of China’s smaller gas importers have been told to avoid purchasing additional gas from Australia for delivery over the next year.Releasing StockpilesChina has considered selling about 500,000 tons of aluminum from its state reserves to cool the market. Prices plunged initially on the plan before rising again to their highest level in a decade. China’s output of the lightweight metal was 37 million tons last year, more than half the world’s total.The nation holds stockpiles of materials like copper to foodstuffs like soybeans, as well as massive crude oil reserves, but the amounts are undisclosed. Any indication that the reserves bureau is a buyer or seller has the potential to dramatically move markets. The longer-term plan might include adding more base metals to strategic reserves to ensure domestic supply and cushion potential shortfalls, although any state-purchasing program now would risk adding fuel to the current rally.Stockpiling FoodChina is building up its agricultural buffer as well. The government has bought huge amounts of U.S. corn for state reserves and may release them to quell any price spikes ahead of the domestic harvest in the fourth quarter. Authorities have also imposed curbs on state wheat sales amid concern that increased purchases by feed mills to replace expensive corn could push up prices of the new wheat crop, which will be reaped in June.Beijing is also replenishing its soy reserves, adding locally grown soybeans for the first time since 2017 to curb any possible food inflation. The domestic crop isn’t genetically modified and is used for foods such as tofu rather than animal feed. China has also frequently released pork reserves to cool rising prices of the nation’s most widely consumed meat.Fiscal StimulusTo rescue an economy that had cratered because of the pandemic, China reached for its usual play book: massive state-funded construction to stimulate demand and an expansion in credit that fed through into the real estate market. That helped put a rocket under the price of steel and other building materials like copper and aluminum.China has trimmed this year’s quota for the debt sales that typically fund infrastructure, and local governments have been slow off the mark in terms of new issuance. Metals traders will be looking for further evidence that fiscal policy is tightening as the government shifts its focus to preventing asset bubbles.Monetary PolicyThe broadest concern is that record commodities prices will fuel inflation globally and central banks will act too slowly to stem the tide. Last month saw the fastest growth in Chinese factory-gate prices since October 2017, a surge that’s likely to have furrowed brows at the People’s Bank Of China.All of China’s financial markets are on tenterhooks for any indication that the PBOC will accelerate monetary tightening as the nation completes its recovery from the pandemic. For metals, tougher lending requirements would affect demand across sectors, from real estate to autos and consumer goods. Still, Bloomberg Economics doesn’t think the central bank will be motivated to act quite yet, as consumer prices remain relatively subdued.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.
2d ago
Yahoo Finance
Tech stocks get pounded — here are a few simple reasons why
A tech stock rout has swept through Wall Street this week. Here's why.
2d ago
CoinDesk
Market Wrap: DeFi Tokens Aave and Uniswap Climb While ETH and BTC Dump
“The crypto market is primarily focused on Ethereum and the catapulting DeFi sector right now,” said one analyst.
10h ago
Bloomberg
Taiwan Stock Crash Shows World Dangers of Too Much Leverage
(Bloomberg) -- Few things evoke fear in equity markets like a margin call. On Wednesday that fear turned into panic in Taiwan, offering another warning for the world on what can happen when leverage unwinds.The trading day started out quiet in Taipei’s $2 trillion stock bourse. But before the morning was over, the local benchmark index had plummeted almost 9% in the worst one-day performance in its 54-year history.There were reasons to sell. New data showed a worsening Covid-19 outbreak in an island where almost no one is vaccinated. A deepening slump in global tech shares also undermined the appeal of a market dominated by the industry. But the swiftness of the plunge that followed suggests bigger forces were at play.For months, bull market skeptics around the world have warned that surging leverage is making equity markets riskier -- and the blowup of Archegos Capital Management in March served as a reminder of that. Yet stocks have continued to rise, with the MSCI All-Country World Index closing at a record as recently as Friday. In the U.S., margin debt topped $822 billion by the end of March -- the latest available data. That’s up 72% year on year.On a smaller scale, the same happened in Taiwan. Armed with conviction, and with history on their side, investors took on increasing amounts of leverage. The result was a 46% expansion in margin debt this year to about NT$274 billion ($9.8 billion) two weeks ago, the highest since 2011. By comparison, the Taiwan benchmark was up just 19% in that period, an indication that people were taking out loans faster than stocks were appreciating.Local investors had little reason to fear losses. Taiwan’s economy became one of the biggest winners from U.S.-China rivalry. Its chipmakers flourished as Washington sought to hobble Beijing’s efforts to build a domestic chip industry. During President Donald Trump’s four-year term, the Taiex benchmark became the world’s best performing stock gauge, gaining more than 90% in U.S. dollar terms.Gains extended this year as the pandemic created a shortage of chips, with the index rising for seven straight months through April.The euphoria began to unravel this week as the threat of inflation sank the Nasdaq, with tech stocks around the world following suit. As the Taiex slid 3.8% on Tuesday in Taiwan, the level of margin debt fell by NT$12.6 billion, the most since October 2018. That suggests traders faced margin calls by brokers to cover losses in their stock accounts.Wednesday’s record rout is likely to have spurred a bigger unwinding of leverage. (Comparatives are skewed by the widening of daily price limits for individual stocks in 2015.)“Margin trading boosted the Taiex over the past few months, which may add to declines if they face margin calls,” said MasterLink Securities Investment Advisory President Paul Cheng.The fear of further losses was evident in a stock market where individual investors account for about 60% of transactions. The derivatives market burst with activity: more than 1.75 million options tracking the Taiex changed hands on Wednesday, the third-busiest day since 2016. Traders snapped up bearish contracts even as dozens of short-term options expired, with the price of one put surging as much as 7,757%.KGI Securities’ trader Kevin Lee, who has been a local stocks trader for a decade, said clients started to panic as the morning wore on.“There were non-stop orders coming in,” Lee said. “Investors were crazy as there were lots of news during trading hours and we didn’t know if they were true or not.”By the end of the day, the index had pared its losses to 4.1%. But the damage to investor confidence was already done.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.
22h ago
Bloomberg
Wall Street Pondering Ugly Outcomes for Sky-High Tech Shares
(Bloomberg) -- Heightened inflation fears are threatening to do something to computer and software makers that hasn’t happened in two decades: make them the worst stocks in the market.They haven’t, however, made them anything close to cheap. With a three-week drubbing of the Nasdaq 100 Index showing no signs of easing up, a few analysts are asking what happens if super-high valuations in companies like Alphabet Inc. and Facebook Inc. revert and drag everything back to average levels?You almost don’t want to know the answer.According to Leuthold Group, the S&P 500 Index is at risk of falling 37% should its multiples to sales and earnings return to their mean levels since 1995, a starting point picked to capture a broad upward shift in valuations.The tech giants known as the Faamgs could face a similar fate, according to Bloomberg Intelligence’s Gina Martin Adams and Michael Casper. In their model, the group’s premium over the market could shrink by another 24% if it goes back to the mean over the seven years before the 2020 pandemic.To be sure, these calculations are more exercises than predictions, intended to show how stretched prices have become after years of relentless tech gains. Valuations like those explain the market’s hair-trigger volatility lately, as every economic report is combed for its implications on Federal Reserve policy.It’s a reason Leuthold’s core portfolio this week trimmed its equity holdings by 3 percentage points to 55%.“With our cap-weighted S&P 500 valuation work looking nearly as extreme as it did at the tech bubble peak, we certainly could have elected to take even more chips off the table,” said Doug Ramsey, Leuthold’s chief investment officer, adding that the firm refrained from turning more bearish because more stocks were participating in the latest advance.The anxiety created by stretched valuations is on display all over. As surging commodity prices and a tightening labor market sparked concern inflation could persist and force the Federal Reserve to roll back its stimulus sooner than expected, richly-valued technology stocks sold off, driving the Nasdaq 100 toward its worst month since the start of the pandemic in March 2020.At the same time, the specter of rising interest rates makes elevated multiples harder to justify. A basket of unprofitable tech firms has plunged 37% from its February peak.Read more: Hedging Gets Frantic as Puts Soar Amid Stock Market HammeringTech megacaps such as Microsoft Corp. and Apple Inc. are examples of how sentiment may be shifting. Both saw mediocre share reactions to strong earnings reports.While the Faamg group has seen its price-earnings multiple shrink from its peak, it still fetches a 24% premium relative to the rest of the S&P 500. That compared with a P/E spread of just 7.3% five years ago, according to data compiled by Bloomberg Intelligence.“The Faamg bubble is deflating and should continue to do so as risk-tolerance heals and investors position for sustainable recovery,” said Martin Adams at Bloomberg Intelligence. “Valuations have dropped, but there is room for the group’s premium to fall.”For years, one pillar of support for equity valuations has been the rock-bottom interest rates that the Fed put in place to spur growth. Now, as the economy reopens, many investors see the only path for rates is up. That’s a problem, because relative to bonds, stocks are already less attractive than any time in a decade.Based on a methodology sometimes called the Fed model, the S&P 500’s earnings yield -- how much profits you get relative to share prices -- is about 1.7 percentage points above the yield on the 10-year Treasuries. That’s close to the smallest advantage since 2010. Should 10-year yield climb to 2%, the S&P 500 would have to fall by 8% to keep the equilibrium, all else equal. The 10-year yield recently sat near 1.7%.Valuations are never a great timing tool as expensive stocks can get even more expensive. Yet for many tech stocks, the recent rout hasn’t made them cheap and yet the momentum is turning against them.“We would like to buy tech -- we think it’s fundamentally a great sector -- but we need to buy it at more attractive prices,” said Kevin Caron, portfolio manager for Washington Crossing. “We may have reached the point where momentum can only take the group so far, and we are now pushing up against the limits of valuations. It’s hard to say it’s fully been washed out.”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.
10h ago
Investing.com
FAANG Slips On Fear Of Money Tightening, Regulatory Action To Tame Big Tech
By Dhirendra Tripathi
2d ago
FX Empire
Why Shares Of Tesla Are Down By 10% This Week?
The stock gained downside momentum at the start of this week and made an attempt to settle below the $600 level.
2d ago
Bloomberg
U.S. Inflation Surge, China Consumers, Rate-Hike Hopes: Eco Day
(Bloomberg) -- Welcome to Thursday, Asia. Here’s the latest news and analysis from Bloomberg Economics to help you start the day:U.S. consumer prices climbed in April by the most since 2009, intensifying the already-heated debate about how long inflationary pressures will last. Rates traders responded by boosting bets that the Fed may be forced to hike interest rates next yearChina’s economic activity rotated to consumption from production over a string of holidays in early May, writes Chang ShuCanadians are so alarmed by the red-hot housing market that many say they’d like to see the central bank raise interest ratesTesla CEO Elon Musk said his firm is suspending purchases with Bitcoin, triggering a slide in the value of the digital currencyThe reopening of the U.S. economy is throwing forecasters for a loopThe U.S. budget deficit approached $2 trillion with five months left in the fiscal year, amid another wave of pandemic-relief paymentsThe PBOC has been tapping on the liquidity brakes, with credit data suggesting its tapering is working; however, the latest abrupt pullback leads David Qu to think it will slow withdrawal of liquidityThe EU’s framework for controlling debt must be changed to help overcome Covid’s economic damage, Italy’s Mario Draghi saidGlobal remittances showed surprising strength in 2020 as heavy government stimulus spending put cash in immigrants’ pockets The Bank of England is pushing for a shakeup of the $6.9 trillion money market fund industryIndia’s Covid catastrophe shows the danger of complacencyFor 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
Yahoo Finance
Stock market news live updates: Futures mixed after inflation fears ignite sell-off
Inflation fears are dogging Wall Street at a time when the U.S. rebound is picking up speed.
8h ago

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