U.S. markets close in 3 hours 2 minutes

  • S&P 500

    4,161.23
    -2.06 (-0.05%)
     

  • Dow 30

    34,268.90
    -58.89 (-0.17%)
     

  • Nasdaq

    13,457.14
    +78.09 (+0.58%)
     

  • Russell 2000

    2,239.12
    +12.00 (+0.54%)
     

  • Crude Oil

    65.51
    -0.76 (-1.15%)
     

  • Gold

    1,867.10
    -0.50 (-0.03%)
     

  • Silver

    28.31
    +0.04 (+0.13%)
     

  • EUR/USD

    1.2220
    +0.0064 (+0.53%)
     

  • 10-Yr Bond

    1.6470
    +0.0070 (+0.43%)
     

  • GBP/USD

    1.4194
    +0.0057 (+0.40%)
     

  • USD/JPY

    108.9400
    -0.2600 (-0.24%)
     

  • BTC-USD

    43,660.22
    +1,043.31 (+2.45%)
     

  • CMC Crypto 200

    1,222.91
    -30.23 (-2.41%)
     

  • FTSE 100

    7,034.24
    +1.39 (+0.02%)
     

  • Nikkei 225

    28,406.84
    +582.01 (+2.09%)
     

Global Fire Suppression Systems Market to Reach $26.3 Billion by 2026

·6 min read

SAN FRANCISCO, May 18, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Fire Suppression Systems - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

Global Fire Suppression Systems Market
Global Fire Suppression Systems Market

FACTS AT A GLANCE
Edition: 18; Released: January 2021
Executive Engagements: 28460
Companies: 249– Players covered include AFEX Fire Suppression Systems; APi Group Inc.; Carrier Global Corporation; Chubb Fire & Security Ltd.; Kidde Fire Systems; Marioff Corporation Oy; Eusebi Impianti s.r.l; Fike Corporation; Fireboy®- Xintex® LLC; Halma plc; Hochiki Corporation; Johnson Controls International Plc; Jomarr Products, Inc.; Minimax GmbH & Co. KG; NAFFCO FZCO; Semco Maritime A/S; Siemens Building Technologies and Others.
Coverage: All major geographies and key segments
Segments: Product Segment (Water-based Systems, Gas-based Systems, Specialty Systems); Application (Commercial, Industrial, Residential)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.

Complimentary Project Preview - This is an ongoing global program. Preview our research program before you make a purchase decision. We are offering a complimentary access to qualified executives driving strategy, business development, sales & marketing, and product management roles at featured companies. Previews provide deep insider access to business trends; competitive brands; domain expert profiles; and market data templates and much more. You may also build your own bespoke report using our MarketGlass™ Platform which offers thousands of data bytes without an obligation to purchase our report. Preview Registry

ABSTRACT-

Global Fire Suppression Systems Market to Reach $26.3 Billion by 2026
Fire suppression systems provide an effective means to ensure protection against fire. When used in combination with fire alarm systems and smoke detectors, they provide safety to people and aid in minimizing asset damage. Significant expansion in global economy, substantial expansion in industrial, business, commercial and institutional sectors, dramatic growth in building construction and infrastructure projects, and rapid urbanization contribute to higher demand for various fire security technologies. Regulatory legislations and mandatory building codes seeking comprehensive fire safety in industrial, commercial, institutional and residential buildings and general infrastructure, to contain the growing number of fire events and associated human life and property loss, are expected to play a pivotal role. Simultaneously, the emergence of high-tech companies offering sophisticated tools and technologies for fire safety has also been a key driver of global fire safety systems market.

Amid the COVID-19 crisis, the global market for Fire Suppression Systems estimated at US$19.1 Billion in the year 2020, is projected to reach a revised size of US$26.3 Billion by 2026, growing at a CAGR of 5.4% over the analysis period. Water-based Systems, one of the segments analyzed in the report, is projected to record a 5.7% CAGR and reach US$13.6 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Gas-based Systems segment is readjusted to a revised 4.2% CAGR for the next 7-year period.

The U.S. Market is Estimated at $5.6 Billion in 2021, While China is Forecast to Reach $4.9 Billion by 2026
The Fire Suppression Systems market in the U.S. is estimated at US$5.6 Billion in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$4.9 Billion by the year 2026 trailing a CAGR of 7.6% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.3% and 4.9% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3% CAGR. Mandatory building codes and regulatory legislations are steering momentum in the fire safety market in a major way, especially in the developed regions of North America and Europe. In North America and Europe, fire safety solutions constitute a fixed component within the security mix of a building, and role of fire suppression systems remains pivotal within the fire safety strategies. Rising focus on equipping industrial, business and commercial facilities with advanced building technologies, is expected to boost demand in developing markets.

Specialty Systems Segment to Reach $6.8 Billion by 2026
Specialty systems constitute systems that employ agents other than gas or water for suppressing fire. These systems make use of foam and dry or wet chemicals as fire suppression agents. Adoption of specialty systems is growing rapidly, largely owing to absence of water and wider availability of these systems in advanced and robust designs. In the global Specialty Systems segment, USA, Canada, Japan, China and Europe will drive the 5.5% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$4.1 Billion in the year 2020 will reach a projected size of US$5.9 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$1.1 Billion by the year 2026, while Latin America will expand at a 7.1% CAGR through the analysis period. More

MarketGlass™ Platform
Our MarketGlass™ Platform is a free full-stack knowledge center that is custom configurable to today's busy business executive's intelligence needs! This influencer driven interactive research platform is at the core of our primary research engagements and draws from unique perspectives of participating executives worldwide. Features include - enterprise-wide peer-to-peer collaborations; research program previews relevant to your company; 3.4 million domain expert profiles; competitive company profiles; interactive research modules; bespoke report generation; monitor market trends; competitive brands; create & publish blogs & podcasts using our primary and secondary content; track domain events worldwide; and much more. Client companies will have complete insider access to the project data stacks. Currently in use by 67,000+ domain experts worldwide.

Our platform is free for qualified executives and is accessible from our website www.StrategyR.com or via our just released mobile application on iOS or Android

About Global Industry Analysts, Inc. & StrategyR™
Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world's only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.

CONTACTS:
Zak Ali
Director, Corporate Communications
Global Industry Analysts, Inc.
Phone: 1-408-528-9966
www.StrategyR.com
Email: ZA@StrategyR.com

LINKS
Get Full Report Details

https://www.strategyr.com/market-report-fire-suppression-systems-forecasts-global-industry-analysts-inc.asp

Join Our Expert Panel
https://www.strategyr.com/Panelist.asp

Connect With Us on LinkedIn
https://www.linkedin.com/company/global-industry-analysts-inc./

Follow Us on Twitter
https://twitter.com/marketbytes

Journalists & Media
Info411@strategyr.com

Cision
Cision

View original content to download multimedia:http://www.prnewswire.com/news-releases/global-fire-suppression-systems-market-to-reach-26-3-billion-by-2026--301294023.html

SOURCE Global Industry Analysts, Inc.

Recommended Stories

  • Gamestop, AMC short sellers sit on nearly $1 billion loss - Ortex

    Investors are estimated to have lost $930 million on their short positions in meme stocks GameStop and AMC Entertainment over the last five trading days, data from financial analytics firm Ortex showed on Tuesday. Shares in GameStop, which was at the heart of the so-called "stonks" retail trading mania earlier this year, have risen by a third in the last one week, while shares in cinema operator AMC are up 39%. Ortex said short interest in AMC is currently estimated to be 18.3% of freefloat and in GME it is estimated at 21.8% of freefloat.

  • EUR/USD Daily Forecast – Euro Moves To Multi-Week Highs

    EUR/USD managed to get above the resistance at 1.2175 and is moving towards the next resistance at 1.2220.

  • China Puts Australia on Notice With Push to Diversify Iron Ore

    (Bloomberg) -- Beijing threw the spotlight on trade tensions with its top commodities supplier, Australia, after the government’s economic planning agency said it’s looking to diversify China’s supply of iron ore.Chinese firms should boost domestic exploration for the steel-making input, widen their sources of imports, and explore overseas ore resources, the National Development and Reform Commission said at its monthly briefing.The NDRC also said Australia should stop damaging economic and trade cooperation with China and take measures to promote the healthy development of bilateral ties.Iron ore is Australia’s biggest export earner, and relations with Canberra have taken a turn for the worse in recent weeks. But adding the mineral to a raft of curbs already in place on Australian commodities would be a risky move given near-record prices and China’s dependence on Australia’s high-quality supply for about two-thirds of its imports.“While an outright ban would be almost unimaginable, various forms of restrictions, delays or increased administrative burdens on Australian iron ore imports could yet happen,” Wood Mackenzie said in a recent note.Chinese industrial commodities prices powered on, meanwhile, recovering much of their poise after last week’s pullback.Citigroup said further gains for markets like steel, aluminum and coal are supported by solid demand and a policy agenda that includes “domestic production crackdowns for environmental, energy and safety control purposes,” according to a note from the bank.At the same time, an acceleration in credit tightening is unlikely in the foreseeable future after the central bank expressed only limited concern about the surge in commodities prices feeding through into CPI, Citigroup said.Otherwise, the day’s agenda is led by China’s agricultural imports for April. Purchases of corn, wheat and sorghum are likely to stay elevated, as China’s buying binge continues to help fuel a global grains rally.Events Today(All times Beijing unless noted otherwise.)China’s 2nd batch of April trade data, incl. agricultural imports; LNG & pipeline gas imports; oil products trade breakdown; alumina and rare-earth product exports; bauxite, steel & aluminum product importsLONGi Green, Goldwind execs among speakers at Macquarie Group conference in Hong KongEARNINGS: Daqo New EnergyToday’s ChartChina’s data dump for April suggests the economy’s expansion may have plateaued as policy makers seek to rein in commodities-intensive spending on real estate and infrastructure before new growth drivers of consumer spending and manufacturing investment have recovered.On the WireShaanxi province, China’s third-biggest coal producing region, hit a clean energy milestone last month when generation from renewables briefly topped thermal power for the first time.In a town on the edge of the Gobi desert is a sign in English and Chinese that reads “Oil Holy Land.” Nearby, a preserved drilling rig marks the spot of China’s first commercial oil well.JinkoSolar Announces Change to Senior ManagementChina Is Drafting Carbon Peaking Plans for Steel, Power SectorsAsian Copper Stocks Rise on Top Producer Chile’s Election ResultHuadian Power Downgraded to Sell by Citi on Rising Coal CostsBank of China, Citigroup, BNP Lead Green Bond Offshore MarketCGN Wind Energy Adds Zhejiang Province’s Largest Offshore FarmGCL-Poly Energy Says Deloitte Touche Tohmatsu Resigns as AuditorBrazil Iron Ore Miners Seen Lifting Output Coming Months: IbramChina’s Tapering of Monetary Stimulus Could Pop Oil Price BubbleThe Week AheadWednesday, May 19China’s monthly loan primes rates, 09:30China’s April output data for base metals and oil productsHOLIDAY: Hong KongThursday, May 20China’s 3rd batch of April trade data, including country breakdowns for energy and commoditiesSMM battery materials conference in Changsha, Hunan, day 1USDA weekly crop export sales, 08:30 ESTFriday, May 21Ganfeng Lithium, EVE Energy, Huayou Cobalt execs among speakers at Macquarie Group conference in Hong KongChina weekly iron ore port stockpilesShanghai exchange weekly commodities inventory, 15:30SMM battery materials conference in Changsha, Hunan, day 2AGMs: Cnooc, Tianqi Lithium, CATLMore stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • Alibaba Leads $400 Million Investment in Vietnam Retail Firm

    (Bloomberg) -- Alibaba Group Holding Ltd. and partners are investing $400 million in Vietnamese conglomerate Masan Group Corp.’s retail arm, a deal that will expand the Chinese e-commerce giant’s online groceries business in Southeast Asia.Alibaba and Baring Private Equity Asia are leading a consortium that will take a 5.5% stake in The CrownX, which holds Masan’s interests in Masan Consumer Holdings and VinCommerce, while the conglomerate will own 80.2% of the firm following the investment, according to a statement Tuesday. The deal implies a pre-investment valuation of $6.9 billion for The CrownX, the statement showed.Masan is in advanced talks with other investors on a further investment of $300 million to $400 million into The CrownX that is expected to close in 2021, the company said. Shares of the Vietnamese corporation rallied as much as 2.7% in early trading Tuesday.As part of the deal, the Vietnamese retail firm will team up with Alibaba’s Southeast Asian unit Lazada to expand its digital business in the country. Jack Ma’s corporation is seeking to expand its foothold in Southeast Asia, home to more than 650 million people, as competition and regulatory scrutiny intensify in its home market of China. Vietnam’s digital economy is forecast to grow to $52 billion by 2025, an annual 29% increase from 2020, according to estimates by Bain & Co., Google and Temasek.“The move should strengthen Lazada’s competitive position by broadening its offerings in groceries, similar to the RedMart acquisition in Singapore,” Bloomberg Intelligence senior analyst Vey-Sern Ling said. “The Southeast Asia e-commerce markets are nascent and Alibaba will probably invest much more in the future, especially since competition in the region is increasing.”VinCommerce will provide groceries to Lazada’s e-commerce platform in Vietnam and turn its physical stores into pick-up points for online orders, according to the statement. Groceries account for half of the country’s retail market and a quarter of consumer spending, but online penetration is still nascent, the statement said.“Our immediate priority is to modernize Vietnam’s grocery market and develop an unparalleled consumer proposition from assortment to shopping experience,” said Danny Le, chief executive officer of Masan Group.Masan Group is controlled by Vietnamese tycoon Nguyen Dang Quang. Founded in 1996, the Ho Chi Minh City-based firm is best-known for its fish sauce which it sells under brands including Chin-Su and Nam Ngu, according to its website. It has interests in retailing and mining as well as a stake in Vietnam Technological & Commercial Joint-Stock Bank, commonly known as Techcombank. Its VinCommerce arm operates one of the country’s largest convenience store chains.The CrownX is targeting online gross merchandise value to account for at least 5% of total sales in the coming years.(Updates with Masan’s share performance in third paragraph, analyst comment in fifth paragraph.)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • Burry of ‘Big Short’ Fame Places Big Bet Against Musk, Tesla

    (Bloomberg) -- Michael Burry, the investor who rose to fame for making billions off bets against mortgage securities during the financial crisis, has placed a sizable wager against Elon Musk’s Tesla Inc.Burry’s Scion Asset Management owned bearish puts against 800,100 shares of the electric-car maker as of March 31, according to a regulatory filing Monday. The puts give Scion the right to sell Tesla shares on or before an unidentified date in the future.Tesla shares closed at an all-time high of $883.09 on Jan. 26, after a yearlong rally jolted the stock higher by almost 700%. It had lost a quarter of its value by the end of March, and is down 35% from its peak as of the close Monday.The bet against Tesla isn’t Burry’s first. He said in a since-deleted tweet in early December that his firm was short shares of the EV maker. The hedge fund manager also advised Musk to sell shares to raise capital while his stock, then on a torrid run from the pandemic lows, was at what Burry called “ridiculous” levels.Tesla earned record profit in the first quarter, sidestepped an industry chip shortage, improved its manufacturing and even made money off Bitcoin, its earnings results showed in late April. Yet shares fell in a sign of the lofty expectations the company now contends with. Among the quibbles from analysts: Tesla didn’t offer a specific estimate for vehicle deliveries in 2021.It’s impossible to know when Burry’s Scion made the bets against Tesla, at what price the puts are in the money and how much the firm paid for them. The filing, a quarterly rundown of holdings required of hedge funds of a certain size, said the position was worth $534 million -- an amount likely derived by multiplying Tesla’s share price on March 31 by the number of shares Scion bet against.“Tesla is down 14% since the end of the first quarter, so on balance, these puts have been profitable, though it’s impossible to know for sure,” said Steve Sosnick, chief strategist at Interactive Brokers LLC. “He’s expressing the type of skepticism that many have on Tesla. I would have to believe that he accumulated various Tesla options at various strikes, and some of them probably have expired.”Burry was played by Christian Bale in the film version of Michael Lewis’s best-selling account of the 2008 financial crisis, “The Big Short.”(Updates with quote in seventh paragraph)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • Bitcoin Chart Indicator Suggests Worst of Pullback May Be Over

    Experienced hands look to be buying the dip as a key bitcoin price indicator suggests the pullback may be coming to an end.

  • Crypto Funds Hit by Redemptions as Investors Retreat From Bitcoin

    Investors have been diversifying out of bitcoin and into altcoin investment products, according to CoinShares.

  • EU eyes another go at more unified European business taxation

    The European Commission wants to propose in 2023 a more unified way of taxing companies in the European Union, hoping that such rules, which have failed to win support in the past, will stand a better chance if they follow global OECD solutions expected this year. The Commission will present a plan on Tuesday including this proposal and other measures for adjusting the EU's business taxation to make it more up to date with the modern world, where cross-border business, often carried out via the Internet, is commonplace. The deal is aimed at stopping governments competing with each other through lowering tax rates to attract investment and at creating a way to tax profits in countries where the customers are rather than where a company sets up its office for tax purposes.

  • $70 Oil, $200 Iron, $10,000 Copper: Commodities Smash Milestones

    (Bloomberg) -- When headline crude futures topped $70 a barrel on Tuesday, it was just the latest landmark in a banner year for raw materials.From copper to iron ore and oil, prices have rallied broadly in 2021, as the global economy emerges from the depths of the coronavirus pandemic and fires up demand. The Bloomberg Commodity Spot Index, which tracks a broad basket of raw materials, is up 21% since January, putting it on track for the best year since 2016.Copper surged to an all-time high this month, bursting through $10,000 a ton in the process. Iron ore also hit a record recently with the steelmaking raw material surging as China churns out more of the alloy that ever. Now oil’s joining in, with Brent crude topping $70 a barrel, and retail gasoline prices above $3 a gallon in the U.S.Together, they’re latest signs of a global economy that is starting to see inflationary forces at work. The prices of the raw materials used to make everything from houses to coffee are skyrocketing, underscoring the giant reflation trade that has gripped global markets this year.“It’s driven by inflation concerns and demand,” said Giovanni Staunovo commodity analyst at UBS Group AG. “Commodities are reopening-and-reflation trades.”Beyond of raw materials, there are wider booms underway across commodity markets. Argentina’s government is limiting exports of beef, a staple in the country, to try to contain runaway inflation that’s approaching 50% annually. Wheat, corn, and sugar all hit multiyear highs recently, while palm oil reached a record and soybean oil is trading near an all-time high.Gold rose to the highest in more than three months, breaking out of a downtrend its held since August, on growing inflation concerns and assurances on monetary policy.Economic RecoveryCopper has been one of the main beneficiaries of a broad economic recovery and vast stimulus programs around the world, but investors are also getting excited about the longer-term outlook.The metal is crucial for nearly all the technologies and infrastructure needed to decarbonize the global economy with supply struggling to keep pace with consumption. A lack of mine investment and paucity of new projects has prompted forecasts of shortages.There’s optimism among oil bulls that the crude market will keep running hot into the summer too. Continued restrictions on flying are likely to force people into their cars when they go on vacation, potentially proving to be a boon in road fuels demand. Meanwhile airlines are growing optimistic that some regions will be able to open their borders as vaccinations progress.As a result big banks have rolled out a wealth of bullish takes on the sector. Goldman Sachs Group Inc. says a goldilocks scenario is forming for the commodities sector, with inflation starting to rise but monetary policy not yet tightening. Top trader Trafigura Group has talked up the prospects for copper to hit $15,000 a ton in the coming decade.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • Berkshire Exits Synchrony Bet, Adds Stake in Broker Aon

    (Bloomberg) -- Warren Buffett’s Berkshire Hathaway Inc. exited a bet on Synchrony Financial during the first quarter as the company continued to pare back its investments in financial firms.Berkshire reported Monday that it no longer held any shares in Synchrony, a bet that had totaled nearly $699 million at year-end, and trimmed its Wells Fargo & Co. holding to just over 675,000 shares as of March 31. It added shares in insurance broker Aon Plc, which is seeking to close a deal with rival Willis Towers Watson Plc.Buffett’s company has spent the last year revamping its holdings in financial firms, sticking by a massive stake in Bank of America Corp. valued at $39.1 billion, while exiting investments in JPMorgan Chase & Co. and Goldman Sachs Group Inc. A more than three-decade investment in Wells Fargo, which once ranked as the company’s largest common stock bet, has been slowly disappearing in recent years and totaled just $26.4 million at the end of the first quarter.Meanwhile, Berkshire has dug even deeper into the insurance-brokerage industry. The bet on Aon, disclosed in a quarterly filing, comes just months after Berkshire revealed a stake in its rival Marsh McLennan. Aon and Willis Towers Watson have agreed to sell some assets to help ease regulatory concerns around their proposed combination. The Aon holding was valued at about $943 million at the end of the first quarter.In February, Berkshire disclosed three bets, including the Marsh McLennan stake, that it had been building up in secret. The company then spent the first quarter taking those bets in different directions, ramping up its stake in Marsh McLennan and Verizon Communications Inc. while cutting a Chevron Corp. holding roughly in half.Buffett and two of his key deputies, Todd Combs and Ted Weschler, oversee investments for the conglomerate’s $282 billion stock portfolio. The firm ended up increasing two other bets -- a stake in Kroger Co. and a holding in furniture company RH -- during the first quarter.(Updates with stake sizes, Verizon, Chevron, Kroger and RH starting in second paragraph.)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • Why A Shale Comeback Could Be Disastrous For Oil Markets

    Oxford analysts are now warning that OPEC+, largely responsible for the recovery in crude markets, could see its efforts thwarted once again by chief rival: U.S. shale

  • The Children’s Place Could Rally Above 100

    American school kids will return to physical classrooms this fall, underpinning back-to-school sales that have suffered badly due to remote learning.

  • Big retailers like Walmart, Macy's see shoppers back in stores

    More Americans are starting to shop in stores again for everything from sports equipment to jewelry, Walmart Inc, Macy's Inc M.N> and Home Depot Inc said on Tuesday, as Covid-19 restrictions ease and the U.S. economy opens up. All three retailers topped Wall Street's quarterly sales estimates, propped up by the increased foot traffic and government stimulus checks that fattened shoppers pocketbooks. Visits to Walmart and Home Depot stores in April grew by 21.7% and 23.6% respectively, according to Placer.ai, a data firm that tracks foot traffic.

  • Microsoft says it investigated Gates' involvement with employee

    Microsoft said it had received a concern in the latter half of 2019 that Gates "had sought to initiate an intimate relationship with a company employee in the year 2000," a Microsoft spokesman said in a statement. The Wall Street Journal reported on Sunday that Microsoft's board had decided that Gates' involvement with the female employee was inappropriate and he needed to step down in 2020, citing people familiar with the matter.

  • Berkshire sheds nearly all of Wells Fargo, a holding since 1989

    Berkshire Hathaway Inc has sold nearly all of its holdings in Wells Fargo & Co, as Warren Buffett abandoned a more than 31-year-old investment that had been among his most successful before the bank was felled by scandals for mistreating customers. In a regulatory filing on Monday, Berkshire said it owned just $26.4 million of shares in the fourth-largest U.S. bank as of March 31, down from around $32 billion in January 2018.Berkshire began investing in San Francisco-based Wells Fargo in 1989, and spent at least $12.7 billion on its shares, building a 10% stake.The bank's reputation was shattered by revelations that employees facing aggressive sales goals opened millions of unwanted accounts, charged unnecessary mortgage fees and forced drivers to buy car insurance they did not need.

  • Stocks could drop 20% when Fed fights inflation: hedge fund founder

    Satori Fund founder Dan Niles is warning that inflation might force the Fed's hand into sparking a 20% market collapse.

  • Elon Musk Is Now Blowing Up the Wall Street Case for Bitcoin

    (Bloomberg) -- Elon Musk helped legitimize cryptocurrencies in the eyes of Wall Street investors. Now, his tweets are scaring them off.About a quarter of Bitcoin’s value has been wiped away in the span of a week, in part thanks to headspinning tweets from Musk on everything from Bitcoin’s toll on the environment to whether Dogecoin is the better digital currency. The token is now worth about as much as it was when Tesla first disclosed in February its intention to buy some.Musk has always been tongue in cheek with his crypto dabbling, but his latest posts have sown confusion across the industry and revived the debate over whether the nascent asset class is a serious investment.Can Bitcoin ever be a hedge against inflation and gold alternative with volatility like this? And is it simply a running joke on Twitter for the world’s second-richest man?These questions are resonating with GAM Holding AG, which oversees 124.5 billion Swiss francs ($138 billion), as unpredictable swings in crypto are proving a major drawback.“Its volatility is so huge that it can actually distract clients from their investment goals,” said Julian Howard, head of multi-asset solutions at the firm. “It’s often driven by tweets rather than fundamentals.”Before this month’s roller-coaster, the widespread adoption of crypto had been on an upswing, with Tesla’s $1.5 billion purchase of Bitcoin in February a watershed moment. At the time, Musk announced he would allow customers to buy cars with Bitcoin and would keep a portion of Tesla’s balance sheet in the token.Read: Burry of ‘Big Short’ Fame Places Big Bet Against Musk, TeslaThe move, the first by a major corporation, raised expectations that other corporate treasurers would follow suit and adoption of crypto as a medium of exchange would take hold. Goldman Sachs Group Inc. and Morgan Stanley also announced plans to offer their clients exposure to crypto.With hordes of new retail and institutional investors piling in, prices shot up from $29,000 in January and reached $60,000 last month. After the pullback, the token now trades around $43,000 and some analysts say the market still looks precarious, especially as the fate of Bitcoin becomes tied to Musk’s Twitter outbursts.“I would definitely expect reduced appetite going forward,” said Felix Dian, founder of crypto-focused MVPQ Capital in London, which counts 70% of its investors as institutions. “First, because of the loss of momentum from a technical perspective, but also because of the extreme sensitivity on environmental issues.”Because Bitcoin has no underlying fundamentals, such as profit streams or interest payments that help anchor the value of stocks and bonds, it’s inherently a speculative bet on market trends in the years ahead.“It’s the ultimate momentum trade,” said Wayne Wicker, chief investment officer at Vantagepoint Investment Advisers. “The mainstream adoption will come from institutional investors over time and regardless of Elon Musk.”Still, for all the eye-watering moves lately, Bitcoin is far less volatile than it used to be. Benson Durham of Cornerstone Macro LLC says Bitcoin’s correlation to other assets, therefore its impact on overall portfolio swings, is a more relevant metric for investors.By that measure, there’s “not much change to write home about during the recent pullback,“ he wrote.Meanwhile, crypto insiders say the Musk-driven volatility is just a temporary blip and will soon blow over.“We take a longer view, and investors would be right to do the same,“ said Greg King, chief executive officer of Osprey Funds, which offers crypto trust funds. “The key question is whether we think this asset is going to last? The answer is yes.”More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • GBP/USD Price Forecast – British Pound Continues to Grind Higher

    The British pound has gone back and forth during the course of the session on Monday in relatively quiet trading as we continue to look to the upside.

  • CORRECTED-US STOCKS-Wall St ends lower, pulled down by tech stocks

    Wall Street stocks ended lower on Monday, weighed down by tech shares as signs of growing inflation worried investors about the potential for tighter monetary policy. Of the 11 major S&P sectors that declined, technology and communication services were among the biggest losers. "What is causing the decline, no surprise to anybody, is the worry about inflation and interest rates," said Sam Stovall, chief investment strategist at CFRA Research in New York.

  • Jaguar Land Rover Owner Swings to Profit as China Sales Jump

    (Bloomberg) -- Jaguar Land Rover’s Indian owner reported a pretax profit in the three months through March as a recovery in Chinese demand lifted sales of the automaker’s luxury sports cars and SUVs.Tata Motors Ltd. posted fourth-quarter earnings of 57 billion rupees ($23 million) before tax and one-time items on Tuesday, rebounding from a loss of 65 billion rupees a year earlier. Revenue soared 42% and exceeded estimates.JLR’s improving sales performance is crucial for Mumbai-based Tata as the group’s Indian business is being buffeted by the coronavirus outbreak. Government-imposed lockdowns have shuttered sales outlets and halted factories’ production lines.“While demand remains strong, the supply situation over the next few months is likely to be adversely impacted by disruptions from Covid-19 lockdowns in India and semiconductor shortages worldwide,” Tata said in a statement.Charge TakenThe group booked a 1.5 billion-pound ($2.1 billion) charge initially flagged in February related to JLR’s shift to electric models, though its net loss still narrowed.Tata Motors closed 3.5% higher before the company released earnings. The stock is up 80% this year.Jaguar Land Rover posted a pretax profit of 534 million pounds in the quarter after selling 12% more vehicles. Purchases in China more than doubled while increasing 10% in North America.Chip IssueThe division has since been impacted by a global shortage of semiconductors, halting output at its Castle Bromwich and Halewood factories for a limited period. The company said it’s working with suppliers to resolve the issue and reiterated cash-flow and profit-margin targets.JLR is staging a recovery after wrangling with uncertainty over Brexit and stricter emissions limits in the past few years. Chief Executive Officer Thierry Bollore has outlined plans to cut costs by 2.5 billion pounds and reduce headcount by 2,000 while accelerating an electrification drive.Tata said its own operations will show a “relatively weak” performance in the current quarter as the Covid-19 outbreak hampers production and commodity prices increase. It expects a gradual improvement later in the year.(Updates with JLR earnings, outlook from seventh paragraph.)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.