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CoinDesk
Why You Shouldn’t Look at Bitcoin Backwardation Like an Oil Trader
Backwardation refers to a downward sloping futures curve where front-month contracts trade at a higher price than far-maturity contracts.
10h ago
Reuters
Deutsche Bank appoints U.S. general counsel to head anti-financial crime unit
Deutsche Bank has appointed Joe Salama, its U.S. general counsel, as global head of anti-financial crime (AFC) and group anti money laundering officer, the bank said in a memo to employees on Tuesday. Its anti-money laundering and financial crime procedures continue to be the subject of scrutiny from regulators. Last month, the German financial regulator BaFin ordered Deutsche Bank to enact further safeguards to prevent money laundering, a blow to the bank's efforts to repair its reputation.
12h ago
CoinDesk
‘Extreme Fear’ Grips Bitcoin Market After Price Plunge, Sentiment Gauge Shows
The drop in market sentiment follows the past week's bitcoin price plunge, according to Arcane Research.
13h ago
Bloomberg
Bitcoin Chartists See Rout Worsening With $40,000 in Focus
(Bloomberg) -- A cohort of chart watchers on Wall Street say Bitcoin’s deepest selloff since crypto mania kicked off last year looks set to intensify.Evercore ISI’s Rich Ross reckons prices are destined to fall back to the 200-day moving average, following a path of other speculative assets, which would put Bitcoin back at $40,000, compared with around $42,600 in early Asian trading Wednesday.Others are watching for a pattern of “lower highs and lower lows” and say Elon Musk’s unpredictable tweets will keep traditional investors on the sidelines. There’s also speculation that gold is starting to draw money away from crypto.“The momentum has now quite decisively shifted to the bears,” said Tallbacken Capital Advisors LLC Chief Executive Officer Michael Purves, who correctly predicted last month that Bitcoin would decline.Elon Musk Is Now Blowing Up the Wall Street Case for BitcoinBitcoin is still up more than 300% since last May, but the speed of the recent rout has shaken crypto’s new believers and cast doubt on the idea that it’s maturing into a more stable asset class. Prices have fallen about 30% from intraday highs in April, when they topped $64,000.Purves says the next important level for Bitcoin is $42,000 because it roughly equates to where the rally topped out in January and a 50% retracement from December 2020 levels. If Bitcoin breaks through that level, more losses are ahead, but if prices can hold above the support, then it might be the beginning of a new rally, Purves predicted.“A pullback was bound to happen,” said Justin Chuh, a senior trader at Wave Financial, which invests in crypto assets. “This is healthy, but I think we all wish this didn’t happen.”The counterpoint comes from Fundstrat Global Advisors. In a note on Monday, strategist David Grider laid out nine reasons explaining why he thinks prices are primed to bounce, including high levels of short interest and the fact that corrections like this tend to be normal in a crypto bull market.“We don’t know the future, but we think odds are we’re close to the bottom and don’t want investors to ‘panic sell’ here,” Grider wrote.Anchorage Digital, which runs a digital asset platform for institutional investors, said it’s seeing clients maintain or increase crypto holdings. “They’re looking at this as good entry point,” said Diogo Monica, president and co-founder of the California-based company.Other chart watchers are turning to ETFs as a proxy for where the crypto market is headed. SentimenTrader’s Dean Christians is monitoring a blockchain-focused fund called Amplify Transformational Data Sharing ETF.“I would watch the breakdown pivot point at $48.75,” he wrote in a note Monday. “If it fails to recover above that level, take note.”(Updates markets 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.
5h ago
Bloomberg
Jaguar Land Rover Owner Swings to Profit as China Sales Jump
(Bloomberg) -- Jaguar Land Rover’s Indian owner reported a pretax profit for 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 surge in coronavirus cases gripping the country. 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. Sales more than doubled in China and increased 10% in North America.All model ranges except Jaguar-brand autos were back to pre-Covid levels in the quarter, lifting JLR’s market share to 6%. That was up from 4.4% in the first three months of the financial year, with the new Defender sport utility vehicle spurring gains.Chip IssueThe global shortage of semiconductors has affected JLR since the quarter ended, forcing the carmaker to suspend production at its Castle Bromwich and Halewood plants for a limited period.The company is working with suppliers to resolve the issue, though Chief Financial Officer Adrian Mardell said it could contribute to a small Ebit loss in the current quarter, which is always JLR’s weakest for cash flow. He reiterated full-year cash 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.The company said it has reduced expenses to lower its breakeven point to 400,000 vehicle sales a year, from 600,000 in 2019.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 sales details in the eighth 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.
13h ago
Yahoo Finance
Tesla already 'biggest short in the market' as Burry piles on: S3 Partners
Tesla has the highest short interest of any company, according to S3 Partners.
9h ago
Bloomberg
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.
1d ago
Bloomberg
Bombardier Finds White Knight to Fend Off Debt Breach Challenge
(Bloomberg) -- Bombardier Inc. sold an additional $260 million of its 7.45% bonds due 2034 to an unidentified party in a move that will make it more difficult for creditors to trigger a default by arguing that the company’s divestitures ran afoul of investor debt protections.The buyer of the new notes owns a majority of the $510 million of 2034 securities and has agreed to approve certain covenant changes tied to the bonds, Bombardier said in an statement Tuesday. Bombardier is in the process of getting investor approvals to amend terms of eight bonds after it received a letter from a holder of the 2034 notes that argued sales of assets including its transportation business, regional jet program and aerostructures division constituted a breach of certain covenants.“The new investor is acting as a white knight here,” Covenant Review analyst Alexander Diaz-Matos said in emailed reply to questions. “It does look like that the new majority investor giving consent should address possible default claims.”Bombardier said in a May 3 statement that it believes the covenant violation accusation is “without merit” but “determined that initiating the consent solicitations is the most expedient and efficient path to maintain value and protect the corporation and its stakeholders.”The aircraft maker needs approval from holders of more than 50% of each of its U.S. dollar bonds. The Canadian-dollar issue requires a two-thirds majority, a representative for Bombardier previously told Bloomberg.Bombardier extended the deadline for holders of the 2034 bonds to approve the changes to 5 p.m. in New York on Friday and is asking investors in those notes who previously consented to the new terms to resubmit their approvals. The deadline to agree to changes for investors in Bombardier’s C$135 million ($112 million) of 7.35% bonds due 2026 was also moved to Friday.If bondholders approve the changes, Bombardier will pay investors who agreed to the amendment a fee of $1.25 per $1,000 in bond principal held. Holders of the company’s Canadian-dollar bonds will receive C$1.25 per C$1,000 in principal, the company said in the May 3 statement.Bombardier completed the sale of its transportation business to Alstom in January in a deal that produced net proceeds of approximately $3.6 billion.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
11h ago
Bloomberg
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.
1d ago
Reuters
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.
19h ago
CoinDesk
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.
1d ago
Bloomberg
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.
1d ago
Bloomberg
Short Sellers Ride Tech Rout Doubling Down on Biggest Losers
(Bloomberg) -- Hedge funds deepened their bearish wagers against technology companies, betting the pain is just getting started for this year’s worst stocks.As computer and software makers led the market carnage last week, professional speculators sold the shares at the fastest pace in more than five years, driven entirely by shorts, prime broker data compiled by Goldman Sachs Group Inc. show. A similar trend played out at Morgan Stanley, where bearish positions among hedge fund clients jumped the most this year, led by tech stocks.Sentiment is souring toward what were once the market’s darlings. Beloved last year because of their ability to cater to stay-at-home demand during pandemic lockdowns, tech is now under threat as the economy reopens and corporate profits bounce back for everyone from banks to automakers.Another bear case holds that rising Treasury yields will make the sector’s rich valuations harder to justify. The Nasdaq 100’s multiple of 26 times forecast earnings may be the lowest in 12 months, but that doesn’t mean it’s low by historical standards -- or cheap enough to keep short sellers away from an industry that’s already this year’s worst performer.Even after the latest selloff, the Nasdaq 100 trades at a P/E premium to the S&P 500 that’s above the 10-year average.“We still don’t think the pain in big tech is done,” said Lori Calvasina, head of U.S. equity strategy at RBC Capital Markets. “Eventually, attractive valuations seem likely to bring buyers back to the space given strong fundamentals, but that condition simply hasn’t materialized yet.”Skepticism over tech stocks has grown in recent months, allowing hedge funds to pick back up a strategy that was all but left for dead in the wake of the meme-stock mania. While stocks have recovered from the most recent rollover, sellers seem to emerge with every bounce. On Friday, when the Nasdaq 100 rallied more than 2%, the biggest exchange-traded fund tracking the benchmark saw $1 billion of outflows.Professional investors are turning more cautious on the sector. At Goldman Sachs, fund clients held the lowest tech exposure since last November relative to the market. When compared with the past five years, their positioning was lower than 98% of the time.In Bank of America’s monthly survey of money managers, released Tuesday, tech allocation stood at an all-time low while money flowed to stocks seen as benefiting more from the economic rebound, like banks.“Cyclical rotation continued in May,” BofA strategists led by Michael Hartnett wrote. “Pessimism on tech has increased.”The caution is paying off. For the first time since the 2000 internet bubble burst, technology is on course to trail all other major industries in the S&P 500 on a yearly basis. And a basket of the most-shorted tech stocks is on track to fall four months in a row, handing bears the longest stretch of wins since 2017, according to data compiled by Goldman Sachs.To be sure, all the doubts can be framed as something that bodes well for the market. For months, one big looming risk has been the euphoric sentiment that even caught the attention of the Federal Reserve. The fact that bears are creeping back adds to a string of evidence that panic buying may be cooling.Indeed, exuberance is abating among both pros and amateur traders. According to a survey by the National Association of Active Investment Managers, exposure last week fell to a 13-month low, sitting at a level that was less than half the peak readings reached in January. Meanwhile, day traders showed signs of fatigue, with measures of their activity in the options market retreating to the lowest levels since November, data compiled by Susquehanna International Group show.“Up until last week, there was a credible argument that sentiment had become a bit too frothy,” said Justin Walters, co-founder of Bespoke Investment Group LLC. “But there’s nothing like a market sell-off to get investors back on their toes.”More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
15h ago
TipRanks
Flush With Cash, AMC Stock Is Still a ‘Buy,’ Says Analyst
Coronavirus knocked AMC Entertainment (AMC) to the mat -- but it's not out of the fight yet. Saved by the fortuitous arrival of a "Twitter mob" of Reddit-informed, Robinhood-powered daytraders who kept its stock alive when value investors had given it up for dead back in January, AMC kept its head above water long enough to cash in this week. As the company announced last Thursday, it has successfully completed the sale of 43 million shares, sold "at-the-market" price. AMC has raised $428 million to bolster the balance sheet. And luckily for AMC -- and thanks to all those daytrading momentum investors -- the market price for AMC stock is now nearly $14 a share, or about seven times the mere $2.01 a share it was fetching at the start of 2021. And one analyst believes AMC could even be worth more than $14. B. Riley analyst Eric Wold reiterated a Buy rating on AMC shares along with a $16 price target. This figure implies ~15% upside for the year ahead. (To view Wold's track record, click here) Wold believes that AMC probably has enough cash that it won't need to raise any more "before industry trends recover in 2022/2023" -- although it still has the option "to take strategic actions to improve the balance sheet further." Indeed, the analyst says AMC now has "at least a one-year cash runway" at current levels of movie attendance (and probably longer than that, given that attendance is improving). Wold describes AMC's decision to raise cash this month as "opportunistic" rather than "necessary," and notes that the company has taken other steps to bolster its balance sheet, including renegotiating its property lease terms to take into account diminished attendance at its theaters during the pandemic. At the same time, the analyst believes AMC has an "improved cash flow outlook" this year, predicting a "box office recovery into year-end," which will yield more revenues to cover the company's expenses. Already, says Wold, both New York and California, two of the biggest markets for movie-watching, have more or less eliminated capacity restrictions on theater attendance. And this lifting of restrictions coincides with the arrival of "pent-up demand for moviegoing" among viewers who've been essentially locked out of theaters for the past year. Wold describes the slate of blockbuster movies coming out this summer as "impressive," and says the release dates for these films have "begun to stabilize in recent weeks," which should make it easier to predict the box office hauls that AMC might anticipate as the year progresses. Running the numbers, Wold estimates that U.S. box office numbers will be down 70% in Q2 2021 (relative to 2019 levels), but down only 35% in Q3 (the summer quarter), and down only 20% in Q4 (the winter quarter). In dollars and cents, the analyst says this should translate to nearly $2.5 billion in revenues this year, nearly doubling to $4.7 billion in 2022, and then growing about 15% to $5.4 billion in 2023. By that point, AMC should be almost back in the black, losing only $0.35 per share in fiscal 2023. In contrast to Wold, the Street remains unconvinced. AMC stock has a Hold consensus rating, based on 3 Holds, 2 Sells, and only 1 Buy. The forecast is for ~49% downside, given the average price target stands at $7.13. (See AMC stock analysis on TipRanks) To find good ideas for stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights. Disclaimer: The opinions expressed in this article are solely those of the featured analyst. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.
2d ago
Oilprice.com
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
1d ago
FX Empire
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.
2d ago
FX Empire
Gold Price Futures (GC) Technical Analysis – Close Under $1867.60 Could Trigger Start of 2 – 3 Day Correction
The direction of the June Comex gold market into the close is likely to be determined by trader reaction to $1867.60.
12h ago
Bloomberg
SPAC’s Stumble Opens Door for an ETF to Bet on Bigger Declines
(Bloomberg) -- There are plenty of exchange-traded funds for when SPACs are shooting the lights out, and soon, one for when they’re hitting the skids.Tuttle Capital Management on Wednesday plans to launch the Short De-SPAC ETF in a departure from most such funds in the market that have sought to capitalize on the boom in blank-check companies.The ETF aims to make money on the stock losses of the 25 largest firms that have merged with special purpose acquisition companies. That includes once-hot stocks like Clover Health Investments Corp., Lordstown Motors Corp., Fisker Inc., Velodyne Lidar Inc. and QuantumScape Corp., which have each sold off this year as regulators clamp down and investors cool to these deals after an issuance bonanza over the past year.The Securities and Exchange Commission started to review the accounting behind these instruments and issuance, and after-market performance has stumbled. The IPOX SPAC index, which reflects pre-deal SPACs, is down 25% from its February peak.Read more: SPAC Mania Gives Way to ‘Meh’ as ETFs Drop Toward All-Time LowsShort-sellers have also started to circle the sector, questioning the validity of the businesses. Chamath Palihapitiya-endorsed Clover Health took a dive after Hindenburg Research published a report earlier this year saying the health insurer misled investors. Clover’s response, reporting an SEC probe but also referring to “sweeping inaccuracies” from Hindenburg, helped it recover only some of the losses before shares resumed their descent.Read more: Palihapitiya-Backed Clover Falls After Hindenburg Report History also shows that buying companies that emerge from SPAC combinations and holding them for one year results in an annualized loss of 15% on an equal-weighted basis, according to data from Jay Ritter, a University of Florida finance professor. But betting against them is tricky business, which the ETF aims to simplify.Short-selling a company’s stock requires finding the shares to borrow, before selling them with the intention of buying them back later for less. For SPACs, in particular, those shares can be scarce and expensive to borrow due to supply-demand dynamics.The Short De-SPAC ETF will use derivatives contracts, also known as swaps, to deliver the inverse return of the De-SPAC index. The index is rebalanced monthly.“Mechanically it’s not easy to short. Either shares are hard to find or expensive to borrow, so the economics don’t make a whole heck of a lot of sense,” Matt Tuttle, chief of the Greenwich, Connecticut-based shop that puts out thematic and actively-managed ETFs, said in an interview.Short-ETFs typically use swaps on the index, but the Short De-SPAC ETF will use swaps on individual securities. Because shorting SPACs even with swaps is difficult, the ETF may not track the index perfectly, Tuttle said.The Short De-SPAC ETF will fly under symbol “SOGU.”More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
15h ago
Reuters
Bitcoin posts record weekly outflows as gains stall - CoinShares data
Bitcoin hit record outflows last week, as investors diversified into cryptocurrency assets with new developments in their specific network such as ethereum, data from digital currency manager CoinShares showed on Monday. For the year, total bitcoin inflows amounted to $4.3 billion. In 2020, investors pumped $15.6 billion into bitcoin products and funds, while ethereum inflows reached nearly $2.5 billion, data showed.
1d ago
FX Empire
Ethereum Dives Amid Profit Taking After The Recent Rally
Ethereum made an attempt to settle below $3125 but rebounded towards the $3500 level.
2d ago

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Hunting Equipment Market in the Americas to grow by USD 2.92 billion|Key Drivers, Trends, and Market Forecasts|17000+ Technavio Research Reports

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