BUSINESS
Stock surge is a bear-market trap with curve inverted, BofA warns
For now, investors aren’t heeding any warnings. The S&P 500 jumped 1.2% Tuesday for its ninth gain in 11 sessions, even as the yield on two-year Treasuries popped above the 10-year rate for the first time since 2019.
BUSINESS
‘Don’t get too gloomy’ or risk missing out after yield inversion
That’s the conclusion of a Piper Sandler study going back to the mid-1970s and looking at Treasury inversions -- when short-term rates move above those with longer maturities. On Monday, five-year U.S. Treasury yields climbed above those on 30-year bonds for the first time since 2006. That came after earlier this month some other sectors on the curve inverted.
BUSINESS
Bond market flashes recession signal as key yield gap inverts
The inversion occurred as two-year yields rose while 10-year yields declined, crossing at a level of about 2.39%. Prior to 2019, when the curve inverted in August during a U.S. trade spat with China, the last persistent inversion of the Treasury curve occurred in 2006-2007.
BUSINESS
Traders’ hopes for peace tempered by skepticism, recession fear
European stocks fared best with a more modest rise seen in the U.S., and oil quickly pared an initial slump. A rebound in Treasuries and the yen underscored the fact that it was a non-traditional risk-on move.
IPO
Abu Dhabi’s Lulu invites pitches for 2023 UAE listing
Abu Dhabi-based Lulu Group was founded by Indian entrepreneur Yusuff Ali, who set up the first Lulu store in the early 1990s during a years-long oil boom in the Gulf region.
BUSINESS
Amazon stock rally picks up to erase losses for the year
Shares rose 2.6% to $3,379.81, closing at their highest since Jan. 3. They are now up 1.4% on the year, after having dropped more than 18% earlier this month.
BUSINESS
World’s longest passenger flight plans to avoid Russian skies
The airline plans to fly from John F. Kennedy International Airport over the Atlantic Ocean, the U.K., southern Europe and central Asia, according to a memo to Cathay flight staff seen by Bloomberg News.
BUSINESS
Shanghai residents told to stay inside as lockdown tightened
All residents in the Pudong District, home to many elite financial institutions and the Shanghai Stock Exchange, will be confined to their homes and allowed out only to get a Covid test, according to a statement issued by the area’s residential compounds reviewed by Bloomberg News.
BUSINESS
Tesla adds $84 billion to valuation on stock-split signal
Stocks splits for large companies have returned to the spotlight recently with Amazon.com Inc. saying earlier this month that it will do a 20-for-1 stock split, followed by Alphabet Inc.’s own plan announced in February, as these companies try to make their lofty stocks more attractive for individual investors.
BUSINESS
NFT collection failures begin to mount in flashback to ICO bust
On average, one in three NFT collections have essentially expired, with little or no trading activity, blockchain analytics firm Nansen found. Another third are trading below the amount it cost issuers to mint the tokens. Nansen analyzed about 8,400 collections comprised of 19.3 million individual NFTs on the Ethereum blockchain.
BUSINESS
Wall Street bankers plan to spend their huge bonuses a little differently this year
It’s bonus season on Wall Street, and a rich one at that, but people aren’t spending like they used to, says Andy, an anonymous financier turned Instagram financial influencer.
BUSINESS
Booming wheat exports from India to help ease global shortage
The country is the top global producer of wheat after China and has the potential to ship 12 million tons to the world market in the 2022-23 year, the most on record, according to the median of five estimates in a Bloomberg survey of traders, millers and analysts.
BUSINESS
China chip startup Biren seeking funds at $2.7 billion valuation
Founded in 2019, Biren is among a slew of upstarts that China is betting on as it tries to become a chip powerhouse and reduce its reliance on U.S. technology. The company focuses on areas such as graphics processing units, cloud computing and integrated solutions, according to its website.
BUSINESS
Goldman, JPMorgan strategists say equities can weather bond rout
“Recessions only started on average 16 months after the inversion in the spread, and never before,” JPMorgan’s strategists said.
WORLD
These are the Russian tycoon mansions on the French Riviera
The opulent mansions of Russian billionaires in Londongrad have already felt the sanctions blow. But farther south from the UK capital, in a coastal corner of the French Mediterranean, wealthy tycoons have also purchased sea-view real estate over the years.
BUSINESS
Indonesians rued against fried food as cooking oil prices rise
“The food today must showcase the cook’s creativity, use local ingredients and can’t use any cooking oil,” said Wiryanti Sukamdani, an official at Indonesian Democratic Party of Struggle, or PDIP, at a Monday food fair to showcase cooking methods without oil. PDIP is the largest party in parliament.
BUSINESS
China’s economy faces new blow from Shanghai lockdown
The staggered eight-day lockdown in Shanghai -- a city of 25 million people -- and lingering effects from the measure may shave up to 0.4 percentage point from China’s economic growth in the first and second quarter, compared to a year ago, according to estimates by Liu Peiqian, China economist at NatWest Group Plc.
BUSINESS
Business class, five-stars back as Indians splurge after COVID-19
“People are living their lives and splurging on travel,” Prashant Pitti, a co-founder of EaseMyTrip, said in an interview with Bloomberg Television on Monday. “It’s a shift which is happening for good, for long-term.”
BUSINESS
India asks power firms to import coal on electricity demand
The power companies need to resolve issues related to rising prices and stick to the power-purchase agreement, the Ministry of Power said in a statement on March 26.
BUSINESS
Bitcoin’s stealth rally erases its losses for the year
The token rose as high as $47,583 in early Hong Kong trading, well above the $35,000-to-$45,000 range where it’s been stuck since early January. With the fresh gains, Bitcoin is now up about 1.2% for the year, compared with a 4.7% decline for the S&P 500.
BUSINESS
Global bond rout accelerates sparking intervention from BOJ
Aussie three-year yields jumped as much as 12 basis points to 2.33%, the highest since December 2014, as the nation’s debt caught up with Friday’s tumble in Treasuries.
BUSINESS
Joe Biden seeks to temper remark on Vladimir Putin as US allies object
French President Emmanuel Macron and the U.K. government distanced themselves from Biden’s stunning comment, which capped a speech in Warsaw to rally support for Ukraine against Russia. One administration official suggested Biden was influenced by stories of suffering he heard from Ukrainian refugees.
BUSINESS
Shanghai locks down half the city to nail growing COVID-19 outbreak
At 5am on Monday, the city of 25 million people locked down areas east of the Huangpu River, which includes its financial district and industrial parks, for four days. The lockdown then shifts to the other half of the city, in the west, for another four days, according to a statement Sunday from the local government.
BUSINESS
Treasury selloff sends yields racing past limits of bullish era
With the Federal Reserve poised for an aggressive cycle of interest-rate hikes, 10-year yields have surged to nearly 2.5%, the highest since May 2019 and up more than a full-percentage point since early December
