BUSINESS
OPEC+ expected to rebuff calls to replace lost Russian oil
The 23-nation group led by Saudi Arabia will probably ratify plans for another modest production increase scheduled for May when it meets on Thursday, according to a Bloomberg survey.
BUSINESS
How will oil markets cope without China’s demand?
Were China to make good on its threats to invade Taiwan, it could face not just the economic embargo that Russia is struggling with — it could be cut off from supplies of the energy it needs to power its war machine and the wider economy
TRENDS
To boost, or not to boost, that is the complicated question
Weighing the disruption of mild COVID-19 on everyday life is important — though data are sparse on how well a fourth dose might lower the risk of mild infections
BUSINESS
Tesla, Amazon stock splits trigger retail stampede
Tesla surged 8% Monday, adding about $84 billion to the company’s market value, after saying it’s planning a second stock split in less than two years. Amazon jumped more than 5% the day after announcing a 20-for-1 split this month and the stock has been on a tear ever since.
BUSINESS
SPACs face fresh SEC legal threat for overly bullish forecasts
The regulation, set to be released on Wednesday as part of a broader set of SPAC rules, would clarify that investors can sue over inaccurate special purpose acquisition company forecasts.
BUSINESS
JPMorgan’s Marko Kolanovic sees three reasons for more stocks upside
If anything, there is “too much negativity rather than too much complacency in markets,” Kolanovic and his team wrote in a note to clients, sticking with a pro-risk stance. They cite three reasons for their optimistic outlook:
BUSINESS
Avocado prices surge to a 24-year high
An index tracking avocado from the Mexican state of Michoacan, by far the biggest source in the country, climbed 81% this year to 760 pesos ($38) per 9-kilogram box, the highest in data going back to 1998, government figures showed.
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.
BUSINESS
Apple rallies like it’s 2003 as buyers flock back to big tech
Apple rose for an 11th-consecutive day in New York, climbing 1.9% to close at $178.96 and roughly $3 shy of a closing record reached in early January. The longest-winning streak since 2003 sent the stock back into the green for the year, and follows similar breakouts in Nvidia Corp. and Amazon.com Inc. in the past week.
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
Winner’s curse? Why Shanghai’s gentle COVID-19-zero policy failed
While Beijing is known for imposing draconian 21-day quarantines on whole districts to deal with outbreaks, Shanghai took a more gentle and targeted approach
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.
