Stocks Fall as Traders Bet on a Fed Hawkish Hold: Markets Wrap
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(Bloomberg) — Stocks extended this week’s losses after weaker-than-estimated economic data, with traders expecting the Federal Reserve to signal their rate-cut plan remains on hold. Equities edged lower after data showed US factory activity contracted — while input prices rose at the fastest pace since 2022. Separately, job openings figures signaled more softening in the…
Wall Street Hit by Fed Jitters to Close Wild April: Markets Wrap
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(Bloomberg) — The stock market sank in the final stretch of April and bond yields climbed on concern that stubborn inflation will force the Federal Reserve to keep interest rates higher for longer. On the eve of the Fed decision, a broad gauge of US labor costs closely watched by policymakers jumped the most in…
Top Glencore Shareholders Favor Keeping Coal Over Spinoff
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(Bloomberg) — Several of Glencore Plc’s largest shareholders believe that the company should retain its coal assets, according to people familiar with the matter, throwing a proposed spinoff into doubt. Glencore, the world’s largest shipper of thermal coal with a market capitalization of about $73 billion, had said it intended to spin the business off…
Cocoa Farmers Earn More in KitKat Program, But Fall Far Short of Living Income
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(Bloomberg) — Nestle SA is expanding a program that boosts the income of poor African farmers supplying cocoa for its KitKat bars, but which still leaves pay well short of growers’ needs. The Swiss food giant has enrolled 11,000 farming households in top grower Ivory Coast in a program that pays a bonus of up…
Stock Bulls Look to Earnings With Fed in a Corner: Markets Wrap
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(Bloomberg) — Stocks rose as a solid earnings season propped up the market despite bets the Federal Reserve will keep interest rates higher for longer. After pulling back for the most part in April, equities staged a rebound toward the end of the month. Early results from the reporting season suggest that over 80% of…
UK Rainmaker Ian Hart to Rejoin UBS From Takeover Panel
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(Bloomberg) — Veteran UK dealmaker Ian Hart is set to rejoin UBS Group AG as Co-Chairman of UK Global Banking after spending three years as director general of the UK’s takeover panel. Hart will report to Ros L’Esperance and will be primarily focused on UK clients and transactions, according to a memo seen by Bloomberg…
Powell Is Poised to Keep Fed on Higher-for-Longer Path
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(Bloomberg) — Jerome Powell’s remarks in the coming week will be closely parsed by investors for any clues on just how long the Federal Reserve is willing to wait before cutting interest rates. The last time the US central bank chair spoke, he signaled that policymakers were likely to keep borrowing costs high for longer…
‘AI Craze’ Powers Best Week in 2024 for Stocks: Markets Wrap
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(Bloomberg) — A rally in the world’s largest technology companies lifted stocks, with Wall Street also breathing a sigh of relief after the latest inflation data came roughly in line with estimates. Equities notched their best week in 2024 after Microsoft Corp. and Google’s parent Alphabet Inc. sent a clear message to investors: Our spending…
SNB’s Jordan Warns New Inflation Shocks Could Hit ‘Any Time’
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(Bloomberg) — Global events continue to threaten Switzerland’s price stability despite the country’s strong record on inflation, Swiss National Bank President Thomas Jordan warned. “In the current environment uncertainty remains elevated, and new shocks can occur at any time,” he said on Friday. “We will therefore monitor the ongoing development of inflation closely and adjust…
SNB’s Jordan Sees ‘Good Reasons’ to Avoid Crypto Investments
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(Bloomberg) — The Swiss National Bank isn’t inclined to invest its reserves in cryptocurrencies like Bitcoin, President Thomas Jordan said. “We have so far not decided to invest in Bitcoin and for good reasons,” he told the central bank’s annual shareholder meeting on Friday in Bern. “Currency reserves are international means of payment, which need…
Beer and Booze Go to Battle as Brazil Wraps Up Tax Overhaul
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(Bloomberg) — A new “sin tax” is splitting Brazil’s alcoholic beverage industry as beer producers and liquor manufacturers wrangle over how much they should have to pay. Brazil’s association of beermakers, which represents companies like Ambev SA and Heineken NV, argues they should pay lower rates under the levy meant to limit consumption of goods…
Big Tech Surges in Late Hours on Blowout Earnings: Markets Wrap
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(Bloomberg) — The world’s largest technology companies soared in late trading as stellar results from Microsoft Corp. and Google’s parent Alphabet Inc. fueled confidence in Wall Street’s most-influential group. A $250 billion exchange-traded fund tracking the Nasdaq 100 (ticker: QQQ) climbed 1.2% after the close of regular trading. In a sigh of relief to investors…
Top Cocoa Grower Seeks to Avoid Export Defaults After Price Hike
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(Bloomberg) — Ivory Coast is seeking to avoid a wave of cocoa-export defaults with a plan to compensate shippers for losses caused by a surprise increase in the price paid to farmers, according to people familiar with the matter. The world’s top cocoa producer wants to use reserves stored in the so-called stabilization fund —…
SNB Should Consider Women for Top Echelon, Jordan PhD Adviser Says
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(Bloomberg) — Switzerland’s government should take into account qualified women inside the Swiss National Bank for promotion to its top echelon, according to an academic close to the institution’s current chief. “If the SNB can present a convincing internal female candidate, it would be strange not to seriously consider that,” Ernst Baltensperger, a professor emeritus…
Nestle Sales Growth Sputters on US Slump, Vitamin Snags
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(Bloomberg) — Nestle sales growth sputtered in the first quarter as the maker of Nespresso coffee was hit by cooler demand in North America and supply constraints at its vitamins unit. Sales rose 1.4% in the period on an organic basis, the Swiss company said Thursday, about half the estimate of analysts. Its real internal…
SNB Returns to Quarterly Profit Thanks to Swiss Franc Weakness
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(Bloomberg) — The Swiss National Bank returned to a quarterly profit because of the weakness of the franc, potentially helping officials to rebuild the central bank’s depleted capital base. The Zurich-based institution notched up a gain of 58.8 billion francs ($64 billion) in the first quarter, according to a statement on Thursday. That’s the strongest…
UBS Analyst Who Took On Evergrande Now Bullish on China Property
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(Bloomberg) — When it comes to Chinese real estate, John Lam is a lone wolf. The UBS analyst shocked markets three years ago with a rare sell rating on China Evergrande Group, 11 months before it defaulted and became the poster child for the property collapse. Now Lam is going against the grain again, forecasting…
Tech Giants Hit in Late Hours After Meta’s Outlook: Markets Wrap
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(Bloomberg) — Big tech sold off in late hours after Meta Platforms Inc.’s disappointing outlook raised concern on whether the industry that has powered the bull market in equities has run too far. A $250 billion exchange-traded fund tracking the Nasdaq 100 (ticker: QQQ) got hit after the close of regular trading as the Facebook…
Qatar Will Host Meeting to Discuss Ukrainian Proposal to End War
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(Bloomberg) — National security advisors and senior officials from around the world are set to meet in Doha this weekend to discuss plans for a summit on Ukraine’s conditions for a settlement with Russia, according to people familiar with the matter. The meeting of officials from the Group of Seven and the so-called Global South…
French Grid Issues Are Causing Power Prices to Soar in Europe
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(Bloomberg) — Grid limitations in parts of France are constraining power exports, pushing up prices in neighboring countries. The capacity for transmitting electricity to Belgium, Germany, Switzerland and Italy has been reduced since early March, according to French power-grid operator RTE. That’s depriving those nations of exports of cheaper French nuclear power and boosting wholesale…
