Good morning. Happy Friday.
The Asian/Pacific markets closed mostly down. China and Malaysia did well, but Hong Kong, South Korea, India, Taiwan, Australia, Indonesia, Thailand and the Philippines were weak. Europe, Africa and the Middle East lean to the upside. France, Germany, Norway, Spain, Italy, Portugal, Austria and Sweden are up; Denmark, Poland, Turkey, the UAE and Hungary are down. Futures in the States point to a flat open for the cash market.
————— Online Course: Jason Leavitt’s Masterclass in Trading —————
The dollar is up slightly. Oil is down; copper is up. Gold is down; silver is up. Bonds are mixed.
Stories/News from Seeking Alpha…
Stir the brew
It’s triple witching day, which refers to the simultaneous expiration of stock options, market index options and market index futures. The event can lead to higher volatility and more trading volumes, giving speculators an opportunity for quick arbitrage opportunities. It happens four times a year – on the third Friday of March, June, September and December – with much of the increases in activity taking place during the last hour of trading, otherwise known as the “witching hour.”
Snapshot: Interestingly, the day used to be called quad witching, but single stock futures ceased trading when the OneChicago exchange closed up shop in September 2020. Volume spikes happen as positions are closed out, while the rolling over of contracts also boosts turnover. This time around, options tied to around $5T in stocks and indexes are due to expire. It comes on the heels of strong stock options volume in March, which is on track to exceed trading in equities for the first time since late 2021.
“Triple witching does not directly move the market higher or lower, all it does is temporarily increase trading volume and liquidity,” noted SA analyst Marcia Wendorf. “The increased volume and price fluctuations triggered by triple witching cause traders to take action on the underlying assets. This brings in arbitrageurs who use high-frequency trading to try to take advantage… and knowing that can go a long way toward preventing emotional responses to market movements.
What to watch: While triple witching is important for traders, the broader market is also keeping tabs on the event. Call-heavy expirations can agitate stocks, especially when there has been high demand for large-weighted players like Nvidia (NVDA), and all of the main stock indices fell last week in the leadup to the witching. The move lower also followed a mixed jobs report, with subsequent hotter inflation readings on CPI and PPI, and another session in the red today could see the S&P 500 (SP500) notch a second straight weekly loss for the first time since October.
At it again
Only a week after putting together a $1B lifeline for NYCB (NYCB), former Treasury Secretary Steve Mnuchin is rounding up the investors to acquire TikTok. The news comes after the U.S. House passed a bipartisan bill that, if ultimately approved, would force Chinese parent firm ByteDance (BDNCE) to divest TikTok or face a nationwide ban on the app used by over 150M Americans. President Biden has said that if Congress passes a bill to ban TikTok, he will sign it. “This should be owned by U.S. businesses,” Mnuchin declared. ” There’s no way the Chinese would ever let a U.S. company own something like this in China.” (124 comments)
Cold wallet
El Salvador, the world’s first country to establish bitcoin (BTC-USD) as legal tender, is transferring a “big chunk” of its BTC to a physical vault. The cold wallet, which will keep the holdings offline, will be stored within the country’s territory. “You can call it our first bitcoin piggy bank,” President Nayib Bukele wrote on X. The move comes as the top cryptocurrency hit a record high of around $73,750 on Thursday on account of a bull run ahead of the April halving event, though it later slid below $70,000 as another hot U.S. inflation report bolstered bets that the Fed will not cut interest rates any time soon. (4 comments)
Out of town
Uber (UBER) and Lyft (LYFT) are halting operations in Minneapolis starting on May 1. A vote by the city council overrode Mayor Jacob Frey’s veto of a pay hike ordinance, meaning ride-hailing services will be required to raise driver wages to the local minimum of $15.57/hour. Critics previously warned that the ordinance would raise costs for customers and force the companies to exit the city. “We’re disappointed the council chose to ignore the data and kick Uber out of the Twin Cities, putting 10,000 people out of work,” Uber said in a statement, while Lyft reiterated that the “deeply flawed” rule makes its operations in the city unsustainable. (11 comments)
Today’s Economic Calendar
8:30 Empire State Mfg Survey
8:30 Import/Export Prices
9:15 Industrial Production
10:00 Consumer Sentiment
1:00 PM Baker Hughes Rig Count
What else is happening…
United (UAL) close to swapping Boeing (BA) 10s for A321neo jets.
Adobe (ADBE) tumbles as forecast falls short of expectations.
Cleveland-Cliffs (CLF) may rebid for U.S. Steel (X) if Nippon deal dies.
Dollar General (DG) reverses course as inflation fears resurface.
Crude oil hits over four-month high as IEA forecasts market deficit.
Race accelerates: Apple (AAPL) buys Canadian startup DarwinAI.
Cisco (CSCO) deal to acquire Splunk (SPLK) gets EU approval.
SpaceX’s (SPACE) Starship flies higher and faster in third test flight.
Lithium Americas (LAC) scores record DoE loan for Nevada project.
New York’s first U.S. utility-scale offshore wind farm starts operations.
—————
Good morning. Happy Thursday.
The Asian/Pacific markets leaned to the upside. Japan, South Korea, India, Indonesia, Singapore and Thailand did well; China and Hong Kong were weak. Europe, Africa and the Middle East lean up but are mostly quiet. Denmark, Poland, France and the UAE are leading; Russia and South Africa are down. Futures in the States point to a positive open for the cash market.
————— VIDEO: Current Market Breadth —————
The dollar is up. Oil is up; copper is down. Gold is down; silver is up. Bonds are down.
Stories/News from Seeking Alpha…
New Red Scare?
China has responded to the new U.S. House bill passed against TikTok, and it doesn’t look like it’s going to make the U.S.-Sino relationship any better. While the measure still has to wind its way through the Senate, it would essentially ban the platform for all Americans unless TikTok’s operations were divested from Chinese parent firm ByteDance (BDNCE). The formal name of the bill, titled the “Protecting Americans from Foreign Adversary Controlled Applications Act,” also likely riled Beijing, which was quick to lay out its position and accuse Washington of “resorting to acts of bullying.”
Quote: “Though the U.S. has never found any evidence of TikTok posing a threat to U.S. national security, it has never stopped going after TikTok,” said Wang Wenbin, spokesman for China’s Ministry of Foreign Affairs. “Such practice of resorting to hegemonic moves when one could not succeed in fair competition disrupts the normal operation of businesses, undermines the confidence of international investors in the investment environment, and sabotages the normal economic and trade order in the world. This will inevitably come back to backfire on the United States itself.”
Speaking of fair competition, Beijing does not allow any U.S. social media companies to operate in China, though there appears to be something bigger here at play. It revolves around the significant policy shift in how to deal with China and the evaluation of what capabilities should be ascribed to the CCP. What started as a crusade against intellectual property theft and unfair trade practices has morphed into accusations of mass surveillance and the ability to influence an entire generation of American youth. That doesn’t mean the threat isn’t real or isn’t happening, especially given the danger of a new global order, but one thing seems certain: there will be tradeoffs of American liberties in exchange for a dramatic expansion of state power.
Investing angle: This new bipartisan view is already spilling over into the free market and broader economy. It’s mixed with a heavy dose of protectionism and isolationism, and is likely to be the mainstay of American policy for the foreseeable future. China “does not want the U.S. to have its own domestic [solar] industry… it’s a pretty dire situation,” First Solar (FSLR) CEO Mark Widmar declared on Wednesday, a day after warning a Senate committee that the U.S. risks becoming “a de facto extension of China’s Belt and Road Initiative.” Other recent examples include comments from Elon Musk that Chinese carmakers will “demolish most other car companies in the world” barring legislative or executive action, as well as similar sentiment in other sectors spanning shipbuilding to semiconductors. (7 comments)
EV winter
It looks like the electric vehicle euphoria is losing steam, as automakers scale back EV plans and slash prices to compete in the saturated market. Sparked by a Wells Fargo call that turned bearish, Tesla (TSLA) slid 4.5% on Wednesday, making it the S&P 500’s (SP500) worst performing stock in 2024. “After years of peak spending on EVs and autonomous vehicles, auto manufacturers are pivoting to capital efficiency and return,” Morgan Stanley added, noting that makers of gas-powered cars are poised to deliver shareholder gains. Elsewhere, troubled EV maker Fisker (FSR) is planning to file for bankruptcy, just weeks after issuing a “going concern” warning. (96 comments)
Dollars-and-cents
Dollar Tree (DLTR) tumbled 14.2% on Wednesday after the discount retailer’s Q4 results came in below expectations and its guidance was viewed as lackluster. High inflation and less spending didn’t help the situation. The company also plans to close around 600 Family Dollar stores in the first half of 2024, with another 370 Family Dollar and 30 Dollar Tree stores to be closed over the next several years. “Family Dollar is a victim of the macro environment out there,” CEO Rick Dreiling said on the earnings call, calling out additional headwinds like “elevated shrink” and “reduced SNAP benefits.” (11 comments)
Coming around
“Harvest Moon” is returning to Spotify (SPOT), more than two years after Neil Young removed his entire catalog from the music streaming service in protest of a Joe Rogan podcast that featured mRNA virologist Dr. Robert Malone. “My decision comes as Apple (AAPL) and Amazon (AMZN) have started serving the same disinformation podcast features I’d opposed at Spotify,” Young noted on his website. “I cannot just leave Apple and Amazon, like I did Spotify, because my music would have very little streaming outlet to music lovers at all.” The Joe Rogan Experience is currently Spotify’s top podcast, and recently secured a $250M multi-year deal with the platform. (15 comments)
Today’s Economic Calendar
8:30 Initial Jobless Claims
8:30 Producer Price Index
8:30 Retail Sales
10:00 Business Inventories
10:30 EIA Natural Gas Inventory
4:30 PM Fed Balance Sheet
What else is happening…
EU lawmakers greenlight first-ever global AI regulation.
Bayer weighs ‘Texas Two-Step’ bankruptcy for Roundup.
‘Pay for their coke’: Palantir (PLTR) CEO blasts short sellers.
Musk sours on Don Lemon’s new show on X, cancels partnership.
Under Armour (UAA) founder Kevin Plank to return as brand’s CEO.
U.S. Steel (X) sinks amid new concerns over Nippon Steel takeover.
Grayscale files to spin off mini bitcoin (BTC-USD) trust ETF from GBTC.
GE HealthCare (GEHC) marks worst drop in 2024 as GE (GE) cuts stake.
Altria (MO) to sell part of AB InBev (BUD) holdings via secondary offering.
‘As irrelevant as it is false:’ NY Times (NYT) denies OpenAI’s hacking claim.
—————
Good morning. Happy Wednesday.
The Asian/Pacific markets were mixed. South Korea, Indonesia, Singapore and the Philippines did well; Japan, China, India and Malaysia were weak. Europe, Africa and the Middle East lean up but are mostly quiet. France, Spain, Italy, Saudi Arabia and the Czech Republic are up; Poland and Turkey are down. Futures in the States point to a slight down open for cash market.
————— VIDEO: Current Market Breadth —————
The dollar is down. Oil and copper are up. Gold and silver are up. Bonds are down.
Stories/News from Seeking Alpha…
Against the clock
Efforts to outlaw TikTok in the U.S. are coming in strong and fast. The House of Representatives will vote on a bipartisan bill today that would force Chinese parent firm ByteDance (BDNCE) to sell its stake in TikTok’s U.S. operations or face a nationwide app store ban on the short-form video platform. Note that all American social media networks are blocked in China – under national and security policies that are collectively dubbed the Great Firewall.
What are the fears? In recent years, national security risks surrounding data and software have also sparked concerns in the U.S., especially if information can be shared with the Chinese government. There are additional worries that China’s ByteDance can use the TikTok algorithm to track and influence users with selective content promoted by Beijing, and it doesn’t help that many parents and mental health professionals have warned against the addictive or destructive nature of the platform. It’s a big deal as TikTok is one of the most popular apps in the U.S., with an audience of around 150M users across the country.
A ban won’t come easy. Former President Donald Trump already sought to outlaw TikTok or force a sale of its U.S. business to an American company, and while a transaction with Oracle (ORCL) almost went through in 2020, the lawsuits piled up and an injunction was granted to prevent the app from being prohibited. The Biden administration later revoked the planned ban, ordering a national security review in its place, but Chinese tensions and data privacy concerns eventually swept both sides of the aisle and led to a notable House hearing in March. Since then, Montana’s state-wide ban on TikTok has been blocked by a federal judge, who said the measure “violates the Constitution in more ways than one” and “oversteps state power.”
What to watch: While the new TikTok legislation is expected to pass the U.S. House, it faces an uphill climb in the Senate, though President Biden has stated he would sign the ban should it reach his desk. Despite this outlook, Biden’s re-election campaign is using the platform to reach younger voters, following a notable debut on Super Bowl Sunday. Meanwhile, Trump has reversed his support for a ban, saying it would make “young kids go crazy” and empower Facebook (META), which he considers to be “an enemy of the people.” TikTok is set to fight to the legal finish, but should it be forced into a divestiture, Rumble (RUM) has expressed interest, and rivals like YouTube Shorts (GOOG, GOOGL) and Instagram Reels (META) might also be watching the latest developments.
Shrugging it off
Wall Street on Tuesday ended solidly higher after the latest consumer inflation report did little to alter market expectations of interest rate cuts. The Consumer Price Index advanced 0.4% M/M in February, as expected, and slightly accelerated from January’s 0.3% rise. Core CPI, which excludes food and energy, rose 0.4% M/M, a tad higher than the anticipated figure of +0.3%. Investing Group Leader James Kostohryz believes the Fed needs to shelve consideration of rate cuts, as “the risk of a re-acceleration of inflation is very much on the table,” while Citadel’s Ken Griffin also warned of prices remaining elevated in the future, saying the Fed shouldn’t cut too quickly. (88 comments)
Max fallout
As Boeing’s (BA) quality issues escalate, major airlines are now scaling back their plane delivery expectations or are even considering switching suppliers. Boeing aircraft have been involved in back-to-back safety mishaps, the latest being a fuel leakage incident aboard a United Airlines (UAL) flight on Monday. United has already asked Boeing to stop building 737 Max 10s, as it eyes switching to Airbus (OTCPK:EADSF), while Delta Air (DAL) is preparing for a two-year delay in Max 10 deliveries. Problems at Boeing have additionally impacted Southwest (LUV), whose shares slid 15% on Tuesday after updating capacity growth projections. (5 comments)
Shareholder payouts
Dividend payments to shareholders worldwide reached a record $1.66T last year, up 5.6% Y/Y, according to a new report by asset manager Janus Henderson. “Pessimism over the global economy proved ill-founded in 2023 and although the outlook is uncertain, dividends are well supported,” said Ben Lofthouse, head of global equity income. Banks took the lead in shareholder payouts as their profits grew amid higher interest rates, although its positive impact was almost entirely offset by cuts in the mining sector. Banking giants, including heavyweights like JPMorgan (JPM) and Wells Fargo (WFC), raised their dividends last year after clearing the Fed’s annual stress test. (2 comments)
Today’s Economic Calendar
7:00 MBA Mortgage Applications
10:00 Quarterly Services Survey
10:30 EIA Petroleum Inventories
1:00 PM Results of $22B, 30-Year Bond Auction
What else is happening…
CME (CME) files application to start clearing U.S. Treasuries.
Inflation rises: Gold turns lower after nine days of record gains.
Pentagon to give Ukraine new arms despite overdrawn stockpile.
Biden seeks $895B for defense spending amid global conflicts.
Latest numbers: U.S. federal budget deficit balloons in February.
IBM (IBM) reduces staff in marketing and communications division.
EIA boosts 2024 domestic crude oil production growth forecast.
FTC trial to block Kroger’s (KR)-Albertsons (ACI) deal set for August.
Pentagon reportedly ends plan for $2.5B grant to Intel (INTC).
Japan wage talks: Toyota (TM) agrees to meet all union demands.
—————
Good morning. Happy Tuesday.
The Asian/Pacific markets leaned up. Hong Kong, South Korea, Taiwan and Malaysia are leading. Europe, Africa and the Middle East are currently mostly up. The UK, Turkey, Germany, South Africa, Norway, Spain, the Netherlands, Italy, Portugal, Austria and Sweden are doing well. Futures in the States point to a moderate gap up open for cash market.
————— Free Masterclass: Mini Masterclass in Trading —————
The dollar is down a small amount. Oil is down slightly; copper is up. Gold and silver are down. Bonds are up.
Stories/News from Seeking Alpha…
Inflation check
Are things still hot? Investors will find out at 8:30 AM ET. February’s inflation report is especially important, as it will be one of the last major tests before Fed policymakers gather next week to decide on monetary policy. The latest reading will also arrive after a hotter-than-expected report for January showed that the central bank’s inflation fight might be bumpy, with consumer prices rising by the most in eight months.
By the numbers: Economists, on average, see February’s CPI rising 0.4% from a month ago, up from January’s 0.3% increase. On a year-over-year basis, the index is expected to advance 3.1%, unchanged from the previous month’s print, but still above the Fed’s 2% goal. Interestingly, things are looking slightly better on the core front. When stripping out food and energy prices, the CPI consensus expects to see an increase of 0.3% M/M, easing from +0.4% in January. Core inflation is anticipated to rise 3.7% Y/Y vs. +3.9% in January.
In his last appearance, Fed Chair Jerome Powell testified before the Senate Committee on Banking, Housing & Urban Affairs that the central bank is “not far” from being ready to make rate reductions. That also doesn’t mean that a rate cut is within reach, and it could take until the summer for the FOMC to shift into easing mode. Incoming CPI data today may also help modify the current go-slow approach, and could show up in the next dot plot, which will be published next week in the Fed’s Summary of Economic Projections.
Commentary: “While Jerome Powell was quite dovish in his latest testimony in Congress, Mr. Market’s rate cut optimism would look premature if CPI and PPI reports show inflation getting sticky well above the Fed’s target rate of 2%,” Investing Group Leader Ahan Vashi stated. “With financial conditions loosening significantly in recent weeks, risk assets have broken out to new highs; however, stretched valuations and overextended technicals dictate that any negative surprises can lead to a sharp pullback.” (16 comments)
Camera ban
Facing flak for hidden cameras over the years, Airbnb (ABNB) is barring the devices from being placed indoors. The new rules will apply to listings globally, starting April 30, and include common areas like hallways and living rooms. “These changes were made in consultation with our guests, hosts and privacy experts, and we’ll continue to seek feedback to ensure our policies work,” said Juniper Downs, Airbnb’s head of Community Policy and Partnerships. More comprehensive rules will apply to outdoor security cameras, as well as other guidelines for things like noise decibel monitors. (2 comments)
Up, up and away
As bitcoin (BTC-USD) continues to scale new heights, Michael Saylor, co-founder and former CEO of MicroStrategy (MSTR) believes the top cryptocurrency is going to “eat” gold (XAUUSD:CUR). Bitcoin has “all the great attributes of gold and none of the defects,” and will increasingly “divert capital from risk assets,” he declared, referencing the strong inflows into spot bitcoin ETFs. The remarks come as bitcoin surged past $72,000 to score a new record high. Will it keep going? SA analyst Logan Kane expects bitcoin to top $100,000 shortly before or after the April halving event, but its current rally is likely capping long-term upside. (225 comments)
Phones to EVs
Getting in on the game, Xiaomi (OTCPK:XIACF) has announced the launch date of its first electric sedan, sending the company’s Hong Kong-listed shares soaring 11% on Tuesday. The firm, which invested over CNY 10B ($1.39B) in the electric vehicle’s initial R&D phase, aims to become one of the top five global automakers in the next 15-20 years. “Price-wise, this sporty vehicle is unlikely to disrupt the market in the budget segment, like Xiaomi’s smartphones,” SA analyst Florian Muller said, predicting that the EV’s potential high price tag could be a challenge. The SU7 launch comes as automakers face muted EV demand in China and growing competition that has triggered a price war.
Today’s Economic Calendar
6:00 NFIB Small Business Optimism Index
8:30 Consumer Price Index
1:00 PM Results of $39B, 10-Year Note Auction
2:00 PM Treasury Statement
What else is happening…
WSB survey results: Part 2 of the banking crisis is not a given.
Oracle (ORCL) hints at partnership with tech titan Nvidia (NVDA).
Boeing (BA) 787 plane nosedives, said to injure 50 passengers.
EQT (EQT) to buy Mountain Valley Pipeline owner Equitrans (ETRN).
Alumina (OTCQX:AWCMF) agrees to Alcoa’s (AA) $2.2B buyout bid.
Biden’s 2025 budget proposal calls for higher corporate taxes.
Disney (DIS) slams ‘destructive’ Nelson Peltz in new proxy fight salvo.
British American Tobacco (BTI) seeks to partially sell ITC stake.
Tyson Foods (TSN) to shut Iowa pork plant, impacting 1,200 jobs.
ByteDance denies report of talks for TikTok sale; Trump weighs in.
—————
Good morning. Happy Monday. Hope you had a good weekend.
The Asian/Pacific markets leaned down. China and Hong Kong did well, but Japan, South Korea, India, Australia, Thailand and the Philippines were weak. Europe, Africa and the Middle East are currently mostly down. Turkey is up, but the UK, Poland, France, Germany, Greece, South Africa, Finland, Norway, Hungary, the Netherlands, Italy, Israel, Austria and Sweden are down moderately. Futures in the States point to a moderate-to-big gap down open for cash market.
————— Free Masterclass: Mini Masterclass in Trading —————
The dollar is unchanged. Oil is down; copper is up. Gold is unchanged; silver are up. Bonds are up.
Stories/News from Seeking Alpha…
A year on
It’s been exactly one year since the collapse of Silicon Valley Bank, and many are wondering if similar weaknesses that caused a regional crisis last March are still lingering. The most prominent of those worries have centered around New York Community Bancorp (NYCB), which scooped up the assets of Signature Bank, another commercial lender that failed during the crisis in 2023. The last time around, the FDIC stepped in to facilitate the sales of the failed banks and protect their insured deposits, but things would definitely be easier to handle ahead of time, especially if it meant trouble for the wider industry.
Snapshot: It’s important to note that banks can fail for different reasons, and the appropriate rules and guidelines needed to combat certain failures might not necessarily do the job elsewhere. SVB didn’t fail because it had bad loans, but rather because the supervision that was supposed to be in place didn’t effectively address maturity mismatches and diversification. Elsewhere, New York Community Bank set off alarm bells in January with a surprise quarterly loss and provisions for credit losses, and while an investor group led by former Treasury Secretary Steven Mnuchin recently stepped in to offer a $1B lifeline, concerns remain over its ties to commercial real estate. According to the St. Louis Fed, two-thirds of CRE loans are held by community or regional banks, meaning if things go sour, the industry can fall under immense pressure.
“The high concentration of CRE exposures represents a serious risk to small and large banks amid economic uncertainty and higher interest rates, potentially declining property values, and asset quality deterioration,” the IMF warned in a global financial stability note last week. “In the fourth quarter of 2023, a subset of banks remained with exceptionally high CRE concentration for which losses could compromise their safety and soundness… The turmoil also serves as a stark reminder of the impact that rapidly rising interest rates can have by interacting with underlying financial vulnerabilities.”
Outlook: Regulators are tightening their scrutiny and attempting to stave off risk in the banking sector with things like “Basel III Endgame” and new rules that cover short-term liquidity and capital requirements. The question is if these will effectively target CRE risk or, on the flipside, if the whole matter with its dangers to the financial system is over-sensationalized. Remember the deep recession warnings of the past two years that never materialized despite the doom-and-gloom predictions from industry leaders like JPMorgan (JPM) CEO Jamie Dimon and Amazon (AMZN) founder Jeff Bezos? Take the WSB survey.
Indo-Pacific
As China spreads its economic influence across the region, Washington is looking to double down in the Indo-Pacific, especially after withdrawing from the Trans-Pacific Partnership in 2017. “We want the United States to be the economic partner of choice,” Commerce Secretary Gina Raimondo declared. “For that to happen, we have to show up and show up in the country with money, with collaboration, and consistently show up.” On that note, American firms will announce investments totaling over $1B in the Philippines, Raimondo revealed during a two-day visit to the country along with more than 20 executives – including from GreenFire Energy, Google (GOOGL, GOOG) and United Airlines (UAL).
Criminal probe
The U.S. Department of Justice has reportedly launched a criminal investigation into Alaska Airlines (ALK) Flight 1282, in which a piece of fuselage from a Boeing (BA) 737 MAX blew out mid-flight. The federal investigators have already contacted some passengers and crew aboard the ill-fated journey. The probe will inform the DOJ’s review of whether Boeing abided by a previous agreement that settled a federal investigation into two deadly 737 MAX crashes in 2018 and 2019. The news also follows a report of Boeing admitting that it could not find any records for work done on the blown door plug. (43 comments)
Property crisis
Chinese real estate firms that are “seriously insolvent and have lost their operating capabilities” must go bankrupt and reorganize. “Those who commit acts that harm the interests of the masses will be investigated and punished in accordance with the law,” Ni Hong, minister of Housing and Urban-Rural Development, said on the sidelines of the National People’s Congress. Chinese property developers have been grappling with liquidity issues, resulting in defaults and delayed payments. Although Beijing introduced a mechanism to raise funding for troubled projects, ING Economic and Financial Analysis expects the property sector to remain a prolonged drag on growth.
Today’s Economic Calendar
1:00 PM Results of $56B, 3-Year Note Auction
What else is happening…
3M (MMM) board clears healthcare spinoff, to start trading April 1.
China’s consumer prices rise for the first time in six months.
Feds urge UnitedHealth to work with providers on payments.
FDA delays decision on Eli Lilly’s (LLY) Alzheimer’s drug.
Potency concerns: Cannabis rescheduling opposed by DEA officials.
President Biden predicts Federal Reserve will cut interest rates.
Barclays: Stock mutual fund positioning hits post-COVID high.
Goldman analysts highlight top 25 stock picking opportunities.
RV market in tight spot: Rates drive uphill battle to recovery.
Delta (DAL) sees delay for Boeing 737 MAX deliveries until 2027.
—————
p=16249