$ING

ING Groep N.V.

  • NEW YORK STOCK EXCHANGE INC.
  • Finance
  • Financial Conglomerates
  • Finance and Insurance
  • Commercial Banking

PRICE

$10.04 ▲0.1%

Extented Hours

VOLUME

5,784,369

DAY RANGE

9.835 - 10.04

52 WEEK

8.35 - 14.87

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@NoobBot #Crypto4Noobs
13 minutes ago

DeFi-ing exploits: New Chainalysis tool tracks stolen crypto across multiple chains https://cointelegraph.com/news/defi-ing-exploits-new-chainalysis-tool-tracks-stolen-crypto-across-multiple-chains

13 Replies 4 👍 2 🔥

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@NoobBot #Crypto4Noobs
recently

**@davidgokhshtein:** $AMC and $GME started a movement. Retail buyers gathered together to make sure that can save two companies who were being crushed into bankruptcy by these f***ing hedge funds.$LUNA isn't $AMC or $GME. It's currently broken and needs to be fixed, if thats even an option. https://twitter.com/davidgokhshtein/status/1525538298957119488

134 Replies 6 👍 10 🔥

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@NoobBot #Crypto4Noobs
recently

**@davidgokhshtein:** $AMC and $GMC started a movement. Retail buyers gathered together to make sure that can save two companies who were being crushed into bankruptcy by these f***ing hedge funds.$LUNA isn't $AMC or $GMC. It's currently broken and needs to be fixed, if thats even an option. https://twitter.com/davidgokhshtein/status/1525537326973304832

95 Replies 10 👍 6 🔥

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@trademaster #TradeHouses
recently

By Kevin Yao and Stella Qiu BEIJING (Reuters) - China's economy slowed in March as consumption, real estate and exports were hit hard, taking the shine off faster-than-expected first-quarter growth numbers and worsening an outlook already weakened by COVID-19 curbs and the Ukraine war. The biggest near-term challenge for Beijing is the tough new coronavirus rules at a time of heightened geopolitical risks, which have intensified supply and commodity cost pressures, leaving Chinese authorities walking a tight rope as they try to stimulate growth without endangering price stability. Gross domestic product (GDP) expanded by 4.8% in the first quarter from a year earlier, data from the National Bureau of Statistics showed on Monday, beating analysts' expectations for a 4.4% gain and picking up from 4.0% in the fourth quarter. A surprisingly strong start in the first two months of the year improved the headline figures, with GDP up 1.3% in January-March in quarter-on-quarter terms, compared with expectations for a 0.6% rise and a revised 1.5% gain in the previous quarter. Analysts say April data will likely be worse, with lockdowns in commercial centre Shanghai and elsewhere dragging on, prompting some to warn of rising recession risks. "Further impacts from lockdowns are imminent, not only because there has been a delay in the delivery of daily necessities, but also because they add uncertainty to services and factory operations that have already impacted the labour market," said Iris Pang, Greater China chief economist at ING. "We may need to revise our GDP forecasts further if fiscal support does not come in time." China's shares fell, likely reacting to the March numbers and a weak outlook - the blue chip CSI300 index was down 0.6%, while the Shanghai Composite Index dropped 0.5%. WORSENING RETAIL SALES, JOBLESS RATE Data on March activity showed retail sales contracting the most on an annual basis since April 2020 on widespread COVID curbs across the country. They fell 3.5%, worse than expectations for a 1.6% decrease and an increase of 6.7% in January-February. The job market is already showing signs of stress in March, a usually robust month for labour market as factories resume hiring after the Lunar New Year holiday. China's nationwide survey-based jobless rate stood at 5.8% in March, the highest since May 2020, while that in 31 major cities hit a record 6.0%. The industrial sector held up better with production expanding 5.0% from a year earlier, compared with forecasts for a 4.5% gain. That was down from a 7.5% increase in the first two months of the year. Fixed asset investment, a driver of growth that Beijing is counting on to underpin the economy, increased 9.3% year-on-year in the first quarter, compared with an expected 8.5% increase but down from 12.2% growth in the first two months. Analysts at Capital Economics and Nomura believe the official GDP figures may have understated the slowdown last quarter. Capital Economics says growth in services production index for Q1 does not align with the expansion of the services sector in the GDP data, while Nomura said some of the March data, such as industrial production, are hard to reconcile with many other indicators of industrial activity. Home sales by value in March slumped 26.2% year-on-year, the biggest drop since January-February 2020, according to Reuters calculations, pointing to a deepening downturn in the property market. 'HIGHLY COSTLY' COVID-19 CURBS The government's determination to stop the spread of record COVID-19 cases has clogged highways and ports, stranded workers and shut factories - disruptions that are rippling through global supply chains for goods from electric vehicles to iPhones. The contribution from net exports to GDP growth fell to 3.7% in the first quarter from 26.4% in the fourth as momentum ebbed. Fu Linghui, a NBS spokesman, acknowledged the increase in downward economic pressure. "We will step up the implementation of macro policies, make every effort to stabilise the economic fundamentals, and strive to achieve the targets and tasks for the year," Fu told a news conference. The People's Bank of China (PBOC) said on Monday it would step up support for industries, firms and people hit by COVID-19 in its latest move to cushion them from the impact of economic slowdown. Late on Friday, the PBOC said it would cut the amount of cash that banks must hold as reserves for the first time this year, releasing about 530 billion yuan ($83.25 billion) in long-term liquidity, although the reduction missed expectations. Analysts see less room for more China rate cuts, after the smaller-than-expected RRR reduction, which they say reflected the PBOC's concern about inflation and U.S. monetary tightening. "The government faces a dilemma: how to balance economic growth and containing the outbreaks. Locking down large cities like Shanghai is highly costly," said Zhiwei Zhang, chief economist at Pinpoint Asset Management. "Such costs will become more visible in coming months."

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@trademaster #TradeHouses
recently

By Alun John HONG KONG (Reuters) - Asian shares retreated on Thursday, in line with a global selloff, as markets were spooked by more aggressive noises from U.S. policymakers about the need for tighter monetary policy, which also kept the dollar near a two-year peak. MSCI's broadest index of Asia-Pacific shares outside Japan fell 1.17% to its lowest level in a week, while Japan's Nikkei dropped 1.9%. European and U.S. share futures also fell. EUROSTOXX 50 futures eased 0.2%, S&P 500 futures fell 0.37% and Nasdaq futures fell 0.35%. "The whole political and policy stance in the U.S. has shifted, and markets are starting to get that," said Redmond Wong, a market strategist at Saxo Markets Hong Kong. "Attention has really moved towards quantitative tightening after all those Fed speakers and the minutes yesterday, and the objective is to tighten financial conditions and depress aggregate demand. I think the Fed is willing to accept some softness and wants to cool down the labour market, unlike in the past, when they wanted to protect it." Minutes of the Fed's March 15-16 meeting released on Wednesday, showed deepening concern among policymakers that inflation had broadened through the economy. U.S. Federal Reserve Governor Lael Brainard said on Tuesday she expects rapid reductions to the central bank's balance sheet. Wong said that in the long run positive real interest rates would be good for the global economy, but in the medium term there would be a repricing of assets. Overnight all three major U.S. benchmarks fell, with the Nasdaq Composite worst hit, losing 2.22%. [.N] Also on investors' minds was growing economic strains in China, which is grappling with new outbreaks of COVID-19. Shanghai, currently under a city-wide lockdown, reported nearly 20,000 new cases on April 6 - the vast majority asymptomatic - the local government said on Thursday. Nomura estimated on Tuesday that a total of 23 Chinese cities have implemented either full or partial lockdowns, which collectively are home to an estimated 193 million people and contribute 22% of the country's GDP. Chinese blue chips shed 0.9%, and Hong Kong stocks lost 1.3%, weighed by declines in large Chinese tech firms U.S. Treasuries had sold off sharply in the lead-up to the release of the Fed's minutes, sending yields to multi-year highs before steadying. The yield on 10-year Treasury notes was little changed in Asia trade at 2.5865% while the 2-year note yield was slightly softer at 2.4554%, leaving this closely watched part of the yield curve slightly steeper after starting the week inverted. [US/] In currency markets, the prospect of quantitative tightening in the United States kept the dollar near a two-year high against a basket of currencies. The index was at 99.537, just off the overnight peak of 99.778, also supported by commodity currencies' retreat from recent highs due to a dip in oil prices, and a decline in the euro. The European common currency inched up from a one-month low overnight, weighed down by what ING analysts called a "double threat" from the economic impact of new sanctions on Russia for its war in Ukraine and uncertainty about the outcome of the French election. [FRX/] Oil prices rose on Thursday, however, after falling to a three-week low the day before after large consuming nations said they would release oil from reserves to counter tightening supply. Brent crude futures were up 1.45% at $102.55 a barrel, while U.S. crude rose 1.3% to $97.48 a barrel. [O/R] Spot gold fell 0.23% to $1,920.9 an ounce [GOL/]

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@trademaster #TradeHouses
recently

By Florence Tan and Isabel Kua SINGAPORE (Reuters) -Oil prices plunged more than $5 a barrel on Thursday on news the United States was considering the release of up to 180 million barrels from its strategic petroleum reserve, the largest in the near 50-year history of the SPR. Brent futures for May fell $5.47, or 4.8%, to $107.98 a barrel at 0608 GMT. The May contract expires on Thursday and the most actively traded June futures were down $5.26 to $106.18. U.S. West Texas Intermediate futures for May delivery fell $6.23, or 5.8%, to $101.59 a barrel after earlier slipping to a low of $100.85. U.S. President Joe Biden will give remarks later on Thursday regarding his administration's actions aimed at lowering gasoline prices that have risen to records following Russia's invasion of Ukraine. "If it turns out to be as much as that, it would be significant and so would certainly help to a certain extent to fill the shortfall, but not all of it," said Warren Patterson, head of commodities strategy at ING, referring to the 180 million barrels figure. "Another key question is whether this volume would be part of a wider coordinated release." International Energy Agency (IEA) member countries are set to meet on Friday at 1200 GMT to decide on a collective oil release, a spokesperson for New Zealand's energy minister said on Thursday. News of the potential U.S. oil release overshadowed a meeting set for later on Thursday between the Organization of the Petroleum Exporting Countries (OPEC) and their allies including Russia. The group known as OPEC+ is expected to stick to its deal to gradually increase oil production. The U.S. oil release may be effective in reducing wild volatility and curtail sharp uptrend movements, but with OPEC+ still unwilling to uphold production, prices need a long-term solution, said Avtar Sandu, a commodities manager from Phillip Futures. Oil settled up around 3% on Wednesday amid supply concerns as peace talks to end the war between Russia, which calls its actions a "special operation", and Ukraine have stalled. Russia is the world's second-largest oil exporter and sanctions imposed as punishment for the invasion have disrupted flows from the country. In early March, the Biden administration said it would sell 30 million barrels from the strategic reserves as part of a global release of 60 million barrels to lower prices. In November, the United States announced a plan to release 50 million barrels from the SPR, mostly through exchanges where the buyer agrees to replace the oil later. "I guess we need to also see if this would be a straightforward release or an exchange," ING's Patterson said. The release comes as U.S. commercial oil inventories fell by 3.4 million barrels in the week to March 25, surpassing forecasts of a 1 million barrel drop. At the same time, implied demand for gasoline and distillates declined. The slower demand came as U.S. production rose by 100,000 barrels per day (bpd) to 11.7 million bpd after stagnating at 11.6 million bpd since early February.

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@Alpha #decarolis
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Ministero della Difesa russo: le forze armate vengono riorganizzate per concentrarsi sui fronti chiave e completare la "liberazione" del Donbas. Il primo ministro britannico Johnson: Il Regno Unito ha bisogno di soluzioni nucleari di grande valore per l'approvvigionamento energetico. Rappresentante del Commercio degli Stati Uniti Tai: Gli Stati Uniti devono ricostruire la propria base di produzione industriale. Le leggi sui dazi compensativi e antidumping negli Stati Uniti devono essere aggiornate. Gli Stati Uniti non possono smettere di fare pressioni sulla Cina affinché modifichi le sue pratiche commerciali. Per contrastare la Cina, gli Stati Uniti devono perseguire investimenti interni. Viceministro tedesco: la Germania non può aprire tutte le valvole fiscali. Cremlino: Putin ha parlato con il cancelliere tedesco Scholz - Tass. Putin e il cancelliere tedesco Scholz concordano di discutere con esperti del pagamento del gas in rubli. Putin e il cancelliere tedesco Scholz affermano che l'uso del rublo non degraderà i contratti. Il presidente di Taiwan Tsai Ing-Wen: i dazi statunitensi non hanno incentivato la Cina a cambiare.

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@trademaster #TradeHouses
recently

By Andrew Galbraith SHANGHAI (Reuters) - An afternoon surge in Chinese equities lifted a broad gauge of Asian shares on Wednesday on rising hopes Beijing will roll out more economic stimulus, while investors continued to watch Ukraine-Russia peace talks and the U.S. Federal Reserve. The Fed is expected to raise rates for the first time in three years later on Wednesday (1800 GMT) and give guidance on future tightening. European bourses were poised to open stronger. Pan-region Euro Stoxx 50 futures and German DAX futures were up about 0.9% in early deals, and FTSE futures were 0.6% higher. U.S. stock futures also pointed higher, with S&P 500 e-minis, up 0.2%. The rise in Asian shares came a day after mainland China and Hong Kong equity indexes had tumbled in reaction to spiking coronavirus infections in China and fading expectations for a rate cut by the People's Bank of China. Chinese market volatility continued on Wednesday, with a strong early rebound in China's CSI300 index evaporating by late morning. But it charged higher after Vice Premier Liu He indicated China plans to take measures to boost the economy and would also announce policies favourable to capital markets. The CSI300 was last up more than 3.5%. Hong Kong's Hang Seng index also extended gains in the afternoon, surging more than 8% at one point, leading a more than 3% rise in MSCI's broadest index of Asia-Pacific shares outside Japan. Elsewhere, Australian shares and Seoul's Kospi were up about 1.1%, while Japan's Nikkei stock index rose 1.6%. Liu's comments helped to ease worries that encouraging economic data for January and February were leading to complacency among policymakers in Beijing. "People are concerned that (Chinese) policymakers would believe that the economy is doing much better and growth is rebounding and there's no need for further policy easing measures," said Ting Lu, chief China economist at Nomura. China has seen increasing positive changes in its economic performance backed up by surprisingly good economic data, but the impact of the latest COVID-19 resurgence need to be watched, a statistics bureau spokesman said on Tuesday. On Wednesday, Chinese health authorities reported a slight drop in new cases compared to a day earlier, although major Chinese cities continue to grapple with controlling the spread of the virus. The gains in Asia followed a relief rally overnight on Wall Street driven by hopes of a resolution in Ukraine. The S&P 500 gained 2.14%, the Nasdaq Composite jumped 2.92% and the Dow Jones Industrial Average rose 1.82%. Ukrainian President Volodymyr Zelenskiy said on Wednesday peace talks were sounding more realistic but more time was needed, as Russian air strikes killed five people in the capital Kyiv and the refugee tally from Moscow's invasion reached 3 million. EYES ON FED Analysts at ING said in a note that market moves in Asia would be "cautious" ahead of the Fed meeting later in the global day. Investors are expecting the U.S. central bank to raise interest rates by at least 25 basis points amid surging prices. Traders will also be closely watching the Fed for details on how it plans to end its bond-buying program. U.S. bond yields fell in Asian trade, with the benchmark 10-year note yield at 2.1545%, after earlier rising to 2.169%, the highest since June 2019. The two-year yield was last at 1.8433% from a close of 1.857%. The U.S. dollar was down slightly against a basket of peers, trading at 98.861, and lower against the yen at 118.22 albeit still near a five-year high. The euro edged up 0.16% to $1.0969. Oil prices, which had traded lower early in the session, turned higher, with Russia's invasion of Ukraine continuing to stoke volatility. Global benchmark Brent crude rose 0.93% to $100.84 per barrel, and U.S. crude added 0.44% to $96.86. Highlighting the impact of global disruptions and soaring oil costs, Japan reported a wider-than-expected trade deficit in February as an energy-driven surge in import costs caused by massive supply constraints added to vulnerabilities for the world's third-largest economy. Spot gold was little changed at $1,916.61 per ounce.

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@trademaster #TradeHouses
recently

ROUBLE Concerns the war and higher energy prices could slow the global economy mean investors are now questioning how far and fast the likes of the U.S. Federal Reserve are likely to hike interest rates in the coming months. Benchmark 10-year U.S. Treasury yields were down near 1.7% as U.S. trading gathered momentum having been over 2% less than two weeks ago [GVD/EUR], while those German Bunds were back in negative territory and the euro was down 0.5% as bets on an ECB hike this year withered. [FRX/] February PMI Data had shown momentum in euro zone manufacturing growth had already waned slightly last month, although it was still relatively strong and firms said supply chain constraints had eased. "It seems that the markets have started to reassess the monetary policy outlook," said Jan von Gerich, chief strategist at Nordea. Russia's rouble appeared to be stabilising somewhat after plunging as much as 30% to a record 120 per dollar after Western countries had slapped Russia with the most far-reaching sanctions ever placed on such an interconnected global economy. Those measures include cutting Russia's top banks from the SWIFT international financial network and sanctioning its central bank in a bid to limit Moscow's ability to deploy its $630 billion of foreign reserves. Russia responded on Tuesday by temporarily stopping foreign investors from selling Russian assets to ensure they take a "considered decision" Prime Minister Mikhail Mishustin said. Russia's huge sovereign wealth fund will also be pressed into action, spending up to 1 trillion roubles ($10.3 billion) to buy shares in Russian companies, a source close to the government told Reuters. Sanctions though mean that the big global banks are now reluctant to trade with Russian banks and vice versa, which means there are now effectively two different rouble currency markets - one in Russia and one internationally. Traders in London were quoting the rouble at between 101 and 105 per dollar, although it had been around 94 per dollar according to some local market prices. More broadly, currency market volatility is at its highest since late 2020, as measured by a Deutsche Bank (DE:DBKGn) index and the rouble is down almost 30% from its best levels this year. "Today, the focus will be on whether sanctions/retaliation will start impacting the commodity flows from Russia, and whether (Russia's central bank) will step in with more measures to support the rouble," ING FX analysts wrote in a note to clients. Trading in Russian stocks remains suspended on the Moscow Exchange and Russian sovereign and corporate bond prices were not showing on some trading platforms. JPMorgan (NYSE:JPM)'s widely tracked GBI-EM Global Diversified index did still include Russia's rouble-denominated bonds although Monday's market plunge had slashed their so-called weighting in the index. Foreign investors held $20 billion of Russia’s dollar- and rouble-denominated government debt at the end of last year according to Russian central bank data while they own just over $85 billion worth of equities according to the Moscow Exchange. "A lot of the (global) price action is a function of uncertainty." said Madison Faller at JPmorgan Private Bank. (Additional Reporting by Sujata Rao in London; Editing by Chizu Nomiyama and Bernadette Baum)

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@Atlas #Emporos Research
recently

The structure that will be introduced to actual clients is better then the one below , but this one is good enough for promotional purposes on Swing Trades . 1st pending -500 points @ 1 full size 2nd pending -1000 points @ 1/2 size 3rd pending -1500 points @ 1/3 size 4th pending -2000 points @ 1/4 size 5th pending -2500 points @ 1/2 size Feel free to invent your own , depends on loss and profit gather per probability of occurence of different scenarios . Risk on stop loss is -7,500 points and +5,168 for the take profit .

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@stevengo #StockTraders.NET
recently

And with size!!! > @Math said: u f***ing long that thing

83 Replies 8 👍 8 🔥

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@Math #StockTraders.NET
recently

u f***ing long that thing

110 Replies 10 👍 13 🔥

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@NoobBot #Crypto4Noobs
recently

Progressive group adopts Bitcoin as ING and PayPal block donations https://cointelegraph.com/news/progressive-group-adopts-bitcoin-as-ing-and-paypal-block-donations

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@trademaster #TradeHouses
recently

By Andrew Galbraith SHANGHAI (Reuters) - Asian share markets broke a five-day slide, pushing higher on Thursday as China underscored its diverging monetary and economic picture by cutting benchmark mortgage rates. The rise was set to continue in Europe, where strong earnings helped to support gains a day earlier. In early deals, pan-region Euro Stoxx 50 futures were up 0.32%, German DAX futures were 0.2% higher and FTSE futures rose 0.46%. Despite the bounce, analysts at ING said geo-political risks, notably the possibility of Russia invading Ukraine, could continue to weigh on global shares, adding to existing pressure from the rising rates outlook. "Markets may soon start to take into account a greater risk of a conflict flare-up between Russia and Ukraine, which is one reason why stocks may continue to sell and why Treasury yields aren't on a one-way ticket higher." U.S. President Joe Biden predicted on Wednesday that Russia will make a move on Ukraine, saying a full-scale invasion would be "a disaster for Russia" but suggesting there could be a lower cost for a "minor incursion." Expectations that the U.S. Federal Reserve will move more quickly to hike interest rates to combat inflation hit technology shares particularly hard overnight, pushing the Nasdaq down more than 1% into correction territory. The sell-off hit bonds as well, pushing U.S. Treasury yields to two-year highs on Wednesday, and taking Germany's 10-year yield into positive territory for the first time since May 2019 as investors bet policymakers will curb years of stimulus in order to fight rising inflation exacerbated by supply chain disruption. "There comes a point when you've offloaded, you might want to stop offloading. If bonds start to rally a little bit, and you saw yields ease off yesterday in the U.S., it kind of feels like ... we might actually not get a follow-through," said Matt Simpson, senior market analyst at City Index in Sydney. In stark contrast with the global move toward tighter policy and higher rates, China on Thursday cut its mortgage reference rate for the first time in nearly two years. The move followed a surprise cut to the central bank's rate for one-year medium-term loans on Monday. Chinese monetary authorities have signalled that they will take more easing steps this year to shore up slowing growth in the world's second-largest economy. Data released on Monday showed weakness in consumption and the property sector darkening the outlook despite a strong headline growth figure. China's blue-chip CSI300 index rose more than 1% on Thursday and Hong Kong's Hang Seng was up nearly 3% in afternoon trading. Shares of Chinese property developers boosted gains in the broad index amid hopes that government measures would help ease a funding squeeze in the embattled sector, even as another developer warned of default. The rise in Chinese shares lifted MSCI's broadest index of Asian shares outside Japan 1% higher. Seoul's Kospi rose 0.68% and Australian shares gained 0.14%. In Tokyo, the Nikkei added 1.11%. The gains in Asia came after investors on Wall Street looked past robust earnings at the outlook for inflation and rate rises. The Dow Jones Industrial Average fell 0.96% and the S&P 500 lost 0.97%. The Nasdaq Composite dropped 1.15%, putting it more than 10% below its Nov. 19 record closing high to confirm a correction. In the Asian session, U.S. yields edged up, but remained below their highs in the previous session. The benchmark 10-year yield rose to 1.8540% from a U.S. close of 1.827%, and the policy-sensitive two-year yield touched 1.0555% compared with a U.S. close of 1.025%. The pause in Treasury yields' march higher kept the greenback in check, with the dollar index which measures the greenback against six major peers at edging down to 95.553 as commodity currencies benefited from high oil prices. The Aussie dollar was 0.26% higher. The U.S. dollar edged up 0.17% against the Japanese yen to 114.50 and the euro rose 0.07% to $1.1349. In commodity markets, oil prices remained elevated after touching their highest levels since 2014 on Wednesday on strong demand and short-term supply disruptions. Global benchmark Brent crude was last down 0.1% at $88.36 per barrel and U.S. crude rose 0.36% to $87.27 per barrel. [O/R] Gold paused after marking its best session in three months a day earlier. Spot gold gave up 0.08% to $1,838.40 an ounce.

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@trademaster #TradeHouses
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By Alun John HONG KONG (Reuters) - Asian stocks fell on Wednesday as higher U.S. Treasury yields weighed on global tech firms and pushed the dollar to a five-year high against Japan's yen. U.S. yields rose on Tuesday as bond investors geared up for interest rate hikes from the Federal Reserve by mid-year to curb stubbornly high inflation.[US/] The shift in market focus back to prospect for U.S. interest rate hikes has revived a rotation out of growth-sensitive stocks, such as tech firms, into ones that offer income, such as financials and industrials. MSCI's broadest index of Asia-Pacific shares outside Japan lost 1%, after hitting a three-week high the day before, while Japan's Nikkei was little changed. U.S. stock futures also slipped with S&P 500 e-minis down 0.25% and Nasdaq e-minis losing 0.48%. European Stoxx 50 futures were flat. "From Asia's perspective, it's a slightly more risk-off tone because it's one of those days where higher bond yields are a bad thing, as, even though they reflect a stronger U.S. backdrop, they tend to be supportive of the dollar rather than local currencies," said Rob Carnell, head of Asia Pacific research at ING. "But it's pretty choppy, tomorrow we might get back to thinking the higher yields reflect a stronger global backdrop," Carnell said. He said declines in the Nasdaq have dragged on Asia's big tech stocks. In Japan, Nintendo slipped 1.7% and South Korea's Samsung (KS:005930) shed 2.5%. In Hong Kong, tech stocks lost 3.7% with added pressure coming from China's fines on Alibaba (NYSE:BABA), Tencent, and Bilibili (NASDAQ:BILI). U.S. shares were mixed on Tuesday with the tech-heavy Nasdaq falling 1.3%, although rising yields boosted banks. Industrial names helped the Dow Jones Industrial Average to a record closing high and the S&P 500 to touch an all-time intraday high. [.N] U.S. five-year notes, which reflect rate hike expectations, soared to their highest since February 2020 on Monday, while two-year note yields hit their strongest level since March 2020. Benchmark U.S. 10-year treasury yields touched a six-week high on Tuesday and were last at 1.6473%. [US/] Minutes from the Fed's December meeting, due at 1900 GMT, could highlight U.S. policymakers' newfound sensitivity to inflation and their readiness to tighten policy. "The market is now speculating that a March rate hike is possible when the Fed stops purchasing assets, therefore yields are rising," said Edison Pun, senior market analyst at Saxo Markets in Hong Kong. He said he thought declines in tech stocks would be short-lived, while rising yields would help banking stocks. HSBC's Hong Kong-listed shares rose 2.3% on Wednesday, though Chinese bad debt manager Huarong lost 50% as trading resumed after a nine-month suspension, giving investors the chance to revalue the embattled company. On the mainland, China Mobile (NYSE:CHL) gained 3.4% on their Shanghai debut on Wednesday after the company raised $7.64 billion in the country's biggest public share offering in a decade. In currency markets, the yen was at 116.04 per dollar having dropped to 116.34 overnight, its lowest since March 2017, while the dollar index, which measures the greenback against six peers, was at 96.226, the stronger end of its recent range. With the Bank of Japan widely expected to be late if not last in the queue to hike rates, the gap between U.S. and Japanese yields are rising, hurting the yen. [FRX/] Oil prices were steady having gained in the previous session. Brent crude futures were flat at $79.99 a barrel while U.S. crude futures were at $76.75 a barrel.[O/R] Spot gold was at $1,814 an ounce, steady on the day and at the upper end of its recent range.

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@Marcosx #ivtrades
recently

$MOS look ing fine have a piece there

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@trademaster #TradeHouses
recently

By Peter Nurse Investing.com - The dollar edged higher in early European trade Wednesday, but ranges are tight as traders continue to assess the impact of the Omicron Covid variant as the year-end approaches. At 2:55 AM ET (0755 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, rose 0.1% to 96.558. USD/JPY rose 0.1% to 114.16, EUR/USD fell 0.1% to 1.1267, GBP/USD dropped 0.1% to 1.3252, after Britain's economy grew more slowly than previously thought in the July-September period, while the risk-sensitive AUD/USD dropped 0.2% to 0.7137. “The week before and the one after Christmas are notably a low-volatility period for most asset classes including FX,” said analysts at ING, in a note. “This year some seasonal tendencies will be mixed with the Omicron variant threatening to force new restrictions and markets still processing a week full of key central bank decisions.” Still, looking at the bigger picture, Omicron infections are multiplying across Europe, the United States and Asia, causing many countries to consider new restrictions on movement to the likely detriment to risk sentiment, thus benefiting the safe-haven dollar. Additionally, the U.S. Federal Reserve announced the speeding up of the withdrawal of its bond-buying program last week, potentially bringing forward interest rate hikes to the first half of 2022. This contrasts with the still very accommodative stance of the Bank of Japan, while the European Central Bank only slightly reined in stimulus last week, still ruling out any interest rate hikes next year.. Another factor that could support the dollar near term is the growing tension on the border between Russia and the Ukraine, following reports Russia is massing troops in preparation for invasion. President Vladimir Putin took a hardline stance in a speech Tuesday, saying Russia had no room to retreat in a standoff with the United States over Ukraine and would be forced into a "military-technical" response unless the West backed down. In response, a Biden administration official stated U.S. officials are considering tough export control measures to disrupt Russia's economy should invade Ukraine. USD/RUB dropped 0.2% to 73.8510, with the ruble benefiting from the Bank of Russia hiking interest rates by 100 basis points late last week, its second such move this year. Elsewhere, USD/TRY dropped 0.3% to 12.4859, with the lira rebounding from record lows against the dollar after President Recep Tayyip Erdogan unveiled measures earlier this week to support the currency, including a program to protect savings from fluctuations in the lira.

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By Alun John HONG KONG (Reuters) - Asian shares and European futures slipped on Friday as traders edged away from riskier assets amid renewed concerns about COVID-19 and caution ahead of key U.S. inflation data, which also kept currencies in check. MSCI's broadest index of Asia-Pacific shares outside Japan lost 0.6%, snapping three days of gains and Japan's Nikkei shed 0.5%. In early European trading, the pan-region Euro Stoxx 50 futures fell 0.53% and FTSE futures lost 0.46% Shares and risk-friendly currencies had performed well earlier in the week, with MSCI's regional benchmark posting its best day in two months on Tuesday, helped by indications the Omicron strain of the new coronavirus might not be as economically disruptive as first feared. Despite Friday's falls, the index is still up 1.7% this week. However, "as we got towards the end of the week the fact that Europe was much more clearly moving into a sort of lockdown-lite and COVID-19 case numbers in the U.S. are starting to ratchet up flipped things a little bit," said Rob Carnell, head of research Asia Pacific at ING. "Also there is a slight sense of 'let's not have too much risk on the table for the weekend'. Of course, there is CPI out in the U.S. - but I think we've all woken up to the fact that there is inflation in the U.S. now," he added. U.S. consumer price index (CPI) for November is due later Friday and a Reuters poll of economists expect it to have risen 6.8% year-on-year, overtaking a 6.2% increase in October, which was the fastest gain in 31 years. Any upside surprise will likely be interpreted as a case for a faster Fed taper and bring forward expectations for interest rate rises. Elsewhere, shares in China Evergrande Group lost 1.5% after Fitch downgraded it to restricted default status. However, contagion was limited and an index tracking mainland Chinese developers listed in Hong Kong dipped just 0.36%, outperforming the local benchmark off 0.66%. Markets more broadly are much less concerned by the latest development in the long running Evergrande saga than they were a few months ago. "This issue has been going on for two-and-a-half months now, and markets don't seem to be as fussed because a default on Evergrande's offshore debt has seemed highly likely," said Shane Oliver, head of investment strategy at AMP (OTC:AMLTF) Capital. Also in China, the central bank on Thursday directed financial institutions to hold more foreign exchange in reserve for a second time this year, which markets interpreted as an attempt to slow a recent rapid appreciation of the yuan. This caused the yuan to lose about half a percent in offshore trade on Thursday. It was volatile on Friday and last sat at 6.3697. Other currency moves were muted. The dollar index held firm ahead of the CPI data, and was heading towards its seventh consecutive weekly rise, its longest since mid 2014. The euro also took a breather having jumped 0.7% on Wednesday, in line with an overall risk friendly mood, before falling 0.4% on Thursday as sentiment started to turn. The risk-off tilt caused longer dated U.S. Treasury yields to slip a little overnight before steadying. Benchmark 10-year Treasury notes were last at 1.4888%. The two-year yield stayed elevated at 0.7086%. Oil also lost ground on Friday, but like equities was heading for a weekly gain. U.S. crude dipped 0.14% to $70.84 a barrel. Brent crude fell 0.2% to $74.27. [O/R] Gold, however, edged higher. The spot price rose 0.16% to $1,777.3an ounce. [GOL/]

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By Tom Westbrook SYDNEY (Reuters) - A rally in global stocks, oil and risk-sensitive currencies lost some steam on Thursday amid nagging concern about the Omicron variant and as imminent U.S. inflation data puts the interest rates outlook firmly back in focus. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.6% to a two-week peak, mostly because Chinese shares are riding high on hopes for monetary easing. Japan's Nikkei, however, fell 0.3% after gaining about 3.5% in the previous two sessions. S&P 500 futures fell 0.1% and European futures were flat. FTSE futures rose 0.2%. "The UK has moved back to work from home as the norm. Other countries will doubtless follow," said ING economist Rob Carnell. "At the very least, the F&B industry and leisure will suffer from this at the most critical time of the year for them. So I'd be hesitant before piling back into risk assets at this time of the business year." After bounding 2.6% in three days the growth-sensitive Australian dollar was flat at $0.7177. [AUD/] Oil extended gains into a sixth straight session, helped by positive comments from vaccine makers, but the pace of rises has moderated. Brent crude futures were last up about 0.8% to $76.36 a barrel, U.S. crude rose 0.9% to $73.04. [O/R] On Wednesday, BioNTech and Pfizer (NYSE:PFE) said a three-shot course of their COVID-19 vaccine was able to neutralise the Omicron variant in a laboratory test, helping lift the S&P 500 within 1% of a new record high. Market sentiment has also recovered with other pieces of preliminary data suggesting Omicron is less severe than first feared, but offsetting that has been the imposition of tougher restrictions in England to curb Omicron's spread. China has been a case apart after a cut to banks' reserves ratio this week, followed by fairly benign inflation figures on Thursday, suggesting more easing may be in the works. The blue chip CSI300 index was last up nearly 2% and has gained almost 4% for the week so far. If sustained, it'd mark the largest weekly leap since February. [.SS] INFLATION AWAITED Bonds were nursing losses as hope on the virus outlook left a clearer path to higher rates. Traders' focus was turned to the release of inflation data on Friday and a Federal Reserve meeting next week for indications on hike timing. [US/] Fed funds futures are priced for rates to lift-off next May and on Wednesday two-year Treasury yields touched their highest since March 2020 at 0.7140%. They were steady at 0.6817% on Thursday and 10-year yields held at 1.5127% after a 4.6-basis-point jump on Wednesday. Economists expect annual headline U.S. inflation to have hit 6.8% last month, though previous readings have surprised on the upside. "An acceleration in the pace of tapering by the Fed is almost being treated as a foregone conclusion," said analysts at ANZ Bank, and beyond it looms an expectation of higher U.S. interest rates in 2022. "But a strong number could ramp up expectations of a hike in Q2 next year." Elsewhere in currency trade the U.S. dollar index hovered at 96.041 and the euro dipped marginally to $1.1327. [FRX/] The yen has edged below its 50-day moving average to 113.76 per dollar. Sterling fell to a one-year low of $1.31615 overnight with the announcement of the tighter COVID-19 rules. It had recovered slightly to $1.3209 on Thursday. Gold was steady at $1,785 and ounce and bitcoin looks to have found support around $50,000.

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By Marc Jones LONDON (Reuters) - Waning Omicron variant worries and a timely booster shot of Chinese stimulus lifted world stock markets and oil on Tuesday, and left traders offloading safe-haven currencies and bonds again. Europe's FTSEurofirst was on track for its first back-to-back run of plus 1% gains since February. Wall Street was poised to rally [.N], while Asia had cheered record bounces by some of China's beaten down tech giants.. [.SS][.EU] The risk-on mood also helped the dollar climb against currencies such as the Japanese yen,, which had lost 0.6% overnight, as the confidence-sensitive Australian dollar also found buyers. [FRX/] Safe-harbour German government bonds went the other way with yields - which move inverse to prices - up 2.5 basis points after falling to a three-month low on Monday. [GVD/EUR] Britain's prime minister warned Omicron looked the most contagious coronavirus variant yet, but reports in South Africa said cases there had only shown mild symptoms and top U.S. infectious disease official, Anthony Fauci, told CNN "it does not look like there's a great degree of severity" so far. "Good news relating to the severity of Omicron should be taken with a pinch of salt. Faster transmission could offset the benefits of milder symptoms," researchers at ING said in a note. "More broadly, it is still early days, even if markets are starting to display Omicron fatigue." The gains also came after China's central bank on Monday injected its second shot of stimulus since July by cutting the amount of cash that banks must hold in reserve. There was still uncertainty about its property sector as Evergrande teetered on the brink of default again but data showing much stronger import growth was "a positive sign on the strength of domestic demand," RBC analyst Adam Cole said. E-commerce giant Alibaba (NYSE:BABA)'s shares bounced from its record low to soar 12.2%, while Tencent and Meituan added 3.6% and 5.8%, respectively. [.SS] Shares in embattled developer Evergrande also edged off a record low as markets waited to see if it had made an already-overdue $82.5 million bond payment or formally slumped into default. BIDEN-PUTIN Elsewhere, Australia's S&P/ASX200 rose nearly 1% as its central bank left interest rates at a super-loose 0.1% and Japan's Nikkei advanced 1.9% as the yen dipped back. (T) "We have had the Fed hawkish turn and Omicron hitting the market with both barrels recently but this week we have seen some dribbles of better news on Omicron," Saxo Bank's head of FX strategy John Hardy said. "The yen has snapped back lower and the commodity currencies have turned higher ... it's just snap back for now though rather than a trend," he added, cautioning it was too early to make conclusions about Omicron. Also supporting the dollar in FX markets was the expectation the Federal Reserve will accelerate the tapering of its bond-buying programme when it meets next week in response to a tightening labour market. Oil prices jumped another 2% to $74.60 a barrel, adding to a near 5% rebound the day before as concerns about the impact of Omicron on global fuel demand eased. [O/R] That provided no protection for Russia's rouble, which fell 0.3% on worries a renewed conflict in Ukraine could see the United States and Europe slap heavy sanctions on Russia's banking system and the Nord Stream 2 gas pipeline. U.S. President Joe Biden and Russian President Vladimir Putin will hold a video conference at around 1500 GMT. "God knows what the delta risk is on that meeting but the U.S. is waving around the threat of more serious sanctions," Saxo's Hardy said, adding the "nuclear option" would be banning Russian banks from the international bank-to-bank payment system called SWIFT.

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@Pyrognosis #droscrew
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Funny its all the fogey Dows doing well and all the high beta dumperoo-ing

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By Geoffrey Smith Investing.com -- The U.S. labor market lost momentum significantly in November, defying expectations for another strong month of job gains. The Labor Department said nonfarm employment rose by only 210,000 through the middle of the month, down from 546,000 in October. The latter figure was revised up by 15,000 from its original estimate, but didn't come close to offsetting the disappointment of the November number, which was over 300,000 short of a consensus forecast of 550,000. Expectations for a strong report had hardened after payrolls processor ADP had said on Wednesday that the private sector had added 534,000 jobs in the month, by its calculations. There has also been little to suggest a weakening in labor market in other data, with the monthly Job Openings survey continuing to show near-record levels of vacancies. Despite the big shortfall in job creation, the unemployment rate fell by more than expected to 4.2% of the workforce from 4.6% in October. That reflected an increase in labor force participation, which rose to 61.8% of the adult population, from 61.6% in October. The participation rate, which has been a particular problem holding back the economic recovery this year, is now at its highest since March last year. "Notable job gains occurred in professional and business services, transportation and warehousing, construction, and manufacturing," the Bureau of Labor Statistics said, adding that employment in the retail trade actually declined in the month leading up to the Thanksgiving holiday. The expansion of the labor force should, all other things being equal, take the steam out of some of the inflationary pressure that has built over the last year, in an environment of sustained high spending despite increasing supply-side constraints and bottlenecks. Federal Reserve Chairman Jerome Powell acknowledged earlier this week that inflation was likely to remain higher for longer than at first estimated, largely due to such supply-side issues. However, all other things appear increasingly unlikely to stay equal in the near term, given the emergence of a new and seemingly more infectious strain of Covid-19 over the last week. The Omicron strain is now spreading rapidly through South Africa, the first country where it was detected, and has already been identified in more than two dozen countries across the world. Much of Europe has already announced a fresh wave of mobility and social distancing restrictions, with Germany - Europe's largest economy - effectively locking down unvaccinated adults in a suite of new measures prepared by the new government. U.S. President Joe Biden has announced the tightening of testing requirements on people arriving in the U.S. It is unclear that that will be enough to stop Omicron from spreading in the community. "Labor supply simply isn't returning quickly enough and, for companies desperate to hire, this is a huge problem," said ING chief international economist James Knightley in a note to clients. "The implication is that it constrains growth and pay is bid higher, with those cost increases likely passed onto consumers." He noted that the discrepancy between what employers were saying and what households were saying (the household survey of employment rose by over 1 million) made it hard to interpret the numbers cleanly. "Effectively you can defend any position by picking out the bits of the report that suits your view," Knightley said.

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Upgrades 12/2: $AEG $ALV $ARGX $BMA $CLBK $CUBE $EBAY $GGG $H $JKS $OKTA $PSA $SNOW $SSL . Downgrades 12/2: $BYSI $BZUN $CHH $EXPD $F $HIBB $ING $PINS $REAL $USX $WDH $WISH

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Vol-sellers and dip-buyers reengage at the first sign of “trouble” (conditioned as they are by a dozen years of muscle memory) and spot ends up pinned as hedging flows insulate the market from large moves. As the distribution compresses, realized vol moves lower, opening the door to mechanical re-allocation from the vol-control universe. Until the next OpEx cycle, when the window opens again. McElligott reiterated the same, describing a “general YTD environment where a lot of yield enhancement options-selling / overwriting has created a ton of ATM Gamma which Dealers are long, reinforc[ing] this absurdly ‘pinned’ low realized Vol environment,” he wrote Friday. “Around the ‘Gamma Unclench’ of monthly expirations traders ‘front-run’ the de-risking of extremely long $Delta ahead of the Gamma release.”

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By Alun John HONG KONG (Reuters) - The dollar strengthened through key resistance levels on Wednesday, propelled by better-than-expected U.S. retail data, although the upbeat news was not enough to lift Asian shares, which were dragged by worries about COVID-19 and higher costs. MSCI's broadest index of Asia-Pacific shares outside Japan skidded 0.5% from Tuesday's near three-week closing high, and was set for its biggest fall this month, snapping seven days of gains. Japan's Nikkei lost 0.3% on fears the strong dollar would mean higher costs for imported material for manufacturers. The dollar reached a high of 114.97 yen in early Asian hours, its strongest since March 2017, while the euro fell to $1.1263 its lowest since July 2020. The greenback was helped by Tuesday data which showed U.S. retail sales rose faster-than-expected in October, potentially encouraging the U.S. Federal Reserve to accelerate the tapering of its asset purchase programme, as inflation remains stubbornly high. These also weighed on U.S. Treasuries with benchmark 10-year note yields reaching 1.649% in early Asia, a three-week high. "The data backs up that sense that things are going pretty well, and the Fed can be a little more aggressive if it wants to be without completely causing the party to crash," said Rob Carnell, head of research for Asia Pacific at ING. "Top of mind for everyone is inflation right now, it's still an issue after the numbers we got from the U.S. yesterday, and we've got a whole barrage of other inflation data coming today, particularly the U.K. and Canada," he added. Britain publishes its October inflation data later on Wednesday with a high print likely to add pressure on the Bank of England to raise rates in December after surprising markets by holding fire last month. FTSE futures slipped 0.37%, pointing to a weak open for British shares, while pan-region Euro Stoxx 50 futures and U.S. S&P 500 futures were flat. "What it's not about is the Biden-Xi summit, which had the potential to do damage but seems not to have done so," Carnell added. At a three-hour meeting on Tuesday, U.S. President Joe Biden and Chinese leader Xi Jinping turned down some of the heat in Sino-U.S. tensions, though both sides held to entrenched positions on a range of issues. The positive tone offered a slight boost to Asian shares on Tuesday, but this proved short-lived. On Wednesday, South Korea's KOSPI fell 1.2% after the country reported its the second-highest daily new coronavirus infections since the pandemic began. Australian shares fell 0.7% weighed by Commonwealth Bank of Australia (OTC:CMWAY), the country's largest bank, which slipped 8% after it flagged a hit to margins from the low interest rate environment and mortgage competition. Chinese blue chips were steady and the Hong Kong benchmark slipped 0.4%, as a short rally in developer and casino stocks ran out of steam. Oil prices slipped after data showed U.S. gasoline inventories fell more than expected last week, heightening pressure on U.S. authorities to release oil from emergency reserves. U.S. crude dipped 0.87% to $80.06 a barrel. Brent crude fell 0.5% to $81.69 per barrel. Spot gold rose 0.25% to $1,854 an ounce, climbing back towards the five-month high of $1,876.9 hit a day earlier on rising inflation concerns. Rival inflation hedge bitcoin slipped 0.8% to $59,500 having shed 5% a day earlier.

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tripp;ing on psych toad venom > @kooleraid said: Mike Tyson died

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ECB Hires Former ING Director as Digital Euro Program Manager https://www.coindesk.com/business/2021/11/11/ecb-hires-former-ing-director-as-digital-euro-program-manager/

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By Kevin Buckland TOKYO (Reuters) - Inflation fears pressured Asian stocks and buoyed the dollar at an almost 16-month high on Thursday after U.S. consumer prices surged at the fastest pace since 1990, boosting the case for faster Federal Reserve policy tightening. However, the region's biggest markets in mainland China and Japan bucked the trend, supported respectively by easing worries about troubled property developer Evergrande and a weaker yen, which helps Japanese exporters. Regional bond yields tracked a surge in U.S. Treasury yields overnight, when the U.S. benchmark 10-year yield leapt by the most since February. At the same time, U.S. real yields, which take inflation into account, dipped to record lows. Inflation expectations soared, with the five-year breakeven inflation rate hitting a record 3.113% "The inflation numbers surprised on the upside, and they may not even be the peak," said ING economist Rob Carnell. "The market thinks the Fed, and most other central banks, are behind the curve," meaning a more rapid tightening than policy makers have so far communicated, he said. "Risk assets hate this." MSCI's broadest index of Asia-Pacific shares outside Japan slid 0.57%. But Chinese blue chips rallied 1.28%, led by real estate stocks, with a source telling Reuters some Evergrande bondholders received overdue coupon payments, easing concerns about a potentially destabilising default. Japan's Nikkei was another outlier, climbing 0.6% as the yen weakened as far as 114.15 per dollar on Thursday, from as strong as 112.73 earlier in the week, a near one-month high. Futures signaled a subdued start for Europe, with Euro Stoxx 50 futures down 0.33% and FTSE futures about flat. U.S. stock futures ticked up 0.1%. On Wednesday, the S&P 500 tumbled 0.82%, its worst day in more than a month. The dollar index, which gauges the currency against six major peers including the yen and euro, climbed as high as 95.002 for the first time since July of last year. The U.S. consumer price index surged 6.2% on an annual basis, with gasoline leading a broad-based increase, adding to signs that inflation could stay uncomfortably high well into 2022. The Fed has maintained that prices will fall once supply bottlenecks start easing, and only last week urged patience, reiterating that high inflation is "expected to be transitory". "The Fed's resolve is facing a testing time," Rodrigo Catril, a senior foreign-exchange strategist at National Australia Bank (OTC:NABZY) in Sydney, wrote in a client note. "Supply constraints may well turn out to be transitory, but the rise in core drivers increases the pressure on the Fed to trigger a monetary policy response." The money market now prices a first Fed interest rate increase by July. Benchmark 10-year Treasury yields jumped the most in seven weeks to as high as 1.592% on Wednesday. The Treasury market is closed globally Thursday for a U.S. holiday. That volatility spilled into other markets, with the CBOE Volatility index, Wall Street's so-called fear gauge, touching its highest level in nearly one month. Investors sought inflation hedges, with gold jumping to a five-month high of $1,868.20 overnight before easing to around $1,850 on Thursday, while bitcoin hit a fresh record at $69,000 before last trading around $64,700. Oil steadied on Thursday after pulling back sharply from near seven-year highs the previous day, when U.S. President Joe Biden said his administration was looking for ways to reduce energy costs. U.S. West Texas Intermediate (WTI) crude gained 21 cents to $81.55 per barrel, but well off the overnight high of $84.97 and last month's seven-year peak. Brent crude futures rose 18 cents to $82.82 a barrel, but down from as high as $85.50 on Wednesday and October's three-year peak of $86.70.

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By Peter Nurse Investing.com -- Oil prices edged higher Tuesday, with traders awaiting the latest U.S. inventory numbers and a potential move by the Biden administration to combat soaring gasoline prices. By 9:25 AM ET (1425 GMT), U.S. crude futures were up 0.6% at $82.39 a barrel, after gaining 0.8% on Monday, while Brent futures rose 0.3% to $83.69, after rising 0.8% during the previous session. U.S. Gasoline RBOB Futures were up 1.2% at $2.3495 a gallon. Crude has been on a tear this year, with the Nymex contract climbing to a seven-year high last month and the equivalent Brent contract rising to a three-year peak on the back of the global economic recovery and supply restraint by the Organization of the Petroleum Exporting Countries and allies, a group known as OPEC+. Only last week OPEC+ decided to stick to its existing pace of easing the record output cuts put in place at the start of the pandemic, agreeing to increase supply by just 400,000 barrels a day, rebuffing requests from the U.S., among others, to pump more. This prompted U.S. Energy Secretary Jennifer Granholm to say on Monday that U.S. President Joe Biden may take measures as early as this week to address the country’s high gasoline prices, a political hot potato. “The most obvious tool for the U.S. administration to use is the Strategic Petroleum Reserve,” said analysts at ING, in a note. “Outside of mandated and SPR modernization sales (and a test sale in 2014), the last sale was part of a coordinated IEA release back in June 2011, which saw 30.6MMbbls released.” The industry-funded American Petroleum Institute is set to release later Tuesday its weekly estimate of U.S. oil and product stockpiles. The market is expecting another build in crude inventories, but gasoline supplies, already at the lowest level in four years, are expected to show a fifth weekly draw. Also due later in the session is the weekly petroleum status report by the U.S. Energy Information Administration.

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Dutch multinational ING considers entering DeFi lending industry https://cointelegraph.com/news/dutch-multinational-ing-considers-entering-defi-lending-industry

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Vol has reset lower, “collapsing under the weight of its own implied daily variance which can’t be met when ‘pinned’ from so much Gamma, in turn spurring massive buying and re-allocat[ing] thereafter from systematic vol target and risk control types,” McElligott went on to say. He estimated the likely vol control re-allocation over the past month at almost $58 billion in US equity futures.

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By John McCrank and Tommy Wilkes NEW YORK/LONDON (Reuters) - The dollar edged higher on Wednesday, holding near recent peaks versus the euro and the yen, as traders awaited the U.S. Federal Reserve's expected announcement on unwinding its pandemic-era stimulus and any word from Chair Jerome Powell on inflationary pressures. The Fed's policy statement, which will likely kick off the tapering of its $120 billion-a-month asset purchase program, is due at 2 p.m. Eastern time (1800 GMT), followed by a news conference with Powell. "Markets will be on the lookout for any discussion about the pace of tapering and any signs that the recent inflation surge has spooked the Fed," said Mark McCormick (NYSE:MKC), global head of FX strategy at TD Securities. Any signal that Powell is open to responding with rate hikes to inflation, if the case for it being transitory keeps weakening, would reinforce the supportive U.S. dollar backdrop, he said. The dollar index was 0.027% higher at 94.135, close to its 2021 peak of 94.563 hit last month. Moves were small in the overnight session in the middle of a busy week for central banks, with the Bank of England meeting on Thursday. European Central Bank Christine Lagarde said an interest rate rise in 2022 was very unlikely because inflation was too low, sending government bond yields lower. But the euro barely budged. Against the euro the greenback was down marginally at $1.15715. That was not far from the $1.1522 low for the euro reached in October, which was the strongest level for the dollar since July 2020. Dollar/yen traded at 113.955, near a four-year high. INFLATION QUESTION The Fed announcement follows meetings of the Reserve Bank of Australia on Tuesday and the ECB last Wednesday, both of which pushed back against market pricing of tighter policy. "The dollar bearish case today is that the tapering is widely expected and an inherently dovish Fed, concerned about upsetting the bond market, does not change its statement substantially," ING strategists wrote. "Yet, at some point, the Fed is going to have to acknowledge that elevated inflation does not 'largely reflect transitory factors'. Many dovish central banks around the world are already doing this and should the Fed start to show greater concern about this today, U.S. rates and the dollar could get a boost." The RBA on Tuesday abandoned its short-term yield target and dropped its expectation of holding rates at record lows until 2024, though the Aussie fell because the bank also pushed back on aggressive pricing for 2022 hikes. The Aussie dropped 1.2% against the dollar on Tuesday and sat at $0.74275 on Wednesday, down 0.01% from the session open. The New Zealand dollar was also dragged 1% lower on Tuesday, but found support on Wednesday from strong labor data and was up 0.37% at $0.7134. [AUD/] Money markets have dialed back expectations for a 15 basis point hike from the Bank of England on Thursday but still expect one before 2022. "The key question is how effective an interest rate hike will be in controlling inflation, mainly driven by supply chain issues, as we emerge from the pandemic," said Giles Coghlan, chief currency analyst at HYCM. The BoE is also focused on labor data and may decide to hold off on rate increases on Thursday, as "they will not want to hike rates too soon and risk crippling businesses’ recoveries," he said. Sterling recovered from a two-week low to trade 0.22% higher $1.3642.

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better off yolo-ing on Yoga pants. $LULU

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Music NFT drops: Snoop Dogg joined the Harlem Globetrotters in an NFT Sitcom, and Boi-1da partnered with Bacardi to launch an NFT mixtape on the platform Sturdy Exchange. Snoop Dogg is one of the more outspoken crypto enthusiasts of his celebrity stature today; he even claims to be the prolific NFT collector Cozomo de’ Medici himself. His earlier April 2021 drop on Crypto.com had amassed just under $2M — making him one of the top 10 NFT musicians by primary sales earnings, according to our crypto market update at the time. The Boi-1da x Bacardi drop, which has already raised over $30k in sales (both fiat and ETH), features emerging Caribbean female artists with the aim to shine light on gender disparity in music. In their marketing materials, they are treating buyers as “Fanvestors,” echoing language on other NFT platforms like Royal and Republic that focus more on equity crowdfunding. Music/Creator DAOs: PleasrDAO joins the database as the new owners of the Wu-Tang Clan’s single-copy album Once Upon a Time in Shaolin. While it might seem a little counterintuitive for a DAO to purchase a physical item, PleasrDAO’s “Chief Pleasing Officer” (!) describes Shaolin in a New York Times interview as “the original predecessor to NFTs” and “a protest against rent-seeking middlemen, and people who are taking a cut away from the artist,” an ethos widely shared by the crypto community. This is potentially the highest-profile art acquisition made by a DAO so far, and perhaps establishes an interesting precedent for DAOs to invest in physical objects — and maybe even artists’ catalogs. NFT platforms focused on music: Public Pressure is the 56th (!) NFT music platform to announce a launch this year. The platform is based in Europe and is launching in collaboration with Lark Creative, High Focus and Patric Moxey (Founder and CEO of Ultra Music), with the hopes of “kickstart[ing] a new Italian Renaissance in the modern digital world.” … But what does that actually mean? *shrug* As recently covered in our Extended Play column, most new NFT platforms claim to have a unique selling point of connecting fans directly to artists, but most haven’t demonstrated genuine differentiation from the increasing competition in the market.

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By Danilo Masoni MILAN (Reuters) - World shares dipped on Monday after data showed slower-than-expected growth in China's economy last quarter and surging oil prices fed inflation concerns. Calls by China's President Xi Jinping on Friday to make progress on a long-awaited property tax to help reduce wealth gaps also soured the mood. An MSCI gauge of global stocks eased 0.2% by 1207 GMT as losses in Asia and Europe erased part of the gains seen last week on a strong start to the earnings season. U.S. stock futures were also lower with S&P 500 and Nasdaq e-minis both down 0.3%. China's gross domestic product grew 4.9% in the July-September quarter from a year earlier, its weakest pace since the third quarter of 2020. The world's second-largest economy is grappling with power shortages, supply bottlenecks, sporadic COVID-19 outbreaks and debt problems in its property sector. Oil prices extended a recent rally amid a global energy shortage with U.S. crude touching a seven-year high and Brent a three-year peak. Europe's STOXX 600 equity benchmark index fell 0.7%, dragged by luxury stocks, which are heavily exposed to China, and some poor earning updates. (EU) Chinese blue chips fell 1.2% and the Shanghai Composite Index lost 0.1%. "The Chinese economy grew slower in the third quarter, mainly because of policy challenges and high base effects from last year," said Iris Pang, economist at Dutch bank ING. "We expect these two factors will continue to be in play for the fourth quarter, which means the slow growth of the Chinese economy will continue," she added. Investors also continued to worry about global inflation, which was being driven by the reopening of many economies after COVID-19 restrictions and supply chain issues, and prospects central banks will tighten policy sooner rather than later. Kevin Boscher, CIO of Ravenscroft, said given the current climate they held more cash than usual in their portfolios. "We remain optimistic on the longer-term outlook, but expect this volatility and uncertainty to persist for the next few weeks as we await more clarity on the outlook for global growth, inflation, China, U.S. policy and the Fed," he said. "For now, it makes sense to stay reasonably defensively positioned but I expect markets to eventually 'climb the wall of worry'," he added. On Monday, data showed New Zealand's consumer price index rose 2.2% in the third quarter, its biggest rise in over a decade, causing the local dollar to jump as much as 0.5% before changing course. Some other currencies are also responding to rising inflation expectations, as investors increasingly bet central banks will have to raise rates. The dollar rose 0.1% against a basket of peers to 94.04, in sight of a one-year high hit last Monday, as traders position themselves for a looming tapering of the Federal Reserve's massive bond buying programme. Sterling fell 0.1% against a stronger dollar but touched a 20-month high versus the euro after Bank of England Governor Andrew Bailey sent a fresh signal over the weekend that the central bank is gearing up to raise interest rates as inflation risks mount. The yen meanwhile traded near its lowest in nearly three years against the dollar, as the Japanese central bank looked increasingly likely to trail behind other monetary authorities in terms of rate hikes. On debt markets, global repricing of interest rate expectations pushed euro zone bond yields back towards recent multi-month highs. Germany's 10-year Bund yields, the benchmark for the region, was up 3 basis points at -0.139%. High energy costs are driving some of the inflation fears and Brent crude was last up 1% at $85.7 per barrel and U.S. crude up 1.3% to $83.6. Gold fell 0.3% at $1,761 an ounce, after falling 1.5% on Friday as upbeat retail sales drove U.S. bond yields higher. Bitcoin fell 1.3% to $60,747. It gained last week on hopes that U.S. regulators would allow a cryptocurrency exchange-traded fund to trade.

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that's all he does the guy is absolutely fu**ing clueless

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Monday, October 11, 2021 U.S. stock futures are edging lower ahead of the Columbus Day holiday, with oil prices extending last week gains and moving to fresh 7-year highs ahead of key inflation data later this week and the upcoming earnings season, which starts Friday with the big banks ($JPM, $Citi). Over the weekend, Goldman Sachs cuts its 2021 economic growth forecast by 10 basis points, to 5.6%, while lowering its 2022 estimate by 40 basis point to 4% citing a “longer lasting virus drag on virus-sensitive consumer services” and the impact of an extended shortage in global semiconductors. The bond market is closed today in observance of the Columbus Day holiday after the 10-year yield closed at 1.612% on Friday, the highest level of the week. Oil prices extending gains, as WTI crude rises over $2.20 or 2.8% above $81.50. In Asian markets, The Nikkei Index rose 449 points (1.6%%) to 28,498, the Shanghai Index was little changed at 3,591, and the Hang Seng Index jumped nearly 2% or 487 points to settle at 25,325. In Europe, the German DAX is down about -50 points to 15,150, while the FTSE 100 is up about 0.25% at 7,110. Q quiet day expected ahead with no economic data and bond markets closed. Market Closing Prices Yesterday · The S&P 500 Index dropped -8.42 points, or 0.19%, to 4,391.34 · The Dow Jones Industrial Average fell -8.69 points, or 0.03%, to 34,746.25 The Nasdaq Composite slid -74.48 points, or 0.51%, to 14,579.54 · The Russell 2000 Index declined -17.00 points, or 0.76% to 2,233.09 Events Calendar for Today · No Major Economic Data Earnings Calendar: · Earnings Before the Open: AZZ, ENZ, FAST · Earnings After the Close: PNFP, SGH Other Key Events: · American Society of Retina Specialists Annual Scientific Meeting, in San Antonio, TX 10/8-10/12 World News · Goldman Sachs cuts its forecast for U.S economic growth over the weekend, citing a “longer lasting virus drag on virus-sensitive consumer services” and the impact of an extended shortage in global semiconductors. Goldman trimmed its 2021 growth forecast by 10 basis points, to 5.6%, while lowering its 2022 estimate by 40 basis point to 4%, adding that consumer spending is likely to be held back by pandemic uncertainty and a softer-than-expected fiscal response from the Biden administration. · Taiwan will keep bolstering its defenses to ensure nobody can force them to accept the path China has laid down that offers neither freedom nor democracy, President Tsai Ing-wen said on Sunday – Reuters Sector News Breakdown Consumer · Southwest Airlines ($LUV) cancelled 808 flights yesterday and has cancelled another 1,006 today, according to data from Flightaware.com. The company blamed the disruption on air traffic control issues and weather, although other major airlines are not delaying or cancelling flights at an elevated rate. There was speculation that some Southwest employees have called in sick in a form of protest over the mandatory vaccination rules in place, which have been unconfirmed · Hasbro ($HAS) said CEO Brian Goldner will take a medical leave of absence, effective immediately, slightly more than a year after disclosing that he was undergoing continued medical care following treatment for cancer in 2014. Energy, Industrials and Materials · Honeywell ($HON) raised its business outlook for jet deliveries on Sunday as travel restrictions ease as they now see 7,400 new business jet deliveries worth $238 bln over the next 10 years, up 1% from the same 10-year forecast a year ago. Business jet operators surveyed by Honeywell reported a sharp increase in their used jet purchase plans, 12% above last year’s report · Emerson Electric ($EMR) plans to merge two of its software businesses with Aspen Technology (AZPN) in a roughly $11B deal that values Aspen at around $160 a share, as shareholders would receive $87 and 0.42 share of the combined company for each share they currently own – WSJ https://on.wsj.com/3FxyVx7 · Cleveland-Cliffs ($CLF) agrees to acquire Ferrous Processing and Trading, one of the largest processors and distributors of prime ferrous scrap in the U.S., in a deal with an enterprise value of ~$775M. · Tutor Perini’s ($TPC) joint-venture signed a contract valued at ~$178 million by the U.S. Department of the Interior, Bureau of Reclamation, for the Friant-Kern Canal Middle Reach Capacity Correction Phase I project in central California, southeast of Visalia. Financials · Prudential ($PRU) mentioned positively in Barron’s saying for many years, Prudential Financial’s stock had a nice yield, but it didn’t offer much capital appreciation. The pandemic didn’t help, as the shares lost about 12% last year, dividends included, versus an 18% return for the S&P 500 index. But the market has changed its view, partly owing to an uptick in rates. On top of that, Prudential, whose businesses include life insurance, variable annuities, and asset management, is getting some credit for more-consistent earnings in recent years. Healthcare · Supernus Pharmaceuticals, Inc. ($SUPN) to acquire Adamas Pharmaceuticals, Inc. (ADMS) through a tender offer for $8.10 per share in cash (or an aggregate of approximately $400 million), payable at closing plus two non-tradable contingent value rights (CVR) collectively worth up to $1.00 per share in cash (or an aggregate of approximately $50 million), for a total consideration of $9.10 per share in cash (or an aggregate of approximately $450 million). · AstraZeneca ($AZN) Phase 3 trial met its primary end point; trial showed a reduced risk of death & severe C-19 by 67% in a trial where 90% of participants were from high-risk categories; only long acting antibody combination that can both prevent & treat C-19 · Merck ($MRK) submitted an Emergency Use Authorization (EUA) application to the U.S. FDA for molnupiravir, an investigational oral antiviral medicine, for the treatment of mild-to-moderate COVID-19 who are at risk for progressing to severe COVID-19 and/or hospitalization · Regenxbio ($RGNX) announces initial data from the ongoing Phase II ALTITUDE trial of RGX-314 for the treatment of diabetic retinopathy (DR) without center-involved diabetic macular edema (CI-DME) using in-office suprachoroidal delivery. · BeiGene ($BGNE) announced that BRUKINSA has been approved in Australia for the treatment of adult patients with mantle cell lymphoma who have received at least one prior therapy Technology, Media & Telecom · Apple ($AAPL) asked a federal appeals court on Friday to throw out a legal decision that would require the tech giant to tweak its strict App Store rules and force it to allow app developers to inform customers of ways to pay for subscriptions and services outside the App Store – NYT · Gray Television ($GTN) a positive mention in Barron’s saying at about $23.50 a share, it has a price/earnings ratio of five based on 2022 estimates. It looks like an inexpensive way to bet on broadcast as Gray’s strength in local news helps it make a killing in political ads · Toshiba Corp ($6502.T) said it would announce the results of a strategic review of its business along with its quarterly earnings results and a new mid-term business plan on Nov. 12. A spokesperson said the results of Toshiba’s strategic review would be part of the new business plan. The company had previously said the review would be announced this month. · U.S.-listed Chinese tech stocks Alibaba ($BABA), JD.com ($JD) and Baidu ($BIDU) among market leaders early; BABA shares up over 5% after Reuters noted the Daily Journal Corp, chaired by Berkshire Hathaway Vice Chairman Charlie Munger, boosted its holdings in BABA by 83% during Q3, according to public disclosures. Also helping sentiment in China listed stocks, China’s antitrust regulator also fines delivery giant Meituan 3.4 bln yuan ($527.4 mln), a smaller than expected figure, for abusing its dominant market position · Comcast ($CMCSA) downgraded to Market Perform from Outperform at Raymond James

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UK Markets Closed lower on Friday, amid concerns over slowing economic growth, supply chain problems in British factories and Brexit. AO World plunged 24.3%, after the online electrical retailer forecasted its full year core earnings to be below expectations. Darktrace fell 3.2%, after shareholders KKR Dark Aggregator LP, Summit DT CLN Holdings 4 and Balderton Capital SFI SLP sold 25 million shares in the company. Greencore Group shed 2.4%, even though the food maker announced that its adjusted annual profits would be ahead of expectations. Capita slid 0.8%, after the outsourcing giant agreed to sell its Secure Solutions and services business to NEC Software Solutions UK Ltd. in a deal worth £62.0 million. On the other hand, Euromoney Institutional Investor climbed 7.7%, after the company announced that its annual pretax profit would surpass analysts’ expectations. The FTSE 100 slipped 0.8%, to close at 7,027.1, while the FTSE 250 fell 0.2%, to end at 22,925.8. . European Markets Closed lower on Friday, amid concerns over a slowdown in global economic growth and rising inflation. Credit Agricole fell 1.1%, after the lender confirmed that it is in talks with Holmarcom regarding a potential sale of its stake in Moroccan subsidiary, Crédit du Maroc. Orange shed 0.8%, even though the company announced that it would provide funds worth €230 million to strengthen the development of Orange Bank. ING Groep slid 0.5%, after the company announced a share buyback program worth €1.74 billion. On the other hand, Electricite de France advanced 5.9%, following French Prime Minister, Jean Castex’s announcement that February’s electricity price rise would be capped at 4.0%. Leoni added 4.4%. The company announced that it would sell the Business Group Leoni Industrial Solutions to BizLink Holding Inc. The FTSEurofirst 300 index slipped 0.5%, to close at 1,751.2. Among other European markets, the German DAX Xetra 30 fell 0.7%, to close at 15,156.4, while the French CAC-40 marginally dropped to settle at 6,517.7. . US Markets Cclosed higher on Friday, amid optimism surrounding a new oral treatment for Covid-19. Merck climbed 8.4%, after the pharmaceutical company announced that its new antiviral medicine lowered the risk of death or hospitalisation in Covid patients by 50%. International Flavors & Fragrances advanced 5.5%, after the company indicated that its Chief Executive Officer, Andreas Fibig announced that he intends to retire. Coty added 4.1%, after the cosmetics company announced plans to sell a minority stake in its Wella beauty business to private equity firm, KKR. Walt Disney rose 4.0%, following news that Disney and Scarlett Johansson resolved a lawsuit involving the “Black Widow” movie. On the flipside, Lordstown Motors declined 18.2%. The company finalised a deal to sell its Ohio assembly plant to iPhone maker, Foxconn for a consideration of $230 million. The S&P 500 gained 1.2%, to settle at 4,357.1. The DJIA rose 1.4% to settle at 34,326.5, while the NASDAQ advanced 0.8%, to close at 14,566.7. . Asian Markets We’re trading lower this morning. In Japan, M3, TDX and Konami Holdings have dropped 4.5%, 4.9% and 6.2%, respectively. Meanwhile, JGC Holdings, Tokyu and J. Front Retailing have advanced 2.5%, 3.6% and 4.2%, respectively. In Hong Kong, Xiaomi, Sunny Optical Technology Group and Anta Sports Products have fallen 4.0%, 4.5% and 4.9%, respectively. Meanwhile, CNOOC, Henderson Land Development and New World Development have risen 0.2%, 0.7% and 1.7%, respectively. Markets in South Korea are closed today on account of a public holiday. On Friday, the Kospi index fell 1.6% to settle at 3,019.2. Today, the the Nikkei 225 index is trading 1.0% lower at 28,497.6, while the Hang Seng index is trading 2.2% down at 24,024.9.

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By Elizabeth Howcroft LONDON (Reuters) - The U.S. dollar climbed to its highest in more than five weeks, while other major G10 currencies dropped, as higher U.S. Treasury yields made the dollar more attractive to investors. U.S. Treasury yields have surged since the end of last week, after the Federal Reserve said it will likely begin reducing its monthly bond purchases as soon as November and hinted that interest rate hikes may follow. At 1132 GMT, the U.S. dollar index was up 0.2% at 93.6, having earlier hit 93.67, its highest since Aug. 20. "It’s squarely down to the yield performance in the U.S. bond market," said Neil Jones, head of FX sales at Mizuho. "Ten-year Treasuries have crossed that psychological border, 1.5%. Amongst major economies around the world, it's tough to get 1.5% return on a currency and now the dollar interest rates are pushing in that direction so it makes (the dollar) more attractive." Risk aversion exacerbated the currency market moves, Jones said, with equity markets down. The Australian dollar, which is seen as a liquid proxy for risk appetite, was down 0.5% at $0.72525. The euro was down 0.1% versus the dollar at $1.1686. "Amidst the many cross-currents in FX markets right now - energy, Evergrande, US debt ceiling, Delta - one theme that seems to be gaining traction is that the market lies on the cusp of re-assessing the path for the Fed tightening cycle," ING strategists wrote in a note to clients. "A big move higher in the short-end is the key reason why we are bullish on the dollar, particularly from 2Q next year, but we will closely monitor and re-assess whether that move needs to come earlier - largely a function of timing the take-off in short-end rates." The Japanese yen dropped to its lowest in nearly three months against the dollar, down 0.3% on the day at 11.385 as of 1140 GMT. The yen is the G10 currency most correlated with U.S. two-year and 10-year Treasury yields, MUFG currency analyst Lee Hardman said in a note to clients. "Upward pressure on U.S. yields should continue to provide a lift for USD/JPY in the near-term," he said, though he added the yen is "deeply undervalued," which could limit the extent of the weakness. ING strategists said the yen's weakness was also due to Japan's role as a large energy importer. Oil prices climbed for a sixth day on Tuesday and prices of liquefied natural gas (LNG) and coal also rose. Minutes from the Bank of Japan's July meeting showed that some central bank policymakers warned of the risk of a delay in the country's economic recovery. The British pound was down 0.7% at $1.361. The currency jumped last week after a hawkish tone by the Bank of England, but analysts struck a cautious note on the currency as Britain struggled with supply chain chaos. The offshore yuan was steady at 6.4606. China's central bank said it would protect consumers exposed to the housing market on Monday and injected more cash into the banking system as the Shenzhen government began investigating the wealth management unit of ailing developer Evergrande. Power shortages in China have stopped production at many factories. Goldman Sachs (NYSE:GS) estimated that as much as 44% of China's industrial activity has been hit.

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By Clare Jim, Anshuman Daga and Kane Wu HONG KONG/NEW YORK (Reuters) - Persistent default fears eclipsed efforts by China Evergrande Group's chairman to lift confidence in the embattled firm on Tuesday, as Beijing showed no signs it would intervene to stem any domino effects across the global economy. Analysts played down the threat of Evergrande's troubles becoming the country's "Lehman moment," though concerns about the spillover risks of a messy collapse of what was once China's top-selling property developer have roiled markets. In an effort to revive battered confidence in the firm, Evergrande Chairman Hui Ka Yuan said in a letter to staff the company is confident it will "walk out of its darkest moment" and deliver property projects as pledged. In the letter, coinciding with China's mid-autumn festival, the chairman of the debt-laden property developer, also said Evergrande will fulfil responsibilities to property buyers, investors, partners and financial institutions. "I firmly believe that with your concerted effort and hard work, Evergrande will walk out of its darkest moment, resume full-scale constructions as soon as possible," said Hui, without elaborating how the company could achieve these objectives. Investors in Evergrande, however, remained on edge. Its shares fell as much as 7%, having tumbled 10% in the previous day, on fears its $305 billion in debt could trigger widespread losses in China's financial system in the event of a collapse. The stock ended down 0.4%. Other property stocks such as Sunac, China's No.4 developer, and state-backed Greentown China on Tuesday recouped some of their hefty losses in the previous session. The Hong Kong property sector index rose nearly 3%. "There must be negotiations behind the scenes about a systemic recapitalization (of Evergrande) by state proxies," said Andrew Collier, managing director of Hong Kong-based Orient Capital Research. "If one piece of Evergrande's debt is allowed to default, it would trigger questions about all of their remaining debt from investors and the government doesn't want a wider crisis like that," he said. The Chinese government has been largely quiet on the crisis at Evergrande in recent weeks. World stocks stabilised somewhat on Tuesday and oil prices recovered from the previous day's heavy selling, as investors grew more confident that contagion from the distress of Evergrande would be limited. However, the spillover concerns at least in the property sector remained. S&P Global (NYSE:SPGI) Ratings downgraded Sinic Holdings to 'CCC+' on Tuesday, citing the Chinese developer's failure "to communicate a clear repayment plan". Hong Kong-listed shares of small-sized Chinese developer Sinic plunged 87% on Monday, wiping $1.5 billion off its market value before trading was suspended. A major test for Evergrande comes this week, with the firm due to pay $83.5 million in interest relating to its March 2022 bond on Thursday. It has another $47.5 million payment due on Sept. 29 for March 2024 notes. Both bonds would default if Evergrande fails to settle the interest within 30 days of the scheduled payment dates. "I think (Evergrande's) equity will be wiped out, the debt looks like it is in trouble and the Chinese government is going to break up this company," said Andrew Left, founder of Citron Research and one of the world’s best known short-sellers. "But I don't think that this is going to be the straw that breaks the global economy's back," said Left, who in June 2012 published a report that said Evergrande was insolvent and had defrauded investors. SPILLOVER RISKS The Chinese government will help Evergrande at least get some capital, but it may have to sell some stakes to a third party, such as a state-owned enterprise, Dutch bank ING said in a research note. "The spin-off of non-core businesses, for example, those that are not residential real estate type businesses, will probably be done first," wrote Iris Pang, ING's Chief Economist, Greater China. "After that could come sales of stakes that are at the core of Evergrande's business," Pang said. Citi analysts in a research note said that regulators may "buy time to digest" Evergrande's non-performing loan problem by guiding banks not to withdraw credit and extend the interest payment deadline. Still, Citi said that while Evergrande's default crunch was a potential systemic risk to China's financial system, it was not shaping up as "China's Lehman moment". In any default scenario, Evergrande, teetering https://www.reuters.com/world/china/chinas-house-cards-evergrande-threatens-wider-real-estate-market-2021-09-14 between a messy meltdown, a managed collapse or the less likely prospect of a bailout by Beijing, will need to restructure the bonds, but analysts expect a low recovery ratio for investors. S&P Global Ratings said in a report on Monday it does not expect Beijing to provide any direct support to Evergrande. "We believe Beijing would only be compelled to step in if there is a far-reaching contagion causing multiple major developers to fail and posing systemic risks to the economy," the rating agency said. "Evergrande failing alone would unlikely result in such a scenario," S&P said.

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Key Metrics

Market Cap

38.56 B

Beta

1.19

Avg. Volume

7.54 M

Shares Outstanding

3.91 B

Yield

4.26%

Public Float

0

Next Earnings Date

2022-08-04

Next Dividend Date

Company Information

CEO: Steven van Rijswijk

Website:

HQ: Amsterdamse Poort Amsterdam, 1102 MG Noord Holland

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