Nine Energy Service Inc
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0.794 - 11.2
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By Pavel Polityuk and Jonathan Landay KYIV/MYKOLAIV, Ukraine (Reuters) -The world must respond firmly to any Russian attempts to disrupt Ukraine's grain export corridor, President Volodymyr Zelenskiy said, as more ships were loading despite Moscow suspending its participation in a U.N.-brokered deal. One of the global consequences of Russia's war on its neighbour has been food shortages and a cost of living crisis in many countries, and a deal brokered by the United Nations and Turkey on July 22 had provided safe passage for vessels carrying grain and other fertiliser exports. Russia suspended its involvement in accord over the weekend, saying it could not guarantee safety for civilian ships because of an attack on its Black Sea fleet. In a late Tuesday night video address, Zelenskiy said ships were still moving out of Ukrainian ports with cargoes thanks to the work of Turkey and the United Nations. "But a reliable and long-term defence is needed for the grain corridor," Zelenskiy said. "Russia must clearly be made aware that it will receive a tough response from the world to any steps to disrupt our food exports," Zelenskiy said. "At issue here clearly are the lives of tens of millions of people." The grains deal aimed to help avert famine in poorer countries by injecting more wheat, sunflower oil and fertilizer into world markets and to ease a dramatic rise in prices. It targeted the pre-war level of 5 million metric tonnes exported from Ukraine each month. The U.N. coordinator for grain and fertiliser exports under the accord said on Twitter on Tuesday that he expects loaded ships to leave Ukrainian ports on Thursday. Ukrainian Infrastructure Minister Oleksandr Kubrakov said on Twitter that eight vessels were expected to pass through the corridor on Thursday. Having spoken to his Russian counterpart twice in as many days, Turkish Defence Minister Hulusi Akar hoped the deal would continue, adding that he expected a response from Russia "today and tomorrow". POWER CUTS Russia fired missiles at Ukrainian cities including the capital Kyiv in what President Vladimir Putin called retaliation for an attack on Russia's Black Sea Fleet over the weekend. Ukraine said it shot most of those missiles down, but some had hit power stations, knocking out electricity and water supplies. Nine regions were experiencing power cuts. "We will do everything we can to provide power and heat for the coming winter," Zelenskiy said. "But we must understand that Russia will do everything it can to destroy normal life." Authorities in Kyiv were preparing more than 1,000 heating points throughout the city in case its district heating system is disabled, Mayor Vitali Klitschko said. The United States denounced the attacks, saying about 100 missiles had been fired on Monday and Tuesday targeting water and energy supplies. "With temperatures dropping, these Russian attacks aimed at exacerbating human suffering are particularly heinous," State Department spokesperson Ned Price told reporters at a daily briefing. Russia denies targeting civilians. Kyiv came under further attack overnight, authorities said. Zelenskiy's chief of staff Andriy Yermak said Ukrainian soldiers shot down 12 out of 13 Iranian drones. "We are now actively conducting a dialogue regarding the supply of modern air defense systems, we are working on this every day," he said on the Telegram messaging app. KHERSON EVACUATIONS Russia told civilians on Tuesday to leave an area along the eastern bank of the Dnipro River in the Ukrainian province of Kherson, a major extension of an evacuation order that Kyiv says amounts to the forced depopulation of occupied territory. Russia had previously ordered civilians out of a pocket it controls on the west bank of the river, where Ukrainian forces have been advancing for weeks with the aim of capturing the city of Kherson, the first city that Russian forces took control over after invading Ukraine on Feb. 24. Russian-installed officials said on Tuesday they were extending that order to a 15-km (9-mile) buffer zone along the east bank too. Ukraine says the evacuations include forced deportations from occupied territory, a war crime. The mouth of the Dnipro has become one of the most consequential frontlines in the war. Seven towns on the east bank would be evacuated, comprising the main populated settlements along that stretch of the river, Vladimir Saldo, Russian-installed head of occupied Kherson province, said in a video message. Russian-installed authorities in the Kherson region also said an obligatory evacuation of Kakhovka district, close to the Nova Kakhovka hydroelectric station, was to begin on Nov. 6. Moscow has accused Kyiv of planning to use a so-called "dirty bomb" to spread radiation, or to blow up a dam to flood towns and villages in Kherson province. Kyiv says accusations it would use such tactics on its own territory are absurd, but that Russia might be planning such actions itself to blame Ukraine. In the city of Bakhmut, a target of Russia's armed forces in their slow advance through the eastern Donetsk region, some residents were refusing to leave as fighting intensified. "Only the strongest stayed," said Lyubov Kovalenko, a 65-year-old retiree. "Let’s put it this way, the poor ones. Everyone is wearing whatever clothing we have left." Rodion Miroshnik, "ambassador" of the neighbouring Russian-occupied region of Luhansk, said Russian troops and their allies had repelled Ukrainian attacks on the towns of Kreminna and Bilohorivka. Moscow describes its actions in Ukraine as a "special military operations to demilitarise and "denazify" its neighbour. Ukraine and Western nations have dismissed this as a baseless pretext for invasion.
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Summary Cano Health currently presents an interesting investment opportunity with a potential short-term 58% upside. Recently, rumors appeared that Cano Health has received acquisition interest, with healthcare industry giants CVS Health, Humana and UnitedHealth among the rumored buyers. Given ongoing pressure from two prominent activists and industry consolidation trends, I expect a company sale to be announced shortly. Looking for more investing ideas like this one? Get them exclusively at Special Situation Investing. Learn More » Health visitor and a senior woman during nursing home visit A Potential company sale might be brewing up behind the scenes. Cano Health (NYSE:CANO) owns and operates senior primary care health centers in nine US states, with a primary focus on Florida. Recently, Bloomberg, Reuters and WSJ reported that the company has received acquisition interests, with health industry giants Humana (HUM), UnitedHealth (UNH) and CVS Health (CVS) mentioned as the front-runners to buyout CANO. Acquisition rumors follow activism from several of CANO's shareholders. In March, Daniel Loeb's Third Point (2.2% of voting power) started to push the company towards strategic alternatives, arguing that CANO should address the value gap (arising from the company going public through a SPAC) by initiating a company sale. Then, in August, Owl Creek Asset Management (owns 1%) delivered a letter, also considering the company undervalued versus peers and industry transactions. As it stands, it seems that the management/insiders (who own 55%) have been under pressure from two prominent activists to sell the company. Not surprisingly, in August, CANO's management stated that the company is open to all strategic alternatives and has hired financial advisors. Reportedly, the second round of discussions is currently ongoing, with the deal possibly finalized in the upcoming weeks. Reports do not mention the acquisition price, however, peer/transaction multiples (also mentioned by the activist Owl Creek) suggest $14/share might be a reasonable price tag - this would imply a 58% upside from current levels. Buyout rumors come amid broader healthcare industry consolidation trends as large healthcare insurers are scooping up healthcare providers in an effort to combine insurance and healthcare provider activities. The industry is currently in a shift towards value based care - a model where providers are paid based on patient health outcomes (as opposed to the traditional fee-for-service model where patients pay for each service rather than outcome). Naturally, the value-based care model closely aligns the interests of both health insurance firms and healthcare providers. Numerous industry executives, including Humana's Medicare President, have noted that value-based model has benefits for providers/insurers, including noticeably higher contribution margins, thus pushing up incentives for consolidation. Not surprisingly, these dynamics have spurred a number of acquisitions of healthcare providers by major health insurers. CVS is currently buying health care platform provider Signify Health (Sep'22), UNH is scooping up home care provider LHC Group (announced in Mar'22) and HUM has already acquired home healthcare provider Kindred at Home (Aug'21). The industry has also seen increasing M&A activity from non-insurers entering the space, including Amazon (AMZN) acquiring primary care company One Medical (announced in Jul'22, by the way CVS was one of the bidders there as well) and Walgreens Boots Alliance (WBA) purchasing a majority stake in primary care provider VillageMD (Oct'21). These dynamics and the fact that CANO might be an attractive target have also been recently reiterated by CANO's CEO: I expect continued consolidation and acceleration in the paradigm shift of value-based care. And what this means for us is yet another validation of how attractive our asset is and the industry as a whole. A Potential acquisition would make strategic sense for either of the rumored buyers HUM, UNH or CVS given CANO's extensive presence in Florida's primary care market. CANO is reportedly the largest independent value-based primary care provider to Medicare/Medicaid patients in the state. Meanwhile, three potential suitors currently rank as the three largest primary care insurers in the Florida. Humana and Cano have seemingly deep ties - HUM has been invested in Cano Health prior to CANO's IPO and still owns an undisclosed stake. Currently, CANO is HUM's biggest independent primary care provider in Florida. Interestingly, as part of their earlier agreement, HUM has a right of first refusal, meaning that HUM can match any acquisition offer made for CANO. Notably, HUM has significantly expanded its investment in primary senior care in the last five years, recently stating that the TAM is very large at $700bn. As part of its joint venture with PE firm Welsh Carson, Humana now aims to open 100 new CenterWell senior primary care clinics in the next three years. From the CEO's remarks during Q2'22 earnings call: We do see some great opportunity today, both CenterWell primary care and the home are agnostic and continue to see great growth, serving both other payers and other parts of the Medicare system. And at the same time, we're also seeing opportunity within our primary - within our pharmacy area to offer some agnostic opportunities there. So the ability for it to integrate and also to expand beyond the Medicare side of the business is really at the heart of what you see us more formally creating the CenterWell service side, while on the insurance side, continuing to leverage the efficiencies across the various different insurance platforms. Meanwhile, CVS's management, in addition to the recent acquisition of Signify Health, has recently stated that their priority is the same - to expand into the primary care segment: From Morgan Stanley Healthcare Conf: Well I think we are urging, obviously - we're very urging, I just ask our teams and I think if you think about our strategy, really we've been very clear that we want to extend into care delivery and we're starting with Signify. We can't always determine the order. Obviously primary care is something we believe we need to advance because we really want to enable consumers to have a differentiate experience and improve health outcomes. So we're playing our game. From the CVS Q2'22 earnings call: As you would expect, we are being very disciplined both strategically and financially, as we pursue kind of our M&A strategy. We can't be in the primary care without M&A. We've been very clear about that. Valuation Chart Comp Filings At current price levels, CANO seems undervalued on a TTM/2022E revenue basis relative to larger peers OSH (also owns and operates primary care centers) and AGL (runs primary care physician networks so not as comparable). Moreover, recently announced ONEM and SGFY acquisitions were done at noticeably higher multiples. Activist Owl Creek notes the following reasons for why CANO might be trading at a discount to peers/industry transactions: Unfortunately, Cano has consistently traded at a discount to its peers due to its SPAC heritage, its hybrid model (owned and operated medical centers along with affiliates), and heavy concentration in the South Florida market. One could argue for some discount due to one or more of these factors, but the valuation discrepancy between Cano and peers is highly punitive. Another activist Third Point also agrees that the undervaluation is explained by both SPAC heritage and the company's shareholder base (given dual class structure and high insider ownership): However given recent developments at the Issuer and taking into account the market's largely unfavorable view of companies taken public through special purpose acquisition vehicles, the Reporting Persons believe the Board of Directors should immediately engage financial and legal advisors to commence a review of strategic alternatives. […] The Reporting Persons believe this strategic review should focus on a sale of the Issuer, and that a properly run sales process is likely to result in offers representing a substantial premium to the Issuer's trading price. The Reporting Persons believe that the Issuer is unlikely to achieve such valuation on a stand-alone basis, in part due to structural issues with its shareholder base. The activist Owl Creek has stated that CANO has been undervalued by the market despite having higher 2022E revenues than both OSH/AGL and being on track to exceed 2022 membership/revenue/EBITDA guidance. Using a 3x revenue multiple based on peers OSH/AGL and Amazon's acquisition of ONEM, Owl Creek arrives at an acquisition price tag of $14/share. The markets have moved down a bit since the letter was written, so a 3x multiple would now translate to a $13/share price. More background on CANO Historical financials are provided below: Table Company Filings Financially, since going public in 2020, CANO has managed to record high revenue growth - 93% in 2021. Notably, the growth has to a large degree been driven by acquisitions, including purchase of University Health Care and Doctor's Medical Center for a total of $900m (announced in Jun'21 and Jul'21). This has allowed the company to significantly increase its patient base as number of memberships has expanded from 156k to 282k over the last year. That said, the business is yet to turn profitable and is still burning cash - $135m in 2021 operating losses. From a liquidity perspective, the company is quite highly levered with $878m in net debt (compared to $4.2bn market cap). Given CANO's business model, the company needs extensive capital to accelerate further growth. At current share price levels, any equity raise would seem highly dilutive given that even after the buyout rumors the stock trades below pre-2022 levels of $9-$16/share. CANO's shares are rather tightly held with 55% of the voting power (Class A + Class B shares) held by the management + insiders. CANO went public in 2020 through a SPAC backed by Starwood Capital CEO Barry Sternlicht who now holds 9% voting power. Another 33% of total shares are owned by a PE firm InTandem Capital Partners which has backed the company since 2016. Both Sternlicht and InTandem's managing partner Elliot Cooperstone currently sit on CANO's board. Interestingly, Cooperstone was previously the CEO of Prodigy Health Group which was acquired by Aetna, a subsidiary of CVS Health. Another 17% are held by six institutional investors, including FMR (7%), BlackRock (3%) and Millennium Asset Management (2%), among others. Risks According to the activist Owl Creek, last year CVS stated that the company had well over $10bn to deploy towards strategic initiatives related to value-based care. With the SGFY acquisition, the company will spend around $7bn, potentially implying that the management might not be willing to pursue another large acquisition. This risk, however, seems limited given CVS's overall large gross cash position ($15bn in cash + investments) and the fact that SGFY captures a slightly different market niche than CANO - it is a healthcare platform which does not own and operate health centers. Management/insiders not agreeing to sell their stake. That said, considering prominent activist pressure, current market turbulence and the fact that the company is yet to inflect towards profitability, an offer at $14/share - a share price close to 2021 highs - could seal the deal. Conclusion CANO presents a very interesting investment opportunity with a short potential timeline. I believe that prominent activist involvement and industry consolidation dynamics point to a company sale brewing up behind the scenes. Importantly, risk/reward seems to be highly favorable here, suggesting that investors might consider CANO as a long position in their portfolios.
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**pkedrosky:** This is a remarkable story in a top sports science journal: Former British Journal of Sports Medicine editor's articles are subject to nine retractions and 38 "expressions of concern" https://t.co/Pb070QArpX https://twitter.com/pkedrosky/status/1579844071580790785
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**IanShepherdson:** Initial jobless claims have now undershot the consensus forecast for *nine* straight weeks. When economists get an idea stuck in their heads, they don't give it up easily; evidence be damned. https://twitter.com/IanShepherdson/status/1572944976660537346
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*DIRECTORS AT TWO REGIONAL FEDS SOUGHT 100 BP JULY RATE HIKE *FED SAYS NINE REGIONAL FEDS SOUGHT 75 BPS DISCOUNT RATE RISE
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@dros, Musk had two more kids in Nov with Shivon Zilis, "one of his top executives," currently the director of operations and special projects for Neuralink. He now has nine "known" children. This gives new meaning to idea that Musk never sleeps.
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Tiger Woods turned down nine-digit offer from LIV Golf league
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By Kanupriya Kapoor (Reuters) - Asia stocks rose on Wednesday even as central banks piled into aggressive rate hikes to battle soaring inflation and left investors worried about slower global growth. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.72%, with Australian shares up 0.72%, Seoul adding 0.84% and Taiwan advancing 1.07%. Hong Kong's Hang Seng and China's main indexes also traded higher, while Japan's Nikkei share average slipped 0.04%. European markets also looked set for a firmer open, with pan-European futures up 0.93% and FTSE 100 futures rising 0.88%. The U.S. dollar index =USD - which measures the currency against six major rivals - rebounded 0.16% to 101.92, a level not seen since April 26. Meanwhile the kiwi hit a three-week high of $0.65 after the New Zealand central bank raised rates by an aggressive 50 basis points and signalled more to come. Overnight, Wall Street reeled from weak housing and manufacturing data, while U.S. central bankers backed two more big interest rate hikes as early as June and July to fight 40-year-high inflation. The Nasdaq Composite dropped 2.35% and the S&P 500 lost 0.81%.[.N] New home sales in the U.S. fell 16.6% month-on-month in April, the largest decline in nine years, sending U.S. Treasuries yields down to one-month lows as investors turned once again to safety. The benchmark 10-year note was at 2.766% and the 2-year yield was at 2.522%. But Atlanta Fed President Raphael Bostic warned headlong rate hikes could create "significant economic dislocation" and was among a handful of Fed policymakers who favour reducing the pace of rate hikes later in the year if inflation cools. Investors in Asia remain similarly nervous about growth being impacted by the effects of persistent Chinese COVID-19 lockdowns, which threaten to undermine recent stimulus measures in the world's second-largest economy. "In Asia, investor debate centers on whether or not China's easing policies are sufficient to offset downward pressures,” Stephen Innes of SPI Asset Management said in a note. "Fiscal multipliers will be minimal in an economy where economic activity have slowed sharply. Moving beyond mobility restrictions in short order is a pre-condition, but not a guarantee, for an Asia-led economic recovery." Gold prices dipped 0.19% to $1,862.27 per ounce, having risen to their highest in two weeks on Tuesday, as the greenback gained. Oil prices climbed more than 1% on the prospect of tight supplies. U.S. crude futures rose to $111.05 a barrel, and Brent rose to $114.86.
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By David Shepardson WASHINGTON (Reuters) -Investigators looking into the crash of a China Eastern Airlines (NYSE:CEA) jet are examining whether it was due to intentional action on the flight deck, with no evidence found of a technical malfunction, two people briefed on the matter said. The Wall Street Journal reported on Tuesday that flight data from one of the Boeing (NYSE:BA) 737-800's black boxes indicated that someone in the cockpit intentionally crashed the plane, citing people familiar with the preliminary assessment of U.S. officials. Boeing Co , the maker of the jet, and the U.S. National Transportation Safety Board (NTSB) declined to comment and referred questions to Chinese regulators. The Civil Aviation Administration of China (CAAC), which is leading the investigation, did not respond immediately to a request for comment. The Boeing 737-800, en route from Kunming to Guangzhou, crashed on March 21 in the mountains of the Guangxi region, after a sudden plunge from cruising altitude, killing all 123 passengers and nine crew members aboard. It was mainland China's deadliest aviation disaster in 28 years. The pilots did not respond to repeated calls from air traffic controllers and nearby planes during the rapid descent, authorities have said. One source told Reuters investigators were looking at whether the crash was a "voluntary" act. Screenshots of the Wall Street Journal story appeared to be censored both on China's Weibo (NASDAQ:WB) social media platform and the Wechat messaging app on Wednesday. The hashtag topics "China Eastern" and "China Eastern black boxes" are banned on Weibo, which cited a breach of laws, and users are unable to share posts on the incident in group chats on Wechat. The CAAC said on April 11 in response to rumors on the internet of a deliberate crash that the speculation had "gravely misled the public" and "interfered with the accident investigation work". A woman who asked to be identified only by her surname, Wen, who lost her husband in the crash, told Reuters on Wednesday that she had not seen the Wall Street Journal report but hoped the results of the investigation would be released soon. Wen said she and other victims' family members had signed an agreement with China Eastern that included a point about compensation, but she declined to say how much had been offered. China Eastern did not immediately respond to a request for comment. The Wall Street Journal said the airline had said in a statement that no evidence had emerged that could determine whether there were any problems with the aircraft. NO TECHNICAL RECOMMENDATIONS The 737-800 is a widely flown predecessor to Boeing's 737 MAX but does not have the systems that have been linked to fatal 737-MAX crashes in 2018 and 2019, which led to a lengthy grounding of the MAX. China Eastern grounded its entire fleet of 737-800 planes after the crash but resumed flights in mid-April, a decision widely seen at the time as ruling out any immediate new safety concerns over Boeing's most widely used model. In a summary of an unpublished preliminary crash report last month, Chinese investigators did not point to any technical recommendations for the 737-800, which has been in service since 1997 with a strong safety record, according to experts. NTSB Chair Jennifer Homendy said in a May 10 Reuters interview that board investigators and Boeing had traveled to China to assist the Chinese investigation. She noted that the investigation had not found any safety issues that would require any urgent action. Homendy said if the board had any safety concerns it would "issue urgent safety recommendations." The NTSB assisted Chinese investigators with the review of black boxes at its U.S. lab in Washington at China's request, despite political tensions between the countries. CAAC said the NTSB confirmed that it did not release information about the China Eastern crash to media, the state-owned Global Times reported. Shares of Boeing closed up 6.5%. A final report into the causes could take two years or more to compile, Chinese officials have said. Analysts say most crashes are caused by a cocktail of human and technical factors. Deliberate crashes are exceptionally rare globally. Experts noted the latest hypothesis left open whether the action stemmed from one pilot acting alone or the result of a struggle or intrusion but sources stressed nothing has been confirmed. The cockpit voice recorder was damaged during the crash and it is unclear whether investigators have been able to retrieve any information from it. In March 2015, a Germanwings co-pilot deliberately flew an Airbus A320 into a French mountainside, killing all 150 on board. French investigators found the 27-year-old was suffering from a suspected "psychotic depressive episode," concealed from his employer. They later called for better mental health guidelines and stronger peer support groups for pilots.
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9 Out of 10 Central Banks Exploring Digital Currency, BIS Says https://www.coindesk.com/policy/2022/05/06/nine-out-of-ten-central-banks-exploring-digital-currency-bis-says/?utm_medium=referral&utm_source=rss&utm_campaign=headlines
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Nine Out of Ten Central Banks Exploring Digital Currency, BIS Says https://www.coindesk.com/policy/2022/05/06/nine-out-of-ten-central-banks-exploring-digital-currency-bis-says/?utm_medium=referral&utm_source=rss&utm_campaign=headlines
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By Alun John HONG KONG (Reuters) - Asian shares were set for their best day in six weeks on Friday led by Chinese tech stocks after reports of a possible resolution to the Sino-U.S. audit dispute, giving investors much needed respite from worries of a global economic slowdown. Still, a key regional share index was set for its worst month in nine as the Ukraine war and expectations for aggressive U.S. rate hikes in coming months have added to the anxieties, propelling the safe-haven dollar to near 20-year peaks. Hong Kong listed tech stocks rose as much as 10% on Friday as trading resumed after the lunchtime pause. Ecommerce players JD (NASDAQ:JD).com and Alibaba (NYSE:BABA) each rose as much as 15% and Meituan gained around 12%. All three are listed in both the U.S. and Hong Kong bourses. They and their peers' stock prices had been affected by U.S. moves to delist Chinese companies because Beijing restricted the U.S. audit regulator's access to their audit documents. Reports on Friday that a resolution to the dispute was in sight had driven the sharp gains, said Steven Leung executive director of institutional sales at brokerage UOB Kay Hian in Hong Kong. The gains from Chinese index heavyweights sent MSCI's broadest index of Asia-Pacific shares outside Japan 1.9% higher, which would be its best day since March 17. Also helping was the Politburo, the top decision-making body of China's Communist Party, saying China will step up policy support to stabilise the economy, and a strong Wall Street after robust earnings from Facebook (NASDAQ:FB) parent Meta Platforms had driven the Nasdaq 3% higher overnight. [.N] However, Nasdaq futures fell around 0.7% in Asia trade, pressured by disappointing earnings from Amazon (NASDAQ:AMZN) after market close. European futures rose 1.29% and FTSE futures advanced 0.86%. LONGER TERM FEARS Friday's gains marked a recovery to the brutal sell-offs in globally stocks in recent weeks. The Asian regional benchmark is heading for a 5.6%% drop for the month, its worst month since July 2021. Until Friday's gains, it was set for its worst month in two years. "There are four near term catalysts driving the market at the moment: U.S. earnings which we are about half way through, rising U.S. Treasury yields and lots of hawkish speak from the Fed, the war in Ukraine, and China policy," said Fook-Hien Yap, senior investment strategist at Standard Chartered (OTC:SCBFF) Wealth Management. Yap believes Asian shares have room to rise further as much of the bad news was already priced in, though a strong rally in risk assets like equities would need U.S. yields to steady. The benchmark 10 year yield finished the U.S. session at 2.8205%, having reached as high as 2.981% on April 20. The two year yield was at 2.6132%. [US/] They didn't trade in Asia on Friday due to the holiday in Tokyo. This week has also been a volatile one for currencies. The dollar index, which tracks the greenback against six major peers fell 0.38% to 103.27 on Friday due to the improved risk sentiment, but was still not far from Thursday's high of 103.93 - its highest level since late 2022. The index's current monthly gain of 5% would be its best since 2015. On top of the safety-bid for the dollar, the rally has also been fed by market expectations for 150 basis points of rate hikes in just three Federal Reserve meetings. The aggressive Fed tightening path, mainly to curtail sky high inflation, far out paces other global central banks. The dollar's recent gains have been most significant against the yen, and it swept past the key psychological 130 yen level on Thursday, setting a fresh 20 year high. [FRX/] Weakness in China's yuan gathered pace on Friday, putting the currency on track for its biggest monthly drop since 1994, pressured by broad dollar strength and lockdowns in many major cities to curb the spread of COVID-19. Oil prices remained choppy as traders grappled with the supply issues stemming from the war in Ukraine as well as the demand impact of lockdowns in China. Brent crude rose 0.9% on Friday to 108.56 per barrel, U.S. crude rose 0.65% to $106.02. [O/R] Spot gold rose 0.65% to $1906.7 an ounce. [GOL/]
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By Peter Nurse Investing.com - European stock markets are expected to open marginally higher Tuesday ahead of the start of another round of peace talks between Ukraine and Russia in Turkey this week. At 2 AM ET (0600 GMT), the DAX futures contract in Germany traded 0.4% higher, CAC 40 futures in France climbed 1.2% and the FTSE 100 futures contract in the U.K. rose 0.6%. Ukrainian and Russian negotiators are set later Tuesday to meet in Turkey for face-to-face talks, the first direct talks between the two sides in more than two weeks. However, despite the stock market gains, there appears little hope of a breakthrough, with Kyiv seeking a ceasefire without compromising on territory or sovereignty while Russia continues to make territorial demands, including Crimea, which Moscow seized and annexed in 2014, and some eastern territories. Ahead of the talks, Ukrainian President Volodymyr Zelensky on Monday urged Western nations to toughen sanctions quickly against Russia, including an oil embargo, something a number of European countries have been reluctant to impose given their reliance on Russian energy supplies. U.S. and German government officials are set to meet later this week with energy industry executives to discuss ways to boost alternative supplies for Germany, the Eurozone’s largest economy which has been reliant on Russian oil and gas. Looking at the European economic data slate, the GfK German consumer climate index fell to -15.5 for April, down from a revised -8.5 the previous month, as the war in Ukraine and rising commodity prices weigh on sentiment. Later in the session, the Bank of England is set to publish its latest Quarterly Bulletin, which will be studied carefully as the U.K. central bank continues to increase interest rates. In corporate news, Sanofi (NASDAQ:SNY) will be in the spotlight after the French healthcare group raised its peak sales target for eczema-treatment product Dupixent to more than 13 billion euros ($14.3 billion). Oil prices retreated Tuesday, continuing the previous session’s weakness on fears that a surge in Covid-19 cases in China will hit demand from the world’s top crude importer and ahead of the Ukraine/Russia peace talks. The city of Shanghai, China’s financial hub, remains under a two-stage, nine-day lockdown to curb rising numbers of Covid cases. Sanctions imposed on Russia after it invaded Ukraine have disrupted oil supplies from the world’s second largest crude exporter, sending prices to 14-year highs earlier this month. By 2 AM ET, U.S. crude futures traded 0.6% lower at $105.36 a barrel, while the Brent contract fell 0.5% to $108.98. Both benchmark contracts lost around 7% on Monday. Additionally, gold futures fell 0.9% to $1,922.85/oz, while EUR/USD traded 0.1% higher at 1.0987.
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Bottomed out? MINA rises 75% nine days after hitting its worst level to date https://cointelegraph.com/news/bottomed-out-mina-rises-75-nine-days-after-hitting-its-worst-level-to-date
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China’s Digital Yuan Targeted in New Bill From Nine GOP Senators https://www.coindesk.com/policy/2022/03/10/chinas-digital-yuan-targeted-in-new-bill-from-nine-gop-senators/?utm_medium=referral&utm_source=rss&utm_campaign=headlines
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By Devik Jain and Sabahatjahan Contractor (Reuters) - Wall Street's main indexes fell on Thursday, with technology stocks leading the declines after data showed consumer prices surged in February, cementing the case for an interest rate hike by the Federal Reserve later this month. The Labor Department's report showed consumer prices shot up 7.9% year-on-year, the sharpest annual spike in 40 years. While the numbers matched economists' expectations, investors feared that inflation would accelerate further in the coming months as Russia's war against Ukraine drives up the costs of oil and other commodities. Nine of the 11 major S&P sectors declined, with technology, down 1.9%, falling the most after leading a Wall Street rally in the previous session. Chipmakers fell 2.2%. Energy shares rose 1.2% after taking a breather on Wednesday. [O/R] "Bottom line is inflation is elevated and there's more to come," said Peter Cardillo, chief market economist at Spartan Capital Securities. "I was looking for inflation to peak in the second quarter but now that depends on oil. Perhaps we won't see any relief until the end of the year." Fed Chair Jerome Powell last week said he would back a quarter point rate increase when the U.S. central bank meets next week and would be "prepared to move more aggressively" later, if inflation does not abate as fast as expected. Traders now see a 95% probability of a 25-basis-point hike by the Fed in its March meeting. [IRPR] Big banks fell, with Citigroup (NYSE:C) down 2.1%. Goldman Sachs Group Inc (NYSE:GS) said it was closing its operations in Russia, becoming the first major Wall Street bank to exit the country following Moscow's invasion of Ukraine. Meanwhile, talks between Russia and Ukraine yielded no progress as the war entered the third week on Thursday. At 09:55 a.m. ET, the Dow Jones Industrial Average was down 246.12 points, or 0.74%, at 33,040.13, the S&P 500 was down 39.51 points, or 0.92%, at 4,238.37, and the Nasdaq Composite was down 190.70 points, or 1.44%, at 13,064.84. Megacap growth stocks Microsoft Corp (NASDAQ:MSFT), Meta Platforms and Tesla (NASDAQ:TSLA) Inc all slipped more than 1%, while Nvidia (NASDAQ:NVDA) Corp and Apple Inc (NASDAQ:AAPL) dropped over 2.5% each. Shares of Amazon.com Inc (NASDAQ:AMZN) jumped 4.8% after its board approved a 20-for-1 split of the e-commerce giant's common stock and authorized a $10 billion buyback plan. Declining issues outnumbered advancers 2.71-to-1 on the NYSE and 3.10-to-1 on the Nasdaq. The S&P index recorded one new 52-week high and four new lows, while the Nasdaq recorded 14 new highs and 79 new lows.
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CEI - Ideally 1.40 / 1.50 / 1.60 to scale in short NINE - Ideally 5.50 / 6.00 / 6.50 to scale in short INDO - Ideally 42 / 45 / 47 to scale in short IMPP - Ideally 4.80 break for a move back to red HUSA - Ideally 8.00 / 8.50 / 9.00 to short USEG - Ideally a big pop toward 8.00 to short SBFM - IGNORING the short for now
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IMPP - Potential FIRST RED DAY setup. Ideally pushes toward r/g and FAILS. Goal here is to scale in using whole and half dollar marks. More commentary at the open INDO - Head of the snake. The "Sector" will follow this. So keep it as an index. Same thing, potential FRD setup CEI - Ideally short when it goes RED HUSA - Ideally short when it goes RED GBR - Looking t short this if r/g FAILS with the plan to scale 5.50 / 6.00 and stop over previous days HOD NINE - This might stay strong so WAITING HERE. More commentary at open https://myinvestingclub.com/trading/sector-plays-size-first-red-day-sympathy-plays-trader-clinic-ep-2/
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Finance Redefined: 1Password partners with Phantom, and Stark deploys nine DApps, Feb. 18–25 https://cointelegraph.com/news/finance-redefined-1password-partners-with-phantom-and-stark-deploys-nine-dapps-feb-18-25
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By Carolyn Cohn LONDON (Reuters) - Global stocks hit three-week lows and oil rose on Monday as worries increased that Russia will invade Ukraine. Russian forces killed a group of five saboteurs who breached the country's southwest border from Ukraine on Monday, news agencies quoted the military as saying, an accusation that Kyiv dismissed as the latest in a series of fakes. Kyiv and the West fear that a border incident near eastern Ukraine could be used as a pretext for Moscow to attack its neighbour. Russia denies such plans. Markets are on high alert for any escalation in the crisis. MSCI's world equity index fell 0.4% to 700.11, with Monday's public holiday in the United States, which will keep Wall Street closed, thinning trade and adding to the volatility. S&P 500 stock futures fell 0.66%. Nasdaq futures dropped 1.2%. European stocks dropped 1.65% to their lowest in more than four months. British stocks fell 0.5%. Shares in companies exposed to Russia and Ukraine fell heavily. U.S. stock futures and European stocks lost earlier gains made on news that U.S. President Joe Biden and Russian President Vladimir Putin had agreed in principle to hold a summit on the Ukraine crisis. The Kremlin said there were no concrete plans in place for a summit, though a call or meeting could be set up at any time. "The Kremlin made clear today that they are in no rush for a summit with Biden," said Tim Ash, strategist at BlueBay Asset Management. British foreign minister Liz Truss said she was stepping up preparations with allies for a worst-case scenario, adding that a Russian invasion of Ukraine was highly likely. In a reminder of the stakes, Reuters reported Biden had prepared a package of sanctions that includes barring U.S. financial institutions from processing transactions for major Russian banks. The rouble slid nearly 3% against the dollar and Russian shares slumped 9% their lowest in 14 months. The U.S. dollar index dipped 0.1% to 95.668, well short of a 1-1/2 year high of 97.441 hit last month. The euro was little changed at $1.1327, while yields on German 10-year government bonds, seen as Europe's safest asset, hit two-week lows at 0.185%. [FRX/] A preliminary Purchasing Managers' Index survey showed the euro zone economy rebounded sharply this month as an easing of coronavirus restrictions gave a boost to the dominant service industry. "A Russian invasion of Ukraine would make the job of central banks across Europe much harder," said Matteo Cominetta, senior economist at Barings Investment Institute. "Investors should position for even higher uncertainty and probability of policy mistakes." Markets are also expecting aggressive policy tightening by the U.S. Federal Reserve as inflation runs rampant. The Fed's favoured measure of core inflation is due out later this week and is forecast to show an annual rise of 5.1% - the fastest pace since the early 1980s. At least six Fed officials are set to speak this week and markets will be hyper-sensitive to their views on a possible hike of 50 basis points in March. Recent commentary has leant against such a drastic step and futures have scaled back the chance of a half-point rise to around 20% from well above 50% a week ago. In oil markets, Brent crude rose by $1 to $94.41 on the Ukraine crisis, while U.S. crude also gained $1 to $91.98. Oil had suffered its first weekly loss in two months last week, taking it off seven-year highs, amid signs of progress on an Iran deal that could release new supply into the market. Iranian foreign ministry spokesman Saeed Khatibzadeh said "significant progress" had been made in talks to revive Iran's 2015 nuclear agreement on Monday after a senior European Union official said on Friday that a deal was "very, very close". [O/R] Gold has benefited from its status as one of the oldest of safe harbours, climbing to nine-month highs of $1,908 an ounce, before dropping back to $1,893 an ounce. [GOL/]
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By Peter Nurse Investing.com - European stock markets are expected to open higher Friday after Russia and the U.S. agreed to meet next week, raising hopes that the two can reach a diplomatic solution to the Ukraine crisis and avoid conflict. At 2 AM ET (0700 GMT), the DAX futures contract in Germany traded 0.7% higher, CAC 40 futures in France traded flat and the FTSE 100 futures contract in the U.K. rose 0.2%. Russian Foreign Minister Sergei Lavrov agreed to meet U.S. Secretary of State Antony Blinken for talks in Europe next week, the State Department said late Thursday. This follows the ramping up of tensions after both the Ukrainian government forces and Moscow-backed rebels accused each other of breaking cease-fire rules, potentially creating the excuse for Russia to invade. President Joe Biden warned on Thursday that the probability of an invasion of Ukraine was still “very high.” Helping the tone Friday was the news that France's unemployment rate fell in the final quarter of last year to the lowest level since 2008, dropping to 7.4% from 8.0% in the previous three months, better than the expected 7.8%. Additionally, U.K. retail sales rose 1.9% on the month in January, a jump of 9.1% on the year, as consumers returned to shops after the Omicron surge in late 2021. In the corporate sector, Renault (PA:RENA) will be in the spotlight after the French auto posted a profit for 2021, beating expectations after two straight years of losses aggravated by the coronavirus pandemic and subsequent chip supply issues weighing on the auto industry. Sika (SIX:SIKA) posted a hefty jump in full-year net profit and proposed a 16% higher dividend, as the Swiss construction chemicals maker benefited from an upturn in building projects after the pandemic and a raft of acquisitions. Norwegian Air (OL:NAS) reported a full-year profit for 2021 after the losses of the previous year, adding that booking trends point to busier travel throughout Europe as Covid restrictions are lifted. Oil prices slipped lower Friday, heading for a weekly fall, as traders digested the raised prospects of Iranian oil returning to the global market, outweighing the continued tensions on the Ukraine border. Negotiations to revive Iran’s 2015 nuclear agreement continue to make progress, with a draft accord outlining a sequence of steps that would eventually lead to the removal of oil sanctions on the Persian Gulf country’s crude exports taking shape. Such a deal could result in an additional 1 million barrels a day of oil coming back to the market. By 2 AM ET, U.S. crude futures traded 0.5% lower at $91.28 a barrel, while the Brent contract fell 0.5% to $92.53. Both contracts were set for their first weekly fall in nine weeks, after hitting their highest levels for over seven years earlier in the week. Additionally, gold futures fell 0.4% to $1,894.80/oz, while EUR/USD traded 0.1% higher at 1.1371.
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By Geoffrey Smith Investing.com -- U.S. stock markets opened mostly higher on Friday as the market recovered from the latest inflation shock. By 9:45 AM ET (1445 GMT), the Dow Jones Industrial Average was up 172 points, or 0.5% at 35,414 points. The S&P 500 was also up 0.5% and the Nasdaq Composite was up 0.4%. The publication of the highest annual rate of inflation in 40 years on Thursday was followed by a raft of forecast revisions from Wall Street banks to reflect an even faster tightening of monetary policy than previously foreseen. Short-term interest rate futures now attach an 80% likelihood of a 50 basis point hike in the Fed Funds target rate when the Federal Reserve's policy-making committee meets in March, while Goldman Sachs (NYSE:GS) analysts now predict seven quarter-point increases this year from the Fed. The market has been quick to internalize the new situation, suggesting that many participants feel either that an aggressive tightening is already priced in or, as seems increasingly likely, tighter monetary policy may tip the economy into recession, removing the need for rate hikes. However, there are still plenty of willing sellers into any strength. Gains were trimmed within the first half-hour of trading, with selling in long-duration tech names again prominent, pushing the Nasdaq slightly into negative territory. Bears were supported by fresh signs that the boom in consumer spending since the start of the pandemic is coming to an end. The Michigan Consumer Sentiment index for February fell to 61.7 from 67.2 a month earlier, defying hopes for a modest increase to 67.2. The survey showed a pronounced drop in assessments of current conditions, but five-year inflation expectations remained unchanged at 3.1%. With the week's biggest earnings releases over, there were few big moves from any stocks large enough to affect broader sentiment. Affirm Holdings (NASDAQ:AFRM), the Buy-Now-Pay-Later fintech whose partnership with Amazon (NASDAQ:AMZN) raised such high hopes for the stock at the end of last year, fell 11% after it published a wider net loss caused largely by stock-based compensation. That leaves it testing a nine-month below, well below where it was before the Amazon announcement. Zillow (NASDAQ:Z) stock, by contrast, bounced from its recent lows after its quarterly report late on Thursday showed that the property market is still hot enough to wind down its ill-judged home-flipping business without too much financial pain. Zillow stock rose 10.8% but is still only worth a little more than a quarter of its peak a year ago. There was also evidence of further exits from some of the market's most richly-valued large caps. Chipmaker stocks Advanced Micro Devices (NASDAQ:AMD) and Nvidia (NASDAQ:NVDA) fell over 2% each, while Tesla (NASDAQ:TSLA) stock dipped below $900 again, losing 1.4% at the end of a week punctuated by recall announcements. There was better news from the travel sector, where Expedia (NASDAQ:EXPE) stock rose 1.9% after its numbers encouraged hopes that the disruptions from the pandemic are largely over.
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By Marc Jones LONDON (Reuters) - European stocks fell heavily again on Friday as worries about a sudden halt to central bank stimulus and rising tensions between Western powers and Moscow drove one of the worst ever starts to a year for world stock markets. Strong earnings from Apple provided some encouragement for battered tech and U.S. markets [.N], but traders were struggling to draw a line under a global selloff that has now firmly taken root. The pan-European STOXX 600 tumbled nearly 1.5%, on course for its fourth straight weekly drop, (EU) while volatile U.S. futures prices indicated traders weren't exactly sure which way Wall Street will go when it opens shortly. [.N]. MSCI's 50-country main world index is now down 8.1% for the month, slicing roughly $7 trillion from its value and putting it on the brink of its worst January since the 2008 global financial crisis year. The dollar, meanwhile, is on track for its best week in seven months on bets that U.S. interest rates could now go up as many as five times this year. [/FRX] "With the Federal Reserve sounding a lot more hawkish, it has shaken the markets," said Jeremy Gatto, a multi-asset portfolio manager at Unigestion in Switzerland. "Markets can live with rate hikes, but the main question remains around the balance sheet," he added. Markets have been driven up by all the stimulus pumped in during the COVID-19 crisis, "so if it starts reducing liquidity, that changes the game". GRAPHIC - World stocks suffer January plunge " onerror="this.style.display='none'" class="msg-img" /> The Fed indicated this week that it is likely to raise rates in March, as widely expected, and reaffirmed plans to end its pandemic-era bond purchases that month before launching a significant reduction in its asset holdings. The prospect of faster or larger U.S. interest rate hikes, and possible stimulus withdrawal, lifted the dollar to a 20-month high of $1.1119 per euro and to 115.50 yen - close to a high of year so far of 116.35 yen. [/FRX] In the big government bond markets that drive global borrowing costs, benchmark 10-year U.S. Treasury yields dipped to 1.82% from 1.84% earlier as the Fed's favored inflation gauge, the core personal consumption expenditure (PCE) price index, rose no more than had been expected. In the 12 months through December, the PCE price index increased 5.8%. That was the largest advance since 1982 and followed a 5.7% year-on-year increase in November. The two-year yield, which is even more sensitive to rate hike expectations, was last at 1.20%, having started the year at roughly 0.75%. European bond yields also rose further. Germany's 10-year yield, the benchmark for the euro zone, was up 4 bps to -0.0008% as it threatened to break through the key zero threshold. [GVD/EUR] Focus was also on Italy, where bond yields there were also up as its parliament struggled to elect a new president. GRAPHIC - Global bond yields are rising " onerror="this.style.display='none'" class="msg-img" /> OIL PRESSURE U.S. stock futures recovered from an earlier dip to be broadly flat after the inflation data and as Apple shares (NASDAQ:AAPL), which have slumped nearly 10% this month, jumped 3.5% in premarket trading after posting record sales for its flagship phones. Apple is the world's largest company by market value but it and other tech shares have been hit particularly hard in the current selloff as the prospect of global rate rises give those who were already worried about stratospheric valuations the perfect reason to sell. In the commodity markets, oil prices remained strong and set for their sixth weekly gain amid concerns about tight supplies as major producers continue to limited output despite rising demand. Brent crude futures climbed 1.9%, to $91 a barrel - its highest level since October 2014. A sixth week of gains will also mark the longest weekly winning streak for Brent since October last year, when prices climbed for seven weeks while U.S. WTI prices gained for nine. This year, prices have risen about 15% amid geopolitical tensions between Russia, the world's second-largest oil producer and a key natural gas provider to Europe, and the West over Ukraine, as well as threats to the United Arab Emirates from Yemen's Houthi movement that have raised concerns about energy supply. "Where Brent crosses the $90 level, we see some selling from a sense of accomplishment, but investors start buying again when the prices fall a little as they remain cautious about possible supply disruptions due to rising geopolitical tensions," said Tatsufumi Okoshi, senior economist at Nomura Securities. "The market expects supply will stay tight as the OPEC+ is seen to keep the existing policy of gradual increase in production," he said. The market is focusing on a Feb. 2 meeting of the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, a group known as OPEC+. It is likely to stick with a planned rise in its oil output target for March, several sources in the group told Reuters. GRAPHIC - Apple sours, oil on the boil " onerror="this.style.display='none'" class="msg-img" />
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By Tom Westbrook SYDNEY (Reuters) - The dollar headed for its largest weekly fall in more than a year on Friday as investors trimmed long positions and deemed, for now, that several U.S. rate hikes this year are fully priced in. In a week where data showed U.S. inflation at its hottest since the early 1980s, selling has forced the greenback through key support against the euro and yen in particular, and traders seem content to lighten their bets until a clearer trend emerges. The dollar index is down about 1.14% for the week, on course for its largest weekly percentage fall since December 2020 and set to halt a rally that has lasted about six months. The index was last down about 0.20% at 94.654. The euro is up more than 1% for the week so far, and has punched out of a range it held since late November, hitting the highest since Nov. 11 at $1.1483. It doesn't face strong chart resistance until $1.1525. The dollar has dropped 1.53% against the yen over the week, its worst showing since June 2020, and pushed as low as 113.64 for the first time since Dec. 21. The safe-haven yen has benefited from a slide in global stocks, while Reuters also reported exclusively that the Bank of Japan is deliberating how it can start telegraphing an eventual rate hike. The dollar's doldrums have come while U.S. interest rate futures have all but locked in four hikes this year. But longer-end yields have fallen slightly on hawkish comments from Federal Reserve officials about reducing the bank's balance sheet. [US/] "Investors appear to be signalling that ending quantitative easing, hiking rates four times and commencing quantitative tightening all in the space of nine months is so aggressive that it will limit the scope for hikes further out," said Derek Halpenny, head of global markets research at MUFG. "It has in fact reinforced the belief that peak Fed funds will be below 2%," Halpenny said in a note to clients. "What can change this? We will need to see data on the economy that convinces the market of stronger growth. That could see thinking on the terminal fed funds rate shift higher. That would be the catalyst for renewed dollar strength." The Antipodean currencies have also been roused from their ranges and will have traders looking closely at labour and inflation data in both countries this month for anything that might prompt further shifts in central bank rhetoric. [AUD/] The New Zealand dollar is up 1.46% for the week so far and is above its 50-day moving average at $0.6861. The Aussie briefly broke above stubborn resistance around $0.7276 this week, but retreated to around that level on Friday. "Further evidence of strength in the labour market will trigger expectations ... for a potential positive shift in Reserve Bank of Australia rhetoric which will underpin the outlook for the AUD," said Rabobank FX strategist Jane Foley. "We expect AUD/USD to push higher to $0.74 in H2 2022." Sterling has been forging ahead, too, defying a political crisis threatening Prime Minister Boris Johnson's position on confidence that Britain's economy can withstand a wave of COVID-19 infections and that the Bank of England could hike rates next month. The pound traded above its 200-day moving average on Thursday and is heading for a fourth consecutive weekly gain of more than 0.5%. It last bought $1.3733. [GBP/] In Asia on Friday, the Bank of Korea raised its benchmark interest rate by 25 basis points to 1.25%, as expected, and the South Korean won looked to post a weekly rise of about 1.3%.
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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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Vox Media In Advanced Talks to Merge With Group Nine Media - WSJ
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Next Dividend Date
Nine Energy Service is an oilfield services company that offers completion solutions within North America and abroad. The Company brings years of experience with a deep commitment to serving clients with smarter, customized solutions and world-class resources that drive efficiencies. Serving the global oil and gas industry, Nine continues to differentiate itself through superior service quality, wellsite execution and cutting-edge technology. Nine is headquartered in Houston, Texas with operating facilities in the Permian, Eagle Ford, SCOOP/STACK, Niobrara, Barnett, Bakken, Marcellus, Utica and Canada.
CEO: Ann Fox
HQ: 2001 Kirby Dr Ste 200 Houston, 77019-6083 Texas