A spokesperson for Morgan Stanley declined to comment. Price SwingsIn block trades, large volumes of securities are privately negotiated between parties, usually outside of open market. The peers later recovered after traders said word of the offerings lessened fears that a broader trade was unfolding throughout the sector. That late rebound pushed up an index of companies engaged in internet-related businesses in China and the U.
For more articles like this, please visit us at bloomberg. The mammoth cargo ship marooned in the Suez Canal has the potential to inflict damage on a global economy still recovering from the COVID pandemic.
SEC Delays Bitcoin ETF Decision – Again | Barron's
The unregistered stock offerings were said to be managed by banks including Goldman Sachs Group Inc. The liquidation triggered price swings for every stock involved in the high-volume transactions, while rattling some of their industry counterparts. It also spurred speculation among some traders of forced selling by a fund being liquidated. Goldman Sachs did not respond to a requests seeking comment. Among the affected stocks were Chinese giants such as Baidu Inc. In block trades, large volumes of securities are privately negotiated between parties, usually outside of open market.
The morning selloff dragged peers including Alibaba Group Holding Ltd. Some of those shares were stung multiple times, with Discovery being the subject of at least three block trades. ViacomCBS and Discovery, which were already under pressure from a slew of analyst downgrades, posted their biggest one-day drops ever. Copper prices rallied on Friday, making up some of the losses of earlier this week, fueled by optimism about near-term demand in Asian markets. But on Monday, when Abu Dhabi begins selling futures contracts for its oil and then shipping the barrels from Fujairah, it will mark an aggressive shift by the emirate.
Investors globally are clamoring for commodities because of their high yields relative to other assets and to protect themselves against any rise in inflation. Creating a new benchmark will hardly be easy.
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Oil traders dislike change, especially when they believe markets already do a good job matching supply and demand. It was forced to shelve the plan indefinitely. Murban will also face competition regionally. Platts publishes price assessments for Dubai oil and the Dubai Mercantile Exchange trades futures for Omani crude.
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Both act as benchmarks for Middle Eastern shipments to Asia. Abu Dhabi says the combination of high supply, easy access to oil-consuming markets from Fujairah and the absence of trading restrictions will attract plenty of buyers to its exchange.
The futures platform will be run by Atlanta-based Intercontinental Exchange Inc. The Murban exchange and the capacity boost could raise tension within the Organization of Petroleum Exporting Countries, according to Hari of Vanda Insights. The Gulf states dominate the cartel and tend to prize unity.
They also began unprecedented production cuts last year to bolster prices as the coronavirus pandemic spread. While some of the stocks targeted in the block trades initiated by Goldman Sachs Group Inc. They posted their biggest daily losses ever.
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Huge RalliesThe possibility of additional block trades still looms over the market, while the traditional end-of-quarter volatility may contribute to sharper swings on high-flying stocks. ViacomCBS and Discovery have rallied this year. The stock fell 9. On Friday, a downgrade by Wells Fargo and the large block trades compounded the selling pressure.
Items that protect you from the virus are medical expenses, the tax agency says. Mortgage rates were on the rise once more last week. The upward trend in rates and home prices is beginning to take effect on refinancing and demand. A survey shows rates are higher for a sixth week, but they might already be pausing. Bloomberg -- As the global economy picks up speed, investors are dusting off the Canada playbook. Covid vaccinations are gaining momentum and fiscal support is helping the growth outlook, lifting bond yields. Global investors have overlooked Canada for years in favor of countries with greater choice in high-growth technology stocks, primarily the U.
Canadian equity exposure is also increasing, according to Bank of Nova Scotia analysts. They say the valuation gap with U. Financials are nearly one-third of the benchmark; rising rates and an improving economy help insurers such as Manulife Financial Corp. The first decade of this century was better for emerging markets such as Brazil and commodities-driven developed countries including Canada. He thinks low rates in the U. Make investments in emerging markets more attractive, but cautions that rates in emerging markets may not fully reflect the level of inherent risk.
Meanwhile, Cinch, also a second-hand car seller, is in talks to raise about million pounds of new funding, valuing the company at more than 5 billion pounds, Sky reported.
Adds details, Cinch report. Bloomberg -- The family office of former Tiger Management trader Bill Hwang was behind the unprecedented selling of some U. The companies involved ranged from Chinese technology giants to U. ViacomCBS and Discovery posted their biggest declines ever Friday, after the selling and analyst downgrades.
The liquidation had triggered price swings for every stock involved in the high-volume transactions, rattling traders. Hwang was an institutional stock salesman at Hyundai Securities Co. Updates with reasons behind selling in second paragraph For more articles like this, please visit us at bloomberg.
Bloomberg -- UiPath Inc. The listing will be in the top tier of IPOs in an already record-setting year. UiPath specializes in robotic process automation technology, software that helps companies save time and money by automating repetitive, manual tasks such as entering data into spreadsheets. The scarcity of ETH on exchanges, and the potential for an upcoming price rally has only accelerated the hunt for an alternative.
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This field is for validation purposes and should be left unchanged. Without a crypto exchange-traded fund, there is little incentive for registered investment advisors to put client cash into crypto The closest ETF-adjacent products leave investors paying sky-high premiums Low volumes on regulated exchanges may delay the launch of an ETF until Casey Wagner Blockworks. Casey Wagner covers digital assets and macro economics.
Prior to joining Blockworks she was a markets reporter at Bloomberg. You may also like.
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