Multivariate's Max Wolff tells Reuters' Fred Katayama why he sees more downside risk for the U.S. equity markets than upside potential for the remainder of this year.
Multivariate's Max Wolff tells Reuters' Fred Katayama why he sees more downside risk for the U.S. equity markets than upside potential for the remainder of this year.
The Global Metal Powders Market will grow by USD 765.61 mn during 2020-2024
The Panthers aren't happy about the hit Teddy Bridgewater took from Atlanta defensive end Charles Harris. Carolina running back Mike Davis described Harris’ hit on the quarterback in the third quarter of Thursday night’s 25-17 loss to the Falcons as a “cheap shot.” As Bridgewater was trying to scramble up the middle and avoid a sack late in the third quarter, he was kicked in the midsection by linebacker Dante Fowler and then took a shot to the back of his neck from Harris after landing on the ground.
(Bloomberg) -- Solid quarterly earnings from America’s biggest tech firms weren’t enough to keep investors from selling late Thursday, the latest sign sentiment is turning against ultra-expensive digital megacaps.Futures on the S&P 500 tumbled 1.5% and Nasdaq 100 contracts were down 1.9% as of 2:24 p.m. in Tokyo. Stocks had rebounded from the worst selloff in four months during the cash session ahead of the slate of megacap results.The slide follows a red-hot run this year that saw the tech giants help haul U.S. equities to new highs amid a rampant pandemic and severe economic downturn.“As we’ve seen in reactions from some of the earnings from these large companies even beats are not strong enough to satisfy this market, which I think speaks to how fully valued a lot of these stocks are,” said Evan Brown, head of multi-asset strategy at UBS Asset Management.The quartet of reports comes after a wild two days for megacap tech. The Nasdaq 100 plunged 3.5% for the biggest rout in four months Wednesday before rebounding almost 2% in Thursday’s cash session.While the companies continue to deliver strong earnings, investors have turned their focus to whether a slower-growing economy will enable profit growth that justifies sky-high valuations.Facebook was little changed even after sales topped estimates when it warned of continued uncertainty due to Covid next year and said plans to spend heavily on employees and new technology. The social network makes up more than 4% of QQQ’s holdings.Apple reported quarterly results that topped Wall Street estimates after record sales of Macs and services made up for a delayed iPhone 12 launch. But its shares dropped almost 5% after the firm revealed iPhone revenue missed the average of analysts’ estimates.Amazon lost more than 1% after it said it planned to spend more than analysts estimated related to Covid-19. Otherwise, the online retailer projected a steep jump in sales in the current quarter, topping analysts’ estimates, indicating it expects the surge in online shopping during the pandemic to extend through the holiday season.Twitter Inc. also reported Thursday and its shares got hammered on concern about its user growth. Third-quarter sales exceeded estimates and results were boosted by a return of advertisers who had fled or pulled back from the website during the early stages of the pandemic. The stock lost 14%.Alphabet was a bright spot, rallying 8% after it returned to growth in the third quarter after a decline in the previous period, fueled by digital advertising. The Google parent reported third-quarter revenue, minus the cost of distribution deals for its search engine, rose 15% to $38 billion.The results failed to soothe concern that the rally in tech shares has gone too far, too fast. Optimism that their ability to cater for stay-at-home demand would help insulate the industry from a broad profit slump during the pandemic has sent their shares up 24% as a group since the start of the year, about 10 times as big as the S&P 500.Earlier: Tech-Bubble Prophets Are Validated as Stock Rout Spares No On“It tells us that even though these stocks are below their late-summer highs, they’re still expensive,” said Matt Maley, chief market strategist at Miller Tabak + Co. “So unless they beat expectations in a significant way, investors are taking further profits. Who can blame them, given that the capital gains tax is going to rise if Biden wins next week?”This earnings season has been particularly harsh for internet and software companies. Broadly, better-than-expected results got no rewards, but tech fared the worst among major S&P 500 industries, with shares of those reported falling an average 3% the next day post results, data compiled by Bloomberg showed.Since the reporting season started two weeks ago, tech stocks in the S&P 500 have dropped more than 7%, the worst performance this far into an earnings cycle in more than a decade.“The last thing investors needed amid rising Covid cases and the upcoming election was to see weak tech earnings drain sentiment from the market’s main area of support,” said Adam Phillips, director of portfolio strategy at EP Wealth Advisors.(Updates with latest U.S. equity futures moves)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- Fresh concerns about the outlook for technology giants dragged U.S. equity futures lower, while Asian stocks also slipped on Friday. The dollar gave back some of its advance from the prior session.Japanese shares fell over 1%, though declines were more modest in Hong Kong and Australia. Contracts on the Nasdaq 100 and S&P 500 sank following a string of reports from the likes of Amazon.com Inc. and Apple Inc., with the iPhone maker down more than 4% in after-hours trading.The S&P 500 had earlier bounced back a day after its biggest rout in four months, with investors encouraged by better-than-forecast economic data even as they kept a wary eye on growing coronavirus infections. This month’s sell-off in Treasuries eased but the benchmark yield remained above 0.80%. Elsewhere, China’s offshore yuan outperformed with the Australian dollar amid month-end adjustments. Crude oil declined.Weakness in technology shares is adding to volatility that’s likely to remain elevated heading into next week’s U.S. election. Global equities are on course for the worst weekly decline since March as lockdown measures in some countries and the lack of an agreement on U.S. stimulus dent sentiment. New U.S. coronavirus cases topped 89,000, setting a daily record.“There is going to be more volatility ahead of the election,” Quincy Krosby, chief market strategist at Prudential Financial Inc., said on Bloomberg TV. “Over the weekend folks are going to be focused on Pennsylvania to see whether or not Biden is gaining there. The concern is if he gains a little bit, that may be one where you could actually look to a contested election.”Here are the main market moves:StocksS&P 500 Index futures fell 1.2% and Nasdaq 100 contracts were down 1.5% as of 2:12 p.m. in Tokyo. The S&P 500 rose 1.2% on Thursday.Japan’s Topix index fell 1.6%.Hong Kong’s Hang Seng slipped 0.3%.Shanghai Composite was little changed.South Korea’s Kospi lost 1.3%.Euro Stoxx 50 futures were 0.6% lower.CurrenciesThe Bloomberg Dollar Spot Index slipped less than 0.1% after increasing 0.4% Thursday.The yen was at 104.33 per dollar, up 0.3%.The offshore yuan rose 0.4% to 6.6853 per dollar.The euro bought $1.1680.BondsThe yield on 10-year Treasuries dipped one basis point to 0.81%.Australia’s 10-year yield was at 0.84%.CommoditiesWest Texas Intermediate crude fell 0.3% to $36.09 a barrel.Gold was at $1,873.17 an ounce, up 0.3%.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
We're definitely into long term investing, but some companies are simply bad investments over any time frame. We...
Kennedy cousin Michael Skakel is expected at a court hearing Friday as Connecticut prosecutors decide whether to retry him for the bludgeoning death of a fellow teenager in 1975. Skakel has been free on bail since 2013, when a state judge vacated his murder conviction in the death of Martha Moxley, who was killed in their wealthy Greenwich neighborhood when both she and Skakel were 15 years old. Moxley’s brother, John Moxley, said in an interview this week that he and his mother, Dorthy, would be comfortable if the state dropped the case, because they have grown weary after two decades of court battles.
The partnership is intended to further A.D.A.M.’s footprint in cutting-edge healthcare technology and foster rapid commercialization of 3D-printing.
We can readily understand why investors are attracted to unprofitable companies. For example, although...
(Bloomberg) -- Oil is poised for the biggest monthly slide since March on concern a resurgent pandemic in the U.S. and Europe will keep people hunkered down, crimping demand for auto and aviation fuel.Futures have tumbled 9.8% this month in New York and they’re near the lowest since late May in London. Infections surged to a record in the U.S. Midwest, while parts of Europe tightened restrictions to stem second waves. Meanwhile, the return of Libyan supplies added to concerns of a crude glut.Road fuel sales in the U.K. slid for a fifth week to the lowest since July. Most European airlines trimmed regional capacity for November and December, while rising infections in the U.S. may thwart plans to increase capacity through year-end, according to Bloomberg Intelligence analysts George Ferguson and Francois Duflot.“It’s all about Covid-19 now and its impact on consumption,” said Jeffrey Halley, a senior market analyst at Oanda Asia Pacific. “There is a realization, now that Covid-19 is headed well into the second wave in Europe, that the recovery won’t be as linear as the market has been pricing in. There will be a consumption hit from Europe for sure as we head into the winter.”Next week’s U.S. election promises more volatility before an OPEC+ meeting at the end of November, when members will decide whether to delay the planned easing of output cuts. The head of Saudi Aramco’s trading arm said demand may be insufficient to absorb more OPEC+ crude.“The market may move lower again next week,” Oanda’s Halley said. “Any action to support oil has to come on the supply side from OPEC+.”The growing nervousness over supplies is being reflected in oil’s market structure. Brent’s three-month timespread was $1.46 a barrel in contango -- where prompt prices are cheaper than later-dated ones. The widest contango in a month indicates rising fears of a glut.The European Central Bank is gearing up for a new stimulus package in December as renewed lockdowns threaten a double-dip recession, but an aid package in the U.S. will likely to have to wait until after the Nov. 3 election, with prolonged negotiations failing to break an impasse.Exxon Mobil Corp. became the latest company to succumb to the virus-driven demand crash. The oil major plans to slash its global workforce by 15% by the end of 2022 as it struggles to preserve dividends.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
A pack of 35 named after a nearby promontory, Junction Butte, now were snoozing on a snow-dusted hillside above the carcass. Such encounters have become daily occurrences in Yellowstone after gray wolves rebounded in parts of the American West with remarkable speed following their reintroduction 25 years ago. A Colorado ballot initiative would reintroduce wolves on the state’s Western Slope.
The remnants of Hurricane Zeta were far from land over the Atlantic on Friday, but people across the South were still digging out from the powerful storm that killed six people. The wind effects of Zeta, which came ashore in Cocodrie, Louisiana, and barreled northeast, were felt all the way from the Gulf Coast to southern New Jersey. At the height of the outages, as many as 2.6 million people were without power across seven states from Louisiana to Virginia.
The Global Safety Shoes Market will grow by USD 890.34 mn during 2020-2024
In late July, volunteers from a Bangladeshi charity started getting calls seeking support from people from the country’s vast coastal region that had been flooded for months during this year’s monsoon. As the floodwaters started receding, the Bidyanondo Foundation quickly decided to hire a tourist boat to provide basic health care for those seeking aid. The country’s coast guards came forward with a route plan for the boat that was eventually turned into a floating hospital called "Jibon Kheya,” or lifeboat.
(Bloomberg) -- Gold climbed to trim a third monthly drop, the longest run since 2019, as investors awaited next week’s presidential election amid the threat of rising coronavirus cases and lack of agreement on a U.S. stimulus plan.Uncertainty remains high before the pivotal Nov. 3 vote, lifting the dollar’s appeal as a haven asset over bullion. The spread of Covid-19 is intensifying in the U.S. where new cases topped 86,000, setting a fresh daily record, and the pandemic is resurgent right across Europe’s major economies.Since hitting a record around $2,075 an ounce in August, gold’s advance has faltered, with prices losing their upward momentum as investors questioned whether bullion had risen too far, too fast. Still, holdings in exchange-traded funds remain close to an all-time high. The macro backdrop for gold remains favorable, and there could be more upside if Joe Biden wins the presidency and Democrats take control of the Senate, Standard Chartered Bank has said.“From now to the election, we suspect the precious metals will be highly volatile,” James Steel, chief precious metals analyst at HSBC Securities (USA) Inc., said in a note. “Increases in risk-off sentiment tend to buoy USD, which weakens gold and silver. But we think this will only go so far. With Covid-19 concerns rising and the election coming, we think gold and silver will remain volatile, but will garner more support from safe-haven demand.”Spot gold climbed 0.5% to $1,877.23 an ounce at 11:46 a.m. in Singapore, after posting the lowest close since Sept. 25 on Thursday. So far this month, it’s lost 0.5%. Silver rose 1.2%, platinum added 1.2% and palladium advanced 1%. The Bloomberg Dollar Spot Index fell 0.1% from a three-week high.On stimulus, there’s deadlock in the U.S. but the prospect of more action in Europe. Treasury Secretary Steven Mnuchin accused House Speaker Nancy Pelosi of pulling a “political stunt” by refusing to offer compromises. Meanwhile, European Central Bank President Christine Lagarde said there is “little doubt” policy makers will agree on a new package in December.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Many were Black Americans whose communities were disproportionately devastated by the virus. Omari Barksdale, a Black man, watched with alarm as the toll of the country's racial injustice mounted. Police shot and killed Breonna Taylor inside her Kentucky home, and a Minneapolis police officer pressed a knee into George Floyd's neck for nearly eight minutes as Floyd gasped, “I can't breathe,” in his final moments.
Will Dix became the CEO of Todd River Resources Limited (ASX:TRT) in 2018, and we think it's a good time to look at...
Jane Sun, Trip.com Group CEO, on stage at the Trip.com Group Global Partner Summit 2020 Jane Sun, Trip.com Group CEO, on stage at the Trip.com Group Global Partner Summit 2020 James Liang, Trip.com Group chairman and co-founder, speaks at the Trip.com Group Global Partner Summit 2020 James Liang, Trip.com Group chairman and co-founder, speaks at the Trip.com Group Global Partner Summit 2020SINGAPORE, Oct. 30, 2020 (GLOBE NEWSWIRE) -- From 10 October, leading online travel services provider, Trip.com Group began the “LIVE for Trip” campaign as part of its “Travel On” initiative to bolster the recovery of the global travel industry. On 29 October, Trip.com Group held its Global Partner Summit in Chengdu, a key event in the LIVE for Trip campaign. The Global Partner Summit hosted over 2,600 attendees, consisting of 1,000 tourism, 690 accommodation, 290 market, and 230 transportation representatives. Leading global travel brands, including more than 300 hotels and 70 hotel groups, such as InterContinental, Accor, Hyatt, Shimao, Shangri-La, 35 airlines, such as Singapore Airlines, Air France-KLM, Air Macau and 60 plus air ticket vendors came together with Trip.com Group for the development of the travel industry.At the conference, Trip.com Group chairman and co-founder, James Liang, highlighted the need for “local focus, global vision” when reimagining the travel business, and Trip.com Group’s investment in marketing to innovate the ways in which travel businesses engage with customers. Mr. Liang delved into the trends of increased preferences for high-end, boutique and themed trips, the integration of scenic attractions into destinations, as well as the rise of the night-time economy. “Trip.com Group platforms are no longer just for exchanges between partners and customers, but we now create ourselves, utilizing innovative marketing and content generation to offer greater opportunities and greater value to our users and partners,” said Liang.Jane Sun, CEO of Trip.com Group, spoke to attendees on the importance of unity during times of hardship. Sun, who has been acknowledged for her leadership during the pandemic, outlined the vision of digital transformation and innovative marketing that has driven Trip.com Group to play a leading role in the travel revival. Addressing industry leaders, Sun reinforced the importance of cooperation during difficult times and reflected on the important decisions the Group took to support industry partners during the pandemic. Looking ahead, Sun highlighted the success of the innovations and enhancement of services developed by Trip.com Group, and the beacon these were for the future global travel recovery. Speaking on the road to recovery for the hotel industry, Ray Chen, CEO of Accommodation Business Trip.com Group, shared how Trip.com Group is leading the way. Trip.com Group’s improved property service index supports hotel partners to improve their services and provides customers with a clear metric to choose their desired property. This process has seen Trip.com Group platforms transform from a purchasing to a content marketing platform. “This transformation allows our platforms to host more comprehensive content such as pictures, reviews, videos and labels, thereby enhance user experience and meet the complex needs of users,” said Chen.Focusing on the evolution of travel marketing, Bo Sun, CMO of Trip.com Group, shared with attendees the expansion of Trip.com Group’s innovative marketing approaches. “Trip.com Group has upgraded its marketing performance to drive its business evolution,” Bo Sun said. Through the integration of data, developing a content ecosystem, and creating immersive experiences for users, Trip.com Group is pushing its business and the industry forward. The success of Trip.com Group livestreams, that as of October 28 have generated USD 360 million in GMV, have proven that the future of travel marketing is using content-oriented innovation to engage users and offer partners greater opportunities.The gathering of the Global Partner Summit marked an important step for the further recovery of the travel industry and helped to form stronger bonds between industry sectors and representatives. This event is an important element in the comprehensive approach Trip.com Group is taking to revitalize global travel, providing insight into the Group’s valuable experience, examining emerging trends and uniting the travel industry to build connections and share knowledge on the new-normal of travel.About Trip.com Group: Trip.com Group is a leading one-stop travel service provider comprising of Trip.com, Ctrip, Skyscanner, and Qunar. Across its platforms, Trip.com Group enables local partners and travelers around the world to make informed and cost-effective bookings for travel products and services, through the aggregation of comprehensive travel-related information and resources, and an advanced transaction platform consisting of mobile apps, Internet websites and 24/7 customer service centers. Founded in 1999 and listed on NASDAQ in 2003, Trip.com Group has become one of the best-known travel brands in the world, with the mission of 'making every trip the perfect trip'.Photos accompanying this announcement are available athttps://www.globenewswire.com/NewsRoom/AttachmentNg/b0d3dd4e-77a3-4f8a-a619-21d0551c37c1https://www.globenewswire.com/NewsRoom/AttachmentNg/ae7b4b62-efef-4c35-b407-68df94e128f4 CONTACT: For additional information, visit Trip.com Group Newsroom Media Relations Contact: Trip.com Group PR email@example.com Tel: (+86) 21 3406 4880 ext 196455
The Sports Nutrition Market in Europe will grow by USD 1.41 bn during 2020-2024
If any element of the military were to get involved, it would likely be the National Guard under state control. Under limited circumstances, Trump could federalize them, but in that case, they would generally be barred from doing law enforcement.
(Bloomberg) -- Shares of Apple Inc.’s Asian suppliers dipped after the global tech titan reported iPhone sales that missed analyst estimates and said revenue in China slumped.Apple shares dropped 4% in after-hours trading after the company reported that sales of the iPhone fell 21% in the September-ended quarter on anticipation of the newest models, which arrived later than usual this year. Chief Executive Officer Tim Cook said the response to the new iPhone 12 line, which was launched earlier this month, has been “tremendously positive.”Among Asian suppliers, Lens Technology Co. dropped as much as 6.2% in Shenzhen, while Alps Alpine Co. slumped 5% in Tokyo, Flexium Interconnect Inc. slid 4.1% in Taiwan and ASM Pacific Technology Ltd. fell 3.6% in Hong Kong.Still it wasn’t quite the bloodbath that past reactions in the Asia supply chain would have led investors to expect. Some key names including Murata Manufacturing Co., Taiyo Yuden Co. and LG Innotek Co. only fell by about 2% or 3%.“People, at least in this part of the world, are expecting the iPhone 12, and particularly 5G handset sales, to get a boost in this holiday quarter, which is why supplier shares haven’t moved much,” said Jingyi Pan, a strategist at IG Asie Pte.Apple’s sales in the Greater China region in the latest quarter fell 29% to $7.9 billion, the lowest since 2014. Still, the company is confident of growth in the region between October and December, with the large-screen iPhone 12 Pro Max expected to do “incredibly well,” Luca Maestri, Apple’s chief financial officer, said in an interview with Bloomberg Television.Although the iPhone 12 has gotten off to a strong start, demand could begin to taper, spelling bad news for companies that count on the smartphone for their business, according to Amir Anvarzadeh, a strategist at Asymmetric Advisors in Singapore.“We think that by December we might see Apple pushing out orders -- if we are right about sales proving far less impressive than almost all analysts have been hoping for,” he said. “If so the suppliers will tank.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.