Stocks in Asia Cautious Ahead of Key US Inflation: Markets Wrap
(Bloomberg) — Asian stocks traded cautiously ahead of key inflation data that will help shape the outlook for the Federal Reserve’s next steps. Australian shares edged higher as did futures for the Hong Kong equity benchmark. Japanese stocks declined, with trading in the region likely to be muted by holidays in countries including Singapore.
Global Venture Funding Drops 30% as China Helps Drag Market Down
(Bloomberg) — Global venture capital funding declined 30% in the first quarter, continuing its slump as investors remain cautious amid sputtering economies and a sluggish market for stock-market debuts. China’s 40% decrease helped pull the market down, while the US saw a 29% drop, according to data collected by research firm Preqin.
Boeing Falls After Whistleblower Alleges 787 ‘Shortcuts’
(Bloomberg) — Boeing Co. allegedly took shortcuts to ease production bottlenecks for its 787 Dreamliner aircraft that could eventually impair the structural integrity of more than 1,000 of the widebody jets in service, according to a quality engineer who worked on the planes.
Ukraine Says It’s Behind Blaze on Russian Warship in Baltic Sea
(Bloomberg) — Ukrainian military intelligence was responsible for an attack on a Russian naval missile carrier in the Baltic Sea, according to an official familiar with the operation, underscoring Kyiv’s effort to strike Kremlin forces far from the front line.
China Tensions at Center of Biden’s Summit With Kishida, Marcos
(Bloomberg) — The White House summit Thursday between President Joe Biden, Philippine President Ferdinand Marcos Jr. and Japanese Prime Minister Fumio Kishida has one overriding goal: deepening US cooperation with two key allies on the front lines of tensions with China.
JPMorgan, BlackRock Among BLS Economist’s CPI ‘Super Users’
(Bloomberg) — An economist from the Bureau of Labor Statistics corresponded on data related to a key US inflation gauge with major Wall Street firms like JPMorgan Chase & Co. and BlackRock Inc., raising questions about equitable access to economic information.
Fed’s Bostic Sees One Cut, But Leaves Door Open to Changing View
(Bloomberg) — Federal Reserve Bank of Atlanta President Raphael Bostic reiterated his expectation for one interest-rate cut this year, but added he’s open to changing his view to later or additional rate reductions should the economic picture change. Bostic highlighted the enduring strength of the US economy and labor market in an interview on Yahoo Finance Live.
JAPAN INSIGHT: BOJ Interest Burden No Barrier to Rate Hikes
(Bloomberg Economics) — A significant consequence of the Bank of Japan’s recent rate hike is that it now has to pay interest on a mountain of reserves that’s almost as big as Japan’s GDP. This could lead to operating losses, as the Federal Reserve and European Central Bank have experienced in winding down their unconventional policies.
Billionaire Geiger, Blackstone Said to Near L’Occitane Deal
(Bloomberg) — L’Occitane International SA’s billionaire owner Reinold Geiger is nearing a deal to take the skin-care company private with funding help from Blackstone Inc., people familiar with the matter said, potentially ending its 14-year run on Hong Kong’s stock exchange.
Seven & I Pushes Back on Reports of Ito-Yokado Unit Sale
(Bloomberg) — Seven & i Holdings Co. fell after the company said there were “no facts to support” reports that it plans to list or sell part of its supermarket unit Ito-Yokado, which has been under pressure to restructure in the face of intensifying competition from discount stores and online retailers.
Royal Caribbean Shares Sink Over 5% On Troubling Week
Shares of Royal Caribbean sunk to a one-month low Tuesday morning, dropping more than 5% on the day following a string of troubling incidents, a setback for the world’s biggest cruise line as it looks to recover from the COVID-19 pandemic.
“Moderna jumps as vaccine shows benefit in head and neck cancer in early study”
Moderna shares rose 8% to a three-month high on Tuesday after the company’s individualized cancer vaccine developed with Merck showed positive response in an early-stage trial in patients with a type of head and neck cancer. The vaccine, designed to train the immune system of patients to recognize and attack specific mutations in cancer cells, earlier showed promise in treating melanoma in a mid-stage study. “The data continue to validate the individualized therapy platform and suggests it could potentially work in indications outside melanoma,” Jefferies analyst Michael Yee said in a note.
