- Asian Equities Advance Ahead of China Policy Week: Markets Wrap
(Bloomberg) — Asian stocks rose Monday, tracking US shares higher into a week that includes Federal Reserve boss Jerome Powell’s congressional testimony and China’s National People’s Congress. Japan’s Nikkei-225 Stock Average surpassed 40,000 for the first time as the government discusses officially stating that the country’s economy has overcome deflation. - Oil Steady Near This Year’s High After OPEC+ Extends Output Cuts
(Bloomberg) — Oil was steady near the highest level this year after OPEC+ extended its production cuts and as progress toward a cease-fire in Gaza stalled. Brent futures traded near $84 a barrel after rising 2% in the previous session. US benchmark West Texas Intermediate was close to $80, having breached the psychological level on Friday for the first time since November. - Japan’s Nikkei 225 Breaches Key 40,000 Level for First Time
(Bloomberg) — Japan’s Nikkei 225 Stock Average climbed above the psychological level of 40,000 for the first time, opening the door to further gains in its historic rally. The blue-chip gauge rose as much as 1% to 40,301.30 on Monday, a fresh intraday record. Tech shares, which have helped push shares higher over the past year, were leading the way, with Advantest Corp. - Wall Street Banks Retreat on DEI as Backlash Snowballs
(Bloomberg) — Goldman Sachs Group Inc. has made a surprising change to its “Possibilities Summit” for Black college students: It’s opened the program to White students. At Bank of America Corp., certain internal programs that used to focus on women and minorities have been broadened to include everyone. And at Bank of New York Mellon Corp., executives are being urged to reconsider hard metrics for workforce diversity. - Kamala Harris Calls for Gaza Cease-Fire, Release of Hostages
(Bloomberg) — Vice President Kamala Harris called for a temporary cease-fire between Israel and Hamas as talks drag on over a deal to release hostages taken during the Oct. 7 attacks. US officials said on Saturday that Israel had essentially agreed to a six-week cease-fire if Hamas hands over hostages categorized as vulnerable. - Fed’s Powell About to Double Down on ‘No Rush to Cut’: Eco Week
(Bloomberg) — Federal Reserve Chair Jerome Powell is expected to double down on his message that there’s no rush to cut interest rates, especially after fresh inflation data showed that price pressures persist. Powell is headed to Capitol Hill, where he’ll deliver his semi-annual monetary policy testimony to a House committee on Wednesday and a Senate panel on Thursday. - China Expected to Target GDP Growth of Around 5% in 2024
(Bloomberg) — China is expected to set its annual growth rate for 2024 at “around 5%” when the national legislature meets this week, a fairly ambitious target for a government grappling with severe economic challenges. Almost all of the 27 economists surveyed by Bloomberg about the upcoming annual National People’s Congress session expect Beijing to announce a growth target similar to 2023’s, albeit one that will be harder to reach given a higher base of comparison. - Haley Casts Doubt on Nominee Pledge After Trump’s Power Play
(Bloomberg) — Nikki Haley signalled she may decline to endorse Donald Trump in an election rematch with President Joe Biden, saying she no longer considers herself bound by a pledge to the Republican National Committee to support the party’s 2024 nominee. “I think I’ll make what decision I want to make,” Haley said in an interview with NBC’s Meet the Press for broadcast Sunday. - Wrong-Footed by Fed, Pimco to DWS Still Set to Buy Bonds on Dip
(Bloomberg) — Traders surprised by this year’s painful rise in bond yields are still looking to snap up US debt given their ongoing assumption the US economy will eventually slow in 2024. The economy has broadly outperformed forecasts at the start of 2024, prompting investors to drastically ratchet back wagers for Federal Reserve interest-rate cuts and imposing losses for the year on those who began the year favouring bonds. - The $1.5 Trillion ‘ESG’ Debt Market That’s Fast-Losing Clients
(Bloomberg) — In the world’s second biggest ESG debt market, corporate clients are starting to walk away. Extra regulatory requirements, fewer financial incentives and the risk of being accused of greenwashing are putting off clients who just a few years ago were champing at the bit to attach an environmental, social or governance label to their financing, according to bankers and lawyers close to the market. - Weiss Multi-Strategy Hedge Fund to Shut Down After 46 Years
(Bloomberg) — Weiss Multi-Strategy Advisers LLC, a New York-based investment management firm started in 1978, is winding down its operations. “Every journey has twists and turns, and after careful consideration of various factors and circumstances, I have arrived at the difficult decision to conclude this journey,” George Weiss, the firm’s founder and chief executive wrote in a letter to clients and partners. - Adani Starts Sale of First Dollar Bond Since Hindenburg Crisis
(Bloomberg) — Adani Group began marketing an overseas bond, seeking to capitalize on its rebuilding of investors’ confidence after a report by short seller Hindenburg Research stoked concerns about its finances. The $409 million dollar note of Adani Green Energy Ltd. and associated firms is being offered at initial price guidance of 7.125% area. - Zscaler shares fell 9.4% on Friday, with analysts saying that the security software firm’s growth in
second-quarter billings weren’t as strong as expected, while the guidance also disappointed amid pressures from a more difficult macroeconomic backdrop. While some remained positive on demand for the firm’s products, others noted worries over growing competition in the industry.
SECOND QUARTER RESULTS: Adjusted EPS 76c vs. 37c y/y, estimate 58c. Revenue $525.0 million,
+35% y/y, estimate $508.7 million. Calculated billings $627.6 million, +27% y/y, estimate $614.4 million. THIRD QUARTER FORECAST: Sees adjusted EPS 64c to 65c, estimate 59c. Sees revenue $534 million to $536 million, estimate $532.7 million. YEAR FORECAST: Sees adjusted EPS $2.73 to $2.77, saw $2.45 to $2.48, estimate $2.48. Sees revenue $2.12 billion to $2.12 billion, saw $2.09 billion to $2.10 billion, estimate $2.1 billion. Sees calculated billings $2.55 billion to $2.57 billion, saw $2.52 billion to $2.56 billion, estimate $2.55 billion. - Ark house Management Co. and Brigade Capital Management boosted their offer for Macy’s Inc. by 14% after the retailer rejected a previous proposal.
The investors are now offering $24 per share for the storied department-store operator, up from $21 a share previously, according to a statement Sunday. The new offer represents a 33% premium to Macy’s $18.01 closing price on Friday. Macy’s in January rejected the bid from the investor group, saying the offer lacked “compelling value.” The company has instead unveiled a restructuring that includes plans to close almost a third of its namesake US locations, while growing its Bloomingdale’s and Blue mercury brands. - Social media company Reddit Inc. is said to target up to $6.5 billion valuation in its initial public offering (IPO).
The company plans to target a price range of $31 to $34 per share and plans to market the shares to potential investors on 11 March. The company also disclosed that they will set aside shares in the IPO for users and moderators of its platform. The IPO is being led by Morgan Stanley, Goldman Sachs, JPMorgan Chase & Co and Bank of America Corp, and plans to trade on the New York Stock Exchange under the symbol RDDT.
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