- Asian Stocks Rise, Bond Yields Steady at 2024 High: Markets Wrap
(Bloomberg) — Stocks in Asia climbed Tuesday after US benchmarks saw sluggish trading and Treasuries kicked off the week on the back foot ahead of key inflation data. Benchmark equity indexes gained in South Korea and Australia. Futures in Hong Kong also pointed higher. - Oil Climbs Near Five-Month High as Traders Focus on Middle East
(Bloomberg) — Oil traded near a five-month high as investors weighed simmering tensions in the Middle East and persistent supply concerns. Brent futures edged above $90 a barrel after closing 0.9% lower on Monday, the first decline in five sessions. West Texas Intermediate was below $87. - Japan’s Kishida Will Look to Sidestep Cracks in Unity With Biden
(Bloomberg) — Japanese Prime Minister Fumio Kishida heads to Washington looking to strengthen his country’s alliance with the US while sidestepping issues that cast their ties in an unfavourable light — including the planned takeover of United States Steel Corp. President Joe Biden last month voiced opposition to Nippon Steel Corp. - Trump Prosecutor Urges Supreme Court to Allow Quick Jan. 6 Trial
(Bloomberg) — Special Counsel Jack Smith urged the US Supreme Court to allow a criminal trial of Donald Trump for trying to overturn his 2020 election loss, as the prosecutor races the calendar in the run-up to the November presidential vote. - Israeli Officials Signal Fresh Optimism on Cease-Fire Talks
(Bloomberg) — Senior Israeli officials said progress has been made in negotiations for a cease-fire in Gaza that would include the release of hostages and Palestinian prisoners, a move that drew criticism from far-right ministers who threatened to bring down the government. - BOJ’s Timing for Next Hike in Focus as Ueda Starts Second Year
(Bloomberg) — Governor Kazuo Ueda marks his first anniversary at the helm of the Bank of Japan having dismantled one of the most ambitious stimulus experiments in central bank history with an approach that surprised analysts both for its speed and its success avoiding market ructions. - US Inflation Expectations Stabilize, But Debt Concerns Pick Up
(Bloomberg) — Consumers’ expectations of US inflation over the coming year stabilized in March, but Americans are growing increasingly concerned about their ability to pay back their debt. Median year-ahead inflation expectations held at 3% in March, a Federal Reserve Bank of New York survey showed Monday. Three-year expectations climbed to 2.9%. - Biden Details Student Loan ‘Plan B’ as He Woos Young Voters
(Bloomberg) — President Joe Biden offered details of a sweeping alternative student debt plan that would offer relief to tens of millions of American borrowers during a visit to the college town of Madison, Wisconsin, as he seeks to excite young voters frustrated after his original program was struck down by the Supreme Court. - Soft Central-Bank Put Means Elevated Yields, Stocks: Macro View
(Bloomberg) — Global central banks are welcoming resilient economic data and yet insisting that their inflation battle is over. This implies a soft version of the old ‘Greenspan put’ and points to upside for bond yields and share prices. Monetary easing has been nailed on to this year’s menu for most major central banks, with a side serving of preparations to ensure ample. - Blackstone $10 Billion Deal Is Latest Bet Property Near Lows
(Bloomberg) — Blackstone Inc. struck a roughly $10 billion deal for an apartment landlord in the latest sign that the real estate investor sees a ripe moment to pour money into the property market. Blackstone agreed to acquire Apartment Income REIT, known as AIR Communities, in an all-cash deal for $39.12 a share, according to a statement Monday. - David Ellison Closes In on Hollywood Prize: Paramount Global
(Bloomberg) — David Ellison, movie producer, tennis fanatic and heir to a technology fortune, is on the verge of adding another title: media mogul. Ellison is in negotiations to take charge of Paramount Global, the media giant that owns CBS, MTV and Nickelodeon. - A chip company backed by a leading hedge fund has filed a lawsuit in France against Intel Corp and two of its customers, Dell and Hewlett-Packard, in a case that could see the tech giants blocked from importing certain microchips to the country.
The lawsuit filed in Paris could see R2 Semiconductor enforce a patent granted to it by Europe’s centralized patent office in 2020, that could see Intel blocked from selling vast swathes of products in France that contain what R2 says is patented voltage regulation technology. The patent infringement lawsuit, that was filed on Monday, could also see Intel’s (INTC) customers Dell (DELL) and HP (HPE) blocked from using chips that contain the technology that R2 – a portfolio company of Daniel Loeb’s hedge fund Third Point – says was invented by its founder and CEO. - Shares in some cryptocurrency-linked companies rise on Monday as Bitcoin rallies to surpass the $72,000 mark, with the largest cryptocurrency extending gains for a third consecutive session.
Among movers: Coinbase Global +4.6% and MicroStrategy +4.7% lead gains; while crypto miners dip, including Marathon Digital Holdings -3.0% and Riot Platforms -1.9%. Bitcoin rose as high as $72,732 earlier in the session; pared gains to $71,896 as of 10 a.m. New York time. - An analysis is underway to clarify statements made by former Vale board member Jose Luciano Penido at the time of his resignation as a member of company’s board, Vale says in filing.
Analysis is conducted by company’s Chief Compliance Officer and Vale’s board is aware of its existence, company says. “Once the analysis works have been completed, Vale will transparently disclose the material findings to the market”. - Boeing Co. didn’t deliver any 777 freighters in 1Q24, adding to its cash woes amid sluggish 777 Max handovers and government scrutiny.
Bloomberg Intelligence analyst estimates that each undelivered 777 freighter would represent a cash outflow of around $105 million, which would translate to a $1.16 billion cash-flow hit to the 11 newly built 777 freighters. This adds to investors’ concern regarding the company’s cash burn of $4 billion or more during the first quarter. Boeing is expected to announce its orders and deliveries total for March next week. - Taiwan Semiconductor Manufacturing Company (TSMC) will receive $6.6 billion in grants by the Biden Administration to bolster U.S. chip manufacturing.
TSMC has already committed to building 2 plants in Phoenix and will use some from of the grant money for the third factory. TSMC will also raise its total investments in the U.S. from $40 billion, to more than $65 billion. TSMC’s investment is expected to create about 6,000 direct manufacturing jobs and more than 20,000 construction jobs, federal officials said. TSMC will need to meet certain construction and production milestones before payments are made.
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