Hong Kong’s Hang Seng Index Jumps 20% From January Low, Heads for Bull Market
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Hong Kong’s Hang Seng Index has risen almost 2% on Monday, bringing its advance from a January 22 low to more than 20%. If it closes at these levels, it will meet the definition of a bull market. This follows a stellar rebound in Hong Kong stocks this month, driven by overseas inflows. The Hang Seng Index joins a number of other indexes in China and Hong Kong that have reached bull market territory in recent weeks.
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Dollar Wrecking Ball Sees Investors Look for Cover in Exporters
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The strong US dollar has hurt stocks outside the US, but companies that export to the US stand to gain. Asian chipmakers and European industrial and pharmaceutical firms are expected to benefit from the stronger dollar. Shares of exporters to the US have already outperformed a broad gauge of stocks this year, according to Goldman Sachs Group Inc. indexes.
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Can Tesla Escape Its Troubles?
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Tesla became one of the most valuable companies by selling battery-powered electric vehicles profitably and in high volumes. However, in 2024, investors have raised concerns about Tesla's outlook due to slumping sales, confusing signals about its product strategy, and worries about its aging lineup. Elon Musk, Tesla's CEO, has been more focused on the promise of an autonomous robotaxi than developing a more affordable electric vehicle to compete with companies like BYD Co. in China. Tesla's driver-assistance software, Full Self-Driving, still requires active monitoring by a human.
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Five Things You Need to Know to Start Your Day: Asia
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BHP Group has approached Anglo American about a potential takeover offer. Anglo American received an unsolicited all-share merger proposal from BHP. Anglo's board is reviewing the proposal. If successful, it would mark a return to large-scale dealmaking for BHP. Tech shares decline as Meta disappoints. The weakening yen adds to intervention risk. The US aims to beat China at chip research.
Oil Holds Modest Loss as Risk-Off Tone Counters Lower Stockpiles
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West Texas Intermediate held a modest decline below $83 a barrel after a 0.7% decline on Wednesday, with Brent crude closing just above $88. Data showed nationwide US crude inventories fell by a bigger-than-expected amount last week as refineries ramped up processing and exports rose.
https://www.bloomberg.com/news/articles/2024-04-24/latest-oil-market-news-and-analysis-for-april-25
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Oil Holds Modest Loss as Risk-Off Tone Counters Lower Stockpiles
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West Texas Intermediate held a modest decline below $83 a barrel after a 0.7% decline on Wednesday, with Brent crude closing just above $88. Data showed nationwide US crude inventories fell by a bigger-than-expected amount last week as refineries ramped up processing and exports rose.
https://www.bloomberg.com/news/articles/2024-04-24/latest-oil-market-news-and-analysis-for-april-25
Whirlpool Is Cutting 1,000 Jobs as US Appliance Demand Remains Stagnant
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Whirlpool Corp. is cutting about 1,000 salaried positions worldwide to reduce costs as slow US home sales limit demand. The company has completed its first wave of layoffs of office staff and is planning to start another soon. Whirlpool employed 59,000 workers worldwide as of the end of 2023.
What a Supreme Court Ruling Could Mean for US Homelessness
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The US Supreme Court heard oral arguments in a case concerning Grants Pass, Oregon's ban against homeless encampments. The town does not provide shelters, leading to a debate on whether this constitutes "cruel and unusual punishment." A narrow ruling from the court could have significant repercussions for the nation's homeless population. Cities and states are adopting legislation to increase law enforcement sweeps and enforce involuntary hospital commitments. The case highlights that housing and homelessness are not strictly partisan issues.
#UsSupremeCourt #Homelessness #GrantsPass,Oregon
Expect More Upside for Equities While the Economy Remains Buoyant
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US equities have come under pressure as interest rates have risen. However, this mini-correction is expected to be short-lived as long as the US economy continues to grow above trend. Tesla's recent headlines indicate that the stock market may continue to rise, despite the company's struggles. Tesla's stock has dropped over 40% year-to-date, but the prospect of the company flooding the market with cheaper electric vehicles has caused the stock to rise. This suggests that promises, hopes, and dreams still have a significant impact on the stock market.
#Equities #StockMarket #Tesla
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FTC Ban on Noncompetes Is a Victory for the US Economy
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The Federal Trade Commission (FTC) has implemented a ban on noncompete agreements, which is seen as a victory for the US economy. The ban gives workers more bargaining power and makes businesses more competitive. Noncompete agreements are not only relevant for employees with trade secrets, but are often imposed across various industries on a wide range of workers. Most hiring in the US involves people leaving one job for another, which shapes the dynamism of the labor market.
#Ftc #NoncompeteAgreements #UsEconomy #BargainingPower #LaborMarket
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‘Pivot Party Is Over.’ Now Let the Earnings Party Begin
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Tiffany Wilding of Pimco says 'The pivot party from December is over.' The Fed doesn't need to be cutting. Tesla Inc. buoyed investors yesterday. Meta Platforms Inc. reports after the market close today.
Bloomberg Surveillance TV: April 24, 2024
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The Bloomberg Surveillance TV episode on April 24, 2024, covers the latest in finance, economics, and investment. The episode features interviews with Kate Moore, Head of Thematic Strategy at BlackRock Global Allocation Team, Tiffany Wilding, Managing Director at PIMCO, and Henrietta Treyz, Director of Economic Policy Research at Veda Partners. Kate Moore discusses the upcoming week for Big Tech earnings and the critical questions they need to answer about the equity market. Tiffany Wilding looks ahead to key GDP and inflation data, noting that the 'hot' US economy is not consistent with moderating inflationary pressures. Henrietta Treyz comments on Congress' new aid package for Ukraine, Israel, and Taiwan, suggesting that Congress members want to be on the right side of history. The episode is available as a podcast.
https://www.bloomberg.com/news/audio/2024-04-24/bloomberg-surveillance-tv-april-24-2024
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Bloomberg Surveillance TV: April 24, 2024
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The Bloomberg Surveillance TV episode on April 24, 2024, covers the latest in finance, economics, and investment. The episode features interviews with Kate Moore, Head of Thematic Strategy at BlackRock Global Allocation Team, Tiffany Wilding, Managing Director at PIMCO, and Henrietta Treyz, Director of Economic Policy Research at Veda Partners. Kate Moore discusses the upcoming week for Big Tech earnings and the critical questions they need to answer about the equity market. Tiffany Wilding looks ahead to key GDP and inflation data, noting that the 'hot' US economy is not consistent with moderating inflationary pressures. Henrietta Treyz comments on Congress' new aid package for Ukraine, Israel, and Taiwan, suggesting that Congress members want to be on the right side of history. The episode is available as a podcast.
https://www.bloomberg.com/news/audio/2024-04-24/bloomberg-surveillance-tv-april-24-2024