China’s Equity Rout Puts at Risk $5 Billion Worth of Derivatives Held by Koreans
The persistent weakness in Chinese stocks listed in Hong Kong augurs ill for risk-loving retail investors in South Korea, given their exposure to the market through complicated structured products. #press
Pot Stock Rally Burns Short Sellers for $105 Million in Losses
A surge in shares of cannabis companies has saddled short sellers with more than $105 million in losses this year, but that hasn’t stopped traders from betting against the sector. #press
Bloomberg Surveillance 09/18/2023
Tom Keene, Jonathan Ferro and Lisa Abramowicz have the economy and the markets "under surveillance" as they cover the latest in finance, economics and investment, and talk with the leading voices shaping the conversation around world markets. This show is simulcast worldwide on Bloomberg Television and Radio. (Source: Bloomberg) #press
Trillion-Dollar Industry Powering Chicago Is at Risk of Leaving
The letters are stamped all over the hallways of Chicago’s giant skyscrapers and grand office buildings. DRW, IMC, CME, Cboe. #press
Blackstone Head of Private Credit in Europe and APAC to Leave Firm
Blackstone Inc.’s head of European and APAC Private Credit Paulo Eapen is set to leave the firm. #press
Roubini Says BOE and ECB Must Raise Rates to Avoid ‘Stagflation’
The European Central Bank and the Bank of England must keep raising interest rates to ward off the risk of causing “stagflation,” the prominent economist Nouriel Roubini warned. #press
Instacart’s Long-Awaited IPO to Test CEO’s Pivot, Market Rebound
Online grocery startup Instacart has been flirting with an initial public offering for years and is finally set to take the plunge Monday in another bellwether listing for a still-anxious market. #press
UBS Parent Firm Selling First Bond Since Credit Suisse Takeover
UBS Group AG is selling its first bond from the parent company since the takeover of Credit Suisse in March, opening books on a three-part offering in dollars. #press
Bond Market at Risk of Third Annual Loss Needs a Dot-Plot Rescue
Federal Reserve policymakers’ updated forecasts for their benchmark interest rate, due Wednesday, are looming as a key potential decider for a US Treasuries market at risk of a third straight year of losses. #press
Germany's Baerbock on Ukraine War, US Leadership
German Foreign Minister Annalena Baerbock discusses ongoing global fallout of the war in Ukraine, as well as US relations with Germany going into the 2024 US Election. Baerbock speaks to Bloomberg's Annmarie Hordern in New York. (Source: Bloomberg) #press
Brazil Energy Chief Piles Pressure on Petrobras to Pay Tax Debts
Brazil’s state-controlled oil company Petrobras must settle a dispute involving billions of reais in back taxes with the federal government to show it has a duty to the country and not only to its private investors, according to the nation’s energy minister. #press
The World Is Struggling to Make Enough Diesel
The world’s oil refiners are proving powerless to make enough diesel, opening a new inflationary front and depriving economies of a fuel that powers industry and transport alike. #press
Greece to Boost Climate Disaster Fund With Hospitality Tax Hike
Greece plans to double its budget backstop for natural disasters linked to climate change by increasing a levy on accommodations, mostly affecting luxury hotel stays, Prime Minister Kyriakos Mitsotakis said. #press
Dyson to Invest 11 Billion Pesos in New Philippine Factory
Consumer electronics giant Dyson Ltd. plans to invest 11 billion pesos ($194 million) in the Philippines in the next two years, according to a statement from the office of President Ferdinand R. Marcos Jr. #press
Flood of Russian Wheat Halves World Prices From Wartime High
Russia’s second consecutive bumper wheat harvest is reinforcing its position as the No. 1 exporter, but it’s also easing price pressures stemming from Moscow’s invasion of Ukraine. #press
Pence Says TikTok Should Be Banned
Former Vice President Mike Pence said the US should ban TikTok, calling it a platform that allowed the Chinese government to obtain data on Americans without their knowledge. He speaks on "Balance of Power." (Source: Bloomberg) #press
Mexico's Credito Real to File Wind-Down Deal Backed by Holders
Credito Real will file as soon as next week a prepackaged insolvency agreement in a Mexican federal court, people familiar with the matter said, in a bid to resolve the collapse of what had been the country’s biggest payroll lender. #press
Lumen Creditors Propose Debt Extension, Fresh Cash for Company
Advisers to a group of Lumen Technologies Inc. creditors and the telecommunications company have started negotiations for a deal that would give the company fresh cash and push out debt maturities, according to people familiar with the situation. #press
Morgan Stanley to Keep Some of Its Contentious Preferred Shares
Morgan Stanley is keeping hold of some preferred shares that fell through the cracks of the transition away from Libor — the first test of how it will deal with $4.1 billion of the securities. #press
Moody’s Puts Greece a Step Before Investment With Two-Notch Lift
Greece’s sovereign-credit rating was raised two notches by Moody’s in a sign that the country’s economy is heading to better days leaving behind the debt crisis of the past decade. #press
