Connect with us

Reuters

World shares modestly higher as investors mull coronavirus, recovery outlook

Published

on

NEW YORK (Reuters) – Global equity markets rose in choppy trading on Friday as concerns triggered by the U.S. Federal Reserve’s less-than-optimistic outlook for an economic recovery and a jump in U.S. coronavirus cases gave investors pause.

FILE PHOTO: Traders wear masks as they work on the floor of the New York Stock Exchange as the outbreak of the coronavirus disease (COVID-19) continues in the Manhattan borough of New York, U.S., May 28, 2020. REUTERS/Lucas Jackson

The three major U.S. stock indexes rose by at least 1%, a day after the market’s worst single-day drop in three months. MSCI’s gauge of stocks across the globe gained 0.34%.

Spot gold prices rose as investors bought the safe-haven metal, with bullion heading toward its biggest gain since the week of April 10. [GOL/] Meanwhile, oil prices fell for the first time in seven weeks. [O/R]

Spot gold added 0.3% to $1,731.81 an ounce. U.S. gold futures settled down 0.1% at $1,737.30.

Rich Meckler, partner at New Jersey-based Cherry Lane Investments, said Friday’s upswing indicated some investors are returning the markets, despite broad uncertainties about the economic recovery and future of the coronavirus pandemic.

“You could make the case that next year this time everything is back to normal, and you can make the case that it’s multiple years before we get back on path, and that’s what investors have been fighting,” over the past few days, Meckler said.

Worldwide health officials expressed concerns this week that countries, grappling with the devastating economic impact of lockdowns meant to stem coronavirus’s spread, are lifting restrictions too swiftly and risking a resurgence in cases.

Earlier this week, the Fed predicted a 6.5% decline in U.S. output this year and said an economic recovery is some time off.

The Dow Jones Industrial Average rose 477.37 points, or 1.9%, to 25,605.54, the S&P 500 gained 39.21 points, or 1.31%, to 3,041.31 and the Nasdaq Composite added 96.08 points, or 1.01%, to 9,588.81.

Despite that, all three major indexes suffered their biggest weekly percentage declines since the week ended March 20.

In Europe, the STOXX 600 Index snapped a four-day losing streak to rise 0.28%. Frankfurt’s DAX, Paris’s CAC40 and London’s FTSE were all in positive territory, the latter shrugging off data showing Britain’s economy shrank the most on record in April.

Spot gold rose 0.2% to $1,730.19 per ounce by 4:48 p.m. EDT (1810 GMT), up about 2.7% so this week.

For a graphic on World stocks market cap loss, click here

U.S. crude oil futures settled at $36.26 a barrel, down 8 cents or 0.22 percent. Brent crude futures settled at $38.73 a barrel, up 18 cents or 0.47%. [O/R]

The three major U.S. stock indexes posted their worst day on Thursday since mid-March, when markets were sent into free-fall by the abrupt economic lockdowns put in place to contain the pandemic.

Slideshow (2 Images)

In currencies, the pound shed early gains against the dollar after 10 consecutive days of gains. Sterling was last trading at $1.2519, down 0.64%. The dollar index rose 0.286%.

The euro down 0.39% to $1.1253.

U.S. Treasury yields rose as stocks clawed back some ground. The 10-year U.S. Treasury yield rose to 0.7067%.

Reporting by Elizabeth Dilts Marshall in New York, additional reporting by Herb Lash in New York, Tom Arnold and Thyagaraju Adinarayan in London and Stanley White in Tokyo; editing by Dan Grebler, Nick Zieminski and Tom Brown

Source: http://feeds.reuters.com/~r/reuters/topNews/~3/eOSL4gahpdU/world-shares-modestly-higher-as-investors-mull-coronavirus-recovery-outlook-idUSKBN23J0GT

Reuters

Telecom giant MTN said to have warned Nigerians of service disruption

Published

on

Subscribers of MTN, the largest telecom provider in Nigeria, may soon face service disruption in the West African nation, according to a notice seen by some journalists and outlets. 

A rise in insecurity challenges in Nigeria is likely to disrupt MTN’s service, Reuters and others said, citing an alert from customer service reps. Throughout this year, Nigerians have had to battle kidnappings, clashes between farmers and herders, mass abductions of students and armed robberies.

Sadly, we must inform you that with the rising insecurity in different parts of Nigeria, service delivery to your organization may be impacted in the coming days. This means that in some cases, our technical support team may not be able to get to your site and achieve optimum turnaround time in fault management as quickly as possible,” MTN reportedly said in the message. 

MTN didn’t immediately respond to a request for comment.

When MTN Nigeria published its financial report for Q1 2021, it showed strong growth as data revenue grew by 43% year-on-year to N106 billion ($257 million), contributing to 28% of its total revenue.

Data revenue growth was propelled by a 21% year-on-year jump in active data subscribers to 32.5 million and a 27% year-on-year increase in smartphone penetration to 36.3 million. These numbers reflect MTN’s dominance in Nigeria. Per data from the Nigerian Communications Commission (NCC), the telecom operator is responsible for 43% of Nigeria’s internet subscribers and 38% of the country’s mobile subscribers.

Like most network providers in the country, MTN’s services have been a tale of two experiences: good and subpar. However, Nigerians who spoke with TechCrunch have largely witnessed the latter these past few weeks following the government’s decision to ban Twitter and subsequent fears of internet restriction.

Reports from local media seem to corroborate Reuters, albeit for a different reason: a union’s nationwide strike against all network providers. The union PTECSSAN (Private Telecommunications and Communications Senior Staff Association of Nigeria), which comprises senior telecommunications staff in the country, announced that it would be embarking on a three-day industrial strike starting Wednesday to protest the “arbitrary sack of workers and casualisation.”

PTECSSAN accused telecommunications companies in Nigeria for several reasons in a statement. First, breaching freedom of association and right of workers to organise; victimisation of union members; and poor and discriminatory remuneration. They also claimed that telecom operators abused expatriate quotas, practiced intimidation, and have harassed and verbally assaulted employees, among other anti-labour practices.

Several MTN customer care agents TechCrunch reached out to were either unaware or refuted the aforementioned message. “We’re not going to have such network glitches,” one said. “Kindly be aware that we don’t have any information on any service disruption in the coming days. Once we have any information about that, we’ll let our customers know via messages as soon as possible,” another agent responded.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://techcrunch.com/2021/06/15/telecom-giant-mtn-said-to-have-warned-nigerians-of-service-disruption/

Continue Reading

Reuters

Some big U.S. hedge funds bought value stocks, SPACs during first quarter

Published

on

NEW YORK, May 17 (Reuters) – A number of well-known U.S. hedge funds bought value stocks and blank-check acquisition companies, selling some winners from the technology-led stock rally as bond yields rose during the first quarter, filings released on Monday showed.

Special-purpose acquisition companies, known as SPACs, proved popular among hedge fund managers, with funds such as Third Point and Saschem Head adding shares of SPACs, including FinTech Acquisition Corp V and healthcare company Orion Acquisition Corp to their portfolios. Over 400 SPACs have listed their shares since the start of 2021, though the majority are underperforming the broad stock market, a Reuters analysis here.

At the same time, several hedge funds added to financial, energy and consumer companies. Third Point added a new position in Carvana Co and Uber Technologies Inc, while Epoch Investment Partners added new positions in energy firms such as Exxon Mobil Corp, Pioneer Natural Resources Co and Diamondback Energy Inc.

Billionaire Ray Dalio’s Bridgewater Associates, the largest hedge fund manager in the world, added a new position in General Motors Corp, Ecolab Inc and Johnson Controls International PLC while selling out of its position in media companies, including the New York Times Co, News Corp and Discovery.

The moves into stocks that benefit from a broadly growing economy came during a quarter in which so-called value stocks – in industries such as financials and materials that rise on economic growth – surged and interest rates rose as investors positioned for a reopening of the global economy after the coronavirus pandemic.

The Russell 1000 Value index, for instance, is up 17% for the year to date, while the Russell 1000 Growth index – which is top-loaded with shares of technology companies like Apple Inc and Amazon.com Inc that surged during the economic lockdowns – is up 3.5% over the same time.

Bond yields, meanwhile, rose to reflect rising inflation expectations, increasing borrowing costs for consumers and companies. Consumer prices rose in April by the largest measure in 12 years, prompting some mutual fund managers to increase their cash positions and turn more defensive.

Hedge fund managers’ positions were revealed in 13F filings that show what fund managers owned at the end of the quarter. While they are backward-looking, these filings are one of the few public disclosures of hedge fund portfolios and are closely watched for clues on trends and what stocks certain fund managers are favoring.

They do not disclose the date a purchase was made during the quarter.

Some hedge fund managers unloaded shares of companies that performed well over the last year, suggesting they see limited gains ahead. Epoch Investment Partners, for example, liquidated its position in Under Armour Inc, which is up 34% for the year to date, and cut its position in Amazon by roughly 46%.

Third Point, meanwhile, sold out of its position in Alibaba Inc.

Source: Reuters – Some big US hedge funds bought value stocks, SPACs during first quarter

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://spacfeed.com/some-big-u-s-hedge-funds-bought-value-stocks-spacs-during-first-quarter?utm_source=rss&utm_medium=rss&utm_campaign=some-big-u-s-hedge-funds-bought-value-stocks-spacs-during-first-quarter

Continue Reading

AI

CBDCs Are Not That Stable And May Eventually Kill Bitcoin, Says Financial Expert

Published

on

[PRESS RELEASE – Please Read Disclaimer]

AscendEX, formerly BitMax, an industry-leading digital asset trading platform built by Wall Street quant trading veterans, congratulates PlotX – a cross-chain prediction market protocol on their v2 Mainnet launch on the Polygon Network on May 14 at 12:00 p.m. UTC.

PlotX Version 1 (“v1”) was launched in October 2020 as a decentralized non-custodial prediction market protocol on the Ethereum Blockchain. PlotX allows crypto-traders to use their skills to predict the future value of digital assets like ETH, BTC. Markets on PlotX v1 were automatically created in intervals of 4 hour, 1 day and 1 week.

The v2 has been under development since December 2020 and the testnet was released on April 13th, 2021 for the public. After rigorous testing by the community, the launch of PlotX v2 on the Polygon Mainnet is now scheduled on May 14th, 2021.

PlotX v2 has focussed heavily on simplifying the prediction-making experience for users thanks to a consistent dialogue with their community via the research forum and their official community telegram group. It brings the experience closer to mainstream applications while retaining the DeFi ethos of being non-custodial and permissionless.

This can be seen in the marquee features that PlotX announced via their recent blog post about the mainnet release:

  1. Gasless prediction-making – via meta-transactions that abstract the process for users so they only have to make a single transaction while making predictions
  2. Smooth token bridging – via cross-chain swap technology, that enables users to move $PLOT between Ethereuem, Polygon and other EVM compatible chains like BSC & Solana, from within the application itself
  3. Guaranteed liquidity provisions – via incentive alignment of market creators for providing liquidity for new markets, making it lucrative for users to participate in
  4. Simple onboarding experience – for users, especially ones who are not familiar with metamask and RPC changes, to login using their email addresses without compromising on the non-custodial nature of the dapp

The team has built a class product and is highly receptive to the community. As per the roadmap, upgrades in V2 do not end here; numerous new features are slated to be introduced that will equip users with exciting new prediction opportunities.

Ish Goel, co-founder PlotX, shares his thoughts “It has been an exciting journey for us since the launch of PlotX v1 in October 2020. Prediction markets have always been an exciting derivative for crypto traders. However, they have always faced the challenges of a complex UX, high gas fees & low market liquidity that has also resulted in a lack of growth of the space. With PlotX v2 we have worked alongside our community to solve these challenges by introducing an overhauled UX, deploying on Polygon and introducing liquidity bootstrapping mechanisms for new markets. The community has reacted positively to these features and we’re super excited to reveal the mainnet app to them as well as the larger crypto trading community!”

About AscendEX

Originally founded in 2018 as BitMax.io, AscendEx is a leading crypto and digital asset financial platform catering to both professional and retail traders. Our venue offers spot, futures, margin trading and staking products and incorporates key elements from the DeFi space to foster a unique market structure for users. AscendEx is led by a team of Wall Street veterans who have applied traditional markets’ rigor to create a robust, secure, and reliable experience for all participants; and a consistent source of liquidity for primary offerings.

About PlotX

PlotX is a cross-chain Prediction Market protocol built by the ex-CTO of Nexus Mutual (>$1bn mcap). It enables crypto-asset price predictions, like “What will be the price of BTC/USDT in the next 1 hour?”

Dubbed as the Uniswap of Prediction Markets, PlotX is the simplest and most fun DeFi derivative for crypto traders.

SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://coingenius.news/cbdcs-are-not-that-stable-and-may-eventually-kill-bitcoin-says-financial-expert-47/?utm_source=rss&utm_medium=rss&utm_campaign=cbdcs-are-not-that-stable-and-may-eventually-kill-bitcoin-says-financial-expert-47

Continue Reading

Cleantech

Bloomberg & Reuters FUD Masters Bring Tesla Stock Down

Published

on

When will the FUD masters from Bloomberg and Reuters learn to never compare Tesla sales numbers from the first month of a quarter to the sales numbers from the last month of a quarter?

The first month of the quarter is the replenish and transport month for Tesla. There’s a low number of deliveries (sales) since a large portion of produced vehicles are on ships, trailers, and replenishing stocks at points of sales. The last month of the quarter is the month when most of the vehicles produced in the quarter are delivered (“sold”).

With a statement that the Tesla’s China sales are 27% down from the previous month, it seems the FUD masters have created a little panic in the market — and just misinformed people again. They combine the normal first-month-of-quarter dip with some minor China-related stumbles. Previous article by less prejudiced publications reported that the influence on demand would be negligible for a few days, and then disappear after the topic was out of the news.

Having only a 27% drop from March to April is actually excellent news for Tesla sales.

But “Tesla is doing Great in China” is not a headline to run with for these publications. Why do they get a kick out of tricking investors into doing the wrong thing by spreading nonsense? Or do they really not know better? In that case, though, their boss should have a word with them. Perhaps reviewing horror shows on television is better suited to their temperaments.


Appreciate CleanTechnica’s originality? Consider becoming a CleanTechnica Member, Supporter, Technician, or Ambassador — or a patron on Patreon.

 



 

Have a tip for CleanTechnica, want to advertise, or want to suggest a guest for our CleanTech Talk podcast? Contact us here.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cleantechnica.com/2021/05/11/bloomberg-reuters-fud-masters-bring-tesla-stock-down/

Continue Reading
Esports2 days ago

Dungeons & Dragons: Dark Alliance Voice Actors: Who Voices Utaar?

Blockchain5 days ago

Bitmain Released New Mining Machines For DOGE And LTC

Blockchain2 days ago

Is Margex A Scam?

Esports4 days ago

Genshin Impact Grand Line Conch Locations

Energy3 days ago

Inna Braverman, Founder and CEO of Eco Wave Power Will be Speaking at the 2021 Qatar Economic Forum, Powered by Bloomberg

Esports2 days ago

Valorant Patch 3.00 Agent Tier List

Blockchain2 days ago

Yearn Finance (YFI) and Synthetix (SNX) Technical Analysis: What to Expect?

HRTech1 day ago

TCS bats for satellite offices, more women in the workforce

Esports5 days ago

Chivalry 2 Crossplay Not Working: Is There a Fix?

Esports2 days ago

Is Dungeons and Dragons: Dark Alliance Crossplay?

Esports5 days ago

5 Things to Do Before Shadowlands 9.1

AI3 days ago

New Modular SaaS Platform for Financial Services Sector Launched by Ezbob, a Customer Acquisition Tech Provider

Aviation3 days ago

SAS Was The First Airline To Operate A Polar Route

Blockchain3 days ago

Cardano, Chainlink, Filecoin Price Analysis: 21 June

Esports2 days ago

Ruined Pantheon Prestige Edition Splash Art, Price, Release, How to Get

Blockchain4 days ago

Amplifying Her Voice June 22, 10:45AM to June 24, 4:00PM EST BERMUDA

Aviation4 days ago

The Antonov An-124 Vs An-225: What Are The Differences?

Esports15 hours ago

Valve releases 2021 Dota 2 Battle Pass, includes Spectre Arcana, Davion Dragon Knight Persona, and Nemestice event

Blockchain4 days ago

Texas supermarket will now accept crypto payments

Energy4 days ago

Cresol Market: APAC to Offer Maximum Regional Opportunities for Vendors

Trending