1) Obscure Chinese Hedge Fund Is Making Big Enemies in Stock Market
(Bloomberg) -- Activist investing isn't a thing in China. It's culturally frowned upon to be that confrontational. Liang Jian, a journalist-turned-hedge-fund manager, is on a mission to change that. Not that Liang, or Nick as he's known in international circles, would ever be confused with the likes of the brash American activist investors -- the Bill Ackmans and Carl Icahns and Dan Loebs. He's a newbie with a war chest that's a fraction of theirs and zero ...
2) Charter Bid for Time Warner Cable Wins Antitrust Approval
(Bloomberg) -- Charter Communications Inc. won U.S. antitrust approval for its $55 billion takeover of Time Warner Cable Inc. after agreeing not to thwart online video competitors. Charter can't strike agreements with programmers that would make it more difficult for streaming services like Netflix Inc. to obtain content, the Justice Department said in a statement Monday. Tom Wheeler, the chairman of the Federal Communications Commission, also said he ...
3) Pound Shows How Brexit Concerns Are Starting to Look Overdone
(Bloomberg) -- It's as if a weight is lifting from the shoulders of pound traders. A measure of risks to sterling following the June 23 vote on Britain's membership of the European Union has tumbled by the most since the country narrowly avoided an inconclusive general election result last year. And though the pound is still the worst-performing currency in the developed world in 2016, during the past week it's been the biggest gainer. The ...
4) China's Regional Economic Divide Shows Li's 'Hope and Challenge'
(Bloomberg) -- While the headline numbers from China have pointed to an overall stabilization in the economy this year, and possibly even a pick up in the past couple of months, fresh provincial data shows a splintering growth path that complicates the policy outlook. Of the 29 of 31 provinces and municipalities to have published gross domestic product reports for the first quarter, 25 reported a slowdown from 2015's full-year pace and 14 are undershooting their expansion ...
5) Bond Traders Have Got It All Figured Out as Fed Meets on Rates
(Bloomberg) -- For bond traders, there's little doubt about the path the Federal Reserve will take on interest rates. They aren't fully pricing in another increase until February, while driving a gauge of expected volatility in Treasuries to the lowest since 2014 this month. That's the sort of hubris that can get them burned, according to Jerome Schneider, a money manager at Pacific Investment Management Co. and Morningstar Inc.'s 2015 fixed-income fund ...
6) Singapore Bets on Rising Asia Middle Class to Help Spur Economy
(Bloomberg) -- The rise of the Asian middle class will remain the dominant regional growth story for years to come, enough to help Singapore cope with headwinds from the global economy, a top official said. Even though the city-state's economy is coming under strain, observers shouldn't discount positive signs including resilient consumer spending in Southeast Asia and solid increases in air traffic at the Changi international airport, a regional hub, Economic Development ...
7) Gold Loses Its Shine in Dentistry Amid Teeth-Whitening Craze
(Bloomberg) -- While the popularity of a lily-white smile spawned a billion-dollar business for Procter & Gamble Co., for gold, it's meant only more bad news. Until a decade ago, about 67 metric tons of the yellow metal, worth $2.7 billion today, were filling, capping and crowning teeth worldwide annually. In the last five years, though, demand has plunged almost 60 percent, according to the World Gold Council. Dentists blame teeth-whitening. The trend accelerated ...
8) Macau Casino Stock Rally Seen Unsustainable as Downturn Endures
(Bloomberg) -- Macau casino stocks just had their worst week since January, and for Invesco Ltd.'s Paul Chan, there's no let up in sight. A gauge containing Sands China Ltd. and other casino operators sank 5.5 percent in the five-day period, after rallying at almost triple the pace of the MSCI Hong Kong Index since a January low. The rebound will falter given operators are adding new gaming tables, industry revenues are dropping and big spenders are ...
9) Once-Popular Brazil Bonds Are Now Unloved Relic of Currency Wars
(Bloomberg) -- The growing likelihood that a new government will take power in Brazil has spurred soaring investor demand for the nation's bonds. Yet one corner of the country's debt market has been largely ignored: $3 billion worth of notes sold to foreign investors. The securities, which were sold between 2005 and 2012, had been popular because they allowed overseas buyers to benefit from the real's appreciation without actually having to buy debt ...
10) BofA Sees Japan Investors Moving Into More Structured Assets
(Bloomberg) -- Bank of America Corp. sees Japanese investors fleeing negative rates moving into more structured products overseas, including debt backed by pools of loans. Japanese institutions are already pushing into riskier assets. Norinchukin Bank acquired more than 2 billion pounds ($2.9 billion) of U.K. mortgage-backed bonds, according to people with knowledge of the matter. Japan Post Holdings Co. will shift more of its $2.6 trillion investment ...
11) UnitedHealth Quits More Obamacare Markets, Exiting Kentucky
(Bloomberg) -- UnitedHealth Group Inc. will pull out of Kentucky's individual marketplace for Obamacare plans, bringing to 26 the number of states the health insurer is quitting next year. The company plans to halt sales of individual plans in Kentucky for 2017, both inside and outside the state's Affordable Care Act exchange, as well as the small-business exchange, UnitedHealth said in a letter to the state's insurance department. The letter was obtained by Bloomberg ...
12) The Incredible Shrinking Short Sale That's Fueling Brazil Rally
(Bloomberg) -- The currency market is becoming more convinced that the Brazilian real's world-beating rally this year is far from over. Foreign investors have reduced their bearish bets against the currency in the futures market by 33 percent since the end of 2015 to $15 billion, the least since November 2013, according to data compiled by Bloomberg and BM&FBovespa SA, Latin America's largest exchange. The wagers had swelled to a record $39 ...
13) Morgan Stanley Asset Favors India, Indonesia, Philippine Bonds
(Bloomberg) -- Morgan Stanley Investment Management is favoring bonds of India, Indonesia and the Philippines in Asia, after taking advantage of January's rout to boost emerging- market holdings. "We have been rotating to emerging markets in the first quarter, first from a valuation perspective as things just got so beaten up," Mike Kushma, Chief Investment Officer, Global Fixed Income, at the company, which oversees about $406 billion in assets, said in an ...
14) Central Bankers Stimulate End for Nuclear That Evaded Activists
(Bloomberg) -- Central banks may accomplish what a generation of anti-nuclear activists have failed to do: Force operators to finally decommission almost 150 plants now sitting in limbo across the globe. The plants have been shut down, either because they're too expensive to run or because of concerns about their safety or age. They can't send electricity to the grid, and they'll need the special funds saved over decades for formal decommissioning and clean-up of ...
15) Banks Head for Exits on U.S. Loans Backed by Oil, Gas Reserves
(Bloomberg) -- Lenders that bankrolled the oil boom are paying a high price to get out of loans that were once thought to be the safest bet in the shale patch. Banks are trying to sell off debt backed by oil and gas reserves, often at a loss, the law firm Haynes and Boone LLP said in a note delivered to clients Monday. Hanging onto these assets is getting more expensive, as regulators pressure banks to set aside more money to cover potential losses on the ...
16) MUFG Sees Bosses Orders Behind Tripling of Japan Long-Bond Sales
(Bloomberg) -- Japan's top bond underwriter says company bosses are telling their treasurers to consider locking in low borrowing costs for longer, after issuance of notes maturing in 10 years or more almost tripled in 2016. "Instructions are coming from the top down to consider longer-term bond sales," said Hajime Suwa, the general manager of the debt capital markets division at Mitsubishi UFJ Morgan Stanley Securities Co., Japan's No. 1 manager of ...
17) France Wins $39 Billion Contract to Build Australian Subs
(Bloomberg) -- Australia awarded a A$50 billion ($39 billion) contract to construct 12 submarines to France's DCNS Group, beating bids from Germany and Japan. DCNS will build the fleet in Australia, Prime Minister Malcolm Turnbull told reporters in Adelaide Tuesday. Japan's Mitsubishi Heavy Industries and Kawasaki Heavy Industries, and Thyssenkrupp AG of Germany had also submitted bids. "The French offer represented the capabilities best able to ...
18) Oil Bulls Plunge Into Market as U.S. Gasoline Demand Hits Record
(Bloomberg) -- Money managers shrugged off the failure of the world's biggest oil producers to agree on an output freeze as U.S. gasoline demand surged. West Texas Intermediate crude jumped 8.3 percent the week after talks in Doha collapsed. Investors focused on falling U.S. output and higher fuel use as the peak summer driving season approaches. American gasoline consumption rose to 9.25 million barrels a day in March, an all-time high for the month, the American Petroleum ...
19) SEC Draws NYSE's Fury With Idea a Millisecond Doesn't Matter
(Bloomberg) -- Does a millisecond matter? Maybe not, the U.S. Securities and Exchange Commission is saying. If a stock exchange intentionally delays orders by just one-thousandth of a second, it would be acceptable under an SEC proposal. The New York Stock Exchange and others oppose the change, saying a millisecond is anything but trivial. The fight over a tiny fraction of a second is tangled up in IEX Group Inc.'s attempt to convert its private market into a ...
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