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10 things you need to know in markets today
Business Insider
Good morning! Here's what you need to know in markets on Wednesday.
1. Bridgewater Associates, the world's largest hedge fund, is sounding the alarm on nearly every financial asset. "We are bearish on almost all financial assets," the firm said in a note to clients last week that was seen by Business Insider and first reported by ZeroHedge. "Markets are still pricing in Goldilocks conditions, compounding the risks."
2. China has floated a massive purchase of US goods, according to a new report, in an effort to curb burgeoning trade tensions with the Trump administration. According to Lingling Wei and Bob Davis at The Wall Street Journal, Chinese officials in a meeting with Commerce Secretary Wilbur Ross over the weekend offered to purchase close to $70 billion worth of US goods in the next year if the US backs off proposed tariffs on imports of Chinese products.
3. The White House press secretary, Sarah Huckabee Sanders, on Tuesday announced that President Donald Trump and North Korean leader Kim Jong Un would meet at the Capella Hotel on Sentosa Island in Singapore on June 12. "The venue for the Singapore summit between @POTUS and Leader Kim Jong Un will be the Capella Hotel on Sentosa Island," Sanders tweeted. "We thank our great Singaporean hosts for their hospitality."
4. Volatility could well be in the cards for Wall Street again early this fall, but not for the same reason stocks got rattled in February. This time the culprit would be the largest-ever shakeup of the stock market's broad business sectors, which will mean some of the hottest stocks, like Facebook and Google parent Alphabet , will shift from their traditional homes in the top-performing technology sector and into a deepened pool of telecommunications and media stocks.
5. Deutsche Bank has lost its two coheads of US leveraged finance as staff turnover mounts at the German lender. Scott Sartorius and Christopher Blum and are leaving the bank, according to people familiar with the matter. Sartorius will become a managing director at Citi, where he worked earlier in his career, while Blum is expected to join a rival, the people said.
6. JPMorgan Chase has hired a senior investment banker from Morgan Stanley to add more firepower to the firm's industrials coverage, according to an internal memo viewed by Business Insider. Lawrence Steyn, formerly a managing director with Morgan Stanley, is joining JPMorgan as a vice chairman of investment banking, according to the memo from Eric Stein, the firm's head of North American investment banking.
7. ZTE has signed an agreement in principle allowing the US government to claim up to $1.7 billion in penalties from the Chinese firm. In return the US Commerce Department would lift its sanctions that prevent ZTE buying from US suppliers. As part of the deal, sources said, ZTE promised to replace its board and executive team in 30 days.
8. Tesla shareholders voted to keep CEO Elon Musk as the chairman of the company's board of directors on Tuesday. The results of the vote were announced at Tesla's annual shareholder meeting, which was held in Mountain View, California.
9. Malaysia's central bank governor Muhammad Ibrahim has submitted his resignation, Prime Minister Mahathir Mohamad said on Wednesday, but no decision has been made yet on a successor. "We have not decided on his successor because we need to have the approval of the Agong before we can announce," Mahathir told a news conference, referring to seeking approval from the king.
10. Lawyer John Lore advises hedge funds and has seen a spike in specialist crypto funds asking for help. He said the background of his crypto clients is much more diverse than traditional fund managers. Some people approaching him about setting up funds are amateur traders who made it big.One would-be fund manager was so embarrassed by his new found wealth he apologised for turning $600,000 into $8 million.
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