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Bridger and Seahorse Pipelines Announce Open Season for Transportation Capacity from Williston Basin and Guernsey, Wyo., to Midcontinent and Texas
(Bloomberg) -- China set a conservative economic growth target of above 6% for the year, well below what economists forecast, and outlined ongoing fiscal support to keep the recovery going.The government will narrow the budget deficit to 3.2% of gross domestic product this year, Premier Li Keqiang said Friday at the opening of the National People’s Congress. While that’s lower than last year’s 3.6% of GDP, it’s above the 3% expected by many analysts, signaling Beijing still sees a need for expanded fiscal policy to support growth this year.“In 2021, China will continue to face many development risks and challenges, but the economic fundamentals that will sustain long-term growth remain unchanged,” said Li. “A target of over 6% will enable all of us to devote full energy to promoting reform, innovation, and high-quality development.”China’s economy was the only major one in the world to expand last year, aided by the central bank’s injections of liquidity to support businesses, extra fiscal spending on infrastructure and the quick control of coronavirus outbreaks domestically. Economists predict the economy will expand 8.4% this year, partly due to the low base from 2020.“The tone is very conservative,” said Raymond Yeung, chief economist for Greater China at Australia and New Zealand Banking Group in Hong Kong. The fiscal targets suggest “2021 is a year of tapering.”China’s CSI 300 Index of stocks fell as much as 2%, poised to enter a technical correction, before paring. Traders blamed the initial losses on a global rout overnight, rather than any negative headlines out of the NPC. China’s government bonds were little changed, while the onshore yuan weakened less than 0.1%.The quota for local government bond sales is higher than the 3.5 trillion yuan forecast by analysts as the government continues to pursue proactive fiscal policy. On monetary policy, the government reiterated that it would be prudent, and would keep the yuan basically stable at a reasonable level.China’s V-shaped recovery alongside a recession in the U.S. and elsewhere puts it on course to become the world’s largest economy by 2028, two years earlier than expected, according to projections by several banks including Nomura Holdings Inc.Alongside that recovery has been a build-up in debt and worries about asset bubbles, fueling expectations that policy makers will withdraw the monetary and fiscal stimulus unleashed during the pandemic last year.This year’s meeting of the NPC, China’s main legislature, has added significance because of the release of a new five-year plan covering 2021-2025. Some of the key goals already outlined include strengthening consumer demand, investing in hi-tech industries, and addressing long-term challenges such as an aging population.(Updates with comment from economist and market reaction)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Oil prices rose early on Friday, adding to big gains overnight after OPEC and its allies agreed to not increase supply in April as they await a more solid recovery in demand from the coronavirus pandemic. Both contracts soared more than 4% on Thursday after the Organization of the Petroleum Exporting Countries and allies, together called OPEC+, extended oil output curbs into April, with small exemptions to Russia and Kazakhstan. "It just goes to show how much of a surprise the OPEC+ discipline is," said Michael McCarthy, chief market strategist at CMC Markets.
The injury likely ends Gillespie's Villanova career and delivers a big blow to the Wildcats' Final Four hopes.
(Bloomberg) -- Asian stocks followed U.S. peers lower after Federal Reserve Chairman Jerome Powell refrained from pushing back against the recent surge in bond yields. Treasuries held a decline.The technology sector helped to push MSCI Inc.’s gauge of Asia-Pacific shares to a one-month low after the Nasdaq 100 extended losses to almost 10% from February’s high. Nasdaq 100 contracts underperformed as U.S. equity futures slipped after the S&P 500 erased nearly all its 2021 gains.Equities slid from Japan and South Korea to China, which set an economic growth target of more than 6% for 2021 at the National People’s Congress. In Australia, bond yields pushed higher, tracking a jump in the 10-year Treasury to 1.56% that lifted the yield curve to its steepest point since 2015. The U.S. dollar strengthened against nearly all major peers.Oil prices leapt after the OPEC+ alliance surprised traders with its decision to keep output unchanged. Bitcoin fell with other risk assets.Powell noted the recent runup in yields without hinting at intervention, saying that he would be “concerned by disorderly conditions.” While some investors view the rates moves as a sign of economic strength, others are growing concerned about rising inflation and the impact of higher yields on elevated stock valuations.“It makes logical and intuitive sense that Treasury yields should move back up to 1.50% or 2%, but we are concerned with the rest of the market about the speed at which it’s getting there,” said Mona Mahajan, investment strategist at Allianz Global Investors LLC.Stock-Market Momentum Comeuppance Gets No Sympathy From the FedMeanwhile, the U.S. Senate voted to take up a $1.9 trillion relief bill backed by President Joe Biden, setting off a debate expected to end this weekend with approval of the nation’s sixth stimulus since the pandemic-triggered lockdowns that began a year ago.The February U.S. employment report on Friday will provide an update on the speed and direction of the nation’s labor market recovery.These are some of the main moves in markets as of 10:33 a.m. in Tokyo:StocksS&P 500 futures dropped 0.7%. The gauge retreated 1.3% on Thursday.Japan’s Topix index slid 1.2%.South Korea’s Kospi index fell 1.8%.Australia’s S&P/ASX 200 declined 1.4%.Hong Kong’s Hang Seng shed 2.4%.Shanghai Composite lost 1.2%.CurrenciesThe Bloomberg Dollar Spot Index rose 0.1%.The euro dipped 0.1% to $1.1959.The Japanese yen added 0.1% to 107.85 per dollar.BondsThe yield on 10-year Treasuries rose held at 1.56%.Australia’s 10-year yield rose six basis points to 1.83%.CommoditiesWest Texas Intermediate crude jumped 0.3% to $64.03 a barrel.Gold dropped 0.4% to $1,691.92 an ounce.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Five months after elbow surgery, Rhys Hoskins was back in the lineup taking big swings. The Philadelphia Phillies slugger was 1 for 3 with an RBI single as a designated hitter in a 15-0 win over the New York Yankees on Thursday. “I felt strong, felt normal,” Hoskins said.
Donald Trump issued a lengthy rant about veteran Republican Karl Rove after the strategist criticised him. Mr Rove wrote about the “muted enthusiasm” for the ex-president in the Wall Street Journal after only 68 per cent of his supporters at CPAC said they wanted him to run again in 2024. Now Mr Trump has blasted George W Bush’s senior adviser and branded him a “pompous fool” who has “been losing for years, except for himself.”
The toddler will likely have to undergo skin grafts on one, if not both, of his arms and hands, according to a GoFundMe page
The dollar held firmly near three-month highs on Friday after surging overnight as Federal Reserve Chair Jerome Powell stuck with dovish rhetoric despite a recent spike in bond market volatility. The U.S. currency soared the most in a month after Powell said the violent sell-off in Treasuries last week was "notable and caught my attention" but was not "disorderly" or likely to push long-term rates so high the Fed might have to intervene more forcefully. Powell's remarks reignited selling in Treasuries, with the benchmark 10-year Treasury yield jumping back above 1.5% and rising as high as 1.5830% in Asia.
Married at First Sight: will the UK copy Australia's staged, sexed-up dramas?. The Australian version of the reality franchise has proved a lockdown hit – and become increasingly salacious. Now, it seems the UK’s more buttoned-up spinoff could follow suit
Two months after Capitol attack, embittered conspiracy cult holds out for last-ditch effort to revive former president – but law enforcement warns that the insurrection was not an isolated event
New general manager George Paton said Thursday the Denver Broncos want Von Miller back in 2021, but they want to hear more about an off-field investigation into the star linebacker. The Broncos — and Miller — are awaiting a decision from the district attorney in the 18th Judicial District in suburban Denver following an an unspecified investigation of Miller by the Parker, Colorado, police department in January. Neither the police nor the district attorney’s office have said what charges Miller could face.
(Bloomberg) -- Oil rallied toward $65 a barrel after OPEC+ chose not to relax supply curbs even as the global economy pulls out of its pandemic-driven slump, confounding widespread expectations the group would loosen the taps.The surprise decision spurred a wave of crude price forecast upgrades by major banks. West Texas Intermediate edged higher in Asia, building on Thursday’s 4.2% surge to the highest close since April 2019. The producer alliance agreed to hold output steady in April, while Saudi Arabia said that it will maintain its 1 million barrel-a-day voluntary production cut.See also: Saudis Bet ‘Drill, Baby, Drill’ Is Over in Push for Pricier OilCrude has soared this year, shepherded higher by OPEC+ restraining supplies and the vaccine-aided recovery in consumption that’s drained inventories. The group’s decision represents a victory for Riyadh, which has advocated for restraints to keep prices supported. However, the rally could spur drilling activity by U.S. shale explorers, and stoke global inflationary pressures.The Organization of Petroleum Exporting Countries and its allies including Russia had been debating whether to restore as much as 1.5 million barrels a day of output. As part of the agreement, which was struck at a virtual meeting on Thursday, Russia and Kazakhstan were granted exemptions. The group’s next meeting is set for April 1 to discuss production levels for May.“Crude’s spike was a knee-jerk reaction to a shocking OPEC+ decision,” said Vandana Hari, founder of Vanda Insights in Singapore. Saudi Arabia’s optimism over U.S. shale remaining subdued appears plausible for the time being, but “the kingdom might be pushing its luck if it pursues the hawkish path for too long,” she said.Oil’s rapid gains stand to intensify the global debate about the potential resurgence in inflation, and complicate the task facing the Federal Reserve as it seeks to sustain the U.S. recovery. The Treasury market is already on edge for signs of faster price gains, with benchmark yields rising rapidly.Goldman Sachs Group Inc. raised its Brent forecasts by $5 a barrel and now see the global crude benchmark at $80 in the third quarter. JPMorgan Chase & Co. increased its Brent projection by $2 to $3 a barrel and Australia & New Zealand Banking Group Ltd. boosted its three-month target to $70. Citigroup Inc. said crude prices could top $70 before the end of this month.Oil rising to these levels will likely increase strains within OPEC+ as some members will want to pump more to relieve under-pressure economies, Citi said in a note. Top importers such as China and India would also not be happy and the alliance is likely to change course at its next meeting, it said.The lack of fresh supply was reflected in oil’s futures curve. Brent’s prompt timespread widened to 59 cents in backwardation, a bullish structure where near-dated prices are higher than later-dated ones, from 54 cents Thursday.More evidence of the demand recovery continued to emerge, especially in Asia. Gasoline and diesel consumption in China has extended its run above pre-virus levels this year after the faster-than-expected return of factory activity and infrastructure building following the Lunar New Year holiday.In addition to the fallout from the OPEC+ shock, investors will also look to commentary on Friday from China’s National People’s Congress, the nation’s biggest political meeting of the year. The gathering carries added significance this year with the Communist Party’s unveiling of its new five-year plan.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Tens of thousands of jobs at risk as Greensill Capital moves closer to collapseCourt papers reveal extent of difficulties facing the global financier, with billions of dollars of loans now under a cloud The NSW supreme court has ruled that an insurer doesn’t have to continue to provide cover for crucial loans Greensill issued to its customers. Photograph: Fabian Bimmer/Reuters
(Bloomberg) -- China’s CSI 300 Index has fallen more than 10% from its Feb. 10 peak, poised to enter a technical correction as traders rush to offload growth stocks in the $11 trillion market.On Friday, China’s main stock gauge slid as much as 2%, extending losses from the peak reached right before the Lunar New Year holiday. The move has been driven by consumer staples, with the subgauge down nearly 20% in the same time frame.The rout has come amid growing concern over liquidity tightening and possible asset bubbles, with markets seeking fresh cues from the National People’s Congress that started today. The nation’s top banking regulator jolted markets on Tuesday with a warning about the need to reduce leverage amid the rising risk of bubbles globally and in the local property sector.The selloff has rapidly deflated a rally that briefly sent the benchmark CSI 300 Index past its 2007 record, with sure-win bets turning sour. China’s biggest stock Kweichow Moutai Co. has lost more than 20% from its peak.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Reaction to a proposed pay increase for NHS staff features in many of the nation’s papers.
(Bloomberg) -- The Bank of Japan’s stock continued its head-scratching surge on Friday, rising for a fifth straight session.While the gains were smaller than the limit-up rallies in the previous four days, the stock has now doubled in value over the course of this week, even as the benchmark Topix index is little changed.The jump in the shares, or subscription certificates as the BOJ refers to them, has baffled market participants. While the BOJ is unusual in being a listed central bank, the stock pays a tiny dividend and holds no voting rights. In fact, the central bank doesn’t even hold shareholders’ meetings. The stock traded at an all-time low just in January.Usually little noticed or commented on, the central bank’s stock became a topic of conversation in parliament on Friday, where BOJ Governor Haruhiko Kuroda was delivering his semi-annual report on currency and monetary control. “The Bank of Japan’s subscription certificates are completely different from the normal shares of listed companies,” Kuroda said in response to a question about the long-term decline in the stock price during his term, prior to this week’s rally. Unlike a normal stock, he said, the share price doesn’t reflect profits or the state of its balance sheet. “The price is not the responsibility of the bank.”Trading volume on Thursday rose to the highest on record, according to data compiled by Bloomberg, though the 11,600 shares exchanging hands is minuscule compared to most other listed companies in Tokyo. Volume on Friday stood at around 75% of that amount after less than 90 minutes of trading.Speculative MovesWhile technically a listed entity on the Tokyo Stock Exchange’s Jasdaq, the nature of the stock and its speculative moves are a long-standing mystery of Japan’s financial markets. A speculative surge was also witnessed in late 2012 and early 2013, when optimism over the Abenomics program of former Prime Minister Shinzo Abe was at its peak.The government holds a 55% stake, while individual investors have 40%. The subscription certificates can’t be bought at online securities firms, as they weren’t subject to the 2009 digitalization of traditional paper stock certificates. It’s the only issue for which Japan Securities Clearing Corp., the entity that clears transactions for all equities in the country, still requires physical delivery of paper certificates, which remain valid even now.The puzzling rally comes after the Nikkei 225 Stock Average briefly touched its highest levels since the bubble era of the 1980s. In those days, when the benchmark traded at around 70 times earnings, some investors collected BOJ’s stock, framing their certificates as a collectible. They were then worth 745,000 yen ($6,945) apiece -- around 13 times their current value -- despite the recent surge.The gains have come ahead of a closely-watched policy review by the central bank on March 19, which may lead to changes in how it buys exchange-traded funds -- because as well as being listed, the BOJ is itself the largest single owner of Japanese shares.(Updates with Kuroda comment, Friday’s moves)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Linda Reynolds signals she is prepared to apologise to Brittany Higgins for calling her a 'lying cow'‘I want to express how deeply sorry I am for these remarks,’ defence minister says in statement Defence minister Linda Reynolds is on a period of medical leave after a week of escalating controversy over whether she provided an appropriate duty of care to Brittany Higgins, who says she was raped in the minister’s office. Photograph: Lukas Coch/AAP
Chilean police patrolled along the waterfront in Puerto Saavedra on March 4, after an 8.1-magnitude earthquake on the other side of the Pacific Ocean led to tsunami warnings in South America.Chilean officials issued a “yellow alert” for coastal communities and published a schedule for areas facing possible tsunami threat, starting with Easter Island overnight.This footage was recorded in Puerto Saavedra, where police used speakers to exhort residents to leave coastal areas. Credit: Carabineros Región de La Araucanía via Storyful
VRM earnings call for the period ending December 31, 2020.