Most Sold By Hedge Funds
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- Bloomberg
Treasury Yields Sink to 3-Year Lows on ‘No-Limit’ Trade War Fear
(Bloomberg) -- Terms of Trade is a daily newsletter that untangles a world embroiled in trade wars. Sign up here. Global bonds rallied anew Monday with 10-year Treasury yields sinking to a three-year low as an expanding U.S.-China trade war roiled global markets.Benchmark U.S. yields dropped below 1.5% to their lowest since Aug. 2016, while those in Japan, Australia and New Zealand fell amid concerns that a bruising trade war will hamper global growth. Traders sought haven assets after the latest exchange of tariffs between the world’s two biggest economies.With the rift growing, overnight index swaps are pricing in almost three rate cuts by the Federal Reserve by the end of the year, as Chairman Jerome Powell warned Friday that the U.S. economy faces “significant risks.” After slapping higher tariffs on Chinese goods, President Donald Trump has threatened to order American companies to leave China.“Now there’s no limit to the worst-case scenario for the trade war,” said Kei Yamazaki, a fund manager at Sumitomo Mitsui DS Asset Management in Tokyo. “While fundamentals argue for a drop in U.S. 10-year yields to around 1.25%, possible fiscal stimulus from major economies could see a rebound in yields.”In an escalation on Friday, China threatened to impose additional tariffs on $75 billion of American goods including soybeans, automobiles and oil. That prompted Trump to say he’ll hike existing duties on about $250 billion in Chinese goods, while a new round of tariffs on $300 billion of goods will be taxed at 15%, up from 10%.Monday PanicAs markets reopened Monday in Asia, investors quickly piled into haven assets. Treasury 10-year yields dropped as much as 7 basis points to 1.4695%, while the benchmark in Australia tumbled by as much as 12 basis points to 0.855%, just above a record low. Japan’s 10-year yields slipped 2.5 basis points to minus 0.265%.China on Monday sought to limit the damage, with Caixin reporting that Vice Premier Liu He said the two sides should seek to resolve the dispute through talks. “Escalation of the trade war could extend the bond rally further, with increased probability that U.S. 10s revisit all-time yield lows set in 2016,” - at 1.318%, wrote a team of strategists at Goldman Sachs Group Inc. including Praveen Korapaty. “Cross-border flows into U.S. dollar fixed income, driven by a surge in negative yielding debt, may not moderate without broad improvement in data.”Globally, the pile of negative-yielding debt has surged to roughly $16 trillion as major central banks increasingly turn dovish amid slowing growth. Treasuries have gained 8.4%, leaving them on track for their best annual performance since 2011, according to the Bloomberg Barclays U.S. Treasury Index.Trump’s renewed criticism of Powell on Friday, coupled with his call to U.S. companies operating in China to consider leaving, pummeled markets going into the weekend. This backdrop also sent a key slice of the yield curve, which is closely watched as a gauge of an impending recession, further into inversion as traders’ viewed the growth outlook as more dire and ramp up bets the Fed cuts.The gap between three-month rates and yields on 10-year Treasury notes fell Monday to a low of minus 51 basis points, the most inverted since March 2007.“The market expects substantial rate cuts but the Fed isn’t moving along that line,” said Naokazu Koshimizu, senior rates strategist at Nomura Securities Co. in Tokyo. “Short-dated yields are struggling to fall even amid concern over a deterioration in the U.S. economy, leaving the yield curve prone to inversion.”Seeking ShelterWhile investors sought shelter in major debt markets, they dumped EM currencies and bonds. The 10-year bond yields in Indonesia, often seen as a barometer of risk appetite, gained 7 basis points. Offshore China yuan dropped to a record low, leading declines in other Asian peers.The dollar-yen dropped through its flash-crash low in January, before rebounding as the session progressed. Sentiment improved after comments from China’s Liu. “The trade war between the U.S. and China is now escalating at a bewildering pace, which is likely to trigger further market volatility and expectations of ever more aggressive monetary easing from the Federal Reserve,” said Patrick Wacker, a fund manager for emerging-market fixed income at UOB Asset Management Ltd. in Singapore. \--With assistance from Filipe Pacheco and Stephen Spratt.To contact the reporters on this story: Masaki Kondo in Singapore at mkondo3@bloomberg.net;Liz Capo McCormick in New York at emccormick7@bloomberg.net;Netty Ismail in Dubai at nismail3@bloomberg.netTo contact the editors responsible for this story: Jenny Paris at jparis20@bloomberg.net, Tan Hwee Ann, Cormac MullenFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
- Motley Fool
Steel Giant Nucor in 5 Charts
The steel industry is out of favor today, but industry icon Nucor stands out from the pack. These graphs show why.
- Fool.co.uk
FTSE 100 warning! I think buying Lloyds and Tesco could be your biggest mistakes for 2020
Royston Wild explains why Lloyds Banking Group plc (LON: LLOY) and Tesco plc (LON: TSCO) are two FTSE 100 (INDEXFTSE: UKX) shares that could cost you a fortune next year.
- FX Empire
U.S. Dollar Index Futures (DX) Technical Analysis – Strengthens Over 97.545, Weakens Under 97.510
Based on Friday’s price action and the close at 97.530, the direction of the September U.S. Dollar Index on Monday is likely to be determined by trader reaction to the support cluster at 97.545 to 97.510.
- FX Empire
Dollar Index Plunges on Increasing Concerns Over U.S. Recession
The Canadian Dollar rose 0.15% against the U.S. Dollar. Gains were limited by a steep drop in crude oil prices. The Euro posted a 0.46% gain against the dollar, but due to its heavy weighting, it had the biggest influence on the index’s decline.
Motley Fool3 Top Financial Stocks to Buy Right Now
Despite poor recent performance, there are some great long-term bargains in the financial sector.
- Market Realist
Do US Energy Stocks Look Promising?
Crude oil production continues to rise, and oil prices remain at $50. Despite that, US energy stocks aren’t getting investors’ interest.
- Reuters
U.S. Steel to idle Indiana plant, 150 jobs at risk
U.S. Steel said on Friday it will idle a plant in Indiana by mid-November as part of the consolidation of its till mill operations in the United States, a move which could result in lay-offs for nearly 150 employees. The steelmaker blamed high levels of low-priced imports for its decision to consolidate work at East Chicago Tin facility into the ones at Gary Works and the Midwest Plant in Northwest Indiana. The East Chicago facility currently employs 297 workers.
- Market Realist
Why Alibaba Stock Fell after Pinduoduo’s Earnings Report
Alibaba stock dropped 1.90% on August 22 after a 1.11% fall on August 21. The decline came after its competitor Pinduoduo reported strong earnings results.
- FX Empire
GBP/USD Weekly Price Forecast – British pound continues slight recovery
The British pound initially fell during the week but then rallied towards the crucial 1.2250 level again. This is an area that has been important more than once, so it makes sense that we are struggling just a bit here. That being said though, I think that the market is simply bouncing from a very low level.
- FX Empire
GBP/USD Price Forecast – British pound continues to show volatility
The British pound has gone back and forth during trading on Friday, as we continue to see a lot of volatility in Sterling. Quite frankly, there is nothing on the horizon that looks like the Brexit is going to be salt, so this should offer a nice selling opportunity at higher levels.
- Motley Fool
Is Pinduoduo Catching Up to Alibaba and JD.com?
The Chinese e-commerce underdog is firing on all cylinders, but investors shouldn’t overlook its glaring flaws.
- Investing.com
Bank of America Falls 3%
Investing.com - Bank of America (NYSE:BAC) fell by 3.03% to trade at $26.36 by 15:50 (19:50 GMT) on Friday on the NYSE exchange.
- Yahoo Finance
David Koch, dead at 79, was part of one of America's 'most important companies'
Billionaire David Koch died on Friday at the age of 79, leaving behind a complicated legacy.
- Motley Fool
3 Dividend Stocks for New Investors to Build Their Portfolios Around
AT&T and these two other stocks are safe, stable, income-producing investments that could look great in any portfolio.
- Zacks
Zacks Value Trader Highlights: XOM, NOBL, REGL, M and JILL
Zacks Value Trader Highlights: XOM, NOBL, REGL, M and JILL
- Zacks
5 Safe Stocks to Shrug Off Recession Worries
The turbulence created by a slowing economy and inversion in yield curve has forced investors to look for safe stocks. These five stocks are sure winners.
- Motley Fool
Better Buy: Bank of America vs. JPMorgan Chase
Which of these two excellent big banks is the best buy now?
- Zacks
Canadian Imperial (CM) Up as Q3 Earnings & Revenues Rise
Higher interest income, fee revenues and a strong balance sheet position support Canadian Imperial's (CM) fiscal Q3 earnings.
- FX Empire
GBP/USD Daily Forecast – Sterling Pares Gains From Yesterday’s Breakout
After a sharp move higher yesterday on the back of positive Brexit comments, the British pound has eased lower in early trading on Friday.
- Reuters - UK Focus
UPDATE 1-Deutsche Bank to transfer up to 800 to BNP in prime brokerage deal - source
FRANKFURT/PARIS, Aug 23 (Reuters) - A deal in the works for BNP Paribas to assume the prime brokerage operations of Deutsche Bank will involve the transfer of up to 800 people, a person with knowledge of the matter said on Friday. Deutsche Bank said in July it had struck a preliminary agreement with BNP covering the business that serves hedge funds as part of its 7.4 billion euro ($8.2 billion) overhaul, but details on personnel and the timing of any final deal were being hammered out. BNP and Deutsche Bank declined to comment.
- Yahoo Finance UK
Eddie Stobart chief quits with immediate effect as shares suspended
The transport and logistics firm is reviewing its accounting, suspending trading until it can reveal a likely downgrade to its earnings.
- FX Empire
Brexit Update – Boris Johnson Returns from Europe and with very little
Boris Johnson returns and having failed to fully push the door open to renegotiations could be in for a tough week ahead…
- Bloomberg
For Business, Veganism Is the New Vaping
(Bloomberg Opinion) -- Big food is salivating over fake meat after the blockbuster initial public offering of Beyond Meat Inc., the leading plant-based protein brand, in May. Traditional producers have rushed into the booming market for meat substitutes, which threaten to take a slice of their business. Tyson Foods Inc. was an early investor in Beyond Meat, but sold its stake before the company’s trading debut and announced its own line of faux meat. Other U.S. companies, such as Smithfield Foods Inc., are introducing alternative protein products. European giants are getting in on the act too, with Nestle SA snapping up California-based Sweet Earth two years ago and Unilever NV buying The Vegetarian Butcher last year.It’s a familiar playbook. The big drinks companies have bought craft brewers. Major cosmetics houses are blending more artisan scents into perfumes. But there’s one segment where the similarities – and potential pitfalls -- are striking: tobacco, which is trying to woo smokers with the products they describe as lower risk, such as electronic cigarettes. Just as the tobacco industry has turned to vaping products to cope with high taxes and declining rates of smoking, big food sees a growing market for meat substitutes as people eat less animal protein and governments slap taxes on their other unhealthy products (and even consider levies on red meat). But traditional food manufacturers eager for vegan profits may struggle with some of the same obstacles tobacco has faced with vaping: adoption and regulation.Just look at Japan. It’s the most developed nation for devices that heat, rather than burn, tobacco, accounting for about 25% of the market. While tech-savvy early adopters were quick to switch to the new devices, older generations were slower to follow suit.Meat substitutes could see a similar trajectory. Analysts at Barclays Plc point out that men drive demand for meat. Convincing them –particularly older generations to switch -- will be crucial. Plant protein substitutes also tend to be more expensive. The premium will need to be whittled away for consumption to be widespread.While there’s no suggestion that fake meat products cause harm in any way – as has been alleged in some cases with vaping – not everyone agrees that they are healthier than animal protein. Chipotle Mexican Grill Inc. said it would not be stocking meat alternatives because they are too processed for the burrito chain. Beyond Meat has hit back at the claims, saying that its products and facilities are more transparent than those in the meat industry. More importantly, faux meat manufacturers will need to keep innovating – and investing – to grow, just as tobacco companies have had to come up with ways to make electronic cigarettes more satisfying for smokers to encourage them to switch. Plant-based protein producers will need to stay one step ahead of the competition with new ingredients, akin to how the market for milk substitutes expanded from soy to embrace soaring demand for nut and oat drinks. Beyond Meat and Nestle’s Sweet Earth use peas for their meatless dishes; Unilever’s The Vegetarian Butcher uses lupine beans to give some meals a fatty, nutty flavor. The possibilities are endless.Yet with innovation comes the risk of alienating consumers and inviting regulation. The magic ingredient at Impossible Foods Inc. – the other big independent plant-based protein maker – is heme, which gives its burgers a bloody meat-like taste. The ingredient is genetically engineered. The U.S. Food and Drug Administration recently found heme to be safe as a color additive, paving the way for sales in supermarkets. But using a genetically-engineered ingredient could turn off the very ethical, health-customers Impossible wants to attract.As big food courts vegans, it will confront pickier consumers than smokers-turned-vapers. Already some are worried about Burger King cooking the Impossible Whopper on the same grill as meat burgers, unless the customer asks for it to be prepared separately.A bigger danger would be if any plant products were found to contain animal traces. Impossible recently partnered with meat processor OSI Group to add more manufacturing capacity and ease supply constraints. It has dedicated capacity at OSI’s facilities, and the production line is not shared with animal-derived products. But it’s a risky move, and one that traditional meat producers going vegan will also have to manage.Like big tobacco, food manufacturers are already confronting challenges to the way they label products. States including Arkansas and Mississippi have banned companies from using the word “burgers” or “dogs” to describe plant-based alternatives. That’s a regulatory breeze compared the crackdown on vaping. In June, San Francisco became the first U.S. city to ban the sale of electronic cigarettes. But it’s still a headwind in what is a nascent industry. While the path of big tobacco highlights some of the challenges facing plant-based protein, there’s one more appetizing similarity. Last year, Altria Group Inc., which owns Philip Morris, took a 35% stake in Juul Labs Inc., the U.S. market-share leader in electronic cigarettes, valuing the company at $38 billion. Beyond Meat is now valued at a staggering $9 billion, almost a third of what food giant Tyson is worth. Such lofty valuations reflect long-term consumer trends. But as the tobacco industry has learned from its foray into alternatives, big food producers shouldn’t assume fake meat is an easy recipe for success. To contact the author of this story: Andrea Felsted at afelsted@bloomberg.netTo contact the editor responsible for this story: Stephanie Baker at stebaker@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Andrea Felsted is a Bloomberg Opinion columnist covering the consumer and retail industries. She previously worked at the Financial Times.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
