There have been growing concerns about different strains
There have been growing concerns about different strains
Bitcoin is at a "tipping point" and could in the future become the preferred currency for international trade or face a "speculative implosion," Citi analysts said. With the recent embrace by the likes of Tesla Inc and Mastercard Inc, bitcoin could be at the start of a "massive transformation" into the mainstream, Citi said in a report. The growing involvement from institutional investors in recent years contrasts with heavy retail-focus for most of the past decade, it added.
The "Global Clinical In Vitro Diagnostic Medical Laboratory Services Market - Strategy & Trends, Volume & Price Forecasts by Chemistry, Hematology, Microbiology, Pathology, Covid-19, and Molecular Dx by Country: Updated with Impact of COVID-19 - 2021 to 2025" report has been added to ResearchAndMarkets.com's offering.
The "Global Athleisure Market - Growth, Trends, and Forecast (2021-2026)" report has been added to ResearchAndMarkets.com's offering.
Britain, France and Germany are pressing ahead with a U.S.-backed plan for a resolution by the U.N. nuclear watchdog's board criticising Iran for curbing cooperation with the agency, despite Russian and Iranian warnings of serious consequences. The International Atomic Energy Agency's 35-nation Board of Governors is holding a quarterly meeting this week against the backdrop of faltering efforts to revive Iran's nuclear deal with major powers now that U.S. President Joe Biden is in office. Iran has recently accelerated its violations of the 2015 deal in an apparent bid to raise pressure on Biden, as each side insists the other must move first.
(Bloomberg) -- A new market consensus has quickly formed after last week’s fire-sale in bonds -- expectations for interest-rate hikes have become too aggressive and it’s time to buy.While swaps traders see the Federal Reserve raising rates in March 2023, some strategists say that’s too much and recommend buying short-maturity bonds to fade the move. Five-year Treasuries outperformed on Monday, while their 30-year counterparts extended declines, with yields climbing further above 2.20%. In the U.K., where money markets have completely priced out rate cuts, UBS Group AG sees rates eventually meeting “fundamental resistance.”The rapid reflation-fueled selloff that besieged bond markets last week is showing signs of stalling as investors take advantage of better valuations and with central banks lining up to emphasize that they’re in no rush to start tightening monetary policy. Traders are due to get a sense of whether poicy makers backed up their words with actions last week, with data on European Central Bank bond-buying due later.“Central banks as well as markets need to realize that even homeopathic tightening doses can trigger outsized market reactions,” said Christoph Rieger, head of fixed-rate strategy at Commerzbank AG. It “will be interesting to get some indications whether markets are firmly in buy-the-dip mode or whether it is the ECB.”Short is SweetOver in Treasuries, shorter maturities are proving popular after last week’s rout. JPMorgan Chase & Co.’s Jay Barry recommended purchasing five-year notes in the U.S., while strategists at TD Securities doubled down on their bullish stance on the same securities on Friday.Barclays Plc’s Anshul Pradhan told investors to buy three-year securities, while Citigroup Inc.’s Jabaz Mathai recommended the “belly of the curve,” which traditionally means maturities between three and seven years.Their views seem to have struck a chord with investors. Five-year yields fell as much as five basis points to 0.68%, and 30-year equivalents climbing six basis points to 2.20%.Five-year Treasuries slumped last week as traders brought forward the pricing of rate hikes, driving an exodus of positions which had previously been sheltered by rate guidance from the Federal Reserve. Yields on the securities surged 16 basis points to 0.73% in the five days through Friday, with Thursday’s move the worst performance on the yield curve since 2002.Read more: Dizzied Bond Traders Brace for More Pain as Fed Speakers Line Up‘Not Sustainable’“We think these moves are not consistent with the Fed’s stance and framework, and therefore not sustainable,” Guneet Dhingra, head of U.S. interest-rate strategy at Morgan Stanley in New York, wrote about the rate-hike expectations. The Fed is likely to push back against the market pricing in rate hikes in 2023, he said.In remarks last week, Fed Chair Jerome Powell offered a reassurance that policy would continue to be supportive and look beyond a temporary pick-up in inflation, especially from a low base. The central bank’s so-called dot plot -- which it uses to signal its outlook for the path of interest rates -- shows a majority of Fed members expect rates to be unchanged from current levels at the end of 2023.Powell will deliver this week what are likely his final public comments before a mid-month policy meeting.Periphery PositionsAcross the Atlantic, investors are also buying back into the trades that were hardest hit during last week’s selloff. Banco Santander SA is positioning for peripheral spreads over Germany -- like Italy and Spain -- to narrow. UBS meanwhile, sees U.K. rate valuations as getting close to levels to re-enter. Last month, 10-year gilt yields rose the most since 2016.“While we’re not quite recommending buying the dip,” said John Wraith, head of U.K. and European rates strategy at UBS, “we are definitely getting close to attractive levels to position for a reversal.”(Updates with European moves and recommendations throughout.)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.
The actress won the award for best actress in a TV drama for her part in The Crown.
Renée Zellweger, Kaley Cuoco and Gal Gadot's make-up artists shared their behind-the-scenes skincare secrets.
(Bloomberg) -- U.S. equity futures and global stocks rallied, while Treasury yields stabilized as confidence returned to markets after last week’s turmoil.The advance was broad, with stocks tied to economic reopenings and faster growth notching some of the biggest gains. Europe’s Stoxx 600 Index rose the most in three months, led by retail and travel shares. Apple Inc., Tesla Inc. and American Airlines Group Inc. climbed in early U.S. trading. Futures on the small-cap Russell 2000 Index outperformed the Nasdaq 100 Index. Benchmark Treasury yields added two basis points to 1.43% and the dollar was steady. Australia’s 10-year yield slid the most in a year after the central bank doubled down on bond purchases to pacify fixed-income markets.After a week of intense volatility in bond markets, investors were shaking off concern about the effects of rising borrowing costs and ready to once again buy risk assets. The big question remains how central banks will react to rising bond yields. While policy makers at the European Central Bank have said they won’t tolerate higher yields if they undermine the economy, the institution will publish its latest bond-buying figures later today. A significant increase in purchases would show they are backing their words with action.“With a lot of the move in yields due to the improving growth outlook and reopening prospects, risk appetite is holding up,” said Esty Dwek, head of global strategy at Natixis Investment Manager Solutions. “The pace and scale of the move in yields is more important than the absolute level, suggesting that as long as the move is gradual, risk assets should be able to absorb them.”Meanwhile, commodities marched higher. Oil futures in New York rose toward $63 a barrel after losing 3.2% on Friday. The OPEC+ alliance is due to meet on Thursday and expected to loosen the taps after prices got off to their best ever start to a year. But it’s unclear how robustly the group will act, with the Saudi Arabian energy minister calling for producers to remain “extremely cautious.” The MSCI Asia Pacific Index was up 1.5%, the best performance in a month, led by gains in Japan. Bitcoin jumped 5% to trade around $47,000 in a rebound from last week’s steep losses. There are some key events to watch this week:Reserve Bank of Australia sets monetary policy Tuesday.U.S. Federal Reserve Beige Book is due Wednesday.OPEC+ meeting on output Thursday.Fed Chair Jerome Powell to discuss the economy at a Wall Street Journal event on Thursday.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:StocksFutures on the S&P 500 Index increased 1.1% as of 11:02 a.m. London time.The Stoxx Europe 600 Index climbed 1.5%.The MSCI Asia Pacific Index gained 1.5%.The MSCI Emerging Market Index advanced 1.2%.CurrenciesThe Bloomberg Dollar Spot Index dipped 0.1% to 1,134.70.The euro decreased 0.2% to $1.205.The British pound advanced 0.2% to $1.3961.The Japanese yen weakened 0.1% to 106.70 per dollar.BondsThe yield on 10-year Treasuries advanced three basis points to 1.43%.The yield on two-year Treasuries increased less than one basis point to 0.13%.Germany’s 10-year yield dipped four basis points to -0.30%.Britain’s 10-year yield fell four basis points to 0.782%.CommoditiesWest Texas Intermediate crude gained 1%.Gold strengthened 0.7% to $1,745.71 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.
The United Nations was launching an appeal Monday for countries to fund its response to the humanitarian crisis in Yemen, where more than six years of war has created the world’s worst humanitarian disaster. At the pledging virtual conference, co-hosed by Sweden and Switzerland, U.N. Secretary-General Antonio Guterres will appeal for $3.85 billion this year to address the impoverished Arab country's dire needs in the country. It is unlikely a response from donors will meet U.N. goals, given that the coronavirus pandemic and its devastating consequences have hit economies around the globe.
Swedish payments firm Klarna nearly tripled its valuation to $31 billion in less than six months after it announced on Monday a new $1 billion fundraising round. The new round, which will make Klarna the most valuable European startup, was oversubscribed four times and included a combination of new and existing investors. The "buy now, pay later" firm completed a $650 million funding round in September from a group of investors led by Silver Lake that valued it at $11 billion.
Dublin, March 01, 2021 (GLOBE NEWSWIRE) -- The "Cloud Security Posture Management Market by Component (Solution and Services), Cloud Model (IaaS and SaaS), Vertical (BFSI, Healthcare, Retail and Trade, IT and Telecommunication, Public Sector, and Education), and Region - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering. The global Cloud Security Posture Management (CSPM) market size in the post-COVID-19 scenario is projected to grow from USD 4.0 Billion in 2020 to USD 9.0 Billion by 2026, at a CAGR of 14.4% during the forecast period. An increase in misconfiguration and lack of security tools and processes have contributed to the growth of the CSPM market. By component, the services segment expected to grow with the fastest growing CAGR during the forecast period Consulting, deployment, maintenance, and managed services (as-a-service) are considered in the CSPM services segment. Services aim at training and developing expertise, providing timely upgradations to the solution, and helping customers integrate these with other Information Technology (IT) solutions. With the increasing adoption of CSPM solutions across organizations, the demand for supporting services is also expected to increase among organizations. APAC to register the highest growth rate during the forecast period Asia Pacific (APAC) comprises of emerging economies, such as China, Japan, India, Australia and New Zealand with developed security infrastructure. Machine Learning (ML), Internet of Things (IoT), big data analytics, and Artificial Intelligence (AI) are emerging methodologies that are being deployed in this region. APAC is home to a large number of established Small and Medium-sized Enterprises (SMEs), which are growing at a laudable pace to cater to their large customer base. SMEs are rapidly adopting cloud-based solutions to manage their enterprise data. Despite the growing importance of SMEs in this region, they are most affected mostly by cyber and malware attacks owing to budgetary constraints and resource shortages. Key Topics Covered: 1 Introduction 2 Research Methodology3 Executive Summary4 Premium Insights4.1 Attractive Opportunities in the Cloud Security Posture Management Market4.2 Market, by Component, 20204.3 Market, by Cloud Model 20204.4 Market, Share of Top Three Verticals and Regions, 20204.5 Market Investment Scenario5 Market Overview and Industry Trends5.1 Introduction5.2 Market Dynamics5.2.1 Drivers22.214.171.124 Increase in the Misconfiguration to Boost the Growth of Cloud Security Posture Management126.96.36.199 Lack of Security Tools and Processes188.8.131.52 COVID-19 Impact5.2.2 Restraint184.108.40.206 Lack of Awareness Toward Cloud Resources, Cloud Security Architecture, and Strategy220.127.116.11 COVID-19 Impact5.2.3 Opportunities18.104.22.168 Migration to Cloud to Give an Opportunity for Cloud Security Posture Management22.214.171.124 COVID-19 Impact5.2.4 Challenges126.96.36.199 Lack of Awareness Among Enterprises About the Benefits of Cspm Solutions188.8.131.52 Challenges to Prove Compliance184.108.40.206 COVID-19 Impact5.2.5 Use Cases220.127.116.11 Use Case: Armor18.104.22.168 Use Case: Zscaler22.214.171.124 Use Case: Armor5.3 Regulatory Landscape5.3.1 General Data Protection Regulation5.3.2 Personal Information Protection and Electronic Documents Act5.3.3 The International Organization for Standardization 270015.3.4 Cloud Security Alliance Security Trust Assurance and Risk5.4 Cloud Security Posture Management Market Ecosystem5.5 Cloud Security Posture Management Framework5.6 Pricing Analysis5.7 Patent Analysis5.8 Technology Analysis5.9 Porter's Five Forces Analysis5.9.1 Threat from New Entrants5.9.2 Threat of Substitutes5.9.3 Bargaining Power of Suppliers5.9.4 Bargaining Power of Buyers5.9.5 Intensity of Competitive Rivalry6 Cloud Security Posture Management Market, by Component6.1 Introduction.6.1.1 Components: Market Drivers6.1.2 Components: COVID-19 Impact6.2 Solutions6.3 Services7 Cloud Security Posture Management Market, by Cloud Model7.1 Introduction7.1.1 Cloud Models: Market Drivers7.1.2 Cloud Models: COVID-19 Impact7.2 Infrastructure as a Service (Iaas)7.3 Software as a Service (Saas)8 Cloud Security Posture Management Market, by Vertical8.1 Introduction8.1.1 Verticals: Market Drivers8.1.2 Verticals: COVID-19 Impact8.2 Banking, Financial, and Insurance Services8.3 Healthcare8.4 Retail and Trade8.5 Education8.6 It and Telecommunication8.7 Public Sector8.8 Other Verticals9 Cloud Security Posture Management, by Region9.1 Introduction9.2 North America9.3 Europe9.4 Asia-Pacific9.5 Middle East and Africa9.6 Latin America10 Competitive Landscape10.1 Overview10.2 Market Evaluation Framework10.2.1 New Product Launches/Development10.2.2 Partnerships/Agreements/Collaborations10.2.3 Acquisitions10.3 Company Evaluation Matrix and Company Profiles10.3.1 Overview10.3.2 Competitive Leadership Mapping10.3.2.1 Star10.3.2.2 Emerging Leader10.3.2.3 Pervasive10.4 Competitive Leadership Mapping, for Startups10.4.1 Progressive Companies10.4.2 Responsive Companies10.4.3 Dynamic Companies10.4.4 Starting Blocks10.5 Revenue Analysis10.6 Market Share Analysis11 Company Profiles11.1 Introduction11.2 IBM11.3 Vmware11.4 Microsoft11.4.5 COVID-19-Related Developments11.5 Check Point11.6 Mcafee11.7 Fortinet11.8 Forcepoint11.9 Fireeye11.10 Zscaler11.11 Cisco11.12 Optiv Security11.13 Sophos11.14 Atos11.15 Palo Alto Networks11.16 Crowdstrike11.17 Ciphercloud11.18 Aqua Security11.19 Aujas11.20 Armor11.21 Bitglass11.22 Hillstone11.23 Netskope11.24 Divvycloud11.25 Fugue, Inc11.26 Orca Security11.27 Accurics, Inc11.28 Appomni Inc11.29 Cloudpassage11.30 Opscompass11.31 Adaptive Shield11.32 Blazeclan Technologies12 Adjacent Markets12.1 Introduction to Adjacent Markets12.2 Limitations12.3 Cloud Security Posture Management Market Ecosystem and Adjacent Markets12.4 Cloud Security Market12.5 Cybersecurity Market13 Appendix13.1 Discussion Guide13.2 Knowledge Store: Subscription Portal13.3 Available Customizations For more information about this report visit https://www.researchandmarkets.com/r/o5310g CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood, Senior Press Manager email@example.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900
Today, Ørsted A/S held its annual general meeting where the following decisions were adopted: The audited annual report for 2020 and distribution of profit Ørsted’s audited annual report for 2020 was approved.Payment of dividend of DKK 11.5 per share was approved. Discharge, remuneration and elections The remuneration report for 2020 was approved.The Board of Directors and the Executive Board were discharged from liability.The proposal for the appropriation of the profit according to the approved annual report was approved.The proposal from the Board of Directors for an authorisation to acquire treasury shares was approved. The proposed remuneration of the Board of Directors for 2021 was approved.The annual general meeting re-elected Thomas Thune Andersen as Chairman, Lene Skole as Deputy Chairman, and Lynda Armstrong, Jørgen Kildahl, Dieter Wemmer, and Peter Korsholm as members of the Board of Directors. Furthermore, Julia King, Baroness Brown of Cambridge, and Henrik Poulsen were elected as new members of the Board of Directors.PricewaterhouseCoopers was re-elected as auditor of the company. Other proposals The proposed amendments of the remuneration policy for the Board of Directors and the Executive were approved.The proposed amendment of the Articles of Association was approved. For further information, please contact:Media RelationsCarsten Birkeland Kjær+ 45 99 55 77 firstname.lastname@example.org Investor RelationsAllan Bødskov Andersen + 45 99 55 79 96 The Ørsted vision is a world that runs entirely on green energy. Ørsted develops, constructs, and operates offshore and onshore wind farms, solar farms, energy storage facilities, and bioenergy plants, and provides energy products to its customers. Ørsted ranks as the world’s most sustainable energy company in Corporate Knights' 2021 index of the Global 100 most sustainable corporations in the world and is recognised on the CDP Climate Change A List as a global leader on climate action. Headquartered in Denmark, Ørsted employs 6,179 people. Ørsted's shares are listed on Nasdaq Copenhagen (Orsted). In 2020, the group's revenue was DKK 52.6 billion (EUR 7.1 billion). Visit orsted.com or follow us on Facebook, LinkedIn, Instagram, and Twitter. Attachment Resolutions of the annual general meeting 2021 of Ørsted
'This time two years ago was hands down the worst time of my life'
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(Bloomberg) -- Oil rebounded from its biggest slump since November ahead of a key OPEC+ meeting that may see some supply returned to a fast-tightening market.Futures in New York rose above $62 a barrel. The alliance gathers on Thursday and is expected to loosen the taps after prices got off to their best ever start to a year. But it’s unclear how robustly the group will act, with the Saudi Arabian energy minister calling for producers to remain “extremely cautious.”See also: OPEC+ Faces Calls to Cool Oil Market Frenzy With Extra BarrelsOil’s recovery from the impact of the pandemic has been driven by Asian demand, as well as fiscal and monetary stimulus. Data Monday showed most key manufacturing economies gained ground last month, with China staying in expansionary territory. Positive sentiment in equity markets also aided crude, while President Joe Biden’s $1.9 trillion relief plan moved closer to realization after passing the House of Representatives.Saudi Arabia’s output curbs, the improving demand outlook as vaccines are rolled out, and the growing popularity of commodities as a hedge against inflation have pushed oil higher this year. There has been a raft of bullish calls in recent weeks predicting the rally will continue as the producer response trails consumption, while maintenance in North Sea fields is set to reduce supply.“OPEC+ is well aware of the market’s view: the remarkable achievement of the last ten months will be seriously damaged in case of complacency,” said Tamas Varga, analyst at PVM Oil Associates Ltd. “The current oil balance could live with a moderate production increase but could not justify a bigger one.”At stake in the meeting is how much OPEC+ output gets restored and at what pace, with current reductions amounting to just over 7 million barrels a day, or 7% of global supply. The 23-nation coalition will decide whether to revive a 500,000-barrel tranche in April, and in addition, whether the Saudis confirm an extra 1 million barrels they’ve taken offline will return as scheduled.Citigroup think the group will boost about by 500,000 barrels a day next month, with Saudi Arabia unlikely to continue its voluntary curbs.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.
JOHNNY EGGITT / Getty ImagesPrince Harry has told Oprah Winfrey that he decided to step back from the British royal family because he was fearful of “history repeating itself,” apparently referring to the tragic story of his mother, Diana, who died at 36 in a car crash in Paris while being pursued by paparazzi.Harry, who is now 36 himself, made the remarks in his interview with CBS which will be screened on March 7. Two advance clips from the special were released on Monday morning.CBS Presents Oprah with Meghan and Harry: A Primetime Special in one week. #OprahMeghanHarry pic.twitter.com/WCyoHDMCaP— CBS (@CBS) March 1, 2021 In one of the new Oprah clips, Harry was seated next to Meghan, 39, with whom he is expecting a second child. As he held her hand, he reflected on the ordeal his mother went through when she left the royal family.“I’m just really relieved and happy to be sitting here talking to you with my wife by my side,” he said. “Because I can’t imagine what it must have been like for her [Diana], going through this process by herself all those years ago.“It’s been unbelievably tough for the two of us, but at least we had each other.”In a second clip Winfrey said to Meghan that no subject was off limits and at one point tells the couple “you have said some pretty shocking things here.” Oprah also asks Meghan if she was “silent or silenced.”Winfrey appeared to reference a comment made by Meghan when she said that the trolling she received was “almost unsurvivable.”The conversation was flagged as the first TV interview to be given by the couple since they made California their home last year, but Harry rather spoiled Winfrey’s exclusive when he taped an open air bus-top interview with another old friend, James Corden, which was broadcast last week. Prince Harry Tells Friend James Corden He Left the Royal Family Because It Was Destroying His Mental HealthIn that interview, Harry said he was more concerned about the intrusions of the media into his family’s life than the Netflix show The Crown, which he said was “obviously fiction.” His friend Corden did not ask whether Harry’s sympathetic attitude to the show was influenced by the reported $100m fee the couple have received from Netflix to produce content.Harry told Corden that the British press created a “difficult environment” that was destroying his mental health but insisted he “didn’t walk away” from the royal family. “It was stepping back rather than stepping down.”He said: “I did what any husband, what any father would do. It’s like: ‘I need to get my family out of here.’ But we never walked away.” He added: “I will never walk away. I will always be contributing.”The spate of interviews come after Buckingham Palace announced the couple would not be returning to their former roles as working members of the royal family.Read more at The Daily Beast.Get our top stories in your inbox every day. Sign up now!Daily Beast Membership: Beast Inside goes deeper on the stories that matter to you. Learn more.
There might not be a one-size-fits-all manual for raising a child, but there are simple steps you can take to put your child on the path to building wealth. For example, the Roth IRA (a special individual retirement account) comes with incredible features that allow kids who earn income to stash away money in the account and accumulate tax-free income. The clock is ticking, so we'll start with a few items you need to know to give your child the best chance at financial success.
Recently, the investment community marked one year since stock market volatility went off the charts. Online investing app Robinhood, which known best for its commission-free trades and gifting of free shares of stock to new members, attracted some 3 million new users last year. What's notable about this figure is the average age of Robinhood's member base is only 31.
AnnouncementA.P. Møller - Mærsk A/S – Transactions in connection with share buy-back programOn 30 November 2020, A.P. Møller - Mærsk A/S (the Company) announced first phase of a share buy-back program in compliance with the EU Commission Regulation No. 596/2014 of the European Parliament and Council of 16 April 2014 (MAR) and the Commission Delegated Regulation (EU) 2016/1052 (the “Safe Harbour Regulation”). The share buy-back program of up to DKK 10bn is to be executed during a 15-month period beginning 1 December 2020.During the first phase of the program running from 1 December 2020 up to 29 April 2021, the Company will buy-back A and B shares for an amount of up to DKK 3.3bn.The following transactions have been made under the program in the period 22 February 2021 to 26 February 2021: Number of A sharesAverage purchase price A shares, DKKTransaction value, A shares, DKKAccumulated, last announcement (market and A.P. Møller Holding A/S)27,486 343,166,25322 February 202125011,867.76002,966,94023 February 202123811,814.45382,811,84024 February 202125012,358.16003,089,54025 February 202123012,754.65222,933,57026 February 202124012,403.45832,976,830Total 22-26 February 20211,208 14,778,720Bought from A.P. Møller Holding A/S*1,28012,234.039715,659,571Accumulated under the program (market and A. P. Møller Holding A/S)29,974 373,604,544 Number of B sharesAverage purchase price B shares, DKKTransaction value, B shares, DKKAccumulated, last announcement (market and A.P. Møller Holding A/S)109,978 1,480,042,96122 February 20211,20012,827.741715,393,29023 February 20211,20012,777.625015,333,15024 February 20211,25013,414.824016,768,53025 February 20211,20013,850.991716,621,19026 February 20211,20013,393.000016,071,600Total 22-26 February 20216,050 80,187,760Bought from A.P. Møller Holding A/S*3,87313,254.175251,333,421Accumulated under the program (market and A. P. Møller Holding A/S)119,901 1,611,564,142*) According to a separate agreement, A.P. Møller Holding A/S participates on a pro rata basis to the shares purchased in the share buy-back program.With the transactions stated above, the Company owns a total of 138,844 A shares and 583,950 B shares as treasury shares, corresponding to 3.61% of the share capital. Page 1 of 2Details of each transaction are included as appendix.Copenhagen, 1 March 2021 Contact persons: Head of Investor Relations, Stig Frederiksen, tel. +45 3363 3106 Head of Media Relations, Signe Wagner, tel. +45 3363 1901 Page 2 of 2 Attachments Announcement - Transactions in connection with share buy-back program (week 8 2021) Daily transactions in connection with share buy-back program - week 8 2021
(Bloomberg) -- As interest-rate jitters supercharged a meltdown in the world’s biggest bond market, Sam Sicilia barely blinked.“The markets are wrong” about inflation expectations, said Sicilia, chief investment officer of the A$56 billion ($43 billion) Host-Plus Pty pension fund in Melbourne. “Deflationary forces are bigger. Interest rates are going to stay at effectively zero.”With governments around the globe still adding to trillions of dollars of stimulus to ride out the pandemic, pension fund managers who are trying to discern the long-term effects are posing the question: Will inflation make a comeback? If it does, more than $46 trillion of global pension assets would be affected as central banks pivoted toward sustained higher interest rates.Interviews with five pension funds that help oversee parts of Australia’s A$2.9 trillion ($2.3 trillion) in retirement assets reveal a rank of investors largely unconcerned about the risk of rising prices.Last week, bond trades triggered speculation that inflation may accelerate to multi-year highs as the inevitable conclusion to the world’s $19.5 trillion coronavirus rescue package. Yields on 10-year Treasuries surged to pre-pandemic levels on Thursday, convulsing markets from stocks to credit as traders bet on more aggressive tightening -- with a U.S. interest rate hike briefly priced in for late 2022, at least a year earlier than the Federal Reserve had signaled.Debt markets calmed on Monday, as investors bet central banks would ramp up asset purchases to prevent yields rising too quickly.“I don’t think they would want to risk any recovery” by allowing markets to tighten too quickly, said Michael Clavin head of fixed-income at the A$140 billion Aware Super, Australia’s second-biggest pension fund by assets. There may be a “burst of inflationary data, but we’re not really sure it’s sustainable.”Wind VaneLike Sicilia, Clavin points to technology advancements as the biggest damper on long-term price growth.Economists have struggled for years to quantify technology’s deflationary impact on everything from supply chains to wage growth -- Clavin’s wind vane for price pressures -- but the overall effect has been to stifle price increases. And that’s not including the increased unemployment from the pandemic.Read More: Aggressive Fed Hike Bets Spur Treasury Buy-the-Dip Calls“There’s still quite a big hurdle to get the jobs back that were lost,” Clavin said. “I don’t see how you’re going to overcome those deflationary forces without some sort of wage growth.”Aware is sticking to a strategy that includes being overweight in global equities and cash in its default option to ride out the market volatility. It also invests about 15.6% of its default fund in fixed-income assets.Sicilia continues to shun “outrageously expensive” bonds and is investing in stocks and private equity on bets that risk-assets will continue to outperform as central banks keep rates near record lows.“In five to 10 years’ time, you’ll have people saying ‘we should have bought equities at 20 times earnings,’” he said. “If technology is the root cause of no inflation, that means you’re not going to be able to generate inflation anytime soon.”While bond markets suggest there may be “inflation in the pipeline”, it might be short-lived, said John Pearce, Sydney-based investment chief at the A$90 billion UniSuper Management Pty.The 30-year market veteran points to Japan as an example where inflation remains elusive despite years of quantitative easing and ultra-loose monetary policy. Markets today are a far cry from the 1970s when a massive oil shock and collapse of the Bretton Woods system turbocharged price hikes, he said.“You look at the marginal cost of everything just plummeting because of the improvements in technology -- I don’t see that stopping anytime soon,” said Pearce. “We’re not a believer that we’re going to see persistently high inflation.”It may be “worth having a look at” 10-year Treasuries if yields climb to 2.5%, he said.Contrarion BetsThat’s not to say that the recent volatility hasn’t produced some buying opportunities.When bond yields plunged to historic lows last year, IOOF Holdings Ltd. pivoted some of its funds from government debt to credit and senior loans. By December, one of the Melbourne-based pension’s underlying asset managers had switched from a long duration position -- or holding securities with higher interest-rate risk -- to a short on signs inflation pressures were building.The wagers paid off. During the worst month for Australian bond returns on record, the fund’s fixed-income strategy rose 0.6%.“Because we’re starting from such a low base on inflation, you’re probably likely to see over the next three-to-six months” economic data showing some price rises, said Osvaldo Acosta, head of fixed-interest assets who studies bonds and stock returns to look for an inflection point for inflation. “The greatest risk that we saw for the last 12 months was the amount of stimulus both monetary and also fiscal that was coming through -- it is just tremendous.”Now, with U.S. yields pulling global rates higher, Acosta is weighing his fund’s position. “Bonds are starting to look attractive,” he said.Even so, most of those managing Australia’s giant pension funds don’t see a return to the high levels of inflation that characterized U.S. economics in the 1970s.Con Michalakis, chief investment officer of Statewide Superannuation Pty, compares the S&P 500 Index dividend yield against the U.S. 10-year benchmark as a bond valuation barometer and he’s now looking at opportunities in government debt after the selloff.“We’re going to hit an inflection point -- bonds near 2% offer some insurance value that they didn’t offer when they were 80 basis points,” said Adelaide-based Michalakis. “We are in an era of slightly higher structural long-term inflation, but nothing disastrous.”(Adds tout)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.