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Forget Everything You Know: Morgan Stanley Reveals The Only Metric That Determines What The Market Will Do Next

2021-06-21

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2021-06-16

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Quad-Witch Quandary: How Will Friday's $2 Trillion Gamma Expiration Impact Markets

2021-06-23

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Why I Believe NIO Will Beat Out Tesla

2021-06-23

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2021-06-11

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Warren Buffett Turns 94 Today. 5 Life Lessons From the Oracle of Omaha

2021-06-23

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2021-06-22

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Futures Steady Ahead Of Powell Testimony

2021-06-21

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&nbsp; Vợ","listText":"&nbsp; &nbsp; Vợ","text":"Vợ","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/343951956295752","repostId":"2463227892","repostType":2,"repost":{"id":"2463227892","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1724995438,"share":"https://ttm.financial/m/news/2463227892?lang=&edition=fundamental","pubTime":"2024-08-30 13:23","market":"nz","language":"en","title":"Warren Buffett Turns 94 Today. 5 Life Lessons From the Oracle of Omaha","url":"https://stock-news.laohu8.com/highlight/detail?id=2463227892","media":"Dow Jones","summary":"Born on Aug. 30, 1930, Warren Buffett's got 94 years' worth of life experience -- and 83 years worth of 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His investment company Berkshire Hathaway, which he took control over in 1965, became only the ninth company in history to close at a market valuation above $1 trillion on Wednesday.When Buffett bought the stock in the 1960s, it traded at around $8 a share. As of July this year, its Class A shares -- which have never undergone a stock split -- traded at more than $620,000 a piece.Berkshire has made several blunders in recent years -- it ditched its entire stake in General Motors in late 2023 to call time on a disappointing investment, and appeared to have","content":"<html><head></head><body><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/5214290a499a7f46da37e4bc2919351c\" tg-width=\"548\" tg-height=\"365\"/></p><p>Born on Aug. 30, 1930, Warren Buffett&#39;s got 94 years&#39; worth of life experience -- and 83 years worth of investment experience, given the &#34;Oracle of Omaha&#34; bought his first stock aged 11, according to biographer Roger Lowenstein.</p><p>Buffett, one of the world&#39;s most accomplished investors, is most known for making hundreds of billions of dollars buying shares in what he believes to be undervalued companies, and holding them for a long time. His investment company Berkshire Hathaway, which he took control over in 1965, became only the ninth company in history to close at a market valuation above $1 trillion on Wednesday.</p><p>When Buffett bought the stock in the 1960s, it traded at around $8 a share. As of July this year, its Class A shares -- which have never undergone a stock split -- traded at more than $620,000 a piece.</p><p>When it comes to creating value the Oracle of Omaha has some experience heading up Berkshire over the past six decades. Barron&#39;s has identified five top Buffett investment strategies to mark the billionaire&#39;s birthday.</p><h2 id=\"id_4272763499\">1. Losing Is Just a Part of Winning.</h2><p>Nobody gets to 94 without taking their fair share of L&#39;s. But one of the defining features of Buffett&#39;s career has been his ability to roll with the punches and move on from mistakes.</p><p>Berkshire has made several blunders in recent years -- it ditched its entire stake in General Motors in late 2023 to call time on a disappointing investment, and appeared to have timed its second-quarter sale of Apple stock badly, with the iPhone maker&#39;s shares up nearly 20% over the past three months.</p><p>But Buffett&#39;s biggest-ever wins -- think Geico, or American Express, or Coca-Cola -- have massively outweighed those losses. Berkshire&#39;s Class A shares are up 17% on an annualized basis over the past 40 years, compared with an 11% gain for the benchmark S&amp;P 500 index over the same period.</p><p>It&#39;s a reminder that to make significant wealth investing, you often only have to be right a little more than 50% of the time.</p><h2 id=\"id_3791001616\">2. Cash Isn&#39;t King -- But Don&#39;t Be Afraid Of It.</h2><p>In the past, Buffett hasn&#39;t been afraid to criticize the idea that holding cold hard cash is a viable investment strategy.</p><p>&#34;When people talk about cash being king, it&#39;s not king if it just sits there and never does anything,&#34; he said in a 2008 interview with Charlie Rose on PBS.</p><p>But that doesn&#39;t mean it&#39;s a good idea to just invest for the sake of it -- by blindly buying stocks or other assets you&#39;re not totally happy with.</p><p>Buffett himself has shown that sometimes it&#39;s OK to sit out periods of market turbulence -- this year is a good example. Berkshire is currently sitting on a record cash pile of nearly $200 billion. &#34;I don&#39;t think anybody sitting at this table has any idea of how to use it effectively, and therefore we don&#39;t use it,&#34; he said at the company&#39;s annual shareholder meeting Saturday.</p><h2 id=\"id_528237689\">3. It&#39;s OK to Change Your Mind.</h2><p>While Buffett does praise owning stocks for a long time, he&#39;s also an advocate for changing tactics when a situation calls for it. For example, he&#39;s historically railed against investment banks and not been overly keen to invest in them. But he then bailed out Bank of America, buying $5 billion worth of preferred stock in the then-ailing banking giant in 2011. As of late, he&#39;s been offloading BofA shares again.</p><p>He also changed his mind about Apple and sold over 50% of his stake in the company this year (just before Berkshire hit the $1 trillion market value mark).</p><h2 id=\"id_717815570\">4. Buy Businesses, Not CEOs.</h2><p>Here&#39;s another pearl of wisdom. Buffett thinks &#34;You should invest in a business that even a fool can run, because someday a fool will.&#34;</p><p>The accomplished investor won&#39;t buy stocks that are reliant on excellent managers to succeed -- and believes that even a great CEO can&#39;t resurrect a business with poor fundamentals.</p><p>It&#39;s a lesson that feels extra important today, when some megacap companies&#39; bosses -- think would-be cage fighter Mark Zuckerberg, or leather jacket lover Jensen Huang -- have become celebrities in their own right.</p><p>Lots of investors see buying Tesla shares as a means to invest in the electric car maker&#39;s boss Elon Musk -- but Buffett would probably tell them to focus on the company&#39;s fundamentals, instead.</p><h2 id=\"id_430456376\">5. Don&#39;t Buy Art Like the Mona Lisa, Invest Instead.</h2><p>The quote by Buffett from 1996 &#34;if you aren&#39;t willing to hold a stock for 10 years, don&#39;t even think about holding it for 10 minutes&#34; sheds some light on another life lesson. It speaks to the power of compound interest.</p><p>He calls it his &#34;Mona Lisa&#34; whereby he uses the famous painting to show that if French King Francis, instead of buying the portrait for 4,000 gold crowns ($20,000) in the 16th century, had invested the amount with a modest 6% annual return rate instead, France&#39;s coffers would have been $1 quadrillion richer by 1963. That&#39;s 3,000 times the country&#39;s national debt.</p><p>The Mona Lisa, meanwhile, was insured at &#34;only&#34; $100 million in 1962.</p><p>The &#34;Psychology of Money&#34; author Morgan Housel noted that Buffett has made most of his money since his 60s, mainly due to the simple math of compound investing.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Warren Buffett Turns 94 Today. 5 Life Lessons From the Oracle of Omaha</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWarren Buffett Turns 94 Today. 5 Life Lessons From the Oracle of Omaha\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2024-08-30 13:23</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/5214290a499a7f46da37e4bc2919351c\" tg-width=\"548\" tg-height=\"365\"/></p><p>Born on Aug. 30, 1930, Warren Buffett&#39;s got 94 years&#39; worth of life experience -- and 83 years worth of investment experience, given the &#34;Oracle of Omaha&#34; bought his first stock aged 11, according to biographer Roger Lowenstein.</p><p>Buffett, one of the world&#39;s most accomplished investors, is most known for making hundreds of billions of dollars buying shares in what he believes to be undervalued companies, and holding them for a long time. His investment company Berkshire Hathaway, which he took control over in 1965, became only the ninth company in history to close at a market valuation above $1 trillion on Wednesday.</p><p>When Buffett bought the stock in the 1960s, it traded at around $8 a share. As of July this year, its Class A shares -- which have never undergone a stock split -- traded at more than $620,000 a piece.</p><p>When it comes to creating value the Oracle of Omaha has some experience heading up Berkshire over the past six decades. Barron&#39;s has identified five top Buffett investment strategies to mark the billionaire&#39;s birthday.</p><h2 id=\"id_4272763499\">1. Losing Is Just a Part of Winning.</h2><p>Nobody gets to 94 without taking their fair share of L&#39;s. But one of the defining features of Buffett&#39;s career has been his ability to roll with the punches and move on from mistakes.</p><p>Berkshire has made several blunders in recent years -- it ditched its entire stake in General Motors in late 2023 to call time on a disappointing investment, and appeared to have timed its second-quarter sale of Apple stock badly, with the iPhone maker&#39;s shares up nearly 20% over the past three months.</p><p>But Buffett&#39;s biggest-ever wins -- think Geico, or American Express, or Coca-Cola -- have massively outweighed those losses. Berkshire&#39;s Class A shares are up 17% on an annualized basis over the past 40 years, compared with an 11% gain for the benchmark S&amp;P 500 index over the same period.</p><p>It&#39;s a reminder that to make significant wealth investing, you often only have to be right a little more than 50% of the time.</p><h2 id=\"id_3791001616\">2. Cash Isn&#39;t King -- But Don&#39;t Be Afraid Of It.</h2><p>In the past, Buffett hasn&#39;t been afraid to criticize the idea that holding cold hard cash is a viable investment strategy.</p><p>&#34;When people talk about cash being king, it&#39;s not king if it just sits there and never does anything,&#34; he said in a 2008 interview with Charlie Rose on PBS.</p><p>But that doesn&#39;t mean it&#39;s a good idea to just invest for the sake of it -- by blindly buying stocks or other assets you&#39;re not totally happy with.</p><p>Buffett himself has shown that sometimes it&#39;s OK to sit out periods of market turbulence -- this year is a good example. Berkshire is currently sitting on a record cash pile of nearly $200 billion. &#34;I don&#39;t think anybody sitting at this table has any idea of how to use it effectively, and therefore we don&#39;t use it,&#34; he said at the company&#39;s annual shareholder meeting Saturday.</p><h2 id=\"id_528237689\">3. It&#39;s OK to Change Your Mind.</h2><p>While Buffett does praise owning stocks for a long time, he&#39;s also an advocate for changing tactics when a situation calls for it. For example, he&#39;s historically railed against investment banks and not been overly keen to invest in them. But he then bailed out Bank of America, buying $5 billion worth of preferred stock in the then-ailing banking giant in 2011. As of late, he&#39;s been offloading BofA shares again.</p><p>He also changed his mind about Apple and sold over 50% of his stake in the company this year (just before Berkshire hit the $1 trillion market value mark).</p><h2 id=\"id_717815570\">4. Buy Businesses, Not CEOs.</h2><p>Here&#39;s another pearl of wisdom. Buffett thinks &#34;You should invest in a business that even a fool can run, because someday a fool will.&#34;</p><p>The accomplished investor won&#39;t buy stocks that are reliant on excellent managers to succeed -- and believes that even a great CEO can&#39;t resurrect a business with poor fundamentals.</p><p>It&#39;s a lesson that feels extra important today, when some megacap companies&#39; bosses -- think would-be cage fighter Mark Zuckerberg, or leather jacket lover Jensen Huang -- have become celebrities in their own right.</p><p>Lots of investors see buying Tesla shares as a means to invest in the electric car maker&#39;s boss Elon Musk -- but Buffett would probably tell them to focus on the company&#39;s fundamentals, instead.</p><h2 id=\"id_430456376\">5. Don&#39;t Buy Art Like the Mona Lisa, Invest Instead.</h2><p>The quote by Buffett from 1996 &#34;if you aren&#39;t willing to hold a stock for 10 years, don&#39;t even think about holding it for 10 minutes&#34; sheds some light on another life lesson. It speaks to the power of compound interest.</p><p>He calls it his &#34;Mona Lisa&#34; whereby he uses the famous painting to show that if French King Francis, instead of buying the portrait for 4,000 gold crowns ($20,000) in the 16th century, had invested the amount with a modest 6% annual return rate instead, France&#39;s coffers would have been $1 quadrillion richer by 1963. That&#39;s 3,000 times the country&#39;s national debt.</p><p>The Mona Lisa, meanwhile, was insured at &#34;only&#34; $100 million in 1962.</p><p>The &#34;Psychology of Money&#34; author Morgan Housel noted that Buffett has made most of his money since his 60s, mainly due to the simple math of compound investing.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"IE00BBT3K403.USD":"LEGG MASON CLEARBRIDGE TACTICAL DIVIDEND INCOME \"A(USD) ACC","LU1934455194.USD":"AB SICAV I LOW VOLATILITY TOTAL RETURN EQUITY PORT \"A\" (USD) ACC","LU0661504455.SGD":"Blackrock Global Equity Income A5 SGD-H","LU0251142724.SGD":"Fidelity America A-SGD","BRK.A":"伯克希尔","LU1489326972.SGD":"First Eagle Amundi International AHS-MD SGD-H","BRK.B":"伯克希尔B","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","LU0683600562.USD":"AB SELECT US EQUITY \"A\" (USD) ACC","BK4534":"瑞士信贷持仓","LU1429558221.USD":"Natixis Loomis Sayles US Growth Equity RA USD","LU0949170772.SGD":"Blackrock Global Equity Income A6 SGD-H","LU0965509283.SGD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (SGDHDG) INC","BK4533":"AQR资本管理(全球第二大对冲基金)","LU0289960550.SGD":"AB FCP I - GLOBAL EQUITY BLEND PORTFOLIO 'A' (SGD) ACC","IE00B1BXHZ80.USD":"Legg Mason ClearBridge - US Appreciation A Acc USD","IE0002270589.USD":"LEGG MASON CLEARBRIDGE VALUE \"A\" (USD) INC","LU0965509101.SGD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"A\" (SGDHDG) ACC","LU0234572021.USD":"高盛美国核心股票组合Acc","LU0985489474.SGD":"First Eagle Amundi International AHS-C SGD-H","IE00BLSP4239.USD":"Legg Mason ClearBridge - Tactical Dividend Income A Mdis USD Plus","LU1035773651.USD":"AB SICAV I - GLOBAL VALUE PORTFOLIO \"AD\" (USD) INC","LU0738911758.USD":"Blackrock Global Equity Income A6 USD","LU0878866978.SGD":"First Eagle Amundi International AHS-QD SGD-H","IE0034235303.USD":"PINEBRIDGE US RESEARCH ENHANCED CORE EQUITY \"A\" (USD) ACC","LU0154236417.USD":"BGF US FLEXIBLE EQUITY \"A2\" ACC","LU0070302665.USD":"FRANKLIN MUTUAL U.S. VALUE \"A\" (USD) ACC","IE00BK4W5M84.HKD":"HSBC GLOBAL FUNDS ICAV US EQUITY INDEX \"HC\" (HKD) ACC","LU0348723411.USD":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC","LU0433182093.SGD":"First Eagle Amundi International AS-C SGD","IE00BLSP4452.SGD":"Legg Mason ClearBridge - Tactical Dividend Income A Mdis SGD-H Plus","IE00BK4W5L77.USD":"HSBC GLOBAL FUNDS ICAV US EQUITY INDEX \"HC\" (USD) ACC","LU0234570918.USD":"高盛全球核心股票组合Acc Close","LU0068578508.USD":"First Eagle Amundi International Cl AU-C USD","LU1852331112.SGD":"Blackrock World Technology Fund A2 SGD-H","AAPL":"苹果","LU0417517546.SGD":"Allianz US Equity Cl AT Acc SGD","LU0965508806.USD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (USD) INC","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","LU0130102774.USD":"Natixis Harris Associates US Equity RA USD","LU0965509010.AUD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (AUDHDG) INC","IE00B7SZLL34.SGD":"Legg Mason ClearBridge - Value A Acc SGD-H","LU0082616367.USD":"摩根大通美国科技A（dist）","ORCL":"甲骨文","LU0208291251.USD":"FRANKLIN MUTUAL U.S. VALUE \"A\" (USD) INC","IE00BN8TJ469.HKD":"FTGF CLEARBRIDGE TACTICAL DIVIDEND INCOME \"A\" (HKD) INC","LU1037948897.HKD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (HKD) INC","LU1280957306.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQUITIES \"AUP\" (USD) INC","IE00BMPRXR70.SGD":"Neuberger Berman 5G Connectivity A Acc SGD-H","LU1934455277.USD":"AB SICAV I LOW VOLATILITY TOTAL RETURN EQUITY PORT \"AD\" (USD) INC","BAC":"美国银行","LU1037948541.HKD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"A\" (HKD) ACC"},"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2463227892","content_text":"Born on Aug. 30, 1930, Warren Buffett's got 94 years' worth of life experience -- and 83 years worth of investment experience, given the \"Oracle of Omaha\" bought his first stock aged 11, according to biographer Roger Lowenstein.Buffett, one of the world's most accomplished investors, is most known for making hundreds of billions of dollars buying shares in what he believes to be undervalued companies, and holding them for a long time. His investment company Berkshire Hathaway, which he took control over in 1965, became only the ninth company in history to close at a market valuation above $1 trillion on Wednesday.When Buffett bought the stock in the 1960s, it traded at around $8 a share. As of July this year, its Class A shares -- which have never undergone a stock split -- traded at more than $620,000 a piece.When it comes to creating value the Oracle of Omaha has some experience heading up Berkshire over the past six decades. Barron's has identified five top Buffett investment strategies to mark the billionaire's birthday.1. Losing Is Just a Part of Winning.Nobody gets to 94 without taking their fair share of L's. But one of the defining features of Buffett's career has been his ability to roll with the punches and move on from mistakes.Berkshire has made several blunders in recent years -- it ditched its entire stake in General Motors in late 2023 to call time on a disappointing investment, and appeared to have timed its second-quarter sale of Apple stock badly, with the iPhone maker's shares up nearly 20% over the past three months.But Buffett's biggest-ever wins -- think Geico, or American Express, or Coca-Cola -- have massively outweighed those losses. Berkshire's Class A shares are up 17% on an annualized basis over the past 40 years, compared with an 11% gain for the benchmark S&P 500 index over the same period.It's a reminder that to make significant wealth investing, you often only have to be right a little more than 50% of the time.2. Cash Isn't King -- But Don't Be Afraid Of It.In the past, Buffett hasn't been afraid to criticize the idea that holding cold hard cash is a viable investment strategy.\"When people talk about cash being king, it's not king if it just sits there and never does anything,\" he said in a 2008 interview with Charlie Rose on PBS.But that doesn't mean it's a good idea to just invest for the sake of it -- by blindly buying stocks or other assets you're not totally happy with.Buffett himself has shown that sometimes it's OK to sit out periods of market turbulence -- this year is a good example. Berkshire is currently sitting on a record cash pile of nearly $200 billion. \"I don't think anybody sitting at this table has any idea of how to use it effectively, and therefore we don't use it,\" he said at the company's annual shareholder meeting Saturday.3. It's OK to Change Your Mind.While Buffett does praise owning stocks for a long time, he's also an advocate for changing tactics when a situation calls for it. For example, he's historically railed against investment banks and not been overly keen to invest in them. But he then bailed out Bank of America, buying $5 billion worth of preferred stock in the then-ailing banking giant in 2011. As of late, he's been offloading BofA shares again.He also changed his mind about Apple and sold over 50% of his stake in the company this year (just before Berkshire hit the $1 trillion market value mark).4. Buy Businesses, Not CEOs.Here's another pearl of wisdom. Buffett thinks \"You should invest in a business that even a fool can run, because someday a fool will.\"The accomplished investor won't buy stocks that are reliant on excellent managers to succeed -- and believes that even a great CEO can't resurrect a business with poor fundamentals.It's a lesson that feels extra important today, when some megacap companies' bosses -- think would-be cage fighter Mark Zuckerberg, or leather jacket lover Jensen Huang -- have become celebrities in their own right.Lots of investors see buying Tesla shares as a means to invest in the electric car maker's boss Elon Musk -- but Buffett would probably tell them to focus on the company's fundamentals, instead.5. Don't Buy Art Like the Mona Lisa, Invest Instead.The quote by Buffett from 1996 \"if you aren't willing to hold a stock for 10 years, don't even think about holding it for 10 minutes\" sheds some light on another life lesson. It speaks to the power of compound interest.He calls it his \"Mona Lisa\" whereby he uses the famous painting to show that if French King Francis, instead of buying the portrait for 4,000 gold crowns ($20,000) in the 16th century, had invested the amount with a modest 6% annual return rate instead, France's coffers would have been $1 quadrillion richer by 1963. That's 3,000 times the country's national debt.The Mona Lisa, meanwhile, was insured at \"only\" $100 million in 1962.The \"Psychology of Money\" author Morgan Housel noted that Buffett has made most of his money since his 60s, mainly due to the simple math of compound investing.","news_type":1},"isVote":1,"tweetType":1,"viewCount":2,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":121366513,"gmtCreate":1624454425332,"gmtModify":1703837155708,"author":{"id":"3584240189191061","authorId":"3584240189191061","authorIdStr":"3584240189191061","name":"Babyowl","avatar":"https://community-static.tradeup.com/news/68df35b15b728b6a16379cdbf87367a7","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3584240189191061"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/121366513","repostId":"123570465","repostType":1,"repost":{"id":123570465,"gmtCreate":1624431845953,"gmtModify":1703836496993,"author":{"id":"20733756400840","authorId":"20733756400840","authorIdStr":"20733756400840","name":"我是股神的小腿毛","avatar":"https://static.tigerbbs.com/3d2a54ec91bee908d0ce0a36809b8199","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"20733756400840"},"themes":[],"title":"每日優鮮vs叮咚買菜，你更看好誰？","htmlText":"剛剛發現兩家生鮮巨頭每日優鮮和叮咚買菜紛紛更新了招股書，我也剛剛準備申購支持一下，想問問大家對於這兩家，你更看好誰？ 我先來說說，都知道我座標北京，所以我經常用的肯定是美團買菜和每日優鮮，畢竟叮咚的主戰場在上海嘛。第一次使用每日優鮮還是去年2月份，因爲疫情的原因，很難買到蔬菜水果，於是就給市面上的生鮮app全下載了一遍，然後比較了一下覺得每日優鮮最好用，主要是食材新鮮，送貨快。 說到送貨快，就不得不提到前置倉模式，目前國內生鮮電商賽道主要是3條，1條是以叮咚買菜、每日優鮮、美團買菜等爲代表的前置倉模式，另一條是以盒馬鮮生、大潤發、物美優鮮等爲代表的店倉一體化模式；還有一條是主打社區團購的多多買菜。而叮咚買菜、每日優鮮均屬於前置倉模式，雖然注重了效率，但生鮮電商的前置倉模式，一直是門燒錢的生意，兩家也都沒有整體盈利。 資本的寵兒 燒錢一直是二者爲人詬病的點，不過，由於一場突如起來的疫情，反而重獲了資本的青睞，每日優鮮分別在去年5月、7月、12月，連獲三輪融資。叮咚買菜也在今年年的4月和5月獲得兩輪融資。從融資輪數來看，二者不相上下。 叮咚買菜共計獲得10輪融資，比較知名的投資方包括高榕資本、老虎基金、弘一資本、紅杉資本、CMC資本等。其中，叮咚買菜在遞交IPO前，上月剛剛完成由軟銀願景基金領投的，3.3億美元D+輪融資。結合早前融資，叮咚買菜D輪累計融資金額爲10.3億美元。 每日優鮮同樣受到資本的青睞。自2014年成立以來，先後獲得11輪融資，累計金額超過160億元人民幣（約合25億美元）。比較知名的投資方包括騰訊、老虎基金、光信資本、元璟資本、高盛集團等。 要規模還是要利潤 雖然二者均沒盈利，但是對於方向的選擇卻不相同，目前，叮咚更關注規模效應，融來的錢很快的燒出去，更注重營收增長。每日優鮮則根據每日優鮮則加大了高毛利產品，虧損進一步縮窄。 從每日優鮮招股書數據，其G","listText":"剛剛發現兩家生鮮巨頭每日優鮮和叮咚買菜紛紛更新了招股書，我也剛剛準備申購支持一下，想問問大家對於這兩家，你更看好誰？ 我先來說說，都知道我座標北京，所以我經常用的肯定是美團買菜和每日優鮮，畢竟叮咚的主戰場在上海嘛。第一次使用每日優鮮還是去年2月份，因爲疫情的原因，很難買到蔬菜水果，於是就給市面上的生鮮app全下載了一遍，然後比較了一下覺得每日優鮮最好用，主要是食材新鮮，送貨快。 說到送貨快，就不得不提到前置倉模式，目前國內生鮮電商賽道主要是3條，1條是以叮咚買菜、每日優鮮、美團買菜等爲代表的前置倉模式，另一條是以盒馬鮮生、大潤發、物美優鮮等爲代表的店倉一體化模式；還有一條是主打社區團購的多多買菜。而叮咚買菜、每日優鮮均屬於前置倉模式，雖然注重了效率，但生鮮電商的前置倉模式，一直是門燒錢的生意，兩家也都沒有整體盈利。 資本的寵兒 燒錢一直是二者爲人詬病的點，不過，由於一場突如起來的疫情，反而重獲了資本的青睞，每日優鮮分別在去年5月、7月、12月，連獲三輪融資。叮咚買菜也在今年年的4月和5月獲得兩輪融資。從融資輪數來看，二者不相上下。 叮咚買菜共計獲得10輪融資，比較知名的投資方包括高榕資本、老虎基金、弘一資本、紅杉資本、CMC資本等。其中，叮咚買菜在遞交IPO前，上月剛剛完成由軟銀願景基金領投的，3.3億美元D+輪融資。結合早前融資，叮咚買菜D輪累計融資金額爲10.3億美元。 每日優鮮同樣受到資本的青睞。自2014年成立以來，先後獲得11輪融資，累計金額超過160億元人民幣（約合25億美元）。比較知名的投資方包括騰訊、老虎基金、光信資本、元璟資本、高盛集團等。 要規模還是要利潤 雖然二者均沒盈利，但是對於方向的選擇卻不相同，目前，叮咚更關注規模效應，融來的錢很快的燒出去，更注重營收增長。每日優鮮則根據每日優鮮則加大了高毛利產品，虧損進一步縮窄。 從每日優鮮招股書數據，其G","text":"剛剛發現兩家生鮮巨頭每日優鮮和叮咚買菜紛紛更新了招股書，我也剛剛準備申購支持一下，想問問大家對於這兩家，你更看好誰？ 我先來說說，都知道我座標北京，所以我經常用的肯定是美團買菜和每日優鮮，畢竟叮咚的主戰場在上海嘛。第一次使用每日優鮮還是去年2月份，因爲疫情的原因，很難買到蔬菜水果，於是就給市面上的生鮮app全下載了一遍，然後比較了一下覺得每日優鮮最好用，主要是食材新鮮，送貨快。 說到送貨快，就不得不提到前置倉模式，目前國內生鮮電商賽道主要是3條，1條是以叮咚買菜、每日優鮮、美團買菜等爲代表的前置倉模式，另一條是以盒馬鮮生、大潤發、物美優鮮等爲代表的店倉一體化模式；還有一條是主打社區團購的多多買菜。而叮咚買菜、每日優鮮均屬於前置倉模式，雖然注重了效率，但生鮮電商的前置倉模式，一直是門燒錢的生意，兩家也都沒有整體盈利。 資本的寵兒 燒錢一直是二者爲人詬病的點，不過，由於一場突如起來的疫情，反而重獲了資本的青睞，每日優鮮分別在去年5月、7月、12月，連獲三輪融資。叮咚買菜也在今年年的4月和5月獲得兩輪融資。從融資輪數來看，二者不相上下。 叮咚買菜共計獲得10輪融資，比較知名的投資方包括高榕資本、老虎基金、弘一資本、紅杉資本、CMC資本等。其中，叮咚買菜在遞交IPO前，上月剛剛完成由軟銀願景基金領投的，3.3億美元D+輪融資。結合早前融資，叮咚買菜D輪累計融資金額爲10.3億美元。 每日優鮮同樣受到資本的青睞。自2014年成立以來，先後獲得11輪融資，累計金額超過160億元人民幣（約合25億美元）。比較知名的投資方包括騰訊、老虎基金、光信資本、元璟資本、高盛集團等。 要規模還是要利潤 雖然二者均沒盈利，但是對於方向的選擇卻不相同，目前，叮咚更關注規模效應，融來的錢很快的燒出去，更注重營收增長。每日優鮮則根據每日優鮮則加大了高毛利產品，虧損進一步縮窄。 從每日優鮮招股書數據，其G","images":[{"img":"https://static.tigerbbs.com/ec468a40eeadfff41da0a5c86fbf102d","width":"2979","height":"1801"},{"img":"https://static.tigerbbs.com/9b15371092a54d182bd0dde6cf20e7d9","width":"3025","height":"1526"},{"img":"https://static.tigerbbs.com/b49d5539c10cd9029f66d242b92451a7","width":"742","height":"168"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/123570465","isVote":2,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":1,"subType":2,"vote":{"id":1497,"gmtBegin":1624431888441,"gmtEnd":1624863873496,"type":1,"upper":1,"title":"每日優鮮vs叮咚買菜，你更看好誰？","choices":[{"id":5520,"sort":1,"name":"每日優鮮","userSize":176,"voted":false},{"id":5521,"sort":2,"name":"叮咚買菜","userSize":169,"voted":false},{"id":5522,"sort":3,"name":"都看好，我全都要","userSize":239,"voted":false}]},"comments":[],"imageCount":3,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":90,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":121368025,"gmtCreate":1624454364067,"gmtModify":1703837153084,"author":{"id":"3584240189191061","authorId":"3584240189191061","authorIdStr":"3584240189191061","name":"Babyowl","avatar":"https://community-static.tradeup.com/news/68df35b15b728b6a16379cdbf87367a7","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3584240189191061"},"themes":[],"htmlText":"Hmmm","listText":"Hmmm","text":"Hmmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/121368025","repostId":"1145825451","repostType":4,"isVote":1,"tweetType":1,"viewCount":171,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":121363107,"gmtCreate":1624454289509,"gmtModify":1703837149847,"author":{"id":"3584240189191061","authorId":"3584240189191061","authorIdStr":"3584240189191061","name":"Babyowl","avatar":"https://community-static.tradeup.com/news/68df35b15b728b6a16379cdbf87367a7","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3584240189191061"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/121363107","repostId":"1145825451","repostType":4,"isVote":1,"tweetType":1,"viewCount":285,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":129182771,"gmtCreate":1624365246493,"gmtModify":1703834453495,"author":{"id":"3584240189191061","authorId":"3584240189191061","authorIdStr":"3584240189191061","name":"Babyowl","avatar":"https://community-static.tradeup.com/news/68df35b15b728b6a16379cdbf87367a7","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3584240189191061"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/129182771","repostId":"1177499959","repostType":4,"repost":{"id":"1177499959","pubTimestamp":1624344919,"share":"https://ttm.financial/m/news/1177499959?lang=&edition=fundamental","pubTime":"2021-06-22 14:55","market":"us","language":"en","title":"Forget Everything You Know: Morgan Stanley Reveals The Only Metric That Determines What The Market Will Do Next","url":"https://stock-news.laohu8.com/highlight/detail?id=1177499959","media":"zerohedge","summary":"Traders of a certain age may recall that back in 2013, around the time the Fed's \"Taper Tantrum\" spa","content":"<p>Traders of a certain age may recall that back in 2013, around the time the Fed's \"Taper Tantrum\" sparked a surge in yields and led to a risk asset selloff, a big (if entirely artificial) debate emerged within financial media, where the Fed muppets and their media puppets would argue that \"tapering is not tightening\" while anyone with half a brain realized knew that this was total BS.</p>\n<p>Fast forward to today when Morgan Stanley's Michael Wilson opens up an old wound for clueless Fed apologists, saying in his latest Weekly Warm Up note that \"Tapering<i><b>is</b></i>Tightening\"... but then adds that contrary to the market's shocked reaction to last week's Fed meeting, tightening actually began months ago.</p>\n<p>Elaborating on this point, Wilson - who several months ago turned into Wall Street's most bearish strategist (again)-&nbsp; writes this morning that while the Fed's pivot to \"begin\" the tightening discussion caught most by surprise, in reality markets began discounting this inevitable process months ago as price action had indicated. It's exactly this discounting of the coming tightening, that is what Michael Wilson's mid-cycle transition is all about, and as the strategist adds, \"<b>fits nicely with our narrative for choppier equity markets and a 10-20% correction for the broader indices this year.\"</b></p>\n<p>Or to paraphrase Lester Burnham,<b>\"it's all downhill from here\"...</b>and as Wilson predicts, that won't change until M2 growth is done decelerating; or in other words, until the Fed unleashes another liquidity burst into the system \"<b><i>the transition is incomplete.\"</i></b></p>\n<p>Highlights aside, Wilson then elaborates on each point, noting that while last week's Fed meeting brought more uncertainty to markets one thing is becoming more obvious:<b>\"we are on the other side of the mountain with respect to monetary accommodation for this cycle.</b>\"</p>\n<p>Furthermore, having repeatedlywarned that the US is now mid-cycle...</p>\n<p><img src=\"https://static.tigerbbs.com/d95f296e4d1300cd3c95485a2333d270\" tg-width=\"906\" tg-height=\"571\" referrerpolicy=\"no-referrer\">... Wilson then takes a victory lap writing that what the Fed is doing is \"classic mid cycle transition behavior so investors really shouldn't be too surprised that the Fed would try to begin the long process of tightening.\"</p>\n<blockquote>\n After all, the US economy is booming and expected to grow close to 10 percent this year in nominal terms, a feat last witnessed in 1984. Meanwhile, no matter what one's view is on inflation being transient or not, prices are up significantly and likely higher than what the Fed, or most others were expecting 6 months ago. In other words, the facts and data have changed; therefore, so should Fed policy.\n</blockquote>\n<p>Nevertheless, as discussed here extensively, markets reacted as if this was a complete shock with both bonds and stocks trading as if the Fed had hiked rates already (instead of leaving over $2TN in QE still on deck) after the Fed meeting. Starting with bonds, both nominal 10 year yields and breakevens fell significantly. However, breakevens fell more leaving 10 year real rates higher by almost 20 bps Wednesday afternoon.</p>\n<p>While real rates did settle back a bit on Thursday and Friday, they have formed what appears to be a very solid base from which they are likely to rise as the economy continues to recover and the Fed appropriately pivots. In Wilson's view, \"<b>this looks very similar to 2013, the year after Peak Fed. Back then, Peak Fed was QE3 which was announced on September 12, 2012. This time Peak Fed was the announcement of Average Inflation Targeting last summer.\"</b></p>\n<p><img src=\"https://static.tigerbbs.com/670f9e23e34953726583276c32a7b3f9\" tg-width=\"843\" tg-height=\"445\"></p>\n<p>That said, there is one notable difference between the taper tantrum and today: in 2013 \"tapering\" QE was a novel concept to markets and it came more abruptly with Bernanke's surprise mention during his congressional testimony on May 22, 2013.<b>This time, the markets understand what tapering is and see its arrival as inevitable as the economy recovers.</b>Therefore, while the path higher for real rates is unlikely to be as dramatic as witnessed in 2013, it is still likely to be higher from here and that is a change that will affect all risk markets, including equities, in Morgan Stanley's view.</p>\n<p>Wilson makes one final observation from the chart above, which is how real rates moved substantially<b>before</b>Bernanke's testimony in May 2013, prompting Wilson to notes that \"<i>perhaps it wasn't as much of a surprise as believed, at least to markets. We think it's the same situation today.\"</i></p>\n<blockquote>\n In our view, the data has been so strong, it would be naive not to think the Fed wasn't moving closer to tapering over the past several months. In fact, the idea that the Fed hasn't been thinking and/or talking about it seems absurd. Surely the market understands this, making the events of the past week not so much of a surprise. It's all part of the mid cycle transition that has been ongoing for months and fits with the choppier price action and unstable market leadership we have been witnessing.\n</blockquote>\n<p>The underperformance of early cycle stocks is another classic signal the market \"gets it.\" Nevertheless, in talking with clients the past few days, this view is still out of consensus. Most haven't been ready for tighter monetary policy, nor did they think it's something they needed to worry about, until now.</p>\n<p>Wrapping up the Fed \"surprise\" part of his note, Wilson writes that contrary to the FOMC shock,<b>monetary tightening actually began months ago if one is looking at the right metric, which to the top Morgan Stanley equity strategist - who emerges as yet another closet Austrian - is</b><b><u>money supply growth</u></b><b>:</b></p>\n<blockquote>\n <i>In a world where all of the major developed market central banks are stuck at the zero bound, or lower,</i>\n <i><b>the primary metric that determines if monetary policy is getting more or less accommodative is Money Supply Growth.</b></i>\n</blockquote>\n<p>Realizing that to most Keynesian this will be a controversial statement to say the least, Wilson digs in and says that \"it's absolutely the case and financial markets seem to agree.\"&nbsp; He explains:</p>\n<blockquote>\n <i>When money supply is accelerating, the more speculative / riskier assets tend to outperform and when it's decelerating these assets have more trouble. As noted here several times over the past few months, the Fed's balance sheet (M1) growth peaked in mid February and that coincided with a top in many of the most expensive/speculative stocks in the equity market just like the acceleration in the Fed's balance sheet in the prior 12 months contributed to their spectacular performance. Interestingly, the recently flattening out of the growth in M1 has coincided with more stability in these stocks, although they remain well below prior highs (Exhibit 2).</i>\n</blockquote>\n<p>And visually:</p>\n<p><img src=\"https://static.tigerbbs.com/392b34be32740b00458d59adb2bb80a6\" tg-width=\"852\" tg-height=\"486\"></p>\n<p>But wait there's more, and also an explanation why the Fed has made it virtually impossible to track the weekly change in M2 (the aggregate is now updated only monthly).</p>\n<p>Taking Wilson's argument a step further,<b>M2 growth might be even more important to monitor than M1 because that's the net liquidity available to the economy</b><b><i>and</i></b><b>markets.</b>On that front, the deceleration also began at the end of February<b>but has not yet flattened out and appears to have much further to fall to a&nbsp; more \"normal\" level of annual growth</b>— i.e., 7-8%</p>\n<p><img src=\"https://static.tigerbbs.com/dd5f46571e7e27f9c00fed0a2d310a3c\" tg-width=\"610\" tg-height=\"376\"></p>\n<p>More ominously, this also suggests<b>liquidity is likely to tighten further from here whether the Fed's begins tapering later this year or next.</b></p>\n<p>Finally, when we look at M2 data on a global basis, we get the same picture.</p>\n<p><img src=\"https://static.tigerbbs.com/c77fa806a6775bc562b18346590d26c9\" tg-width=\"613\" tg-height=\"376\"></p>\n<p>Wilson concludes that even ahead of last week's \"shock\" FOMC, the market had already started to de-rate lower into a mid-cycle transition as Fed balance sheet growth has materially slowed. Meanwhile, M2 is slowing just as rapidly and has further to fall, especially when the Fed begins to taper later this year or early next. Finally, global money supply growth is also slowing from elevated levels and every major region is contributing.</p>\n<p>This to Wilson<b>\"looks reminiscent of 2014 and 2018 when markets went through a rolling correction of risky assets\"</b>and he thinks 2021 will prove to be similar in that regard with the highest beta regions falling first (Kospi, China, Japan) and ending with the most defensive (US).</p>\n<p>Putting it all together, the MS strategist writes that \"tapering is tightening but the tightening process began with the rate of change in money supply growth. The good news is that<b>the market already knows it.</b>The bad news is that<b>a majority of investors seem to be just catching on with the Fed's \"surprise\" announcement this past week.</b>This means asset prices are far from done correcting as witnessed with the more cyclical, reflationary assets taking their turn the past few weeks.\"</p>\n<p>And while we completely agree with Wilson's newly discovered Austrian view of markets - funny how on a long enough timeline everyone turns Austrian - the real question is what will catalyze the next M2 boosting cycle, how high will it push stocks, and will the Fed be forced to come out and start buying equities this time after having nationalized the bond market back in 2020.</p>\n<p>We expect that the answer will be revealed after the next 20% drop at which point all of the Fed's hawkishness will evaporate, and Powell (or his replacement Kashkari) will shift to an uber dovish mode as they prepare to unleash the final and biggest asset bubble of all...</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Forget Everything You Know: Morgan Stanley Reveals The Only Metric That Determines What The Market Will Do Next</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; 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color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nForget Everything You Know: Morgan Stanley Reveals The Only Metric That Determines What The Market Will Do Next\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-22 14:55 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/markets/forget-everything-you-know-morgan-stanley-reveals-only-metric-determines-what-market-will><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Traders of a certain age may recall that back in 2013, around the time the Fed's \"Taper Tantrum\" sparked a surge in yields and led to a risk asset selloff, a big (if entirely artificial) debate ...</p>\n\n<a href=\"https://www.zerohedge.com/markets/forget-everything-you-know-morgan-stanley-reveals-only-metric-determines-what-market-will\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯","SPY":"标普500ETF"},"source_url":"https://www.zerohedge.com/markets/forget-everything-you-know-morgan-stanley-reveals-only-metric-determines-what-market-will","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1177499959","content_text":"Traders of a certain age may recall that back in 2013, around the time the Fed's \"Taper Tantrum\" sparked a surge in yields and led to a risk asset selloff, a big (if entirely artificial) debate emerged within financial media, where the Fed muppets and their media puppets would argue that \"tapering is not tightening\" while anyone with half a brain realized knew that this was total BS.\nFast forward to today when Morgan Stanley's Michael Wilson opens up an old wound for clueless Fed apologists, saying in his latest Weekly Warm Up note that \"TaperingisTightening\"... but then adds that contrary to the market's shocked reaction to last week's Fed meeting, tightening actually began months ago.\nElaborating on this point, Wilson - who several months ago turned into Wall Street's most bearish strategist (again)-  writes this morning that while the Fed's pivot to \"begin\" the tightening discussion caught most by surprise, in reality markets began discounting this inevitable process months ago as price action had indicated. It's exactly this discounting of the coming tightening, that is what Michael Wilson's mid-cycle transition is all about, and as the strategist adds, \"fits nicely with our narrative for choppier equity markets and a 10-20% correction for the broader indices this year.\"\nOr to paraphrase Lester Burnham,\"it's all downhill from here\"...and as Wilson predicts, that won't change until M2 growth is done decelerating; or in other words, until the Fed unleashes another liquidity burst into the system \"the transition is incomplete.\"\nHighlights aside, Wilson then elaborates on each point, noting that while last week's Fed meeting brought more uncertainty to markets one thing is becoming more obvious:\"we are on the other side of the mountain with respect to monetary accommodation for this cycle.\"\nFurthermore, having repeatedlywarned that the US is now mid-cycle...\n... Wilson then takes a victory lap writing that what the Fed is doing is \"classic mid cycle transition behavior so investors really shouldn't be too surprised that the Fed would try to begin the long process of tightening.\"\n\n After all, the US economy is booming and expected to grow close to 10 percent this year in nominal terms, a feat last witnessed in 1984. Meanwhile, no matter what one's view is on inflation being transient or not, prices are up significantly and likely higher than what the Fed, or most others were expecting 6 months ago. In other words, the facts and data have changed; therefore, so should Fed policy.\n\nNevertheless, as discussed here extensively, markets reacted as if this was a complete shock with both bonds and stocks trading as if the Fed had hiked rates already (instead of leaving over $2TN in QE still on deck) after the Fed meeting. Starting with bonds, both nominal 10 year yields and breakevens fell significantly. However, breakevens fell more leaving 10 year real rates higher by almost 20 bps Wednesday afternoon.\nWhile real rates did settle back a bit on Thursday and Friday, they have formed what appears to be a very solid base from which they are likely to rise as the economy continues to recover and the Fed appropriately pivots. In Wilson's view, \"this looks very similar to 2013, the year after Peak Fed. Back then, Peak Fed was QE3 which was announced on September 12, 2012. This time Peak Fed was the announcement of Average Inflation Targeting last summer.\"\n\nThat said, there is one notable difference between the taper tantrum and today: in 2013 \"tapering\" QE was a novel concept to markets and it came more abruptly with Bernanke's surprise mention during his congressional testimony on May 22, 2013.This time, the markets understand what tapering is and see its arrival as inevitable as the economy recovers.Therefore, while the path higher for real rates is unlikely to be as dramatic as witnessed in 2013, it is still likely to be higher from here and that is a change that will affect all risk markets, including equities, in Morgan Stanley's view.\nWilson makes one final observation from the chart above, which is how real rates moved substantiallybeforeBernanke's testimony in May 2013, prompting Wilson to notes that \"perhaps it wasn't as much of a surprise as believed, at least to markets. We think it's the same situation today.\"\n\n In our view, the data has been so strong, it would be naive not to think the Fed wasn't moving closer to tapering over the past several months. In fact, the idea that the Fed hasn't been thinking and/or talking about it seems absurd. Surely the market understands this, making the events of the past week not so much of a surprise. It's all part of the mid cycle transition that has been ongoing for months and fits with the choppier price action and unstable market leadership we have been witnessing.\n\nThe underperformance of early cycle stocks is another classic signal the market \"gets it.\" Nevertheless, in talking with clients the past few days, this view is still out of consensus. Most haven't been ready for tighter monetary policy, nor did they think it's something they needed to worry about, until now.\nWrapping up the Fed \"surprise\" part of his note, Wilson writes that contrary to the FOMC shock,monetary tightening actually began months ago if one is looking at the right metric, which to the top Morgan Stanley equity strategist - who emerges as yet another closet Austrian - ismoney supply growth:\n\nIn a world where all of the major developed market central banks are stuck at the zero bound, or lower,\nthe primary metric that determines if monetary policy is getting more or less accommodative is Money Supply Growth.\n\nRealizing that to most Keynesian this will be a controversial statement to say the least, Wilson digs in and says that \"it's absolutely the case and financial markets seem to agree.\"  He explains:\n\nWhen money supply is accelerating, the more speculative / riskier assets tend to outperform and when it's decelerating these assets have more trouble. As noted here several times over the past few months, the Fed's balance sheet (M1) growth peaked in mid February and that coincided with a top in many of the most expensive/speculative stocks in the equity market just like the acceleration in the Fed's balance sheet in the prior 12 months contributed to their spectacular performance. Interestingly, the recently flattening out of the growth in M1 has coincided with more stability in these stocks, although they remain well below prior highs (Exhibit 2).\n\nAnd visually:\n\nBut wait there's more, and also an explanation why the Fed has made it virtually impossible to track the weekly change in M2 (the aggregate is now updated only monthly).\nTaking Wilson's argument a step further,M2 growth might be even more important to monitor than M1 because that's the net liquidity available to the economyandmarkets.On that front, the deceleration also began at the end of Februarybut has not yet flattened out and appears to have much further to fall to a  more \"normal\" level of annual growth— i.e., 7-8%\n\nMore ominously, this also suggestsliquidity is likely to tighten further from here whether the Fed's begins tapering later this year or next.\nFinally, when we look at M2 data on a global basis, we get the same picture.\n\nWilson concludes that even ahead of last week's \"shock\" FOMC, the market had already started to de-rate lower into a mid-cycle transition as Fed balance sheet growth has materially slowed. Meanwhile, M2 is slowing just as rapidly and has further to fall, especially when the Fed begins to taper later this year or early next. Finally, global money supply growth is also slowing from elevated levels and every major region is contributing.\nThis to Wilson\"looks reminiscent of 2014 and 2018 when markets went through a rolling correction of risky assets\"and he thinks 2021 will prove to be similar in that regard with the highest beta regions falling first (Kospi, China, Japan) and ending with the most defensive (US).\nPutting it all together, the MS strategist writes that \"tapering is tightening but the tightening process began with the rate of change in money supply growth. The good news is thatthe market already knows it.The bad news is thata majority of investors seem to be just catching on with the Fed's \"surprise\" announcement this past week.This means asset prices are far from done correcting as witnessed with the more cyclical, reflationary assets taking their turn the past few weeks.\"\nAnd while we completely agree with Wilson's newly discovered Austrian view of markets - funny how on a long enough timeline everyone turns Austrian - the real question is what will catalyze the next M2 boosting cycle, how high will it push stocks, and will the Fed be forced to come out and start buying equities this time after having nationalized the bond market back in 2020.\nWe expect that the answer will be revealed after the next 20% drop at which point all of the Fed's hawkishness will evaporate, and Powell (or his replacement Kashkari) will shift to an uber dovish mode as they prepare to unleash the final and biggest asset bubble of all...","news_type":1},"isVote":1,"tweetType":1,"viewCount":275,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":129186807,"gmtCreate":1624365203209,"gmtModify":1703834449898,"author":{"id":"3584240189191061","authorId":"3584240189191061","authorIdStr":"3584240189191061","name":"Babyowl","avatar":"https://community-static.tradeup.com/news/68df35b15b728b6a16379cdbf87367a7","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3584240189191061"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/129186807","repostId":"1196246436","repostType":4,"repost":{"id":"1196246436","pubTimestamp":1624364145,"share":"https://ttm.financial/m/news/1196246436?lang=&edition=fundamental","pubTime":"2021-06-22 20:15","market":"us","language":"en","title":"Futures Steady Ahead Of Powell Testimony","url":"https://stock-news.laohu8.com/highlight/detail?id=1196246436","media":"zerohedge","summary":"U.S. stock-index futures were little changed, trading just 1% below their all time high, while globa","content":"<p>U.S. stock-index futures were little changed, trading just 1% below their all time high, while global shares extended their recovery on Tuesday from four week lows, as investors focused on prospects for post-pandemic economic growth, putting fears of a hawkish Fed in the rearview mirror even as they awaited Fed Chair Jerome Powell’s testimony before Congress. Nasdaq 100 futures extend increase to as much as 0.3%, the highest for Tuesday’s session, with contracts on the S&amp;P 500 rising 0.1% as of 7:15am in New York.</p>\n<p><img src=\"https://static.tigerbbs.com/ed5a889978f8667ba77c1ed2e40814d0\" tg-width=\"500\" tg-height=\"261\" referrerpolicy=\"no-referrer\"></p>\n<p>In premarket trading, meme stock Torchlight Energy Resources jumped 10.5% on heavy volume following a 58% surge to a record on Monday, as the company upsized its stock offering after its shares doubled in value last week on interest from individual traders. Other meme stocks trade mostly higher with ContextLogic (WISH) rising 3.3% and Clover Health (CLOV) gaining 1.9%.</p>\n<p>Here are some other notable premarket movers:</p>\n<ul>\n <li>Adial Pharmaceuticals (ADIL) surges 28% in&nbsp;premarket&nbsp;trading after a positive mention of the company in a post on the Seeking Alpha investment site.</li>\n <li>Microvision (MVIS) sinks 9% after saying it may offer from time to time up to $140 million in shares via Craig-Hallum Capital Group.</li>\n <li>Nikola (NKLA) drops 2% after registering shares for potential sale by holder Tumim Stone Capital.</li>\n <li>Crypto stocks including miners Riot Blockchain, Marathon Patent Group, Ebang International and MicroStrategy Inc fell between 2% and 3% as China’s crackdown on bitcoin mining expanded to the province of Sichuan.</li>\n</ul>\n<p>The Dow jumped more than 500 points on Monday following last week’s selloff, its best day since early March, with the largest share of S&amp;P members advancing since April 2020.</p>\n<p><img src=\"https://static.tigerbbs.com/85b1fcb2babcd8957762a4b8fb732918\" tg-width=\"1198\" tg-height=\"672\" referrerpolicy=\"no-referrer\">Market participants piled back into energy, financials and industrial stocks when Fed officials including as St. Louis Fed President James Bullard and Dallas Fed President Robert Kaplan toned down their hawkish rhetoric which accelerated last week's rout.</p>\n<p>\"Last week's FOMC meeting was a hawkish surprise, but does not change our market outlook. The reflation trade experienced a sharp technically driven pullback, but we expect the trade to resume and see this move as an opportunity to add exposure to cyclical equities and commodities,\" JPMorgan strategists said in a note.</p>\n<p>European stocks looked set to build on gains in Asian markets as EuroSTOXX 50 futures rose 0.4% and FTSE futures were up 0.3%. Declines in shares of carmakers and banks offset gains in real estate stocks. Europe’s Stoxx 600 travel and leisure subgroup rose as much as 0.8%, making it the second-best performing sector in the benchmark index, after The Times reported that the U.K. is set to announce an overhaul of travel restrictions on Thursday. Here are some of the biggest European movers today:</p>\n<ul>\n <li>Kingspan shares rise as much as 6.1% with Morgan Stanley (equal- weight) saying the key positive from its trading update is the strong margin performance.</li>\n <li>BT shares gain as much as 2.1%, among top performers in the Stoxx Telecom Index, following a report that Rupert Murdoch’s News UK is looking at a tie-up with BT Sport.</li>\n <li>Bossard shares gain as much as 5% to a record high. The company’s business model is “misunderstood” by the market and it is a niche play on the growth of industrial automation, Berenberg writes in a note initiating the stock at buy with a street-high CHF340 PT.</li>\n <li>Casino shares rise as much as 2% after a report saying that retail mogul Micheal Klein started to build a minority position in the Brazilian firm GPA, following a similar move by retailing billionaire Abilio Diniz.</li>\n <li>DS Smith shares fall as much as 3.1% after reporting adjusted operating profit that missed the average analyst estimate.</li>\n</ul>\n<p>MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.4%, moving above Monday's four-week lows and notching a 4% gain so far this year, while the broader MSCI&nbsp;Asia&nbsp;Pacific Index rose 0.9%,<b>putting it on track for its best day since May 25.</b>Japanese shares led the advance in Asia, as investor concerns over the pace of U.S. monetary policy tightening and rising inflation eased. It is now poised to snap four straight days of declines. The buoyant performance comes after Federal Reserve Chair Jerome Powell reiterated overnight that inflation had picked up but should move back toward the U.S. central bank’s 2% target once supply imbalances resolve. The New York Fed’s president also said that he continues to view the recent spike in inflation as a temporary phenomenon. Cyclical shares recovered from the recent sell-off, with industrials and materials leading the charge.<b>Japanese equities rebounded, with the Topix climbing by the most in one year one day after the BOJ intervened to buy ETFs for the first time since April.</b>Investors largely expect&nbsp;Asia’s&nbsp;stock market to remain resilient despite the prospects of a gradual tapering of global liquidity and a resurgent dollar. Supporting the region’s equities are attractive valuations, falling Covid-19 cases and relatively low levels of bond yields. The stock benchmark remains more than 6% below a record high it reached in February. “We expect&nbsp;Asia&nbsp;to broadly remain on a healthy recovery path” supported by a broad-based growth in exports and industrial output, Alex Wolf, head of investment strategy for&nbsp;Asia&nbsp;at JPMorgan Private Bank, wrote in a note. “We think three factors will be key to watch over the rest of 2021: vaccination progress, exports -- particularly semiconductors, and China’s recovery.”</p>\n<p><b>Today, all eyes will be on Fed Chair Powell, who’s testifying at 2pm ET before the House of Representatives’ Select Subcommittee on the coronavirus crisis,</b>where he’s set to talk about the Federal Reserve’s response to the pandemic. In prepared remarks distributed late last night, Powell remains optimistic on the recovery, saying “<b>job gains should pick up in coming months as vaccinations rise, easing some of the pandemic-related factors currently weighing them down.”</b>He also said inflation has “<b>increased notably in recent months” but regarded the recent jump as likely to fade</b>.&nbsp; Chair Powell acknowledged that “inflation has increased notably in recent months… As these transitory supply effects abate, inflation is expected to drop back toward our longer-run goal.” The transitory nature of inflation is sure to be a key point of questions from some Representatives today.</p>\n<p>“Powell will repeat that inflation is transitory and will drop back ‘as these transitory supply effects abate’,” said Ipek Ozkardeskaya, senior analyst at Swissquote Bank. “How much time do we have before the supply effects abate is a big question.”</p>\n<p>“There’s probably going to be some back and forth here,” said&nbsp;Tracie McMillion, Wells Fargo Investment Institute head of global asset allocation strategy.<b>“There is a lot of cash on the sidelines right now. Some of that is going to be earmarked to go into the markets, and we think the best place right now to be investing is in the equity markets.”</b></p>\n<p>In rates, 10-year Treasuries steadied, trading at 1.49% last. Yields were richer across the curve, with 5s30s flatter by ~1bp; 10-year around 1.48% outperforms bunds and gilts slightly Regional demand emerged during Asia session, renewing the bull-flattening trend that stalled on Monday. Treasury auctions include $60b 2-year note, followed by 5- and 7-year on Wednesday and Thursday. The WI 2-year yield at ~0.257% is higher than auction stops since March 2020 and 10.5bp cheaper than last month’s, which stopped through by 0.7bp</p>\n<p>In currency markets, the dollar spot Index rose as the greenback traded higher versus all of its Group-of-10 peers and the 10-year Treasury yield hovered around 1.49% The pound fell for a fifth day in six sessions on broad dollar strength and as investors awaited signals on the Bank of England’s inflation outlook on Thursday. Norway’s krone fell to a session low as Brent oil retreated after earlier rising to $75 a barrel for the first time in more than two years. Australia’s currency led losses with iron ore extending Monday’s slump. The yen fell to trade around 110.50; bonds also declined and a five-year auction was weaker than expected.</p>\n<p>\"The whole world was mega short the U.S. dollar, and that's in good part has probably been cleaned out already, and now we take a wee breath before the next move up,\" said Westpac currency analyst Imre Speizer.</p>\n<p>In commodities, WTI was flat at $73.7 per barrel and Brent crude retreated after earlier topping $75/bbl for the first time in more than two years after rising on Monday in reaction the a pause in talks to end U.S. sanctions on Iranian crude. Oil market sentiment was helped by hopes for a quick recovery in oil demand in the United States and Europe. OPEC+ said it was discussing whether to further boost production as the oil market looks increasingly tight. Spot gold added 0.3% to $1,787.61 an ounce.</p>\n<p>Bitcoin sank closer to $30,000 after China intensified its&nbsp;cryptocurrency clampdown.</p>\n<p>Looking at the<b>day ahead</b>now, the main highlight will be the aforementioned testimony from Fed Chair Powell to Congress. Otherwise, we’ll also hear from the Fed’s Mester and Daly, as well as the ECB’s Rehn, Lane and Schnabel. Data releases from the US include May’s existing home sales and the Richmond Fed’s manufacturing index for June, while in the Euro Area there’s the advance consumer confidence reading for June.</p>\n<p><b>Market Snapshot</b></p>\n<ul>\n <li>S&amp;P 500 futures down 0.1% to 4,207.75</li>\n <li>STOXX Europe 600 down -0.3% to 453.94</li>\n <li>MXAP up 0.9% to 206.17</li>\n <li>MXAPJ little changed at 687.97</li>\n <li>Nikkei up 3.1% to 28,884.13</li>\n <li>Topix up 3.2% to 1,959.53</li>\n <li>Hang Seng Index down 0.6% to 28,309.76</li>\n <li>Shanghai Composite up 0.8% to 3,557.41</li>\n <li>Sensex up 0.3% to 52,715.63</li>\n <li>Australia S&amp;P/ASX 200 up 1.5% to 7,342.20</li>\n <li>Kospi up 0.7% to 3,263.88</li>\n <li>Brent Futures down 0.4% to $74.63/bbl</li>\n <li>German 10Y yield rose 2.2 bps to -0.149%</li>\n <li>Euro down 0.2% to $1.1899</li>\n <li>Gold spot down 0.3% to $1,777.25</li>\n <li>U.S. Dollar Index up 0.14% to 92.03</li>\n</ul>\n<p><b>Top Overnight News from Bloomberg</b></p>\n<ul>\n <li>Leveraged funds boosted net dollar shorts by 21,347 contracts in the week ended June 15, the most since mid-January, according to data from the Commodity Futures Trading Commission.</li>\n <li>Germany increased the amount of planned bond sales in the third quarter by 2 billion euros ($2.4 billion) to help cover financing for the ruling coalition’s generous aid programs to offset the impact of the coronavirus pandemic</li>\n <li>China’s intensifying cryptocurrency crackdown has left Bitcoin flirting with $30,000, a price level seen as key to the short-term outlook for the largest virtual currency</li>\n <li>Russia is considering proposing an OPEC+ oil-output increase at the group’s meeting next week because the nation sees a supply deficit in the market, according to officials familiar with the matter</li>\n <li>Mario Draghi has cemented his position in Italy and his political partners are beginning to assume he’ll remain in power until his term ends in 2023. That is the assessment of half a dozen senior officials from all the main parties and inside the government</li>\n <li>Hungary is set to become the first European Union nation to tighten monetary policy this year, with the central bank widely expected to raise borrowing costs on Tuesday in an attempt to curb surging inflation</li>\n <li>A raft of disappointing economic data from China last week, especially the sluggish recovery in consumption, has prompted economists to cut their estimates for China’s output in 2021.</li>\n</ul>\n<p><i>Quick look at global markets courtesy of Newsquawk</i></p>\n<p><b>Asia-Pac equities staged a rebound from the prior day's sell-off as the region reacted to the rally seen on Wall Street, whereby the DJIA outperformed whilst the Nasdaq’s upside was hindered by the recovery in yields.</b>Overnight, US equity futures traded flat and near the prior session’s best levels ahead of Fed Chair Powell’s testimony – but before that, 2022-voter Mester is poised to make remarks on monetary policy ahead of commentary from 2021-voter Daly. Over in APAC markets, the ASX 200 (+1.5%) was supported by its Telecoms and Financials sectors whilst the Nikkei 225 (+3.1%) trimmed some of the prior session’s hefty losses as reports of BoJ ETF purchases providing Tokyo with some tailwinds. The KOSPI (+0.7%) saw cautious gains as Yonhap reported that South Korea and the US are mulling ending the working group on North Korean policy, whilst North Korea tempered down expectations of dialogue with the US. Hang Seng (-0.6%) and Shanghai Comp (+0.8%) varied with the former pressured after the US reiterated its concern over Hong Kong’s autonomy, whilst the latter remained within recent ranges. As a side note, crypto markets also saw a rebound following yesterday's bloodbath, albeit Bitcoin and Ethereum remained under 35k and 2k respectively. Finally, JGBs trade narrowly softer in tandem with UST and Bund futures waning off best levels.</p>\n<p><i>Top Asian News</i></p>\n<ul>\n <li>Jimmy Lai’s 26-Year-Old Tabloid All But Dead After Defying China; Carrie Lam Defends Apple Daily Arrests, Warns Media Outlets</li>\n <li>GIC Said to Near Deal to Buy Stake in Malaysia’s Sunway Hospital</li>\n <li>China Tourism May File for Hong Kong Listing This Week: IFR</li>\n <li>Korea Curve Steepens, China Repo Rises, Rupiah Bonds Halt Drop</li>\n</ul>\n<p><b>Ahead of the cash open, European index futures indicated a marginally firmer star to the session. However, as cash markets opened, sentiment dwindled and stocks were pushed into the red (Eurostoxx 50 -0.3%) with no real obvious catalyst behind the move</b>. US index futures ebbed lower at the same time with some minor initial underperformance in the tech-heavy e-mini Nasdaq, albeit moves have been confined to recent ranges as markets await further impetus ahead of a particularly busy week of Fed speak. Since then, we have seen a modest pick-up in the futures taking them nearer to the unchanged mark on the session, but still retaining a negative bias overall. On which, Fed Chair Powell is due to testify to Congress today at 1900BST/1400ET. Pre-released text was a reiteration of recent remarks, however, the Q&amp;A segment could offer some opportunity for the Chair to be pushed on the FOMC’s exit strategy and recent hawkish speakers e.g. Bullard; other Fed speakers today include 2022-voter Mester and 2021-voter Daly. In Europe, sectors are somewhat mixed with Oil &amp; Gas top of the pile amid the recent advances in the crude complex even in-light of today’s pressure on a potential ramping up of OPEC+ production (see commodities), whilst Tech and Health care lag peers with the former hampered by the mini-revival seen in yields since the start of the week which saw the US 10yr initially slip below 1.4%. Kepler Cheuvreux downgraded the European banking sector to neutral from overweight with analysts at the firm concerned that the reflation trade is not a foregone conclusion in a context where the steepening of the USD yield curve appears to have exhausted itself. In terms of stock specifics, BT (+0.6%) are slightly firmer on the session amid reports that Rupert Murdoch's News UK is reportedly looking into a tie-up with BT Sport. Finally, Travel &amp; Leisure names including Ryanair (+1.1%) and IAG (+1.0%) have been provided some support amid suggestions that UK ministers are to relax travel restrictions from August for those who have been fully vaccinated.</p>\n<p><i>Top European News</i></p>\n<ul>\n <li>U.K. Begins Negotiations to Join Trans-Pacific Trading Bloc</li>\n <li>Germany Boosts Third-Quarter Bond Issuance by 2 Billion Euros</li>\n <li>Aston Martin Sues Dealer Over Deposits for $3.5 Million Valkyrie</li>\n <li>Tech Stocks Tumble as Prosus Falls, Pandemic Winners Decline</li>\n</ul>\n<p><b>In FX,</b>there was some calm after Monday’s relatively lively session amidst pronounced risk-off APAC trade before a steady recovery in sentiment that prompted a retreat in safe-havens on little fresh news or data. Nevertheless, the DXY formed a base below 92.000 and is currently consolidating around its new pivot within a 91.890-92.139 range inside yesterday’s 91.826-92.375 range awaiting further direction that could come from today’s trio of Fed speakers or macro releases in the form of existing home sales and Richmond Fed composite readings. Note, however, the text of chair Powell’s testimony to Congress has already been published so anything new will likely come from the Q&amp;A section.</p>\n<ul>\n <li>AUD/GBP - It may be too early to label the day a turnaround Tuesday for the Aussie and Pound, but both have unwound a chunk of their gains vs the Buck after benefiting from its frailty yesterday, and Aud/Usd is also bearing the brunt of another slump in iron ore prices as it struggles to stay within touching distance of the 0.7500 handle. Note also, prelim payrolls and earnings data came in weaker than prior prints overnight ahead of flash PMIs tonight. Meanwhile, Sterling has relinquished 1.3900+ status, and perhaps partly due to a loss of technical momentum given that Cable topped out just pips shy of the 100 DMA (1.3941 vs 1.3937 high), while the Eur/Gbp cross held around 0.8550 before bouncing.</li>\n <li>CAD/CHF/NZD/EUR/JPY - A pull-back in WTI towards Usd 73/brl in wake of reports that Russia may push for higher OPEC+ crude output at next week’s summit, has undermined the Loonie ahead of Canadian retail sales on Wednesday, with Usd/Cad back up in the high 1.2300 area, while the Franc is beneath 0.9200 following fairly upbeat economic forecasts from Switzerland’s KOF. Elsewhere, the Kiwi is holding between 0.6995-63 parameters following a marked pick-up in NZ credit card spending and as Aud/Nzd eyes 1.0750 to the downside having been capped circa 1.0800, the Euro is straddling 1.1900 and Yen has retreated through 110.50 against the backdrop of higher US Treasury yields and curve re-steepening.</li>\n</ul>\n<p><b>In commodities,</b>WTI and Brent have seen downside, -0.5% and -0.4% respectively, after what was a relatively uneventful APAC session for the benchmarks. The pressure came just after the European cash equity open, which was softer than futures had implied, amid reports that Russia is considering proposing an increase in OPEC+ oil production at the July 1st gathering, according to officials. As Russia expects the global supply shortfall to persist over the medium-term horizon; note, Russian VP Novak is set to meet with various domestic oil companies today. This report sparked pressure in the benchmarks sending WTI and Brent August’21 futures below USD 73.00/bbl and USD 75.00/bbl respectively – a smaller bout of further pressure was seen on subsequent source reports that it is possible to increase supply gradually from August. Such an alteration would be in-fitting with the most recent IEA MOMR which wrote that “OPEC+ needs to open the taps to keep world oil markets adequately supplied; production hikes at current pace set to be nowhere near the levels needed to prevent further stock draws”. As a reminder, the current OPEC+ quotas which were set in April envisage 700k BPD and 850k BPD of oil re-entering the market in June and July respectively. Moving to metals, spot gold and silver are modestly softer on the session given upside in both the USD and yields this morning; however, the magnitude of ranges for the precious metals are contained when compared with action seen over the last week. On gold, JP Morgan retains its long-term bearish view on the metal in-light of last week’s FOMC updates and look for copper prices to ease into H2 as supply/demand imbalances resolve, taking the view that the metal peaked in Q2.</p>\n<p><b>US Event Calendar</b></p>\n<ul>\n <li>10:30am: Fed’s Mester Discusses Monetary Policy and Financial...</li>\n <li>11am: Fed’s Daly Speaks at Peterson Institute Event</li>\n <li>2pm: Powell Testifies to Congress on Covid-19 Response and Economy</li>\n</ul>\n<p><b>DB's Jim Reid concludes the overgnight wrap</b></p>\n<p>When we went to press yesterday morning I was left very confused as to why US 10 year yields had sunk even further overnight to around 1.36% from 1.44% at the Asian open. It felt like it might be the longest day of the year in markets as well as in daylight terms. Well 4 hours later they had moved back to 1.44% and then 1.49% after another 6 hours early in the US session - roughly where they closed and where they are trading now in Asia. To be fair the real action continues to be in the 30 year part of the curve which opened in Asia yesterday at 2.01%, rallied to 1.925% but then reversed course all day and flirted with 2.10% as Europe went home before closing at 2.11% (2.12% in Asia). There was no real new news so the earlier price action perhaps indicates that there might have been some positioning/liquidation issues out there yesterday to explain such swings. This is part of the reason I wouldn’t try to over analyse the macro implications of these moves at the moment. There seems to be a lot of technical things going on at the moment including the Treasury running down their cash holdings at the Fed. As such I think it’s far too early to suggest that the price action reflects a view that the Fed made a policy error last Wednesday.</p>\n<p>Equity markets seemed to like a return of more normal yields as they have been a bit shaken by the bond reaction post the FOMC. In fact by the close of yesterday’s session, the S&amp;P 500 had rebounded +1.40% to put the index back within 1% of its all-time closing high last week. So quite the reversal from its worst weekly performance since February. Even the dollar (which saw its best performance since September last week) changed gears to close -0.35% lower on the day.</p>\n<p>In the absence of other events on the calendar, Fed speakers were in focus yesterday with St Louis President Bullard (non-voter, dove) and Dallas President Kaplan (non-voter, hawk) kicking off proceedings. Notably, Bullard said that the Fed ought to set up its taper so it could be adjusted if necessary, which raises the prospect that the pace could change depending on the strength of the economic recovery and inflation outcomes. And he himself alluded to the uncertainty in the outlook, saying that “No one really knows how this is all going to unfold. We have to be ready for the idea that there is upside risk to inflation and for it to go higher”. Separately, Kaplan said that he was in favour of beginning the tapering process sooner rather than later. However the timeline is still uncertain, as later in the session New York Fed President Williams said that he still sees tapering as “quite a ways off.” Williams also expects inflation to return to 2% next year and that the long-term trends that have depressed inflation in recent years will be the overriding force once again. After a year of coordinated messaging, it seems like there is more dispersion of views coming out of the committee now. I think this is more healthy.</p>\n<p>Today, all eyes will be on Fed Chair Powell, who’s testifying at 7pm London time before the House of Representatives’ Select Subcommittee on the coronavirus crisis, where he’s set to talk about the Federal Reserve’s response to the pandemic. In prepared remarks distributed late last night, Powell remains optimistic on the recovery, saying “job gains should pick up in coming months as vaccinations rise, easing some of the pandemic-related factors currently weighing them down.” Chair Powell acknowledged that “inflation has increased notably in recent months… As these transitory supply effects abate, inflation is expected to drop back toward our longer-run goal.” The transitory nature of inflation is sure to be a key point of questions from some Representatives today.</p>\n<p>Running through the market moves yesterday, US equities saw an incredibly broad-based advance, with 482 companies moving higher in the S&amp;P on the day, which remarkably represents the highest number of gainers in over a year. The S&amp;P gains were led by the cyclical/reopening trade as yields rebounded while tech stocks lagged somewhat, with the NASDAQ seeing a smaller +0.79% advance, though that still left the index within 0.5% of its own all-time high. Small-cap stocks saw even larger gains, as the Russell 2000 was up +2.16%. Over in Europe, equity markets saw their own slightly more subdued rebound with the STOXX 600 ending the day up +0.70%.</p>\n<p>For sovereign bond markets it was an eventful day as discussed at the top, with yields moving noticeably lower prior to the open in Europe before ending the day higher. Furthermore, we saw curves begin to steepen again following the major flattening last week, with the US 2s10s curve up +4.8bps, and the 5s30s up +8.6bps. Europe saw much the same story once the global sell-off begun, with yields on bunds (+2.9bps), OATs (+0.5bps) and BTPs (+0.4bps) all moving higher.</p>\n<p>Overnight in Asia, markets are following Wall Street’s lead with the Nikkei (+2.95%), Shanghai Comp (+0.78%) and Kospi (+0.77%) all making gains. The Hang Seng (-0.01%) is trading broadly flat. Outside of Asia, futures on the S&amp;P 500 are up +0.18% and those on the Stoxx 50 are up +0.35%.</p>\n<p>Elsewhere, both Brent Crude (+1.89%) and WTI (+2.82%) oil prices climbed to fresh 2-year highs of $74.90/bbl and $73.66/bbl respectively. Indeed that rise for WTI yesterday now means it’s risen by more than +50% on a YTD basis, making it the first major asset in our performance review basket to reach that milestone this year. Overnight, Brent oil prices have crossed $75 mark for the first time since April 2019. Other commodities also performed decently yesterday, including copper (+0.65%), gold (+1.08%), silver (+0.64%) and corn (+0.61%), with all 4 recovering ground following last week’s losses. Speaking of commodities, I looked at the change in various prices over the last 2 years in my chart of the day yesterday (link here), pointing out that in spite of the declines from their recent peaks this year, they still remain well above their levels 2 years ago. So some perspective is needed to the recent falls.</p>\n<p>In terms of new-age commodities, the selloff in crypto-assets took another leg lower yesterday following news that China called a meeting of leaders of its largest banks to reiterate a ban on cryptocurrency services. Bitcoin fell -9.05% to $32,582, its lowest level since late-January. Ethereum (-14.0%), Litecoin (-14.0%) and XRP (-12.6%) all followed suit.</p>\n<p>In terms of the latest on the pandemic, UK Prime Minister Johnson said that for England, “I think it’s looking good for July 19 to be that terminus point” when the easing of restrictions could take place. Nevertheless, a further 10,633 cases were reported in the UK yesterday, which took the weekly average to its highest since late-February, at 9,778. The rate of increase has slowed though. In Germany, Health Minister Spahn warned the delta variant may cause a 4th wave of infections, saying the government would remain cautious when the calendar turns over to Autumn and Winter. Elsewhere, it was announced that spectators at the Tokyo Olympics would be limited to either 10,000 or 50% capacity. Lastly, the White house announced that 150mn Americans, or over 45% of the overall population, are now fully vaccinated and 15 states along with Washington DC have now reached 70% of adults with at least one shot. However there has been a greater than 30% increase in Covid-19 hospitalisations in Missouri, Arkansas and Utah – all states with well below average vaccination rates – over the last week with the increase driven by 18-29 year olds, according to U.S. Department of Health &amp; Human Services data. The absolute numbers remain low and healthcare capacity is not a concern at this time, however local authorities are paying attention and cited low testing numbers as an additional concern.</p>\n<p>Finally, there wasn’t a great deal of data yesterday, though the Chicago Fed’s national activity index came in at 0.29 in May (vs. 0.70 expected), up from -0.09 in April.</p>\n<p>To the day ahead now, and the main highlight will be the aforementioned testimony from Fed Chair Powell to Congress. Otherwise, we’ll also hear from the Fed’s Mester and Daly, as well as the ECB’s Rehn, Lane and Schnabel. Data releases from the US include May’s existing home sales and the Richmond Fed’s manufacturing index for June, while in the Euro Area there’s the advance consumer confidence reading for June.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Futures Steady Ahead Of Powell Testimony</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nFutures Steady Ahead Of Powell Testimony\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-22 20:15 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/markets/futures-steady-ahead-powell-testimony><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>U.S. stock-index futures were little changed, trading just 1% below their all time high, while global shares extended their recovery on Tuesday from four week lows, as investors focused on prospects ...</p>\n\n<a href=\"https://www.zerohedge.com/markets/futures-steady-ahead-powell-testimony\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯","SPY":"标普500ETF"},"source_url":"https://www.zerohedge.com/markets/futures-steady-ahead-powell-testimony","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1196246436","content_text":"U.S. stock-index futures were little changed, trading just 1% below their all time high, while global shares extended their recovery on Tuesday from four week lows, as investors focused on prospects for post-pandemic economic growth, putting fears of a hawkish Fed in the rearview mirror even as they awaited Fed Chair Jerome Powell’s testimony before Congress. Nasdaq 100 futures extend increase to as much as 0.3%, the highest for Tuesday’s session, with contracts on the S&P 500 rising 0.1% as of 7:15am in New York.\n\nIn premarket trading, meme stock Torchlight Energy Resources jumped 10.5% on heavy volume following a 58% surge to a record on Monday, as the company upsized its stock offering after its shares doubled in value last week on interest from individual traders. Other meme stocks trade mostly higher with ContextLogic (WISH) rising 3.3% and Clover Health (CLOV) gaining 1.9%.\nHere are some other notable premarket movers:\n\nAdial Pharmaceuticals (ADIL) surges 28% in premarket trading after a positive mention of the company in a post on the Seeking Alpha investment site.\nMicrovision (MVIS) sinks 9% after saying it may offer from time to time up to $140 million in shares via Craig-Hallum Capital Group.\nNikola (NKLA) drops 2% after registering shares for potential sale by holder Tumim Stone Capital.\nCrypto stocks including miners Riot Blockchain, Marathon Patent Group, Ebang International and MicroStrategy Inc fell between 2% and 3% as China’s crackdown on bitcoin mining expanded to the province of Sichuan.\n\nThe Dow jumped more than 500 points on Monday following last week’s selloff, its best day since early March, with the largest share of S&P members advancing since April 2020.\nMarket participants piled back into energy, financials and industrial stocks when Fed officials including as St. Louis Fed President James Bullard and Dallas Fed President Robert Kaplan toned down their hawkish rhetoric which accelerated last week's rout.\n\"Last week's FOMC meeting was a hawkish surprise, but does not change our market outlook. The reflation trade experienced a sharp technically driven pullback, but we expect the trade to resume and see this move as an opportunity to add exposure to cyclical equities and commodities,\" JPMorgan strategists said in a note.\nEuropean stocks looked set to build on gains in Asian markets as EuroSTOXX 50 futures rose 0.4% and FTSE futures were up 0.3%. Declines in shares of carmakers and banks offset gains in real estate stocks. Europe’s Stoxx 600 travel and leisure subgroup rose as much as 0.8%, making it the second-best performing sector in the benchmark index, after The Times reported that the U.K. is set to announce an overhaul of travel restrictions on Thursday. Here are some of the biggest European movers today:\n\nKingspan shares rise as much as 6.1% with Morgan Stanley (equal- weight) saying the key positive from its trading update is the strong margin performance.\nBT shares gain as much as 2.1%, among top performers in the Stoxx Telecom Index, following a report that Rupert Murdoch’s News UK is looking at a tie-up with BT Sport.\nBossard shares gain as much as 5% to a record high. The company’s business model is “misunderstood” by the market and it is a niche play on the growth of industrial automation, Berenberg writes in a note initiating the stock at buy with a street-high CHF340 PT.\nCasino shares rise as much as 2% after a report saying that retail mogul Micheal Klein started to build a minority position in the Brazilian firm GPA, following a similar move by retailing billionaire Abilio Diniz.\nDS Smith shares fall as much as 3.1% after reporting adjusted operating profit that missed the average analyst estimate.\n\nMSCI's broadest index of Asia-Pacific shares outside Japan rose 0.4%, moving above Monday's four-week lows and notching a 4% gain so far this year, while the broader MSCI Asia Pacific Index rose 0.9%,putting it on track for its best day since May 25.Japanese shares led the advance in Asia, as investor concerns over the pace of U.S. monetary policy tightening and rising inflation eased. It is now poised to snap four straight days of declines. The buoyant performance comes after Federal Reserve Chair Jerome Powell reiterated overnight that inflation had picked up but should move back toward the U.S. central bank’s 2% target once supply imbalances resolve. The New York Fed’s president also said that he continues to view the recent spike in inflation as a temporary phenomenon. Cyclical shares recovered from the recent sell-off, with industrials and materials leading the charge.Japanese equities rebounded, with the Topix climbing by the most in one year one day after the BOJ intervened to buy ETFs for the first time since April.Investors largely expect Asia’s stock market to remain resilient despite the prospects of a gradual tapering of global liquidity and a resurgent dollar. Supporting the region’s equities are attractive valuations, falling Covid-19 cases and relatively low levels of bond yields. The stock benchmark remains more than 6% below a record high it reached in February. “We expect Asia to broadly remain on a healthy recovery path” supported by a broad-based growth in exports and industrial output, Alex Wolf, head of investment strategy for Asia at JPMorgan Private Bank, wrote in a note. “We think three factors will be key to watch over the rest of 2021: vaccination progress, exports -- particularly semiconductors, and China’s recovery.”\nToday, all eyes will be on Fed Chair Powell, who’s testifying at 2pm ET before the House of Representatives’ Select Subcommittee on the coronavirus crisis,where he’s set to talk about the Federal Reserve’s response to the pandemic. In prepared remarks distributed late last night, Powell remains optimistic on the recovery, saying “job gains should pick up in coming months as vaccinations rise, easing some of the pandemic-related factors currently weighing them down.”He also said inflation has “increased notably in recent months” but regarded the recent jump as likely to fade.  Chair Powell acknowledged that “inflation has increased notably in recent months… As these transitory supply effects abate, inflation is expected to drop back toward our longer-run goal.” The transitory nature of inflation is sure to be a key point of questions from some Representatives today.\n“Powell will repeat that inflation is transitory and will drop back ‘as these transitory supply effects abate’,” said Ipek Ozkardeskaya, senior analyst at Swissquote Bank. “How much time do we have before the supply effects abate is a big question.”\n“There’s probably going to be some back and forth here,” said Tracie McMillion, Wells Fargo Investment Institute head of global asset allocation strategy.“There is a lot of cash on the sidelines right now. Some of that is going to be earmarked to go into the markets, and we think the best place right now to be investing is in the equity markets.”\nIn rates, 10-year Treasuries steadied, trading at 1.49% last. Yields were richer across the curve, with 5s30s flatter by ~1bp; 10-year around 1.48% outperforms bunds and gilts slightly Regional demand emerged during Asia session, renewing the bull-flattening trend that stalled on Monday. Treasury auctions include $60b 2-year note, followed by 5- and 7-year on Wednesday and Thursday. The WI 2-year yield at ~0.257% is higher than auction stops since March 2020 and 10.5bp cheaper than last month’s, which stopped through by 0.7bp\nIn currency markets, the dollar spot Index rose as the greenback traded higher versus all of its Group-of-10 peers and the 10-year Treasury yield hovered around 1.49% The pound fell for a fifth day in six sessions on broad dollar strength and as investors awaited signals on the Bank of England’s inflation outlook on Thursday. Norway’s krone fell to a session low as Brent oil retreated after earlier rising to $75 a barrel for the first time in more than two years. Australia’s currency led losses with iron ore extending Monday’s slump. The yen fell to trade around 110.50; bonds also declined and a five-year auction was weaker than expected.\n\"The whole world was mega short the U.S. dollar, and that's in good part has probably been cleaned out already, and now we take a wee breath before the next move up,\" said Westpac currency analyst Imre Speizer.\nIn commodities, WTI was flat at $73.7 per barrel and Brent crude retreated after earlier topping $75/bbl for the first time in more than two years after rising on Monday in reaction the a pause in talks to end U.S. sanctions on Iranian crude. Oil market sentiment was helped by hopes for a quick recovery in oil demand in the United States and Europe. OPEC+ said it was discussing whether to further boost production as the oil market looks increasingly tight. Spot gold added 0.3% to $1,787.61 an ounce.\nBitcoin sank closer to $30,000 after China intensified its cryptocurrency clampdown.\nLooking at theday aheadnow, the main highlight will be the aforementioned testimony from Fed Chair Powell to Congress. Otherwise, we’ll also hear from the Fed’s Mester and Daly, as well as the ECB’s Rehn, Lane and Schnabel. Data releases from the US include May’s existing home sales and the Richmond Fed’s manufacturing index for June, while in the Euro Area there’s the advance consumer confidence reading for June.\nMarket Snapshot\n\nS&P 500 futures down 0.1% to 4,207.75\nSTOXX Europe 600 down -0.3% to 453.94\nMXAP up 0.9% to 206.17\nMXAPJ little changed at 687.97\nNikkei up 3.1% to 28,884.13\nTopix up 3.2% to 1,959.53\nHang Seng Index down 0.6% to 28,309.76\nShanghai Composite up 0.8% to 3,557.41\nSensex up 0.3% to 52,715.63\nAustralia S&P/ASX 200 up 1.5% to 7,342.20\nKospi up 0.7% to 3,263.88\nBrent Futures down 0.4% to $74.63/bbl\nGerman 10Y yield rose 2.2 bps to -0.149%\nEuro down 0.2% to $1.1899\nGold spot down 0.3% to $1,777.25\nU.S. Dollar Index up 0.14% to 92.03\n\nTop Overnight News from Bloomberg\n\nLeveraged funds boosted net dollar shorts by 21,347 contracts in the week ended June 15, the most since mid-January, according to data from the Commodity Futures Trading Commission.\nGermany increased the amount of planned bond sales in the third quarter by 2 billion euros ($2.4 billion) to help cover financing for the ruling coalition’s generous aid programs to offset the impact of the coronavirus pandemic\nChina’s intensifying cryptocurrency crackdown has left Bitcoin flirting with $30,000, a price level seen as key to the short-term outlook for the largest virtual currency\nRussia is considering proposing an OPEC+ oil-output increase at the group’s meeting next week because the nation sees a supply deficit in the market, according to officials familiar with the matter\nMario Draghi has cemented his position in Italy and his political partners are beginning to assume he’ll remain in power until his term ends in 2023. That is the assessment of half a dozen senior officials from all the main parties and inside the government\nHungary is set to become the first European Union nation to tighten monetary policy this year, with the central bank widely expected to raise borrowing costs on Tuesday in an attempt to curb surging inflation\nA raft of disappointing economic data from China last week, especially the sluggish recovery in consumption, has prompted economists to cut their estimates for China’s output in 2021.\n\nQuick look at global markets courtesy of Newsquawk\nAsia-Pac equities staged a rebound from the prior day's sell-off as the region reacted to the rally seen on Wall Street, whereby the DJIA outperformed whilst the Nasdaq’s upside was hindered by the recovery in yields.Overnight, US equity futures traded flat and near the prior session’s best levels ahead of Fed Chair Powell’s testimony – but before that, 2022-voter Mester is poised to make remarks on monetary policy ahead of commentary from 2021-voter Daly. Over in APAC markets, the ASX 200 (+1.5%) was supported by its Telecoms and Financials sectors whilst the Nikkei 225 (+3.1%) trimmed some of the prior session’s hefty losses as reports of BoJ ETF purchases providing Tokyo with some tailwinds. The KOSPI (+0.7%) saw cautious gains as Yonhap reported that South Korea and the US are mulling ending the working group on North Korean policy, whilst North Korea tempered down expectations of dialogue with the US. Hang Seng (-0.6%) and Shanghai Comp (+0.8%) varied with the former pressured after the US reiterated its concern over Hong Kong’s autonomy, whilst the latter remained within recent ranges. As a side note, crypto markets also saw a rebound following yesterday's bloodbath, albeit Bitcoin and Ethereum remained under 35k and 2k respectively. Finally, JGBs trade narrowly softer in tandem with UST and Bund futures waning off best levels.\nTop Asian News\n\nJimmy Lai’s 26-Year-Old Tabloid All But Dead After Defying China; Carrie Lam Defends Apple Daily Arrests, Warns Media Outlets\nGIC Said to Near Deal to Buy Stake in Malaysia’s Sunway Hospital\nChina Tourism May File for Hong Kong Listing This Week: IFR\nKorea Curve Steepens, China Repo Rises, Rupiah Bonds Halt Drop\n\nAhead of the cash open, European index futures indicated a marginally firmer star to the session. However, as cash markets opened, sentiment dwindled and stocks were pushed into the red (Eurostoxx 50 -0.3%) with no real obvious catalyst behind the move. US index futures ebbed lower at the same time with some minor initial underperformance in the tech-heavy e-mini Nasdaq, albeit moves have been confined to recent ranges as markets await further impetus ahead of a particularly busy week of Fed speak. Since then, we have seen a modest pick-up in the futures taking them nearer to the unchanged mark on the session, but still retaining a negative bias overall. On which, Fed Chair Powell is due to testify to Congress today at 1900BST/1400ET. Pre-released text was a reiteration of recent remarks, however, the Q&A segment could offer some opportunity for the Chair to be pushed on the FOMC’s exit strategy and recent hawkish speakers e.g. Bullard; other Fed speakers today include 2022-voter Mester and 2021-voter Daly. In Europe, sectors are somewhat mixed with Oil & Gas top of the pile amid the recent advances in the crude complex even in-light of today’s pressure on a potential ramping up of OPEC+ production (see commodities), whilst Tech and Health care lag peers with the former hampered by the mini-revival seen in yields since the start of the week which saw the US 10yr initially slip below 1.4%. Kepler Cheuvreux downgraded the European banking sector to neutral from overweight with analysts at the firm concerned that the reflation trade is not a foregone conclusion in a context where the steepening of the USD yield curve appears to have exhausted itself. In terms of stock specifics, BT (+0.6%) are slightly firmer on the session amid reports that Rupert Murdoch's News UK is reportedly looking into a tie-up with BT Sport. Finally, Travel & Leisure names including Ryanair (+1.1%) and IAG (+1.0%) have been provided some support amid suggestions that UK ministers are to relax travel restrictions from August for those who have been fully vaccinated.\nTop European News\n\nU.K. Begins Negotiations to Join Trans-Pacific Trading Bloc\nGermany Boosts Third-Quarter Bond Issuance by 2 Billion Euros\nAston Martin Sues Dealer Over Deposits for $3.5 Million Valkyrie\nTech Stocks Tumble as Prosus Falls, Pandemic Winners Decline\n\nIn FX,there was some calm after Monday’s relatively lively session amidst pronounced risk-off APAC trade before a steady recovery in sentiment that prompted a retreat in safe-havens on little fresh news or data. Nevertheless, the DXY formed a base below 92.000 and is currently consolidating around its new pivot within a 91.890-92.139 range inside yesterday’s 91.826-92.375 range awaiting further direction that could come from today’s trio of Fed speakers or macro releases in the form of existing home sales and Richmond Fed composite readings. Note, however, the text of chair Powell’s testimony to Congress has already been published so anything new will likely come from the Q&A section.\n\nAUD/GBP - It may be too early to label the day a turnaround Tuesday for the Aussie and Pound, but both have unwound a chunk of their gains vs the Buck after benefiting from its frailty yesterday, and Aud/Usd is also bearing the brunt of another slump in iron ore prices as it struggles to stay within touching distance of the 0.7500 handle. Note also, prelim payrolls and earnings data came in weaker than prior prints overnight ahead of flash PMIs tonight. Meanwhile, Sterling has relinquished 1.3900+ status, and perhaps partly due to a loss of technical momentum given that Cable topped out just pips shy of the 100 DMA (1.3941 vs 1.3937 high), while the Eur/Gbp cross held around 0.8550 before bouncing.\nCAD/CHF/NZD/EUR/JPY - A pull-back in WTI towards Usd 73/brl in wake of reports that Russia may push for higher OPEC+ crude output at next week’s summit, has undermined the Loonie ahead of Canadian retail sales on Wednesday, with Usd/Cad back up in the high 1.2300 area, while the Franc is beneath 0.9200 following fairly upbeat economic forecasts from Switzerland’s KOF. Elsewhere, the Kiwi is holding between 0.6995-63 parameters following a marked pick-up in NZ credit card spending and as Aud/Nzd eyes 1.0750 to the downside having been capped circa 1.0800, the Euro is straddling 1.1900 and Yen has retreated through 110.50 against the backdrop of higher US Treasury yields and curve re-steepening.\n\nIn commodities,WTI and Brent have seen downside, -0.5% and -0.4% respectively, after what was a relatively uneventful APAC session for the benchmarks. The pressure came just after the European cash equity open, which was softer than futures had implied, amid reports that Russia is considering proposing an increase in OPEC+ oil production at the July 1st gathering, according to officials. As Russia expects the global supply shortfall to persist over the medium-term horizon; note, Russian VP Novak is set to meet with various domestic oil companies today. This report sparked pressure in the benchmarks sending WTI and Brent August’21 futures below USD 73.00/bbl and USD 75.00/bbl respectively – a smaller bout of further pressure was seen on subsequent source reports that it is possible to increase supply gradually from August. Such an alteration would be in-fitting with the most recent IEA MOMR which wrote that “OPEC+ needs to open the taps to keep world oil markets adequately supplied; production hikes at current pace set to be nowhere near the levels needed to prevent further stock draws”. As a reminder, the current OPEC+ quotas which were set in April envisage 700k BPD and 850k BPD of oil re-entering the market in June and July respectively. Moving to metals, spot gold and silver are modestly softer on the session given upside in both the USD and yields this morning; however, the magnitude of ranges for the precious metals are contained when compared with action seen over the last week. On gold, JP Morgan retains its long-term bearish view on the metal in-light of last week’s FOMC updates and look for copper prices to ease into H2 as supply/demand imbalances resolve, taking the view that the metal peaked in Q2.\nUS Event Calendar\n\n10:30am: Fed’s Mester Discusses Monetary Policy and Financial...\n11am: Fed’s Daly Speaks at Peterson Institute Event\n2pm: Powell Testifies to Congress on Covid-19 Response and Economy\n\nDB's Jim Reid concludes the overgnight wrap\nWhen we went to press yesterday morning I was left very confused as to why US 10 year yields had sunk even further overnight to around 1.36% from 1.44% at the Asian open. It felt like it might be the longest day of the year in markets as well as in daylight terms. Well 4 hours later they had moved back to 1.44% and then 1.49% after another 6 hours early in the US session - roughly where they closed and where they are trading now in Asia. To be fair the real action continues to be in the 30 year part of the curve which opened in Asia yesterday at 2.01%, rallied to 1.925% but then reversed course all day and flirted with 2.10% as Europe went home before closing at 2.11% (2.12% in Asia). There was no real new news so the earlier price action perhaps indicates that there might have been some positioning/liquidation issues out there yesterday to explain such swings. This is part of the reason I wouldn’t try to over analyse the macro implications of these moves at the moment. There seems to be a lot of technical things going on at the moment including the Treasury running down their cash holdings at the Fed. As such I think it’s far too early to suggest that the price action reflects a view that the Fed made a policy error last Wednesday.\nEquity markets seemed to like a return of more normal yields as they have been a bit shaken by the bond reaction post the FOMC. In fact by the close of yesterday’s session, the S&P 500 had rebounded +1.40% to put the index back within 1% of its all-time closing high last week. So quite the reversal from its worst weekly performance since February. Even the dollar (which saw its best performance since September last week) changed gears to close -0.35% lower on the day.\nIn the absence of other events on the calendar, Fed speakers were in focus yesterday with St Louis President Bullard (non-voter, dove) and Dallas President Kaplan (non-voter, hawk) kicking off proceedings. Notably, Bullard said that the Fed ought to set up its taper so it could be adjusted if necessary, which raises the prospect that the pace could change depending on the strength of the economic recovery and inflation outcomes. And he himself alluded to the uncertainty in the outlook, saying that “No one really knows how this is all going to unfold. We have to be ready for the idea that there is upside risk to inflation and for it to go higher”. Separately, Kaplan said that he was in favour of beginning the tapering process sooner rather than later. However the timeline is still uncertain, as later in the session New York Fed President Williams said that he still sees tapering as “quite a ways off.” Williams also expects inflation to return to 2% next year and that the long-term trends that have depressed inflation in recent years will be the overriding force once again. After a year of coordinated messaging, it seems like there is more dispersion of views coming out of the committee now. I think this is more healthy.\nToday, all eyes will be on Fed Chair Powell, who’s testifying at 7pm London time before the House of Representatives’ Select Subcommittee on the coronavirus crisis, where he’s set to talk about the Federal Reserve’s response to the pandemic. In prepared remarks distributed late last night, Powell remains optimistic on the recovery, saying “job gains should pick up in coming months as vaccinations rise, easing some of the pandemic-related factors currently weighing them down.” Chair Powell acknowledged that “inflation has increased notably in recent months… As these transitory supply effects abate, inflation is expected to drop back toward our longer-run goal.” The transitory nature of inflation is sure to be a key point of questions from some Representatives today.\nRunning through the market moves yesterday, US equities saw an incredibly broad-based advance, with 482 companies moving higher in the S&P on the day, which remarkably represents the highest number of gainers in over a year. The S&P gains were led by the cyclical/reopening trade as yields rebounded while tech stocks lagged somewhat, with the NASDAQ seeing a smaller +0.79% advance, though that still left the index within 0.5% of its own all-time high. Small-cap stocks saw even larger gains, as the Russell 2000 was up +2.16%. Over in Europe, equity markets saw their own slightly more subdued rebound with the STOXX 600 ending the day up +0.70%.\nFor sovereign bond markets it was an eventful day as discussed at the top, with yields moving noticeably lower prior to the open in Europe before ending the day higher. Furthermore, we saw curves begin to steepen again following the major flattening last week, with the US 2s10s curve up +4.8bps, and the 5s30s up +8.6bps. Europe saw much the same story once the global sell-off begun, with yields on bunds (+2.9bps), OATs (+0.5bps) and BTPs (+0.4bps) all moving higher.\nOvernight in Asia, markets are following Wall Street’s lead with the Nikkei (+2.95%), Shanghai Comp (+0.78%) and Kospi (+0.77%) all making gains. The Hang Seng (-0.01%) is trading broadly flat. Outside of Asia, futures on the S&P 500 are up +0.18% and those on the Stoxx 50 are up +0.35%.\nElsewhere, both Brent Crude (+1.89%) and WTI (+2.82%) oil prices climbed to fresh 2-year highs of $74.90/bbl and $73.66/bbl respectively. Indeed that rise for WTI yesterday now means it’s risen by more than +50% on a YTD basis, making it the first major asset in our performance review basket to reach that milestone this year. Overnight, Brent oil prices have crossed $75 mark for the first time since April 2019. Other commodities also performed decently yesterday, including copper (+0.65%), gold (+1.08%), silver (+0.64%) and corn (+0.61%), with all 4 recovering ground following last week’s losses. Speaking of commodities, I looked at the change in various prices over the last 2 years in my chart of the day yesterday (link here), pointing out that in spite of the declines from their recent peaks this year, they still remain well above their levels 2 years ago. So some perspective is needed to the recent falls.\nIn terms of new-age commodities, the selloff in crypto-assets took another leg lower yesterday following news that China called a meeting of leaders of its largest banks to reiterate a ban on cryptocurrency services. Bitcoin fell -9.05% to $32,582, its lowest level since late-January. Ethereum (-14.0%), Litecoin (-14.0%) and XRP (-12.6%) all followed suit.\nIn terms of the latest on the pandemic, UK Prime Minister Johnson said that for England, “I think it’s looking good for July 19 to be that terminus point” when the easing of restrictions could take place. Nevertheless, a further 10,633 cases were reported in the UK yesterday, which took the weekly average to its highest since late-February, at 9,778. The rate of increase has slowed though. In Germany, Health Minister Spahn warned the delta variant may cause a 4th wave of infections, saying the government would remain cautious when the calendar turns over to Autumn and Winter. Elsewhere, it was announced that spectators at the Tokyo Olympics would be limited to either 10,000 or 50% capacity. Lastly, the White house announced that 150mn Americans, or over 45% of the overall population, are now fully vaccinated and 15 states along with Washington DC have now reached 70% of adults with at least one shot. However there has been a greater than 30% increase in Covid-19 hospitalisations in Missouri, Arkansas and Utah – all states with well below average vaccination rates – over the last week with the increase driven by 18-29 year olds, according to U.S. Department of Health & Human Services data. The absolute numbers remain low and healthcare capacity is not a concern at this time, however local authorities are paying attention and cited low testing numbers as an additional concern.\nFinally, there wasn’t a great deal of data yesterday, though the Chicago Fed’s national activity index came in at 0.29 in May (vs. 0.70 expected), up from -0.09 in April.\nTo the day ahead now, and the main highlight will be the aforementioned testimony from Fed Chair Powell to Congress. Otherwise, we’ll also hear from the Fed’s Mester and Daly, as well as the ECB’s Rehn, Lane and Schnabel. Data releases from the US include May’s existing home sales and the Richmond Fed’s manufacturing index for June, while in the Euro Area there’s the advance consumer confidence reading for June.","news_type":1},"isVote":1,"tweetType":1,"viewCount":96,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":167733660,"gmtCreate":1624284266150,"gmtModify":1703832454427,"author":{"id":"3584240189191061","authorId":"3584240189191061","authorIdStr":"3584240189191061","name":"Babyowl","avatar":"https://community-static.tradeup.com/news/68df35b15b728b6a16379cdbf87367a7","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3584240189191061"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/167733660","repostId":"1171968125","repostType":4,"isVote":1,"tweetType":1,"viewCount":215,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":167739100,"gmtCreate":1624284234600,"gmtModify":1703832452619,"author":{"id":"3584240189191061","authorId":"3584240189191061","authorIdStr":"3584240189191061","name":"Babyowl","avatar":"https://community-static.tradeup.com/news/68df35b15b728b6a16379cdbf87367a7","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3584240189191061"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/167739100","repostId":"1153966184","repostType":4,"repost":{"id":"1153966184","pubTimestamp":1624281759,"share":"https://ttm.financial/m/news/1153966184?lang=&edition=fundamental","pubTime":"2021-06-21 21:22","market":"us","language":"en","title":"What to watch today: Dow set to bounce after its worst weekly loss since October","url":"https://stock-news.laohu8.com/highlight/detail?id=1153966184","media":"CNBC","summary":"BY THE NUMBERS\nDow futuresabout 200 points Monday after the 30-stock average posted its worst weekly","content":"<div>\n<p>BY THE NUMBERS\nDow futuresabout 200 points Monday after the 30-stock average posted its worst weekly loss since October as investors and traders sold on concern that the Federal Reserve could start ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/21/what-to-watch-today-dow-set-to-bounce-after-its-worst-weekly-loss-since-october.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>What to watch today: Dow set to bounce after its worst weekly loss since October</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhat to watch today: Dow set to bounce after its worst weekly loss since October\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-21 21:22 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/06/21/what-to-watch-today-dow-set-to-bounce-after-its-worst-weekly-loss-since-october.html><strong>CNBC</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>BY THE NUMBERS\nDow futuresabout 200 points Monday after the 30-stock average posted its worst weekly loss since October as investors and traders sold on concern that the Federal Reserve could start ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/21/what-to-watch-today-dow-set-to-bounce-after-its-worst-weekly-loss-since-october.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"https://www.cnbc.com/2021/06/21/what-to-watch-today-dow-set-to-bounce-after-its-worst-weekly-loss-since-october.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1153966184","content_text":"BY THE NUMBERS\nDow futuresabout 200 points Monday after the 30-stock average posted its worst weekly loss since October as investors and traders sold on concern that the Federal Reserve could start increasing interest rates sooner than expected. (CNBC)\n*Japan's Nikkei sank over 3%, leading losses across major Asian stock markets(CNBC)\nTheDowon Friday lost 533 points, or nearly 1.6%,closing out a five session losing streakof almost 3.5%. TheS&P 500, which fell 1.3% on Friday, sank four days in row for a 1.9% weekly decline. TheNasdaqdropped less than 1% on Friday but was down only about 0.3% for the week. (CNBC)\nThe Fed last Wednesday increased its inflation forecast and indicated two rate hikes in 2023. Fed ChairmanJerome Powellsaid central bankers were considering tapering their massive Covid-era bond purchases.Fed speakers will get a lot of attention this week, including Tuesday's congressional testimony from Powell. (CNBC)\nThe10-year Treasury yieldcontinued to back away from last week's Fed-driven spike, trading early Mondayjust above 1.4%. It briefly dipped to 1.354%, the lowest level since late February. (CNBC)\nBitcoindropped 7% on Monday,trading under $33,000for the first time in nearly two weeks, on reports thatChina's crackdown on cryptocurrency mining extendedto the southwestern province of Sichuan. The Communist Party-backed Global Times estimates that more than 90% of China's bitcoin mining capacity has been shut down. (CNBC)\nMicroStrategy (MSTR), one of the biggest corporate investors in bitcoin, said Monday it bought more,about $420 million worthat current prices, bringing its total investment in the cryptocurrency to $3.4 billion. Shares of MicroStrategy fell 7.5% in Monday's premarket as bitcoin dropped on the expansion of China's crypto mining crackdown.\nIN THE NEWS TODAY\nAmazon's (AMZN) Prime Daykicked off Monday. Prime Day 2020, delayed to October due to the pandemic, pulled in $10.4 billion, according to Digital Commerce 360, a 45% increase from 2019. This year's Prime Day comes as retailers grapple with global supply-chain disruptions. Major retailers, includingWalmart (WMT),Target (TGT),Kohl's (KSS),Macy's (M), andCostco (COST), are holding competing sales. (CNBC)\nAs travel demand surges toward pre-pandemic levels,American Airlinescanceled 100 more flights Monday afterscrapping hundreds over the weekenddue to staffing shortages, maintenance and other issues. American said it's trimming its overall schedule by about 1% through mid-July to help ease the strain on its operations. (CNBC)\nThe Tokyo Olympicswill allow some local fansto attend the Summer Games when they open in just over a month. Fans from abroad were banned several months ago. Organizers set a limit of 50% of capacity up to a maximum of 10,000 fans for all Olympic venues. The decision contradicts the country's top medical adviser (AP)\n*Royal Caribbean launches 'simulated' Freedom of the Seas cruise from Miami(NBC News)\nA bipartisan infrastructure plan costing a little over $1 trillion, only about a fourth of what President Joe Biden initially proposed, has been gaining support in the U.S. Senate, but disputes continued on Sunday over how it should be funded. Biden told reporters last that he will have a response to the planas soon as Monday. (Reuters)\nClaudette regained tropical stormstrength Monday morning as the system neared the Carolinas less than two days after 13 people died, including eight children in a multi-vehicle crash, due to the effects of the storm in Alabama. A search was also underway for a man believed to have fallen into the water during flash flooding in Birmingham. (AP)\nSTOCK TO WATCH\nPershing Square Tontine Holdings (PSTH), the SPAC controlled by billionaire investor Bill Ackman, finalized a deal to buy a 10% stake in Universal Music from Vivendi. The deal values Universal Music – the world's largest music company – at about $40 billion. Shares gained 1.1% in the premarket.\nRaven Industries (RAVN) agreed to be bought by fellow agricultural equipment maker CNH Industrial(CNHI) for $58 per share, or $2.1 billion, compared to Raven's Friday close of $38.62 per share. The stock soared nearly 50% in premarket trading.\nHSBC (HSBC) sold its French retail bank to private-equity firm Cerberus Capital for just 1 euro and it expects to book a $3 billion loss after unloading the unprofitable operation. The Wall Street Journal points out that HSBC two decades ago paid $10.6 billion to acquire Credit Commercial de France.\nGlaxoSmithKline (GSK) is set to cut its dividend, according to a report in the U.K.'s Daily Mail newspaper. The drugmaker will hold an investor event on Wednesday, and the paper said a cut of as much as 50% will be revealed at that meeting.\nFormerTesla (TSLA) executive Jerome Guillen sold about $274 million in Tesla shares since June 10, according to a SEC filing. Guillen left Tesla earlier this month after 11 years, most recently running the company's Tesla Heavy Trucking unit.\nWestlake Chemical (WLK) will buy the North American building products business of Australia's Boral for $2.15 billion. Westlake said the acquisition will boost its presence in products like roofing and siding, and that it will be accretive to earnings during the first year.\nWATERCOOLER\nJon Rahm on Sunday won the U.S. Open, in a dramatic come-from-behind victory, to capture his first major golf championship. The 26-year-old Spaniard, who hugged his 10-week-old son after his Father's Day win, had to withdraw less than two weeks ago from the Memorial with a 6-shot lead after three rounds because of a positive Covid test.","news_type":1},"isVote":1,"tweetType":1,"viewCount":141,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":167794736,"gmtCreate":1624284170825,"gmtModify":1703832449490,"author":{"id":"3584240189191061","authorId":"3584240189191061","authorIdStr":"3584240189191061","name":"Babyowl","avatar":"https://community-static.tradeup.com/news/68df35b15b728b6a16379cdbf87367a7","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3584240189191061"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/167794736","repostId":"1171968125","repostType":4,"repost":{"id":"1171968125","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1624282019,"share":"https://ttm.financial/m/news/1171968125?lang=&edition=fundamental","pubTime":"2021-06-21 21:26","market":"us","language":"en","title":"Dow jumps more than 200 points, rebounds from its worst week since October","url":"https://stock-news.laohu8.com/highlight/detail?id=1171968125","media":"Tiger Newspress","summary":"(June 21) U.S. stocks climbed on Monday as the market attempted to rebound from the Dow Jones Indust","content":"<p>(June 21)&nbsp;U.S. stocks climbed on Monday as the market attempted to rebound from the Dow Jones Industrial average's worst week since October.</p>\n<p>The blue-chip Dow rose 220 points, while the S&amp;P 500 gained 0.3%. The tech-heavy Nasdaq Composite traded near the flatline.</p>\n<p>Commodity stocks that were hit hard last week were rebounding, including Exxon and Chevron up about 1% apiece. Reopening plays including Royal Caribbean and Boeing were slightly higher. Banks including JPMorgan, Bank of America and Goldman Sachs also rebounded.</p>\n<p>U.S. stocks fell last week as investors digested new economic projections from the Federal Reserve and worried rate hikes could come sooner than expected. The Fed on Wednesdayraised its inflation expectations and forecast rate hikes in 2023. St. Louis Fed President Jim BullardsaidFriday on CNBC's&nbsp;\"Squawk Box\"that it was natural for the central bank to tilt a little more \"hawkish\" and saw higher interest rates as soon as 2022.</p>\n<p>\"The Fed's 'surprise' move toward tapering that took markets lower last week is just the moment of recognition for a tightening trend that began months ago,\" Mike Wilson, chief U.S. equity strategist, said in a note. \"When combined with the peak rate of change in economic and earnings revisions, it sets up a more difficult summer.\"</p>\n<p>The Dow dropped 3.5% last week, while the S&amp;P 500 and Nasdaq dipped 1.9% and 0.2%, respectively, on the week.</p>\n<p>The U.S. market on Monday was resilient in the face of an overnight drop in Asian markets and a big decline in bitcoin. Japan'sNikkei 225 fell as muchas 4% at one point on Monday with automakers Nissan and Honda leading the way. It would end up closing about 3% lower.</p>\n<p>Meanwhile, bitcoinfell more than 6% to $33,000as China continued its crackdown on cryptocurrency mining.</p>\n<p>Sectors tied to the economic recovery led last week's dip in stocks. The S&amp;P 500 financials and materials sectors lost more than 6% on the week, while energy fell more than 5% and industrials dropped more than 3%.</p>\n<p>Those sectors looked set to rebound Monday. The Financial Select Sector SPDR Fund was rebounding by 0.3% in premarket trading. The Materials Select Sector SPDR Fund was higher by 0.6%.</p>\n<p>The Treasury yield curve flattened last week, hitting banks and sending a signal of a potential economic slowdown. The yields of shorter-term Treasurys, like the 2-year note, rose — reflecting expectations of the Fed raising rates. Longer-term yields, like the 10-year note, retreated — a sign of less optimism toward economic growth.</p>\n<p>Investors await public appearances from Fed members on Monday. Bullard and Dallas Fed President Robert Kaplan are set to speak virtually on a Official Monetary and Financial Institutions Forum panel at 9:00 a.m. ET. New York Fed President John Williams is expected to deliver remarks at a Midsize Bank Coalition of America event Monday afternoon.</p>\n<p>Blockchain&nbsp;stocks&nbsp;fell.</p>\n<p><img src=\"https://static.tigerbbs.com/721381ed3fffc8fb65784c8662c2e5bd\" tg-width=\"312\" tg-height=\"325\" referrerpolicy=\"no-referrer\"></p>\n<p>Big&nbsp;tech&nbsp;stocks&nbsp;fell.</p>\n<p><img src=\"https://static.tigerbbs.com/414a6810bde91ea4d477f0a6190fbb08\" tg-width=\"308\" tg-height=\"323\" referrerpolicy=\"no-referrer\"></p>\n<p>Bank&nbsp;stocks&nbsp;rally.</p>\n<p><img src=\"https://static.tigerbbs.com/3d0aa47ccb01c822ed35519fa4aaf6b0\" tg-width=\"312\" tg-height=\"442\" referrerpolicy=\"no-referrer\"></p>\n<p></p>\n<p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Dow jumps more than 200 points, rebounds from its worst week since October</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDow jumps more than 200 points, rebounds from its worst week since October\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-06-21 21:26</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>(June 21)&nbsp;U.S. stocks climbed on Monday as the market attempted to rebound from the Dow Jones Industrial average's worst week since October.</p>\n<p>The blue-chip Dow rose 220 points, while the S&amp;P 500 gained 0.3%. The tech-heavy Nasdaq Composite traded near the flatline.</p>\n<p>Commodity stocks that were hit hard last week were rebounding, including Exxon and Chevron up about 1% apiece. Reopening plays including Royal Caribbean and Boeing were slightly higher. Banks including JPMorgan, Bank of America and Goldman Sachs also rebounded.</p>\n<p>U.S. stocks fell last week as investors digested new economic projections from the Federal Reserve and worried rate hikes could come sooner than expected. The Fed on Wednesdayraised its inflation expectations and forecast rate hikes in 2023. St. Louis Fed President Jim BullardsaidFriday on CNBC's&nbsp;\"Squawk Box\"that it was natural for the central bank to tilt a little more \"hawkish\" and saw higher interest rates as soon as 2022.</p>\n<p>\"The Fed's 'surprise' move toward tapering that took markets lower last week is just the moment of recognition for a tightening trend that began months ago,\" Mike Wilson, chief U.S. equity strategist, said in a note. \"When combined with the peak rate of change in economic and earnings revisions, it sets up a more difficult summer.\"</p>\n<p>The Dow dropped 3.5% last week, while the S&amp;P 500 and Nasdaq dipped 1.9% and 0.2%, respectively, on the week.</p>\n<p>The U.S. market on Monday was resilient in the face of an overnight drop in Asian markets and a big decline in bitcoin. Japan'sNikkei 225 fell as muchas 4% at one point on Monday with automakers Nissan and Honda leading the way. It would end up closing about 3% lower.</p>\n<p>Meanwhile, bitcoinfell more than 6% to $33,000as China continued its crackdown on cryptocurrency mining.</p>\n<p>Sectors tied to the economic recovery led last week's dip in stocks. The S&amp;P 500 financials and materials sectors lost more than 6% on the week, while energy fell more than 5% and industrials dropped more than 3%.</p>\n<p>Those sectors looked set to rebound Monday. The Financial Select Sector SPDR Fund was rebounding by 0.3% in premarket trading. The Materials Select Sector SPDR Fund was higher by 0.6%.</p>\n<p>The Treasury yield curve flattened last week, hitting banks and sending a signal of a potential economic slowdown. The yields of shorter-term Treasurys, like the 2-year note, rose — reflecting expectations of the Fed raising rates. Longer-term yields, like the 10-year note, retreated — a sign of less optimism toward economic growth.</p>\n<p>Investors await public appearances from Fed members on Monday. Bullard and Dallas Fed President Robert Kaplan are set to speak virtually on a Official Monetary and Financial Institutions Forum panel at 9:00 a.m. ET. New York Fed President John Williams is expected to deliver remarks at a Midsize Bank Coalition of America event Monday afternoon.</p>\n<p>Blockchain&nbsp;stocks&nbsp;fell.</p>\n<p><img src=\"https://static.tigerbbs.com/721381ed3fffc8fb65784c8662c2e5bd\" tg-width=\"312\" tg-height=\"325\" referrerpolicy=\"no-referrer\"></p>\n<p>Big&nbsp;tech&nbsp;stocks&nbsp;fell.</p>\n<p><img src=\"https://static.tigerbbs.com/414a6810bde91ea4d477f0a6190fbb08\" tg-width=\"308\" tg-height=\"323\" referrerpolicy=\"no-referrer\"></p>\n<p>Bank&nbsp;stocks&nbsp;rally.</p>\n<p><img src=\"https://static.tigerbbs.com/3d0aa47ccb01c822ed35519fa4aaf6b0\" tg-width=\"312\" tg-height=\"442\" referrerpolicy=\"no-referrer\"></p>\n<p></p>\n<p></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index","SPY":"标普500ETF"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1171968125","content_text":"(June 21) U.S. stocks climbed on Monday as the market attempted to rebound from the Dow Jones Industrial average's worst week since October.\nThe blue-chip Dow rose 220 points, while the S&P 500 gained 0.3%. The tech-heavy Nasdaq Composite traded near the flatline.\nCommodity stocks that were hit hard last week were rebounding, including Exxon and Chevron up about 1% apiece. Reopening plays including Royal Caribbean and Boeing were slightly higher. Banks including JPMorgan, Bank of America and Goldman Sachs also rebounded.\nU.S. stocks fell last week as investors digested new economic projections from the Federal Reserve and worried rate hikes could come sooner than expected. The Fed on Wednesdayraised its inflation expectations and forecast rate hikes in 2023. St. Louis Fed President Jim BullardsaidFriday on CNBC's \"Squawk Box\"that it was natural for the central bank to tilt a little more \"hawkish\" and saw higher interest rates as soon as 2022.\n\"The Fed's 'surprise' move toward tapering that took markets lower last week is just the moment of recognition for a tightening trend that began months ago,\" Mike Wilson, chief U.S. equity strategist, said in a note. \"When combined with the peak rate of change in economic and earnings revisions, it sets up a more difficult summer.\"\nThe Dow dropped 3.5% last week, while the S&P 500 and Nasdaq dipped 1.9% and 0.2%, respectively, on the week.\nThe U.S. market on Monday was resilient in the face of an overnight drop in Asian markets and a big decline in bitcoin. Japan'sNikkei 225 fell as muchas 4% at one point on Monday with automakers Nissan and Honda leading the way. It would end up closing about 3% lower.\nMeanwhile, bitcoinfell more than 6% to $33,000as China continued its crackdown on cryptocurrency mining.\nSectors tied to the economic recovery led last week's dip in stocks. The S&P 500 financials and materials sectors lost more than 6% on the week, while energy fell more than 5% and industrials dropped more than 3%.\nThose sectors looked set to rebound Monday. The Financial Select Sector SPDR Fund was rebounding by 0.3% in premarket trading. The Materials Select Sector SPDR Fund was higher by 0.6%.\nThe Treasury yield curve flattened last week, hitting banks and sending a signal of a potential economic slowdown. The yields of shorter-term Treasurys, like the 2-year note, rose — reflecting expectations of the Fed raising rates. Longer-term yields, like the 10-year note, retreated — a sign of less optimism toward economic growth.\nInvestors await public appearances from Fed members on Monday. Bullard and Dallas Fed President Robert Kaplan are set to speak virtually on a Official Monetary and Financial Institutions Forum panel at 9:00 a.m. ET. New York Fed President John Williams is expected to deliver remarks at a Midsize Bank Coalition of America event Monday afternoon.\nBlockchain stocks fell.\n\nBig tech stocks fell.\n\nBank stocks rally.","news_type":1},"isVote":1,"tweetType":1,"viewCount":59,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":160429407,"gmtCreate":1623804756609,"gmtModify":1703819872389,"author":{"id":"3584240189191061","authorId":"3584240189191061","authorIdStr":"3584240189191061","name":"Babyowl","avatar":"https://community-static.tradeup.com/news/68df35b15b728b6a16379cdbf87367a7","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3584240189191061"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/160429407","repostId":"1181966550","repostType":4,"repost":{"id":"1181966550","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1623803685,"share":"https://ttm.financial/m/news/1181966550?lang=&edition=fundamental","pubTime":"2021-06-16 08:34","market":"us","language":"en","title":"Why Nio Is Investing In Chinese Online Used Car Dealer Uxin","url":"https://stock-news.laohu8.com/highlight/detail?id=1181966550","media":"Benzinga","summary":"Chinese EV manufacturer NIO Inc, which has astrong competitive positioning in the Chinese EV market,","content":"<p>Chinese EV manufacturer&nbsp;<b>NIO Inc</b>, which has astrong competitive positioning&nbsp;in the Chinese EV market, is investing in a used car retailer.</p>\n<p><b>What Happened:</b>Beijing-based&nbsp;<b>Uxin Ltd</b>, which operates as a nationwide online used car dealer in China, said&nbsp;<b>Nio Capital,</b>the venture capital arm of Nio, and&nbsp;<b>Joy Capital</b>&nbsp;have&nbsp;agreed to invest up to $315 million in the company.</p>\n<p>Concurrently, Uxin said it has agreed with its convertible note-holders, including&nbsp;<b>58.com, TPG</b>&nbsp;and&nbsp;<b>Warburg Pincus</b>, to convert their convertible notes in an aggregate principal amount of $69 million into Class A ordinary shares of the company.</p>\n<p>More than 10 important investors, including NIO Capital, Joy Capital and the convertible notes holders, have agreed not to sell their shares in the next nine months.</p>\n<p>The transaction is subject to customary closing conditions stipulated in the agreements.</p>\n<p><b>Why It's Important:</b>Nio's founder, chairman and CEO<b>William Li</b>commended Uxin for its one-stop business model that provides car buyers nationwide with \"high quality vehicles and comprehensive after-sales services.\"</p>\n<p>Meanwhile, Joy Capital sees the investment as an attractive opportunity to take advantage of the booming used car market in China.</p>\n<p>For Nio, this should give a sense of déjà vu.</p>\n<p>The company was struggling with an acute cash crunch for much of 2019. Even as rumors regarding a potential bankruptcy swirled around, it&nbsp;received&nbsp;a lifeline in the form of state financial support from the local Hefei government, where its joint-venture manufacturing plant is situated.</p>\n<p>At last check, Nio&nbsp;shares were down 2.79% to $45.19&nbsp;and Uxin, despite the fund infusion, was down 13.32% at $4.49.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Nio Is Investing In Chinese Online Used Car Dealer Uxin</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Nio Is Investing In Chinese Online Used Car Dealer Uxin\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga </p>\n<p class=\"h-time\">2021-06-16 08:34</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<p>Chinese EV manufacturer&nbsp;<b>NIO Inc</b>, which has astrong competitive positioning&nbsp;in the Chinese EV market, is investing in a used car retailer.</p>\n<p><b>What Happened:</b>Beijing-based&nbsp;<b>Uxin Ltd</b>, which operates as a nationwide online used car dealer in China, said&nbsp;<b>Nio Capital,</b>the venture capital arm of Nio, and&nbsp;<b>Joy Capital</b>&nbsp;have&nbsp;agreed to invest up to $315 million in the company.</p>\n<p>Concurrently, Uxin said it has agreed with its convertible note-holders, including&nbsp;<b>58.com, TPG</b>&nbsp;and&nbsp;<b>Warburg Pincus</b>, to convert their convertible notes in an aggregate principal amount of $69 million into Class A ordinary shares of the company.</p>\n<p>More than 10 important investors, including NIO Capital, Joy Capital and the convertible notes holders, have agreed not to sell their shares in the next nine months.</p>\n<p>The transaction is subject to customary closing conditions stipulated in the agreements.</p>\n<p><b>Why It's Important:</b>Nio's founder, chairman and CEO<b>William Li</b>commended Uxin for its one-stop business model that provides car buyers nationwide with \"high quality vehicles and comprehensive after-sales services.\"</p>\n<p>Meanwhile, Joy Capital sees the investment as an attractive opportunity to take advantage of the booming used car market in China.</p>\n<p>For Nio, this should give a sense of déjà vu.</p>\n<p>The company was struggling with an acute cash crunch for much of 2019. Even as rumors regarding a potential bankruptcy swirled around, it&nbsp;received&nbsp;a lifeline in the form of state financial support from the local Hefei government, where its joint-venture manufacturing plant is situated.</p>\n<p>At last check, Nio&nbsp;shares were down 2.79% to $45.19&nbsp;and Uxin, despite the fund infusion, was down 13.32% at $4.49.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NIO":"蔚来","UXIN":"优信"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1181966550","content_text":"Chinese EV manufacturer NIO Inc, which has astrong competitive positioning in the Chinese EV market, is investing in a used car retailer.\nWhat Happened:Beijing-based Uxin Ltd, which operates as a nationwide online used car dealer in China, said Nio Capital,the venture capital arm of Nio, and Joy Capital have agreed to invest up to $315 million in the company.\nConcurrently, Uxin said it has agreed with its convertible note-holders, including 58.com, TPG and Warburg Pincus, to convert their convertible notes in an aggregate principal amount of $69 million into Class A ordinary shares of the company.\nMore than 10 important investors, including NIO Capital, Joy Capital and the convertible notes holders, have agreed not to sell their shares in the next nine months.\nThe transaction is subject to customary closing conditions stipulated in the agreements.\nWhy It's Important:Nio's founder, chairman and CEOWilliam Licommended Uxin for its one-stop business model that provides car buyers nationwide with \"high quality vehicles and comprehensive after-sales services.\"\nMeanwhile, Joy Capital sees the investment as an attractive opportunity to take advantage of the booming used car market in China.\nFor Nio, this should give a sense of déjà vu.\nThe company was struggling with an acute cash crunch for much of 2019. Even as rumors regarding a potential bankruptcy swirled around, it received a lifeline in the form of state financial support from the local Hefei government, where its joint-venture manufacturing plant is situated.\nAt last check, Nio shares were down 2.79% to $45.19 and Uxin, despite the fund infusion, was down 13.32% at $4.49.","news_type":1},"isVote":1,"tweetType":1,"viewCount":335,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":160377796,"gmtCreate":1623773794115,"gmtModify":1703819113410,"author":{"id":"3584240189191061","authorId":"3584240189191061","authorIdStr":"3584240189191061","name":"Babyowl","avatar":"https://community-static.tradeup.com/news/68df35b15b728b6a16379cdbf87367a7","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3584240189191061"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/160377796","repostId":"1191245053","repostType":4,"repost":{"id":"1191245053","pubTimestamp":1623762167,"share":"https://ttm.financial/m/news/1191245053?lang=&edition=fundamental","pubTime":"2021-06-15 21:02","market":"us","language":"en","title":"Quad-Witch Quandary: How Will Friday's $2 Trillion Gamma Expiration Impact Markets","url":"https://stock-news.laohu8.com/highlight/detail?id=1191245053","media":"zerohedge","summary":"Last week, when discussing thebizarre summer doldrumsin the market which pushed the VIX to the lowest level since the onset of the covid pandemic, we said that this period of abnormal market quiet is likely to last until this Friday' quad-witch, when a massive amount of gamma and delta expire and are de-risked, in the process eliminating one of the natural downside stock buffers .So picking up on the topic of Friday' potentially market-moving opex, Goldman' in-house derivatives expert, Rocky Fis","content":"<p>Last week, when discussing thebizarre summer doldrumsin the market which pushed the VIX to the lowest level since the onset of the covid pandemic, we said that this period of abnormal market quiet is likely to last until this Friday' quad-witch, when a massive amount of gamma and delta expire and are de-risked, in the process eliminating one of the natural downside stock buffers (see \"4 Reasons Why The Market Doldrums End With Next Friday's Op-Ex\").</p>\n<p>So picking up on the topic of Friday' potentially market-moving opex, Goldman' in-house derivatives expert, Rocky Fishman, previews June’s upcoming expiration which he dubs as \"large - comparable to a typical quarterly.\" Specifically,<b>there are $1.8 trillion of SPX options expiring on Friday, in addition to $240 billion of SPY options and $200 billion of options on SPX and SPX E-mini futures.</b></p>\n<p><img src=\"https://static.tigerbbs.com/0d1ece116794c7f6523250fd682450e3\" tg-width=\"959\" tg-height=\"765\" referrerpolicy=\"no-referrer\"></p>\n<p>Yet while these totals are massive,<b>when adjusted for the index’s size the amount of expiring options within 10% of current spot is smaller than just about any quarterly over the past decade.</b></p>\n<p><img src=\"https://static.tigerbbs.com/534b677774a92a59d4fe08f09359932b\" tg-width=\"500\" tg-height=\"298\" referrerpolicy=\"no-referrer\"></p>\n<p>It's worth noting that according to Goldman estimates that combos account<b>for 15-20% of SPX options,</b>so an adjusted open interest total would add up to $1.5tln, still much larger than total expiring single stock open interest ($775bln). Furthermore, with stocks at all time highs, it is to be expected that most of the June open interest is below the current SPX spot price. As shown in the chart below, the dual peaks are at 3,900 and 4,150. This means that after Friday, there may be a certain \"anti\"-gravity around those spots until gamma is refilled.</p>\n<p><img src=\"https://static.tigerbbs.com/adfcada2b0ef3f2ebbd684649a613043\" tg-width=\"936\" tg-height=\"541\" referrerpolicy=\"no-referrer\"></p>\n<p>The Goldman strategist then explains what he believes is below the abnormally low level of realized market vol, noting that - as we discussed last week - it is consistent with long gamma positioning. Consider that SPX<b>realized volatility over the past 13 trading days has been just 5.1% - the lowest 13-day realized vol since 2019.</b></p>\n<p><img src=\"https://static.tigerbbs.com/afffda1e07736784ad695d95a9936421\" tg-width=\"952\" tg-height=\"558\" referrerpolicy=\"no-referrer\"></p>\n<p>This contrasts with extreme volatility in pockets of the single stock market; AMC, which had the highest contract volume among single stocks last week (but far less notional volume at$7bln/day than AMZN’s leading $120bln/day), has had close to 400% realized vol over the same period.</p>\n<p><img src=\"https://static.tigerbbs.com/df2b7aeaadb37160a7eaf0ac08ba31de\" tg-width=\"1236\" tg-height=\"561\" referrerpolicy=\"no-referrer\"></p>\n<p>Then, as Nomura's Charlie McElligott first noted last week, Goldman's derivatives team agrees that<b>the extremely low SPX realized volatility is consistent with the possibility that 18-Jun has left “the street” long index gamma, in which case Fishman echoeswhat we said last week, namely that \"realized volatility could pick up once positions are cleaner. \"</b>Meanwhile, the rising beta of VIX futures to the SPX indicates that investors expect short gamma dynamics to pick up should markets sell off. Translation:<u><b>the market will become much more volatile in a selloff.</b></u></p>\n<p><img src=\"https://static.tigerbbs.com/76b01b8a05b70ec4f343626b1fad491b\" tg-width=\"931\" tg-height=\"560\" referrerpolicy=\"no-referrer\"></p>\n<p>Meanwhile, and in keeping with the latest memo stock squeeze, Goldman also notes that while single stock option volumes continue to be high, it is well short of Q1 peaks. The large percentage of all single stock option activity driven by retail, and the predictive value of retail activity, have both heightened the attention on the single stock option market in recent weeks. Recent growth in single stock option activity has been concentrated in low-share-price stocks, leaving a shar prise in contract-volume over the past two weeks that has not been matched by notional volume. When adjusting notional volume for the size of the equity market, Goldman finds that single stock volume has actually been on the low of its 2021 range over the past two weeks which means that the latest ramps had little to no gamma squeeze components to them.</p>\n<p><img src=\"https://static.tigerbbs.com/9c6c3df49e3e5d1e4a7a0d9c24696e6a\" tg-width=\"1212\" tg-height=\"608\" referrerpolicy=\"no-referrer\"></p>\n<p>One final point which we discussed recently and which is in keeping with the growing retail participation in trading, is Goldman's observation that the trend toward shorter-dated SPX options (weeklies) and away from quarterlies, continues. That also is one of the reasons why Friday’s SPX expiration is smaller than many recent quarterlies, and why as it as approached expiration, its trading volume has been falling.</p>\n<p>As Goldman explains, investors have been increasingly adopting the full calendar of SPX expirations, including expirations every Monday and Wednesday, as they tailor their views around events. In fact,<b>the percentage of SPX option volume happening in 3rd Friday expirations is at an all-time low,</b>and is now smaller than the percentage happening in Monday and Wednesday expirations. One explanation for heightened ultra-short-dated volumes is the strong single stock volumes: and here an interest suggesting from Goldman - \"to the extent market makers are unable to cover the short single stock gamma generated by retail investors’ call buying, they may be actively trading long positions in strips of ultra-short-dated SPX index options to offset this gamma.\"</p>\n<p><img src=\"https://static.tigerbbs.com/bd0e886a62a61c70b0f299bd6c032a24\" tg-width=\"954\" tg-height=\"1128\" referrerpolicy=\"no-referrer\"></p>\n<p>Why is this important? because if this trend is large enough, it directly contributes to low implied and realized correlation.<b>Ironically, by ramping single name, \"most-shorted names\", retail investors are ushering a period of unorthodox calm across the rest of the market!</b></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Quad-Witch Quandary: How Will Friday's $2 Trillion Gamma Expiration Impact Markets</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nQuad-Witch Quandary: How Will Friday's $2 Trillion Gamma Expiration Impact Markets\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-15 21:02 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/markets/quad-witch-quandary-how-will-fridays-2-trillion-gamma-expiration-impact-markets><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Last week, when discussing thebizarre summer doldrumsin the market which pushed the VIX to the lowest level since the onset of the covid pandemic, we said that this period of abnormal market quiet is ...</p>\n\n<a href=\"https://www.zerohedge.com/markets/quad-witch-quandary-how-will-fridays-2-trillion-gamma-expiration-impact-markets\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯","SPY":"标普500ETF",".IXIC":"NASDAQ Composite"},"source_url":"https://www.zerohedge.com/markets/quad-witch-quandary-how-will-fridays-2-trillion-gamma-expiration-impact-markets","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1191245053","content_text":"Last week, when discussing thebizarre summer doldrumsin the market which pushed the VIX to the lowest level since the onset of the covid pandemic, we said that this period of abnormal market quiet is likely to last until this Friday' quad-witch, when a massive amount of gamma and delta expire and are de-risked, in the process eliminating one of the natural downside stock buffers (see \"4 Reasons Why The Market Doldrums End With Next Friday's Op-Ex\").\nSo picking up on the topic of Friday' potentially market-moving opex, Goldman' in-house derivatives expert, Rocky Fishman, previews June’s upcoming expiration which he dubs as \"large - comparable to a typical quarterly.\" Specifically,there are $1.8 trillion of SPX options expiring on Friday, in addition to $240 billion of SPY options and $200 billion of options on SPX and SPX E-mini futures.\n\nYet while these totals are massive,when adjusted for the index’s size the amount of expiring options within 10% of current spot is smaller than just about any quarterly over the past decade.\n\nIt's worth noting that according to Goldman estimates that combos accountfor 15-20% of SPX options,so an adjusted open interest total would add up to $1.5tln, still much larger than total expiring single stock open interest ($775bln). Furthermore, with stocks at all time highs, it is to be expected that most of the June open interest is below the current SPX spot price. As shown in the chart below, the dual peaks are at 3,900 and 4,150. This means that after Friday, there may be a certain \"anti\"-gravity around those spots until gamma is refilled.\n\nThe Goldman strategist then explains what he believes is below the abnormally low level of realized market vol, noting that - as we discussed last week - it is consistent with long gamma positioning. Consider that SPXrealized volatility over the past 13 trading days has been just 5.1% - the lowest 13-day realized vol since 2019.\n\nThis contrasts with extreme volatility in pockets of the single stock market; AMC, which had the highest contract volume among single stocks last week (but far less notional volume at$7bln/day than AMZN’s leading $120bln/day), has had close to 400% realized vol over the same period.\n\nThen, as Nomura's Charlie McElligott first noted last week, Goldman's derivatives team agrees thatthe extremely low SPX realized volatility is consistent with the possibility that 18-Jun has left “the street” long index gamma, in which case Fishman echoeswhat we said last week, namely that \"realized volatility could pick up once positions are cleaner. \"Meanwhile, the rising beta of VIX futures to the SPX indicates that investors expect short gamma dynamics to pick up should markets sell off. Translation:the market will become much more volatile in a selloff.\n\nMeanwhile, and in keeping with the latest memo stock squeeze, Goldman also notes that while single stock option volumes continue to be high, it is well short of Q1 peaks. The large percentage of all single stock option activity driven by retail, and the predictive value of retail activity, have both heightened the attention on the single stock option market in recent weeks. Recent growth in single stock option activity has been concentrated in low-share-price stocks, leaving a shar prise in contract-volume over the past two weeks that has not been matched by notional volume. When adjusting notional volume for the size of the equity market, Goldman finds that single stock volume has actually been on the low of its 2021 range over the past two weeks which means that the latest ramps had little to no gamma squeeze components to them.\n\nOne final point which we discussed recently and which is in keeping with the growing retail participation in trading, is Goldman's observation that the trend toward shorter-dated SPX options (weeklies) and away from quarterlies, continues. That also is one of the reasons why Friday’s SPX expiration is smaller than many recent quarterlies, and why as it as approached expiration, its trading volume has been falling.\nAs Goldman explains, investors have been increasingly adopting the full calendar of SPX expirations, including expirations every Monday and Wednesday, as they tailor their views around events. In fact,the percentage of SPX option volume happening in 3rd Friday expirations is at an all-time low,and is now smaller than the percentage happening in Monday and Wednesday expirations. One explanation for heightened ultra-short-dated volumes is the strong single stock volumes: and here an interest suggesting from Goldman - \"to the extent market makers are unable to cover the short single stock gamma generated by retail investors’ call buying, they may be actively trading long positions in strips of ultra-short-dated SPX index options to offset this gamma.\"\n\nWhy is this important? because if this trend is large enough, it directly contributes to low implied and realized correlation.Ironically, by ramping single name, \"most-shorted names\", retail investors are ushering a period of unorthodox calm across the rest of the market!","news_type":1},"isVote":1,"tweetType":1,"viewCount":114,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":183725796,"gmtCreate":1623362458415,"gmtModify":1704201542188,"author":{"id":"3584240189191061","authorId":"3584240189191061","authorIdStr":"3584240189191061","name":"Babyowl","avatar":"https://community-static.tradeup.com/news/68df35b15b728b6a16379cdbf87367a7","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3584240189191061"},"themes":[],"htmlText":"Yahoo","listText":"Yahoo","text":"Yahoo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/183725796","repostId":"2142226735","repostType":4,"repost":{"id":"2142226735","pubTimestamp":1623330360,"share":"https://ttm.financial/m/news/2142226735?lang=&edition=fundamental","pubTime":"2021-06-10 21:06","market":"sg","language":"en","title":"$40m support to be extended to private hire car, cabbies over next three months","url":"https://stock-news.laohu8.com/highlight/detail?id=2142226735","media":"The Straits Times","summary":"SINGAPORE - Private-hire car and taxi drivers will receive cash support for three more months from J","content":"<div>\n<p>SINGAPORE - Private-hire car and taxi drivers will receive cash support for three more months from July, as the Government has set aside an additional $40 million to support them amid the low ...</p>\n\n<a href=\"http://www.straitstimes.com/singapore/40m-support-to-be-extended-to-private-hire-car-cabbies-over-next-three-months\">Web Link</a>\n\n</div>\n","source":"straits_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>$40m support to be extended to private hire car, cabbies over next three months</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ 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left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n$40m support to be extended to private hire car, cabbies over next three months\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-10 21:06 GMT+8&nbsp;&nbsp;&nbsp;<a href=http://www.straitstimes.com/singapore/40m-support-to-be-extended-to-private-hire-car-cabbies-over-next-three-months><strong>The Straits Times</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SINGAPORE - Private-hire car and taxi drivers will receive cash support for three more months from July, as the Government has set aside an additional $40 million to support them amid the low ...</p>\n\n<a href=\"http://www.straitstimes.com/singapore/40m-support-to-be-extended-to-private-hire-car-cabbies-over-next-three-months\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"STI.SI":"富时新加坡海峡指数"},"source_url":"http://www.straitstimes.com/singapore/40m-support-to-be-extended-to-private-hire-car-cabbies-over-next-three-months","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2142226735","content_text":"SINGAPORE - Private-hire car and taxi drivers will receive cash support for three more months from July, as the Government has set aside an additional $40 million to support them amid the low ridership during the current heightened alert period.\nDrivers will receive $300 per month per vehicle from July over two months, and $150 per month per vehicle in the third month.\nThis is equivalent to $10 a day for the first 60 days, and $5 a day for the next 30 days.\nThe additional payout will benefit over 50,000 drivers, the Land Transport Authority (LTA) said in a statement on Thursday.\nDrivers already receiving the CDRF payouts will receive the extended payouts, while private hire car drivers who joined the sector on or before May 31 will be notified by their respective operators of their eligibility, LTA said.\nSingapore will gradually reopen on June 14, but some measures will likely continue to impact ridership.\n\"Even after we exit phase two of heightened alert for further reopening from June 21, work-from-home will continue to remain the default arrangement and there will be capacity limits at malls and restaurants,\" said the LTA.\nIt added that it expects ridership to improve over the coming months due to the gradual reopening.\nTaxi operators have also pledged to continue providing matching rental waivers of at least $12 million for three-month extension of the Covid-19 Driver Relief Fund (CDRF).\nThe fund provides payouts of $750 per vehicle a month until the end of June, as part of the $27 million set aside to support drivers from May 16 to end-June.\nBoth extensions come on top of the $188 million in assistance that the Government had initially committed to provide assistance to taxi and private hire drivers between January and June this year.\nThis brings the total sum committed to the CDRF to $255 million.\nLTA said that the new support measures were devised after consultation with the National Taxi Association, the National Private Hire Vehicles Association as well as taxi and private-hire car operators.\nTaxi main hirers will continue to receive the payouts in the form of rental rebates, while private hire car drivers will receive the payments through their e-wallets.\nDrivers who do not qualify for the CDRF but meet the eligibility criteria, including taxi relief drivers, may apply for the Ministry of Social and Family Development's Covid-19 Recovery Grant.\nThe CDRF replaces the Special Relief Fund, which has been providing payouts to drivers affected by Covid-19 since February last year.\nEligible drivers for the CDRF include existing drivers who have qualified for the Special Relief Fund and drivers who have completed an average of 200 trips per month from Oct 1 last year to May 31.","news_type":1},"isVote":1,"tweetType":1,"viewCount":132,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":167733660,"gmtCreate":1624284266150,"gmtModify":1703832454427,"author":{"id":"3584240189191061","authorId":"3584240189191061","authorIdStr":"3584240189191061","name":"Babyowl","avatar":"https://community-static.tradeup.com/news/68df35b15b728b6a16379cdbf87367a7","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3584240189191061"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/167733660","repostId":"1171968125","repostType":4,"isVote":1,"tweetType":1,"viewCount":215,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":160429407,"gmtCreate":1623804756609,"gmtModify":1703819872389,"author":{"id":"3584240189191061","authorId":"3584240189191061","authorIdStr":"3584240189191061","name":"Babyowl","avatar":"https://community-static.tradeup.com/news/68df35b15b728b6a16379cdbf87367a7","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3584240189191061"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/160429407","repostId":"1181966550","repostType":4,"isVote":1,"tweetType":1,"viewCount":335,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":129182771,"gmtCreate":1624365246493,"gmtModify":1703834453495,"author":{"id":"3584240189191061","authorId":"3584240189191061","authorIdStr":"3584240189191061","name":"Babyowl","avatar":"https://community-static.tradeup.com/news/68df35b15b728b6a16379cdbf87367a7","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3584240189191061"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/129182771","repostId":"1177499959","repostType":4,"repost":{"id":"1177499959","pubTimestamp":1624344919,"share":"https://ttm.financial/m/news/1177499959?lang=&edition=fundamental","pubTime":"2021-06-22 14:55","market":"us","language":"en","title":"Forget Everything You Know: Morgan Stanley Reveals The Only Metric That Determines What The Market Will Do Next","url":"https://stock-news.laohu8.com/highlight/detail?id=1177499959","media":"zerohedge","summary":"Traders of a certain age may recall that back in 2013, around the time the Fed's \"Taper Tantrum\" spa","content":"<p>Traders of a certain age may recall that back in 2013, around the time the Fed's \"Taper Tantrum\" sparked a surge in yields and led to a risk asset selloff, a big (if entirely artificial) debate emerged within financial media, where the Fed muppets and their media puppets would argue that \"tapering is not tightening\" while anyone with half a brain realized knew that this was total BS.</p>\n<p>Fast forward to today when Morgan Stanley's Michael Wilson opens up an old wound for clueless Fed apologists, saying in his latest Weekly Warm Up note that \"Tapering<i><b>is</b></i>Tightening\"... but then adds that contrary to the market's shocked reaction to last week's Fed meeting, tightening actually began months ago.</p>\n<p>Elaborating on this point, Wilson - who several months ago turned into Wall Street's most bearish strategist (again)-&nbsp; writes this morning that while the Fed's pivot to \"begin\" the tightening discussion caught most by surprise, in reality markets began discounting this inevitable process months ago as price action had indicated. It's exactly this discounting of the coming tightening, that is what Michael Wilson's mid-cycle transition is all about, and as the strategist adds, \"<b>fits nicely with our narrative for choppier equity markets and a 10-20% correction for the broader indices this year.\"</b></p>\n<p>Or to paraphrase Lester Burnham,<b>\"it's all downhill from here\"...</b>and as Wilson predicts, that won't change until M2 growth is done decelerating; or in other words, until the Fed unleashes another liquidity burst into the system \"<b><i>the transition is incomplete.\"</i></b></p>\n<p>Highlights aside, Wilson then elaborates on each point, noting that while last week's Fed meeting brought more uncertainty to markets one thing is becoming more obvious:<b>\"we are on the other side of the mountain with respect to monetary accommodation for this cycle.</b>\"</p>\n<p>Furthermore, having repeatedlywarned that the US is now mid-cycle...</p>\n<p><img src=\"https://static.tigerbbs.com/d95f296e4d1300cd3c95485a2333d270\" tg-width=\"906\" tg-height=\"571\" referrerpolicy=\"no-referrer\">... Wilson then takes a victory lap writing that what the Fed is doing is \"classic mid cycle transition behavior so investors really shouldn't be too surprised that the Fed would try to begin the long process of tightening.\"</p>\n<blockquote>\n After all, the US economy is booming and expected to grow close to 10 percent this year in nominal terms, a feat last witnessed in 1984. Meanwhile, no matter what one's view is on inflation being transient or not, prices are up significantly and likely higher than what the Fed, or most others were expecting 6 months ago. In other words, the facts and data have changed; therefore, so should Fed policy.\n</blockquote>\n<p>Nevertheless, as discussed here extensively, markets reacted as if this was a complete shock with both bonds and stocks trading as if the Fed had hiked rates already (instead of leaving over $2TN in QE still on deck) after the Fed meeting. Starting with bonds, both nominal 10 year yields and breakevens fell significantly. However, breakevens fell more leaving 10 year real rates higher by almost 20 bps Wednesday afternoon.</p>\n<p>While real rates did settle back a bit on Thursday and Friday, they have formed what appears to be a very solid base from which they are likely to rise as the economy continues to recover and the Fed appropriately pivots. In Wilson's view, \"<b>this looks very similar to 2013, the year after Peak Fed. Back then, Peak Fed was QE3 which was announced on September 12, 2012. This time Peak Fed was the announcement of Average Inflation Targeting last summer.\"</b></p>\n<p><img src=\"https://static.tigerbbs.com/670f9e23e34953726583276c32a7b3f9\" tg-width=\"843\" tg-height=\"445\"></p>\n<p>That said, there is one notable difference between the taper tantrum and today: in 2013 \"tapering\" QE was a novel concept to markets and it came more abruptly with Bernanke's surprise mention during his congressional testimony on May 22, 2013.<b>This time, the markets understand what tapering is and see its arrival as inevitable as the economy recovers.</b>Therefore, while the path higher for real rates is unlikely to be as dramatic as witnessed in 2013, it is still likely to be higher from here and that is a change that will affect all risk markets, including equities, in Morgan Stanley's view.</p>\n<p>Wilson makes one final observation from the chart above, which is how real rates moved substantially<b>before</b>Bernanke's testimony in May 2013, prompting Wilson to notes that \"<i>perhaps it wasn't as much of a surprise as believed, at least to markets. We think it's the same situation today.\"</i></p>\n<blockquote>\n In our view, the data has been so strong, it would be naive not to think the Fed wasn't moving closer to tapering over the past several months. In fact, the idea that the Fed hasn't been thinking and/or talking about it seems absurd. Surely the market understands this, making the events of the past week not so much of a surprise. It's all part of the mid cycle transition that has been ongoing for months and fits with the choppier price action and unstable market leadership we have been witnessing.\n</blockquote>\n<p>The underperformance of early cycle stocks is another classic signal the market \"gets it.\" Nevertheless, in talking with clients the past few days, this view is still out of consensus. Most haven't been ready for tighter monetary policy, nor did they think it's something they needed to worry about, until now.</p>\n<p>Wrapping up the Fed \"surprise\" part of his note, Wilson writes that contrary to the FOMC shock,<b>monetary tightening actually began months ago if one is looking at the right metric, which to the top Morgan Stanley equity strategist - who emerges as yet another closet Austrian - is</b><b><u>money supply growth</u></b><b>:</b></p>\n<blockquote>\n <i>In a world where all of the major developed market central banks are stuck at the zero bound, or lower,</i>\n <i><b>the primary metric that determines if monetary policy is getting more or less accommodative is Money Supply Growth.</b></i>\n</blockquote>\n<p>Realizing that to most Keynesian this will be a controversial statement to say the least, Wilson digs in and says that \"it's absolutely the case and financial markets seem to agree.\"&nbsp; He explains:</p>\n<blockquote>\n <i>When money supply is accelerating, the more speculative / riskier assets tend to outperform and when it's decelerating these assets have more trouble. As noted here several times over the past few months, the Fed's balance sheet (M1) growth peaked in mid February and that coincided with a top in many of the most expensive/speculative stocks in the equity market just like the acceleration in the Fed's balance sheet in the prior 12 months contributed to their spectacular performance. Interestingly, the recently flattening out of the growth in M1 has coincided with more stability in these stocks, although they remain well below prior highs (Exhibit 2).</i>\n</blockquote>\n<p>And visually:</p>\n<p><img src=\"https://static.tigerbbs.com/392b34be32740b00458d59adb2bb80a6\" tg-width=\"852\" tg-height=\"486\"></p>\n<p>But wait there's more, and also an explanation why the Fed has made it virtually impossible to track the weekly change in M2 (the aggregate is now updated only monthly).</p>\n<p>Taking Wilson's argument a step further,<b>M2 growth might be even more important to monitor than M1 because that's the net liquidity available to the economy</b><b><i>and</i></b><b>markets.</b>On that front, the deceleration also began at the end of February<b>but has not yet flattened out and appears to have much further to fall to a&nbsp; more \"normal\" level of annual growth</b>— i.e., 7-8%</p>\n<p><img src=\"https://static.tigerbbs.com/dd5f46571e7e27f9c00fed0a2d310a3c\" tg-width=\"610\" tg-height=\"376\"></p>\n<p>More ominously, this also suggests<b>liquidity is likely to tighten further from here whether the Fed's begins tapering later this year or next.</b></p>\n<p>Finally, when we look at M2 data on a global basis, we get the same picture.</p>\n<p><img src=\"https://static.tigerbbs.com/c77fa806a6775bc562b18346590d26c9\" tg-width=\"613\" tg-height=\"376\"></p>\n<p>Wilson concludes that even ahead of last week's \"shock\" FOMC, the market had already started to de-rate lower into a mid-cycle transition as Fed balance sheet growth has materially slowed. Meanwhile, M2 is slowing just as rapidly and has further to fall, especially when the Fed begins to taper later this year or early next. Finally, global money supply growth is also slowing from elevated levels and every major region is contributing.</p>\n<p>This to Wilson<b>\"looks reminiscent of 2014 and 2018 when markets went through a rolling correction of risky assets\"</b>and he thinks 2021 will prove to be similar in that regard with the highest beta regions falling first (Kospi, China, Japan) and ending with the most defensive (US).</p>\n<p>Putting it all together, the MS strategist writes that \"tapering is tightening but the tightening process began with the rate of change in money supply growth. The good news is that<b>the market already knows it.</b>The bad news is that<b>a majority of investors seem to be just catching on with the Fed's \"surprise\" announcement this past week.</b>This means asset prices are far from done correcting as witnessed with the more cyclical, reflationary assets taking their turn the past few weeks.\"</p>\n<p>And while we completely agree with Wilson's newly discovered Austrian view of markets - funny how on a long enough timeline everyone turns Austrian - the real question is what will catalyze the next M2 boosting cycle, how high will it push stocks, and will the Fed be forced to come out and start buying equities this time after having nationalized the bond market back in 2020.</p>\n<p>We expect that the answer will be revealed after the next 20% drop at which point all of the Fed's hawkishness will evaporate, and Powell (or his replacement Kashkari) will shift to an uber dovish mode as they prepare to unleash the final and biggest asset bubble of all...</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Forget Everything You Know: Morgan Stanley Reveals The Only Metric That Determines What The Market Will Do Next</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nForget Everything You Know: Morgan Stanley Reveals The Only Metric That Determines What The Market Will Do Next\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-22 14:55 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/markets/forget-everything-you-know-morgan-stanley-reveals-only-metric-determines-what-market-will><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Traders of a certain age may recall that back in 2013, around the time the Fed's \"Taper Tantrum\" sparked a surge in yields and led to a risk asset selloff, a big (if entirely artificial) debate ...</p>\n\n<a href=\"https://www.zerohedge.com/markets/forget-everything-you-know-morgan-stanley-reveals-only-metric-determines-what-market-will\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯","SPY":"标普500ETF"},"source_url":"https://www.zerohedge.com/markets/forget-everything-you-know-morgan-stanley-reveals-only-metric-determines-what-market-will","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1177499959","content_text":"Traders of a certain age may recall that back in 2013, around the time the Fed's \"Taper Tantrum\" sparked a surge in yields and led to a risk asset selloff, a big (if entirely artificial) debate emerged within financial media, where the Fed muppets and their media puppets would argue that \"tapering is not tightening\" while anyone with half a brain realized knew that this was total BS.\nFast forward to today when Morgan Stanley's Michael Wilson opens up an old wound for clueless Fed apologists, saying in his latest Weekly Warm Up note that \"TaperingisTightening\"... but then adds that contrary to the market's shocked reaction to last week's Fed meeting, tightening actually began months ago.\nElaborating on this point, Wilson - who several months ago turned into Wall Street's most bearish strategist (again)-  writes this morning that while the Fed's pivot to \"begin\" the tightening discussion caught most by surprise, in reality markets began discounting this inevitable process months ago as price action had indicated. It's exactly this discounting of the coming tightening, that is what Michael Wilson's mid-cycle transition is all about, and as the strategist adds, \"fits nicely with our narrative for choppier equity markets and a 10-20% correction for the broader indices this year.\"\nOr to paraphrase Lester Burnham,\"it's all downhill from here\"...and as Wilson predicts, that won't change until M2 growth is done decelerating; or in other words, until the Fed unleashes another liquidity burst into the system \"the transition is incomplete.\"\nHighlights aside, Wilson then elaborates on each point, noting that while last week's Fed meeting brought more uncertainty to markets one thing is becoming more obvious:\"we are on the other side of the mountain with respect to monetary accommodation for this cycle.\"\nFurthermore, having repeatedlywarned that the US is now mid-cycle...\n... Wilson then takes a victory lap writing that what the Fed is doing is \"classic mid cycle transition behavior so investors really shouldn't be too surprised that the Fed would try to begin the long process of tightening.\"\n\n After all, the US economy is booming and expected to grow close to 10 percent this year in nominal terms, a feat last witnessed in 1984. Meanwhile, no matter what one's view is on inflation being transient or not, prices are up significantly and likely higher than what the Fed, or most others were expecting 6 months ago. In other words, the facts and data have changed; therefore, so should Fed policy.\n\nNevertheless, as discussed here extensively, markets reacted as if this was a complete shock with both bonds and stocks trading as if the Fed had hiked rates already (instead of leaving over $2TN in QE still on deck) after the Fed meeting. Starting with bonds, both nominal 10 year yields and breakevens fell significantly. However, breakevens fell more leaving 10 year real rates higher by almost 20 bps Wednesday afternoon.\nWhile real rates did settle back a bit on Thursday and Friday, they have formed what appears to be a very solid base from which they are likely to rise as the economy continues to recover and the Fed appropriately pivots. In Wilson's view, \"this looks very similar to 2013, the year after Peak Fed. Back then, Peak Fed was QE3 which was announced on September 12, 2012. This time Peak Fed was the announcement of Average Inflation Targeting last summer.\"\n\nThat said, there is one notable difference between the taper tantrum and today: in 2013 \"tapering\" QE was a novel concept to markets and it came more abruptly with Bernanke's surprise mention during his congressional testimony on May 22, 2013.This time, the markets understand what tapering is and see its arrival as inevitable as the economy recovers.Therefore, while the path higher for real rates is unlikely to be as dramatic as witnessed in 2013, it is still likely to be higher from here and that is a change that will affect all risk markets, including equities, in Morgan Stanley's view.\nWilson makes one final observation from the chart above, which is how real rates moved substantiallybeforeBernanke's testimony in May 2013, prompting Wilson to notes that \"perhaps it wasn't as much of a surprise as believed, at least to markets. We think it's the same situation today.\"\n\n In our view, the data has been so strong, it would be naive not to think the Fed wasn't moving closer to tapering over the past several months. In fact, the idea that the Fed hasn't been thinking and/or talking about it seems absurd. Surely the market understands this, making the events of the past week not so much of a surprise. It's all part of the mid cycle transition that has been ongoing for months and fits with the choppier price action and unstable market leadership we have been witnessing.\n\nThe underperformance of early cycle stocks is another classic signal the market \"gets it.\" Nevertheless, in talking with clients the past few days, this view is still out of consensus. Most haven't been ready for tighter monetary policy, nor did they think it's something they needed to worry about, until now.\nWrapping up the Fed \"surprise\" part of his note, Wilson writes that contrary to the FOMC shock,monetary tightening actually began months ago if one is looking at the right metric, which to the top Morgan Stanley equity strategist - who emerges as yet another closet Austrian - ismoney supply growth:\n\nIn a world where all of the major developed market central banks are stuck at the zero bound, or lower,\nthe primary metric that determines if monetary policy is getting more or less accommodative is Money Supply Growth.\n\nRealizing that to most Keynesian this will be a controversial statement to say the least, Wilson digs in and says that \"it's absolutely the case and financial markets seem to agree.\"  He explains:\n\nWhen money supply is accelerating, the more speculative / riskier assets tend to outperform and when it's decelerating these assets have more trouble. As noted here several times over the past few months, the Fed's balance sheet (M1) growth peaked in mid February and that coincided with a top in many of the most expensive/speculative stocks in the equity market just like the acceleration in the Fed's balance sheet in the prior 12 months contributed to their spectacular performance. Interestingly, the recently flattening out of the growth in M1 has coincided with more stability in these stocks, although they remain well below prior highs (Exhibit 2).\n\nAnd visually:\n\nBut wait there's more, and also an explanation why the Fed has made it virtually impossible to track the weekly change in M2 (the aggregate is now updated only monthly).\nTaking Wilson's argument a step further,M2 growth might be even more important to monitor than M1 because that's the net liquidity available to the economyandmarkets.On that front, the deceleration also began at the end of Februarybut has not yet flattened out and appears to have much further to fall to a  more \"normal\" level of annual growth— i.e., 7-8%\n\nMore ominously, this also suggestsliquidity is likely to tighten further from here whether the Fed's begins tapering later this year or next.\nFinally, when we look at M2 data on a global basis, we get the same picture.\n\nWilson concludes that even ahead of last week's \"shock\" FOMC, the market had already started to de-rate lower into a mid-cycle transition as Fed balance sheet growth has materially slowed. Meanwhile, M2 is slowing just as rapidly and has further to fall, especially when the Fed begins to taper later this year or early next. Finally, global money supply growth is also slowing from elevated levels and every major region is contributing.\nThis to Wilson\"looks reminiscent of 2014 and 2018 when markets went through a rolling correction of risky assets\"and he thinks 2021 will prove to be similar in that regard with the highest beta regions falling first (Kospi, China, Japan) and ending with the most defensive (US).\nPutting it all together, the MS strategist writes that \"tapering is tightening but the tightening process began with the rate of change in money supply growth. The good news is thatthe market already knows it.The bad news is thata majority of investors seem to be just catching on with the Fed's \"surprise\" announcement this past week.This means asset prices are far from done correcting as witnessed with the more cyclical, reflationary assets taking their turn the past few weeks.\"\nAnd while we completely agree with Wilson's newly discovered Austrian view of markets - funny how on a long enough timeline everyone turns Austrian - the real question is what will catalyze the next M2 boosting cycle, how high will it push stocks, and will the Fed be forced to come out and start buying equities this time after having nationalized the bond market back in 2020.\nWe expect that the answer will be revealed after the next 20% drop at which point all of the Fed's hawkishness will evaporate, and Powell (or his replacement Kashkari) will shift to an uber dovish mode as they prepare to unleash the final and biggest asset bubble of all...","news_type":1},"isVote":1,"tweetType":1,"viewCount":275,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":167794736,"gmtCreate":1624284170825,"gmtModify":1703832449490,"author":{"id":"3584240189191061","authorId":"3584240189191061","authorIdStr":"3584240189191061","name":"Babyowl","avatar":"https://community-static.tradeup.com/news/68df35b15b728b6a16379cdbf87367a7","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3584240189191061"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/167794736","repostId":"1171968125","repostType":4,"isVote":1,"tweetType":1,"viewCount":59,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":160377796,"gmtCreate":1623773794115,"gmtModify":1703819113410,"author":{"id":"3584240189191061","authorId":"3584240189191061","authorIdStr":"3584240189191061","name":"Babyowl","avatar":"https://community-static.tradeup.com/news/68df35b15b728b6a16379cdbf87367a7","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3584240189191061"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/160377796","repostId":"1191245053","repostType":4,"repost":{"id":"1191245053","pubTimestamp":1623762167,"share":"https://ttm.financial/m/news/1191245053?lang=&edition=fundamental","pubTime":"2021-06-15 21:02","market":"us","language":"en","title":"Quad-Witch Quandary: How Will Friday's $2 Trillion Gamma Expiration Impact Markets","url":"https://stock-news.laohu8.com/highlight/detail?id=1191245053","media":"zerohedge","summary":"Last week, when discussing thebizarre summer doldrumsin the market which pushed the VIX to the lowest level since the onset of the covid pandemic, we said that this period of abnormal market quiet is likely to last until this Friday' quad-witch, when a massive amount of gamma and delta expire and are de-risked, in the process eliminating one of the natural downside stock buffers .So picking up on the topic of Friday' potentially market-moving opex, Goldman' in-house derivatives expert, Rocky Fis","content":"<p>Last week, when discussing thebizarre summer doldrumsin the market which pushed the VIX to the lowest level since the onset of the covid pandemic, we said that this period of abnormal market quiet is likely to last until this Friday' quad-witch, when a massive amount of gamma and delta expire and are de-risked, in the process eliminating one of the natural downside stock buffers (see \"4 Reasons Why The Market Doldrums End With Next Friday's Op-Ex\").</p>\n<p>So picking up on the topic of Friday' potentially market-moving opex, Goldman' in-house derivatives expert, Rocky Fishman, previews June’s upcoming expiration which he dubs as \"large - comparable to a typical quarterly.\" Specifically,<b>there are $1.8 trillion of SPX options expiring on Friday, in addition to $240 billion of SPY options and $200 billion of options on SPX and SPX E-mini futures.</b></p>\n<p><img src=\"https://static.tigerbbs.com/0d1ece116794c7f6523250fd682450e3\" tg-width=\"959\" tg-height=\"765\" referrerpolicy=\"no-referrer\"></p>\n<p>Yet while these totals are massive,<b>when adjusted for the index’s size the amount of expiring options within 10% of current spot is smaller than just about any quarterly over the past decade.</b></p>\n<p><img src=\"https://static.tigerbbs.com/534b677774a92a59d4fe08f09359932b\" tg-width=\"500\" tg-height=\"298\" referrerpolicy=\"no-referrer\"></p>\n<p>It's worth noting that according to Goldman estimates that combos account<b>for 15-20% of SPX options,</b>so an adjusted open interest total would add up to $1.5tln, still much larger than total expiring single stock open interest ($775bln). Furthermore, with stocks at all time highs, it is to be expected that most of the June open interest is below the current SPX spot price. As shown in the chart below, the dual peaks are at 3,900 and 4,150. This means that after Friday, there may be a certain \"anti\"-gravity around those spots until gamma is refilled.</p>\n<p><img src=\"https://static.tigerbbs.com/adfcada2b0ef3f2ebbd684649a613043\" tg-width=\"936\" tg-height=\"541\" referrerpolicy=\"no-referrer\"></p>\n<p>The Goldman strategist then explains what he believes is below the abnormally low level of realized market vol, noting that - as we discussed last week - it is consistent with long gamma positioning. Consider that SPX<b>realized volatility over the past 13 trading days has been just 5.1% - the lowest 13-day realized vol since 2019.</b></p>\n<p><img src=\"https://static.tigerbbs.com/afffda1e07736784ad695d95a9936421\" tg-width=\"952\" tg-height=\"558\" referrerpolicy=\"no-referrer\"></p>\n<p>This contrasts with extreme volatility in pockets of the single stock market; AMC, which had the highest contract volume among single stocks last week (but far less notional volume at$7bln/day than AMZN’s leading $120bln/day), has had close to 400% realized vol over the same period.</p>\n<p><img src=\"https://static.tigerbbs.com/df2b7aeaadb37160a7eaf0ac08ba31de\" tg-width=\"1236\" tg-height=\"561\" referrerpolicy=\"no-referrer\"></p>\n<p>Then, as Nomura's Charlie McElligott first noted last week, Goldman's derivatives team agrees that<b>the extremely low SPX realized volatility is consistent with the possibility that 18-Jun has left “the street” long index gamma, in which case Fishman echoeswhat we said last week, namely that \"realized volatility could pick up once positions are cleaner. \"</b>Meanwhile, the rising beta of VIX futures to the SPX indicates that investors expect short gamma dynamics to pick up should markets sell off. Translation:<u><b>the market will become much more volatile in a selloff.</b></u></p>\n<p><img src=\"https://static.tigerbbs.com/76b01b8a05b70ec4f343626b1fad491b\" tg-width=\"931\" tg-height=\"560\" referrerpolicy=\"no-referrer\"></p>\n<p>Meanwhile, and in keeping with the latest memo stock squeeze, Goldman also notes that while single stock option volumes continue to be high, it is well short of Q1 peaks. The large percentage of all single stock option activity driven by retail, and the predictive value of retail activity, have both heightened the attention on the single stock option market in recent weeks. Recent growth in single stock option activity has been concentrated in low-share-price stocks, leaving a shar prise in contract-volume over the past two weeks that has not been matched by notional volume. When adjusting notional volume for the size of the equity market, Goldman finds that single stock volume has actually been on the low of its 2021 range over the past two weeks which means that the latest ramps had little to no gamma squeeze components to them.</p>\n<p><img src=\"https://static.tigerbbs.com/9c6c3df49e3e5d1e4a7a0d9c24696e6a\" tg-width=\"1212\" tg-height=\"608\" referrerpolicy=\"no-referrer\"></p>\n<p>One final point which we discussed recently and which is in keeping with the growing retail participation in trading, is Goldman's observation that the trend toward shorter-dated SPX options (weeklies) and away from quarterlies, continues. That also is one of the reasons why Friday’s SPX expiration is smaller than many recent quarterlies, and why as it as approached expiration, its trading volume has been falling.</p>\n<p>As Goldman explains, investors have been increasingly adopting the full calendar of SPX expirations, including expirations every Monday and Wednesday, as they tailor their views around events. In fact,<b>the percentage of SPX option volume happening in 3rd Friday expirations is at an all-time low,</b>and is now smaller than the percentage happening in Monday and Wednesday expirations. One explanation for heightened ultra-short-dated volumes is the strong single stock volumes: and here an interest suggesting from Goldman - \"to the extent market makers are unable to cover the short single stock gamma generated by retail investors’ call buying, they may be actively trading long positions in strips of ultra-short-dated SPX index options to offset this gamma.\"</p>\n<p><img src=\"https://static.tigerbbs.com/bd0e886a62a61c70b0f299bd6c032a24\" tg-width=\"954\" tg-height=\"1128\" referrerpolicy=\"no-referrer\"></p>\n<p>Why is this important? because if this trend is large enough, it directly contributes to low implied and realized correlation.<b>Ironically, by ramping single name, \"most-shorted names\", retail investors are ushering a period of unorthodox calm across the rest of the market!</b></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Quad-Witch Quandary: How Will Friday's $2 Trillion Gamma Expiration Impact Markets</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nQuad-Witch Quandary: How Will Friday's $2 Trillion Gamma Expiration Impact Markets\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-15 21:02 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/markets/quad-witch-quandary-how-will-fridays-2-trillion-gamma-expiration-impact-markets><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Last week, when discussing thebizarre summer doldrumsin the market which pushed the VIX to the lowest level since the onset of the covid pandemic, we said that this period of abnormal market quiet is ...</p>\n\n<a href=\"https://www.zerohedge.com/markets/quad-witch-quandary-how-will-fridays-2-trillion-gamma-expiration-impact-markets\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯","SPY":"标普500ETF",".IXIC":"NASDAQ Composite"},"source_url":"https://www.zerohedge.com/markets/quad-witch-quandary-how-will-fridays-2-trillion-gamma-expiration-impact-markets","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1191245053","content_text":"Last week, when discussing thebizarre summer doldrumsin the market which pushed the VIX to the lowest level since the onset of the covid pandemic, we said that this period of abnormal market quiet is likely to last until this Friday' quad-witch, when a massive amount of gamma and delta expire and are de-risked, in the process eliminating one of the natural downside stock buffers (see \"4 Reasons Why The Market Doldrums End With Next Friday's Op-Ex\").\nSo picking up on the topic of Friday' potentially market-moving opex, Goldman' in-house derivatives expert, Rocky Fishman, previews June’s upcoming expiration which he dubs as \"large - comparable to a typical quarterly.\" Specifically,there are $1.8 trillion of SPX options expiring on Friday, in addition to $240 billion of SPY options and $200 billion of options on SPX and SPX E-mini futures.\n\nYet while these totals are massive,when adjusted for the index’s size the amount of expiring options within 10% of current spot is smaller than just about any quarterly over the past decade.\n\nIt's worth noting that according to Goldman estimates that combos accountfor 15-20% of SPX options,so an adjusted open interest total would add up to $1.5tln, still much larger than total expiring single stock open interest ($775bln). Furthermore, with stocks at all time highs, it is to be expected that most of the June open interest is below the current SPX spot price. As shown in the chart below, the dual peaks are at 3,900 and 4,150. This means that after Friday, there may be a certain \"anti\"-gravity around those spots until gamma is refilled.\n\nThe Goldman strategist then explains what he believes is below the abnormally low level of realized market vol, noting that - as we discussed last week - it is consistent with long gamma positioning. Consider that SPXrealized volatility over the past 13 trading days has been just 5.1% - the lowest 13-day realized vol since 2019.\n\nThis contrasts with extreme volatility in pockets of the single stock market; AMC, which had the highest contract volume among single stocks last week (but far less notional volume at$7bln/day than AMZN’s leading $120bln/day), has had close to 400% realized vol over the same period.\n\nThen, as Nomura's Charlie McElligott first noted last week, Goldman's derivatives team agrees thatthe extremely low SPX realized volatility is consistent with the possibility that 18-Jun has left “the street” long index gamma, in which case Fishman echoeswhat we said last week, namely that \"realized volatility could pick up once positions are cleaner. \"Meanwhile, the rising beta of VIX futures to the SPX indicates that investors expect short gamma dynamics to pick up should markets sell off. Translation:the market will become much more volatile in a selloff.\n\nMeanwhile, and in keeping with the latest memo stock squeeze, Goldman also notes that while single stock option volumes continue to be high, it is well short of Q1 peaks. The large percentage of all single stock option activity driven by retail, and the predictive value of retail activity, have both heightened the attention on the single stock option market in recent weeks. Recent growth in single stock option activity has been concentrated in low-share-price stocks, leaving a shar prise in contract-volume over the past two weeks that has not been matched by notional volume. When adjusting notional volume for the size of the equity market, Goldman finds that single stock volume has actually been on the low of its 2021 range over the past two weeks which means that the latest ramps had little to no gamma squeeze components to them.\n\nOne final point which we discussed recently and which is in keeping with the growing retail participation in trading, is Goldman's observation that the trend toward shorter-dated SPX options (weeklies) and away from quarterlies, continues. That also is one of the reasons why Friday’s SPX expiration is smaller than many recent quarterlies, and why as it as approached expiration, its trading volume has been falling.\nAs Goldman explains, investors have been increasingly adopting the full calendar of SPX expirations, including expirations every Monday and Wednesday, as they tailor their views around events. In fact,the percentage of SPX option volume happening in 3rd Friday expirations is at an all-time low,and is now smaller than the percentage happening in Monday and Wednesday expirations. One explanation for heightened ultra-short-dated volumes is the strong single stock volumes: and here an interest suggesting from Goldman - \"to the extent market makers are unable to cover the short single stock gamma generated by retail investors’ call buying, they may be actively trading long positions in strips of ultra-short-dated SPX index options to offset this gamma.\"\n\nWhy is this important? because if this trend is large enough, it directly contributes to low implied and realized correlation.Ironically, by ramping single name, \"most-shorted names\", retail investors are ushering a period of unorthodox calm across the rest of the market!","news_type":1},"isVote":1,"tweetType":1,"viewCount":114,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":121368025,"gmtCreate":1624454364067,"gmtModify":1703837153084,"author":{"id":"3584240189191061","authorId":"3584240189191061","authorIdStr":"3584240189191061","name":"Babyowl","avatar":"https://community-static.tradeup.com/news/68df35b15b728b6a16379cdbf87367a7","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3584240189191061"},"themes":[],"htmlText":"Hmmm","listText":"Hmmm","text":"Hmmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/121368025","repostId":"1145825451","repostType":4,"repost":{"id":"1145825451","pubTimestamp":1624433586,"share":"https://ttm.financial/m/news/1145825451?lang=&edition=fundamental","pubTime":"2021-06-23 15:33","market":"us","language":"en","title":"Why I Believe NIO Will Beat Out Tesla","url":"https://stock-news.laohu8.com/highlight/detail?id=1145825451","media":"InvestorPlace","summary":"The fact that Tesla scrapped its Model S Plaid Plus release is just part of it.Super fans of the latest and greatest high-endTesla, Inc. model received some disappointing news a week ago when CEO Elon Musk abruptly canceled the release of its highly anticipated Model S Plaid Plus with a tweet on June 6.Instead, the company has begun delivering a new Model S Plaid that has only a 390-mile range and 1,020 horsepower, though it still sprints to from 0 to 60 miles per hour in just two seconds.The go","content":"<blockquote>\n <b>The fact that Tesla scrapped its Model S Plaid Plus release is just part of it.</b>\n</blockquote>\n<p>Super fans of the latest and greatest high-end<b>Tesla, Inc.</b>(NASDAQ:<b>TSLA</b>) model received some disappointing news a week ago when CEO Elon Musk abruptly canceled the release of its highly anticipated Model S Plaid Plus with a tweet on June 6.</p>\n<p><img src=\"https://static.tigerbbs.com/b294a3604c7ba82bd19b3c70be3a4020\" tg-width=\"300\" tg-height=\"169\" referrerpolicy=\"no-referrer\">Source: nrqemi / Shutterstock.com</p>\n<p>Musk wrote there was… “No need, as Plaid is just so good.”</p>\n<p>The Model S Plaid Plus was supposed to be the fastest, most powerful and priciest version of the company’s Model S. Priced at $149,990, it was to feature a range of 520 miles, thanks to its innovative 4680 battery cells, 1,100 horsepower and the ability to speed from 0 to 60 mph in less than two seconds.</p>\n<p>Instead, the company has begun delivering a new Model S Plaid that has only a 390-mile range and 1,020 horsepower, though it still sprints to from 0 to 60 miles per hour in just two seconds.</p>\n<p>As a way to “sugar coat” its flip flop, Tesla said the Model S Plaid is just as fast as the Model S Plaid Plus and $20,000 cheaper. Humm.</p>\n<p>This “bait and switch” has some Tesla fans worried, since they had deposits on the Model S Plaid Plus and wanted the innovative 4680 battery cells that Tesla had been touting as the key to longer range and more power. Essentially, the 4680 battery cells were the latest great Tesla development, since they were the first batteries to also be a structural component that supposedly allowed Tesla to lower the weight of its vehicles.</p>\n<p>Both the company’s Austin and Berlin manufacturing plants now under construction are supposed to also be making the 4680 batteries for new Tesla vehicles. If there is a problem with the engineering associated with utilizing the 4680 batteries or making them a structural component, then Tesla has grossly miscalculated, which is now worrying investors.</p>\n<p>Clearly something happened to delay the 4680 batteries that were supposed to provide Tesla with a competitive and engineering edge. For Tesla’s sake, I hope they figure out the problems associated with their much hyped 4680 battery cells, otherwise concerns about its two new manufacturing plants will emerge, as well as the stock losing more of its “mojo.”</p>\n<p>As someone who owns more than a few high-performance vehicles, I can tell you that the engineering geeks I know do<i>not</i>want to get a new Model S Plaid instead of a Model S Plaid Plus and will likely ask for their deposits back.</p>\n<p>What Tesla did is like Ferrari or Porsche telling its customers that one of their much-hyped new performance models is now not being sold because the base model was just as good! Car fanatics, like myself, like the latest and greatest engineering tidbits, so we would rather cancel our orders versus settle for a base model.</p>\n<p>The good news for Tesla is that its China sales in May resurged to 21,936, up sharply from 11,671 in April. The company’s sales tend to spike at the end of each quarter. For example, Tesla sold 35,478 vehicles in China in March, which was the strongest month ever in China.</p>\n<p>This is raising expectations for very strong China sales in June, especially now that the Model Y is being manufactured in Shanghai. Interestingly, since most Chinese Teslas are now made with iron phosphate batteries, these vehicles have lower range than its lithium cobalt vehicles, but its iron phosphate vehicles are cheaper and now increasingly being exported to Europe.</p>\n<p>However, I’m convinced another electric vehicle (EV) company will eventually displace Tesla as the biggest manufacturer of EVs in China.</p>\n<p><b>Taking Advantage of the EV Revolution’s Profit Potential</b></p>\n<p>I’m talking about&nbsp;<b>Nio, Inc.</b>(NYSE:<b>NIO</b>). The reality is that this company is on the verge of dominating the EV market in China and Hong Kong. It’s why I put NIO on my<b><i>Platinum Growth Club</i></b>Model Portfolio back in February.</p>\n<p>The company boasts that it is the “next-generation car company,” as it designs and manufactures electric vehicles that utilize the latest technologies in connectivity, autonomous driving and artificial intelligence (AI). NIO currently offers an electric seven-seater SUV (ES8) and a five-seater electric SUV (ES6) and recently introduced an attractive electric sedan (ET7). Its vehicles utilize NOMI, an in-vehicle artificial intelligence assistant.</p>\n<p>The company is also partnering with cutting-edge chip companies like<b>NVIDIA Corporation</b>(NASDAQ:<b>NVDA</b>), another one of my<b><i>Platinum Growth Club</i></b>Model Portfolio stocks. NIO plans to use the NVIDIA DRIVE Orin system-on-a-chip for its electric vehicles that will provide autonomous driving capabilities. The NVIDIA DRIVE Orin-powered supercomputer, which is being called Adam, will be launched in the ET7 sedan in China in 2022. Announcements like this are very positive, so NIO has been stealing some of Tesla’s thunder lately.</p>\n<p>Now, it’s important to note that NIO was bailed out by the Chinese government. Last year, the Chinese government injected $1 billion and now has a 24% ownership in the company. The reality is that China wants to dominate at least five major industries by 2025, and NIO is now its ticket to dominate EV manufacturing.</p>\n<p>With the backing of the Chinese government, some Wall Street firms are eager to help NIO by issuing new debt or equity. So, I wouldn’t be surprised if NIO surpasses Tesla, which is currently number-two in China, for market share in the upcoming years.</p>\n<p>That means, if you missed Tesla’s parabolic run like I did, NIO is essentially giving us a “second chance” to make money in a potentially explosive electric vehicle company.</p>\n<p>Shares of NIO climbed nearly 13% since the company’s June 4 announcement of its May delivery report and positive analyst comments, while Tesla shares rose almost 3%. First, NIO revealed that the global chip shortage is starting to take a toll on its business. NIO only delivered 6,711 vehicles in May, or a 5.5% decline from April’s deliveries. Company management noted that deliveries were “adversely impacted for several days due to the volatility of semiconductor supply and certain logistical adjustments.”</p>\n<p>Interestingly, despite the month-to-month dip, NIO’s deliveries were still up 95.3% year-over-year. Strong demand in China even inspired a Citigroup analyst to upgrade NIO to a buy rating, as he expects demand to accelerate in the coming months.</p>\n<p>In other words, NIO represents the<b>crème de la crème</b>of EV stocks right now.</p>","source":"lsy1606302653667","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why I Believe NIO Will Beat Out Tesla</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy I Believe NIO Will Beat Out Tesla\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-23 15:33 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://investorplace.com/2021/06/why-i-believe-nio-will-beat-out-tesla/><strong>InvestorPlace</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The fact that Tesla scrapped its Model S Plaid Plus release is just part of it.\n\nSuper fans of the latest and greatest high-endTesla, Inc.(NASDAQ:TSLA) model received some disappointing news a week ...</p>\n\n<a href=\"https://investorplace.com/2021/06/why-i-believe-nio-will-beat-out-tesla/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NIO":"蔚来","TSLA":"特斯拉"},"source_url":"https://investorplace.com/2021/06/why-i-believe-nio-will-beat-out-tesla/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1145825451","content_text":"The fact that Tesla scrapped its Model S Plaid Plus release is just part of it.\n\nSuper fans of the latest and greatest high-endTesla, Inc.(NASDAQ:TSLA) model received some disappointing news a week ago when CEO Elon Musk abruptly canceled the release of its highly anticipated Model S Plaid Plus with a tweet on June 6.\nSource: nrqemi / Shutterstock.com\nMusk wrote there was… “No need, as Plaid is just so good.”\nThe Model S Plaid Plus was supposed to be the fastest, most powerful and priciest version of the company’s Model S. Priced at $149,990, it was to feature a range of 520 miles, thanks to its innovative 4680 battery cells, 1,100 horsepower and the ability to speed from 0 to 60 mph in less than two seconds.\nInstead, the company has begun delivering a new Model S Plaid that has only a 390-mile range and 1,020 horsepower, though it still sprints to from 0 to 60 miles per hour in just two seconds.\nAs a way to “sugar coat” its flip flop, Tesla said the Model S Plaid is just as fast as the Model S Plaid Plus and $20,000 cheaper. Humm.\nThis “bait and switch” has some Tesla fans worried, since they had deposits on the Model S Plaid Plus and wanted the innovative 4680 battery cells that Tesla had been touting as the key to longer range and more power. Essentially, the 4680 battery cells were the latest great Tesla development, since they were the first batteries to also be a structural component that supposedly allowed Tesla to lower the weight of its vehicles.\nBoth the company’s Austin and Berlin manufacturing plants now under construction are supposed to also be making the 4680 batteries for new Tesla vehicles. If there is a problem with the engineering associated with utilizing the 4680 batteries or making them a structural component, then Tesla has grossly miscalculated, which is now worrying investors.\nClearly something happened to delay the 4680 batteries that were supposed to provide Tesla with a competitive and engineering edge. For Tesla’s sake, I hope they figure out the problems associated with their much hyped 4680 battery cells, otherwise concerns about its two new manufacturing plants will emerge, as well as the stock losing more of its “mojo.”\nAs someone who owns more than a few high-performance vehicles, I can tell you that the engineering geeks I know donotwant to get a new Model S Plaid instead of a Model S Plaid Plus and will likely ask for their deposits back.\nWhat Tesla did is like Ferrari or Porsche telling its customers that one of their much-hyped new performance models is now not being sold because the base model was just as good! Car fanatics, like myself, like the latest and greatest engineering tidbits, so we would rather cancel our orders versus settle for a base model.\nThe good news for Tesla is that its China sales in May resurged to 21,936, up sharply from 11,671 in April. The company’s sales tend to spike at the end of each quarter. For example, Tesla sold 35,478 vehicles in China in March, which was the strongest month ever in China.\nThis is raising expectations for very strong China sales in June, especially now that the Model Y is being manufactured in Shanghai. Interestingly, since most Chinese Teslas are now made with iron phosphate batteries, these vehicles have lower range than its lithium cobalt vehicles, but its iron phosphate vehicles are cheaper and now increasingly being exported to Europe.\nHowever, I’m convinced another electric vehicle (EV) company will eventually displace Tesla as the biggest manufacturer of EVs in China.\nTaking Advantage of the EV Revolution’s Profit Potential\nI’m talking about Nio, Inc.(NYSE:NIO). The reality is that this company is on the verge of dominating the EV market in China and Hong Kong. It’s why I put NIO on myPlatinum Growth ClubModel Portfolio back in February.\nThe company boasts that it is the “next-generation car company,” as it designs and manufactures electric vehicles that utilize the latest technologies in connectivity, autonomous driving and artificial intelligence (AI). NIO currently offers an electric seven-seater SUV (ES8) and a five-seater electric SUV (ES6) and recently introduced an attractive electric sedan (ET7). Its vehicles utilize NOMI, an in-vehicle artificial intelligence assistant.\nThe company is also partnering with cutting-edge chip companies likeNVIDIA Corporation(NASDAQ:NVDA), another one of myPlatinum Growth ClubModel Portfolio stocks. NIO plans to use the NVIDIA DRIVE Orin system-on-a-chip for its electric vehicles that will provide autonomous driving capabilities. The NVIDIA DRIVE Orin-powered supercomputer, which is being called Adam, will be launched in the ET7 sedan in China in 2022. Announcements like this are very positive, so NIO has been stealing some of Tesla’s thunder lately.\nNow, it’s important to note that NIO was bailed out by the Chinese government. Last year, the Chinese government injected $1 billion and now has a 24% ownership in the company. The reality is that China wants to dominate at least five major industries by 2025, and NIO is now its ticket to dominate EV manufacturing.\nWith the backing of the Chinese government, some Wall Street firms are eager to help NIO by issuing new debt or equity. So, I wouldn’t be surprised if NIO surpasses Tesla, which is currently number-two in China, for market share in the upcoming years.\nThat means, if you missed Tesla’s parabolic run like I did, NIO is essentially giving us a “second chance” to make money in a potentially explosive electric vehicle company.\nShares of NIO climbed nearly 13% since the company’s June 4 announcement of its May delivery report and positive analyst comments, while Tesla shares rose almost 3%. First, NIO revealed that the global chip shortage is starting to take a toll on its business. NIO only delivered 6,711 vehicles in May, or a 5.5% decline from April’s deliveries. Company management noted that deliveries were “adversely impacted for several days due to the volatility of semiconductor supply and certain logistical adjustments.”\nInterestingly, despite the month-to-month dip, NIO’s deliveries were still up 95.3% year-over-year. Strong demand in China even inspired a Citigroup analyst to upgrade NIO to a buy rating, as he expects demand to accelerate in the coming months.\nIn other words, NIO represents thecrème de la crèmeof EV stocks right now.","news_type":1},"isVote":1,"tweetType":1,"viewCount":171,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":121363107,"gmtCreate":1624454289509,"gmtModify":1703837149847,"author":{"id":"3584240189191061","authorId":"3584240189191061","authorIdStr":"3584240189191061","name":"Babyowl","avatar":"https://community-static.tradeup.com/news/68df35b15b728b6a16379cdbf87367a7","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3584240189191061"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/121363107","repostId":"1145825451","repostType":4,"isVote":1,"tweetType":1,"viewCount":285,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":183725796,"gmtCreate":1623362458415,"gmtModify":1704201542188,"author":{"id":"3584240189191061","authorId":"3584240189191061","authorIdStr":"3584240189191061","name":"Babyowl","avatar":"https://community-static.tradeup.com/news/68df35b15b728b6a16379cdbf87367a7","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3584240189191061"},"themes":[],"htmlText":"Yahoo","listText":"Yahoo","text":"Yahoo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/183725796","repostId":"2142226735","repostType":4,"isVote":1,"tweetType":1,"viewCount":132,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":343951956295752,"gmtCreate":1725002144887,"gmtModify":1725002148512,"author":{"id":"3584240189191061","authorId":"3584240189191061","authorIdStr":"3584240189191061","name":"Babyowl","avatar":"https://community-static.tradeup.com/news/68df35b15b728b6a16379cdbf87367a7","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3584240189191061"},"themes":[],"htmlText":"&nbsp; &nbsp; Vợ","listText":"&nbsp; &nbsp; Vợ","text":"Vợ","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/343951956295752","repostId":"2463227892","repostType":2,"repost":{"id":"2463227892","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1724995438,"share":"https://ttm.financial/m/news/2463227892?lang=&edition=fundamental","pubTime":"2024-08-30 13:23","market":"nz","language":"en","title":"Warren Buffett Turns 94 Today. 5 Life Lessons From the Oracle of Omaha","url":"https://stock-news.laohu8.com/highlight/detail?id=2463227892","media":"Dow Jones","summary":"Born on Aug. 30, 1930, Warren Buffett's got 94 years' worth of life experience -- and 83 years worth of investment experience, given the \"Oracle of Omaha\" bought his first stock aged 11, according to biographer Roger Lowenstein.Buffett, one of the world's most accomplished investors, is most known for making hundreds of billions of dollars buying shares in what he believes to be undervalued companies, and holding them for a long time. His investment company Berkshire Hathaway, which he took control over in 1965, became only the ninth company in history to close at a market valuation above $1 trillion on Wednesday.When Buffett bought the stock in the 1960s, it traded at around $8 a share. As of July this year, its Class A shares -- which have never undergone a stock split -- traded at more than $620,000 a piece.Berkshire has made several blunders in recent years -- it ditched its entire stake in General Motors in late 2023 to call time on a disappointing investment, and appeared to have","content":"<html><head></head><body><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/5214290a499a7f46da37e4bc2919351c\" tg-width=\"548\" tg-height=\"365\"/></p><p>Born on Aug. 30, 1930, Warren Buffett&#39;s got 94 years&#39; worth of life experience -- and 83 years worth of investment experience, given the &#34;Oracle of Omaha&#34; bought his first stock aged 11, according to biographer Roger Lowenstein.</p><p>Buffett, one of the world&#39;s most accomplished investors, is most known for making hundreds of billions of dollars buying shares in what he believes to be undervalued companies, and holding them for a long time. His investment company Berkshire Hathaway, which he took control over in 1965, became only the ninth company in history to close at a market valuation above $1 trillion on Wednesday.</p><p>When Buffett bought the stock in the 1960s, it traded at around $8 a share. As of July this year, its Class A shares -- which have never undergone a stock split -- traded at more than $620,000 a piece.</p><p>When it comes to creating value the Oracle of Omaha has some experience heading up Berkshire over the past six decades. Barron&#39;s has identified five top Buffett investment strategies to mark the billionaire&#39;s birthday.</p><h2 id=\"id_4272763499\">1. Losing Is Just a Part of Winning.</h2><p>Nobody gets to 94 without taking their fair share of L&#39;s. But one of the defining features of Buffett&#39;s career has been his ability to roll with the punches and move on from mistakes.</p><p>Berkshire has made several blunders in recent years -- it ditched its entire stake in General Motors in late 2023 to call time on a disappointing investment, and appeared to have timed its second-quarter sale of Apple stock badly, with the iPhone maker&#39;s shares up nearly 20% over the past three months.</p><p>But Buffett&#39;s biggest-ever wins -- think Geico, or American Express, or Coca-Cola -- have massively outweighed those losses. Berkshire&#39;s Class A shares are up 17% on an annualized basis over the past 40 years, compared with an 11% gain for the benchmark S&amp;P 500 index over the same period.</p><p>It&#39;s a reminder that to make significant wealth investing, you often only have to be right a little more than 50% of the time.</p><h2 id=\"id_3791001616\">2. Cash Isn&#39;t King -- But Don&#39;t Be Afraid Of It.</h2><p>In the past, Buffett hasn&#39;t been afraid to criticize the idea that holding cold hard cash is a viable investment strategy.</p><p>&#34;When people talk about cash being king, it&#39;s not king if it just sits there and never does anything,&#34; he said in a 2008 interview with Charlie Rose on PBS.</p><p>But that doesn&#39;t mean it&#39;s a good idea to just invest for the sake of it -- by blindly buying stocks or other assets you&#39;re not totally happy with.</p><p>Buffett himself has shown that sometimes it&#39;s OK to sit out periods of market turbulence -- this year is a good example. Berkshire is currently sitting on a record cash pile of nearly $200 billion. &#34;I don&#39;t think anybody sitting at this table has any idea of how to use it effectively, and therefore we don&#39;t use it,&#34; he said at the company&#39;s annual shareholder meeting Saturday.</p><h2 id=\"id_528237689\">3. It&#39;s OK to Change Your Mind.</h2><p>While Buffett does praise owning stocks for a long time, he&#39;s also an advocate for changing tactics when a situation calls for it. For example, he&#39;s historically railed against investment banks and not been overly keen to invest in them. But he then bailed out Bank of America, buying $5 billion worth of preferred stock in the then-ailing banking giant in 2011. As of late, he&#39;s been offloading BofA shares again.</p><p>He also changed his mind about Apple and sold over 50% of his stake in the company this year (just before Berkshire hit the $1 trillion market value mark).</p><h2 id=\"id_717815570\">4. Buy Businesses, Not CEOs.</h2><p>Here&#39;s another pearl of wisdom. Buffett thinks &#34;You should invest in a business that even a fool can run, because someday a fool will.&#34;</p><p>The accomplished investor won&#39;t buy stocks that are reliant on excellent managers to succeed -- and believes that even a great CEO can&#39;t resurrect a business with poor fundamentals.</p><p>It&#39;s a lesson that feels extra important today, when some megacap companies&#39; bosses -- think would-be cage fighter Mark Zuckerberg, or leather jacket lover Jensen Huang -- have become celebrities in their own right.</p><p>Lots of investors see buying Tesla shares as a means to invest in the electric car maker&#39;s boss Elon Musk -- but Buffett would probably tell them to focus on the company&#39;s fundamentals, instead.</p><h2 id=\"id_430456376\">5. Don&#39;t Buy Art Like the Mona Lisa, Invest Instead.</h2><p>The quote by Buffett from 1996 &#34;if you aren&#39;t willing to hold a stock for 10 years, don&#39;t even think about holding it for 10 minutes&#34; sheds some light on another life lesson. It speaks to the power of compound interest.</p><p>He calls it his &#34;Mona Lisa&#34; whereby he uses the famous painting to show that if French King Francis, instead of buying the portrait for 4,000 gold crowns ($20,000) in the 16th century, had invested the amount with a modest 6% annual return rate instead, France&#39;s coffers would have been $1 quadrillion richer by 1963. That&#39;s 3,000 times the country&#39;s national debt.</p><p>The Mona Lisa, meanwhile, was insured at &#34;only&#34; $100 million in 1962.</p><p>The &#34;Psychology of Money&#34; author Morgan Housel noted that Buffett has made most of his money since his 60s, mainly due to the simple math of compound investing.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Warren Buffett Turns 94 Today. 5 Life Lessons From the Oracle of Omaha</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWarren Buffett Turns 94 Today. 5 Life Lessons From the Oracle of Omaha\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2024-08-30 13:23</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/5214290a499a7f46da37e4bc2919351c\" tg-width=\"548\" tg-height=\"365\"/></p><p>Born on Aug. 30, 1930, Warren Buffett&#39;s got 94 years&#39; worth of life experience -- and 83 years worth of investment experience, given the &#34;Oracle of Omaha&#34; bought his first stock aged 11, according to biographer Roger Lowenstein.</p><p>Buffett, one of the world&#39;s most accomplished investors, is most known for making hundreds of billions of dollars buying shares in what he believes to be undervalued companies, and holding them for a long time. His investment company Berkshire Hathaway, which he took control over in 1965, became only the ninth company in history to close at a market valuation above $1 trillion on Wednesday.</p><p>When Buffett bought the stock in the 1960s, it traded at around $8 a share. As of July this year, its Class A shares -- which have never undergone a stock split -- traded at more than $620,000 a piece.</p><p>When it comes to creating value the Oracle of Omaha has some experience heading up Berkshire over the past six decades. Barron&#39;s has identified five top Buffett investment strategies to mark the billionaire&#39;s birthday.</p><h2 id=\"id_4272763499\">1. Losing Is Just a Part of Winning.</h2><p>Nobody gets to 94 without taking their fair share of L&#39;s. But one of the defining features of Buffett&#39;s career has been his ability to roll with the punches and move on from mistakes.</p><p>Berkshire has made several blunders in recent years -- it ditched its entire stake in General Motors in late 2023 to call time on a disappointing investment, and appeared to have timed its second-quarter sale of Apple stock badly, with the iPhone maker&#39;s shares up nearly 20% over the past three months.</p><p>But Buffett&#39;s biggest-ever wins -- think Geico, or American Express, or Coca-Cola -- have massively outweighed those losses. Berkshire&#39;s Class A shares are up 17% on an annualized basis over the past 40 years, compared with an 11% gain for the benchmark S&amp;P 500 index over the same period.</p><p>It&#39;s a reminder that to make significant wealth investing, you often only have to be right a little more than 50% of the time.</p><h2 id=\"id_3791001616\">2. Cash Isn&#39;t King -- But Don&#39;t Be Afraid Of It.</h2><p>In the past, Buffett hasn&#39;t been afraid to criticize the idea that holding cold hard cash is a viable investment strategy.</p><p>&#34;When people talk about cash being king, it&#39;s not king if it just sits there and never does anything,&#34; he said in a 2008 interview with Charlie Rose on PBS.</p><p>But that doesn&#39;t mean it&#39;s a good idea to just invest for the sake of it -- by blindly buying stocks or other assets you&#39;re not totally happy with.</p><p>Buffett himself has shown that sometimes it&#39;s OK to sit out periods of market turbulence -- this year is a good example. Berkshire is currently sitting on a record cash pile of nearly $200 billion. &#34;I don&#39;t think anybody sitting at this table has any idea of how to use it effectively, and therefore we don&#39;t use it,&#34; he said at the company&#39;s annual shareholder meeting Saturday.</p><h2 id=\"id_528237689\">3. It&#39;s OK to Change Your Mind.</h2><p>While Buffett does praise owning stocks for a long time, he&#39;s also an advocate for changing tactics when a situation calls for it. For example, he&#39;s historically railed against investment banks and not been overly keen to invest in them. But he then bailed out Bank of America, buying $5 billion worth of preferred stock in the then-ailing banking giant in 2011. As of late, he&#39;s been offloading BofA shares again.</p><p>He also changed his mind about Apple and sold over 50% of his stake in the company this year (just before Berkshire hit the $1 trillion market value mark).</p><h2 id=\"id_717815570\">4. Buy Businesses, Not CEOs.</h2><p>Here&#39;s another pearl of wisdom. Buffett thinks &#34;You should invest in a business that even a fool can run, because someday a fool will.&#34;</p><p>The accomplished investor won&#39;t buy stocks that are reliant on excellent managers to succeed -- and believes that even a great CEO can&#39;t resurrect a business with poor fundamentals.</p><p>It&#39;s a lesson that feels extra important today, when some megacap companies&#39; bosses -- think would-be cage fighter Mark Zuckerberg, or leather jacket lover Jensen Huang -- have become celebrities in their own right.</p><p>Lots of investors see buying Tesla shares as a means to invest in the electric car maker&#39;s boss Elon Musk -- but Buffett would probably tell them to focus on the company&#39;s fundamentals, instead.</p><h2 id=\"id_430456376\">5. Don&#39;t Buy Art Like the Mona Lisa, Invest Instead.</h2><p>The quote by Buffett from 1996 &#34;if you aren&#39;t willing to hold a stock for 10 years, don&#39;t even think about holding it for 10 minutes&#34; sheds some light on another life lesson. It speaks to the power of compound interest.</p><p>He calls it his &#34;Mona Lisa&#34; whereby he uses the famous painting to show that if French King Francis, instead of buying the portrait for 4,000 gold crowns ($20,000) in the 16th century, had invested the amount with a modest 6% annual return rate instead, France&#39;s coffers would have been $1 quadrillion richer by 1963. That&#39;s 3,000 times the country&#39;s national debt.</p><p>The Mona Lisa, meanwhile, was insured at &#34;only&#34; $100 million in 1962.</p><p>The &#34;Psychology of Money&#34; author Morgan Housel noted that Buffett has made most of his money since his 60s, mainly due to the simple math of compound investing.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"IE00BBT3K403.USD":"LEGG MASON CLEARBRIDGE TACTICAL DIVIDEND INCOME \"A(USD) ACC","LU1934455194.USD":"AB SICAV I LOW VOLATILITY TOTAL RETURN EQUITY PORT \"A\" (USD) ACC","LU0661504455.SGD":"Blackrock Global Equity Income A5 SGD-H","LU0251142724.SGD":"Fidelity America A-SGD","BRK.A":"伯克希尔","LU1489326972.SGD":"First Eagle Amundi International AHS-MD SGD-H","BRK.B":"伯克希尔B","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","LU0683600562.USD":"AB SELECT US EQUITY \"A\" (USD) ACC","BK4534":"瑞士信贷持仓","LU1429558221.USD":"Natixis Loomis Sayles US Growth Equity RA USD","LU0949170772.SGD":"Blackrock Global Equity Income A6 SGD-H","LU0965509283.SGD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (SGDHDG) INC","BK4533":"AQR资本管理(全球第二大对冲基金)","LU0289960550.SGD":"AB FCP I - GLOBAL EQUITY BLEND PORTFOLIO 'A' (SGD) ACC","IE00B1BXHZ80.USD":"Legg Mason ClearBridge - US Appreciation A Acc USD","IE0002270589.USD":"LEGG MASON CLEARBRIDGE VALUE \"A\" (USD) INC","LU0965509101.SGD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"A\" (SGDHDG) ACC","LU0234572021.USD":"高盛美国核心股票组合Acc","LU0985489474.SGD":"First Eagle Amundi International AHS-C SGD-H","IE00BLSP4239.USD":"Legg Mason ClearBridge - Tactical Dividend Income A Mdis USD Plus","LU1035773651.USD":"AB SICAV I - GLOBAL VALUE PORTFOLIO \"AD\" (USD) INC","LU0738911758.USD":"Blackrock Global Equity Income A6 USD","LU0878866978.SGD":"First Eagle Amundi International AHS-QD SGD-H","IE0034235303.USD":"PINEBRIDGE US RESEARCH ENHANCED CORE EQUITY \"A\" (USD) ACC","LU0154236417.USD":"BGF US FLEXIBLE EQUITY \"A2\" ACC","LU0070302665.USD":"FRANKLIN MUTUAL U.S. VALUE \"A\" (USD) ACC","IE00BK4W5M84.HKD":"HSBC GLOBAL FUNDS ICAV US EQUITY INDEX \"HC\" (HKD) ACC","LU0348723411.USD":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC","LU0433182093.SGD":"First Eagle Amundi International AS-C SGD","IE00BLSP4452.SGD":"Legg Mason ClearBridge - Tactical Dividend Income A Mdis SGD-H Plus","IE00BK4W5L77.USD":"HSBC GLOBAL FUNDS ICAV US EQUITY INDEX \"HC\" (USD) ACC","LU0234570918.USD":"高盛全球核心股票组合Acc Close","LU0068578508.USD":"First Eagle Amundi International Cl AU-C USD","LU1852331112.SGD":"Blackrock World Technology Fund A2 SGD-H","AAPL":"苹果","LU0417517546.SGD":"Allianz US Equity Cl AT Acc SGD","LU0965508806.USD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (USD) INC","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","LU0130102774.USD":"Natixis Harris Associates US Equity RA USD","LU0965509010.AUD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (AUDHDG) INC","IE00B7SZLL34.SGD":"Legg Mason ClearBridge - Value A Acc SGD-H","LU0082616367.USD":"摩根大通美国科技A（dist）","ORCL":"甲骨文","LU0208291251.USD":"FRANKLIN MUTUAL U.S. VALUE \"A\" (USD) INC","IE00BN8TJ469.HKD":"FTGF CLEARBRIDGE TACTICAL DIVIDEND INCOME \"A\" (HKD) INC","LU1037948897.HKD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (HKD) INC","LU1280957306.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQUITIES \"AUP\" (USD) INC","IE00BMPRXR70.SGD":"Neuberger Berman 5G Connectivity A Acc SGD-H","LU1934455277.USD":"AB SICAV I LOW VOLATILITY TOTAL RETURN EQUITY PORT \"AD\" (USD) INC","BAC":"美国银行","LU1037948541.HKD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"A\" (HKD) ACC"},"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2463227892","content_text":"Born on Aug. 30, 1930, Warren Buffett's got 94 years' worth of life experience -- and 83 years worth of investment experience, given the \"Oracle of Omaha\" bought his first stock aged 11, according to biographer Roger Lowenstein.Buffett, one of the world's most accomplished investors, is most known for making hundreds of billions of dollars buying shares in what he believes to be undervalued companies, and holding them for a long time. His investment company Berkshire Hathaway, which he took control over in 1965, became only the ninth company in history to close at a market valuation above $1 trillion on Wednesday.When Buffett bought the stock in the 1960s, it traded at around $8 a share. As of July this year, its Class A shares -- which have never undergone a stock split -- traded at more than $620,000 a piece.When it comes to creating value the Oracle of Omaha has some experience heading up Berkshire over the past six decades. Barron's has identified five top Buffett investment strategies to mark the billionaire's birthday.1. Losing Is Just a Part of Winning.Nobody gets to 94 without taking their fair share of L's. But one of the defining features of Buffett's career has been his ability to roll with the punches and move on from mistakes.Berkshire has made several blunders in recent years -- it ditched its entire stake in General Motors in late 2023 to call time on a disappointing investment, and appeared to have timed its second-quarter sale of Apple stock badly, with the iPhone maker's shares up nearly 20% over the past three months.But Buffett's biggest-ever wins -- think Geico, or American Express, or Coca-Cola -- have massively outweighed those losses. Berkshire's Class A shares are up 17% on an annualized basis over the past 40 years, compared with an 11% gain for the benchmark S&P 500 index over the same period.It's a reminder that to make significant wealth investing, you often only have to be right a little more than 50% of the time.2. Cash Isn't King -- But Don't Be Afraid Of It.In the past, Buffett hasn't been afraid to criticize the idea that holding cold hard cash is a viable investment strategy.\"When people talk about cash being king, it's not king if it just sits there and never does anything,\" he said in a 2008 interview with Charlie Rose on PBS.But that doesn't mean it's a good idea to just invest for the sake of it -- by blindly buying stocks or other assets you're not totally happy with.Buffett himself has shown that sometimes it's OK to sit out periods of market turbulence -- this year is a good example. Berkshire is currently sitting on a record cash pile of nearly $200 billion. \"I don't think anybody sitting at this table has any idea of how to use it effectively, and therefore we don't use it,\" he said at the company's annual shareholder meeting Saturday.3. It's OK to Change Your Mind.While Buffett does praise owning stocks for a long time, he's also an advocate for changing tactics when a situation calls for it. For example, he's historically railed against investment banks and not been overly keen to invest in them. But he then bailed out Bank of America, buying $5 billion worth of preferred stock in the then-ailing banking giant in 2011. As of late, he's been offloading BofA shares again.He also changed his mind about Apple and sold over 50% of his stake in the company this year (just before Berkshire hit the $1 trillion market value mark).4. Buy Businesses, Not CEOs.Here's another pearl of wisdom. Buffett thinks \"You should invest in a business that even a fool can run, because someday a fool will.\"The accomplished investor won't buy stocks that are reliant on excellent managers to succeed -- and believes that even a great CEO can't resurrect a business with poor fundamentals.It's a lesson that feels extra important today, when some megacap companies' bosses -- think would-be cage fighter Mark Zuckerberg, or leather jacket lover Jensen Huang -- have become celebrities in their own right.Lots of investors see buying Tesla shares as a means to invest in the electric car maker's boss Elon Musk -- but Buffett would probably tell them to focus on the company's fundamentals, instead.5. Don't Buy Art Like the Mona Lisa, Invest Instead.The quote by Buffett from 1996 \"if you aren't willing to hold a stock for 10 years, don't even think about holding it for 10 minutes\" sheds some light on another life lesson. It speaks to the power of compound interest.He calls it his \"Mona Lisa\" whereby he uses the famous painting to show that if French King Francis, instead of buying the portrait for 4,000 gold crowns ($20,000) in the 16th century, had invested the amount with a modest 6% annual return rate instead, France's coffers would have been $1 quadrillion richer by 1963. That's 3,000 times the country's national debt.The Mona Lisa, meanwhile, was insured at \"only\" $100 million in 1962.The \"Psychology of Money\" author Morgan Housel noted that Buffett has made most of his money since his 60s, mainly due to the simple math of compound investing.","news_type":1},"isVote":1,"tweetType":1,"viewCount":2,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":121366513,"gmtCreate":1624454425332,"gmtModify":1703837155708,"author":{"id":"3584240189191061","authorId":"3584240189191061","authorIdStr":"3584240189191061","name":"Babyowl","avatar":"https://community-static.tradeup.com/news/68df35b15b728b6a16379cdbf87367a7","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3584240189191061"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/121366513","repostId":"123570465","repostType":1,"repost":{"id":123570465,"gmtCreate":1624431845953,"gmtModify":1703836496993,"author":{"id":"20733756400840","authorId":"20733756400840","authorIdStr":"20733756400840","name":"我是股神的小腿毛","avatar":"https://static.tigerbbs.com/3d2a54ec91bee908d0ce0a36809b8199","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"20733756400840"},"themes":[],"title":"每日優鮮vs叮咚買菜，你更看好誰？","htmlText":"剛剛發現兩家生鮮巨頭每日優鮮和叮咚買菜紛紛更新了招股書，我也剛剛準備申購支持一下，想問問大家對於這兩家，你更看好誰？ 我先來說說，都知道我座標北京，所以我經常用的肯定是美團買菜和每日優鮮，畢竟叮咚的主戰場在上海嘛。第一次使用每日優鮮還是去年2月份，因爲疫情的原因，很難買到蔬菜水果，於是就給市面上的生鮮app全下載了一遍，然後比較了一下覺得每日優鮮最好用，主要是食材新鮮，送貨快。 說到送貨快，就不得不提到前置倉模式，目前國內生鮮電商賽道主要是3條，1條是以叮咚買菜、每日優鮮、美團買菜等爲代表的前置倉模式，另一條是以盒馬鮮生、大潤發、物美優鮮等爲代表的店倉一體化模式；還有一條是主打社區團購的多多買菜。而叮咚買菜、每日優鮮均屬於前置倉模式，雖然注重了效率，但生鮮電商的前置倉模式，一直是門燒錢的生意，兩家也都沒有整體盈利。 資本的寵兒 燒錢一直是二者爲人詬病的點，不過，由於一場突如起來的疫情，反而重獲了資本的青睞，每日優鮮分別在去年5月、7月、12月，連獲三輪融資。叮咚買菜也在今年年的4月和5月獲得兩輪融資。從融資輪數來看，二者不相上下。 叮咚買菜共計獲得10輪融資，比較知名的投資方包括高榕資本、老虎基金、弘一資本、紅杉資本、CMC資本等。其中，叮咚買菜在遞交IPO前，上月剛剛完成由軟銀願景基金領投的，3.3億美元D+輪融資。結合早前融資，叮咚買菜D輪累計融資金額爲10.3億美元。 每日優鮮同樣受到資本的青睞。自2014年成立以來，先後獲得11輪融資，累計金額超過160億元人民幣（約合25億美元）。比較知名的投資方包括騰訊、老虎基金、光信資本、元璟資本、高盛集團等。 要規模還是要利潤 雖然二者均沒盈利，但是對於方向的選擇卻不相同，目前，叮咚更關注規模效應，融來的錢很快的燒出去，更注重營收增長。每日優鮮則根據每日優鮮則加大了高毛利產品，虧損進一步縮窄。 從每日優鮮招股書數據，其G","listText":"剛剛發現兩家生鮮巨頭每日優鮮和叮咚買菜紛紛更新了招股書，我也剛剛準備申購支持一下，想問問大家對於這兩家，你更看好誰？ 我先來說說，都知道我座標北京，所以我經常用的肯定是美團買菜和每日優鮮，畢竟叮咚的主戰場在上海嘛。第一次使用每日優鮮還是去年2月份，因爲疫情的原因，很難買到蔬菜水果，於是就給市面上的生鮮app全下載了一遍，然後比較了一下覺得每日優鮮最好用，主要是食材新鮮，送貨快。 說到送貨快，就不得不提到前置倉模式，目前國內生鮮電商賽道主要是3條，1條是以叮咚買菜、每日優鮮、美團買菜等爲代表的前置倉模式，另一條是以盒馬鮮生、大潤發、物美優鮮等爲代表的店倉一體化模式；還有一條是主打社區團購的多多買菜。而叮咚買菜、每日優鮮均屬於前置倉模式，雖然注重了效率，但生鮮電商的前置倉模式，一直是門燒錢的生意，兩家也都沒有整體盈利。 資本的寵兒 燒錢一直是二者爲人詬病的點，不過，由於一場突如起來的疫情，反而重獲了資本的青睞，每日優鮮分別在去年5月、7月、12月，連獲三輪融資。叮咚買菜也在今年年的4月和5月獲得兩輪融資。從融資輪數來看，二者不相上下。 叮咚買菜共計獲得10輪融資，比較知名的投資方包括高榕資本、老虎基金、弘一資本、紅杉資本、CMC資本等。其中，叮咚買菜在遞交IPO前，上月剛剛完成由軟銀願景基金領投的，3.3億美元D+輪融資。結合早前融資，叮咚買菜D輪累計融資金額爲10.3億美元。 每日優鮮同樣受到資本的青睞。自2014年成立以來，先後獲得11輪融資，累計金額超過160億元人民幣（約合25億美元）。比較知名的投資方包括騰訊、老虎基金、光信資本、元璟資本、高盛集團等。 要規模還是要利潤 雖然二者均沒盈利，但是對於方向的選擇卻不相同，目前，叮咚更關注規模效應，融來的錢很快的燒出去，更注重營收增長。每日優鮮則根據每日優鮮則加大了高毛利產品，虧損進一步縮窄。 從每日優鮮招股書數據，其G","text":"剛剛發現兩家生鮮巨頭每日優鮮和叮咚買菜紛紛更新了招股書，我也剛剛準備申購支持一下，想問問大家對於這兩家，你更看好誰？ 我先來說說，都知道我座標北京，所以我經常用的肯定是美團買菜和每日優鮮，畢竟叮咚的主戰場在上海嘛。第一次使用每日優鮮還是去年2月份，因爲疫情的原因，很難買到蔬菜水果，於是就給市面上的生鮮app全下載了一遍，然後比較了一下覺得每日優鮮最好用，主要是食材新鮮，送貨快。 說到送貨快，就不得不提到前置倉模式，目前國內生鮮電商賽道主要是3條，1條是以叮咚買菜、每日優鮮、美團買菜等爲代表的前置倉模式，另一條是以盒馬鮮生、大潤發、物美優鮮等爲代表的店倉一體化模式；還有一條是主打社區團購的多多買菜。而叮咚買菜、每日優鮮均屬於前置倉模式，雖然注重了效率，但生鮮電商的前置倉模式，一直是門燒錢的生意，兩家也都沒有整體盈利。 資本的寵兒 燒錢一直是二者爲人詬病的點，不過，由於一場突如起來的疫情，反而重獲了資本的青睞，每日優鮮分別在去年5月、7月、12月，連獲三輪融資。叮咚買菜也在今年年的4月和5月獲得兩輪融資。從融資輪數來看，二者不相上下。 叮咚買菜共計獲得10輪融資，比較知名的投資方包括高榕資本、老虎基金、弘一資本、紅杉資本、CMC資本等。其中，叮咚買菜在遞交IPO前，上月剛剛完成由軟銀願景基金領投的，3.3億美元D+輪融資。結合早前融資，叮咚買菜D輪累計融資金額爲10.3億美元。 每日優鮮同樣受到資本的青睞。自2014年成立以來，先後獲得11輪融資，累計金額超過160億元人民幣（約合25億美元）。比較知名的投資方包括騰訊、老虎基金、光信資本、元璟資本、高盛集團等。 要規模還是要利潤 雖然二者均沒盈利，但是對於方向的選擇卻不相同，目前，叮咚更關注規模效應，融來的錢很快的燒出去，更注重營收增長。每日優鮮則根據每日優鮮則加大了高毛利產品，虧損進一步縮窄。 從每日優鮮招股書數據，其G","images":[{"img":"https://static.tigerbbs.com/ec468a40eeadfff41da0a5c86fbf102d","width":"2979","height":"1801"},{"img":"https://static.tigerbbs.com/9b15371092a54d182bd0dde6cf20e7d9","width":"3025","height":"1526"},{"img":"https://static.tigerbbs.com/b49d5539c10cd9029f66d242b92451a7","width":"742","height":"168"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/123570465","isVote":2,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":1,"subType":2,"vote":{"id":1497,"gmtBegin":1624431888441,"gmtEnd":1624863873496,"type":1,"upper":1,"title":"每日優鮮vs叮咚買菜，你更看好誰？","choices":[{"id":5520,"sort":1,"name":"每日優鮮","userSize":176,"voted":false},{"id":5521,"sort":2,"name":"叮咚買菜","userSize":169,"voted":false},{"id":5522,"sort":3,"name":"都看好，我全都要","userSize":239,"voted":false}]},"comments":[],"imageCount":3,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":90,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":129186807,"gmtCreate":1624365203209,"gmtModify":1703834449898,"author":{"id":"3584240189191061","authorId":"3584240189191061","authorIdStr":"3584240189191061","name":"Babyowl","avatar":"https://community-static.tradeup.com/news/68df35b15b728b6a16379cdbf87367a7","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3584240189191061"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/129186807","repostId":"1196246436","repostType":4,"repost":{"id":"1196246436","pubTimestamp":1624364145,"share":"https://ttm.financial/m/news/1196246436?lang=&edition=fundamental","pubTime":"2021-06-22 20:15","market":"us","language":"en","title":"Futures Steady Ahead Of Powell Testimony","url":"https://stock-news.laohu8.com/highlight/detail?id=1196246436","media":"zerohedge","summary":"U.S. stock-index futures were little changed, trading just 1% below their all time high, while globa","content":"<p>U.S. stock-index futures were little changed, trading just 1% below their all time high, while global shares extended their recovery on Tuesday from four week lows, as investors focused on prospects for post-pandemic economic growth, putting fears of a hawkish Fed in the rearview mirror even as they awaited Fed Chair Jerome Powell’s testimony before Congress. Nasdaq 100 futures extend increase to as much as 0.3%, the highest for Tuesday’s session, with contracts on the S&amp;P 500 rising 0.1% as of 7:15am in New York.</p>\n<p><img src=\"https://static.tigerbbs.com/ed5a889978f8667ba77c1ed2e40814d0\" tg-width=\"500\" tg-height=\"261\" referrerpolicy=\"no-referrer\"></p>\n<p>In premarket trading, meme stock Torchlight Energy Resources jumped 10.5% on heavy volume following a 58% surge to a record on Monday, as the company upsized its stock offering after its shares doubled in value last week on interest from individual traders. Other meme stocks trade mostly higher with ContextLogic (WISH) rising 3.3% and Clover Health (CLOV) gaining 1.9%.</p>\n<p>Here are some other notable premarket movers:</p>\n<ul>\n <li>Adial Pharmaceuticals (ADIL) surges 28% in&nbsp;premarket&nbsp;trading after a positive mention of the company in a post on the Seeking Alpha investment site.</li>\n <li>Microvision (MVIS) sinks 9% after saying it may offer from time to time up to $140 million in shares via Craig-Hallum Capital Group.</li>\n <li>Nikola (NKLA) drops 2% after registering shares for potential sale by holder Tumim Stone Capital.</li>\n <li>Crypto stocks including miners Riot Blockchain, Marathon Patent Group, Ebang International and MicroStrategy Inc fell between 2% and 3% as China’s crackdown on bitcoin mining expanded to the province of Sichuan.</li>\n</ul>\n<p>The Dow jumped more than 500 points on Monday following last week’s selloff, its best day since early March, with the largest share of S&amp;P members advancing since April 2020.</p>\n<p><img src=\"https://static.tigerbbs.com/85b1fcb2babcd8957762a4b8fb732918\" tg-width=\"1198\" tg-height=\"672\" referrerpolicy=\"no-referrer\">Market participants piled back into energy, financials and industrial stocks when Fed officials including as St. Louis Fed President James Bullard and Dallas Fed President Robert Kaplan toned down their hawkish rhetoric which accelerated last week's rout.</p>\n<p>\"Last week's FOMC meeting was a hawkish surprise, but does not change our market outlook. The reflation trade experienced a sharp technically driven pullback, but we expect the trade to resume and see this move as an opportunity to add exposure to cyclical equities and commodities,\" JPMorgan strategists said in a note.</p>\n<p>European stocks looked set to build on gains in Asian markets as EuroSTOXX 50 futures rose 0.4% and FTSE futures were up 0.3%. Declines in shares of carmakers and banks offset gains in real estate stocks. Europe’s Stoxx 600 travel and leisure subgroup rose as much as 0.8%, making it the second-best performing sector in the benchmark index, after The Times reported that the U.K. is set to announce an overhaul of travel restrictions on Thursday. Here are some of the biggest European movers today:</p>\n<ul>\n <li>Kingspan shares rise as much as 6.1% with Morgan Stanley (equal- weight) saying the key positive from its trading update is the strong margin performance.</li>\n <li>BT shares gain as much as 2.1%, among top performers in the Stoxx Telecom Index, following a report that Rupert Murdoch’s News UK is looking at a tie-up with BT Sport.</li>\n <li>Bossard shares gain as much as 5% to a record high. The company’s business model is “misunderstood” by the market and it is a niche play on the growth of industrial automation, Berenberg writes in a note initiating the stock at buy with a street-high CHF340 PT.</li>\n <li>Casino shares rise as much as 2% after a report saying that retail mogul Micheal Klein started to build a minority position in the Brazilian firm GPA, following a similar move by retailing billionaire Abilio Diniz.</li>\n <li>DS Smith shares fall as much as 3.1% after reporting adjusted operating profit that missed the average analyst estimate.</li>\n</ul>\n<p>MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.4%, moving above Monday's four-week lows and notching a 4% gain so far this year, while the broader MSCI&nbsp;Asia&nbsp;Pacific Index rose 0.9%,<b>putting it on track for its best day since May 25.</b>Japanese shares led the advance in Asia, as investor concerns over the pace of U.S. monetary policy tightening and rising inflation eased. It is now poised to snap four straight days of declines. The buoyant performance comes after Federal Reserve Chair Jerome Powell reiterated overnight that inflation had picked up but should move back toward the U.S. central bank’s 2% target once supply imbalances resolve. The New York Fed’s president also said that he continues to view the recent spike in inflation as a temporary phenomenon. Cyclical shares recovered from the recent sell-off, with industrials and materials leading the charge.<b>Japanese equities rebounded, with the Topix climbing by the most in one year one day after the BOJ intervened to buy ETFs for the first time since April.</b>Investors largely expect&nbsp;Asia’s&nbsp;stock market to remain resilient despite the prospects of a gradual tapering of global liquidity and a resurgent dollar. Supporting the region’s equities are attractive valuations, falling Covid-19 cases and relatively low levels of bond yields. The stock benchmark remains more than 6% below a record high it reached in February. “We expect&nbsp;Asia&nbsp;to broadly remain on a healthy recovery path” supported by a broad-based growth in exports and industrial output, Alex Wolf, head of investment strategy for&nbsp;Asia&nbsp;at JPMorgan Private Bank, wrote in a note. “We think three factors will be key to watch over the rest of 2021: vaccination progress, exports -- particularly semiconductors, and China’s recovery.”</p>\n<p><b>Today, all eyes will be on Fed Chair Powell, who’s testifying at 2pm ET before the House of Representatives’ Select Subcommittee on the coronavirus crisis,</b>where he’s set to talk about the Federal Reserve’s response to the pandemic. In prepared remarks distributed late last night, Powell remains optimistic on the recovery, saying “<b>job gains should pick up in coming months as vaccinations rise, easing some of the pandemic-related factors currently weighing them down.”</b>He also said inflation has “<b>increased notably in recent months” but regarded the recent jump as likely to fade</b>.&nbsp; Chair Powell acknowledged that “inflation has increased notably in recent months… As these transitory supply effects abate, inflation is expected to drop back toward our longer-run goal.” The transitory nature of inflation is sure to be a key point of questions from some Representatives today.</p>\n<p>“Powell will repeat that inflation is transitory and will drop back ‘as these transitory supply effects abate’,” said Ipek Ozkardeskaya, senior analyst at Swissquote Bank. “How much time do we have before the supply effects abate is a big question.”</p>\n<p>“There’s probably going to be some back and forth here,” said&nbsp;Tracie McMillion, Wells Fargo Investment Institute head of global asset allocation strategy.<b>“There is a lot of cash on the sidelines right now. Some of that is going to be earmarked to go into the markets, and we think the best place right now to be investing is in the equity markets.”</b></p>\n<p>In rates, 10-year Treasuries steadied, trading at 1.49% last. Yields were richer across the curve, with 5s30s flatter by ~1bp; 10-year around 1.48% outperforms bunds and gilts slightly Regional demand emerged during Asia session, renewing the bull-flattening trend that stalled on Monday. Treasury auctions include $60b 2-year note, followed by 5- and 7-year on Wednesday and Thursday. The WI 2-year yield at ~0.257% is higher than auction stops since March 2020 and 10.5bp cheaper than last month’s, which stopped through by 0.7bp</p>\n<p>In currency markets, the dollar spot Index rose as the greenback traded higher versus all of its Group-of-10 peers and the 10-year Treasury yield hovered around 1.49% The pound fell for a fifth day in six sessions on broad dollar strength and as investors awaited signals on the Bank of England’s inflation outlook on Thursday. Norway’s krone fell to a session low as Brent oil retreated after earlier rising to $75 a barrel for the first time in more than two years. Australia’s currency led losses with iron ore extending Monday’s slump. The yen fell to trade around 110.50; bonds also declined and a five-year auction was weaker than expected.</p>\n<p>\"The whole world was mega short the U.S. dollar, and that's in good part has probably been cleaned out already, and now we take a wee breath before the next move up,\" said Westpac currency analyst Imre Speizer.</p>\n<p>In commodities, WTI was flat at $73.7 per barrel and Brent crude retreated after earlier topping $75/bbl for the first time in more than two years after rising on Monday in reaction the a pause in talks to end U.S. sanctions on Iranian crude. Oil market sentiment was helped by hopes for a quick recovery in oil demand in the United States and Europe. OPEC+ said it was discussing whether to further boost production as the oil market looks increasingly tight. Spot gold added 0.3% to $1,787.61 an ounce.</p>\n<p>Bitcoin sank closer to $30,000 after China intensified its&nbsp;cryptocurrency clampdown.</p>\n<p>Looking at the<b>day ahead</b>now, the main highlight will be the aforementioned testimony from Fed Chair Powell to Congress. Otherwise, we’ll also hear from the Fed’s Mester and Daly, as well as the ECB’s Rehn, Lane and Schnabel. Data releases from the US include May’s existing home sales and the Richmond Fed’s manufacturing index for June, while in the Euro Area there’s the advance consumer confidence reading for June.</p>\n<p><b>Market Snapshot</b></p>\n<ul>\n <li>S&amp;P 500 futures down 0.1% to 4,207.75</li>\n <li>STOXX Europe 600 down -0.3% to 453.94</li>\n <li>MXAP up 0.9% to 206.17</li>\n <li>MXAPJ little changed at 687.97</li>\n <li>Nikkei up 3.1% to 28,884.13</li>\n <li>Topix up 3.2% to 1,959.53</li>\n <li>Hang Seng Index down 0.6% to 28,309.76</li>\n <li>Shanghai Composite up 0.8% to 3,557.41</li>\n <li>Sensex up 0.3% to 52,715.63</li>\n <li>Australia S&amp;P/ASX 200 up 1.5% to 7,342.20</li>\n <li>Kospi up 0.7% to 3,263.88</li>\n <li>Brent Futures down 0.4% to $74.63/bbl</li>\n <li>German 10Y yield rose 2.2 bps to -0.149%</li>\n <li>Euro down 0.2% to $1.1899</li>\n <li>Gold spot down 0.3% to $1,777.25</li>\n <li>U.S. Dollar Index up 0.14% to 92.03</li>\n</ul>\n<p><b>Top Overnight News from Bloomberg</b></p>\n<ul>\n <li>Leveraged funds boosted net dollar shorts by 21,347 contracts in the week ended June 15, the most since mid-January, according to data from the Commodity Futures Trading Commission.</li>\n <li>Germany increased the amount of planned bond sales in the third quarter by 2 billion euros ($2.4 billion) to help cover financing for the ruling coalition’s generous aid programs to offset the impact of the coronavirus pandemic</li>\n <li>China’s intensifying cryptocurrency crackdown has left Bitcoin flirting with $30,000, a price level seen as key to the short-term outlook for the largest virtual currency</li>\n <li>Russia is considering proposing an OPEC+ oil-output increase at the group’s meeting next week because the nation sees a supply deficit in the market, according to officials familiar with the matter</li>\n <li>Mario Draghi has cemented his position in Italy and his political partners are beginning to assume he’ll remain in power until his term ends in 2023. That is the assessment of half a dozen senior officials from all the main parties and inside the government</li>\n <li>Hungary is set to become the first European Union nation to tighten monetary policy this year, with the central bank widely expected to raise borrowing costs on Tuesday in an attempt to curb surging inflation</li>\n <li>A raft of disappointing economic data from China last week, especially the sluggish recovery in consumption, has prompted economists to cut their estimates for China’s output in 2021.</li>\n</ul>\n<p><i>Quick look at global markets courtesy of Newsquawk</i></p>\n<p><b>Asia-Pac equities staged a rebound from the prior day's sell-off as the region reacted to the rally seen on Wall Street, whereby the DJIA outperformed whilst the Nasdaq’s upside was hindered by the recovery in yields.</b>Overnight, US equity futures traded flat and near the prior session’s best levels ahead of Fed Chair Powell’s testimony – but before that, 2022-voter Mester is poised to make remarks on monetary policy ahead of commentary from 2021-voter Daly. Over in APAC markets, the ASX 200 (+1.5%) was supported by its Telecoms and Financials sectors whilst the Nikkei 225 (+3.1%) trimmed some of the prior session’s hefty losses as reports of BoJ ETF purchases providing Tokyo with some tailwinds. The KOSPI (+0.7%) saw cautious gains as Yonhap reported that South Korea and the US are mulling ending the working group on North Korean policy, whilst North Korea tempered down expectations of dialogue with the US. Hang Seng (-0.6%) and Shanghai Comp (+0.8%) varied with the former pressured after the US reiterated its concern over Hong Kong’s autonomy, whilst the latter remained within recent ranges. As a side note, crypto markets also saw a rebound following yesterday's bloodbath, albeit Bitcoin and Ethereum remained under 35k and 2k respectively. Finally, JGBs trade narrowly softer in tandem with UST and Bund futures waning off best levels.</p>\n<p><i>Top Asian News</i></p>\n<ul>\n <li>Jimmy Lai’s 26-Year-Old Tabloid All But Dead After Defying China; Carrie Lam Defends Apple Daily Arrests, Warns Media Outlets</li>\n <li>GIC Said to Near Deal to Buy Stake in Malaysia’s Sunway Hospital</li>\n <li>China Tourism May File for Hong Kong Listing This Week: IFR</li>\n <li>Korea Curve Steepens, China Repo Rises, Rupiah Bonds Halt Drop</li>\n</ul>\n<p><b>Ahead of the cash open, European index futures indicated a marginally firmer star to the session. However, as cash markets opened, sentiment dwindled and stocks were pushed into the red (Eurostoxx 50 -0.3%) with no real obvious catalyst behind the move</b>. US index futures ebbed lower at the same time with some minor initial underperformance in the tech-heavy e-mini Nasdaq, albeit moves have been confined to recent ranges as markets await further impetus ahead of a particularly busy week of Fed speak. Since then, we have seen a modest pick-up in the futures taking them nearer to the unchanged mark on the session, but still retaining a negative bias overall. On which, Fed Chair Powell is due to testify to Congress today at 1900BST/1400ET. Pre-released text was a reiteration of recent remarks, however, the Q&amp;A segment could offer some opportunity for the Chair to be pushed on the FOMC’s exit strategy and recent hawkish speakers e.g. Bullard; other Fed speakers today include 2022-voter Mester and 2021-voter Daly. In Europe, sectors are somewhat mixed with Oil &amp; Gas top of the pile amid the recent advances in the crude complex even in-light of today’s pressure on a potential ramping up of OPEC+ production (see commodities), whilst Tech and Health care lag peers with the former hampered by the mini-revival seen in yields since the start of the week which saw the US 10yr initially slip below 1.4%. Kepler Cheuvreux downgraded the European banking sector to neutral from overweight with analysts at the firm concerned that the reflation trade is not a foregone conclusion in a context where the steepening of the USD yield curve appears to have exhausted itself. In terms of stock specifics, BT (+0.6%) are slightly firmer on the session amid reports that Rupert Murdoch's News UK is reportedly looking into a tie-up with BT Sport. Finally, Travel &amp; Leisure names including Ryanair (+1.1%) and IAG (+1.0%) have been provided some support amid suggestions that UK ministers are to relax travel restrictions from August for those who have been fully vaccinated.</p>\n<p><i>Top European News</i></p>\n<ul>\n <li>U.K. Begins Negotiations to Join Trans-Pacific Trading Bloc</li>\n <li>Germany Boosts Third-Quarter Bond Issuance by 2 Billion Euros</li>\n <li>Aston Martin Sues Dealer Over Deposits for $3.5 Million Valkyrie</li>\n <li>Tech Stocks Tumble as Prosus Falls, Pandemic Winners Decline</li>\n</ul>\n<p><b>In FX,</b>there was some calm after Monday’s relatively lively session amidst pronounced risk-off APAC trade before a steady recovery in sentiment that prompted a retreat in safe-havens on little fresh news or data. Nevertheless, the DXY formed a base below 92.000 and is currently consolidating around its new pivot within a 91.890-92.139 range inside yesterday’s 91.826-92.375 range awaiting further direction that could come from today’s trio of Fed speakers or macro releases in the form of existing home sales and Richmond Fed composite readings. Note, however, the text of chair Powell’s testimony to Congress has already been published so anything new will likely come from the Q&amp;A section.</p>\n<ul>\n <li>AUD/GBP - It may be too early to label the day a turnaround Tuesday for the Aussie and Pound, but both have unwound a chunk of their gains vs the Buck after benefiting from its frailty yesterday, and Aud/Usd is also bearing the brunt of another slump in iron ore prices as it struggles to stay within touching distance of the 0.7500 handle. Note also, prelim payrolls and earnings data came in weaker than prior prints overnight ahead of flash PMIs tonight. Meanwhile, Sterling has relinquished 1.3900+ status, and perhaps partly due to a loss of technical momentum given that Cable topped out just pips shy of the 100 DMA (1.3941 vs 1.3937 high), while the Eur/Gbp cross held around 0.8550 before bouncing.</li>\n <li>CAD/CHF/NZD/EUR/JPY - A pull-back in WTI towards Usd 73/brl in wake of reports that Russia may push for higher OPEC+ crude output at next week’s summit, has undermined the Loonie ahead of Canadian retail sales on Wednesday, with Usd/Cad back up in the high 1.2300 area, while the Franc is beneath 0.9200 following fairly upbeat economic forecasts from Switzerland’s KOF. Elsewhere, the Kiwi is holding between 0.6995-63 parameters following a marked pick-up in NZ credit card spending and as Aud/Nzd eyes 1.0750 to the downside having been capped circa 1.0800, the Euro is straddling 1.1900 and Yen has retreated through 110.50 against the backdrop of higher US Treasury yields and curve re-steepening.</li>\n</ul>\n<p><b>In commodities,</b>WTI and Brent have seen downside, -0.5% and -0.4% respectively, after what was a relatively uneventful APAC session for the benchmarks. The pressure came just after the European cash equity open, which was softer than futures had implied, amid reports that Russia is considering proposing an increase in OPEC+ oil production at the July 1st gathering, according to officials. As Russia expects the global supply shortfall to persist over the medium-term horizon; note, Russian VP Novak is set to meet with various domestic oil companies today. This report sparked pressure in the benchmarks sending WTI and Brent August’21 futures below USD 73.00/bbl and USD 75.00/bbl respectively – a smaller bout of further pressure was seen on subsequent source reports that it is possible to increase supply gradually from August. Such an alteration would be in-fitting with the most recent IEA MOMR which wrote that “OPEC+ needs to open the taps to keep world oil markets adequately supplied; production hikes at current pace set to be nowhere near the levels needed to prevent further stock draws”. As a reminder, the current OPEC+ quotas which were set in April envisage 700k BPD and 850k BPD of oil re-entering the market in June and July respectively. Moving to metals, spot gold and silver are modestly softer on the session given upside in both the USD and yields this morning; however, the magnitude of ranges for the precious metals are contained when compared with action seen over the last week. On gold, JP Morgan retains its long-term bearish view on the metal in-light of last week’s FOMC updates and look for copper prices to ease into H2 as supply/demand imbalances resolve, taking the view that the metal peaked in Q2.</p>\n<p><b>US Event Calendar</b></p>\n<ul>\n <li>10:30am: Fed’s Mester Discusses Monetary Policy and Financial...</li>\n <li>11am: Fed’s Daly Speaks at Peterson Institute Event</li>\n <li>2pm: Powell Testifies to Congress on Covid-19 Response and Economy</li>\n</ul>\n<p><b>DB's Jim Reid concludes the overgnight wrap</b></p>\n<p>When we went to press yesterday morning I was left very confused as to why US 10 year yields had sunk even further overnight to around 1.36% from 1.44% at the Asian open. It felt like it might be the longest day of the year in markets as well as in daylight terms. Well 4 hours later they had moved back to 1.44% and then 1.49% after another 6 hours early in the US session - roughly where they closed and where they are trading now in Asia. To be fair the real action continues to be in the 30 year part of the curve which opened in Asia yesterday at 2.01%, rallied to 1.925% but then reversed course all day and flirted with 2.10% as Europe went home before closing at 2.11% (2.12% in Asia). There was no real new news so the earlier price action perhaps indicates that there might have been some positioning/liquidation issues out there yesterday to explain such swings. This is part of the reason I wouldn’t try to over analyse the macro implications of these moves at the moment. There seems to be a lot of technical things going on at the moment including the Treasury running down their cash holdings at the Fed. As such I think it’s far too early to suggest that the price action reflects a view that the Fed made a policy error last Wednesday.</p>\n<p>Equity markets seemed to like a return of more normal yields as they have been a bit shaken by the bond reaction post the FOMC. In fact by the close of yesterday’s session, the S&amp;P 500 had rebounded +1.40% to put the index back within 1% of its all-time closing high last week. So quite the reversal from its worst weekly performance since February. Even the dollar (which saw its best performance since September last week) changed gears to close -0.35% lower on the day.</p>\n<p>In the absence of other events on the calendar, Fed speakers were in focus yesterday with St Louis President Bullard (non-voter, dove) and Dallas President Kaplan (non-voter, hawk) kicking off proceedings. Notably, Bullard said that the Fed ought to set up its taper so it could be adjusted if necessary, which raises the prospect that the pace could change depending on the strength of the economic recovery and inflation outcomes. And he himself alluded to the uncertainty in the outlook, saying that “No one really knows how this is all going to unfold. We have to be ready for the idea that there is upside risk to inflation and for it to go higher”. Separately, Kaplan said that he was in favour of beginning the tapering process sooner rather than later. However the timeline is still uncertain, as later in the session New York Fed President Williams said that he still sees tapering as “quite a ways off.” Williams also expects inflation to return to 2% next year and that the long-term trends that have depressed inflation in recent years will be the overriding force once again. After a year of coordinated messaging, it seems like there is more dispersion of views coming out of the committee now. I think this is more healthy.</p>\n<p>Today, all eyes will be on Fed Chair Powell, who’s testifying at 7pm London time before the House of Representatives’ Select Subcommittee on the coronavirus crisis, where he’s set to talk about the Federal Reserve’s response to the pandemic. In prepared remarks distributed late last night, Powell remains optimistic on the recovery, saying “job gains should pick up in coming months as vaccinations rise, easing some of the pandemic-related factors currently weighing them down.” Chair Powell acknowledged that “inflation has increased notably in recent months… As these transitory supply effects abate, inflation is expected to drop back toward our longer-run goal.” The transitory nature of inflation is sure to be a key point of questions from some Representatives today.</p>\n<p>Running through the market moves yesterday, US equities saw an incredibly broad-based advance, with 482 companies moving higher in the S&amp;P on the day, which remarkably represents the highest number of gainers in over a year. The S&amp;P gains were led by the cyclical/reopening trade as yields rebounded while tech stocks lagged somewhat, with the NASDAQ seeing a smaller +0.79% advance, though that still left the index within 0.5% of its own all-time high. Small-cap stocks saw even larger gains, as the Russell 2000 was up +2.16%. Over in Europe, equity markets saw their own slightly more subdued rebound with the STOXX 600 ending the day up +0.70%.</p>\n<p>For sovereign bond markets it was an eventful day as discussed at the top, with yields moving noticeably lower prior to the open in Europe before ending the day higher. Furthermore, we saw curves begin to steepen again following the major flattening last week, with the US 2s10s curve up +4.8bps, and the 5s30s up +8.6bps. Europe saw much the same story once the global sell-off begun, with yields on bunds (+2.9bps), OATs (+0.5bps) and BTPs (+0.4bps) all moving higher.</p>\n<p>Overnight in Asia, markets are following Wall Street’s lead with the Nikkei (+2.95%), Shanghai Comp (+0.78%) and Kospi (+0.77%) all making gains. The Hang Seng (-0.01%) is trading broadly flat. Outside of Asia, futures on the S&amp;P 500 are up +0.18% and those on the Stoxx 50 are up +0.35%.</p>\n<p>Elsewhere, both Brent Crude (+1.89%) and WTI (+2.82%) oil prices climbed to fresh 2-year highs of $74.90/bbl and $73.66/bbl respectively. Indeed that rise for WTI yesterday now means it’s risen by more than +50% on a YTD basis, making it the first major asset in our performance review basket to reach that milestone this year. Overnight, Brent oil prices have crossed $75 mark for the first time since April 2019. Other commodities also performed decently yesterday, including copper (+0.65%), gold (+1.08%), silver (+0.64%) and corn (+0.61%), with all 4 recovering ground following last week’s losses. Speaking of commodities, I looked at the change in various prices over the last 2 years in my chart of the day yesterday (link here), pointing out that in spite of the declines from their recent peaks this year, they still remain well above their levels 2 years ago. So some perspective is needed to the recent falls.</p>\n<p>In terms of new-age commodities, the selloff in crypto-assets took another leg lower yesterday following news that China called a meeting of leaders of its largest banks to reiterate a ban on cryptocurrency services. Bitcoin fell -9.05% to $32,582, its lowest level since late-January. Ethereum (-14.0%), Litecoin (-14.0%) and XRP (-12.6%) all followed suit.</p>\n<p>In terms of the latest on the pandemic, UK Prime Minister Johnson said that for England, “I think it’s looking good for July 19 to be that terminus point” when the easing of restrictions could take place. Nevertheless, a further 10,633 cases were reported in the UK yesterday, which took the weekly average to its highest since late-February, at 9,778. The rate of increase has slowed though. In Germany, Health Minister Spahn warned the delta variant may cause a 4th wave of infections, saying the government would remain cautious when the calendar turns over to Autumn and Winter. Elsewhere, it was announced that spectators at the Tokyo Olympics would be limited to either 10,000 or 50% capacity. Lastly, the White house announced that 150mn Americans, or over 45% of the overall population, are now fully vaccinated and 15 states along with Washington DC have now reached 70% of adults with at least one shot. However there has been a greater than 30% increase in Covid-19 hospitalisations in Missouri, Arkansas and Utah – all states with well below average vaccination rates – over the last week with the increase driven by 18-29 year olds, according to U.S. Department of Health &amp; Human Services data. The absolute numbers remain low and healthcare capacity is not a concern at this time, however local authorities are paying attention and cited low testing numbers as an additional concern.</p>\n<p>Finally, there wasn’t a great deal of data yesterday, though the Chicago Fed’s national activity index came in at 0.29 in May (vs. 0.70 expected), up from -0.09 in April.</p>\n<p>To the day ahead now, and the main highlight will be the aforementioned testimony from Fed Chair Powell to Congress. Otherwise, we’ll also hear from the Fed’s Mester and Daly, as well as the ECB’s Rehn, Lane and Schnabel. Data releases from the US include May’s existing home sales and the Richmond Fed’s manufacturing index for June, while in the Euro Area there’s the advance consumer confidence reading for June.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Futures Steady Ahead Of Powell Testimony</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nFutures Steady Ahead Of Powell Testimony\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-22 20:15 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/markets/futures-steady-ahead-powell-testimony><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>U.S. stock-index futures were little changed, trading just 1% below their all time high, while global shares extended their recovery on Tuesday from four week lows, as investors focused on prospects ...</p>\n\n<a href=\"https://www.zerohedge.com/markets/futures-steady-ahead-powell-testimony\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯","SPY":"标普500ETF"},"source_url":"https://www.zerohedge.com/markets/futures-steady-ahead-powell-testimony","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1196246436","content_text":"U.S. stock-index futures were little changed, trading just 1% below their all time high, while global shares extended their recovery on Tuesday from four week lows, as investors focused on prospects for post-pandemic economic growth, putting fears of a hawkish Fed in the rearview mirror even as they awaited Fed Chair Jerome Powell’s testimony before Congress. Nasdaq 100 futures extend increase to as much as 0.3%, the highest for Tuesday’s session, with contracts on the S&P 500 rising 0.1% as of 7:15am in New York.\n\nIn premarket trading, meme stock Torchlight Energy Resources jumped 10.5% on heavy volume following a 58% surge to a record on Monday, as the company upsized its stock offering after its shares doubled in value last week on interest from individual traders. Other meme stocks trade mostly higher with ContextLogic (WISH) rising 3.3% and Clover Health (CLOV) gaining 1.9%.\nHere are some other notable premarket movers:\n\nAdial Pharmaceuticals (ADIL) surges 28% in premarket trading after a positive mention of the company in a post on the Seeking Alpha investment site.\nMicrovision (MVIS) sinks 9% after saying it may offer from time to time up to $140 million in shares via Craig-Hallum Capital Group.\nNikola (NKLA) drops 2% after registering shares for potential sale by holder Tumim Stone Capital.\nCrypto stocks including miners Riot Blockchain, Marathon Patent Group, Ebang International and MicroStrategy Inc fell between 2% and 3% as China’s crackdown on bitcoin mining expanded to the province of Sichuan.\n\nThe Dow jumped more than 500 points on Monday following last week’s selloff, its best day since early March, with the largest share of S&P members advancing since April 2020.\nMarket participants piled back into energy, financials and industrial stocks when Fed officials including as St. Louis Fed President James Bullard and Dallas Fed President Robert Kaplan toned down their hawkish rhetoric which accelerated last week's rout.\n\"Last week's FOMC meeting was a hawkish surprise, but does not change our market outlook. The reflation trade experienced a sharp technically driven pullback, but we expect the trade to resume and see this move as an opportunity to add exposure to cyclical equities and commodities,\" JPMorgan strategists said in a note.\nEuropean stocks looked set to build on gains in Asian markets as EuroSTOXX 50 futures rose 0.4% and FTSE futures were up 0.3%. Declines in shares of carmakers and banks offset gains in real estate stocks. Europe’s Stoxx 600 travel and leisure subgroup rose as much as 0.8%, making it the second-best performing sector in the benchmark index, after The Times reported that the U.K. is set to announce an overhaul of travel restrictions on Thursday. Here are some of the biggest European movers today:\n\nKingspan shares rise as much as 6.1% with Morgan Stanley (equal- weight) saying the key positive from its trading update is the strong margin performance.\nBT shares gain as much as 2.1%, among top performers in the Stoxx Telecom Index, following a report that Rupert Murdoch’s News UK is looking at a tie-up with BT Sport.\nBossard shares gain as much as 5% to a record high. The company’s business model is “misunderstood” by the market and it is a niche play on the growth of industrial automation, Berenberg writes in a note initiating the stock at buy with a street-high CHF340 PT.\nCasino shares rise as much as 2% after a report saying that retail mogul Micheal Klein started to build a minority position in the Brazilian firm GPA, following a similar move by retailing billionaire Abilio Diniz.\nDS Smith shares fall as much as 3.1% after reporting adjusted operating profit that missed the average analyst estimate.\n\nMSCI's broadest index of Asia-Pacific shares outside Japan rose 0.4%, moving above Monday's four-week lows and notching a 4% gain so far this year, while the broader MSCI Asia Pacific Index rose 0.9%,putting it on track for its best day since May 25.Japanese shares led the advance in Asia, as investor concerns over the pace of U.S. monetary policy tightening and rising inflation eased. It is now poised to snap four straight days of declines. The buoyant performance comes after Federal Reserve Chair Jerome Powell reiterated overnight that inflation had picked up but should move back toward the U.S. central bank’s 2% target once supply imbalances resolve. The New York Fed’s president also said that he continues to view the recent spike in inflation as a temporary phenomenon. Cyclical shares recovered from the recent sell-off, with industrials and materials leading the charge.Japanese equities rebounded, with the Topix climbing by the most in one year one day after the BOJ intervened to buy ETFs for the first time since April.Investors largely expect Asia’s stock market to remain resilient despite the prospects of a gradual tapering of global liquidity and a resurgent dollar. Supporting the region’s equities are attractive valuations, falling Covid-19 cases and relatively low levels of bond yields. The stock benchmark remains more than 6% below a record high it reached in February. “We expect Asia to broadly remain on a healthy recovery path” supported by a broad-based growth in exports and industrial output, Alex Wolf, head of investment strategy for Asia at JPMorgan Private Bank, wrote in a note. “We think three factors will be key to watch over the rest of 2021: vaccination progress, exports -- particularly semiconductors, and China’s recovery.”\nToday, all eyes will be on Fed Chair Powell, who’s testifying at 2pm ET before the House of Representatives’ Select Subcommittee on the coronavirus crisis,where he’s set to talk about the Federal Reserve’s response to the pandemic. In prepared remarks distributed late last night, Powell remains optimistic on the recovery, saying “job gains should pick up in coming months as vaccinations rise, easing some of the pandemic-related factors currently weighing them down.”He also said inflation has “increased notably in recent months” but regarded the recent jump as likely to fade.  Chair Powell acknowledged that “inflation has increased notably in recent months… As these transitory supply effects abate, inflation is expected to drop back toward our longer-run goal.” The transitory nature of inflation is sure to be a key point of questions from some Representatives today.\n“Powell will repeat that inflation is transitory and will drop back ‘as these transitory supply effects abate’,” said Ipek Ozkardeskaya, senior analyst at Swissquote Bank. “How much time do we have before the supply effects abate is a big question.”\n“There’s probably going to be some back and forth here,” said Tracie McMillion, Wells Fargo Investment Institute head of global asset allocation strategy.“There is a lot of cash on the sidelines right now. Some of that is going to be earmarked to go into the markets, and we think the best place right now to be investing is in the equity markets.”\nIn rates, 10-year Treasuries steadied, trading at 1.49% last. Yields were richer across the curve, with 5s30s flatter by ~1bp; 10-year around 1.48% outperforms bunds and gilts slightly Regional demand emerged during Asia session, renewing the bull-flattening trend that stalled on Monday. Treasury auctions include $60b 2-year note, followed by 5- and 7-year on Wednesday and Thursday. The WI 2-year yield at ~0.257% is higher than auction stops since March 2020 and 10.5bp cheaper than last month’s, which stopped through by 0.7bp\nIn currency markets, the dollar spot Index rose as the greenback traded higher versus all of its Group-of-10 peers and the 10-year Treasury yield hovered around 1.49% The pound fell for a fifth day in six sessions on broad dollar strength and as investors awaited signals on the Bank of England’s inflation outlook on Thursday. Norway’s krone fell to a session low as Brent oil retreated after earlier rising to $75 a barrel for the first time in more than two years. Australia’s currency led losses with iron ore extending Monday’s slump. The yen fell to trade around 110.50; bonds also declined and a five-year auction was weaker than expected.\n\"The whole world was mega short the U.S. dollar, and that's in good part has probably been cleaned out already, and now we take a wee breath before the next move up,\" said Westpac currency analyst Imre Speizer.\nIn commodities, WTI was flat at $73.7 per barrel and Brent crude retreated after earlier topping $75/bbl for the first time in more than two years after rising on Monday in reaction the a pause in talks to end U.S. sanctions on Iranian crude. Oil market sentiment was helped by hopes for a quick recovery in oil demand in the United States and Europe. OPEC+ said it was discussing whether to further boost production as the oil market looks increasingly tight. Spot gold added 0.3% to $1,787.61 an ounce.\nBitcoin sank closer to $30,000 after China intensified its cryptocurrency clampdown.\nLooking at theday aheadnow, the main highlight will be the aforementioned testimony from Fed Chair Powell to Congress. Otherwise, we’ll also hear from the Fed’s Mester and Daly, as well as the ECB’s Rehn, Lane and Schnabel. Data releases from the US include May’s existing home sales and the Richmond Fed’s manufacturing index for June, while in the Euro Area there’s the advance consumer confidence reading for June.\nMarket Snapshot\n\nS&P 500 futures down 0.1% to 4,207.75\nSTOXX Europe 600 down -0.3% to 453.94\nMXAP up 0.9% to 206.17\nMXAPJ little changed at 687.97\nNikkei up 3.1% to 28,884.13\nTopix up 3.2% to 1,959.53\nHang Seng Index down 0.6% to 28,309.76\nShanghai Composite up 0.8% to 3,557.41\nSensex up 0.3% to 52,715.63\nAustralia S&P/ASX 200 up 1.5% to 7,342.20\nKospi up 0.7% to 3,263.88\nBrent Futures down 0.4% to $74.63/bbl\nGerman 10Y yield rose 2.2 bps to -0.149%\nEuro down 0.2% to $1.1899\nGold spot down 0.3% to $1,777.25\nU.S. Dollar Index up 0.14% to 92.03\n\nTop Overnight News from Bloomberg\n\nLeveraged funds boosted net dollar shorts by 21,347 contracts in the week ended June 15, the most since mid-January, according to data from the Commodity Futures Trading Commission.\nGermany increased the amount of planned bond sales in the third quarter by 2 billion euros ($2.4 billion) to help cover financing for the ruling coalition’s generous aid programs to offset the impact of the coronavirus pandemic\nChina’s intensifying cryptocurrency crackdown has left Bitcoin flirting with $30,000, a price level seen as key to the short-term outlook for the largest virtual currency\nRussia is considering proposing an OPEC+ oil-output increase at the group’s meeting next week because the nation sees a supply deficit in the market, according to officials familiar with the matter\nMario Draghi has cemented his position in Italy and his political partners are beginning to assume he’ll remain in power until his term ends in 2023. That is the assessment of half a dozen senior officials from all the main parties and inside the government\nHungary is set to become the first European Union nation to tighten monetary policy this year, with the central bank widely expected to raise borrowing costs on Tuesday in an attempt to curb surging inflation\nA raft of disappointing economic data from China last week, especially the sluggish recovery in consumption, has prompted economists to cut their estimates for China’s output in 2021.\n\nQuick look at global markets courtesy of Newsquawk\nAsia-Pac equities staged a rebound from the prior day's sell-off as the region reacted to the rally seen on Wall Street, whereby the DJIA outperformed whilst the Nasdaq’s upside was hindered by the recovery in yields.Overnight, US equity futures traded flat and near the prior session’s best levels ahead of Fed Chair Powell’s testimony – but before that, 2022-voter Mester is poised to make remarks on monetary policy ahead of commentary from 2021-voter Daly. Over in APAC markets, the ASX 200 (+1.5%) was supported by its Telecoms and Financials sectors whilst the Nikkei 225 (+3.1%) trimmed some of the prior session’s hefty losses as reports of BoJ ETF purchases providing Tokyo with some tailwinds. The KOSPI (+0.7%) saw cautious gains as Yonhap reported that South Korea and the US are mulling ending the working group on North Korean policy, whilst North Korea tempered down expectations of dialogue with the US. Hang Seng (-0.6%) and Shanghai Comp (+0.8%) varied with the former pressured after the US reiterated its concern over Hong Kong’s autonomy, whilst the latter remained within recent ranges. As a side note, crypto markets also saw a rebound following yesterday's bloodbath, albeit Bitcoin and Ethereum remained under 35k and 2k respectively. Finally, JGBs trade narrowly softer in tandem with UST and Bund futures waning off best levels.\nTop Asian News\n\nJimmy Lai’s 26-Year-Old Tabloid All But Dead After Defying China; Carrie Lam Defends Apple Daily Arrests, Warns Media Outlets\nGIC Said to Near Deal to Buy Stake in Malaysia’s Sunway Hospital\nChina Tourism May File for Hong Kong Listing This Week: IFR\nKorea Curve Steepens, China Repo Rises, Rupiah Bonds Halt Drop\n\nAhead of the cash open, European index futures indicated a marginally firmer star to the session. However, as cash markets opened, sentiment dwindled and stocks were pushed into the red (Eurostoxx 50 -0.3%) with no real obvious catalyst behind the move. US index futures ebbed lower at the same time with some minor initial underperformance in the tech-heavy e-mini Nasdaq, albeit moves have been confined to recent ranges as markets await further impetus ahead of a particularly busy week of Fed speak. Since then, we have seen a modest pick-up in the futures taking them nearer to the unchanged mark on the session, but still retaining a negative bias overall. On which, Fed Chair Powell is due to testify to Congress today at 1900BST/1400ET. Pre-released text was a reiteration of recent remarks, however, the Q&A segment could offer some opportunity for the Chair to be pushed on the FOMC’s exit strategy and recent hawkish speakers e.g. Bullard; other Fed speakers today include 2022-voter Mester and 2021-voter Daly. In Europe, sectors are somewhat mixed with Oil & Gas top of the pile amid the recent advances in the crude complex even in-light of today’s pressure on a potential ramping up of OPEC+ production (see commodities), whilst Tech and Health care lag peers with the former hampered by the mini-revival seen in yields since the start of the week which saw the US 10yr initially slip below 1.4%. Kepler Cheuvreux downgraded the European banking sector to neutral from overweight with analysts at the firm concerned that the reflation trade is not a foregone conclusion in a context where the steepening of the USD yield curve appears to have exhausted itself. In terms of stock specifics, BT (+0.6%) are slightly firmer on the session amid reports that Rupert Murdoch's News UK is reportedly looking into a tie-up with BT Sport. Finally, Travel & Leisure names including Ryanair (+1.1%) and IAG (+1.0%) have been provided some support amid suggestions that UK ministers are to relax travel restrictions from August for those who have been fully vaccinated.\nTop European News\n\nU.K. Begins Negotiations to Join Trans-Pacific Trading Bloc\nGermany Boosts Third-Quarter Bond Issuance by 2 Billion Euros\nAston Martin Sues Dealer Over Deposits for $3.5 Million Valkyrie\nTech Stocks Tumble as Prosus Falls, Pandemic Winners Decline\n\nIn FX,there was some calm after Monday’s relatively lively session amidst pronounced risk-off APAC trade before a steady recovery in sentiment that prompted a retreat in safe-havens on little fresh news or data. Nevertheless, the DXY formed a base below 92.000 and is currently consolidating around its new pivot within a 91.890-92.139 range inside yesterday’s 91.826-92.375 range awaiting further direction that could come from today’s trio of Fed speakers or macro releases in the form of existing home sales and Richmond Fed composite readings. Note, however, the text of chair Powell’s testimony to Congress has already been published so anything new will likely come from the Q&A section.\n\nAUD/GBP - It may be too early to label the day a turnaround Tuesday for the Aussie and Pound, but both have unwound a chunk of their gains vs the Buck after benefiting from its frailty yesterday, and Aud/Usd is also bearing the brunt of another slump in iron ore prices as it struggles to stay within touching distance of the 0.7500 handle. Note also, prelim payrolls and earnings data came in weaker than prior prints overnight ahead of flash PMIs tonight. Meanwhile, Sterling has relinquished 1.3900+ status, and perhaps partly due to a loss of technical momentum given that Cable topped out just pips shy of the 100 DMA (1.3941 vs 1.3937 high), while the Eur/Gbp cross held around 0.8550 before bouncing.\nCAD/CHF/NZD/EUR/JPY - A pull-back in WTI towards Usd 73/brl in wake of reports that Russia may push for higher OPEC+ crude output at next week’s summit, has undermined the Loonie ahead of Canadian retail sales on Wednesday, with Usd/Cad back up in the high 1.2300 area, while the Franc is beneath 0.9200 following fairly upbeat economic forecasts from Switzerland’s KOF. Elsewhere, the Kiwi is holding between 0.6995-63 parameters following a marked pick-up in NZ credit card spending and as Aud/Nzd eyes 1.0750 to the downside having been capped circa 1.0800, the Euro is straddling 1.1900 and Yen has retreated through 110.50 against the backdrop of higher US Treasury yields and curve re-steepening.\n\nIn commodities,WTI and Brent have seen downside, -0.5% and -0.4% respectively, after what was a relatively uneventful APAC session for the benchmarks. The pressure came just after the European cash equity open, which was softer than futures had implied, amid reports that Russia is considering proposing an increase in OPEC+ oil production at the July 1st gathering, according to officials. As Russia expects the global supply shortfall to persist over the medium-term horizon; note, Russian VP Novak is set to meet with various domestic oil companies today. This report sparked pressure in the benchmarks sending WTI and Brent August’21 futures below USD 73.00/bbl and USD 75.00/bbl respectively – a smaller bout of further pressure was seen on subsequent source reports that it is possible to increase supply gradually from August. Such an alteration would be in-fitting with the most recent IEA MOMR which wrote that “OPEC+ needs to open the taps to keep world oil markets adequately supplied; production hikes at current pace set to be nowhere near the levels needed to prevent further stock draws”. As a reminder, the current OPEC+ quotas which were set in April envisage 700k BPD and 850k BPD of oil re-entering the market in June and July respectively. Moving to metals, spot gold and silver are modestly softer on the session given upside in both the USD and yields this morning; however, the magnitude of ranges for the precious metals are contained when compared with action seen over the last week. On gold, JP Morgan retains its long-term bearish view on the metal in-light of last week’s FOMC updates and look for copper prices to ease into H2 as supply/demand imbalances resolve, taking the view that the metal peaked in Q2.\nUS Event Calendar\n\n10:30am: Fed’s Mester Discusses Monetary Policy and Financial...\n11am: Fed’s Daly Speaks at Peterson Institute Event\n2pm: Powell Testifies to Congress on Covid-19 Response and Economy\n\nDB's Jim Reid concludes the overgnight wrap\nWhen we went to press yesterday morning I was left very confused as to why US 10 year yields had sunk even further overnight to around 1.36% from 1.44% at the Asian open. It felt like it might be the longest day of the year in markets as well as in daylight terms. Well 4 hours later they had moved back to 1.44% and then 1.49% after another 6 hours early in the US session - roughly where they closed and where they are trading now in Asia. To be fair the real action continues to be in the 30 year part of the curve which opened in Asia yesterday at 2.01%, rallied to 1.925% but then reversed course all day and flirted with 2.10% as Europe went home before closing at 2.11% (2.12% in Asia). There was no real new news so the earlier price action perhaps indicates that there might have been some positioning/liquidation issues out there yesterday to explain such swings. This is part of the reason I wouldn’t try to over analyse the macro implications of these moves at the moment. There seems to be a lot of technical things going on at the moment including the Treasury running down their cash holdings at the Fed. As such I think it’s far too early to suggest that the price action reflects a view that the Fed made a policy error last Wednesday.\nEquity markets seemed to like a return of more normal yields as they have been a bit shaken by the bond reaction post the FOMC. In fact by the close of yesterday’s session, the S&P 500 had rebounded +1.40% to put the index back within 1% of its all-time closing high last week. So quite the reversal from its worst weekly performance since February. Even the dollar (which saw its best performance since September last week) changed gears to close -0.35% lower on the day.\nIn the absence of other events on the calendar, Fed speakers were in focus yesterday with St Louis President Bullard (non-voter, dove) and Dallas President Kaplan (non-voter, hawk) kicking off proceedings. Notably, Bullard said that the Fed ought to set up its taper so it could be adjusted if necessary, which raises the prospect that the pace could change depending on the strength of the economic recovery and inflation outcomes. And he himself alluded to the uncertainty in the outlook, saying that “No one really knows how this is all going to unfold. We have to be ready for the idea that there is upside risk to inflation and for it to go higher”. Separately, Kaplan said that he was in favour of beginning the tapering process sooner rather than later. However the timeline is still uncertain, as later in the session New York Fed President Williams said that he still sees tapering as “quite a ways off.” Williams also expects inflation to return to 2% next year and that the long-term trends that have depressed inflation in recent years will be the overriding force once again. After a year of coordinated messaging, it seems like there is more dispersion of views coming out of the committee now. I think this is more healthy.\nToday, all eyes will be on Fed Chair Powell, who’s testifying at 7pm London time before the House of Representatives’ Select Subcommittee on the coronavirus crisis, where he’s set to talk about the Federal Reserve’s response to the pandemic. In prepared remarks distributed late last night, Powell remains optimistic on the recovery, saying “job gains should pick up in coming months as vaccinations rise, easing some of the pandemic-related factors currently weighing them down.” Chair Powell acknowledged that “inflation has increased notably in recent months… As these transitory supply effects abate, inflation is expected to drop back toward our longer-run goal.” The transitory nature of inflation is sure to be a key point of questions from some Representatives today.\nRunning through the market moves yesterday, US equities saw an incredibly broad-based advance, with 482 companies moving higher in the S&P on the day, which remarkably represents the highest number of gainers in over a year. The S&P gains were led by the cyclical/reopening trade as yields rebounded while tech stocks lagged somewhat, with the NASDAQ seeing a smaller +0.79% advance, though that still left the index within 0.5% of its own all-time high. Small-cap stocks saw even larger gains, as the Russell 2000 was up +2.16%. Over in Europe, equity markets saw their own slightly more subdued rebound with the STOXX 600 ending the day up +0.70%.\nFor sovereign bond markets it was an eventful day as discussed at the top, with yields moving noticeably lower prior to the open in Europe before ending the day higher. Furthermore, we saw curves begin to steepen again following the major flattening last week, with the US 2s10s curve up +4.8bps, and the 5s30s up +8.6bps. Europe saw much the same story once the global sell-off begun, with yields on bunds (+2.9bps), OATs (+0.5bps) and BTPs (+0.4bps) all moving higher.\nOvernight in Asia, markets are following Wall Street’s lead with the Nikkei (+2.95%), Shanghai Comp (+0.78%) and Kospi (+0.77%) all making gains. The Hang Seng (-0.01%) is trading broadly flat. Outside of Asia, futures on the S&P 500 are up +0.18% and those on the Stoxx 50 are up +0.35%.\nElsewhere, both Brent Crude (+1.89%) and WTI (+2.82%) oil prices climbed to fresh 2-year highs of $74.90/bbl and $73.66/bbl respectively. Indeed that rise for WTI yesterday now means it’s risen by more than +50% on a YTD basis, making it the first major asset in our performance review basket to reach that milestone this year. Overnight, Brent oil prices have crossed $75 mark for the first time since April 2019. Other commodities also performed decently yesterday, including copper (+0.65%), gold (+1.08%), silver (+0.64%) and corn (+0.61%), with all 4 recovering ground following last week’s losses. Speaking of commodities, I looked at the change in various prices over the last 2 years in my chart of the day yesterday (link here), pointing out that in spite of the declines from their recent peaks this year, they still remain well above their levels 2 years ago. So some perspective is needed to the recent falls.\nIn terms of new-age commodities, the selloff in crypto-assets took another leg lower yesterday following news that China called a meeting of leaders of its largest banks to reiterate a ban on cryptocurrency services. Bitcoin fell -9.05% to $32,582, its lowest level since late-January. Ethereum (-14.0%), Litecoin (-14.0%) and XRP (-12.6%) all followed suit.\nIn terms of the latest on the pandemic, UK Prime Minister Johnson said that for England, “I think it’s looking good for July 19 to be that terminus point” when the easing of restrictions could take place. Nevertheless, a further 10,633 cases were reported in the UK yesterday, which took the weekly average to its highest since late-February, at 9,778. The rate of increase has slowed though. In Germany, Health Minister Spahn warned the delta variant may cause a 4th wave of infections, saying the government would remain cautious when the calendar turns over to Autumn and Winter. Elsewhere, it was announced that spectators at the Tokyo Olympics would be limited to either 10,000 or 50% capacity. Lastly, the White house announced that 150mn Americans, or over 45% of the overall population, are now fully vaccinated and 15 states along with Washington DC have now reached 70% of adults with at least one shot. However there has been a greater than 30% increase in Covid-19 hospitalisations in Missouri, Arkansas and Utah – all states with well below average vaccination rates – over the last week with the increase driven by 18-29 year olds, according to U.S. Department of Health & Human Services data. The absolute numbers remain low and healthcare capacity is not a concern at this time, however local authorities are paying attention and cited low testing numbers as an additional concern.\nFinally, there wasn’t a great deal of data yesterday, though the Chicago Fed’s national activity index came in at 0.29 in May (vs. 0.70 expected), up from -0.09 in April.\nTo the day ahead now, and the main highlight will be the aforementioned testimony from Fed Chair Powell to Congress. Otherwise, we’ll also hear from the Fed’s Mester and Daly, as well as the ECB’s Rehn, Lane and Schnabel. Data releases from the US include May’s existing home sales and the Richmond Fed’s manufacturing index for June, while in the Euro Area there’s the advance consumer confidence reading for June.","news_type":1},"isVote":1,"tweetType":1,"viewCount":96,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":167739100,"gmtCreate":1624284234600,"gmtModify":1703832452619,"author":{"id":"3584240189191061","authorId":"3584240189191061","authorIdStr":"3584240189191061","name":"Babyowl","avatar":"https://community-static.tradeup.com/news/68df35b15b728b6a16379cdbf87367a7","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3584240189191061"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/167739100","repostId":"1153966184","repostType":4,"isVote":1,"tweetType":1,"viewCount":141,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}