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Investors sue U.S. regulator over Trump-era AGM resolution rules
  + stars: | 2021-06-15 | by ( Ross Kerber | ) www.reuters.com + 0.00   time to read: +5 min
The two other plaintiffs are James McRitchie, an individual investor and frequent filer of shareholder resolutions, and the Interfaith Center on Corporate Responsibility, which represents religious groups and other institutional investors. They will be able to file a resolution owning $2,000 worth of stock only after they have held it for three years. Senate Democrats had introduced a resolution to undo the SEC changes on shareholder proposals, but a deadline to move it has passed. It alleges the regulator placed undue emphasis on the costs of the resolutions for the companies, which the regulator has previously pegged at up to $150,000. The case is Interfaith Center on Corporate Responsibility et al v SEC, U.S. District Court, District of Columbia, No.
Persons: Gary Gensler, Jose Luis Magana, Wall, Donald Trump, Danielle Fugere, James McRitchie, Russell, Georgeson, Hannah Orowitz, Dupont, Joe Biden, Biden, Ross Kerber, Greg Roumeliotis, Sonya Hepinstall, Matthew Lewis Organizations: U.S . Securities, Exchange Commission, Banking, Housing, Urban Affairs Committee, SEC, Capitol, REUTERS, Corporate, Washington , D.C, Interfaith, Democratic, Labor Department, Trump, Democrats, Trump -, U.S, District of Columbia, Thomson Locations: Corporate America, California, U.S, Washington ,, RUA, Boston
NEW YORK (Reuters) - From lumber prices to wages and inventories: Reading the clues around inflation has turned into an investor obsession. As investors assess the risks of rising prices to financial markets, however, some think the biggest gains in inflation are already in the rear-view mirror. Koesterich thinks inflation will likely run above trend lines well into 2022 given the bottlenecks in global supply chains. Investors who bet on inflation typically move into groups better-positioned to weather price rises, like materials and energy and companies with pricing power. REASONS TO WORRYWhile the majority of investors believe inflation is transitory, according to a Bank of America fund manager survey, worries remain.
Persons: Leah Millis, , Russ Koesterich, Koesterich, Jeff Mayberry, ” Mayberry, Ernesto Ramos, Morgan Stanley, Michael Wilson, Greg Wilensky, Janus Henderson, Wilensky, “ I’m, ” Paul Tudor Jones, ” Morgan, James Gorman, Mohamed El Organizations: YORK, Federal Reserve Board, REUTERS, Employers, Fed, BMO Global Asset Management, Bank of America, U.S, Securities, Tudor Investment Corp, CNBC, ” Morgan Stanley, Allianz, Locations: Washington , U.S, Treasuries
L2N2NR2Q5 read moreAs investors assess the risks of rising prices to financial markets, however, some think the biggest gains in inflation are already in the rear-view mirror. That is in line with the Federal Reserve's notion that inflation will be "transitory." Koesterich thinks inflation will likely run above trend lines well into 2022 given the bottlenecks in global supply chains. REASONS TO WORRYWhile the majority of investors believe inflation is transitory, according to a Bank of America fund manager survey, worries remain. He said he would be "really concerned arguing that inflation is transitory" with inventories at a "record low" while demand is "screaming."
Persons: Leah Millis, Russ Koesterich, Koesterich, Jeff Mayberry, Mayberry, Ernesto Ramos, Morgan Stanley, Michael Wilson, Greg Wilensky, Janus Henderson, Wilensky, Paul Tudor Jones, Morgan, James Gorman, Mohamed El, David Randall, Megan Davies, Dan Grebler Organizations: Board, REUTERS, Employers, BMO Global Asset Management, Bank of America, U.S, Securities, Tudor Investment Corp, CNBC, Morgan Stanley, Allianz, Thomson Locations: Washington , U.S, Treasuries
Atlantia to reward investors after sealing Autostrade deal
  + stars: | 2021-06-15 | by ( Francesca Landini | ) www.reuters.com + 0.99   time to read: +2 min
FILE PHOTO: The logo of an infrastructure group Atlantia is seen outside their headquarters, in Rome, Italy October 5, 2020. The agreement will bring 8 billion euros into Atlantia’s coffers, ending a dispute prompted by the 2018 deadly collapse of a motorway bridge run by Autostrade. The promise to pay dividends clarifies the group’s strategy after it said in March it would focus on cutting debt, which reached 41.9 billion euros in 2020. In addition, some of the proceeds from the Autostrade sale will go to reward investors. The group is considering a share buyback of between 1 billion euros and 2 billion euros to be launched once the sale of Autostrade is completed, it said.
Persons: Guglielmo Mangiapane, Benetton, Atlantia, , Bestinver Organizations: MILAN, REUTERS, Autostrade, Benetton Locations: Rome, Italy, Autostrade,
Wealth-management software provider Addepar Inc. more than doubled its valuation to $2.17 billion from seven months ago in its latest funding round, the company said Tuesday. It was previously valued at nearly $1 billion after its last funding round in November, according to a person familiar with the deal. Addepar currently tracks about $2.7 trillion of assets and has added an average $15 billion in assets a week since mid-2020. The company says it thinks the total market demand for investible assets is more than $200 trillion globally. Clients include AllianceBernstein Holding LP, Morgan Stanley and Stifel Financial Corp. , whose investment arm previously invested in Addepar.
Persons: Addepar, Joe Lonsdale, Eric Poirier, , Mr, Poirier, Morgan Stanley Organizations: Addepar Inc, D1 Capital Partners, Palantir Technologies Inc, Equity Partners, WestCap, AllianceBernstein, Stifel Financial Corp Locations: New York, Addepar, Calif
Japanese shares track Nasdaq higher, drug makers shine
  + stars: | 2021-06-15 | by ( Reuters Staff | ) www.reuters.com sentiment -0.94   time to read: +2 min
TOKYO, June 15 (Reuters) - Japanese shares closed higher on Tuesday, buoyed by technology and growth-oriented stocks following a strong finish on the Nasdaq overnight, while drug makers extended their gains. “Today’s strong market finish is simply a reaction to the gains in the Nasdaq overnight,” said Jun Morita, general manager of the research department at Chibagin Asset Management. Eisai shares have been volatile since the company’s Alzheimer’s drug, developed in partnership with Biogen Inc , got a nod from U.S. regulators last week. The U.S. Food and Drug Administration is facing mounting criticism over the drug approval. Growth stocks led the gains after Nasdaq shares outperformed on Wall Street, with the Topix Growth Index rising 1.09%, compared with 0.53% gains in value shares.
Persons: , , Jun Morita, Eisai, Takeda, Junko Fujita, Hideyuki Sano, Shailesh Kuber, Subhranshu Sahu Organizations: Nasdaq, Nikkei, U.S, U.S . Federal, Chibagin Asset Management, “ Investors, , Tokyo Stock, Eisai, Biogen Inc, U.S . Food, Drug Administration, Takeda Pharmaceutical, Toyota Motor Locations: TOKYO, U.S ., U.S, Japan, Tokyo
Signs that the Fed may taper sooner than expected could spark a bond market sell-off, which could hurt risk appetite and send stocks lower. Inflation has been coming in well above the Fed’s 2% target as the economy reopens and investors will be watching for signs that policymakers are uncomfortable with the recent increases. read moreThe U.S. Treasury market showed little concern about the data, however, with yields falling to three-month lows. Fed Chair Jerome Powell said after the U.S. central bank’s April meeting that transitory increases in inflation expected this year would not meet its standard for raising interest rates. Meanwhile, any increase in inflation projections for 2022 and 2023 may indicate that the Fed sees inflation increases being more persistent than previously expected.
Persons: Jerome Powell Organizations: U.S . Treasury, Fed, AS, Treasury, Investors, Thomson Locations: U.S
PRECIOUS-Gold steadies on dollar retreat; focus on Fed meeting
  + stars: | 2021-06-15 | by ( Brijesh Patel | ) www.reuters.com sentiment -0.99   time to read: +2 min
“Technically, gold has broken down a key support level and it seems to be entering into a bearish trend,” she added. Also on the radar, U.S. monthly retail sales data due later in the day. Recent data showing a spike in U.S. consumer prices has benefited gold as it is seen as a hedge against inflation. Spot gold may retest a support at $1,842 per ounce, a break below could cause a fall to $1,825, according to Reuters technical analyst Wang Tao. Elsewhere, silver dropped 0.5% to $27.71 per ounce, palladium rose 0.2% to $2,756.68, while platinum slipped 0.3% to $1,161.
Persons: , Margaret Yang, Avtar Sandu, Phillip Futures, Wang Tao Organizations: U.S . Federal, Investors, Phillip Locations: .
Uranium Investors Have Become Overly Reactive
  + stars: | 2021-06-15 | by ( Jinjoo Lee | ) www.wsj.com sentiment -1.00   time to read: +1 min
A group of uranium mining companies saw their stock prices plunge on Monday after news emerged that a nuclear power plant in Southeast China flagged a performance issue. Canadian uranium mining companies Cameco and NexGen Energy dropped 10% and nearly 9%, respectively, and a basket of uranium-related companies tracked by the Global X Uranium ETF fell 6.5%. Monday’s reaction came after CNN reported that the U.S. government was assessing a report of a leak—not of radiation but of inert gases—at a Chinese nuclear power plant co-owned by two Chinese energy companies and French energy company EDF. The market response is almost comparable to what happened after the Fukushima nuclear accident in 2011, which led Cameco shares to fall almost 13%. Uranium mining companies tend to operate on multiyear supply contracts with utilities, so there is little risk that a nuclear power plant would immediately pull back buying from these mining companies.
Organizations: NexGen Energy, Uranium, CNN, EDF Locations: China
Asian shares mixed, dollar strong as investors eye Fed meeting
  + stars: | 2021-06-15 | by ( Alun John | ) www.reuters.com + 0.00   time to read: +4 min
HONG KONG (Reuters) - Asian shares had a mixed day on Tuesday and the dollar sat near multi-week highs ahead of a much-anticipated Federal Reserve policy meeting, which investors are watching for hints of any change to the U.S. monetary policy outlook. U.S. stock futures rose 0.16%, Euro Stoxx 50 futures were up 0.39% and FTSE futures were up 0.31%. The two-day meeting starts on Tuesday, with a final statement published after the meeting closes on Wednesday. STRONG DOLLARIn currency markets, the dollar was quiet holding onto its gains against major currencies. The dollar index was at 90.475, not far off the top of its recent range.
Persons: Kim Kyung, , Kyle Rodda, , ” Rodda, Qi Wang, Brent, bitcoin, Elon Musk, Tesla Organizations: Reuters, Nikkei, REUTERS, Group, Seven, Traders, MegaTrust Investment, ANZ, CBA Locations: HONG KONG, Tokyo, Japan, Asia, Pacific, Beijing, China, U.S, United States, Tehran, Iran
Oil rises as threat recedes of Iran supply resuming soon
  + stars: | 2021-06-15 | by ( Aaron Sheldrick | ) www.reuters.com sentiment -1.00   time to read: +2 min
An employee demonstrates a sample of crude oil in the Yarakta Oil Field, owned by Irkutsk Oil Company (INK), in Irkutsk Region, Russia in this picture illustration taken March 11, 2019. Brent crude was up by 17 cents, or 0.2%, at $73.03 a barrel by 0347 GMT, having risen 0.2% on Monday. U.S. oil gained 15 cents, or 0.2%, to $71.03 a barrel, having slipped 3 cents in the previous session. It is "looking increasingly unlikely that we will see the U.S. rejoin the Iranian nuclear deal before the Iranian presidential elections later this week," ING Economics said in a note. "Daily technical indicators are currently pointing to crude oil in overbought territory and a pullback may be due," said Avtar Sandu, senior manager commodities at Phillip Futures.
Persons: Vasily Fedosenko, Brent, Avtar Sandu Organizations: Irkutsk Oil Company, REUTERS, European Union, ING, Organization of Petroleum Exporting, Phillip Futures, Investors, U.S . Federal Reserve, Thomson Locations: Irkutsk Region, Russia, Iran, United States, Tehran, . U.S, Vienna, U.S, OPEC
Oil gains as risk of Iran supply resumption recedes
  + stars: | 2021-06-15 | by ( Aaron Sheldrick | ) www.reuters.com sentiment -1.00   time to read: +2 min
An employee demonstrates a sample of crude oil in the Yarakta Oil Field, owned by Irkutsk Oil Company (INK), in Irkutsk Region, Russia in this picture illustration taken March 11, 2019. Brent crude was up by 38 cents, or 0.5%, at $73.24 a barrel by 0651 GMT, having risen 0.2% on Monday. U.S. oil gained 33 cents, or 0.5%, to $71.21 a barrel, having slipped 3 cents in the previous session. It is "looking increasingly unlikely that we will see the U.S. rejoin the Iranian nuclear deal before the Iranian presidential elections later this week," ING Economics said in a note. "Daily technical indicators are currently pointing to crude oil in overbought territory and a pullback may be due," said Avtar Sandu, senior manager commodities at Phillip Futures.
Persons: Vasily Fedosenko, Brent, Avtar Sandu Organizations: Irkutsk Oil Company, REUTERS, European Union, ING, Organization of Petroleum Exporting, Phillip Futures, Investors, Federal Reserve, Thomson Locations: Irkutsk Region, Russia, Iran, United States, Tehran, . U.S, Vienna, U.S, OPEC
Oil rises on optimism about demand outlook
  + stars: | 2021-06-15 | by ( Ahmad Ghaddar | ) www.reuters.com sentiment -0.99   time to read: +2 min
An employee demonstrates a sample of crude oil in the Yarakta Oil Field, owned by Irkutsk Oil Company (INK), in Irkutsk Region, Russia in this picture illustration taken March 11, 2019. REUTERS/Vasily Fedosenko/Illustration/File photoOil prices rose on Tuesday, holding near multi-year highs, amid optimism that demand will recover rapidly in the second half of this year. Brent crude was up by 52 cents, or 0.7%, at $73.38 a barrel by 1028 GMT, close to a late April 2019high. U.S. oil gained 49 cents, or 0.7%, to $71.37 a barrel, near a 32-month high"We regard the continuing good news on the demand front and upbeat sentiment on the financial markets as the key reasons for the latest upswing," Commerzbank said. The head of trading house Vitol sees oil prices moving between $70-$80 a barrel this year on the expectations that OPEC+ will keep its supply discipline.
Persons: Vasily Fedosenko, Brent, Commerzbank, Russell Hardy Organizations: Irkutsk Oil Company, REUTERS, FT Commodities Global, Organization of Petroleum Exporting, Investors, Federal Reserve, Thomson Locations: Irkutsk Region, Russia, 2019high . U.S, OPEC, U.S, Britain, COVID
Oil up nearly 2% to multi-year highs on demand expectations
  + stars: | 2021-06-15 | by ( Stephanie Kelly | ) www.reuters.com + 0.00   time to read: +2 min
An employee demonstrates a sample of crude oil in the Yarakta Oil Field, owned by Irkutsk Oil Company (INK), in Irkutsk Region, Russia in this picture illustration taken March 11, 2019. ETTOKYO, June 15 (Reuters) - Oil prices rose nearly 2% to their highest in more than two years on Tuesday, buoyed by expectations demand will recover rapidly in the second half of 2021. "With supply growth lagging demand growth in the near term, faster falling oil inventories are supporting oil prices," UBS analyst Giovanni Staunovo said. He said comments on Tuesday from some of the world's top oil traders added to the bullish mood. Trafigura Chief Executive Jeremy Weir told the same event there was a good chance prices could reach $100 a barrel because of falling reserves before the world reaches peak oil demand.
Persons: Vasily Fedosenko, Giovanni Staunovo, Russell Hardy, Jeremy Weir, Louise Dickson, Aaron Sheldrick, Muralikumar Organizations: Irkutsk Oil Company, REUTERS, bbl, Brent, UBS, of, Petroleum, FT Commodities Global, Trafigura, OPEC, Rystad Energy, Analysts, Reuters, Investors, Federal Reserve, Thomson Locations: Irkutsk Region, Russia, TOKYO, U.S
Visitors fill an official Detective Conan-themed coffee shop in a shopping mall in Shanghai, China, on Thursday May 13, 2021. Investors are betting on an emerging generation of spenders in China – about 250 million people known as Generation Z, roughly equal to 75% of the U.S. population. Born between 1995 and 2009, these young people are among the wealthiest and highest-income groups in China, according to Asian investment firm CLSA. This generation will likely spend most on housing, food and beverage, and leisure-related categories, the firm said. But investment firm China Renaissance said Gen Z is the group to focus on for those who want to cash in on opportunities in China's economy.
Persons: Conan, Z, Charlie Chen Organizations: Investors, CNBC Locations: Shanghai, China
Gold little changed as markets await U.S. Fed meeting
  + stars: | 2021-06-15 | by ( ) www.cnbc.com sentiment -1.00   time to read: +1 min
A one kilo Swiss gold bar and US dollars gold coins are pictured in Paris on February 20, 2020. Gold prices steadied on Tuesday, after falling to a near one-month low in the previous session, as investors awaited the U.S. Federal Reserve meeting for further clarity on rising inflation and monetary policy going forward. Investors now await the Wednesday outcome of the Fed's two-day policy meeting. Recent data showing a spike in U.S. consumer prices has benefited gold as it is seen as a hedge against inflation. But, rising inflation concerns could also force policymakers into an earlier tapering of currency-depreciating stimulus.
Organizations: U.S . Federal, Benchmark, Investors Locations: Paris, .
Adani’s rollercoaster ride is a costly lesson
  + stars: | 2021-06-15 | by ( ) www.reuters.com sentiment -1.00   time to read: +1 min
REUTERS/Phil NobleGautam Adani’s rollercoaster ride is an expensive lesson in the cost of clumsy disclosure in frothy markets. The crash was triggered by a report noting that some foreign funds which own single-digit stakes of the tightly held companies had been frozen. By the end of the day, it emerged read more that the suspended accounts weren’t actually the ones that held Adani stakes. Adani’s aggressive dismissal of the story undid only part of the damage; the stocks closed $6 billion lighter. Adani Enterprises itself trades on over 100 times earnings.
Persons: Phil Noble Gautam, weren’t, Una Galani, Philips Organizations: REUTERS, Investors, Adani Enterprises, Adani Locations: Blackpool, Britain, Mumbai, Una
UBS' Mark Haefele also recommends getting into tech stocks with private equity investments. (1) ReflationUBS says investors can benefit from faster economic growth and greater inflation in a couple of different ways. But as bond yields inch higher, UBS says, large cap value stocks should perform better than growth stocks. "The rollout is now picking up, earnings are recovering, and the Japanese market is also more resilient to real rate increases than other stock markets," UBS wrote. So instead of betting on a rebound from Apple et al, Haefele recommends looking for private equity investments in earlier-stage tech companies.
Persons: Mark Haefele, Reflation, Haefele Organizations: UBS, Reflation UBS, Commodities UBS, krone Locations: Asia, 1Q21,
Bitcoin-focused investors are losing out on the potential of other assets like oil, Rich Bernstein said. People don't care even though oil is riding high in a bull market, he said. Investment adviser Rich Bernstein said in a CNBC interview Monday that bitcoin is a bubble, and crypto mania is making investors ignore other asset classes that have more potential. And oil has been in a bull market , and it's basically, you never hear anything about it. "We've got this major bull market going on in commodities, and all people are saying is that it doesn't matter," he said.
Persons: Rich Bernstein, Bitcoin, Brent, Bernstein, Richard Bernstein, CNBC's, it's, We've, Goldman Sachs, bitcoin's, industrials, Read Organizations: Bell, Investment, CNBC, Richard Bernstein Advisors, West Texas, Wall, titans
Hayman Capital's Kyle Bass on how investors should handle surge in May producer prices
  + stars: | 2021-06-15 | by ( ) www.cnbc.com sentiment -0.87   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHayman Capital's Kyle Bass on how investors should handle surge in May producer pricesProducer prices rose at their fastest annual clip in nearly 11 years in May as inflation continued to build in the U.S. economy, the Labor Department reported Tuesday. Kyle Bass, founder and chief investment officer of Hayman Capital Management, joined "Squawk Box" on Tuesday to discuss.
Persons: Hayman Capital's Kyle Bass, Kyle Bass Organizations: Labor Department, Hayman Capital Management Locations: U.S
But foreign companies now operating in Ethiopia are struggling to repatriate profits amid a crippling foreign exchange crunch and inflation that consistently exceeds 20%. Mamo Mihretu, Abiy's senior policy adviser, told Reuters the government would not be deterred and investors were still interested in Ethiopia. "Despite the ongoing pandemic, locust invasion and other challenges, the government is pushing through the home-grown economic reforms," he said. He said attempts to form an Ethiopian company to serve as a collateral agent went nowhere. While the government opened up the sector to foreign investment, it kept a tight grip on banking and insurance.
Persons: Abiy Ahmed, Mamo, Abiy's, Gail Strickler, Frans Van Schaik, Van Schaik, Lelise Neme, Brook Taye, Kenya's, Japan's, Abiy Organizations: Reuters, Apparelz, Ethiopian, Eritrean, Brookfield Associates, Ministry of Foreign Affairs, Africa Asset Finance Company, Ethiopian Investment Commission, AAFC, Groupe Bollore, Logistics, DHL Global, Deutsche Post DHL Group, Ethiopian Airlines, Sector, Japan's Sumitomo, Britain's Vodafone, South Africa's MTN, Monday, Thomson Locations: Ethiopia, Tigray, New York, French, Logistics Ethiopia
Steve Burns has resigned as CEO of Lordstown Motors following accusations of overplaying pre-orders to investors. Even after years in development, the vehicle wasn't functional when Lordstown bought the rights to it, a former Lordstown employee told Insider. Several Workhorse and Lordstown employees told Insider that both companies relied on interns to keep costs low and in several situations had interns leading entire departments. "The only credential you need to work for Steve Burns is to go to his church or be a member of his family." Four former employees told Insider he had a particular way of looking at things that they called "Steve's magical thinking."
Persons: Steve Burns, overplaying, Burns, Mike Pence, Michael Aldridge, Tesla, Lordstown's, Lordstown, Brittney Burns, Jeffrey Kenny, Business Development Caimin Flannery —, Kenny, Flannery, Sullivan, Cromwell, Hindenburg, Steve Jobs, Hemlink, he'd, he's, Steve Organizations: Lordstown Motors, Hindenburg, Lordstown, Gannett, Electric Vehicles, Group, Investors, GM, The New York Times, Corporate, Business Development, AMP, Cromwell LLP, Endurance, Lordstown Motors Workers Locations: Lordstown, Lordstown , Ohio
Bright Health is going public at a $13.4 billion valuation. Fast-growing Bright Health is the latest health insurance upstart to file for an initial public offering, and its exit is poised to deliver massive gains for its biggest investors and top executives. Bright Health is the latest health insurer to file to go public. The company owns 37.7% of Bright, or about 216.3 million shares of its common stock going into the IPO. The company owns 37.7% of Bright, or about 216.3 million shares of its common stock going into the IPO.
Persons: Bright, Oscar Health, hasn't, Here's, Mohamad Makhzoumi, Jeffrey Immelt, Steve Kraus, Greenspring, Mike Mikan, Robert Sheehy, Sheehy, Catherine Smith Organizations: Clover Health, Bright, New Enterprise Associates, NEA, General Electric, Bessemer Venture Partners, Greenspring Associates, UnitedHealth, Target Locations: Minneapolis, firm's, Bessemer
Traders on the floor of the New York Stock Exchange. This is the daily notebook of Mike Santoli, CNBC's senior markets commentator, with ideas about trends, stocks and market statistics.
Persons: Mike Santoli Organizations: New York Stock Exchange
These investors break down their stock picks amid inflation fears
  + stars: | 2021-06-15 | by ( ) www.cnbc.com sentiment -1.00   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThese investors break down their stock picks amid inflation fearsCNBC's "Halftime Report" team discusses what they think of the inflation environment and the economy with Chris Grisanti of MAI Capital Management and Jeff Krumpelman of Mariner Wealth Management.
Persons: Chris Grisanti, Jeff Krumpelman Organizations: MAI Capital Management, Mariner Wealth Management
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