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Online grocery retailer Boxed to go public via $900 million SPAC deal
  + stars: | 2021-06-14 | by ( Reuters Staff | ) www.reuters.com sentiment -0.99   time to read: +1 min
(Reuters) - Online bulk grocery retailer Boxed Inc said on Monday it would go public through a merger with blank-check firm Seven Oaks Acquisition Corp, in a deal valuing the equity of the combined firm at around $900 million. The deal is expected to provide Boxed with about $334 million in net cash proceeds, including a $120 million private investment from investors such as Brigade Capital Management, Avanda Investment Management and Onex Credit. Seven Oaks, a so-called special purpose acquisition company, or SPAC, raised nearly $260 million through an initial public offering (IPO) last year. SPACs are shell companies that raise funds through an IPO to take a private company public through a merger at a later date. Citi and PJ Solomon are serving as financial advisors to Boxed, while Wells Fargo Securities, Nomura and JonesTrading Institutional Services are acting as capital markets and financial advisors to Seven Oaks.
Persons: PJ Solomon Organizations: Reuters, Oaks, Corp, Brigade Capital Management, Avanda Investment Management, Onex, Seven, Citi, Wells, Wells Fargo Securities, Nomura, JonesTrading Institutional Services, Seven Oaks Locations: Wells Fargo
Japan's FSA disappointed by Archegos global fallout
  + stars: | 2021-06-14 | by ( ) www.reuters.com sentiment -1.00   time to read: +1 min
A man walks past a sign of Japan's Financial Services Agency in Tokyo August 7, 2014. REUTERS/Toru HanaiThe head of Japan's financial watchdog said he was disappointed by the global fallout from the collapse of investment fund Archegos Capital Management despite past regulatory reforms. "Although the problem didn't result in the collapse of financial system, it's very disappointing such a major incident happened," Ryozo Himino, Financial Services Agency (FSA) Commissioner, said in an online speech. Global banks including Credit Suisse (CSGN.S) and Nomura Holdings Inc (8604.T) reported losses from Archegos, taking the total hit beyond $10 billion. read moreThe FSA will have to monitor risk management at prime brokers, as well as regulations for family offices like Archegos, Himino also said.
Persons: Toru Hanai, Nomura, Himino Organizations: Japan's Financial Services Agency, REUTERS, Archegos Capital Management, Financial Services Agency, Credit Suisse, Nomura Holdings Inc, Thomson Locations: Tokyo, Archegos, U.S
Meme Stocks’ Latest Frenzy Isn’t About a Short Squeeze
  + stars: | 2021-06-11 | by ( Anna Hirtenstein | ) www.wsj.com + 0.00   time to read: +6 min
Meme stocks have made a comeback, with one big change: this time around, short sellers aren’t a big player in the market. In the latest bout of frenetic trading in unlikely momentum stocks, there appear to be far fewer opportunities for a short squeeze. For AMC Entertainment Holdings Inc., another meme stock that has surged over 1900% this year, the picture is more cloudy. “It creates these crash-up, crash-down cycles.”Many Reddit users show no signs of worrying that the upward trajectory of meme stocks may abruptly reverse. Meanwhile, the potential to engineer a precipitous decline in some meme stocks is making bearish wagers more tempting for some investors.
Persons: Helen Thomas, , Charlie McElligott, mamagpepper, Clover, John Smith, Lorenzo Di Mattia, Sibilla’s Mr, Di Mattia, Anna Hirtenstein Organizations: GameStop Corp, , Wall, GameStop, Clover Health Investments Corp, Clean Energy Fuels Corp, IHS, AMC Entertainment Holdings Inc, Investors, Nomura Holdings, Clover Health, WallStreetBets, Sibilla, AMC, Beyond Inc, Bed Locations: U.K
(Reuters) - Private equity firms Eurazeo and Infravia are launching an auction for Reden in a deal that could value the French solar group at up to 2 billion euros ($2.4 billion), three sources familiar with the matter told Reuters. Investors are clamouring for businesses that can help the world’s economies shift away from fossil fuels and stave off potentially catastrophic climate change. Founded in 2008 in Roquefort, southern France, Reden develops, builds and operates photovoltaic solar plants in France, Portugal, Spain, Puerto Rico, Chile and Mexico. Infrastructure investors and pension funds would be the most likely candidates to take Reden off their hands, one of the sources said. Reden raked in 105 million euros in core earnings in 2020 and the company’s equity value is 250 million euros, according to the information sheet.
Persons: Nomura, Wood Mackenzie, Reden, Eurazeo Organizations: Reuters, Reden, Investors, Citi, Nomura, European Union Locations: Infravia, Roquefort, France, Portugal, Spain, Puerto Rico, Chile, Mexico
(Reuters) -Private equity firms Eurazeo and Infravia are launching an auction for Reden in a deal that could value the French solar group at up to 2 billion euros ($2.4 billion), three sources familiar with the matter told Reuters. Investors are clamouring for businesses that can help the world’s economies shift away from fossil fuels and stave off potentially catastrophic climate change. Founded in 2008 in Roquefort, southern France, Reden develops, builds and operates photovoltaic solar plants in France, Portugal, Spain, Puerto Rico, Chile and Mexico. Infrastructure investors and pension funds would be the most likely candidates to take Reden off their hands, one of the sources said. Reden raked in 105 million euros in core earnings in 2020 and the company’s equity value is 250 million euros, according to the information sheet.
Persons: Reden, Nomura, Wood Mackenzie, Eurazeo Organizations: Reuters, Reden, Investors, Citi, Nomura, European Union Locations: Reden, Infravia, Roquefort, France, Portugal, Spain, Puerto Rico, Chile, Mexico
TOKYO (Reuters) - Despite growing local opposition amid the coronavirus pandemic, the Tokyo Olympic Games that were postponed last year will get under way in less than two months - barring “Armageddon”, as one International Olympic Committee member said. Local ticket sales have typically accounted for 70-80% of the total at past Olympic Games. Analysts with the financial services firm Jefferies estimate the insured cost of the 2020 Olympics at $2 billion, including TV rights and sponsorship, plus $600 million for hospitality. In 2019, Japan hosted 31.9 million foreign visitors, who spent nearly 4.81 trillion yen ($44 bln). “If the (Olympic Games) trigger the spread of infections and necessitates another emergency declaration, then the economic loss would be much greater,” Kiuchi said.
Persons: Miraitowa, Stringer, NBCUniversal, Takahide Kiuchi, ” Kiuchi Organizations: Tokyo Olympic Games, Olympic, REUTERS, Tokyo, Local, Olympic Games, Olympics, Toyota, Bridgestone, Panasonic, Samsung, International Olympic Committee, IOC, Summer, Jefferies, Games, Variety, Comcast, Discovery Communications, Eurosport, HIT, Nomura Research Institute, Nomura Research Locations: TOKYO, Tokyo, Japan, Europe
But how are investors picking their bets? The reopening hopes, alongside the summer weather, have also boosted hard-hit hospitality sector shares such as pub groups Mitchells and Butler and Wetherspoons. ‘STARTING TO BOOM’More than half of British adults have had two vaccine doses, double the percentage seen in many euro zone countries. Investors are also watching Citi's economic surprise index that measures the degree to which data is beating forecasts. The government has reduced the list of “green” countries tourists can visit, hitting shares in airlines EasyJet and British Airways operator IAG.
Persons: Henry Nicholls, , , Kasper Elmgreen, Jefferies, Travis Perkins, ” Jefferies, Butler, Phil Milburn, Milburn, Liontrust, Nomura, John Keeble, Keeble Organizations: REUTERS, UK Cinema Association, SUN Investment, Kingfisher, Liontrust’s, Milburn, Jefferies, JET, British Airways, Charter Company Locations: London, Britain, Europe, United Kingdom, United States, India, Luton, Iceland, Greece
But how are investors picking their bets? 'STARTING TO BOOM'More than half of British adults have had two vaccine doses, double the percentage seen in many euro zone countries. Investors are also watching Citi's economic surprise index that measures the degree to which data is beating forecasts. The government has reduced the list of "green" countries tourists can visit, hitting shares in airlines EasyJet (EZJ.L) and British Airways operator IAG (ICAG.L). Based on the strength of recent interest, Keeble predicts that leisure travel will return to pre-pandemic levels by mid-2022.
Persons: Toby Melville, Kasper Elmgreen, Jefferies, Travis Perkins, " Jefferies, Phil Milburn, Milburn, Liontrust, Nomura, John Keeble, Keeble Organizations: South Bank, REUTERS, UK Cinema Association, SUN Investment, Liontrust's, Milburn, JET, British Airways, Charter Company, Thomson Locations: London, Britain, Europe, United Kingdom, United States, India, Luton, Iceland, Greece
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailStrong earnings growth in Asia will lift stock prices in the mid-term: NomuraChetan Seth from Nomura is looking at "stock-level opportunities" in the market, and says investors need to be selective with their inflation hedge.
Persons: Nomura Chetan Seth, Nomura Locations: Asia
Advising SoftBank at the meeting was Jeff Sine, a longtime media investment banker and cofounder of The Raine Group. A record year for RaineIn Raine's investment-banking business, Jeff Sine was one of the top dealmakers in America in 2020. After facing off as rival media bankers for years, Joe Ravitch and Jeff Sine banded together to found The Raine Group. For Sine, Masa could hardly have been a better client to have throughout Raine's 12-year run. Masayoshi Son and Rupert Murdoch, News Corp's founder, were both clients of Jeff Sine and also collaborated on deals around the turn of the century.
Persons: Jeff Sine, Rupert Murdoch, , Masa, Donald Trump, Trump, SoftBank, Trump's, Joe Ravitch, behemoths, Goldman Sachs, Morgan Stanley, Ari Emanuel, Sine, Obama, Masa's, Raine, Foxconn, could've, wasn't, WeWork Adam Neumann, who's, Jeff, Eric Hippeau, Lerer, Neumann, Raine didn't, Ben Gabbe, Ravitch, Steve Ballmer, Joe Tsai, bloomer Sine, bloomer, Cromwell, Margaret Thatcher, Fields, Morgan Stanley's, Steve Rattner, It's, I've, Sine's, there's, pedigreed schmoozers, didn't, chummed, Tony, That's, Emanuel, Masayoshi Son, Bill Ziff, Ziff, Davis, SoftBank didn't, Sheldon Adelson, Hippeau, ADRIAN DENNIS, Rupert Murdoch's, Jeff didn't, Chris Harland, Jonathan Knee, Morgan, Harland, Murdoch, he'd, Paul Taubman, Ken Moelis, Moelis, Jeff McDermott, Salomon Brothers, Ken, McDermott, Nomura Greentech, Aryeh Bourkoff, Navid Mahmoodzadegan, Mary Meeker, " McDermott, Sine wasn't, Samira, JASON AUGUSTINE, Patrick McMullan, they'd, Robert Redford, Ravitch's, Joe, Endeavor's, William Morris, meanwhile, Marc Andreessen, Egon Durban, Alipay —, Adam Neumann, Elliott, it's, Jeff — I'm, SoftBank's, Knee, Raine Group's, DraftKings, Beachbody, Huuuge, Jason Schretter, Colin Neville, Houlihan Lokey, Perella Weinberg Organizations: UBS, Time Warner, Viacom, Sprint, Mobile, Verizon, AT, Republican, Trump, Trump Tower, Masa, Vice Media, Raine Group, Raine In, The, New York Times, Los Angeles Clippers, Brooklyn Nets, UFC, F.W, Woolworth, Ivy League, American University, State Department, University of Southern, Sullivan, US Securities and Exchange, British Telecom, Manhattan's Rockefeller Center, Mitsubishi Estate, Lazard, Endeavor, World Wrestling Federation, WWE, Asahi Shimbun, PC Magazine, Davis Publishing, Ziff, Davis, Trade, Yahoo, Computer Shopper, Corp's, Getty, Rupert Murdoch's News Corp, SoftBank, UBS Masa, Forbes, News Corp, CBS, AOL, Moelis, Telewest, Alibaba, Sine, Sundance Channel, Cablevision, Goldman, Wall Street, LA Clippers, soccer, Manchester City, Silver, Ant, Federal Communications Commission, Justice Department, Vision Fund, Elliott Management, Nvidia, Columbia Business School, Univision, Televisa, Nasdaq, Evercore, Perella Weinberg Partners Locations: Trump, Midtown Manhattan, Sine, America, Korean, Tokyo, New Providence , New Jersey, Washington , DC, University of Southern California, New York, London, United Kingdom, Morgan, West, Raine, SoftBank's Tokyo, Masa, Forstmann, Comdex, Yahoo Japan, AFP, DLJ, San Francisco, Alibaba, Yahoo China, Sagaponack , New York, Abu Dhabi, Mubadala, New, SoftBank, Raine's, SoftBank's, SPAC, Spanish, Polish, Warsaw
For some developed economies, a return to pre-pandemic conditions means central bank stimulus withdrawal is already in the works. The Norwegian central bank has already announced plans to raise rates in the third or fourth quarter of 2021. While decisions in such countries would primarily be driven by domestic considerations, the Fed’s eventual withdrawal of support looms large as a global risk for every central bank. Even Japan’s central bank, which has hardly budged from its ultra-accommodative settings through decades of global cycles, may see an opportunity to dial back stimulus. Turkey was ahead of the pack and aggressively tightened last year, a move its central bank governor hopes will serve as a “shield” against any Fed pivot.
Persons: Chris Wattie, , , Takahide Kiuchi, Kiuchi, Nomura’s Kiuchi, it’s, Atago, Perry Warjiyo, they’ve, Fundi Tshazibana Organizations: Federal Reserve, REUTERS, Bank of Japan, Nomura Research Institute, Japan’s Ichiyoshi Securities, Fed, , ” Bank Indonesia, African Reserve Bank, Reuters Locations: TOKYO, JOHANNESBURG, LONDON, Washington , DC, Canada’s, Norwegian, New Zealand, South Korea, India’s, Indonesia, U.S, Brazil, Ghana, Armenia, Turkey, Thailand, Philippines, South Africa, United States
For some developed economies, a return to pre-pandemic conditions means central bank stimulus withdrawal is already in the works. While decisions in such countries would primarily be driven by domestic considerations, the Fed's eventual withdrawal of support looms large as a global risk for every central bank. Even Japan's central bank, which has hardly budged from its ultra-accommodative settings through decades of global cycles, may see an opportunity to dial back stimulus. India's central bank governor last week said its reserves now exceed $600 billion, which it expects will help against challenges from "global spillovers." But some analysts warn that lessons from Asia's financial crisis may not apply to the current pandemic-induced shock.
Persons: Chris Wattie, Takahide Kiuchi, Nomura's Kiuchi, it's, Atago, Perry Warjiyo, they've, Fundi Tshazibana Organizations: Federal Reserve, REUTERS, Bank of Japan, Nomura Research Institute, Japan's Ichiyoshi Securities, Fed, Bank Indonesia, African Reserve Bank, Reuters, Thomson Locations: Washington , DC, Canada's, Norwegian, New Zealand, South Korea, India's, Indonesia, U.S, Brazil, Ghana, Armenia, Turkey, Thailand, Philippines, South Africa, United States
GLOBAL MARKETS-Stocks hover near highs as bond yields dip
  + stars: | 2021-06-09 | by ( Herbert Lash | Tom Arnold | ) www.reuters.com + 0.00   time to read: +5 min
The yield on benchmark 10-year U.S. Treasury notes fell 3.2 basis points to 1.4958%, down from 1.528% late on Tuesday. Yields plunged as traders in part were forced to unwind short positions in Treasuries, said Joe LaVorgna, chief economist of the Americas at Natixis. MSCI’s all-country world index, a U.S.-centric benchmark for global equity markets, rose 0.01% to 717.04, down a little more than 1 point from a record peak on Tuesday. “I therefore see potential for a higher print to push real yields and shorter-dated yields higher, thus flattening the curve and boosting the dollar,” Athey said. The dollar held at the lower end of recent gains, with the U.S. dollar index down slightly at 90.031.
Persons: Joe, Sebastien Galy, Joe LaVorgna, , Biden, ” LaVorgna, MSCI’s, , Naokazu Koshimizu, James Athey, ” Athey Organizations: Democratic, Nordea Asset Management, Treasury, Dow Jones, Nasdaq, European Central Bank, Britain’s FTSE, Nikkei, Nomura Securities, Federal Reserve, Aberdeen Standard Investments, U.S, Deutsche, Brent Locations: U.S, Treasuries, Natixis, Europe, Asia, Pacific, Japan, China, Beijing
MSCI’s all-country world index last stood at 716.41, after hitting an intraday high of 718.19 on Tuesday. Thursday’s U.S. consumer price data is expected to show the overall annual inflation rate rose to 4.7% and core inflation increased to 3.4%. “I therefore see potential for a higher print to push real yields and shorter dated yields higher thus flattening the curve and boosting the dollar. The dollar held at the lower end of recent gains, with the U.S. dollar index parked at 90.005. Deutsche Bank’s Currency Volatility Index hit its lowest level since February 2020 on Tuesday, and sank even further on Wednesday.
Persons: , Naokazu Koshimizu, James Athey, Antony Blinken, Brent Organizations: Federal Reserve, European Central Bank, Britain’s FTSE, Japan, Nikkei, Nasdaq, Nomura Securities, Aberdeen Standard Investments, U.S, Deutsche Locations: U.S, Asia, Pacific, United States, China, Beijing, Greece, Portugal, Italy, Iran, Tehran
“The question is, how they will follow up with concrete steps.”The blueprint was presented at the Council on Economic and Fiscal Policy, the premier’s top advisory panel comprised of ministers, ruling party lawmakers, central bank governor and private-sector advisers. For next year’s budget, the blueprint urged directing more resources to four areas: digital transformation, a greener society, the revival of regions and childcare support to cope with the fast-ageing population. “We must accelerate investment that will lead to sustainable growth in a post-coronavirus era,” the blueprint showed. “The target may be delayed eventually, but it’s important to show the will of fiscal reform,” Nomura’s Kuwahara said. “We must tackle fiscal reform when inflation rises although now is not the time to tighten fiscal policy given the virus risks.” (Reporting by Tetsushi Kajimoto; Editing by Kim Coghill)
Persons: Yoshihide Suga, , Masaki Kuwahara, , ” Nomura’s Kuwahara, Tetsushi Kajimoto, Kim Coghill Organizations: Nomura Securities, Economic Locations: Japan, TOKYO
JGB yields decline tracking U.S. Treasuries, in afterglow of 30-year tender
  + stars: | 2021-06-09 | by ( Reuters Staff | ) www.reuters.com sentiment -1.00   time to read: +1 min
TOKYO, June 9 (Reuters) - Japanese government bond yields fell on Wednesday, led by the longest-dated securities, as bonds continued to be bought following Tuesday’s smooth 30-year debt auction and declines in U.S. Treasury yields overnight. The 30-year JGB yield fell 1.5 basis points to 0.665%, with the 20-year yield also declining 1.5 basis points to 0.430%. The 40-year JGB yield fell 1 basis point to 0.710%. The 10-year JGB yield fell 0.5 basis point to 0.065%, while benchmark 10-year JGB futures rose 0.09 point to 151.71, with a trading volume of 41,156 lots. The five-year yield was flat at minus 0.105%, and two-year JGBs were untraded.
Persons: , Takenobu Nakashima, Rashmi Aich Organizations: Treasury, Nomura Securities, Tokyo Locations: TOKYO, U.S
World stocks near record high, U.S. bond yields near 1-month low
  + stars: | 2021-06-09 | by ( Hideyuki Sano | ) www.reuters.com + 0.00   time to read: +3 min
FILE PHOTO: A TV reporter stands in front of a large screen showing stock prices at the Tokyo Stock Exchange after market opens in Tokyo, Japan October 2, 2020. REUTERS/Kim Kyung-HoonMSCI’s all-country world index last stood at 716.64, after scaling an intraday high of 718.19 on Tuesday, led by gains in European stocks. On Wall Street on Tuesday, the S&P500 was steady and near its record high as investors looked to Thursday’s inflation data. Yet some investors remained wary that a tight labour market could lead to unexpectedly strong inflationary pressures. “The U.S. labour market looks really tight.
Persons: Kim Kyung, Hoon, , Naokazu Koshimizu, Yoshinori Shigemi, Antony Blinken, Brent Organizations: Federal Reserve, Tokyo Stock Exchange, REUTERS, Japan, Nikkei, , Nomura Securities, Fidelity International, European Central Bank Locations: TOKYO, U.S, Tokyo, Japan, Asia, Pacific, United States, Iran, Tehran
Bond yields hit fresh 1-month low as taper bets recede
  + stars: | 2021-06-09 | by ( Tom Arnold | Hideyuki Sano | ) www.reuters.com + 0.00   time to read: +5 min
In Asia, the MSCI’s broadest index of Asia-Pacific shares outside Japan ticked down 0.3% and Japan’s Nikkei average shed 0.4%. Thursday’s U.S. consumer price data is expected to show the overall annual inflation rate rose to 4.7% and core inflation increased to 3.4%. “I therefore see potential for a higher print to push real yields and shorter dated yields higher thus flattening the curve and boosting the dollar. Deutsche Bank’s Currency Volatility Index hit its lowest level since February 2020 on Tuesday, and sank even further on Wednesday. With European bond markets calm, Greece followed Italy with a bond sale, opening books on Wednesday for a 10-year issue.
Persons: Kim Kyung, Germany’s, , Naokazu Koshimizu, James Athey, Antony Blinken, Brent Organizations: Federal Reserve, Tokyo Stock Exchange, REUTERS, European Central Bank, Britain’s FTSE, Japan, Nikkei, Nasdaq, Nomura Securities, Aberdeen Standard Investments, U.S, Deutsche Locations: TOKYO, U.S, Tokyo, Japan, Europe, Asia, Pacific, United States, China, Beijing, Greece, Italy, Iran, Tehran
GRAPHIC-Asian companies see biggest earnings upgrade in 6 months
  + stars: | 2021-06-07 | by ( Reuters Staff | ) www.reuters.com + 0.63   time to read: +2 min
Analysts lifted their forecasts for Asian companies’ forward 12-month earnings by 3.9% in May, the highest since November last year, according to the data. The recovery was being driven by sectors where structural themes underpinned earnings such as semiconductors, electric vehicles, internet/e-commerce and gaming, the bank said. Goldman Sachs said regional firms’ first-quarter earnings grew 70% last year, while their median earnings surprise was the highest in a decade at 12%. Taiwanese companies saw the biggest earnings upgrades of 5.9% in the past month, while Indian firms’ were lifted by 3.5% after a cut in April as a second wave of the pandemic took hold. South Korea, Vietnam, Singapore, and Australia, all saw earnings upgrades of more than 2% in the last month, while the Philippines and China received small downgrades.
Persons: ” Nomura, Goldman Sachs, Organizations: Locations: Asia, India, South Korea, Vietnam, Singapore, Australia, Philippines, China
Asian companies see biggest earnings upgrade in 6 months
  + stars: | 2021-06-07 | by ( ) www.reuters.com + 0.94   time to read: +2 min
Analysts lifted their forecasts for Asian companies' forward 12-month earnings by 3.9% in May, the highest since November last year, according to the data. Asian companies posted higher-than-expected profits in the first quarter, prompting analysts to revise their forecasts higher for the year. Goldman Sachs said regional firms' first-quarter earnings grew 70% last year, while their median earnings surprise was the highest in a decade at 12%. Taiwanese companies saw the biggest earnings upgrades of 5.9% in the past month, while Indian firms' were lifted by 3.5% after a cut in April as a second wave of the pandemic took hold. South Korea, Vietnam, Singapore, and Australia, all saw earnings upgrades of more than 2% in the last month, while the Philippines and China received small downgrades.
Persons: Tyrone Siu, Nomura, Goldman Sachs Organizations: Central, REUTERS, Tyrone, Thomson Locations: Hong Kong, China, Asia, India, South Korea, Vietnam, Singapore, Australia, Philippines
Inflation is not a concern despite economic recovery: Nomura
  + stars: | 2021-06-05 | by ( ) www.cnbc.com sentiment -0.99   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInflation is not a concern despite signs of economic recovery: Nomura Research InstituteRichard Koo of Nomura Research Institute says the Federal Reserve is "probably correct" in its assessment of inflationary concerns and weighs in on when it might be too late for the U.S. central bank to act.
Persons: Richard Koo Organizations: Nomura Research, Nomura Research Institute, Federal, U.S
Indian markets may be on a tear, but investment bank Nomura says growth concerns, consumer sentiment and rising inflation could still weigh on stocks. "Macro uncertainty is actually a concern for the markets," Saion Mukherjee, the bank's head of equity research in India, said Wednesday during a virtual session at the Nomura Investment Forum Asia 2021. Indian stocks have surged this year despite the economic impact of the coronavirus pandemic, which knocked the country off its growth trajectory last year. "I think that there is no strong correlation between GDP growth and earnings growth, at least in the short term," Mukherjee said. Nomura predicted that banks and metals stocks will drive earnings on the Nifty.
Persons: Saion Mukherjee, Mukherjee, Nomura Organizations: Nomura, Nomura Investment, National Stock Exchange Locations: India
After touching a three-year high of $1.4250 versus the dollar this week, sterling fell to $1.4113 in earlier trade. Sterling is a top-performing G10 currency this year and has benefited from positive global investor sentiment towards the UK following Britain’s speedy vaccination programme. Britain recorded no new deaths within 28 days of a positive COVID-19 test on Tuesday for the first time since March 2020. Nomura analysts wrote that delays could be an opportunity as the date is largely symbolic since most of the reopenings have already occurred. Last week, sterling had found support in comments from Bank of England policymaker Gertjan Vlieghe.
Persons: Boris Johnson, , Petr Krpata, BoE, Vlieghe Organizations: Sterling, British, EMEA, ING, Nomura, Bank of England Locations: India, Britain
FILE PHOTO: Chinese Yuan and U.S. dollar banknotes are seen in this illustration taken February 10, 2020. STATE RESTRAINTThe central bank’s stance marked a shift towards confronting a trend that gathered steam while the bank had, publicly at least, kept to the sidelines. To be sure, plenty of currency traders think that makes sustained further dollar drops unlikely. “Last year was the first in over a decade or more, that there were more foreign currency deposits than foreign currency loans and that imbalance has grown in 2021,” he said. “The pressure is there, there’s no question about that,” said Stuart Oakley, head of cash currency trading at Nomura in London.
Persons: Yuan, Dado Ruvic, , Rohit Arora, Paul Mackel, UBS ’ Arora, HSBC’s Mackel, Arora, Patrick Law, , Stuart Oakley Organizations: REUTERS, UBS, People’s Bank of China, People’s Bank, China, Bank of America, Nomura Locations: SHANGHAI, SINGAPORE, China, Asia, Hong Kong, London
China's banks are bursting with dollars, and that's a worry
  + stars: | 2021-06-01 | by ( Winni Zhou | Tom Westbrook | ) www.reuters.com + 0.00   time to read: +5 min
FILE PHOTO: Chinese Yuan and U.S. dollar banknotes are seen in this illustration taken February 10, 2020. STATE RESTRAINTThe central bank’s stance marked a shift towards confronting a trend that gathered steam while the bank had, publicly at least, kept to the sidelines. To be sure, plenty of currency traders think that makes sustained further dollar drops unlikely. “Last year was the first in over a decade or more, that there were more foreign currency deposits than foreign currency loans and that imbalance has grown in 2021,” he said. “The pressure is there, there’s no question about that,” said Stuart Oakley, head of cash currency trading at Nomura in London.
Persons: Yuan, Dado Ruvic, , Rohit Arora, Paul Mackel, UBS ’ Arora, HSBC’s Mackel, Arora, Patrick Law, , Stuart Oakley Organizations: REUTERS, UBS, People’s Bank of China, People’s Bank, China, Bank of America, Nomura Locations: SHANGHAI, SINGAPORE, China, Asia, Hong Kong, London
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