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☆ Shark Tank investor Kevin O'Leary says energy stocks are the new gold and touts optimism for the US economy
▼ + stars: | 2023-03-01 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Energy stocks are gold in the market, according to "Shark Tank" investor Kevin O'Leary. "If you didn't own energy in the last 18 months, you missed the market," he said in a recent interview. O'Leary is bullish on the market this year, despite warnings of a recession and a stock crash from commentators. He previously made the case that the US could still sidestep a recession in 2023, despite warnings of an impending downturn from other Wall Street forecasters. That's contrary to what other Wall Street experts have said, warning of an impending downturn and market crash as the economy shows signs of stress.

☆ BHP investors aren’t seeing the wood for the trees
▼ + stars: | 2023-02-21 | by ( Antony Currie | ) www.reuters.com time to read: +4 min

Granted, BHP’s earnings of $6.5 billion for the six months to the end of December missed estimates by some 7%. BHP’s investors are missing a bit of the wood for the trees. Iron age: Miners are rallying as iron ore prices riseFollow @AntonyMCurrie on Twitter(The author is a Reuters Breakingviews columnist. The company attributed the drop to lower prices for iron ore and copper. BHP is paying a dividend of 90 cents a share for the period, down from $1.50 a share a year earlier.

☆ Shein's ambitions are a bit of a stretch
▼ + stars: | 2023-02-20 | by ( ) www.reuters.com time to read: +2 min

Shein’s top-line growth slowed from 57% in 2021 to 45% last year; the company expects that to continue, with its 2025 target implying average annual expansion of 37%. Meanwhile, Shein's projected 13% profit margin dwarfs that of web retailers like China's JD.com (9618.HK). The $118 billion PDD (PDD.O) recently rolled out its Temu shopping service; it is now the most downloaded app in the United States. Using the same 2.4 times forecast 2025 sales multiple the Inditex enterprise trades on, Shein's valuation could top $140 billion. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

HONG KONG, Feb 17 (Reuters Breakingviews) - The disappearance of Bao Fan is a chilling dampener on the reopening of the world's second largest economy. China Renaissance was valued at $2.3 billion in its own IPO in 2018 when it was ranked second on China tech deals per Dealogic. Entities including China International Capital Corp (3908.HK) and Citic Securities (600030.SS), also have to grapple with President Xi Jinping’s common-prosperity campaign, making it unclear whether these firms’ erstwhile generosity will resume when advisory activity picks up. It also noted that in September Chinese authorities took Cong Lin, the bank’s president and chairman of its Hong Kong securities unit, into custody. Column by Yawen Chen in Hong Kong and Una Galani in Mumbai.

☆ Central banks' inflation fall-guy lives Down Under
▼ + stars: | 2023-02-16 | by ( Antony Currie | ) www.reuters.com time to read: +4 min

MELBOURNE, Feb 16 (Reuters Breakingviews) - If any central bank governor was to feel the heat from the past year’s multiple interest-rate increases, the smart money might have been on the U.S. Federal Reserve’s Jerome Powell. Fast forward and Philip Lowe, governor at the Reserve Bank of Australia, looks most exposed. It would be unfair for Lowe to be the fall guy for central banks’ general inflation failure. The head of the central bank made his comments in front of the Senate Economics Legislation Committee. When questioned about his future at the bank, Lowe said he intended to serve out his seven-year term as governor, which ends in September.

Manchester United, INEOS, Tesla and Musk did not reply to requests for comment. "For potential buyers, football clubs like Manchester United are considered trophy assets driven by the perception of exclusivity. The size of that bid has fuelled speculation Manchester United will attract significantly more. Manchester United is the fourth richest soccer club in the world, according to analysis by Deloitte. A small portion of Manchester United shares is listed on the New York Stock Exchange.

The $108 billion group’s sheer size means it benefits from exceptional economies of scale in an immature industry. Last year, it tripled both production and sales of pure electric and hybrid cars to nearly 2 million vehicles. That is equivalent to roughly a quarter of EVs purchased in China in 2022. The group makes batteries too, accounting for almost a quarter of China’s total sales last year, Jefferies estimates. Overall passenger car sales, including electric vehicles and fossil-fueled models, slumped 38% in January, reversing a 2.4% gain in the previous month.

☆ Bank of Japan’s new governor starts on back foot
▼ + stars: | 2023-02-14 | by ( Pete Sweeney | Thomson Reuters | Asia Economics Editor Pete Sweeney Joined Reuters Breakingviews In Hong Kong In September Previously He Served As Reuters' Chief Correspondent For China Economy | ) www.reuters.com time to read: +3 min

HONG KONG, Feb 14 (Reuters Breakingviews) - Academic Kazuo Ueda faces a rocky time as the new governor of the Bank of Japan (8301.T). He is stepping down just as his signature yield curve control (YCC) policy is becoming increasingly unsustainable as domestic inflation rises. The Nikkei news service reported that officials had approached Deputy Governor Masayoshi Amamiya and were rebuffed. It seems likely Ueda will have to modify or abandon YCC given how much damage it is doing to the bond market and the BOJ’s balance sheet. Follow @petesweeneypro on TwitterloadingCONTEXT NEWSJapan's government on Feb. 14 named academic Kazuo Ueda as its pick to become the next governor of the country’s central bank.

☆ Investors see Hong Kong property stocks, funds as reopening trades
▼ + stars: | 2023-02-13 | by ( Georgina Lee | ) www.reuters.com time to read: +4 min

Investors see value in property companies regardless of whether their assets are in mainland China or Hong Kong, which reopened at about the same time. Rises in Hong Kong mortgage rates that began last year have compounded troubles for developers and mortgagees. Hong Kong interest rates tailgate those of the U.S. due to the local currency's peg to the dollar. "Hong Kong has a lot more to get us excited than China property companies where their financial data remains weak," said Tim Gibson, co-head of Global Property Equities at Janus Henderson Investors. "We remain positive on Hong Kong and many of its listed real asset companies, across infrastructure, utilities and property," said Fitzgerald.

☆ Jeff Currie: Our conviction in bull case for oil has never been stronger
▼ + stars: | 2023-02-10 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailJeff Currie: Our conviction in bull case for oil has never been strongerJeff Currie, Goldman Sachs head of commodity strategy, joins 'Squawk Box' to discuss what commodity means, how investors can think about Russia's decision to cut oil production, and more.

☆ Gold miner unearths risky M&A seam
▼ + stars: | 2023-02-06 | by ( Antony Currie | ) www.reuters.com time to read: +3 min

That’s precisely what Newmont (NEM.N) boss Tom Palmer has just done, offering $17 billion in stock for Australian gold excavator Newcrest Mining (NCM.AX). At present Newmont is offering a 22% premium to the target’s undisturbed share price, after Newcrest rejected an earlier 17% boost. What Canada’s Barrick Gold (ABX.TO) does in response is the main question. It is the world’s largest gold miner, which at $40 billion sports a market capitalisation 25% higher than Barrick’s. Agnico Eagle Mines (AEM.TO), the $24 billion third-largest miner of the ore, may want to dig in, too.

☆ India’s Vodafone rescue has strings attached
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: +2 min

MUMBAI, Feb 6 (Reuters Breakingviews) - New Delhi has finally come good on its promise to convert Vodafone Idea’s (VODA.NS) dues worth $2 billion into an equity stake. The state’s move, which dialed up a 10% gain in Vodafone Idea’s stock, could ease the company’s pressures elsewhere. A recently extended repayment schedule for $194 million of cash owed to American Tower (AMT.N) should bolster its chances, too. India’s Telecommunications Minister Ashwini Vaishnaw said on Friday that concomitant with the swap is a “firm commitment” of fresh capital from the Aditya Birla group, Vodafone Idea’s second-largest shareholder. For a group that has often expressed a wish to exit the telecom business, the bailout must feel like a Pyrrhic victory.

☆ Breakingviews: Adani’s share sale U-turn spares only some blushes
▼ + stars: | 2023-02-02 | by ( Una Galani | ) www.reuters.com time to read: +4 min

HONG KONG, Feb 2 (Reuters Breakingviews) - Markets have given Gautam Adani a big bloody nose, and his backers a partial reprieve. The tycoon’s decision on Wednesday to pull the $2.4 billion share sale at his flagship Adani Enterprises (ADEL.NS) was all but forced after a 28% plunge in the company’s share price the day after it closed the books. That danger was magnified on Wednesday with India’s regulator looking into possible irregularities around the share sale, Reuters reported exclusively citing a source with direct knowledge of the matter. Less than one quarter was due to pay down borrowings at the issuer and its unlisted subsidiaries, including Adani Airport and Adani Road. loadingCONTEXT NEWSAdani Enterprises on Feb. 1 said it is withdrawing its $2.4 billion share sale due to the “unprecedented situation and the current market volatility”.

☆ Jacinda Ardern gives supply shortage new meaning
▼ + stars: | 2023-01-19 | by ( ) www.reuters.com time to read: +2 min

MELBOURNE, Jan 19 (Reuters Breakingviews) - Jacinda Ardern has risen to the top of headhunters’ must-call list. Her contacts, international profile, and social-justice nous are skills corporates, charities and supranational organisations treasure in board members and advisers. Her administration’s push to legalise abortion and to enact climate change legislation gives her serious ESG clout. (By Antony Currie)Follow @Breakingviews on Twitter(The author is a Reuters Breakingviews columnist. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ China’s demographic decline can be boon, not doom
▼ + stars: | 2023-01-18 | by ( Pete Sweeney | Thomson Reuters | Asia Economics Editor Pete Sweeney Joined Reuters Breakingviews In Hong Kong In September Previously He Served As Reuters' Chief Correspondent For China Economy | ) www.reuters.com time to read: +4 min

Yet China’s demographic doom is not certain. It is hard to boost birth rates, but France and Scandinavia show it can be done. If last year’s population plunge inspires Beijing to smarten up policy, demographic stress need not augur economic decline. The birth rate was 6.77 per 1,000 people, down from 7.52 in 2021 and marking the lowest such reading on record. United Nations analysts project China's population will shrink by 109 million by 2050, more than triple the rate of their previous forecast in 2019.

☆ India’s Vodafone stress test may have ugly results
▼ + stars: | 2023-01-06 | by ( Una Galani | ) www.reuters.com time to read: +4 min

Investors cheered, and many customers in its now-234 million-and shrinking subscriber base breathed a sigh of relief. Vodafone, meanwhile, is now calling on the banks for fresh loans, per the Economic Times. That may not have been sufficient, but there was no disclosure by the company stating that the swap was conditional on the existing owners’ financial commitment. India’s politicians are careful to avoid situations where they might be accused of being too generous to foreign multinationals. With so much stress, though, other creditors might find a reason to pull the rug from under the company’s feet sooner.

☆ Chip woes short-circuit Samsung's best laid plans
▼ + stars: | 2023-01-06 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, Jan 6 (Reuters Breakingviews) - South Korea's Samsung Electronics (005930.KS) can only defy gravity for so long. The worse-than-expected earnings guidance throws cold water on the chipmaker's aggressive supply and capital expenditure spending plans laid out in October. Analysts at Citi reckon Samsung’s memory chip capex this year will be roughly $25 billion, more than 10% lower than their earlier forecast. Samsung's best laid plans are starting to go astray. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

HONG KONG, Jan 5 (Reuters Breakingviews) - Western Digital (WDC.O) faces a daunting M&A challenge. Both outfits specialise in a type of memory chip called NAND flash, which is used in smartphones, computers and data centre servers. Yet even if the logic for a combination looks more compelling against this backdrop, the M&A hurdles Western Digital faced in 2021 are even more challenging today. The union between Western Digital and Kioxia will be a long slog, but worth it. Shares of Western Digital rose 7.7% to $35.63 during after-hours trading in New York on Jan. 4.

☆ Festive bakes and salted caramel lattes boost Greggs' Christmas
▼ + stars: | 2023-01-05 | by ( Paul Sandle | ) www.reuters.com time to read: +2 min

SummarySummary Companies Christmas quarter like-for-like sales rise 18.2%Value offers and seasonal favourites appealSticks to full-year profit guidanceLONDON, Jan 5 (Reuters) - Greggs (GRG.L) said its Festive Bakes, mince pies and salted caramel lattes, along with breakfast and lunch offers, appealed to cash-strapped Christmas shoppers, helping like-for-like sales rise 18.2% in the final quarter. However it stuck to its forecast of limited profit growth for the year, reflecting higher costs for energy, ingredients and staff. Chief Executive Roisin Currie said cost inflation would continue to be "material" in 2023, but she was confident Greggs would continue to make progress. Greggs has widened its menu to include more vegan options as well as new drinks and hot options. She said Greggs would keep working to mitigate the impact of rising costs this year after a "tough" 2022 for consumers.

☆ Hong Kong’s hamsters sound shrill warning
▼ + stars: | 2023-01-05 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, Jan 5 (Reuters Breakingviews) - Almost a year to the day since Hong Kong culled 2,000 hamsters to combat Covid-19, the city is rescinding a ban on importing the creatures for sale, Bloomberg reported on Thursday. The rodents’ return is a small but welcome landmark in its gradual reopening. Imported hamsters must still test negative for the virus before they can be sold. As Hong Kong prepares to start reopening the mainland border next week, the city needs to cure lingering, illogical bureaucracy, which will hamper urgent efforts to heal the economy, and resurrect normal life. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Green surge is circuit breaker on nuclear revival
▼ + stars: | 2023-01-04 | by ( Robert Cyran | ) www.reuters.com time to read: +3 min

NEW YORK, Jan 4 (Reuters Breakingviews) - Nuclear power received what seem like two plum gifts for 2023. Nuclear plants are expensive to build, and their complexity often causes projects to go way over budget. The cost of a new nuclear power station is around $168 per megawatt hour according to Lazard. China has 22 nuclear reactors under construction, but built renewables about twice as fast. CONTEXT NEWSVogtle 3 and 4 will be the first new nuclear reactors built in the United States in more than three decades.

☆ Banks will pump H2O to top of climate agenda
▼ + stars: | 2023-01-04 | by ( Antony Currie | ) www.reuters.com time to read: +3 min

That’s when the United Nations’ first water confab in almost five decades starts in New York. Achieving that globally requires spending $1 trillion a year on the sustainable provision of drinking water and sanitation, and preparing for floods, scarcity and pollution, per the World Resources Institute. And 90% of climate change’s effects manifest through water, as recent floods and scarcity demonstrate. Knowing when to turn off the funding tap is important, too, just as many banks won’t back Arctic drilling or new coal mines. With some financial groups distancing themselves from umbrella climate change bodies, it’s a challenging time to make this case.

☆ Goldman Sachs' Jeffrey Currie's bullish outlook for commodities in 2023
▼ + stars: | 2023-01-03 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGoldman Sachs' Jeffrey Currie's bullish outlook for commodities in 2023Jeffrey Currie, Goldman Sachs global head of commodities research, joins 'The Exchange' to discuss his bullish call on energy and oil commodities.

☆ India bank sale sharpens valuation rivalry
▼ + stars: | 2022-12-15 | by ( Shritama Bose | ) www.reuters.com time to read: +3 min

Sumitomo Mitsui Financial (8316.T), Carlyle (CG.O) and Fairfax Financial (FFH.TO) may each be eyeing some of the 61% stake on offer in $7 billion IDBI Bank (IDBI.NS), per reports by The Economic Times and Mint. These latecomers’ share of outstanding loans fell to 55% in March 2022 from 70% in 2016, per Reserve Bank of India data. CONTEXT NEWSIndia on Dec. 14 extended the deadline to submit preliminary bids for the sale of a controlling stake in IDBI Bank to Jan. 7 from Dec. 16. New Delhi intends to sell 30.48%; Life Insurance Corporation of India, which is almost entirely government-owned, will sell a 30.24% stake. Carlyle, Fairfax Financial and DBS Bank are considering bidding for at least 10% each in IDBI Bank, Mint reported on Nov. 7, citing unnamed sources.

A combination of targeted subsidies and local demand will help. China's dependence on foreign suppliers for lithography machines, used to print patterns onto silicon wafers, light-resistant wafer coatings known as photoresists and other vital tools cannot be understated. A 2021 report found that Chinese chipmakers buy less than a fifth of their equipment by value from local suppliers and that the country has localised less than 8% of annual equipment demand. China's equipment specialists, such as little-known firms NAURA Technology Group (002371.SZ) and Advanced Micro-Fabrication Equipment (688012.SS), are probably too small to effectively absorb massive amounts of government funding anyway. The majority of the funds will be used to subsidise the purchase of domestic semiconductor equipment by Chinese chipmakers.

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