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good morning. Zoom has been a standout performer as the US market got off to a solid start, while Japan had a strong day. The dollar and Bitcoin have emerged as big winners this year, with Shein considering an IPO in London. Here’s what people are talking about: — Sophia Horta e Costa
S&P 500 futures are flat and U.S. Treasury yields are slightly lower, ahead of the Treasury’s sale of $42 billion in seven-year bonds. Zoom shares soared in early New York trading after the company reported better-than-expected quarterly sales and profits. A new $1.5 billion share buyback also supported sentiment, suggesting the ubiquitous video conferencing platform is prioritizing shareholder returns over big acquisitions for now. In Asia, the biggest focus was Japan. Higher-than-expected inflation has fueled speculation that the long era of negative interest rates could end as early as March, pushing the yield on two-year Treasury notes to their highest level since 2011. Today’s must-read facts include: For the first time in more than 20 years, it’s cheaper for America’s blue-chip companies to sell stock than take on debt.
JPMorgan Chief Executive Jamie Dimon said commercial real estate problems will remain in the sector’s “pocket” as long as the U.S. avoids a recession.Do you agree with this or do you see it as a risk to U.S. banks and the broader financial system? Sign up for his latest MLIV Pulse on Bloomberg investigation.
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