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Selling your home? Don’t forget to stage your bathroom.

TOWN SQUARE | Stay away from any ornate fixtures and wallpaper. The idea is to create a clean canvas and leave the imagination of what’s possible to buyers......»»

Category: topSource: washpostNov 25th, 2021

44 thoughtful and useful gifts under $25 you can buy on Amazon this holiday season

I asked my colleagues to share the best things they've bought for under $25 on Amazon. These are all of our favorite affordable finds. When you buy through our links, Insider may earn an affiliate commission. Learn more. Getty Images Amazon has wide selections and low costs, making it difficult to know what's worth buying. The Insider Reviews team shared the best things they've bought on Amazon for under $25. We unearthed some interesting finds, from a cheddar cheesy powder to a vintage puzzle. Amazon has become the one-stop shop for an unbelievable amount of online purchases. The e-commerce kingpin has a huge selection where you'll find household names, low prices, and the two-day (or two-hour) Prime shipping that panders well to those among us who are gluttons for instant gratification.But a huge selection can make it time-consuming and ultimately expensive to root out what's really worth spending your money on. The best loophole is to seek out recommendations from people you trust. We asked our colleagues at Insider about the best things they've bought on Amazon for under $25 - most of whom spend every day researching and testing thousands of products to find the few worth writing home about. Below are the 44 best things we've bought on Amazon that cost us less than $25: A ring that holds your nail polish Amazon Wearable Nail Polish Holder Ring (small)For the manicure-obsessed friend, this nail care gift is something they'll absolutely need. The wearable nail polish holder allows you to flawlessly polish your nails without bothersome spills. —Taylor Jeffries A deck of tarot cards Lauren Savoie/Insider Original Tarot Cards Deck (small)I'm not into the occult, but this deck of tarot cards has bought be endless hours of fun with my friends and insight for journaling. On days I don't feel inspired to write in my journal, I pull a card and reflect on whatever feelings it brings up. —Lauren Savoie A quick-drying styling brush Jacqueline Saguin/Insider Volume & Body Round Brush (small)Some may think a blow dryer does all the work, but a round brush makes all the difference. Replacing the $5 styling brush I've owned far past its use, the Wet Round Brush completely revived my hair routine. It grips onto large hair sections and helps dry my entire head in 10 minutes, making it a great haircare product to gift. Knowing its on Amazon, I'll definitely be gifting myself this brush more frequently. —Jacqueline Saguin A satisfying foot peel mask Amazon Foot Peel Mask (small)Ok, I know these things are all over the internet, but this winter is the perfect time to gift one of these viral foot peels. It took about five days for my feet to start peeling after using it, but it was so satisfying in a really gross, but fascinating sort of way. The end result was that my feet looked and felt softer, but I have to say that the process was all part of the fun. —Lauren Savoie A cat teaser toy that keeps interest Amazon Natural Instinct Cat Bait Morpho Teaser Toy (small)As a crazy cat mom, I'm constantly looking for new toys that my cat will like and she is very picky and loses interest pretty quickly. For whatever reason, she is obsessed with this teaser toy. I originally bought it for myself because I was tired of bird wands breaking or snapping and this looked like it had more solid construction (it does). An unexpected result is that my cat loves this gift more than any I've ever bought her and still hasn't lost interest a few months in. —Lauren Savoie Delicious coffee grounds Sally Kaplan/Insider Coffee Chicory (small)I usually abide by a time-consuming pour-over routine that involves grinding my own beans every morning, but when I'm short on time (and honestly, even when I'm not), I've come to rely heavily on this Cafe Du Monde chicory coffee. Most pre-ground coffee is flavorless and brews a weak cup, but this stuff is strong, rich, and delicious. Ten out of ten, highly recommend gifting this to a coffee lover! —Sally Kaplan A handy dough scraper Amazon Two-Piece Dough Scraper (small)If they bake a lot, do them a favor and gift a pack of these plastic bench scrapers. They're great for scraping dough out of bowls or off the counter — I can't tell you how handy they are! —Sally Kaplan A two-in-one workout bra tank Jacqueline Saguin/Insider Padded Sports Bra Tank Top (small)I've found some of my favorite workout pieces from Amazon. This two-in-one sports bra tank has a smoothing material that rivals luxury activewear fabrics that you may gift this season. Its cropped cut meets high-waisted leggings for a flattering fit. Plus, it comes in 19 fun colors. —Jacqueline Saguin A sweet-smelling scrub for sensitive skin Jacqueline Saguin/Insider Brown Sugar Body Scrub (small)Face and body scrubs make me nervous because of my sensitive skin, but this brown sugar exfoliator combines natural ingredients like sweet almond oil that are nourishing and gentler than other formulas. I typically use it on my body before I shave or before I apply self-tanner. It's comforting knowing that whenever I run out I can get it in just a couple of days. —Jacqueline Saguin A convenient Bluetooth charging port for your car Amazon Bluetooth FM Transmitter (small)My car is from 2005, long before Bluetooth connectivity in cars were standard. This little transmitter instantly brought my car up to present-day standards, letting me stream music and directions from my phone via an open radio channel. It plugs into the cigarette lighter and even has two USB ports so my husband and I can both charge our phones on long rides. It cost less than $15 and gifting this device will make your driving experience infinitely more enjoyable. —Lauren Savoie  A plastic bath drain cover Amazon Bottomless Bath Overflow Drain Cover (small)Ok, I know everyone and their mother raves about this gift, but it's the only thing allowing me to take baths in my current apartment. Our claw foot tub is from the early 20th century and if I don't cover the overflow drain, my bathtub only accommodates enough water to barely reach the top of my thighs before it starts draining — not a very pleasant or relaxing bath. This little plastic overflow drain cover lets me soak deeply and comfortably in my tub. —Lauren Savoie A cheesy powder that takes popcorn to the next level Sally Kaplan/Insider Cheddar Cheese Powder (small)I generally eat pretty healthy, but I think I'm in love with this tub of powdered cheese. It's so good on popcorn, in mac and cheese, and sprinkled on any other sort of cracker, chip, etc. It's a supremely cheesy and salty and delicious treat to gift! This is honestly one of the best Amazon purchases I've made in years. —Sally Kaplan A practical but chic wine holder Amazon Wine Rack (small)I wanted a non-bulky wine rack to sit on my kitchen counter, and I love the bright gold of this one. This honeycomb design holds seven bottles officially, but nine if you add two on top — and if you need more storage, you can buy two and stack them. —Rachael Schultz A set of hair clips Amazon Big Hair Claw Clips (small)I have really long hair and most clips can't hold it all back when I'm washing my face. These oversized clips are so great, I gifted the other three in this set to friends with crazy curly hair. All four of the matte colors are very lowkey and match everything. I've dropped mine at least two dozen times, and it has yet to break. —Rachael Schultz A challenging puzzle that doubles as vintage home decor Amazon Cats and Kittens 1,000 Piece Puzzle (small)I once gifted a Cavallini Papers & Co. puzzle to a puzzle lover, and they thought it was the perfect blend of challenging and aesthetically pleasing. They hung it up afterward, adding a sense of accomplishment as well as a nice vintage touch to their space. The company has even more fun designs like house plants and national parks map. —Jacqueline Saguin  A ring light that pulls out all the stops Jacqueline Saguin/Insider 10-inch LED Ring Light (small)I took a cue from our Insider Reviews team by gifting myself its pick for the best budget ring light. It has made my job on the style and beauty reviews team much easier, drastically cutting down on my photo-taking time. When I test makeup and clothing, I can set this up anywhere and adjust it to the angle I need in order to do my products justice. I love changing between its three different light settings: white, warm yellow, and warm white, to find the perfect glow. —Jacqueline Saguin An out-of-this-world moon lamp Jacqueline Saguin/Insider Saturn Lamp (small)Earning the title of Insider Reviews' best planet moon lamp, this light offers 16 soothing hues that illuminate a Saturn shape. I love its unique look and the subtle glow it gives while I watch movies at nighttime. This gift offers four color modes, including flash, strobe, fade, and smooth. The latter is my favorite as it softly transitions through all the colors. —Jacqueline Saguin A decorative antique tray that shows off and stores your beauty products Amazon Product CardThis tray is an aesthetically pleasing stage that doubles as decor and a proud home for my cosmetics. I use it in my bathroom, storing the skincare products and perfume I reach for every day. I've seen people using it on TikTok as a jewelry vanity to display their favorite pieces. —Jacqueline Saguin Spiral hair ties that won't break Kitsch Spiral Hair Ties (small)After using elastic hair ties for so long, I got tired of pulling out my hair, getting headaches, and snapping scrunchies. I had seen spiral hair ties before but assumed they wouldn't hold well. However, these ones from Kitsch really do the trick. They keep their shape, are comfortable, and avoid long-lasting ponytail bumps. I wear these with high ponytails, low ponytails, and even braids. —Katie Decker-Jacoby Espresso capsules that satisfy your coffee fix Amazon iperEspresso Capsule (Classico) (small)The majority of my Amazon order history is made up of these illy espresso capsules, and the orders have even been way more frequent since I started working from home. You'll need one of the illy pod machines to use them (I have the X7) but the investment is 110% worth it in my opinion.I can whip up an Italian espresso in under a minute, and it tastes so much better than the coffee from the Nespresso and Keurig machines I previously owned. Being able to buy the pods off of Amazon means my caffeine supply is always well-stocked, and if I ever do run out, I know I can get more in just two days max. —Ashley Phillips A hair mask that restores moisture to your scalp Amazon Premium Repair Hair Mask (small)I was looking for hair masks because my hair tends to get really dry in the wintertime. I bought this hair mask after doing some research on Asian hair products, and I'm so glad I did. My hair feels soft and moisturized after I use it, even if I just use it as a normal conditioner. It works even better as a leave-in deep conditioner, and I highly recommend gifting it to anyone who wants to add moisture to their hair. Bonus: It also smells amazing. —Allison Jiang An iPad case that is multi-functional Amazon Rebound Pencil Case (small)I needed a simple case for my new iPad Air 4 but was shocked by how much Apple charges for one of its cases. This option from ESR is a fraction of Apple's Smart Cover, and while it doesn't have as nice of a build quality as the Smart Cover, the ESR case is well-made nonetheless. It has a magnetic closure to wake the iPad's screen or put it to sleep, the cover folds into a stand, and there's a convenient slot for an Apple Pencil. My only complaint is that the case makes it hard to use the Touch ID sensor, but I'm quite satisfied given the price and overall usability. —Les Shu Fuzzy slippers to complete your work-from-home look Jacqueline Saguin/Insider Womens Fuzzy Slippers (small)I've been hearing about these Amazon slippers for months — from TikTok, Instagram, podcasts I listen to — so I had to give them a try. These slippers are comfy, just warm enough, and a perfect gift for working from home. The quality is also great for being under $20. An added bonus is that they come in almost any color you can imagine! —Victoria Gracie A knit beanie that's stylish and comfortable Amazon/Business Insider Acrylic Watch Hat (small)I've noticed Carhartt beanies have become increasingly popular and I finally jumped on the bandwagon. This beanie is cute, comfortable, and super warm. I got it in black so it would go with almost anything and I've been wearing it nonstop since I got it. —Victoria Gracie Ingredients for a favorite recipe Amazon Nature's Organic Freeze-Dried Strawberries (small)I buy a lot of recipe ingredients, spices, and hot sauces on Amazon that I'm less likely to find in stores near me, like these freeze-dried strawberries. They are the star ingredient in my Berry Crinkle Cookies recipe; I use one whole package per batch. — Ellen Hoffman  A liquid cleanser that works as a gentle hand soap for sensitive skin Amazon Liquid Cleanser (small)I bought this as an alternative to my household's Bath & Body Works hand soap stock. Its fragrance-free, sulfate-free, and dermatologist-tested formula pleases my sensitive skin. This straightforward cleanser gift never causes redness or irritation for frequent hand washers like me. I pour the liquid into a decorative holder so it matches my bathroom. — Jacqueline Saguin Makeup storage that fits a snug countertop Amazon Makeup and Jewelry Big Storage Case Display (small)I've always struggled with storing my makeup since I don't have a ton of space and I can never seem to find a way to keep it all organized. Most of my makeup fits nicely into these drawers and everything is now easy to find and organized. The drawers fit a ton, but aren't too large, making them the perfect gift to use on a bathroom countertop, dresser, or vanity. —Victoria Gracie Pimple patches that suck the gunk right out of your pores Left: Mighty Patch Original. Right: Invisible+ Mighty Patch. Mara Leighton/Insider Mighty Patch Original (36-count) (small, Preferred: Amazon)If you look at my Amazon history, these pimple patches are the only thing I consistently order. They're super effective at drawing out fluids from pimples and helping them deflate, and as small, virtually clear stickers, they're hardly noticeable by other people. Within a few hours, you can expect them to noticeably improve the look and swelling of your pimple — they're that reliable. — Connie Chen A natural clay mask that has a cult-following Jacqueline Saguin/Insider Indian Healing Clay Mask (small, Preferred: Amazon)This mask, as seen on Insider, transformed my skin and is probably my most recommended product to gift this season. The best part? It's $15! — Chelsey Hoffman A milk frother for homemade treats Amazon MilkPro Milk Frother (small)This gift is the BOMB. So easy to use and clean, and to spice up my weekend coffees/matcha drinks at home, allowing me to live my best bougie life. — Kirstie Jiongco A wash and stain bar that will keep your shirt collars looking nicer for longer Amazon Wash & Stain Bar (small)No $6 has had a more positive impact on my effort to preserve my clothing than the $6 I spent on this bar by The Laundress. I learned about this product from editor-in-chief Ellen Hoffman and I can honestly say it's the best thing I've done for my dress shirts. One bar has lasted me well over a year, and I just need to wet my shirt collar and rub the bar back and forth a few times before washing. It gets rid of all of the grime and oil from my collars. I was able to rehab shirts that were ready to go to charity or become rags. — Breton Fischetti A mini waffle-maker that gets the job done and takes up minimal countertop space Amazon Mini Waffle Maker (small)This teeny-tiny waffle maker is a small but mighty gift. For those rare instances when I'm craving a waffle or two, this very small appliance easily gets the job done and stays out of the way when it's stored. It's very easy to use and clean; just plug in and wait for the light, add your batter and close the iron. To clean, wait for the iron to cool down, then wipe with a damp cloth and you're done. — Melanie Winer  A pair of $15 earbuds that sound like they'd cost way more Amazon ErgoFit Earbuds (small)These Panasonic earbuds were easily the best $8.25 [price at the time] I ever spent on Amazon. The sound quality is fantastic and they're incredibly comfortable. I'm not someone who would ever spend hundreds of dollars on a pair of over-the-ear headphones, so these are exactly a budget-friendly gift. — Andrew Meola Hangers that actually keep your clothes hung up Jacqueline Saguin/Insider Velvet Non-Slip Clothes Hangers (30 Pack) (small)Clothes falling off hangers are a thing of the past once you gift these grippy velvet hangers to upgrade their closet. — Ellen Hoffman  A little 'Tub Shroom' that catches your hair before it clogs the drain Amazon Revolutionary Tub Drain Protector (small)Between her curly red hair and my long brown hair, my roommate and I shed a lot. Our tub doesn't have a drain catch and after a particularly effortful session with a plastic drain cleaner, I decided it was finally time to try this viral hair catcher out. This small silicone tool fits into most standard tub drains and collects all the hair before it washes down and clogs your drain. Take it out, remove the hair with a piece of toilet paper, and it's ready for the next shower."  — Connie Chen  Comfortable, public-friendly sweatpants Amazon Women's Drawstring Striped Joggers (small)As work from home continues, I've been looking for more sweatpants that I can comfortably work in that are also appropriate for walks and socially distant plans. These sweats are affordable to gift, have sustained washes and all-day wear, and the rainbow stripe down the side adds a bit of fun." — Emily Hein No-slip gel gripped socks Amazon Microfiber Liner Socks (small)These PEDS socks are the only ones I use, and I wear sneakers almost every day. The no-slip gel grips on the heel keep them from falling off and bunching up. — Sally Kaplan A hairbrush that won't break after a few months Wet Rubberized Wet Detangle Shower Brush (small)My thick hair has a long history of eating brushes, but the Wet Brush finally put a stop to that! It painlessly smooths out tangles and the bristles are tough enough that I only have to buy a new one every year or so. Before, my brushes only ever made it a few months. — Ashley Phillips An inexpensive, well-designed measuring cup Amazon Good Grips 3-Piece Angled Measuring Cup Set (small)OXO is my go-to kitchen brand for cheap, well-designed tools. This measuring cup set has an angled surface that allows you to see measurement markings from above as you're pouring, so you can better measure ingredients without bending or lifting the cup to eye level. I also highly recommend gifting OXO's silicone baking mat for creating a non-stick surface that makes for easier cleanups and this cookie scoop for scooping out balls of dough that are all the same size. — Ellen Hoffman  A slim wastebasket that fits almost anywhere, but also fits a lot of garbage Amazon Skinny Trash Can (small)Love this slim garbage can that fits into narrow spaces, but still holds a lot. — Navah Maynard Affordable jewelry that lets you save up for an investment piece Amazon Layered Choker Necklace (9-piece) (small)I love chokers and layering different necklaces together, but I have a short attention span when it comes to jewelry. I tend to lean more towards affordable jewelry that I can experiment with on different looks before committing to staple pieces that I know I'll wear forever. This choker set was a great addition to my summer looks, and now I have more of an idea of what I'm looking for when I eventually take the plunge on long-wear jewelry. — Emily Hein A PopSocket to make gripping a large iPhone less strenuous on your fingers Jacqueline Saguin/Insider PopGrip (small, Preferred: Amazon)When I got my iPhone X, I also picked up a PopSocket grip to make it easier to hold my phone without straining my fingers. I love it as a gift because it's practical, keeps one's phone secure, and lets me express my crazy cat lady side. — Malarie GokeyEditor's note: They come in a variety of colors and designs. A rapid egg cooking machine that's completely foolproof Amazon Rapid Egg Cooker (small, Preferred: Amazon)After I read Jen Gushue's review of this under-$20 rapid egg cooking gadget, I was fully influenced to buy it. It makes hard-boiled eggs in half the time of traditional methods with absolutely no guesswork, saving me a good chunk of time during the week and ensuring I actually eat breakfast on busy mornings. — Ellen Hoffman This handy water bottle that takes the guesswork out of hydration Amazon 32 oz Water Bottle with Time Marker (small)This water bottle comes with me everywhere I go. The secure lid ensures no spillage in my bag and the removable strap adds versatility in transportation. The printed tracking is the main selling point as a quick glance can let me know how I am doing with my daily water intake and if needed motivate me to ensure I am drinking at least 64oz of water per day. In a sense, this water bottle has gamified drinking water and that's fun for a gift! — Frank Massaro Read the original article on Business Insider.....»»

Category: topSource: businessinsiderNov 11th, 2021

A record-breaking number of Manhattan "trophy properties" sold last week - see inside the $49.5 million "paparazzi-proof" penthouse that topped the charts

The luxury apartment building has been called home by Justin Timberlake, Bella Hadid, and The Weeknd - see inside the penthouse, its largest unit. 443 Greenwich Street in Tribeca, Manhattan Compass Sixteen Manhattan homes sold for over $10 million last week, according to an Olshan Realty report. It was the city's best week for luxury real estate since 2013, totaling $483.6 million in sales. A $49.5 million penthouse was the priciest "trophy home" of them all - take a look inside. The penthouse is the largest residence at 443 Greenwich Street in Tribeca, with 12,000 interior and exterior square footage spread across the building's top three floors. Manhattan luxury penthouse at 443 Greenwich Street in Tribeca Nick Gavin/Compass The building claims to be "paparazzi-proof," making it a magnet for celebrities like Bella Hadid and The Weeknd, Justin Timberlake and Jessica Biel, Rebel Wilson, and Meg Ryan, per the New York Post. bella hadid denies kissing the weeknd Vittorio Zunino Celotto/Getty Images and Theo Wargo/Getty Images The building's biggest selling point for Manhattan's rich and famous is an underground garage allowing for "discreet arrivals and departures." The penthouse comes with two parking spots as well as valet and concierge services. Manhattan luxury penthouse at 443 Greenwich Street in Tribeca Nick Gavin/Compass Additional building amenities include this 70-foot indoor swimming pool, a central courtyard, a children's playroom, and a fitness center with locker rooms and a Turkish bath. Manhattan luxury penthouse at 443 Greenwich Street in Tribeca Nick Gavin/Compass Take the private penthouse elevator and enter the "great room." The main living space is decked out with 20-foot ceilings, pine beams, and a total of 17 windows. Manhattan luxury penthouse at 443 Greenwich Street in Tribeca Nick Gavin/Compass The kitchen is fitted with Christopher Peacock luxury cabinetry, whose six-figure collection has been called the "it kitchen" by The New York Times. Manhattan luxury penthouse at 443 Greenwich Street in Tribeca Nick Gavin/Compass It boasts not one but two dishwashers, a six-burner Wolf range oven, and a side-by-side 36-inch-wide Subzero refrigerator and freezer. Don't forget the Gaggenau wine refrigerator, which can cost over $22,000 in and of itself. Manhattan luxury penthouse at 443 Greenwich Street in Tribeca Nick Gavin/Compass An additional room on the main floor can serve as a media room, library, or sixth bedroom. It's equipped with a bar, gas fireplace, and en suite bathroom. Nick Gavin / Compass Upstairs is an open mezzanine that overlooks the great room. It's home to five bedrooms and five full bathrooms. Manhattan luxury penthouse at 443 Greenwich Street in Tribeca Nick Gavin/Compass The primary suite is located in a private wing with a gas fireplace, a private dressing room that can double as a den, a walk-in closet, and a wet bar. Manhattan luxury penthouse at 443 Greenwich Street in Tribeca Nick Gavin/Compass The primary bathroom includes rare Calacatta marble, a freestanding soaking tub, a rain shower, and a massive double vanity. Manhattan luxury penthouse at 443 Greenwich Street in Tribeca Nick Gavin/Compass Here's a closer look at the spa-like tub. The bathroom's Calacatta marble with distinctive gold veins is only found in one quarry in the world, located in Italy. Manhattan luxury penthouse at 443 Greenwich Street in Tribeca Nick Gavin/Compass The glass-encased top level has nearly 3,500 square feet of outdoor space spread across two terraces, including a plunge pool and a stainless steel "summer kitchen." 443 Greenwich Street in Tribeca, Manhattan Compass The third level of the penthouse has floor-to-ceiling glass walls "to create an indoor and outdoor oasis." Manhattan luxury penthouse at 443 Greenwich Street in Tribeca Nick Gavin/Compass Large glass windows soak the indoor-outdoor rooftop with light. Manhattan luxury penthouse at 443 Greenwich Street in Tribeca Nick Gavin/Compass The main terrace overlooks Northwest Tribeca and the Manhattan skyline, with water views of the Hudson River. There is plenty of space for "multiple seating, entertaining, and lounge spaces," the listing says. Manhattan luxury penthouse at 443 Greenwich Street in Tribeca Nick Gavin/Compass For a bit of greenery in the concrete jungle, the Tribeca building has a central courtyard. Manhattan luxury penthouse at 443 Greenwich Street in Tribeca Nick Gavin/Compass Read the original article on Business Insider.....»»

Category: topSource: businessinsiderOct 26th, 2021

What Do They Know? Insiders Are Dumping Stocks At The Fastest Pace In History

What Do They Know? Insiders Are Dumping Stocks At The Fastest Pace In History Authored by Michael Snyder via The Economic Collapse blog, Why are CEOs and corporate insiders selling their stocks at a far faster rate than we have ever seen before?  Do they know something that the rest of us do not?  If stock prices are going to continue soaring into the stratosphere like many in the mainstream media are suggesting, these insiders that are dumping stocks like there is no tomorrow will miss out on some absolutely enormous profits.  On the other hand, if a colossal market crash is coming in 2022, then 2021 was absolutely the perfect time to get out.  As I have said countless times before, you only make money in the stock market if you get out in time.  Could it be possible that many of the richest people in the world have picked the absolutely perfect moment to pull the trigger? According to CNBC, CEOs and corporate insiders have sold 69 billion dollars worth of stock so far this year.  That is a new all-time record, and it is a whopping 30 percent higher than last year… CEOs and corporate insiders have sold a record $69 billion in stock in 2021, as looming tax hikes and lofty share prices encourage many to take profits. From Satya Nadella at Microsoft to Jeff Bezos and Elon Musk, CEOs, founders and insiders have been cashing in their stock at the highest pace on record. As of Monday, sales by insiders are up 30% from 2020 to $69 billion, and up 79% versus a 10-year average, according to InsiderScore/Verity, which excludes sales by large institutional holders. [ZH: Jixa Analytics' Ashish Singal has aggregated all insider sales, calculating that they hit $385bn in 2021 - already well surpassing the prior record made way back in 2013] [ZH: On a monthly basis, for November, we have cross $50bn in aggregate sales for the first time!] Interestingly, this fire sale has come to a crescendo just as the U.S. economy has reached a critical turning point.  We are in the midst of the worst supply chain crisis in our history, inflation has reached levels that we haven’t seen since the 1970s, and the rising violence in our streets is depressing economic activity in many of our largest urban areas. Over the past two years, the federal government has borrowed and spent trillions of dollars that we could not afford to spend.  During that same period, the Federal Reserve has pumped trillions upon trillions of fresh dollars into the financial system.  They took these measures in a desperate attempt to resuscitate the economy, and we certainly did experience a “sugar high” for a little while. But now there are all sorts of signs that the economy is starting to slow down once again.  For example, sales on Black Friday were down 28.3 percent compared to 2019 levels… Traffic at retail stores on Black Friday dropped 28.3% compared with 2019 levels, as Americans shifted more of their spending online and kicked off their shopping earlier in the year, according to preliminary data from Sensormatic Solutions. The apologists in the mainstream media would have us believe that retail sales are down because online sales are booming. But that is not true. In fact, sales on Cyber Monday were down for the first time ever… Consumers logged online Monday and spent $10.7 billion, marking a 1.4% decrease from year-ago levels, according to data released Tuesday by Adobe Analytics. This year’s tally marks the first time that Adobe has tracked a slowdown in spending on major shopping days. The firm first began reporting on e-commerce in 2012, and it analyzes more than 1 trillion visits to retailers’ websites. This amazes me. Black Friday and Cyber Monday were both down despite the fact that our leaders have been pouring trillions and trillions of dollars on to the fire. Meanwhile, the latest manufacturing numbers were a disappointment, and analysts are blaming that on our ongoing supply chain crisis… Broad swathes of US manufacturing remain hamstrung by supply chain bottlenecks and difficulties filling staff vacancies. Although November brought some signs of supply chain problems easing slightly to the lowest recorded for six months, widespread shortages of inputs meant production growth was again severely constrained to the extent that the survey is so far consistent with manufacturing acting as a drag on the economy during the fourth quarter. Of course the mainstream media continues to try to put a positive spin on our economic woes. For example, CNN just published an article entitled “Why inflation can actually be good for everyday Americans and bad for rich people”. If what they are saying is true, why don’t we push inflation to the max? Let’s have every home cost at least a million dollars, let’s have a loaf of bread cost 20 bucks, and let’s make gasoline so expensive that it will make your eyes bleed when you see the prices at your local gas station. Won’t that be just great for hard working Americans everywhere? Needless to say, I am just being facetious. Inflation is destroying our standard of living, and more Americans are falling out of the middle class with each passing day. As if we didn’t already have enough on our plates, now Omicron has arrived in the United States… The United States’ first confirmed case of the Omicron coronavirus variant has been identified in California. In a White House news briefing, Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, said the case was in an individual who traveled from South Africa on November 22 and tested positive for Covid-19 on November 29. As I discussed the other day, there is absolutely no reason for all of the hysteria that we are currently witnessing.  At this stage, it does not appear that Omicron is any more dangerous than the other variants that are currently floating around. But that isn’t going to stop global leaders from doing even more damage to the world economy. We are already seeing more travel restrictions and more mandates, but there is not even a single confirmed case of anyone dying from Omicron yet. If politicians are going to get this irrational over Omicron, how are they going to respond when things start getting really crazy in the years ahead? You might want to start thinking about that. So much of the economic damage in the past couple of years has been self-inflicted, and a lot more self-inflicted pain is on the way. Meanwhile, CEOs and corporate insiders are selling off their stocks at a pace that is raising a lot of eyebrows. Just like you and I, can they feel what is coming? There are so many clouds on the horizon, and personally I have such a bad feeling about 2022. *  *  * It is finally here! Michael’s new book entitled “7 Year Apocalypse” is now available in paperback and for the Kindle on Amazon. Tyler Durden Fri, 12/03/2021 - 08:20.....»»

Category: blogSource: zerohedgeDec 3rd, 2021

The rise of EFFY, a gay pro wrestler who overcame the odds — and slurs — to craft a lucrative personal brand

"People who would have screamed slurs were buying shirts," pro wrestler Taylor Gibson, who portrays EFFY, told Insider. He's made a career out of it. Independent wrestler Taylor Gibson, who goes by EFFY.Nick Karp Taylor Gibson is a professional wrestler who goes by EFFY, or the "Weapon of Sass Destruction." GIbson is known for his marketing and events, like EFFY's Big Gay Brunch, and having "Daddy" written across his butt in hot pink. Gibson hasn't signed with a major organization. He said that lets him control his character, who's anything but typical. EFFY is not your traditional professional wrestler. Not many in the scripted sport hold a public-relations degree and eight years of experience operating a shipping logistics company, nor have many come close to matching the charismatic, 229-pound, gay wrestler's digital-media savviness and its ensuing revenue. In 2020, despite the pandemic shutting down most live events, he reports earning a six-figure income off just his brand. EFFY — who's sometimes called the "Weapon of Sass Destruction," but whose real name is Taylor Gibson— finds himself among a new class of popular independent professional wrestlers: deliberately unsigned. Rather than ink a deal with leader World Wrestling Entertainment and its $4.3 billion market cap, or newcomer All Elite Wrestling and its $175 million TV deal signed with WarnerMedia in 2020, Gibson wants to control his destiny. Who is EFFY?Success in wrestling often boils down to connecting with the crowd. It requires charisma, entertaining in-ring prowess, and, today, the ability to keep fans hooked when the show isn't on. Gibson has found success doing just that. His online presence is filled with well-produced charismatic vignettes and posts that any social-media user could create at home, but none of it would matter without the ability to captivate in the ring. The job begins well before the opening bell. Entering to Elton John's "Goodbye Yellow Brick Road," decked in a spiked pink or purple leather jacket, the fishnet-clad wrestler regularly gets large crowds of straight men to chant what's written in hot pink across his butt: Daddy. Independent wrestler Taylor Gibson, who goes by EFFY.Nick KarpOnce in the ring, Gibson has received praise for matches with men, women, and nonbinary performers, as well as wrestling in traditional technical matches and extreme "deathmatches." For his efforts, Pro Wrestling Insider ranked him 95th on its list of the top 500 wrestlers for 2021. "I've always been a person who wants to poke people a little, but not in a bad way," he told Insider, saying the efforts help provoke perception-expanding private conversations at shows. Once, Gibson recalled a promoter saying he brought gay people to shows. "No," he said. "I bring in people who are learning how much fun it is to hang out with gay people."Becoming EFFYGibson's wrestling story began in 2012. Fresh out of college, he worked various jobs, including handling merchandise for touring bands like Hootie and the Blowfish. He also continued working on moving trucks, a position he had had since 16. Gibson enjoyed the physical labor as well as the connection made with customers while handling their valuables. In 2012, he took over a Two Men And A Truck franchise in Florida, managing a fleet of 13 trucks and 40 employees. Independent wrestler Taylor Gibson, who goes by EFFY.35.MMWrestling KevinAs his career grew, his struggles with his identity reached a breaking point. In 2013, he took a large dose of LSD, resulting in a five-day trip. During the experience, he recalled battling himself over career goals and dreams. Afterward, with a changed perspective, he felt compelled to pursue wrestling. But more importantly, he came out about his sexuality."This sounds crazy, but it was my motivation," he said. The business of EFFYAfter the revelation, Gibson added a year of two-hour drives and wrestling training to his work routine. He then began getting onto shows, relying on his PR degree to help boost the image of someone without a deep wrestling background. Once on shows, he didn't adhere to the old rules. He spoke up, something rookies are told not to do. Gibson said it rubbed some veterans the wrong way at first, but the energy translated into EFFY's in-ring persona. "It was a therapeutic way for me to get through who I was as a person," he said. The first few months were full of what wrestling continues to struggle with: prejudice, including slurs from some fans and disrespect from old-era thinking pros. While the culture is improving, Gibson isn't the ony person who's experienced that: In late September 2021, a transgender fan was said to have been attacked in the bathroom during popular California-based promotion Pro Wrestling Guerrilla's show. Independent wrestler Taylor Gibson, who goes by EFFY.Nick KarpDespite ongoing struggles across the industry, Gibson saw a change around his third or fourth month of work. "People who would have screamed slurs at me were buying shirts," Gibson said. "Dads who would have never wanted to talk to me, their kids only wanted EFFY stuff."In time, his social media presence grew, with recent tallies at 26,000 followers on Twitter, 17,500 on Instagram, and 7,600 on Twitch, a popular and sometimes lucrative streaming platform for its creators. Part of Gibson's Twitch appeal is the fan connection created through conversations, live watch-alongs, and glimpses into his personal life, often featuring boyfriend AJ and dog Cranberry. The following also led to the creation of more inclusive wrestling endeavors, including EFFY's Big Gay Brunch, a series of shows featuring LGBTQIA+ performers and allies. He launched the Wrestling is Gay merchandise line, with part of the proceeds benefitting Atlanta-area LGBTQ+ support organization Lost-n-Found Youth.The success continues to roll in. An hour after concluding our interview on September 24, 2021, Gibson defeated Matt Cardona to win the Internet Championship in Queens, New York. He dropped the title back to Cardona a few weeks later at their rematch in Atlantic City, New Jersey. Merchandising and the fan connectionMerchandising is a crucial component for Gibson's brand. He's expanded beyond shirts and photos, and is active on Cameo and other revenue-making streams. Independent wrestler Taylor Gibson, who goes by EFFY.35.MMWrestling KevinThe most standout of all may be the limited-edition Effy Award: a line of bronze busts featuring the wrestler in his spiked leather jacket. No qualifications other than having the available funds were required to "win" an award. The cheeky bit of unique wrestling merch also offered a certificate of authenticity, for an additional price. The statues were a hit, selling out soon after their release. Fans recorded acceptance speeches, touting the wins they'd given themselves, and took photos of their awards. Gibson streamed the results on Twitch. The campaign reflected his merchandising vision that thinks beyond revenue generation. He implores all brands, wrestling or otherwise, to consider how the product communicates with buyers and the excitement it produces.  Over the years, the connection formed and the resulting revenue showed Gibson that he could live off of his brand without signing with a major player. As one of the first to do so, Gibson urges others to follow suit by showing them how they can make money on their own — even when away from the ring. He believes that effort will further help propel and sustain the independent wrestling boom of the past five or so years.  With fan support and media distribution shifting, Gibson feels he can continue to make a positive impact on his own."I'm independent," he said. "I don't need permission from my boss. I don't need permission from the company."Read the original article on Business Insider.....»»

Category: topSource: businessinsiderDec 2nd, 2021

Risk Cracks After Moderna CEO Comments Spark Global Stock Rout

Risk Cracks After Moderna CEO Comments Spark Global Stock Rout Ask a drug dealer if methadone helps cure a cocaine addition and - shockingly - you will hear that the answer is "hell no", after all an affirmative response would mean the fixer needs to get a real job. Just as shocking was the "admission" of Moderna CEO, Stéphane Bancel, who in the latest stop on his media whirlwind tour of the past 48 hours gave the FT an interview in which he predicted that existing vaccines will be much less effective at tackling Omicron than earlier strains of coronavirus and warned it would take months before pharmaceutical companies could manufacture new variant-specific jabs at scale. “There is no world, I think, where [the effectiveness] is the same level . . . we had with [the] Delta [variant],” Bancel told the Financial Times, claiming that the high number of Omicron mutations on the spike protein, which the virus uses to infect human cells, and the rapid spread of the variant in South Africa suggested that the current crop of vaccines may need to be modified next year. Here, the self-serving CEO whose sell-mode was fully engaged - after all what else would the maker of a vaccine for covid say than "yes, the world will need more of my product" - completely ignored the earlier comments from Barry Schoub, chairman of South Afruca's Ministerial Advisory Committee on Vaccines, who over the weekend said that the large number of mutations found in the omicron variant appears to destabilize the virus, which might make it less “fit” than the dominant delta strain. As such, it would be a far less virulent strain... but of course that would also reduce the need for Moderna's mRNA therapy and so Bancel failed to mention it. What is grotesque is that the Moderna CEO’s comments on existing vaccines’ effectiveness against the omicron variant is “old news so should be a fade,” says Prashant Newnaha, a senior Asia-Pacific rates strategist at TD Securities in Singapore. Indeed as Bloomberg notes, Bancel reiterated comments made by Moderna’s Chief Medical Officer Paul Burton during the weekend. Alas, the last thing algos care about is nuance and/or reading between the lines, and so moments after Bancel's interview hit, markets hit risk off mode on Tuesday, and yesterday’s bounce in markets immediately reversed amid fresh worries about the efficacy of currently available vaccines with U.S. equity futures dropping along with stocks in Europe. Bonds gained as investors sought havens. After dropping as much as 1.2%, S&P futures pared losses to -0.7%, down 37 points just above 4,600. Dow Eminis were down 339 points or 1% and Nasdaq was down -0.8%. Adding to concerns is Fed Chair Jerome Powell who today will speak, alongside Janet Yellen, at the Senate Banking Committee in congressional oversight hearings related to pandemic stimulus. Last night Powell made a dovish pivot saying the new variant poses downside risks to employment and growth while adding to uncertainty about inflation. Powell's comments dragged yields lower and hit bank stocks overnight. “The market’s reaction to reports such as Moderna’s suggest the ball is still very much in the court of proving that this will not escalate,” said Patrick Bennett, head of macro strategy for Asia at Canadian Imperial Bank of Commerce in Hong Kong. “Until that time, mode is to sell recoveries in risk and not to try and pick the extent of the selloff” U.S. airline and cruiseliner stocks dropped in premarket trading Tuesday, after vaccine maker Moderna’s top executives reiterated that the omicron variant of the coronavirus may require new vaccines. Most U.S. airline stocks were down: Alaska Air -5%, United -3.2%, American -3%, Spirit -2.7%, Delta -2.6%, JetBlue -2.6%, Southwest -1.7%. Here are some other notable movers today: U.S. banks decline in premarket trading following comments from Federal Reserve Chair Jerome Powell that may push back bets on when the central bank will raise rates. Citigroup (C US) -2.4%, JPMorgan (JPM US) -2.2%, Morgan Stanley (MS US) -2.6% Vaccine manufacturers mixed in U.S. premarket trading after rallying in recent days and following further comments from Moderna about treating the new omicron Covid-19 variant. Pfizer (PFE US) +1.6%, Novavax  (NVAS US) +1.3%, Moderna (MRNA US) -3.8% U.S. airline and cruiseliner stocks dropped in premarket trading Tuesday, after vaccine maker Moderna’s top executives reiterated that the omicron variant of the coronavirus may require new vaccines. Alaska Air (ALK US) -5%, United (UAL US) -3.2%, American (AAL US) -3% Krystal Biotech (KRYS US) jumped 4.3% in postmarket trading on Monday, extending gains after a 122% jump during the regular session. The company is offering $200m of shares via Goldman Sachs, BofA, Cowen, William Blair, according to a postmarket statement MEI Pharma (MEIP US) gained 8% postmarket after the cancer-treatment company said it will hold a webcast Tuesday to report on data from the ongoing Phase 2 Tidal study evaluating zandelisib in patients with relapsed or refractory follicular lymphoma Intuit (INTU US) declined 3.4% postmarket after holder Dan Kurzius, co-founder of Mailchimp, offered the stake via Goldman Sachs In Europe, the Stoxx 600 index fell to almost a seven-week low. Cyclical sectors including retail, travel and carmakers were among the biggest decliners, while energy stocks tumbled as crude oil headed for the worst monthly loss this year; every industry sector fell led by travel stocks. Earlier in the session, the Asia Pacific Index dropped 0.6% while the Hang Seng China Enterprises Index lost 1.5% to finish at its weakest level since May 2016. Asian stocks erased early gains to head for a third day of losses on fresh concerns that existing Covid-19 vaccines will be less effective at tackling the omicron variant. The MSCI Asia Pacific Index extended its fall to nearly 1% after having risen as much as 0.8% earlier on Tuesday. The current crop of vaccines may need to be modified next year, Moderna Chief Executive Officer Stephane Bancel said in an interview with the Financial Times, adding that it may take months before pharmaceutical firms can manufacture new variant-specific jabs at scale. U.S. futures also reversed gains. Property and consumer staples were the worst-performing sectors on the regional benchmark. Key gauges in Hong Kong and South Korea were the biggest losers in Asia, with the Kospi index erasing all of its gains for this year. The Hang Seng China Enterprises Index lost 1.5% to finish at its weakest level since May 2016. The fresh bout of selling offset early optimism spurred by data showing China’s factory sentiment improved in November. “With the slower vaccination rate and more limited health-care capacity in the region, uncertainty from the new omicron variant may seem to bring about higher economic risks for the region at a time where it is shifting towards further reopening,” said Jun Rong Yeap, a market strategist at IG Asia Pte. Asia’s stock benchmark is now down 3.5% for the month, set for its worst performance since July, as nervousness remains over the U.S. Federal Reserve’s tapering schedule and the potential economic impact of the omicron variant. “Moderna is one of the primary mRNA vaccines out there, so the risk-off sentiment is justified,” said Kelvin Wong, an analyst at CMC Markets (Singapore) Pte. Liquidity is thinner going into the end of the year, so investors are “thinking it’s wise to take some money off the table,” he added Japanese equities fell, reversing an earlier gain to cap their third-straight daily loss, after a report cast doubt on hopes for a quick answer to the omicron variant of the coronavirus. Telecoms and electronics makers were the biggest drags on the Topix, which dropped 1%, erasing an earlier gain of as much as 1.5%. Fast Retailing and SoftBank Group were the largest contributors to a 1.6% loss in the Nikkei 225. The yen strengthened about 0.4% against the dollar, reversing an earlier loss. Japanese stocks advanced earlier in the day, following U.S. peers higher as a relative sense of calm returned to global markets. Tokyo share gains reversed quickly in late afternoon trading after a Financial Times report that Moderna’s Chief Executive Officer Stephane Bancel said a new vaccine may be needed to fight omicron. “The report of Moderna CEO’s remarks has bolstered an overall movement toward taking off risk,” said SMBC Trust Bank analyst Masahiro Yamaguchi. “Market participants will probably be analyzing information on vaccines and the new virus variant for the next couple of weeks, so shares will likely continue to fluctuate on these headlines.” In FX, the dollar dropped alongside commodity-linked currencies while the yen and gold climbed and bitcoin surged as safe havens were bid. The yen swung to a gain after Moderna Inc.’s chief executive Stephane Bancel was quoted by the Financial Times saying existing vaccines may not be effective enough to tackle the omicron variant. Commodity-linked currencies including the Aussie, kiwi and Norwegian krone all declined, underperforming the dollar In rates, treasuries held gains after flight-to-quality rally extended during Asia session and European morning, when bunds and gilts also benefited from haven flows. Stocks fell after Moderna CEO predicted waning vaccine efficacy. Intermediates lead gains, with yields richer by nearly 6bp across 7-year sector; 10-year Treasuries are richer by 5.6bp at 1.443%, vs 2.5bp for German 10-year, 4.7bp for U.K. Long-end may draw support from potential for month-end buying; Bloomberg Treasury index rebalancing was projected to extend duration by 0.11yr as of Nov. 22. Expectations of month-end flows may support the market, and Fed Chair Powell is slated to testify to a Senate panel.       In commodities, crude futures are off their late-Asia lows but remain in the red. WTI trades close to $68.30, stalling near Friday’s lows; Brent is off over 2.5% near $71.50. Spot gold rises ~$11 near $1,796/oz. Base metals are mixed: LME zinc outperforms, rising as much as 1.6%.  To the day ahead now, and the main central bank highlight will be Fed Chair Powell’s appearance before the Senate Banking Committee, alongside Treasury Secretary Yellen. In addition, we’ll hear from Fed Vice Chair Clarida, the Fed’s Williams, the ECB’s Villeroy and de Cos, and the BoE’s Mann. On the data side, we’ll get the flash November CPI reading for the Euro Area today, as well as the readings from France and Italy. In addition, there’s data on German unemployment for November, Canadian GDP for Q3, whilst in the US there’s the Conference Board’s consumer confidence measure for November, the FHFA house price index for September, and the MNI Chicago PMI for November. Market Snapshot S&P 500 futures down 1.2% to 4,595.00 STOXX Europe 600 down 1.4% to 460.47 MXAP down 0.5% to 190.51 MXAPJ down 0.6% to 620.60 Nikkei down 1.6% to 27,821.76 Topix down 1.0% to 1,928.35 Hang Seng Index down 1.6% to 23,475.26 Shanghai Composite little changed at 3,563.89 Sensex down 0.2% to 57,122.74 Australia S&P/ASX 200 up 0.2% to 7,255.97 Kospi down 2.4% to 2,839.01 German 10Y yield little changed at -0.36% Euro up 0.6% to $1.1362 Brent Futures down 3.0% to $71.26/bbl Brent Futures down 3.0% to $71.26/bbl Gold spot up 0.7% to $1,796.41 U.S. Dollar Index down 0.65% to 95.72 Top Overnight News from Bloomberg Euro-area inflation surged to a record for the era of the single currency and exceeded all forecasts, adding to the European Central Bank’s challenge before a crucial meeting next month on the future of monetary stimulus. If the drop in government bond yields on Friday signaled how skittish markets were, fresh declines are leaving them looking no less nervous. One of Germany’s most prominent economists is urging the European Central Bank to be more transparent in outlining its exit from unprecedented monetary stimulus and argues that ruling out an end to negative interest rates next year may be a mistake. The Hong Kong dollar fell into the weak half of its trading band for the first time since December 2019 as the emergence of a new coronavirus variant hurt appetite for risk assets. A more detailed look at global markets courtesy of Newsquawk Asian equities traded mixed with early momentum seen following the rebound on Wall Street where risk assets recovered from Friday’s heavy selling pressure as liquidity conditions normalized post-Thanksgiving and after some of the Omicron fears abated given the mild nature in cases so far, while participants also digested a slew of data releases including better than expected Chinese Manufacturing PMI. However, markets were later spooked following comments from Moderna's CEO that existing vaccines will be much less effective against the Omicron variant. ASX 200 (+0.2%) was underpinned by early strength across its sectors aside from utilities and with gold miners also hampered by the recent lacklustre mood in the precious metal which failed to reclaim the USD 1800/oz level but remained in proximity for another attempt. In addition, disappointing Building Approvals and inline Net Exports Contribution data had little impact on sentiment ahead of tomorrow’s Q3 GDP release, although the index then faded most its gains after the comments from Moderna's CEO, while Nikkei 225 (-1.6%) was initially lifted by the recent rebound in USD/JPY but then slumped amid the broad risk aversion late in the session. Hang Seng (-1.6%) and Shanghai Comp. (Unch) were varied in which the mainland was kept afloat for most the session after a surprise expansion in Chinese Manufacturing PMI and a mild liquidity injection by the PBoC, with a central bank-backed publication also suggesting that recent open market operations demonstrates an ample liquidity goal, although Hong Kong underperformed on tech and property losses and with casino names pressured again as shares in junket operator Suncity slumped 37% on reopen from a trading halt in its first opportunity to react to the arrest of its Chairman. Finally, 10yr JGBs were initially contained following early momentum in stocks and somewhat inconclusive 2yr JGB auction which showed better results from the prior, albeit at just a marginal improvement, but then was underpinned on a haven bid after fears of the Omicron variant later resurfaced. Top Asian News China’s Biggest Crypto Exchange Picks Singapore as Asia Base SoftBank-Backed Snapdeal Targets $250 Million IPO in 2022 Omicron Reaches Nations From U.K. to Japan in Widening Spread Slump in China Gas Shows Spreading Impact of Property Slowdown Major European bourses are on the backfoot (Euro Stoxx 50 -1.5%; Stoxx 600 -1.5%) as COVID fears again take the spotlight on month-end. APAC markets were firmer for a large part of the overnight session, but thereafter the risk-off trigger was attributed to comments from Moderna's CEO suggesting that existing vaccines will be much less effective against the Omicron COVID strain. On this, some caveats worth keeping in mind - the commentary on the potential need for a vaccine does come from a vaccine maker, who could benefit from further global inoculation, whilst data on the new variant remains sparse. Meanwhile, WSJ reported Regeneron's and Eli Lilly's COVID antiviral cocktails had lost efficacy vs the Omicron variant - however, the extent to which will need to be subject to further testing. Furthermore, producers appear to be confident that they will be able to adjust their products to accommodate the new variant, albeit the timeline for mass production will not be immediate. Nonetheless, the sullied sentiment has persisted throughout the European morning and has also seeped into US equity futures: the cyclically bias RTY (-1.7%) lags the ES (-1.0%) and YM (-1.3%), whilst the tech-laden NQ (-0.5%) is cushioned by the slump in yields. Back to Europe, broad-based losses are seen across the majors. Sectors tilt defensive but to a lesser extent than seen at the European cash open. Travel & Leisure, Oil & Gas, and Retail all sit at the bottom of the bunch amid the potential implications of the new COVID variant. Tech benefits from the yield play, which subsequently weighs on the Banking sector. The retail sector is also weighed on by Spanish giant Inditex (-4.3%) following a CEO reshuffle. In terms of other movers, Glencore (-0.9%) is softer after Activist investor Bluebell Capital Partners called on the Co. to spin off its coal business and divest non-core assets. In a letter seen by the FT, Glencore was also asked to improve corporate governance. In terms of equity commentary, analysts at JPM suggest investors should take a more nuanced view on reopening as the bank expects post-COVID normalisation to gradually asset itself over the course of 2022. The bank highlights hawkish central bank policy shifts as the main risk to their outlook. Thus, the analysts see European equities outperforming the US, whilst China is seen outpacing EMs. JPM targets S&P 500 at 5,050 (closed at 4,655.27 yesterday) by the end of 2022 with EPS at USD 240 – marking a 14% increase in annual EPS. Top European News Omicron Reaches Nations From U.K. to Japan in Widening Spread ECB Bosses Lack Full Diplomatic Immunity, EU’s Top Court Says Adler Keeps Investors Waiting for Answers on Fraud Claims European Gas Prices Surge Above 100 Euros With Eyes on Russia In FX, the Greenback may well have been grounded amidst rebalancing flows on the final trading day of November, as bank models are flagging a net sell signal, albeit relatively weak aside from vs the Yen per Cit’s index, but renewed Omicron concerns stoked by Moderna’s CEO casting considerable doubt about the efficacy of current vaccines against the new SA strain have pushed the Buck back down in any case. Indeed, the index has now retreated further from its 2021 apex set less than a week ago and through 96.000 to 95.662, with only the Loonie and Swedish Krona underperforming within the basket, and the Antipodean Dollars plus Norwegian Crown in wider G10 circles. Looking at individual pairings, Usd/Jpy has reversed from the high 113.00 area and breached a Fib just below the round number on the way down to circa 112.68 for a marginal new m-t-d low, while Eur/Usd is back above 1.1350 having scaled a Fib at 1.1290 and both have left decent option expiries some distance behind in the process (1.6 bn at 113.80 and 1.3 bn between 1.1250-55 respectively). Elsewhere, Usd/Chf is eyeing 0.9175 irrespective of a slightly weaker than forecast Swiss KoF indicator and Cable has bounced firmly from the low 1.3300 zone towards 1.3375 awaiting commentary from BoE’s Mann. NZD/AUD/CAD - As noted above, the tables have turned for the Kiwi, Aussie and Loonie along with risk sentiment in general, and Nzd/Usd is now pivoting 0.6800 with little help from a deterioration in NBNZ business confidence or a decline in the activity outlook. Similarly, Aud/Usd has been undermined by much weaker than forecast building approvals and a smaller than anticipated current account surplus, but mostly keeping hold of the 0.7100 handle ahead of Q3 GDP and Usd/Cad has shot up from around 1.2730 to top 1.2800 at one stage in advance of Canadian growth data for the prior quarter and month of September as oil recoils (WTI to an even deeper trough only cents off Usd 67/brl). Back down under, 1 bn option expiry interest at 1.0470 in Aud/Nzd could well come into play given that the cross is currently hovering near the base of a 1.0483-39 range. SCANDI/EM - The aforementioned downturn in risk appetite after Monday’s brief revival has hit the Sek and Nok hard, but the latter is also bearing the brunt of Brent’s latest collapse to the brink of Usd 70/brl at worst, while also taking on board that the Norges Bank plans to refrain from foreign currency selling through December having stopped midway through this month. The Rub is also feeling the adverse effect of weaker crude prices and ongoing geopolitical angst to the extent that hawkish CBR rhetoric alluding to aggressive tightening next month is hardly keeping it propped, but the Cnh and Cny continue to defy the odds or gravity in wake of a surprise pop back above 50.0 in China’s official manufacturing PMI. Conversely, the Zar is struggling to contain losses sub-16.0000 vs the Usd on SA virus-related factors even though Gold is approaching Usd 1800/oz again, while the Try is striving to stay within sight of 13.0000 following a slender miss in Turkish Q3 y/y GDP. In commodities, WTI and Brent front month futures are once again under pressure amid the aforementioned COVID jitters threatening the demand side of the equation, albeit the market remains in a state of uncertainty given how little is known about the new variant ahead of the OPEC+ confab. It is still unclear at this point in time which route OPEC+ members will opt for, but seemingly the feasible options on the table are 1) a pause in output hikes, 2) a smaller output hike, 3) maintaining current output hikes. Energy journalists have suggested the group will likely be influenced by oil price action, but nonetheless, the findings of the JTC and JMMC will be closely watched for the group's updated forecasts against the backdrop of COVID and the recently coordinated SPR releases from net oil consumers – a move which the US pledged to repeat if needed. Elsewhere, Iranian nuclear talks were reportedly somewhat constructive – according to the Russian delegate – with working groups set to meet today and tomorrow regarding the sanctions on Iran. This sentiment, however, was not reciprocated by Western sources (cited by WSJ), which suggested there was no clarity yet on whether the teams were ready for serious negotiations and serious concessions. WTI Jan resides around session lows near USD 67.50/bbl (vs high USD 71.22/bbl), while Brent Feb dipped under USD 71/bbl (vs high USD 84.56/bb). Over to metals, spot gold remains underpinned in European trade by the cluster of DMA's under USD 1,800/oz – including the 100 (USD 1,792/oz), 200 (USD 1,791/oz) and 50 (1,790/oz). Turning to base metals, LME copper is modestly softer around the USD 9,500/t mark, whilst Dalian iron ore futures meanwhile rose over 6% overnight, with traders citing increasing Chinese demand. US Event Calendar 9am: 3Q House Price Purchase Index QoQ, prior 4.9% 9am: Sept. FHFA House Price Index MoM, est. 1.2%, prior 1.0% 9am: Sept. Case Shiller Composite-20 YoY, est. 19.30%, prior 19.66%; S&P/CS 20 City MoM SA, est. 1.20%, prior 1.17% 9:45am: Nov. MNI Chicago PMI, est. 67.0, prior 68.4 10am: Nov. Conf. Board Consumer Confidenc, est. 111.0, prior 113.8 10am: Nov. Conf. Board Present Situation, prior 147.4 10am: Nov. Conf. Board Expectations, prior 91.3 Central Banks 10am: Powell, Yellen Testify Before Senate Panel on CARES Act Relief 10:30am: Fed’s Williams gives remarks at NY Fed food- insecurity event 1pm: Fed’s Clarida Discusses Fed Independence DB's Jim Reid concludes the overnight wrap Just as we go to print markets are reacting negatively to an interview with the Moderna CEO in the FT that has just landed where he said that with regards to Omicron, “There is no world, I think, where (the effectiveness) is the same level... we had with Delta…… I think it’s going to be a material drop (efficacy). I just don’t know how much because we need to wait for the data. But all the scientists I’ve talked to . . . are like ‘this is not going to be good’.”” This is not really new news relative to the last 3-4 days given what we know about the new mutation but the market is picking up on the explicit comments. In response S&P futures have gone from slightly up to down just over -0.5% and Treasury yields immediately dipped -4bps to 1.46%. The Nikkei has erased gains and is down around -1% and the Hang Seng is c.-1.8%. This is breaking news so check your screens after you read this. In China the official November PMI data came in stronger than expected with the Manufacturing PMI at 50.1 (49.7 consensus vs 49.2 previous) and the non-manufacturing PMI at 52.3 (51.5 consensus vs 52.4 previous). The negative headlines above as we go to print followed a market recovery yesterday as investors hoped that the Omicron variant wouldn’t prove as bad as initially feared. In reality, the evidence is still incredibly limited on this question, and nothing from the Moderna CEO overnight changes that. However the more positive sentiment was also evident from the results of our flash poll in yesterday’s EMR where we had 1569 responses so very many thanks. The poll showed that just 10% thought it would still be the biggest topic in financial markets by the end of the year, with 30% instead thinking it’ll largely be forgotten about. The other 60% thought it would still be an issue but only of moderate importance. So if that’s correct and our respondents are a fair reflection of broader market sentiment, then it points to some big downside risks ahead if we get notable bad news on the variant. For the record I would have been with the majority with tendencies towards the largely forgotten about answer. So I will be as off-side as much as most of you on the variant downside risk scenario. When I did a similar poll on Evergrande 2 and a half months ago, only 8% thought it would be significantly impacting markets a month later with 78% in aggregate thinking limited mention/impact, and 15% thinking it would have no impact. So broadly similar responses and back then the 15% were most correct although the next 78% weren’t far off. In terms of the latest developments yesterday, we’re still waiting to find out some of the key pieces of information about this new strain, including how effective vaccines still are, and about the extent of any increased risk of transmission, hospitalisation and death. Nevertheless, countries around the world are continuing to ramp up their own responses as they await this information. President Biden laid out the US strategy for tackling Omicron in a public address yesterday, underscoring the variant was a cause for concern rather than panic. He noted travel bans from certain jurisdictions would remain in place to buy authorities time to evaluate the variant, but did not anticipate that further travel bans or domestic lockdowns would be implemented, instead urging citizens to get vaccinated or a booster shot. Over in Europe, Bloomberg reported that EU leaders were discussing whether to have a virtual summit on Friday about the issue, and Poland moved to toughen up their own domestic restrictions, with a 50% capacity limit on restaurants, hotels, gyms and cinemas. In Germany, Chancellor Merkel and Vice Chancellor Scholz will be meeting with state premiers today, whilst the UK government’s vaccination committee recommended that every adult be eligible for a booster shot, rather than just the over-40s at present. Boosters have done a tremendous job in dramatically reducing cases in the elder cohort in the UK in recent weeks so one by product of Omicron is that it may accelerate protection in a wider age group everywhere. Assuming vaccines have some impact on Omicron this could be a positive development, especially if symptoms are less bad. Markets recovered somewhat yesterday, with the S&P 500 gaining +1.32% to recover a large portion of Friday’s loss. The index was driven by mega-cap tech names, with the Nasdaq up +1.88% and small cap stocks underperforming, with the Russell 2000 down -0.18%, so the market wasn’t completely pricing out omicron risks by any means. Nevertheless, Covid-specific names performed how you would expect given the improved sentiment; stay-at-home trades that outperformed Friday fell, including Zoom (-0.56%), Peloton (-4.35%), and HelloFresh (-0.8%), while Moderna (+11.80%) was the biggest winner following the weekend news that a reformulated vaccine could be available in early 2022. Elsewhere, Twitter (-2.74%) initially gained after it was announced CEO and co-founder Jack Dorsey would be stepping down, but trended lower throughout the rest of the day. The broader moves put the index back in positive territory for the month as we hit November’s last trading day today. Europe saw its own bounceback too, with the STOXX 600 up +0.69%. Over in rates, the partial unwind of Friday’s moves was even smaller, with yields on 10yr Treasuries moving up +2.6bps to 1.50%, driven predominantly by real rates, as inflation breakevens were a touch narrower across the curve. One part of the curve that didn’t retrace Friday’s move was the short end, where markets continued to push Fed rate hikes back ever so slightly, with the first full hike now being priced for September (though contracts as early as May still price some meaningful probability of Fed hikes). We may see some further movements today as well, with Fed Chair Powell set to appear before the Senate Banking Committee at 15:00 London time, where he may well be asked about whether the Fed plans to accelerate the tapering of their asset purchases although it’s hard to believe he’ll go too far with any guidance with the Omicron uncertainty. The Chair’s brief planned testimony was published on the Fed’s website last night. It struck a slightly more hawkish tone on inflation, noting that the Fed’s forecast was for elevated inflation to persist well into next year and recognition that high inflation imposes burdens on those least able to handle them. On omicron, the testimony predictably stated it posed risks that could slow the economy’s progress, but tellingly on the inflation front, it could intensify supply chain disruptions. The real fireworks will almost certainly come in the question and answer portion of the testimony. The bond moves were more muted in Europe though, with yields on 10yr bunds (+2.0bps), OATs (+1.0bps) and BTPs (+0.4bps) only seeing a modest increase. Crude oil prices also didn’t bounce back with as much rigor as equities. Brent gained +0.99% while WTI futures increased +2.64%. They are back down -1 to -1.5% this morning. Elsewhere in DC, Senator Joe Manchin noted that Democrats could raise the debt ceiling on their own through the reconciliation process, but indicated a preference for the increase not to be included in the build back better bill, for which his support still seems lukewarm. We’re approaching crucial deadlines on the debt ceiling and financing the federal government, so these headlines should become more commonplace over the coming days. There were some further developments on the inflation front yesterday as Germany reported that inflation had risen to +6.0% in November (vs. +5.5% expected) on the EU-harmonised measure, and up from +4.6% in October. The German national measure also rose to +5.2% (vs. +5.0% expected), which was the highest since 1992. Speaking of Germany, Bloomberg reported that the shortlist for the Bundesbank presidency had been narrowed down to 4 candidates, which included Isabel Schnabel of the ECB’s Executive Board, and Joachim Nagel, who’s currently the Deputy Head of the Banking Department at the Bank for International Settlements. Today we’ll likely get some further headlines on inflation as the flash estimate for the entire Euro Area comes out, as well as the numbers for France and Italy. There wasn’t much in the way of other data yesterday, though UK mortgage approvals fell to 67.2k in October (vs. 70.0k expected), which is their lowest level since June 2020. Separately, US pending home sales were up +7.5% in October (vs. +1.0% expected), whilst the Dallas Fed’s manufacturing activity index for November unexpectedly fell to 11.8 (vs. 15.0 expected). Finally, the European Commission’s economic sentiment indicator for the Euro Area dipped to 117.5 in November as expected, its weakest level in 6 months. To the day ahead now, and the main central bank highlight will be Fed Chair Powell’s appearance before the Senate Banking Committee, alongside Treasury Secretary Yellen. In addition, we’ll hear from Fed Vice Chair Clarida, the Fed’s Williams, the ECB’s Villeroy and de Cos, and the BoE’s Mann. On the data side, we’ll get the flash November CPI reading for the Euro Area today, as well as the readings from France and Italy. In addition, there’s data on German unemployment for November, Canadian GDP for Q3, whilst in the US there’s the Conference Board’s consumer confidence measure for November, the FHFA house price index for September, and the MNI Chicago PMI for November. Tyler Durden Tue, 11/30/2021 - 07:50.....»»

Category: blogSource: zerohedgeNov 30th, 2021

Black Friday on Global Bourses: 5 Picks to Protect Portfolio

We have selected five large-cap (market capital > $30 billion) technology stocks to invest. These are: GOOGL, VEEV, ANSS, MTD and CDNS. Nov 26 was a black Friday in reality across the global financial markets. In the United States, Black Friday is associated with massive consumer spending. However, on Nov 26, market participants were busy liquidating their long positions worldwide. This was courtesy of the resurgence of a new variant of coronavirus — B.1.1.529 — in South Africa. The World Health Organization (WHO) named it “omicron” and warned that it could be more transmissible than the previous variants.It seems that volatility may persist in early December. At this stage, it will be prudent to invest in large-cap technology stocks with a favorable Zacks Rank. Here are five of them — Alphabet Inc. GOOGL, Cadence Design Systems Inc. CDNS, Veeva Systems Inc. VEEV, Mettler-Toledo International Inc. MTD and ANSYS Inc. ANSS.   Panic Selling on Black FridayVery few cases with the omicron variant have been detected so far and medical scientists or virologists are clueless regarding the spread of the infection or the physical destructive power of the new variant of COVID-19.Currently, the medical science space is divided with contradictory opinions regarding omicron owing to lack of data. However, several countries including the United States have taken preventive measures like travel restrictions, wearing masks and giving more emphasis on vaccination.However, markets always react more on sentiments, tensions and panic rather than factual reality. Consequently, on Nov 26, the Dow recorded its worst single-day drop in 2021 and the biggest Black Friday selloff since 1931. The S&P 500 and the Nasdaq Composite posted the biggest Black Friday decline in history. Bourses including European Union, the U.K., Japan, Hong Kong, South Korea and emerging markets like Australia, India and Singapore tumbled 2.5% to 4%.  As investors shifted their funds from risky-asset like equities to safe-haven government bonds, the yield on the benchmark 10-Year U.S. Treasury Note plunged 16.2 basis points to 1.482%. Fearing lack of demand, the prices of the U.S. benchmark WTI crude oil and global benchmark Brent crude oil slid 13% and 11.5%, respectively.Near-Term PositivesMedical science is well advanced now to combat the mutating strings of coronavirus than it was a year ago. A section of medical experts has also said that omicron may not be as infectious as the Delta. The spread of omicron may create a short-term hurdle to global economic recovery but a pandemic-era lockdown is highly unlikely.Moreover, if omicron poses a genuine threat to U.S. economic recovery, the Fed may delay its bond-buy tapering process and the benchmark interest rate hike, and may continue its ultra-dovish monetary policies. In fact, over the past two months, an expected change in Fed’s monetary stance due to skyrocketing inflation was the primary source of volatility on Wall Street.Finally, fundamentals of the U.S. economy remain robust. Both consumer spending and business spending remain strong despite mounting inflation and supply-chain disruptions. Both manufacturing and services PMIs stayed elevated. The struggling labor market is showing a systematic recovery. The last reported weekly jobless claims data for the week ended Nov 20, came in at the lowest level since Nov 15, 1969.Our Top PicksAt this stage, analyzing the pros and cons of the resurgence of COVID-19 and panic selling in stock markets, investment in technology stocks will be a good strategy. The technology sector has a secular uptrend potential irrespective of any pandemic-led market downturn.We have selected five large-cap (market capital > $30 billion) technology stocks as these companies have well-established business models. These stocks have sloid growth potential for the rest of 2021 and have seen positive earnings estimate revisions in the last 60 days. Each of our picks carries either a Zacks Rank #1 (Strong Buy) or 2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.The chart below shows the price performance of our five picks in the past month.Image Source: Zacks Investment ResearchAlphabet Inc. has been strongly emphasizing AI techniques and the home automation space, which should aid business growth over the long term. Solid momentum across search, advertising, cloud and YouTube businesses aided the results of Alphabet. Further, the growing proliferation of consumers’ online activities and rising advertiser spending remained as tailwinds.Alphabet's robust cloud division continues to be the key catalyst. Expanding data centers will continue to bolster its presence in the cloud space. Further, major updates in its search segment are enhancing the search results. Moreover, GOOGL’s mobile search is constantly gaining traction.Zacks Rank #1 Alphabet has an expected earnings growth rate of 84.8% for the current year. The Zacks Consensus Estimate for current-year earnings improved 0.4% over the last 7 days.Cadence Design Systems Inc. offers products and tools that help customers to design electronic products. Through the System Design Enablement strategy, CDNS offers software, hardware, services and reusable IC design blocks to electronic systems and semiconductor customers.Cadence’s performance is being driven by strength across segments like digital & signoff solutions and functional verification suite. CDNS is also gaining from higher investments in emerging trends like IoT and autonomous vehicle sub-systems along with strength in the semiconductor end-market. Frequent product launches are expected to help the company sustain top-line growth.Zacks Rank #2 Cadence Design Systems has an expected earnings growth rate of 16.1% for the current year. The Zacks Consensus Estimate for current-year earnings improved 2.5% over the last 30 days.Mettler-Toledo International Inc. is the world's largest manufacturer and marketer of weighing instruments for use in laboratory, industrial and food retailing applications. MTD focuses on the high value-added segments of the weighing instruments market by providing solutions for specific applications.Mettler-Toledo is also a leading provider of analytical instruments for use in life science, reaction engineering and real-time analytic systems used in drug and chemical compound development, and process analytics instruments used for in-line measurement in production processes. MTD’s portfolio strength, cost-cutting efforts, robust sales, marketing strategies, and margin and productivity initiatives are expected to continue aiding its performance.Zacks Rank #2 Mettler-Toledo has an expected earnings growth rate of 29.9% for the current year. The Zacks Consensus Estimate for current-year earnings improved 1.7% over the last 30 days.Veeva Systems Inc. offers cloud-based software applications and data solutions for the life sciences industry. Strength in Veeva Systems’ data business and Veeva OpenData raise optimism. The steady adoption of Veeva Systems’ products is also encouraging. Revenue uptick in Veeva Commercial Cloud with 21 new Veeva CRM customer wins and good traction with Veeva CRM add-ons look impressive.The expansion of both margins bodes well for VEEV. Veeva System’s focus on cloud-based software and a strong product suite buoy optimism. A strong liquidity position is an added plus for VEEV.  Zacks Rank #2 Veeva System has an expected earnings growth rate of 21.4% for the current year (ending January 2022). The Zacks Consensus Estimate for current-year earnings improved 0.3% over the last 60 days.ANSYS Inc. develops and globally markets engineering simulation software and services widely used by engineers, designers, researchers and students across a broad spectrum of industries and academia. ANSYS is also gaining from the robust adoption of its engineering simulation software in 3D printing and additive manufacturing applications.Solid recurring revenue growth and improving business conditions at small- and medium-sized customers acted as a tailwind. The sound acquisition strategy of ANSS bodes well for the long haul.Zacks Rank #2 ANSS has an expected earnings growth rate of 7.6% for the current year. The Zacks Consensus Estimate for current-year earnings improved 2.4% over the last 30 days. Investor Alert: Legal Marijuana Looking for big gains? Now is the time to get in on a young industry primed to skyrocket from $13.5 billion in 2021 to an expected $70.6 billion by 2028. After a clean sweep of 6 election referendums in 5 states, pot is now legal in 36 states plus D.C. Federal legalization is expected soon and that could kick start an even greater bonanza for investors. Zacks Investment Research has recently closed pot stocks that have shot up as high as +147.0% You’re invited to immediately check out Zacks’ Marijuana Moneymakers: An Investor’s Guide. It features a timely Watch List of pot stocks and ETFs with exceptional growth potential.Today, Download Marijuana Moneymakers FREE >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Cadence Design Systems, Inc. (CDNS): Free Stock Analysis Report MettlerToledo International, Inc. (MTD): Free Stock Analysis Report ANSYS, Inc. (ANSS): Free Stock Analysis Report Veeva Systems Inc. (VEEV): Free Stock Analysis Report Alphabet Inc. (GOOGL): Free Stock Analysis Report To read this article on Zacks.com click here......»»

Category: topSource: zacksNov 29th, 2021

Black Friday Turns Red On "Terrible News" - Global Markets Crater On "Nu Variant" Panic

Black Friday Turns Red On "Terrible News" - Global Markets Crater On "Nu Variant" Panic The Friday after thanksgiving is called black Friday because that's when retailers finally turn profitable for the year. Not so much for market, however, because this morning it's red as far as the eye can see. The culprit: the same one we discussed late last night - the emergence of a new coronavirus strain detected in South Africa, known as B.1.1.529, which reportedly carries an "extremely high number" of mutations and is “clearly very different” from previous incarnations, which may drive further waves of disease by evading the body’s defenses according to South African scientists, and soon, Anthony Fauci. British authorities think it is the most significant variant to date and have hurried to impose travel restrictions on southern Africa, as did Japan, the Czech Republic and Italy on Friday. The European Union also said it aimed to halt air travel from the region. "Markets have been quite complacent about the pandemic for a while, partly because economies have been able to withstand the impact of selective lockdown measures. But we can see from the new emergency brakes on air travel that there will be ramifications for the price of oil," said Chris Scicluna, head of economic research at Daiwa. As a result, what was initially just a 1% drop in US index futures, has since escalated to a plunge of as much as 2% with eminis dropping the most since September, at one point dropping below 4,600 after closing on Wednesday above 4,700 as a post-Thanksgiving selloff spread across global markets amid mounting concerns the new B.1.1.529 coronavirus variant - which today will be officially called by the Greek lettter Nu - could derail the global economic recovery.  Russell 2000 contracts sank as much as 5.4%. Technology shares may be caught in the net too as Nasdaq 100 futures slid. The VIX increased as much as 9.4 vols to 28, it's biggest jump since January. It was last seen up 7.4 points, or the biggest increase since February. Adding to the pain, there is nothing on today's macro calendar and the US market closes early which will reduce already dismal liquidity even more, exacerbating some of the moves throughout the session. Headlines are likely to center on various nations preventing travel from South Africa whilst potentially imposing more stringent COVID measures domestically, as well as which countries "find" the Nu variant. Amid the panicked flight to safety, 10Y TSY yields tumbled as traders slashed bets on monetary tightening by the Federal Reserve (just hours after Goldman predicted that the Fed would double the pace of its taper and hike 3 times in 2022, oops) ... ... as did oil amid fears new covid lockdowns will lead to a collapse in crude demand (they will also certainly force OPEC+ to put on pause their plans to keep hiking output by 400K every month). Paradoxically, even cryptos are tumbling, which is surprising since even the dumbest algos should realize by now that a new covid outbreak means more dovish central banks, no tightening, and if nothing else, more QE and more liquidity which is precisely what cryptos need to break out to new all time highs. Cruise ship operator Carnival slumped 9.1% in premarket trading and Boeing slid 5.8% as travel companies tumbled worldwide. Stay-at-home stocks such as Zoom Video rallied.  Didi Global shares fell after Chinese regulators reportedly asked the ride-hailing giant to delist from U.S. bourses. Here are some of the other big premarket movers: Airlines and other travel stocks slumped in premarket trading on growing concern about a new Covid-19 variant identified in southern Africa. The European Union is proposing to halt air travel from several countries in the area and the U.K. will temporarily ban flights from the region. United Airlines (UAL US) fell 8.9%, Delta Air (DAL US) -7.9%, American Airlines (AAL US) -6.7%; cruiseline-operator Carnival (CCL US) -12%; hotelier Marriott (MAR US) -6.1%; lodging company Airbnb (ABNB US) -6.9%. Stay-at-home stocks that benefit from higher demand in lockdowns rose in premarket, with Zoom Video (ZM US) gaining 8.5% and fitness equipment group Peloton (PTON US) +4.7%. Vaccine stocks surged in premarket, while Pfizer and BioNTech got an added boost after their coronavirus shot won European Union backing for expanded use in children. Moderna (MRNA US) rose 8.8%, Novavax (NVAX US) +6.2%, Pfizer (PFE US) +5.1%, BioNTech (BNTX US) +6.4%. Small biotech stocks gained in premarket as investors sought havens. Ocugen (OCGN US) added 22%, Vir Biotechnology (VIR US) +7.8%, Sorrento Therapeutics (SRNE US) +5%. Cryptocurrency-exposed stocks fell as Bitcoin dropped as investors dumped risk assets. Marathon Digital (MARA US) declined 9%, Riot Blockchain (RIOT US) -8.8%, Coinbase (COIN US) -4.6%. Didi Global (DIDI US) declined 6% in premarket after Chinese regulators were said to have asked the ride-hailing giant to delist from U.S. bourses. Selecta Biosciences (SELB US) dropped 13% in Wednesday’s postmarket ahead of Thursday’s Thanksgiving closure, after saying the U.S. FDA placed a clinical hold on a trial. Quotient Technology (QUOT US) gained 3.9% in Wednesday’s postmarket on news that a board member bought $150,000 of shares. What happens next will matter and so, all eyes are on the opening bell for the U.S. markets, set to return from the holiday for a shortened trading session. Tumbling futures and a soaring VIX signaled that the rout in Asia and Europe won’t spare New York equities, while lack of liquidity will only make the pain worse. The Japanese yen emerged as the main haven currency of the day, with the dollar languishing. “Every trader in New York will be rushing to the office now,” said Salm-Salm & Partner portfolio manager Frederik Hildner, adding that news of the new variant could mean the end of the inflation and tapering debate. The worsening pandemic poses a dilemma for central banks that are preparing to tighten monetary policy to curb elevated price pressures, according to Ipek Ozkardeskaya, senior analyst at Swissquote. “It’s terrible news,” Ipek Ozkardeskaya, a senior analyst at Swissquote, said in emailed comments. “The new Covid variant could hit the economic recovery, but this time, the central banks won’t have enough margin to act. They can’t fight inflation and boost growth at the same time. They have to choose.” “We now have a new Covid variant that’s ‘very’ different from the ones we knew so far, a rising inflation, and a market bubble,” she said.  “The only encouraging news is the easing oil prices, which could tame the inflationary pressures and give more time to the central banks before pulling back support.” In the meantime, the World Health Organization and scientists in South Africa were said to be working “at lightning speed” to ascertain how quickly the B.1.1.529 variant can spread and whether it’s resistant to vaccines. The new threat adds to the wall of worry investors are already contending with in the form of elevated inflation, monetary tightening and slowing growth. In Europe, the Stoxx 600 index headed for the biggest drop in 13 months plunging 2.7%; travel and banking industries led the Stoxx Europe 600 Index down as much as 3.7%, the biggest intraday drop since June 2020. Airbus slumped 8.6% in Paris and British Airways owner IAG tumbled 12% in London, while food-delivery stocks gained.  Here are some of the biggest European movers today: Stay-at-home stocks and Covid testing firms such as TeamViewer and DiaSorin are among the biggest gainers as worries over a new Covid variant send the Stoxx 600 tumbling on lockdown fears TeamViewer and DiaSorin rise as much as 6% and 7%, respectively On the down side, travel and leisure stocks plunge, with the likes of IAG, Lufthansa and Carnival posting double- digit falls IAG drops as much as 21% Software AG shares rise as much as 9.5% after Bloomberg reported that the firm is exploring strategic options, including a potential sale, with Morgan Stanley saying the company’s biggest headwinds are behind it. Evolution gains as much as 4.6%, recouping part of Thursday’s 16% plunge, with Bank of America saying the share price’s “crazy time” amounts to a good buying opportunity. Skistar rises as much as 3.7%, bucking steep declines for travel and leisure stocks, after Handelsbanken upgraded the stock, saying bookings for the Scandinavian ski resort operator are “set to surge.” Telecom Italia climbs as much as 2.8% following a Bloomberg report that private equity firms KKR and CVC are considering teaming up on a bid for the company. ING Groep falls as much as 11% after Goldman Sachs analyst Jean-Francois Neuez cut his recommendation to neutral from buy. Getlink drops as much as 6% as French fishermen start protests aimed at stepping up pressure on the U.K. in a post-Brexit fishing dispute. Earlier in the session, MSCI's index of Asian shares outside Japan fell 2.2%, its sharpest drop since August. Casino and beverage shares were hammered in Hong Kong, while travel stocks dropped in Sydney and Tokyo. Japan's Nikkei skidded 2.5% and S&P 500 futures were last down 1.8%. Giles Coghlan, chief currency analyst at HYCM, a brokerage, said the closure of the U.S. market for the Thanksgiving holiday on Thursday had exacerbated moves. "We need to see how transmissible this variant is, is it able to evade the vaccines - this is crucial," Coghlan said. "I expect this story to drag on for a few days until scientists have a better understanding of it." Indian stocks plunged as the detection of a new coronavirus strain rattled investor sentiment globally, raising concerns over a likely setback to the nascent economic recovery.  The S&P BSE Sensex lost 2.9%, the most since mid-April, to 57,107.15 in Mumbai, taking its loss this week to 4.2%, the biggest weekly drop since January. The NSE Nifty 50 Index declined by a similar magnitude on Friday. Reliance Industries was the biggest drag on both measures and declined 3.2%.  “There is fear of this new variant spreading to other countries which might again derail the global economy,” said Hemang Jani, head of equity strategy at Motilal Oswal Financial Services Ltd.   Of the 30 shares in the Sensex index, 26 fell and 4 gained. All but one of 19 sub-indexes compiled by BSE Ltd. retreated, led by a index of realty companies. The S&P BSE Healthcare index was the only sub-index to gain, surging 1.2%. While researchers are yet to determine whether the new virus variant is more transmissible or lethal than previous ones, authorities around the world have been quick to act. The European Union, U.K., Israel, and Singapore placed emergency curbs on passengers from South Africa and the surrounding region. Travel stocks were among the hardest hit. InterGlobe Aviation Ltd. fell 8.9%, Spicejet Ltd. slipped 6.7% and Indian Hotels Co. Ltd. plunged 11.2%, the most since March 2020.  “Nervousness on the new variant of coronavirus and expectations of the U.S. Fed increasing the pace of tapering have led to recent market weakness,” Amit Gupta, fund manager for portfolio management services at ICICI Securities Ltd. said. “This trend may take some time to recover as the WHO meeting on the new mutant variant impact and hospitalization rates in US and Europe will be watched by the market very closely.” Crude oil to emerging markets completed this picture of mayhem. In rates, fixed income was firmly bid as Treasuries extended their advance led by the belly of the curve, outperforming bunds, while money markets pared rate-hike bets amid fears that a new coronavirus strain may spread globally, slowing economic growth. Cash Treasuries outperformed, richening 12-14bps across the short end, with Thursday’s closure exacerbating the optics. As shown above, 10Y Treasury yields shed as much as 10 basis points while the Japanese yen jumped the most since investors’ March 2020 rush for safety. Yields across the curve are lower by more than 8bp at long end, 13bp-15bp out to the 7-year point, moves that if sustained would be the largest since at least March 2020 and in some cases since 2009. Short-term interest rate futures downgraded the odds of Fed rate increases. Gilts richened 10-11bps across the curve, outperforming bunds by 4-5bps. Peripheral and semi-core spreads widen. In FX, JPY and CHF top the G-10 scoreboard with havens typically bid. In FX, the Bloomberg Dollar Spot Index was little changed after earlier touching a fresh cycle high, and the greenback was mixed versus its Group-of-10 peers as the yen and the Swiss franc led gains while the Canadian dollar and Norwegian krone were the worst performers as commodity prices plunged. Traders pushed back the timing of a 25-basis-point rate increase by the Federal Reserve to July from June, with only one further hike expected for the remainder of 2022. It’s a similar story in the U.K. where the Bank of England is now expected to tighten policy in February instead of next month. Wagers that the ECB will raise its deposit rate by the end of next year have also been slashed, with only a six basis-point increase priced in, half of that seen earlier this week. The European Union is proposing to follow the U.K. in halting air travel from southern Africa after the new Covid-19 variant was identified there. The yen is at the epicenter of skyrocketing currency volatility as the new virus variant shakes markets. The cost of hedging against swings in the Japanese currency over the next week, which captures the release of the next U.S. payrolls report, is the most expensive in more than a year. In commodities, crude futures are hit hard. WTI drops over 7% before finding support near $73, Brent drops over 5% before recovering near $78. Spot gold grinds higher, adding $21 to trade near $1,809/oz. Base metals are sharply offered with much of the complex off as much as 3%. Looking at the otherwise quiet day ahead, data releases include French and Italian consumer confidence for November, as well as the Euro Area M3 money supply for October. Otherwise, central bank speakers include ECB President Lagarde, Vice President de Guindos, and the ECB’s Visco, Schnabel, Centeno, Panetta and Lane, and BoE chief economist Pill. Market Snapshot S&P 500 futures down 1.9% to 4,607.50 STOXX Europe 600 down 2.8% to 468.04 MXAP down 1.8% to 193.33 MXAPJ down 2.2% to 628.97 Nikkei down 2.5% to 28,751.62 Topix down 2.0% to 1,984.98 Hang Seng Index down 2.7% to 24,080.52 Shanghai Composite down 0.6% to 3,564.09 Sensex down 2.7% to 57,234.83 Australia S&P/ASX 200 down 1.7% to 7,279.35 Kospi down 1.5% to 2,936.44 Brent Futures down 5.8% to $77.46/bbl Gold spot up 0.9% to $1,805.13 U.S. Dollar Index down 0.33% to 96.46 German 10Y yield little changed at -0.31% Euro up 0.4% to $1.1259 Top Overnight News from Bloomberg The European Union is proposing to halt air travel from southern Africa over growing concern about a new Covid-19 variant that’s spreading there, as the U.K. said it will also temporarily ban flights from the region Those close to the Kremlin say the Russian president doesn’t want to start another war in Ukraine. Still, he must show he’s ready to fight if necessary in order to stop what he sees as an existential security threat: the creeping expansion of the North Atlantic Treaty Organization in a country that for centuries had been part of Russia Bitcoin tumbled 20% from record highs notched earlier this month as a new variant of the coronavirus spurred traders to dump risk assets across the globe Germany’s Greens tapped their two co- leaders to run the foreign ministry and take charge of an influential portfolio overseeing economy and climate protection in the country’s next government under Social Democrat Olaf Scholz A more detailed breakdown of global markets courtesy of Newsquawk Asian equity markets declined and US equity futures were also on the backfoot on reopen from the prior day’s Thanksgiving lull with markets spooked by new COVID variant concerns related to the B.1.1.529 variant in South Africa that was first detected in Botswana. The new variant showed a high number of mutations and was said to be the most evolved strain ever which spurred fears it could be worse than Delta and is prompting both the UK and Israel to halt flights from several African nations. ASX 200 (-1.7%) was negative with heavy losses in energy and broad underperformance in cyclicals leading the downturn across all sectors, while the much better than expected Australian Retail Sales data was largely ignored. Nikkei 225 (-2.5%) underperformed and gave up the 29k status as selling was exacerbated by detrimental currency inflows and with SoftBank shares among the worst hit on reports that China is said to have asked Didi to delist from US exchanges on security fears, which doesn't bode well for SoftBank given that its Vision Fund is the top shareholder in the Chinese ride hailing group with a stake of more than 20%. Hang Seng (-2.5%) and Shanghai Comp. (-0.7%) conformed to the risk aversion with the mood not helped by ongoing geopolitical concerns after a Chinese Defense Ministry spokesperson noted they are ready to crush Taiwan independence bid "at any time”, while China also said it opposes US sanctions on its companies and will take all necessary measures to firmly defend the rights of Chinese companies. Beijing interference further contributed to the headwinds amid the request by China for Didi to delist from US which reports stated regulators could backtrack on and with Tencent subdued after some Chinese state-run companies restricted the use of Tencent's messaging app. Top Asian News Stocks in Asia Set for Worst Day Since March on Virus Woes Mizuho CEO Steps Down After Regulator Hit on System Issues Meituan 3Q Revenue Meets Estimates Japan’s Kishida Delivers $316 billion Extra Budget for Recovery European equities are trading markedly lower (Stoxx 600 -2.9%) with losses in the Stoxx 600 extending to 3.8% WTD. Sentiment throughout the week has been hampered by various lockdown measures imposed across the region with the latest leg lower accelerated by new COVID variant concerns related to the B.1.1.529 variant in South Africa. The new variant has shown a high number of mutations and is said to be the most evolved strain so far. This has spurred fears it could be worse than Delta and has prompted multiple nations to halt flights from several African nations.The handover from the overnight session was an equally downbeat one with the Nikkei 225 (-2.5%) dealt a hammer blow by the risk environment and unfavourable currency flows. Stateside, futures are lower across the board with the RTY the clear laggard with losses of 4.2% compared to the ES -1.8%, whilst the tech-heavy NQ is faring better than peers but ultimately still lower on the session to the tune of 1.6%. Note, early closures in the US and subsequent liquidity conditions could exacerbate some of the moves throughout the session. With the macro calendar light, focus for the session is likely to centre on various nations preventing travel from South Africa whilst potentially imposing more stringent COVID measures domestically. Any further clarity on the spread of the variant and its potential to evade vaccines will be of great interest to the market and likely be the main driving force of price action today. Sectors in Europe are lower across the board with the Stoxx 600 Banking (-5.1%) sector bottom of the pile amid the declines seen in global bond yields as markets scale back expectations of central bank tightening (e.g. pricing now assigns a 63% chance of a 15bps hike by the BoE next month vs. 93% a week ago). Oil & Gas names (-4.8%) are suffering on account of the declines in the crude space with WTI crude in freefall with losses of 6.7% given the potential impact of travel restrictions on demand. Travel restrictions on South Africa (from UK, Israel, EU et al) and the potential for further announcements has crushed the Travel & Leisure sector (-5.7%) with airline names dealt a hammer blow; IAG (-13.5%), easyJet (-11%), Deutsche Lufthansa (-12%), Air France (-9.5%). Elsewhere, there are a whole raft of other laggards which are very much in-fitting with the March 2020 playbook but there are simply too many to list for the purpose of this report. Defensives and Tech are faring better than peers but ultimately still lower on the session to the tune of 1% and 1.9% respectively. Finally, for anyone wanting some positivity from today’s session, the potential for further lockdowns has proved to be beneficial for the likes of HelloFresh (+3.2%), Ocado (+2.1%) and Delivery Hero (+1.9%). Top European News Airlines Skid on South Africa Travel Bans Tied to Variant German Coalition Proposes a Combustion-Car Ban Without Saying So Putin Pushes Confrontation With NATO as Hardliners Prevail Siemens Is Said to Kick Off Sale of Postal Logistics Business In FX, the index has been under pressure in the risk-averse environment amid a slump in yields and gains in its basket components – namely the JPY, CHF, EUR (see below) – and with liquidity also thinned by Thanksgiving. From a technical perspective, the index has declined from its 96.787 overnight high, through the 96.500 mark, to a low of 96.332 – with the weekly trough at 96.035. Ahead, the US calendar is once again light, with the US also poised for an early Thanksgiving closure; thus, impulses will likely be derived from the macro environment. JPY, CHF, EUR - Haven FX JPY and CHF are the clear outperformers as a function of risk-related inflows. USD/JPY has retreated from a 115.37 peak and fell through its 21 DMA (114.15) to a base around 113.66 - with the current weekly low around 113.64. USD/CHF retreated from 0.9360 to 0.9260 – with the 50 and 100 DMAs seen at 0.9234 and 0.9219, respectively, ahead of 0.9200. EUR/USD meanwhile gains on what is seemingly an unwind of the carry trade amid a spike in volatility. EUR/USD found support near 1.1200 before rebounding to a current 1.1288 peak. AUD, NZD, CAD, GBP - The non-US Dollar risk currencies bear the brunt of the latest market downturn, with losses across industrial commodities not helping. The Loonie has taken the spot as the biggest G10 loser as hefty COVID-induced losses in the oil complex keep the currency suppressed. USD/CAD trades towards the top of a current 1.2647-2774 range. AUD is also weighed on by softer base metal prices – AUD/USD fell from a 0.7200 overnight high to a current low at 0.7110. On that note, Westpac sees AUD/USD pushed down to 0.7000 by Jun 2022 (prev. 0.7700) amid rate differentials with the US; Westpac made significant changes to its FOMC policy forecast and now expect consecutive increases in the fed funds rate in Jun, Sept, and Dec 2022. NZD/USD is slightly more cushioned amid smaller exposure to commodities, and as the AUD/NZD cross takes aim at 1.0450 to the downside. GBP, meanwhile, was initially among the losers amid its high-beta status but thereafter nursed losses in a move that coincided with EUR/GBP rejecting an upside breach of its 21 DMA at 0.8475. EM - The ZAR is the standout laggard given the new South African COVID variant - B.1.1.529 COVID-19 variant (expected to be named Nu) – which is said to be the most evolved strain so far and thus prompted several countries to halt travel to the country of origin. USD/ZAR currently trades within a 15.9375-16.3630 intraday band. Meanwhile, the downturn oil sees USD/RUB north of 75.00 and closer to 76.00 from a 74.2690 base. The Lira also feels some contagion despite the lower oil prices (Turkey being a large net oil importer) – USD/TRY is back on a 12.00 handle and within 11.92-1226 parameters at the time of writing. In commodities, the crude complex has been hit by compounding COVID fears which in turn triggered various travel restrictions and subsequently took its toll on global crude demand prospects. The new and more evolved South African variant prompted the UK, Singapore, and Israel to expand their travel red lists to include some African nations (Israel reported its first case of the new COVID-19 variant known as B.1.1.529). Japan also imposed tighter border restrictions. China’s Shanghai city see flights impacted by its own outbreak. Europe also tackles its surge in daily cases - German Green Party's Baerbock (incoming Foreign Minister) does not rule out a German lockdown, according to Spiegel. EU Commission President von der Leyen is also to propose activation of the emergency air brake, to halt travel from southern Africa due to the B.1.1.529 COVID-19 variant. Losses in oil have exacerbated - with WTI Jan and Brent Feb now under USD 74/bbl (vs high 78.65/bbl) and USD 77/bbl (vs high 80.42/bbl), -6.0% and -5.0% respectively. This comes ahead of the OPEC+ confab next week, whereby OPEC watchers have suggested that oil prices will be a large contributor to the final decision. It is difficult to see how OPEC+ will increase output to the levels the US et al. will be content with, with the latest COVID downturn building the case for a pause in planned output hikes. Elsewhere, haven demand sees spot gold extend on gains above USD 1,800/oz after topping the 100 DMA (1,792.95/oz), 200 DMA (1,791.38/oz), 50 DMA (1,790.13/oz) overnight. Base metals are softer across the board amid the risk aversion. LME copper posts losses of around 3% at the time of writing, as prices threaten a more convincing downside breach of USD 9,500/t. US Event Calendar Nothing major scheduled DB's Jim Reid concludes the overnight wrap Things have escalated on the covid front quite rapidly over the last 12 hours. Yesterday new covid variant B.1.1.529 was slowly starting to gather increasing attention but overnight it has begun to dominate markets and has caused a notable flight to quality with 10 year USTs -8bps lower. It was originally identified in Botswana and is starting to spread rapidly in Africa. The South African Health Minister has said it is "of serious concern". Almost 100 cases have already been identified in South Africa and the UK moved to put the country back (along with 5 other African nations) on a reinstated red travel list last night with others following this morning. The variant is said to be the most heavily mutated version yet and the WHO will meet today to decide if it is a variant of interest or a variant of concern. So a lot of eyes will be on how severe it is and whether it completely evades vaccines. At this stage very little is known. Mutations are often less severe so we shouldn’t jump to conclusions but there is clearly a lot of concern about this one. Also South Africa is one of the world leaders in sequencing so we are more likely to see this sort of news originate from there than many countries. Suffice to say at this stage no one in markets will have any idea which way this will go. Overnight in Asia all benchmarks are trading lower on the news with the Shanghai Composite (-0.50%), CSI (-0.64%), KOSPI (-1.27%), Hang Seng (-2.13%) and the Nikkei (-2.90%) all lower. Airlines and other travel stocks have obviously fallen heavily. Hong Kong has detected two confirmed cases of the new variant just as Hong Kong and China were considering quarantine-free travel. S&P 500 (-0.93%) and DAX (-1.82%) futures are also much weaker. Elsewhere, in Japan, CPI rose +0.5% year-on-year (+0.4% consensus and +0.1% previously), on the back of 16-month high fuel prices. With the US out on holiday for Thanksgiving, there wasn’t much going on yesterday after a very quiet day in markets. The variant news was only slowly creeping into the news flow so it hardly impacted trading. But in keeping with the theme of recent days, both inflation and the latest covid wave in Europe remained very much in the picture as jitters continue to increase that we could see further lockdowns as we move towards Christmas. Starting with the headline moves, European equities did actually show signs of stabilising yesterday, with the STOXX 600 up +0.42% thanks to a broad-based advance across the continent. In fact that’s actually the index’s best daily performance in over three weeks, although that’s not reflecting any particular strength, but instead the fact the index inched steadily but persistently towards a record high before selling off again a week ago. Other indices moved higher across the continent too, with the FTSE 100 (+0.33%), the CAC 40 (+0.48%) and the DAX (+0.25%) all posting similar advances. These will all likely reverse this morning. One piece of news we did get came from the ECB, who released the account of their monetary policy meeting for October. Something the minutes stressed was the importance that the Governing Council maintain optionality in their policy settings, with one part acknowledging the growing upside risks to inflation, but also saying “it was deemed important for the Governing Council to avoid an overreaction as well as unwarranted inaction, and to keep sufficient optionality in calibrating its monetary policy measures to address all inflation scenarios that might unfold.” Against this backdrop, 10yr bond yields moved lower across multiple countries, with those on bunds (-2.3ps), OATs (-2.3bps) and BTPs (-1.9bps) all declining. There was also a flattening in all 3 yield curves as well, with the 2s10s slope in Germany (-3.0bps), France (-3.7bps) and Italy (-2.8bps) shifting lower. And the moves also coincided with a continued widening in peripheral spreads, with both the Spanish and the Greek spreads over 10yr bund yields widening to their biggest levels in over a year. Of course, one of the biggest concerns in Europe right now remains the pandemic, and yesterday saw a number of fresh measures announced as policymakers seek to get a grip on the latest wave. In France, health minister Veran announced various measures, including the expansion of the booster rollout to all adults, and a reduction in the length of time between the initial vaccination and the booster shot to 5 months from 6. Meanwhile in the Czech Republic, the government declared a state of emergency and approved tighter social distancing measures, including the closure of restaurants and bars at 10pm. And in Finland, the government have said that bars and restaurants not using Covid certificates will not be able to serve alcohol after 5pm. All this came as the European Medicines Agency recommended that the Pfizer vaccine be approved for children aged 5-11, which follows the decision to approve the vaccine in the US. Their recommendation will now go to the European Commission for a final decision. There wasn’t much in the way of data at all yesterday, though German GDP growth in Q3 was revised down to show a +1.7% expansion (vs. +1.8% previous estimate). Looking at the details, private consumption was the only driver of growth (+6.2%), with government consumption (-2.2%), machinery and equipment (-3.7%) and construction (-2.3%) all declining over the quarter. To the day ahead now, and data releases include French and Italian consumer confidence for November, as well as the Euro Area M3 money supply for October. Otherwise, central bank speakers include ECB President Lagarde, Vice President de Guindos, and the ECB’s Visco, Schnabel, Centeno, Panetta and Lane, and BoE chief economist Pill. Tyler Durden Fri, 11/26/2021 - 08:12.....»»

Category: blogSource: zerohedgeNov 26th, 2021

Futures Slide As Dollar Jumps, Yields Rebound Ahead Of Massive Data Dump

Futures Slide As Dollar Jumps, Yields Rebound Ahead Of Massive Data Dump For the third day in a row, US equity futures have been weighed down by rising (real) rates even as traders moderated their expectations for monetary-policy tightening after New Zealand’s measured approach to rate hikes where the central banks hiked rates but not as much as some had expected. Traders also braced for an epic data dump in the US, which includes is an epic data dump which includes an update to Q3 GDP, advance trade balance, initial jobless claims, wholesale and retail inventories, durable goods, personal income and spending, UMich consumer sentiment, new home sales, and the FOMC Minutes The two-year U.S. yield shed two basis points. The dollar extended its rising streak against a basket of peers to a fourth day. At 730am, S&P 500 e-mini futures dropped 0.3%, just off session lows, while Nasdaq futures dropping 0.34%. In premarket trading, Nordstrom sank 27% after the Seattle-based retailer posted third-quarter results featuring what Citi called a big earnings per share miss. The company reported higher labor and fulfillment costs in the third quarter while sales remained stubbornly below pre-pandemic levels and profit missed analyst estimates. Telecom Italia SpA surged in Europe on enhanced takeover interest. Oil prices fluctuated as producers and major consuming nations headed for a confrontation. Other notable premarket movers: Gap (GPS US) sank 20% premarket after the clothing retailer reported quarterly results that missed estimates and cut its net sales forecast for the full year. Analysts lowered their price targets. Nordstrom (JWN US) tumbles 27% in premarket after the Seattle-based retailer posted third-quarter results featuring what Citi called a big earnings per share miss. Jefferies, meanwhile, downgrades the stock to hold from buy as transformation costs are rising. Guess (GES US) posted quarterly results which analysts say included impressive sales and margins, and showed the company navigating supply-chain issues successfully. The shares closed 9.2% higher in U.S. postmarket trading. HP (HPQ US) shares are up 8.4% in premarket after quarterly results. Analysts note strong demand and pricing in the personal computer market. Meme stocks were mixed in premarket after tumbling the most since June on Tuesday as investors bailed out of riskier assets. Anaplan (PLAN US) slides 18% in premarket as a narrower-than-expected quarterly loss wasn’t enough to stem a downward trend. Analysts slashed price targets. Autodesk (ADSK US) shares slump 14% in premarket after the building software maker narrowed its full-year outlook. Analysts are concerned that issues with supply chains and the pandemic could impact its targets for 2023. GoHealth (GOCO US) gained 8.4% in postmarket trading after the insurer’s CEO and chief strategy officer added to their holdings. As Bloomberg notes, investors are on the edge as they face a wall of worry from a resurgence of Covid-19 in Europe to signs of persistent consumer-price growth. Damping inflation is now center-stage for policy makers, with ultra-loose, pandemic-era stimulus set to be wound down. The slew of U.S. data as well as Federal Reserve minutes due today may provide the next catalysts for market moves. In Europe, the Stoxx 600 Index erased earlier gains of up to 0.4% to trade down -0.1%, with tech and travel and leisure leading declines. Miners gained 0.8%, tracking higher copper prices on easing concerns over Chinese demand, while travel stocks slid over 1% on prospects of harsher travel curbs: Italy and France are debating new measures to cope with Covid’s resurgence while Germany isn’t ruling out fresh curbs. Oil stocks rose 1.2%, set for their biggest jump in over a month, with crude prices inching higher as investors remained sceptical about the effectiveness of a U.S.-led release of oil from strategic reserves. Here are some of the most notable European equity movers: Mulberry shares surge as much as 24%, the most since March 12, after the U.K. luxury company swung to a 1H profit from a year earlier and reported an increase in sales. Telecom Italia shares rise as much as 10% following a Bloomberg report that KKR is considering to raise its offer for the company after top investor Vivendi said the bid was too low. However, the stock is still trading below the initial non-binding offer from KKR. Golden Ocean gains as much as 9.6%, most since Feb., after earnings. DNB says “Golden Ocean delivered solid Q3 results” and adds “Furthermore, guidance for Q4 should lift consensus estimates and solidify further dividend potential in our view.” Intertek shares gain as much as 6.7%, the most since May 2020, after the company issued a trading update. UBS says the company’s accelerating momentum and reiterated targets are “reassuring.” Aegon shares rise as much as 5.5% after Credit Suisse upgraded its recommendation to outperform from neutral and raised the PT to EU5.30 from EU4.00. IQE shares slump as much as 21% for the biggest intraday drop since March 2020, falling to their lowest level since June 2020 after the semiconductor company said it sees softening demand in 4Q. Genus shares fall as much 15% after the animal genetics firm lowered its FY22 earnings guidance, leading Peel Hunt and Liberum to cut estimates. European stocks are on course for weekly losses, as the return of COVID-19 curbs, rate hike and inflation concerns sparked fears of a weaker economic growth outlook. "There's a two-way pull between macro concerns and what's happening bottoms-up in terms of corporate profits," said Nick Nelson, head of European equity strategy at UBS, adding that while the third quarter has been one of the decade's best reporting seasons for Europe, macro concerns such as a rise in U.S. bond yields and COVID-19 cases have been holding stocks back. Earlier in the session, Asian equities declined, on track for a third-straight session of losses, as higher U.S. Treasury yields continued to weigh on technology stocks in the region. The MSCI Asia Pacific Index slid as much as 0.6%, with Japan stocks leading losses as traders returned from a holiday to access the prospect of tighter U.S. monetary policy to curb inflation. TSMC and Tencent were among the biggest drags on the regional gauge. READ: Samsung Plans $17 Billion Texas Chip Plant, Creating 2,000 Jobs The renomination of Jerome Powell as Federal Reserve chair earlier this week has sent U.S. 10-year Treasury yields to about levels near 1.65%, implying higher borrowing costs. That’s adding to concerns about weak earnings growth in Asia as well as ongoing supply-chain constraints. Investors will now turn their attention to U.S. gross domestic product data and FOMC minutes due out after Asian markets close Wednesday.  “A cautious tone may still seem to prevail for now,” Jun Rong Yeap, a market strategist at IG Asia, said in a note. “Markets continue to shift their expectations towards a tighter Fed monetary policy.” New Zealand’s stock gauge added 0.6% after the central bank raised interest rates by 25 basis points, less than the 50 points that some economists had predicted. Singapore authorities, meanwhile, expect gross domestic product to expand 3% to 5% next year, a slower pace than this year as the country rebounds from the pandemic. Indian stocks fell ahead of the November monthly expiry on Thursday, led by technology companies. The S&P BSE Sensex slipped 0.6% to 58,340.99 in Mumbai to close at its lowest level in two months. The gauge gained 0.3% on Tuesday, snapping four sessions of selloff.   The NSE Nifty 50 Index declined 0.5% on Wednesday, reversing intraday gains of as much as 0.6%. Software exporter Infosys Ltd. was the biggest drag on both gauges and slipped more than 2%. Of the 30 shares in the Sensex, 21 dropped and nine rose.  Investors roll over positions ahead of the expiry of derivatives contracts on the last Thursday of every month. Fourteen of 19 sub-indexes compiled by BSE Ltd. fell, led by a measure of IT companies. “The scheduled monthly expiry would keep the traders busy on Thursday,” Ajit Mishra, vice president research at Religare Broking Ltd. wrote in a note. “We suggest continuing with negative bias on the index while keeping a check on leveraged positions.” In Fx, the most notable movers was the drop in the kiwi: New Zealand’s currency ironically slid to the weakest in nearly two months and the nation’s bond rallied as the central bank’s 25 basis-point rate hike disappointed traders betting on a bigger increase. The central bank projected 2% benchmark borrowing costs by the end of 2022. The Bloomberg Dollar Spot Index advanced a fourth consecutive day as the greenback gained versus all Group-of-10 peers apart from the yen, which reversed its losses after falling to the lowest since March 2017. The euro underperformed, nearing the $1.12 handle amid broad dollar strength even before data showing German business confidence took another hit in November and amid renewed fears that Germany may be considering a full lockdown and mandatory vaccines. RBNZ Governor Adrian Orr said policy makers considered a 50bps move before deciding on 25bps, and he sees the OCR climbing to around 2.5% by end-2023.  Elsewhere, Turkey’s lira stabilized after Tuesday’s plunge. MSCI’s gauge of emerging-market stocks edged lower for a sixth session.   In rates, Treasuries were richer by 1bp to 2bp across the curve, paced by European bonds ahead of a raft of U.S. data preceding Thursday’s market close. 10-year Treasury yields were richer by ~1bp on the day at around 1.655%, slightly trailing bunds; most curve spreads are within a basis point of Tuesday’s close with comparable shifts across tenors. During Asia session, Treasuries were supported by wider gains across Kiwi bonds after RBNZ hiked policy rates, but still erred on the dovish side. Bunds remain supported during European morning as haven demand stems from prospect of a nationwide German lockdown. Italian bonds snapped a two-day decline. In commodities, oil futures in New York swung between gains and losses following an announcement by the U.S. and other nations of a coordinated release of strategic reserves. Focus now turns to OPEC+ on how the group will respond to the moves. The alliance has already said that such releases were unjustified by market conditions and it may reconsider plans to add more supply at a meeting next week. Base metals are well bid with LME nickel adding over 2% to outperform peers. LME copper rises over 1% to best levels for the week. Crude futures fade a modest push higher fading after a brief push through Tuesday’s best levels. WTI trades flat, having briefly printed above $79; Brent prints highs of $83 before fading. Spot gold holds a narrow range close to $1,790/oz To the day ahead now, and there’s a significant amount of US data ahead of tomorrow’s Thanksgiving holiday. That includes the weekly initial jobless claims, the second estimate of Q3 GDP, October’s personal income and personal spending, new home sales, and the preliminary October readings for durable goods orders and core capital goods orders. Over in Germany, there’s also the Ifo’s business climate indicator for November. Finally on the central bank side, there’s the release of the FOMC’s November meeting minutes, and speakers include the ECB’s Panetta and Schnabel, and the BoE’s Tenreyro. Market Snapshot S&P 500 futures down 0.1% to 4,683.50 STOXX Europe 600 up 0.3% to 480.66 MXAP down 0.5% to 196.76 MXAPJ down 0.1% to 643.18 Nikkei down 1.6% to 29,302.66 Topix down 1.2% to 2,019.12 Hang Seng Index up 0.1% to 24,685.50 Shanghai Composite up 0.1% to 3,592.70 Sensex down 0.3% to 58,499.84 Australia S&P/ASX 200 down 0.2% to 7,399.44 Kospi down 0.1% to 2,994.29 Brent Futures up 0.4% to $82.63/bbl Gold spot up 0.1% to $1,791.37 U.S. Dollar Index little changed at 96.57 German 10Y yield little changed at -0.22% Euro down 0.2% to $1.1231 Top Overnight News from Bloomberg Olaf Scholz is set to succeed Angela Merkel as German chancellor after forging an unprecedented alliance that aims to revamp Europe’s largest economy by tackling climate change and promoting digital technologies The European Commission is set to announce the recommendations for the entire EU as soon as Thursday, Politico’s Playbook newsletter reported, citing three unidentified officials and diplomats Italy’s government is debating tough new measures to stem an increase in coronavirus cases, which could include restrictions on unvaccinated people and be approved as soon as Wednesday The ECB’s pandemic purchasing program may enter a “waiting room” rather than be abolished completely once net purchases are set to end in March, Governing Council member Robert Holzmann said at briefing in Vienna The U.K.’s biggest business lobby group has urged Prime Minister Boris Johnson to back down in its dispute with the European Union over Northern Ireland and not follow through with threats to suspend parts of the Brexit divorce deal Polish central bank Governor Adam Glapinski said further weakening of the zloty wouldn’t be consistent with the country’s economic fundamentals, helping lift the embattled currency from 12-year lows The supply crunch that’s helped drive inflation to multi- decade highs shows some signs of easing in the U.S. -- but it’s still getting worse in Europe. That’s the takeaway from the latest readings on Bloomberg Economics’ new set of supply indicators The unraveling of the Turkish lira threatens to erode Recep Tayyip Erdogan’s grasp on the economy and is already emboldening his political opponents. Small protests erupted in Istanbul and Ankara overnight, calling for an end to economic mismanagement that’s unleashed rapid inflation and triggered the currency’s longest losing streak in two decades A more detailed breakdown of global news courtesy of newsquawk Asia-Pac equity indices were mixed following the choppy performance of their US counterparts where energy rallied despite the SPR announcement and tech lagged as yields continued to gain, with the latest RBNZ rate hike, as well as looming FOMC Minutes and US data releases adding to the tentative mood. ASX 200 (-0.2%) was rangebound with the index subdued by losses in tech and gold miners which suffered from the rising yield environment, but with downside cushioned by strength in the largest weighted financials sector and with outperformance in energy after oil prices rallied in the aftermath of the widely anticipated SPR announcement. The strength in oil was attributed to several reasons including a “sell the rumour/buy the news” play and expectations of a response from OPEC+, while an administration official kept the prospect of an oil export ban on the table which is seen as bullish as it would remove US supply from the global market. Nikkei 225 (-1.6%) was the laggard on return from holiday amid flows into the local currency and with reports also suggesting the BoJ is considering tweaking its pandemic relief program. Hang Seng (+0.1%) and Shanghai Comp. (+0.1%) swung between gains and losses with early indecision due to the broad tech weakness tech which was not helped by reports that Chinese cyberspace regulators and police summoned Alibaba (9988 HK) and Baidu’s (9888 HK) cloud unit for telecoms network fraud, although the losses for Chinese bourses were eventually reversed amid gains in the energy heavyweights and after a mild PBoC liquidity injection. Finally, 10yr JGBs opened lower on spillover selling from global peers but gradually pared some of the losses after rebounding from support at 151.50 and with the BoJ in the market for nearly JPY 1.5tln of JGBs with up to 10yr maturities. Top Asian News Shinsei Drops Poison Pill Against SBI in Japan Takeover Saga Morgan Stanley to Repay Hong Kong Staff $5,100 for Quarantine KKR, Equinix Among Suitors for $11 Billion Global Switch Japan to Issue $192 Billion in Debt for Stimulus: Nikkei European equities attempted to claw back some of the week’s losses (Euro Stoxx 50 -0.2%; Stoxx 600 -0.2%) at the open with Monday and Tuesday’s session dominated by ongoing COVID angst in the region. Lockdown measures were enough to see investors shrug off yesterday’s better-than-expected PMI metrics for the Eurozone with today’s slightly softer than hoped for German Ifo report having little sway on price action. Despite the upside seen at the open, optimism has faded throughout the session as speculation mounts over whether the announcement of the German coalition deal (set to be unveiled at 14:00GMT) could prompt further lockdown measures for the nation. Furthermore, reports note that the Italian government is debating potential restrictions on the unvaccinated; measures could be approved as soon as today. On a more positive footing French Finance Minister Le Maire says at the moment he does not see any need for further COVID-related restrictions in France. However, it remains to be seen how long this viewpoint can be sustained. Stateside, futures are a touch softer with losses across the majors of a relatively equal magnitude (ES -0.1%) in the final full session of the week ahead of the Thanksgiving Holiday. Given the shortened week, today sees a deluge of data from the US with releases including key personal income, spending and PCE data for October, a second look at Q3 GDP, final Michigan consumer sentiment data, as well as weekly jobless claims and energy inventory data. All of which is followed by the FOMC minutes from the November meeting. In a recent note, BNP Paribas stated it is of the view that equities will go on to provide the highest returns across asset classes in 2022 with the French bank targeting 5100 (currently 4690) for the S&P 500 by the end of next year. From a European perspective, BNP expects the Euro Stoxx 50 to close 2022 out at 4500 (currently 4300) with the market “too pessimistic” on margins; albeit the Bank concedes that the resurgence of COVID presents a risk to its view. Sectors in Europe are mostly constructive with Oil & Gas and Basic Resources underpinned by gains in the underlying commodities with the former continuing to garner support post-yesterday’s SPR announcement. The Travel & Leisure sector lags peers with the Travel element of the group hampered by reports that the European Commission is preparing new COVID travel recommendations for the whole of the EU. For Leisure names, Entain (-5.0%) and Flutter Entertainment (-3.0%) have been hit by news that over 160 UK MPs and peers are said to be demanding that online gambling limits are lowered. Finally, Telecom Italia (+9.7%) is the best performer in the Stoxx 600 after source reports suggesting that KKR is considering a higher bid for the Co. in an attempt to win over support from Vivendi.   Top European News Scholz Seals Coalition Deal to Become Next German Chancellor Italy Readies Curbs on the Unvaccinated as Covid Cases Rise Booking Agrees to Buy CVC’s Etraveli for About EU1.63b Orange CEO Convicted in $453 Million Arbitration Fraud Case In FX, the Dollar index has gained traction and continued its gains above 96.500+ status in early European hours before eclipsing resistance at 96.700 to a fresh YTD peak at 96.758, with US players also preparing to wind down for the long weekend. Before that, the Buck will be facing a plethora of Tier 1 US data, including Prelim GDP (Q3), weekly Jobless Claims, and monthly PCE in the run-up to the FOMC Minutes – which will be eyed for clues on what could warrant an adjustment of the pace of tapering (Full preview available in the Newsquawk Research Suite). On the downside, immediate support will likely be at yesterday’s 96.308 low before this week’s current 96.035 trough. In terms of early month-end FX flows (on account of the holiday-shortened week), Morgan Stanley’s model points towards USD weakness against most G10 peers. EUR, GBP - The single currency dipped a 16-month low just before the release of the German Ifo survey, which unsurprisingly voiced cautiousness against the backdrop of COVID and supply chain issues – with Ifo forecasting a growth stagnation this current quarter, whilst ING believe that today’s Ifo signals that “The risk of stagnation or even recession in the German economy at the turn of the year has clearly increased.” The currency came under further pressure in what coincided with reports that Germany is mulling a full COVID lockdown and mandatory vaccinations, although the piece failed to cite any sources nor officials and seemed to be more an extrapolation of recent remarks from the German Health Minister. EUR/USD fell through pivotal support at 1.1210 to a current low at 1.1206 ahead of 1.1200. Traders should also be cognizant of several chunky OpEx clips including EUR 1.3bln between 1.1195-1.1200. Ahead, the SPD, Greens and FDP set to unveil their coalition deal at 14:00GMT. ECB speak today include from the likes Schnabel after Panetta and Holzmann failed to spur action across EU assets. Elsewhere, the GBP/USD is flat intraday and saw little reaction to BoE Governor Bailey yesterday, suggesting he does not think the MPC will go back to a hard form of guidance and stated that it is not off the table that they give no guidance at all on rates. Bailey also stated that decisions are made meeting by meeting and that they have a very tight labour market. From a political standpoint, European Commission VP Sefcovic said EU-UK talks on Northern Ireland trade rules will probably drag into 2022. Cable remains within a 1.3353-89 range whilst EUR/GBP trades on either side of 0.8400. Looking ahead, BoE’s Tenreyro speaking at the Oxford Economics Society – with early-Nov commentary from the MPC member suggesting that monetary policy will have to bite if there are signs of second-round inflation effects, but policy cannot fix energy price spikes. NZD, AUD - The Kiwi stands as the G10 laggard following a dovish 25bps hike by the RBNZ, with the board citing optionality. Desks suggest that FX was clearly gearing for a hawkish surprise from the central bank, with markets pricing some 35% of a 50bps hike heading into the meeting given the inflation survey earlier this month. Money markets were also disappointed, with participants flagging that the 2yr swap fell over 15bps despite the RBNZ upping its 2023 OCR forecast to 2.3% (prev. 1.7%). NZD/USD fell further beneath the 0.7000 mark to a current 0.6957 low. AUD meanwhile sees its losses cushioned from another day of firm gains in iron ore, whilst cross-currency flows help the AUD/NZD test 1.0450 to the upside. Nonetheless, the cautious market mood keeps AUD/USD around the flat mark after the pair found support at 0.7200. JPY - The traditional haven outperforms as risk aversion creeps into the market. USD/JPY pivots the 115.00 market after hitting an overnight high of 115.23. Some desks suggest that offers are seen from 115.30 on Wednesday, with more around the 115.50 area, according to IFR citing Tokyo sources. In terms of notable OpEx, USD/JPY sees USD 1.7bln between 115.00-10. In commodities, WTI and Brent Jan futures consolidate following yesterday’s gains post-SPR announcement. The release disappointed the oil bears given the widely telegraphed nature of the announcement coupled with relatively small contributions from members. Desks have also highlighted that the reserves will need to be replenished at some time in the future, and thus, analysts have passed the effects from the SPR release as temporary; although, cautioning that if the desired impact is not achieved, then further action can be taken – with a temporary export ban still on the table. Meanwhile, on the demand side, futures dipped after CNBC reported that Germany could head into a full lockdown, but the piece did not make a mention of officials nor sources but seemed to be more an extrapolation of recent comments from the Germany Health Minister, with an announcement on this matter potentially to come today. Further, tomorrow could see revised travel guidance for the whole of the EU, according to Politico sources, although "The biggest overall change will be a move away from a country-based approach and to a person-based one, which takes into account a citizen’s individual COVID status." Despite this month’s European COVID developments, JPMorgan sees global oil demand growing by another 3.5mln BPD next year to reach 99.8mln BPD (280k BPD above 2019 level); 2023 demand is expected to average around 101.5mln BPD (1.9mln BPD above pre-COVID levels) and suggested that global oil demand is on track to exceed 2019 levels by March 2022 and strengthen further. As a reminder, next week also sees the OPEC+ meeting whereby the group is expected to continue with plans of monthly output increases of 400k BPD, with a risk of a more dovish decision and/or commentary. WTI Jan trades around USD 78.50/bbl (vs high 79.23/bbl) and Brent Jan around USD 82.25/bbl (vs high 83.00/bbl). Elsewhere, spot gold is interestingly unfazed by the rampant Dollar as prices remain caged within a cluster of DMAs (100 around 1,793, 200 around 1,791 and 50 around 1,788). Copper prices are again on the grind higher with LME around USD 9,800/t at the time of writing – with participants citing underlying demand, particularly from China. US Event Calendar 8:30am: 3Q GDP Annualized QoQ, est. 2.2%, prior 2.0% 8:30am: 3Q GDP Price Index, est. 5.7%, prior 5.7% 8:30am: 3Q PCE Core QoQ, est. 4.5%, prior 4.5% 8:30am: 3Q Personal Consumption, est. 1.6%, prior 1.6% 8:30am: Oct. Durable Goods Orders, est. 0.2%, prior -0.3% 8:30am: Oct. Cap Goods Orders Nondef Ex Air, est. 0.5%, prior 0.8%; - Less Transportation, est. 0.5%, prior 0.5% 8:30am: Oct. Cap Goods Ship Nondef Ex Air, est. 0.5%, prior 1.4% 8:30am: Oct. Retail Inventories MoM, est. 0.3%, prior -0.2%; Wholesale Inventories MoM, est. 1.0%, prior 1.4% 8:30am: Oct. Advance Goods Trade Balance, est. - $95b, prior -$96.3b 8:30am: Nov. Initial Jobless Claims, est. 260,000, prior 268,000; Continuing Claims, est. 2.03m, prior 2.08m 9:45am: Nov. Langer Consumer Comfort, prior 50.7 10am: Oct. Personal Income, est. 0.2%, prior -1.0%; 10am: Oct. Personal Spending, est. 1.0%, prior 0.6% 10am: Oct. Real Personal Spending, est. 0.6%, prior 0.3% 10am: Oct. New Home Sales, est. 800,000, prior 800,000 10am: Oct. New Home Sales MoM, est. 0%, prior 14.0% 10am: Oct. PCE Deflator MoM, est. 0.7%, prior 0.3% 10am: Oct. PCE Core Deflator MoM, est. 0.4%, prior 0.2% 10am: Oct. PCE Deflator YoY, est. 5.1%, prior 4.4% 10am: Oct. PCE Core Deflator YoY, est. 4.1%, prior 3.6% 10am: Nov. U. of Mich. Sentiment, est. 67.0, prior 66.8 10am: Nov. U. of Mich. 5-10 Yr Inflation, prior 2.9% 10am: Nov. U. of Mich. 1 Yr Inflation, prior 4.9% 10am: Nov. U. of Mich. Current Conditions, prior 73.2 10am: Nov. U. of Mich. Expectations, prior 62.8 2pm: Nov. FOMC Meeting Minutes DB's Jim Reid concludes the overnight wrap We’ve had a number of requests to bring back our Covid tables in the EMR. At the moment I’m resisting as they take a considerable amount of time. While we work out an efficient form of articulating the current wave on a daily basis, in today’s EMR we show graphs of the daily rolling 7-day cases and fatalities per million in the population for the G7. We’ve also included Austria, given how topical that is, and also The Netherlands, given mounting problems there. These act as a useful reference point for some of the more stressed countries. The cases chart should be in the text below and the fatalities one visible when you click “view report”. Germany is probably the main one to watch in the G7 at the moment and overnight reported 66,884 new cases (a record) compared with 45,362 the day before. A reminder that yesterday we published our 2022 credit strategy outlook. See here for the full report. Craig has also put out a more detailed HY 2022 strategy document here and Karthik a more detailed IG equivalent here. Basically we think spreads will widen as much as 30-40bps in IG and 120-160bps in HY due to a response to a more dramatic appreciation of the Fed being well behind the curve. This sort of move is consistent with typical mid-cycle ranges through history. We do expect this to mostly retrace in H2 as markets recover from the shock and growth remains decent and liquidity still high. We also published the results of our ESG issuer and investor survey where around 530 responded. Please see the results here. As we hit Thanksgiving Eve and a US data dump of a day given the holiday tomorrow, the big story over the last 2-3 business days has been real rates in the US. As recently as Friday, after the Austria lockdown news, 10yr real rates hit -1.2%. Yesterday they traded above -0.95% before closing at -0.97%, +4.0bps higher than the previous close. Our view in the 2022 credit strategy document is that credit is more tied to real rates than nominal rates and if the market attacks the Fed as we expect, then they should go up. However, note that I’ve also said I suspect they’ll stay negative for the rest of my career so while higher real yields are likely, I suspect that this is a trade rather than a structural long-term journey given likely long-term financial repression. Anyway, rising real yields, a fresh covid wave and belief over a less dovish Fed post the Powell reappointment saw a tough day for equities, especially in Europe, before the US managed to eke out a gain into the close. The S&P 500 (+0.17%) was up for the first time in 3 days, whilst Europe’s STOXX 600 (-1.28%) posted its worst daily performance in nearly 2 months. On a sector level, it was the same story in the US, where energy (+3.04%) shares benefitted from climbing oil prices and financials (+1.55%) gained on steeper and higher yields. Larger tech firms retreated on the higher discount rates, with the Nasdaq declining -0.50%. Meanwhile the VIX index of volatility was back above the 20-mark for the first time in over a month, coinciding with a broader tightening of financial conditions. However, we dipped back below 20 into the stronger close. Honing in on bonds now and there was a major selloff yesterday that hit a number of European countries in particular. By the close of trade, yields on 10yr bunds were up +8.1bps, which is their single-biggest daily increase in over a year, actually since the day we found out that the Pfizer/BioNTech vaccine had proven successful in trials and was set to be rolled out. The move came about entirely due to higher real rates, with Germany 10yr inflation breakevens actually down -2.0bps on the day. Similar moves were seen elsewhere on the continent, with yields on 10yr OATs (+8.6bps) and BTPs (+10.5bps) seeing sharp rises of their own, which occurred in part on the back of stronger than expected flash PMI data raising the prospect of a quicker drawdown in monetary stimulus, not least with inflation still running some way ahead of the ECB’s target. For US Treasuries, yields were a touch more subdued, and the yield curve twist steepened. 2yr yields declined -1.8bp whilst every other maturity increased, and all tenors out to 7 years are at post-pandemic highs. The 5yr nominal yield increased +2.2bps to 1.34%. The 10yr was up +4.1bps to 1.67% due, as we discussed above, to real yields. 10yr breakevens were flat (+0.2bp) at 2.63%. The 10 year is 7.5bps off of 2021 closing highs and in the 430 plus business days since the pandemic started there have only been 14 days with a higher close than last nights. Elsewhere yesterday, we had an important piece of news on the energy front, as the US announced that it would be releasing 50m barrels of oil from the Strategic Petroleum Reserve, with the move occurring alongside similar decisions in China, India, Japan, South Korea and the UK. 32m of those 50m will be an exchange, whereby oil is released over the next few months that is then returned over the coming years, while another 18m are coming from an acceleration of an oil sale that Congress had already authorised. Oil prices rose following the release however, with Brent crude (+3.27%) and WTI (+2.28%) both seeing decent advances, in part because the contribution from other nations was smaller than many had anticipated, but also because the potential release from the SPR had been widely reported in advance, thus sending prices lower from their peak around a month ago. Even with the news, there’s no sign that inflationary pressures will be going away just yet, since much of what happens next will depend on the reaction of the OPEC+ group. If they move to cancel plans to increase production, then that could put upward pressure on prices again and help counter the impact of the move from the various energy consumers. And as we’ve been discussing, inflationary pressures have been widening for some time now, stretching beyond specific categories like energy and used cars to an array of other areas. Overnight in Asia stocks are trading mostly in the red with the CSI (-0.03%), Hang Seng (-0.06%), Shanghai Composite (-0.10%), KOSPI (-0.48%) and the Nikkei (-1.35%) all lower. The Reserve Bank of New Zealand has raised interest rates for the second consecutive month and lifted the official cash rate 25bps to 0.75%. There was some who expected 50bps so bonds are rallying with 2yr and 10yrs -5.5bps and -7.5bps lower, respectively. The central bank were pretty hawkish in their comments though. US Treasuries are 2-4bps lower across the curve overnight as well. Staying on New Zealand, the country eased its travel restrictions by allowing fully vaccinated travellers (and other eligible travellers) from Australia without any isolation from Jan 17 and those from the rest of the world from February 14. Elsewhere, South Korea reported its highest ever daily new cases of 4,115 with 586 critical cases with the PM announcing the situation is "more serious than expected". Futures are indicating a slightly weaker start in the US and Europe with the S&P 500 (-0.24%) and DAX (-0.09%) lower. Over in Europe, there’s no sign of the pandemic letting up just yet, with French health minister Veran saying in parliament that “we are sadly well and truly in a fifth wave of the epidemic” as France announced 30,454 new cases yesterday. Austria has been the main country in the headlines recently as it moved into a nationwide lockdown, but the reality is that the trend lines have been moving higher across the continent, raising the prospect of fresh restrictions. In terms of yesterday’s developments, the Netherlands announced that social distancing would be reintroduced on a mandatory basis, and that people should stay 1.5m apart, and Poland saw the biggest daily increase in hospitalisations since April. Elsewhere, Slovakia’s PM said that he was considering following the steps adopted in Austria, and the outgoing Czech PM said that mandatory vaccines for the over-60s were being considered. In spite of the growing Covid wave across Europe, the flash PMIs released yesterday actually proved better than the consensus was expecting, and even saw something of an uptick from the October readings. The Euro Area composite PMI ended a run of 3 successive declines as it rose to 55.8 (vs. 53.0 expected), with both manufacturing (58.6) and services (56.6) rising relative to a month ago. And both the German (52.8) and the French (56.3) composite PMIs were also better than expected. On the other hand, the US had somewhat underwhelming readings, with the flash services PMI down to 57.0 (vs. 59.0 expected), as the composite PMI fell to 56.5. To the day ahead now, and there’s a significant amount of US data ahead of tomorrow’s Thanksgiving holiday. That includes the weekly initial jobless claims, the second estimate of Q3 GDP, October’s personal income and personal spending, new home sales, and the preliminary October readings for durable goods orders and core capital goods orders. Over in Germany, there’s also the Ifo’s business climate indicator for November. Finally on the central bank side, there’s the release of the FOMC’s November meeting minutes, and speakers include the ECB’s Panetta and Schnabel, and the BoE’s Tenreyro. Tyler Durden Wed, 11/24/2021 - 08:07.....»»

Category: blogSource: zerohedgeNov 24th, 2021

Futures Under Water As Tech Selloff Spreads, Yields Spike, Lira Implodes

Futures Under Water As Tech Selloff Spreads, Yields Spike, Lira Implodes US equity futures continued their selloff for the second day as Treasury yields spiked to 1.66%, up almost 4bps on the day, and as the selloff in tech shares spread as traders trimmed bets for a dovish-for-longer Federal Reserve after the renomination of Jerome Powell as its chair. At 8:00am ET, S&P futures were down 2.75 points or -0.05%, with Dow futures flat and Nasdaq futures extended their selloff but were off worst levels, down 41.25 points or 0.25%, after Monday’s last-hour furious rout in technology stocks. As repeatedly covered here in recent weeks, the Turkish currency crisis deepened with the lira weakening past 13 per USD, a drop of more than 10% in one day.  Oil rebounded - as expected - after a panicking Joe Biden, terrified about what soaring gas prices mean for Dems midterm changes, announced that the US, together with several other countries such as China, India and Japan, would tap up to 50 million barrels in strategic reserves, a move which was fully priced in and will now serve to bottom tick the price of oil. In premarket trading, Zoom lost 9% in premarket trading on slowing growth. For some unknown reason, investors have been reducing expectations for a deeper dovish stance by the Fed after Powell was selected for a second term (as if Powell - the man who started purchases of corporate bonds - is somehow hawkish). The chair himself sought to strike a balance in his policy approach saying the central bank would use tools at its disposal to support the economy as well as to prevent inflation from becoming entrenched. “While investors no longer have to wonder about who will be leading the Federal Reserve for the next few years, the next big dilemma the central bank faces is how to normalize monetary policy without upsetting markets,” wrote Robert Schein, chief investment officer at Blanke Schein Wealth Management. Following Powell’s renomination, “the market has unwound hedges against a more ‘dovish’ personnel shift,” Chris Weston, head of research with Pepperstone Financial Pty Ltd., wrote in a note. Not helping was Atlanta Fed President Raphael Bostic who said Monday that the Fed may need to speed up the removal of monetary stimulus and allow for an earlier-than-planned increase in interest rates European stocks dropped with market focusing on potential Covid lockdowns and policy tightening over solid PMI data. Euro Stoxx 50 shed as much as 1.7% with tech, financial services and industrial names the hardest hit. Better-than-forecast PMI numbers out of Europe’s major economies prompted money markets to resume bets that the ECB will hike the deposit rate 10 basis points as soon as December 2022, versus 2023 on Monday. As Goldman notes, the Euro area composite flash PMI increased by 1.6pt to 55.8 in November — strongly ahead of consensus expectations — in a first gain since the post-July moderation. The area-wide gain was broad-based across countries, and sectors. Supply-side issues continued to be widely reported, with input and output price pressures climbing to all-time highs. In the UK, the November flash composite PMI came in broadly as expected, and while input costs rose to a new all-time high, pass-through into output prices appears lower than usual. Forward-looking expectations remain comfortably above historical averages across Europe, although today's data are unlikely to fully reflect the covid containment measures taken in a number of European countries over recent days. Key numbers (the responses were collected between 10 and 19 November (except in the UK, where the survey response window spanned 12-19 November). Euro Area Composite PMI (Nov, Flash): 55.8, GS 53.6, consensus 53.0, last 54.2. Euro Area Manufacturing PMI (Nov, Flash): 58.6, GS 57.7, consensus 57.4, last 58.3. Euro Area Services PMI (Nov, Flash): 56.6, GS 53.9, consensus 53.5, last 54.6. Germany Composite PMI (Nov, Flash): 52.8, GS 52.1, consensus 51.0, last 52.0. France Composite PMI (Nov, Flash): 56.3, GS 54.4, consensus 53.9, last 54.7. UK Composite PMI (Nov, Flash): 57.7, GS 57.7, consensus 57.5, last 57.8. And visually: Earlier in the session, Asian stocks fell toward a three-week low as Jerome Powell’s renomination to head the Federal Reserve boosted U.S. yields, putting downward pressure on the region’s technology shares. The MSCI Asia Pacific Index declined as much as 0.5%, as the reappointment sent Treasury yields higher and buoyed the dollar amid concerns monetary stimulus will be withdrawn faster. Consumer discretionary and communication shares were the biggest drags on Asia’s benchmark, with Tencent and Alibaba slipping on worries over tighter regulations in China. “Powell’s renomination was generally expected by the market,” said Chetan Seth, an Asia-Pacific equity strategist at Nomura. The market’s reaction may be short-lived as traders turn their attention to the Fed’s meeting in December and Covid’s resurgence in Europe, he added. Asia shares have struggled to break higher as the jump in yields weighed on sentiment already damped by a lackluster earnings season and the risk of accelerating inflation. The region’s stock benchmark is down about 1% this year compared with a 16% advance in the MSCI AC World Index. Hong Kong and Taiwan were among the biggest decliners, while Australian and Indian shares bucked the downtrend, helped by miners and energy stocks. India’s benchmark stock index rose, snapping four sessions of declines, boosted by gains in Reliance Industries Ltd.   The S&P BSE Sensex climbed 0.3% to close at 58,664.33 in Mumbai, recovering after falling as much as 1.3% earlier in the session. The NSE Nifty 50 Index gained 0.5%. Of the 30 shares on the Sensex, 21 rose and 9 fell. All but one of the 19 sector sub-indexes compiled by BSE Ltd. advanced, led by a gauge of metal stocks.  Reliance Industries Ltd. gained 0.9%, after dropping the most in nearly 10 months on Monday following its decision to scrap a plan to sell a 20% stake in its oil-to-chemicals unit to Saudi Arabian Oil Co. Shares of One 97 Communications Ltd., the parent company for digital payments firm Paytm, climbed 9.9% after two days of relentless selling since its trading debut. In rates, Treasuries dropped, with the two-year rate jumping five basis points, helping to flatten the yield curve. Bunds and Treasuries bear steepened with German 10y yields ~5bps cheaper. Gilts bear flatten, cheapening 1.5bps across the short end. 10Y TSY yields rose as high as 1.67% before reversing some of the move. In FX, the Bloomberg Dollar Spot Index was little changed after earlier advancing to the highest level since September 2020 as markets moved to price in a full quarter-point rate hike by the June Fed meeting, with a good chance of two more by year-end; Treasury yields inched up across the curve apart from the front end. The Japanese yen briefly fell past 115 per dollar for the first time since 2017. The euro advanced after better-than-forecast PMI numbers out of Europe’s major economies prompted money markets to resume bets that the ECB will hike the deposit rate 10 basis points as soon as December 2022, versus 2023 on Monday. Sterling declined versus the dollar and the euro; traders are taking an increasingly negative view on the pound, betting that the decline that’s already left the currency near its lowest this year has further to run New Zealand’s dollar under-performed all G-10 peers as leveraged longs backing a 50 basis-point hike from the central bank were flushed out of the market; sales were mainly seen against the greenback and Aussie. The yuan approached its strongest level against trade partners’ currencies in a sign that traders see a low likelihood of aggressive official intervention. The Turkish lira (see above) crashed to a record low on Tuesday, soaring more than 10% and just shy of 14 vs the USD, a day after President Recep Tayyip Erdogan defended his pursuit of lower interest rates to boost economic growth and job creation. In commodities, crude futures rebounded sharply after Biden announced a coordinated, global SPR release which would see the US exchange up to 32mm barrels, or a negligible amount. Brent spiked back over $80 on the news after trading in the mid-$78s. Spot gold drops ~$8, pushing back below $1,800/oz. Base metals are well supported with LME nickel outperforming. Looking at the day ahead, the main data highlight will be the flash PMIs for November from around the world, and there’s also the Richmond Fed manufacturing index for November. Finally from central banks, we’ll hear from BoE Governor Bailey, Deputy Governor Cunliffe and the BoE’s Haskel, as well as ECB Vice President de Guindos and the ECB’s Makhlouf. Market Snapshot S&P 500 futures down 0.3% to 4,667.75 Brent Futures down 0.9% to $78.95/bbl Gold spot down 0.4% to $1,796.86 U.S. Dollar Index down 0.17% to 96.39     Top Overnight News from Bloomberg The volatility term structures in the major currencies show that next month’s meetings by monetary policy authorities are what matters most. Data galore out of the U.S. by Wednesday’s New York cut off means demand for one-day structures remains intact, yet it’s not enough to bring about term structure inversion as one-week implieds stay below recent cycle highs Lael Brainard, picked to be vice chair of the Federal Reserve, is expected to be a critical defender of its commitment to maximum employment across demographic groups at a time when other U.S. central bankers are more worried by inflation ECB Executive Board member Isabel Schnabel said there’s an increasing threat of inflation taking hold, as she played down the danger that resurgent coronavirus infections might impede the euro zone’s recovery Regarding latest pandemic restrictions, “when it comes to the impact, I would say that while it will surely have a moderating impact on economic activity, the impact on inflation will actually be more ambiguous because it might also reinforce some of the concerns we have around supply bottlenecks,” ECB Governing Council member Klaas Knot says in Bloomberg Television interview with Francine Lacqua European Union countries are pushing for an agreement on how long Covid-19 vaccinations protect people and how to manage booster shots as they try to counter the pandemic’s fourth wave and safeguard free travel Germany’s top health official reiterated a warning that the government can’t exclude any measures, including another lockdown, as it tries to check the latest wave of Covid-19 infections The State Council, China’s cabinet, released three documents in the past several days, outlining measures to help small and medium-sized enterprises weather the downturn: from encouraging local governments to roll out discounts for power usage to organizing internet companies to provide cloud and digital services to SMEs A more detailed look at global markets courtesy of Newsquawk Asia-Pac stocks traded mixed following a similar performance in the US where participants digested President Biden’s decision to nominate Fed Chair Powell for a second term and Fed’s Brainard for the Vice Chair role. This resulted in bear flattening for the US curve and underpinned the greenback, while the major indices were choppy but with late selling heading into the close in which the S&P 500 slipped beneath the 4,700 level and the Nasdaq underperformed as tech suffered the brunt of the higher yields. ASX 200 (+0.8%) was positive with sentiment encouraged after stronger PMI data and M&A developments including BHP’s signing of a binding agreement to merge its oil and gas portfolio with Woodside Petroleum to create a global top 10 independent energy company and the largest listed energy company in Australia, which spurred outperformance for the mining and energy related sectors. KOSPI (-0.5%) was lacklustre and retreated below the 3k level amid broad weakness in tech which was not helped by concerns that South Korea could take another aim at large tech through a platform bill and with the government said to be mulling strengthening social distancing measures. Hang Seng (-1.2%) and Shanghai Comp. (+0.2%) continued to diverge amid a neutral liquidity effort by the PBoC and with the Hong Kong benchmark conforming to the tech woes, while the mainland was kept afloat after the State Council pledged to strengthen assistance to smaller firms and with Global Times noting that China will likely adopt another RRR cut before year-end to cope with an economic slowdown. Finally, Japanese participants were absent from the market as they observed Labor Thanksgiving Day, while yields in Australia were higher as they tracked global counterparts and following a Treasury Indexed bond offering in the long-end. Top Asian News Tiger Global Leads $210 Million Round by India Proptech Unicorn China’s Slowdown Tests Central Bank Amid Debate Over Easing Kuaishou Defies China Crackdown as Revenue Climbs 33% Evergrande Shares Jump in Afternoon Trading as Group Units Rally Major bourses in Europe are lower across the board, but off worst levels (Euro Stoxx 50 -1.1%; Stoxx 600 -1.3%) following on from the mixed APAC performance, but with pandemic restrictions casting a shower over the region. US equity futures are mostly lower but to a lesser extent than European peers, with the YM (+0.1%) the relative outperformer vs the ES (-0.1%), NQ (-0.3%) and RTY (-0.8%). Back to Europe, the morning saw the release of Flash PMIs which failed to spur much action across market given the somewhat stale nature against the backdrop of a worsening COVID situation in Europe. Losses in the UK’s FTSE 100 (-0.1%) are more cushioned vs European counterparts, with heavyweight miners doing the heavy lifting, and as the basic resources sector outpaces and resides as the only sector in the green at the time of writing amid a surge in iron ore prices overnight. Sticking with sectors, there is no clear or overarching theme/bias. Tech resides at the foot of the pile, unaided by the intraday rise in yields. Travel and Leisure also reside towards the bottom of the bunch, but more a function of the “leisure” sub-sector as opposed to the “travel” component, with Evolution Gaming (-3.7%) and Flutter (-3.5%) on the back foot. In terms of individual movers, Thyssenkrupp (-7.0%) tumbles after the Co. announced a secondary offer by Cevian of 43mln shares. Meanwhile, Telecom Italia (-3%) is softer following yesterday’s run, whilst Vivendi (-0.5%) said the current KKR (KKR) offer does not reflect Telecom Italia's value and it has no intention of offloading its 24% stake. Top European News U.K. PMIs Show Record Inflation and ‘Green Light’ for BOE Hike Kremlin Says New U.S. Sanctions on Nord Stream 2 Are ‘Illegal’ ECB’s Knot Says New Lockdowns Won’t Delay Wind-Down of Stimulus Telefonica Drops, Berenberg Cuts on Spain Margin Problems In FX, the Buck had already eased off best levels to relieve some pressure from its rivals, but the Euro also derived encouragement from the fact that a key long term Fib held (just) at 1.1225 before getting a rather unexpected fundamental fillip in the form of stronger than forecast flash Eurozone PMIs plus hawkish-sounding comments from ECB’s Schnabel. Eur/Usd duly rebounded to 1.1275 and the Dollar index retreated to 96.308 from a fresh y-t-d peak of 96.603, while the Yen and Franc also took advantage to varying degrees against the backdrop of deteriorating risk sentiment and in thinner trading volumes for the former due to Japan’s Labor Day Thanksgiving holiday. Usd/Jpy recoiled from 115.15 to 114.49 at one stage and Usd/Chf to 0.9301 from 0.9335 before both pairs bounced with the Greenback and a rebound in US Treasury yields ahead of Markit’s preliminary PMIs and Usd 59 bn 7 year note supply. TRY - Simply no respite for the Lira via another marked pull-back in oil prices on heightened prospects of SPR taps, the aforementioned Buck breather or even a decent correction as Usd/Try extended its meteoric rise beyond 11.5000 and 12.0000 towards 12.5000 irrespective of an ally of Turkish President Erdogan urging a debate on CBRT independence. Instead, the run and capital flight continues as talks with the IMF make no progress and an EU court condemns the country for detaining 400+ judges after the coup, while the President rules out a snap election after recent calls for an earlier vote than the scheduled one in 2023 by the main opposition party. NZD/CAD/GBP/AUD - It remains to be seen whether the RBNZ maintains a 25 bp pace of OCR normalisation overnight, but weak NZ retail activity in Q3 may be a telling factor and is applying more downside pressure on the Kiwi across the board, as Nzd/Usd hovers under 0.6950 and the Aud/Nzd cross tests 1.0425 on relative Aussie strength or resilience gleaned from another spike in iron ore that is helping to keep Aud/Usd above 0.7200. Conversely, the latest downturn in crude is undermining the Loonie and the Pound hardly derived any traction from better than anticipated UK PMIs even though they should provide the BoE more justification to hike rates next month. Usd/Cad has now breached 1.2700 and only stopped a few pips short of 1.2750 before fading ahead of comments from BoC’s Beaudry, while Cable topped out just over 1.3400 awaiting BoE Governor Bailey, whilst Haskel reaffirmed his stance in the transitory inflation camp, although suggested that if the labour market remains tight the Bank Rate will have to rise. SCANDI/EM - Hardly a shock that Brent’s reversal has hit the Nok alongside broader risk-aversion that is also keeping the Sek defensive in advance of the Riksbank, but the Zar is coping well considering Gold’s loss of Usd 1800+/oz status and test of chart support at the 100 DMA only a couple of Bucks off the 200. Similarly, the Cnh and Cny are still resisting general Usd strength and other negatives, with help from China’s State Council pledging to strengthen assistance to smaller firms perhaps. In commodities, WTI and Brent Jan'22 futures remain under pressure with the former back under USD 76/bbl (vs USD 76.59/bbl high) and the latter around USD 79/bbl (vs USD 79.63/bbl high). The WTI contract is also narrowly lagging Brent by some USD 0.30/bbl at the time of writing. Participants are keeping their eyes peeled for reserve releases from the US, potentially in coordination with other nations including China, Japan, and India – with inflation concerns being the common denominator. The move also comes in reaction to OPEC+ flouting calls by large oil consumers, particularly the US, to further open the taps beyond the group’s planned 400k BPD/m hikes. A source cited by Politico caveated that a final decision is yet to be made, and US officials are hoping that the threat of an SPR release would persuade OPEC+ to double their quotas at the Dec 2nd meeting. As it stands, Energy Intel journalist Bakr noted that she has not heard anything from OPEC+ officials about changing production plans, but delegates yesterday suggested that plans may be tweaked. Click here for the full Newsquawk analysis piece. Aside from this, US President Biden is also poised to give a speech on the economy, whilst the weekly Private Inventories will also be released today. Elsewhere, spot gold and have been drifting lower in what is seemingly a function of technical, with the yellow metal dipping under USD 1,800/oz from a USD 1,812/oz current high, with a cluster of DMAs present to the downside including the 100 DMA (around USD 1,793/oz), 200 DMA (around USD 1,791/oz) and 50 DMA (around USD 1,789/oz). Turning to base metals, LME copper holds a positive bias with prices on either side of USD 9,750/t, whilst Dalian iron ore surged overnight - with reports suggesting that steel de-stockpiling accelerated last week, and analysts suggesting that the market is betting on steelmakers in December. US Event Calendar 9:45am: Nov. Markit US Composite PMI, prior 57.6 9:45am: Nov. Markit US Services PMI, est. 59.0, prior 58.7 9:45am: Nov. Markit US Manufacturing PMI, est. 59.1, prior 58.4 10am: Nov. Richmond Fed Index, est. 11, prior 12 DB's Jim Reid concludes the overnight wrap A reminder that yesterday we published our 2022 credit strategy outlook. See here for the full report. Craig has also put out a more detailed HY 2022 strategy document here and Karthik a more detail IG equivalent here. Basically we think spreads will widen as much as 30-40bps in IG and 120-160bps in HY due to a response to a more dramatic appreciation of the Fed being well behind the curve. This sort of move is consistent with typical mid-cycle ranges through history. We do expect this to mostly retrace in H2 as markets recover from the shock and growth remains decent and liquidity still high. We also published the results of our ESG issuer and investor survey where around 530 responded. Please see the results here. Today is the start of a new adventure as I’m doing my first overseas business trip in 20 months. It took me a stressful 2 hours last night to find and fill in various forms, download various apps and figure out how on earth I travel in this new world. Hopefully I’ve got it all correct or I’ll be turned back at the Eurostar gates! The interesting thing about not travelling is that I’ve filled the time doing other work stuff so productivity will suffer. So if I can do a CoTD today it’ll be done on an iPhone whilst racing through the French countryside. Actually finishing this off very early in a long taxi ride on the way to the train reminds me of how car sick I get working on my iPhone! The delights of travel are all coming flooding back. After much anticipation over recent weeks, we finally heard yesterday that President Biden would be nominating Fed Chair Powell for another four-year term at the helm of the central bank. In some ways the decision had been widely expected, and Powell was the favourite in prediction markets all along over recent months. But the Fed’s staff trading issues and reports that Governor Brainard was also being considered had led many to downgrade Powell’s chances, so there was an element of uncertainty going into the decision, even if any policy differences between the two were fairly marginal. In the end however, Biden opted for continuity at the top, with Brainard tapped to become Vice Chair instead. Powell’s nomination will require senate confirmation once again, but this isn’t expected to be an issue, not least with Powell having been confirmed in an 84-13 vote last time around. Further, Senate Banking Committee Chair Brown, viewed as a progressive himself, noted last week there should be no issue confirming Powell despite rumblings from progressive lawmakers. More important to watch out for will be who Biden selects for the remaining positions on the Fed Board of Governors, where there are still 3 vacant seats left to fill, including the position of Vice Chair for Supervision. In a statement released by the White House, it said that Biden intended to make those “beginning in early December”, so even with Powell staying on, there’s actually a reasonable amount of scope for Biden to re-shape the Fed’s leadership. A potential hint about who may be considered, President Biden noted his next appointments will “bring new diversity to the Fed.” President Biden, flanked by Powell and Brainard, held a press conference following the announcement. He noted maintaining the Fed’s independence and leadership stability informed his decision, and that Chair Powell assured the President he would focus on fighting inflation. He was apparently also assured that the Chair would work to combat climate change, perhaps an olive branch to those in his party that wanted a more progressive nominee. Powell and Brainard both followed up with remarks of their own, but didn’t stray from the recent Fed party line. In response to the decision, investors moved to bring forward their timing of the initial rate hike from the Fed, with one now just about priced by the time of their June 2022 meeting, whilst the dollar index (+0.54%) strengthened to a fresh one-year high. This reflects the perception among many investors that Brainard was someone who’d have taken the Fed on a more dovish trajectory. Inflation breakevens fell across the curve as well in response. Indeed the 4-year breakeven, which roughly coincides with the term of the next Fed chair, was down -3.8bps after yesterday’s session, with the bulk of that dive coming immediately after the confirmation of Powell’s nomination. Nevertheless, that decline in breakevens was more than outweighed by a shift higher in real rates that sent nominal yields noticeably higher. By the close, yields on 2yr (+7.8bps) and 5yr (+9.5bps) Treasuries were at their highest levels since the pandemic began, and those on 10yr Treasuries were also up +7.7bps, ending the session at 1.62%. 2yr yields were a full 14.1bps higher than the intra-day lows on Friday after the Austria lockdown news. We had similar bond moves in Europe too, with yields on 10yr bunds (+4.0bps) moving higher throughout the session thanks to a shift in real rates. Another noticeable feature in the US was the latest round of curve flattening, with the 5s30s (-4.4bps) reaching its flattest level (+64.1bps) since the initial market panic over Covid-19 back in March 2020. The S&P 500 took a sharp turn heading into the New York close after trading in positive territory for most of the day, ultimately closing down -0.32%. Sector performance was mixed, energy (+1.81%) and financials (+1.43%) were notable outperformers on climbing oil prices and yields, while big tech companies across different sectors were hit by higher discount rates. The NASDAQ (-1.26%) ended the day lower, having pared back its initial gains that earlier put it on track to reach a record of its own. The other main piece of news yesterday came on the energy front, where it’s been reported that we could have an announcement as soon as today about a release of oil from the US Strategic Petroleum Reserve, potentially as part of a joint announcement with other nations. Oil prices were fairly resilient to the news, with Brent crude (+1.03%) and WTI (+0.85%) still moving higher, although both are down from their recent peaks as speculation of such a move has mounted. This could help put some downward pressure on inflation, but as recent releases have shown, price gains have been broadening out over the last couple of months to a wider swathe of categories, so it remains to be seen how helpful this will prove, and will obviously depend on how much is released along with how the OPEC+ group react. For their part, OPEC+ members noted that the moves from the US and its allies would force them to reconsider their production plans at their meeting next week. Looking ahead now, one of the main highlights today will come from the release of the flash PMIs for November, which will give us an initial indication of how the global economy has fared into the month. As mentioned yesterday, the Euro Area PMIs have been decelerating since the summer, so keep an eye out for how they’re being affected by the latest Covid wave. It’ll also be worth noting what’s happening to price pressures, particularly with inflation running at more than double the ECB’s target right now. Overnight in Asia stocks are trading mixed with Shanghai Composite (+0.43%), CSI (+0.20%), KOSPI (-0.44%) and Hang Seng (-1.01%) diverging, while the Nikkei is closed for Labor Thanksgiving. The flash manufacturing PMI release from Australia (58.5 vs 58.2 previous) came in close to last month while both the composite (55 vs 52.1 previous) and services (55 vs 51.8 previous) accelerated. In Japan the Yen slid past an important level of 115 against the Dollar for the first time in four years after Powell was confirmed. This marks an overall slide of 10% this year making it the worst performer amongst advanced economy currencies. S&P 500 (-0.01%) and DAX futures (-0.31%) are flat to down with Europe seemingly catching up with the weak U.S. close. Before this, in Europe yesterday, equities continued to be subdued, with the STOXX 600 down -0.13% after trading in a tight range, as the continent reacted to another surge in Covid-19 cases. The move by Austria back into lockdown has raised questions as to where might be next, and Bloomberg reported that Chancellor Merkel told CDU officials yesterday that the recent surge was worse than anything seen so far, and that additional restrictions would be required. So the direction of travel all appears to be one way for the time being in terms of European restrictions, and even a number of less-affected countries are still seeing cases move in an upward direction, including France, Italy and the UK. So a key one to watch that’ll have big implications for economies and markets too. Staying on Germany, there was some interesting news on a potential coalition yesterday, with Bloomberg obtaining a preliminary list of cabinet positions that said that FDP leader Christian Lindner would become finance minister, and Green co-leader Robert Habeck would become a “super minister” with responsibility for the economy, climate protection and the energy transition. The report also said that both would become Vice Chancellors, whilst the Greens’ Annalena Baerbock would become foreign minister. It’s worth noting that’s still a preliminary list, and the coalition agreement is yet to be finalised, but it has been widely suggested that the parties are looking to reach a conclusion to the talks this week, so we could hear some more info on this relatively soon. There wasn’t much in the way of data yesterday, though the European Commission’s advance November consumer confidence reading for the Euro Area fell back by more than expected to -6.8 (vs. -5.5 expected), which is the lowest it’s been since April. Over in the US, there was October data that was somewhat more positive however, with existing home sales rising to an annualised rate of 6.34m (vs. 6.20m expected), their highest level in 9 months. Furthermore, the Chicago Fed’s national activity index was up to 0.76 (vs. 0.10 expected). To the day ahead now, and the main data highlight will be the aforementioned flash PMIs for November from around the world, and there’s also the Richmond Fed manufacturing index for November. Finally from central banks, we’ll hear from BoE Governor Bailey, Deputy Governor Cunliffe and the BoE’s Haskel, as well as ECB Vice President de Guindos and the ECB’s Makhlouf. d Tyler Durden Tue, 11/23/2021 - 08:31.....»»

Category: blogSource: zerohedgeNov 23rd, 2021

Communicate More Value and Win More Business

“If you add more and better value than your competitors, you will get hired and attract more clients for life.” I will never forget Dave Johnson, my father, teaching me this while taking me out on sales calls when I was eight years old.  Every single step in the client experience that he made in […] The post Communicate More Value and Win More Business appeared first on RISMedia. “If you add more and better value than your competitors, you will get hired and attract more clients for life.” I will never forget Dave Johnson, my father, teaching me this while taking me out on sales calls when I was eight years old.  Every single step in the client experience that he made in his successful commercial printing company was designed to intentionally add more value to the client’s experience. He went on to tell me that adding differentiating value would create clients for life. I took this fantastic advice into my real estate sales business in the 90s and it absolutely made a huge difference in my early successes in creating relationships through offering value-added client services and I still believe in adding more value to create raving clients. So often in real estate sales, I see so many agents and teams losing buyer and seller opportunities because they fail to effectively communicate their value. Knowing your team’s unique value proposition—and even moreover, knowing how to communicate it—will result in higher conversions and more listings, sales and income. And further will result in more repeat and referral business, too. Follow these steps to increase the effectiveness of how you communicate your team’s unique value proposition and watch your conversions increase immediately while you deliver amazing value driven solutions for your potential clients. To quote Warren Buffett, “Price is what you pay; value is what you get.” What do your clients get from you? What type of experience do they have when working with you? Do they see actual value in the services you provide? How can you make sure that your clients know the value you bring to them? It is imperative that you show and exhibit real valuable advice, unmatched delivery of services throughout the entire buying or selling experience, and make sure you meet and exceed your clients’ expectations for quality. Write down all the amazing things you do for a buyer or seller client and know and communicate it to every client so that they know what to expect in working with you, but also so they refer everyone to you. Communicate your team’s services as different and unique. Not all real estate companies are the same and, as importantly, no two agents are the same. Your team offers unique ways to deliver real estate services to buyers and sellers. How do you articulate your differentiating service? How do you communicate the benefits of working with your team members over someone else? It is so important to tell people why working with you or your team members will be in their best financial interest. By letting people know how you will help them achieve their real estate objectives, you will be communicating your real value. By telling a potential seller that you add value to the process by helping them save time and money on the home repairs list, and that you can assist in helping them determine what needs to be updated before they go to Home Depot or before they call their contractor, you will help them literally save them time and money and that is the essence of adding value. Offer your exclusive home-buying guide or program. Offer a solutions-based, value-added answer to help people achieve their real estate goals. When you name your buyer program an “exclusive” homebuyer guide or program, you are saying that you have a program and that it is different and unique. What makes it exclusive? You make it exclusive because you are the only one that does what you do. Offer your exclusive marketing plan to sell their home. It is so important to know why your team’s marketing plan is better, offers more creative methods to attract more buyers and includes a proven plan for actually finding the buyer for their home. Anyone can put a sign up and put the listing in the MLS. That is not differentiating, that is what everyone else does. How do you sell homes differently? How do you create the most valuable marketing plan and make sure the potential seller knows your program? Offer solutions for finding your buyers their dream homes. Many clients want to move but are concerned with where they could buy in a low or lower than normal market conditions. Most agents tell their clients, “I am waiting for something to come up in the MLS.” Again, not differentiating you and zero “extra-wow” value. I coach agents to say, “I’m excited to work with you. I can find you a new home in the neighborhoods that you wish to live in.” I even tell people when they say, “Really, you can get us a home?” I say, “Yes! That’s the easy part.” This not only adds tremendous value to the home-buying experience, but it also helps build confidence in you and the home-buying and selling process for the prospective client. By communicating your value to clients, you will radically differentiate how you deliver amazing real estate counsel and services. Show your value and people will hire you and they will love the experience (value they get) and they will refer you to everyone. Just like my father, Dave, taught me at age eight, what he said still holds true today more than ever. Start adding more value and start increasing your conversion rate to win more clients, referrals and accelerate the results you are looking to attain.   Click here to receive our special promotion for Sherri’s Playbook of your first month free! Sherri Johnson is CEO and founder of Sherri Johnson Coaching & Consulting. With over 20 years of experience in real estate as an agent, broker, and executive, Johnson offers coaching, consulting and keynote speaking services nationwide. She is a national speaker for the Homes.com Secrets of Top Selling Agents tour and is the Official Real Estate Coach for McKissock Learning and Real Estate Express. Sherri has also been named a RISMedia Real Estate Newsmaker in 2020 and 2021 as an Industry Influencer and Thought Leader. Visit www.sherrijohnson.com for more information. The post Communicate More Value and Win More Business appeared first on RISMedia......»»

Category: realestateSource: rismediaNov 23rd, 2021

I stayed in a 243-square-foot stateroom on Celebrity Cruise"s newest ship and it was more luxurious than a larger apartment — see what it was like

The Infinite Veranda stateroom on the Celebrity Apex was only 243 square feet, but it felt larger than most studio apartments that are double the size. The Infinite Veranda stateroom on the Celebrity Apex.Brittany Chang/Insider I stayed in the Infinite Veranda stateroom on Celebrity Cruises' newest ship, the Celebrity Apex. The stateroom was only 243 square-feet, but the large wall of windows made the space feel large. A stay in the stateroom starts at $1,440 for 2022 sailings. I stayed two nights in the Infinite Veranda stateroom on Celebrity Cruises' latest ship, the Celebrity Apex.The Infinite Veranda stateroom on the Celebrity Apex.Brittany Chang/InsiderMaybe it's because I was staying alone, or maybe it's because I'm used to cramped New York City apartments …The Infinite Veranda stateroom on the Celebrity Apex.Brittany Chang/Insider… but Celebrity's Edge class Infinite Veranda stateroom felt so spacious and plush, it made 243 square-feet seem larger than some studio apartments that are at least double the square footage.The Infinite Veranda stateroom on the Celebrity Apex.Brittany Chang/InsiderLet's take a look around the stateroom.The Infinite Veranda stateroom on the Celebrity Apex.Brittany Chang/InsiderThe Infinite Veranda is currently available on Celebrity's Edge series, which includes the cruise line's Apex and Edge ships.The Infinite Veranda stateroom on the Celebrity Apex.Brittany Chang/InsiderThe cruise line's upcoming Celebrity Beyond, which will debut in 2022, will also have the Infinite Veranda staterooms.The Infinite Veranda stateroom on the Celebrity Apex.Brittany Chang/InsiderMy stateroom included more than the basic amenities and furnishings: a bathroom, a bed, a living room, and a 42-square-foot veranda.The Infinite Veranda stateroom on the Celebrity Apex.Brittany Chang/InsiderLet's start with the furthest end of the room and work our way up to the entry door.The Infinite Veranda stateroom on the Celebrity Apex.Brittany Chang/InsiderUp first, the veranda, which is comprised of floor-to-ceiling windows that provided ample natural light during our sunny days out at sea.The Infinite Veranda stateroom on the Celebrity Apex.Brittany Chang/InsiderThis focal point wall of windows was the only source of natural light, and kept the stateroom from feeling small and cramped.The Infinite Veranda stateroom on the Celebrity Apex.Brittany Chang/InsiderThere was also a control pad by the veranda that allows guests to open the windows for some fresh sea breeze.The Infinite Veranda stateroom on the Celebrity Apex.Brittany Chang/InsiderIts blinds can also be controlled using another touchpad closer to the entrance of the room.The Infinite Veranda stateroom on the Celebrity Apex.Brittany Chang/InsiderThis second touchpad doubles as the stateroom's control center to adjust features like the lights and temperature, but all of these amenities could have also be changed through the Celebrity Cruises app.The Infinite Veranda stateroom on the Celebrity Apex.Brittany Chang/InsiderBut back to the veranda. Its two lounge chairs and small table created a sanctuary-like space, a peaceful getaway from the ship's crowds. If I didn't have a packed schedule, I would have loved to lounge here in the morning light with a cup of coffee.The Infinite Veranda stateroom on the Celebrity Apex.Brittany Chang/InsiderIn my stateroom, the living room served as a divider between the veranda and bed.The Infinite Veranda stateroom on the Celebrity Apex.Brittany Chang/InsiderThis leisure space had a couch, a long table, and a desk in front of a full-length mirror.The Infinite Veranda stateroom on the Celebrity Apex.Brittany Chang/InsiderThe long table had a lamp, few drawers, a mini refrigerator, and some premium snacks.The Infinite Veranda stateroom on the Celebrity Apex.Brittany Chang/InsiderThere was also a charging station with a variety of outlets hidden inside a white box, creating a more organized charging port without any tangled wires.The Infinite Veranda stateroom on the Celebrity Apex.Brittany Chang/InsiderThe desk wasn't giant, but it provided just enough space for a quick work-from-anywhere session.The Infinite Veranda stateroom on the Celebrity Apex.Brittany Chang/InsiderNext up, the "bedroom," which had a wall-mounted television and a comfortable king-sized bed.The Infinite Veranda stateroom on the Celebrity Apex.Brittany Chang/InsiderThe bed was lined with Celebrity's proprietary "exhale" bedding line, which includes a cashmere mattress and a soft bedding set.The Infinite Veranda stateroom on the Celebrity Apex.Brittany Chang/InsiderI often miss my own bed when I'm traveling, but this bed was so comfortable, I forgot about my own plush mattress and stack of pillows at home.The Infinite Veranda stateroom on the Celebrity Apex.Brittany Chang/InsiderMaybe it was the exhaustion from traveling, but every night, I fell asleep within five minutes of laying my head down on the plush pillows.The Infinite Veranda stateroom on the Celebrity Apex.Brittany Chang/InsiderThe closet was right next to the bed, and separated the living space from the bathroom.The Infinite Veranda stateroom on the Celebrity Apex.Brittany Chang/InsiderThere wasn't much room between the closet and the edge of the bed, but because I was traveling alone, this wasn't an issue.The Infinite Veranda stateroom on the Celebrity Apex.Brittany Chang/InsiderInside, there was an umbrella, a laundry bag, a safe, another full-length mirror, some hangers, and cotton bathrobes.The Infinite Veranda stateroom on the Celebrity Apex.Brittany Chang/InsiderThe closet was small, but definitely provided enough storage space for a short trip.The Infinite Veranda stateroom on the Celebrity Apex.Brittany Chang/InsiderNow, the bathroom, which was just around the corner.The Infinite Veranda stateroom on the Celebrity Apex.Brittany Chang/InsiderHonestly, I was expecting a small, cramped bathroom where I could touch both walls without fully extending my arms (I'm looking at you, tiny New York apartments).The Infinite Veranda stateroom on the Celebrity Apex.Brittany Chang/InsiderInstead, I was pleasantly surprised to find a sink that was unnecessarily large, more shelves than I could have filled, and a modern shower.The Infinite Veranda stateroom on the Celebrity Apex.Brittany Chang/InsiderThe refillable shampoo, conditioner, lotion, and body wash containers also quelled some of the eco-anxiety I often feel when I forget my personal products at home and have to rely on the small, disposable toiletries instead.The Infinite Veranda stateroom on the Celebrity Apex.Brittany Chang/InsiderThe bright bathroom's plain and polished color scheme kept the bathroom from feeling too cramped.The Infinite Veranda stateroom on the Celebrity Apex.Brittany Chang/InsiderThis sentiment carries over to the rest of the stateroom as well. Overall, it felt pretty large, despite having a small square footage.The Infinite Veranda stateroom on the Celebrity Apex.Brittany Chang/InsiderHowever, the stateroom's decorations were nothing to write home about: mine was simply decorated and accented. The decor neither wowed nor bothered me.The Infinite Veranda stateroom on the Celebrity Apex.Brittany Chang/InsiderI did, however, appreciate the nice ambient and accent lighting, which made the bedroom feel cozy at night.The Infinite Veranda stateroom on the Celebrity Apex.Brittany Chang/InsiderOn the plus side, the lack of eye-catching decor prevented the room from feeling too stuffy. And having housekeeping twice a day still made the stay feel luxurious.The Infinite Veranda stateroom on the Celebrity Apex.Brittany Chang/InsiderA stay in this stateroom aboard the Celebrity Apex currently starts at $1,440 for 2022 sailings, a spokesperson told Insider in an email statement. To compare, the most expensive Iconic Suite starts at about $15,000.The Infinite Veranda stateroom on the Celebrity Apex.Brittany Chang/Insider  Read the original article on Business Insider.....»»

Category: topSource: businessinsiderNov 21st, 2021

I stayed in a 243-square-feet stateroom on Celebrity Cruise"s newest ship and it was more luxurious than a larger apartment — see what it was like

The Infinite Veranda stateroom on the Celebrity Apex was only 243 square feet, but it felt larger than most studio apartments that are double the size. The Infinite Veranda stateroom on the Celebrity Apex.Brittany Chang/Insider I stayed in the Infinite Veranda stateroom on Celebrity Cruises' newest ship, the Celebrity Apex. The stateroom was only 243 square-feet, but the large wall of windows made the space feel large. A stay in the stateroom starts at $1,440 for 2022 sailings. I stayed two nights in the Infinite Veranda stateroom on Celebrity Cruises' latest ship, the Celebrity Apex.The Infinite Veranda stateroom on the Celebrity Apex.Brittany Chang/InsiderMaybe it's because I was staying alone, or maybe it's because I'm used to cramped New York City apartments …The Infinite Veranda stateroom on the Celebrity Apex.Brittany Chang/Insider… but Celebrity's Edge class Infinite Veranda stateroom felt so spacious and plush, it made 243 square-feet seem larger than some studio apartments that are at least double the square footage.The Infinite Veranda stateroom on the Celebrity Apex.Brittany Chang/InsiderLet's take a look around the stateroom.The Infinite Veranda stateroom on the Celebrity Apex.Brittany Chang/InsiderThe Infinite Veranda is currently available on Celebrity's Edge series, which includes the cruise line's Apex and Edge ships.The Infinite Veranda stateroom on the Celebrity Apex.Brittany Chang/InsiderThe cruise line's upcoming Celebrity Beyond, which will debut in 2022, will also have the Infinite Veranda staterooms.The Infinite Veranda stateroom on the Celebrity Apex.Brittany Chang/InsiderMy stateroom included more than the basic amenities and furnishings: a bathroom, a bed, a living room, and a 42-square-foot veranda.The Infinite Veranda stateroom on the Celebrity Apex.Brittany Chang/InsiderLet's start with the furthest end of the room and work our way up to the entry door.The Infinite Veranda stateroom on the Celebrity Apex.Brittany Chang/InsiderUp first, the veranda, which is comprised of floor-to-ceiling windows that provided ample natural light during our sunny days out at sea.The Infinite Veranda stateroom on the Celebrity Apex.Brittany Chang/InsiderThis focal point wall of windows was the only source of natural light, and kept the stateroom from feeling small and cramped.The Infinite Veranda stateroom on the Celebrity Apex.Brittany Chang/InsiderThere was also a control pad by the veranda that allows guests to open the windows for some fresh sea breeze.The Infinite Veranda stateroom on the Celebrity Apex.Brittany Chang/InsiderIts blinds can also be controlled using another touchpad closer to the entrance of the room.The Infinite Veranda stateroom on the Celebrity Apex.Brittany Chang/InsiderThis second touchpad doubles as the stateroom's control center to adjust features like the lights and temperature, but all of these amenities could have also be changed through the Celebrity Cruises app.The Infinite Veranda stateroom on the Celebrity Apex.Brittany Chang/InsiderBut back to the veranda. Its two lounge chairs and small table created a sanctuary-like space, a peaceful getaway from the ship's crowds. If I didn't have a packed schedule, I would have loved to lounge here in the morning light with a cup of coffee.The Infinite Veranda stateroom on the Celebrity Apex.Brittany Chang/InsiderIn my stateroom, the living room served as a divider between the veranda and bed.The Infinite Veranda stateroom on the Celebrity Apex.Brittany Chang/InsiderThis leisure space had a couch, a long table, and a desk in front of a full-length mirror.The Infinite Veranda stateroom on the Celebrity Apex.Brittany Chang/InsiderThe long table had a lamp, few drawers, a mini refrigerator, and some premium snacks.The Infinite Veranda stateroom on the Celebrity Apex.Brittany Chang/InsiderThere was also a charging station with a variety of outlets hidden inside a white box, creating a more organized charging port without any tangled wires.The Infinite Veranda stateroom on the Celebrity Apex.Brittany Chang/InsiderThe desk wasn't giant, but it provided just enough space for a quick work-from-anywhere session.The Infinite Veranda stateroom on the Celebrity Apex.Brittany Chang/InsiderNext up, the "bedroom," which had a wall-mounted television and a comfortable king-sized bed.The Infinite Veranda stateroom on the Celebrity Apex.Brittany Chang/InsiderThe bed was lined with Celebrity's proprietary "exhale" bedding line, which includes a cashmere mattress and a soft bedding set.The Infinite Veranda stateroom on the Celebrity Apex.Brittany Chang/InsiderI often miss my own bed when I'm traveling, but this bed was so comfortable, I forgot about my own plush mattress and stack of pillows at home.The Infinite Veranda stateroom on the Celebrity Apex.Brittany Chang/InsiderMaybe it was the exhaustion from traveling, but every night, I fell asleep within five minutes of laying my head down on the plush pillows.The Infinite Veranda stateroom on the Celebrity Apex.Brittany Chang/InsiderThe closet was right next to the bed, and separated the living space from the bathroom.The Infinite Veranda stateroom on the Celebrity Apex.Brittany Chang/InsiderThere wasn't much room between the closet and the edge of the bed, but because I was traveling alone, this wasn't an issue.The Infinite Veranda stateroom on the Celebrity Apex.Brittany Chang/InsiderInside, there was an umbrella, a laundry bag, a safe, another full-length mirror, some hangers, and cotton bathrobes.The Infinite Veranda stateroom on the Celebrity Apex.Brittany Chang/InsiderThe closet was small, but definitely provided enough storage space for a short trip.The Infinite Veranda stateroom on the Celebrity Apex.Brittany Chang/InsiderNow, the bathroom, which was just around the corner.The Infinite Veranda stateroom on the Celebrity Apex.Brittany Chang/InsiderHonestly, I was expecting a small, cramped bathroom where I could touch both walls without fully extending my arms (I'm looking at you, tiny New York apartments).The Infinite Veranda stateroom on the Celebrity Apex.Brittany Chang/InsiderInstead, I was pleasantly surprised to find a sink that was unnecessarily large, more shelves than I could have filled, and a modern shower.The Infinite Veranda stateroom on the Celebrity Apex.Brittany Chang/InsiderThe refillable shampoo, conditioner, lotion, and body wash containers also quelled some of the eco-anxiety I often feel when I forget my personal products at home and have to rely on the small, disposable toiletries instead.The Infinite Veranda stateroom on the Celebrity Apex.Brittany Chang/InsiderThe bright bathroom's plain and polished color scheme kept the bathroom from feeling too cramped.The Infinite Veranda stateroom on the Celebrity Apex.Brittany Chang/InsiderThis sentiment carries over to the rest of the stateroom as well. Overall, it felt pretty large, despite having a small square footage.The Infinite Veranda stateroom on the Celebrity Apex.Brittany Chang/InsiderHowever, the stateroom's decorations were nothing to write home about: mine was simply decorated and accented. The decor neither wowed nor bothered me.The Infinite Veranda stateroom on the Celebrity Apex.Brittany Chang/InsiderI did, however, appreciate the nice ambient and accent lighting, which made the bedroom feel cozy at night.The Infinite Veranda stateroom on the Celebrity Apex.Brittany Chang/InsiderOn the plus side, the lack of eye-catching decor prevented the room from feeling too stuffy. And having housekeeping twice a day still made the stay feel luxurious.The Infinite Veranda stateroom on the Celebrity Apex.Brittany Chang/InsiderA stay in this stateroom aboard the Celebrity Apex currently starts at $1,440 for 2022 sailings, a spokesperson told Insider in an email statement. To compare, the most expensive Iconic Suite starts at about $15,000.The Infinite Veranda stateroom on the Celebrity Apex.Brittany Chang/Insider  Read the original article on Business Insider.....»»

Category: topSource: businessinsiderNov 21st, 2021

Futures Rise To 4,700 "Max Gamma" As Oil Slide Accelerates

Futures Rise To 4,700 "Max Gamma" As Oil Slide Accelerates U.S. index futures rose again, trading on top of the massive 4700 "max gamma" level despite downbeat data out of Chinese tech names, as investors awaited the latest batch of unemployment data and taking comfort from signals that central banks will stay far behind the curve and keep pledges to overlook faster inflation rather than rush into rate hikes. European stocks were steady and Asian equities fell as Chinese tech stocks tumbled after poor results from Baidu and Bilibili. Treasury yields edged higher, the dollar was little changed and gold declined. Bitcoin retreated for a fifth straight day. Oil prices skidded to a six-week low on concern about a supply overhang and the prospect of China, Japan and the United States dipping in to their fuel reserves, with Brent futures last at $79.77, more than 8% off last month's three-year high. Nasdaq futures rose 86.25 points or 0.53% outperforming S&P 500 futs which were up 11.50 points or 0.25% to 4697.75, after chip giant Nvidia jumped 7% after a sales forecast by the world’s largest chipmaker. Elsewhere in premarket trading, Cisco dropped 6.6% after the computer networking equipment group’s growth and earnings forecast fell short of expectations while Alibaba slid after reporting sales that missed analyst estimates for a second straight quarter. Some other notable premarket movers: EV makers are mixed in U.S. premarket trading, with Rivian Automotive (RIVN US), Lucid (LCID US) and Canoo (GOEV US) all declining and newly-listed Sono (SEV US) extending its bounce Nvidia (NVDA US) shares gain 7% in U.S. premarket trading, with analysts saying the chipmaker delivered a strong enough quarter to justify its punchy valuation Amtech (ASYS US) fell 22% in post-market trading after reporting fourth quarter revenue that missed estimates from two analysts. The semiconductor stock has risen 139% this year through Wednesday’s trading. Kraft Heinz (KHC US) fell 1.6% in postmarket trading on Wednesday after announcing one of its top holders was selling a portion of its stake. Victoria’s Secret (VSCO US) shares gain 13% in U.S. premarket trading as analysts highlight “better-than- feared” 3Q results for the lingerie retailer. JD.com (JD US) shares advanced 2.2% premarket after it reported net revenue for the third quarter that beat the average analyst estimate. “While companies are managing to report solid third-quarter numbers, the ability to do so is being tempered by concerns about slimmer margins,” said Michael Hewson, chief market analyst at CMC Markets in London. “One positive thing, aside from the concern over rising inflation, has been the resilience of labor markets, on both sides of the Atlantic.” The Stoxx Europe 600 Index was little changed with most cash indexes giving back early gains or losses to trade flat as travel and consumer companies gained while the energy and minings industries retreated. FTSE 100 underperformed slightly. Oil & gas was the weakest sector followed by mining stocks. European metals and mining stocks fall 0.8%, the second worst performing sub-index on the benchmark Stoxx 600, amid sinking iron ore futures and copper prices. Iron ore retreated as investors weighed a top producer’s forecasts of a balanced market next year and the impact on miners amid a price collapse in recent months. Diversified miners drop, Glencore -0.8%, Anglo American -1%, BHP -0.7%, Rio Tinto -1.1%; the four stocks account for more than 60% of the SXPP. Earlier in the session, Asian stocks fell, on track for a second day of losses, as Baidu helped lead a slump in Chinese technology giants.  The MSCI Asia Pacific Index dropped as much as 0.4%, extending its two-day slide to about 0.9%. The Hang Seng Tech Index lost about 3%, as search engine giant Baidu tumbled on worries over the advertising outlook and video-streaming firm Bilibili dropped after posting a larger-than-expected loss. Hong Kong’s Hang Seng Index and China’s CSI 300 benchmark were the worst performing national benchmarks Thursday, while Taiwan’s Taiex managed a small gain. Alibaba also fell, ahead of its highly awaited earnings report later today that may show the impact of Beijing’s regulatory curbs. Japan's Nikkei was down 0.6% in early trade. "We do seem to have stalled somewhat as we head into the year end," said Jun Bei Liu, a portfolio manager at Tribeca Investment Partners in Sydney. "Investors perhaps are just taking a bit of pause," she said, in the wake of a strong U.S. results season, but as inflation and China's slowdown loom as macroeconomic headwinds. “With a bout of earnings having been released and put behind the market, we’re in an environment where investors are inclined to take profits,” said Takashi Ito, an equity market strategist at Nomura Securities in Tokyo. “Investors are likely to cherry pick stocks that have high earnings and ROE and have strong momentum for growth.”  The region’s equities are now poised for a weekly drop after wiping out gains from earlier this week. Anxiety over global inflation has weighed on sentiment as investors search for clues on when central banks will start raising interest rates. Indonesia and the Philippines kept borrowing costs unchanged, as expected, to aid two economies that bore the brunt of Covid-19 outbreaks in Southeast Asia this year. In rates, treasuries were slightly cheaper across long-end of the curve after S&P 500 and Nasdaq 100 futures breached Wednesday’s highs. Yields are higher by ~1bp in 30-year sector, with 2s10s steeper by ~1bp, 5s30s by ~0.5bp; 10-year is ~1.60%, trailing bunds by ~2bp as traders push back on ECB rate-hike pricing. Focal points Thursday include several Fed speakers and a potentially historic 10-year TIPS auction at 1pm ET - at $14BN, the 10Y TIPS reopening is poised to draw a record low yield near -1.14%; breakeven inflation rate at ~2.71% is within 7bp of Monday’s YTD high. Elsewhere, Gilts outperformed richening ~2.5bps across the curve. Peripheral spreads tighten, semi-core widens marginally. In FX, the U.S. dollar erased an earlier modest loss and was flat, with majors mostly range-bound. Treasury yields stabilized from overnight declines; the greenback traded mixed versus its Group-of-10 peers, though most were confined to tight ranges, New Zealand’s dollar led G-10 gains after two-year ahead inflation expectations rose to 2.96% in the fourth quarter from 2.27% in the third, according to survey of businesses published by the Reserve Bank of New Zealand. Support in euro- Swiss franc at 1.0500 holds for now and consolidation for risk reversals this week suggests that a breach of the key level may not see a big follow through. The pound inched up and is on its longest winning streak in nearly seven months after this week’s jobs and inflation data fueled confidence that the Bank of England will hike rates. The Turkish lira plunged to a new all time low, with the USDTRY rising to 10.93 after the central bank cut rates by 100bps. Currency traders are also assessing a sharp downdraft in the Aussie/yen cross, often a barometer of market sentiment. It fell through its 200-day moving average on Tuesday and has lost almost 4% in a dozen sessions . "You've got the perfect storm there for bears," said Matt Simpson, senior analyst at brokerage City Index. "Fundamentally and technically Aussie/yen looks pretty good with lower oil prices." In commodities, crude futures remained in the red but bounce off worst levels as the potential for SPR releases remains center stage. WTI finds support near $77, recovering toward $78; Brent regains a $80-handle. Spot gold gives back Asia’s small gains, dropping ~$7 to trade near $1,860/oz. Base metals trade poorly, LME zinc and lead underperform. Looking at the day ahead now, and data releases from the US include the weekly initial jobless claims, the Philadelphia Fed’s business outlook for November, the Kansas City Fed’s manufacturing index for November, and the Conference Board’s leading index for October. Central bank speakers include PBoC Governor Yi Gang, the ECB’s Centeno, Panetta and Lane, and the Fed’s Bostic, Williams, Evans and Daly. There’ll also be a number of decisions from EM central banks, including Bank Indonesia, the Central Bank of Turkey and the South African Reserve Bank. Finally, earnings releases include Intuit, Applied Materials and TJX. Market Snapshot S&P 500 futures up 0.4% to 4,703.25 STOXX Europe 600 up 0.1% to 490.50 MXAP down 0.3% to 199.31 MXAPJ down 0.6% to 650.79 Nikkei down 0.3% to 29,598.66 Topix down 0.1% to 2,035.52 Hang Seng Index down 1.3% to 25,319.72 Shanghai Composite down 0.5% to 3,520.71 Sensex down 0.4% to 59,755.91 Australia S&P/ASX 200 up 0.1% to 7,379.20 Kospi down 0.5% to 2,947.38 Brent Futures down 0.1% to $80.18/bbl Gold spot down 0.2% to $1,863.45 U.S. Dollar Index little changed at 95.75 German 10Y yield little changed at -0.26% Euro little changed at $1.1327 Top Overnight News from Bloomberg More Wall Street banks are wagering that the Federal Reserve will hike rates at a faster-than-expected pace, with Citigroup Inc. joining Morgan Stanley in backing trades that will profit if the central bank does just that China is releasing some oil from its strategic reserves days after the U.S. invited it to participate in a joint sale, suggesting the world’s two biggest oil consumers are willing to work together to keep a lid on energy costs European countries are increasingly forcing reluctant companies to let employees work from home in an effort to break the rapidly spreading fourth wave of the coronavirus pandemic A more in depth look at global markets courtesy of Newsqauwk Asia-Pac stocks traded mostly negative with sentiment in the region subdued amid a lack of significant macro drivers and following the uninspired lead from the US - where the major indices finished a choppy session in the red and the DJIA gave up the 36k status. Nonetheless, the ASX 200 (+0.1%) remained afloat with notable strength in gold miners, as well as some consumer stocks, although advances in the index were limited by losses in the financial and energy sectors after similar underperformance stateside amid a decline in yields and oil prices. The Nikkei 225 (-0.3%) was initially dragged lower by unfavourable currency inflows which overshadowed reports that Japan wants to enhance tax breaks for corporations that raise wages, while shares in Eisai were hit after EU regulators placed doubts regarding the approval of Co. and Biogen’s co-developed Alzheimer’s drug and SoftBank also declined after the US regulator raised concerns regarding Nvidia’s acquisition of Arm. However, the index then briefly returned flat in late trade on reports that the Japanese stimulus package is to require JPY 55.7tln of fiscal spending which is higher than the previously speculated of around JPY 40tln. The Hang Seng (-1.3%) and Shanghai Comp. (-0.5%) weakened after another liquidity drain by the PBoC and with the declines in Hong Kong exacerbated by tech selling, while the losses in the mainland were to a lesser extent with China said to be mulling additional industrial policies aimed to support growth and SGH Macro sources suggested the US and China agreed there would be some substantial progress on trade such as the removal of some punitive tariffs by the US and increased purchases of US products by China, although the report highlighted that it was unclear if this would be from a high-profile announcement or a discrete relaxing of tariffs. Finally, 10yr JGBs were initially flat as prices failed to benefit from the subdued risk appetite in Japan and rebound in global peers, while firmer metrics at the 20yr JGB bond auction provided a mild tailwind in late trade although the support was only brief and prices were then pressured on news of the potentially larger than anticipated fiscal spending in PM Kishida's stimulus package. Top Asian News China Property Stocks Sink, $4.2 Billion Rush: Evergrande Update Japan’s Kishida Eyes Record Fiscal Firepower to Boost Recovery China Property Firm Shinsun’s Shares and Bonds Slump JD.com Sales Beat Estimates as Investments Start to Pay Off Major bourses in Europe are choppy, although sentiment picked up following a subdued APAC session but despite a distinct lack of fresh catalysts. US equity futures have also been grinding higher in early European hours, with the NQ (+0.6%) outpacing the ES (+0.3%), RTY (+0.2%) and YM (+0.2%). Back to European cash – broad-based gains are seen across the Euro bourses – which lifted the CAC, DAX and SMI to notch record intraday highs, whilst upside in the UK's FTSE 100 (-0.2%) has been hampered by hefty losses in today's lagging sectors– the Energy and Basic Resources - amid price action in the respective markets. Tech names also see a strong performance thus far as chip names cheer NVIDIA (+6% pre-market) earnings yesterday. Overall, sectors have maintained a similarly mixed picture vs the cash open, with no overarching theme. In terms of individual movers, Swatch (+2.8%) and Richemont (+0.6) piggyback on the increase in Swiss Watch Exports vs 2020 and 2019. Metro Bank (-20%) plumbed the depths after terminating takeover talks with Carlyle. Top European News Royal Mail Hands Investors $540 Million Amid Parcel Surge German Coalition Plans Stricter Rent Increase Regulation: Bild HSBC Sees ECB Sticking With Easy Stance Despite Record Inflation Astra Covid Antibody Data Shows Long-Lasting Protection In FX, the Kiwi has extended its recovery on heightened RBNZ tightening expectations prompted by significant increases in Q4 inflation projections, with some pundits now assigning a greater probability to the OCR rising 50 bp compared to the 25 bp more generally forecast and factored in. Nzd/Usd is eyeing 0.7050 and the 50 DMA just above (at 0.7054 today) having breached the 100 DMA (0.7026), while the Aud/Nzd cross is probing further below 1.0350 even though the Aussie has found some support into 0.7250 against its US rival and will be encouraged by news that COVID-19 restrictions in the state of Victoria are on the verge of being completely lifted. GBP/EUR/DXY - Notwithstanding Kiwi outperformance, the Dollar has lost a bit more of its bullish momentum to the benefit of most rivals, and several of those that compose the basket. Indeed, Cable has popped above 1.3500, while the Euro is looking more comfortable on the 1.1300 handle as the index retreats further from Wednesday’s new y-t-d peak and away from the psychological 96.000 level into a 95.840-642 range. Ahead, IJC and Philly Fed are due amidst another decent slate of Fed speakers, while Eur/Usd will also be eyeing the latest ECB orators for some direction and Eur/Gbp is back around 0.8400 where decent option expiry interest resides (1.1 bn), but perhaps more focused on latest talks between the UK and EU on the NI dispute. CHF/CAD/JPY - The Franc has pared more declines vs the Buck from sub-0.9300 and remains firm against the Euro near 1.0500 in wake of Swiss trade data showing a wider surplus and pick-up in key watch exports, but the Loonie looks a bit hampered by a more pronounced fall in the price of oil as the US calls on other countries for a concerted SPR tap and China is said to be working on the release of some crude stocks. Usd/Cad is tethered to 1.2600 and highly unlikely to threaten 1.1 bn option expiries at the 1.2500 strike in contrast to the Yen that stalled above 114.00 and could be restrained by 1.4 bn between 113.90 and the round number or 1.3 bn from 114.20-25, if not reports that Japan’s stimulus package may require Jpy 55.7 tn of fiscal spending compared to Jpy 40 tn previously speculated. In commodities, WTI and Brent front-month futures are off worst levels but still under pressure amid the prospect of looming crude reserves releases, with reports suggesting China is gearing up for its own release. There were also prior source reports that the US was said to have asked other countries to coordinate a release of strategic oil reserves and raised the oil reserve release request with Japan and China. Furthermore, the US tapping of the SPR could be either in the form of a sale and/or loan from the reserve, and the release from the reserve needs to be more than 20mln-30mln bbls to get the message to OPEC, while a source added that the US asked India, South Korea and large oil-consuming countries, but not European countries, to consider oil reserve releases after pleas to OPEC failed. This concoction of headlines guided Brent and WTI futures under USD 80/bbl and USD 78/bbl respectively with early selling also experienced as European players entered the fray. On the geopolitical front, US National security adviser Jake Sullivan raised with his Israeli counterpart the idea of an interim agreement with Iran to buy more time for nuclear negotiations, according to sources. However, two American sources familiar with the call said the officials were just "brainstorming" and that Sullivan passed along an idea put forward by a European ally. Next, participants should continue to expect jawboning from the larger economies that advocated OPEC+ to release more oil. OPEC+ is unlikely to react to prices ahead of next month's meeting (barring any shocks). Elsewhere, spot gold and silver have been choppy within a tight range. Spot gold trades under USD 1,875/oz - with technicians flagging a Fib around USD 1,876/oz. Spot silver trades on either side of USD 25/oz. Base metals are on a softer footing amid the broader performance across industrial commodities – LME copper remains subdued under the USD 9,500/t level, whilst some reports suggest companies are attempting to arbitrage the copper spread between Shanghai and London. US Event Calendar 8:30am: Nov. Initial Jobless Claims, est. 260,000, prior 267,000; Continuing Claims, est. 2.12m, prior 2.16m 8:30am: Nov. Philadelphia Fed Business Outl, est. 24.0, prior 23.8 9:45am: Nov. Langer Consumer Comfort, prior 50.3, revised 50.3 10am: Oct. Leading Index, est. 0.8%, prior 0.2% 11am: Nov. Kansas City Fed Manf. Activity, est. 28, prior 31 Central banks 8am: Fed’s Bostic Discusses Regional Outlook 9:30am: Fed’s Williams speaks on Transatlantic responses to pandemic 2pm: Fed’s Evans Takes Part in Moderated Q&A 3:30pm: Fed’s Daly takes part in Fed Listens event DB's Jim Reid concludes the overnight wrap After 9 weeks since surgery, yesterday I got the green light to play golf again from my consultant. Yippee. However he said that he’ll likely see me in 3-5 years to do a procedure called distal femoral osteotomy where he’ll break my femur and realign the leg over the good part of the knee. Basically I have a knee that is very good on the inside half and very bad on the outer lateral side. He’s patched the bad side up but it’s unlikely to last more than a few years before the arthritis becomes too painful. This operation would be aimed at delaying knee replacement for as long as possible! Sounds painful and a bit crazy! Meanwhile I also have a painful slipped disc in my back at the moment that I’m going to have an injection for to hopefully avoid surgery after years of managing it. As you might imagine from reading my posts last week I don’t get much sympathy at home at the moment for my various ailments. In terms of operations and golf I’m turning into a very very poor man’s Tiger Woods! Markets have been limping a bit over the last 24 hours too as the inflation realities seemed to be a bit more in focus. Those worries were given additional fuel from the UK CPI release for October, which followed the US and the Euro Area in delivering another upside surprise, just as a number of key agricultural prices continued to show significant strength. Oil was down notably though as we’ll discuss below. To add to the mix, the latest global Covid-19 wave has shown no sign of abating yet, even if some countries are better equipped for it than others. Starting with inflation, one of the main pieces of news arrived yesterday morning, when the UK reported that CPI came in at +4.2% year-on-year in October. That was above every economist’s estimate on Bloomberg, surpassing the +3.9% consensus expectation that was also the BoE’s staff projection in their November Monetary Policy Report. That’s the fastest UK inflation since 2011, and core inflation also surprised on the upside with a +3.4% reading (vs. +3.1% expected). In response to this, our UK economist (link here) is now expecting that CPI will peak at +5.4% in April, with the 2022 annual average CPI still at +4.2%, which is more than double the BoE’s 2% target. The release was also seen as strengthening the case for a December rate hike by the BoE, and sterling was the second best performing G10 currency after being top the day before in response, strengthening +0.45% against the US dollar. Even as inflation risks mounted however, the major equity indices demonstrated an impressive resilience, with the STOXX 600 (+0.14%) rising for the 17th time in the last 19 sessions. This is the best such streak since June this year, when the index managed to increase 18 of 20 days. We’ll see if that mark is matched today That was a better performance than the S&P 500 (-0.26%). 342 stocks were in the red today, the most in three weeks. Energy (-1.74%) and financials (-1.11%) each declined more than a percent, on lower oil prices and yields, respectively. Real estate (+0.65%) and consumer discretionary (+0.59%) led the way, driven by a +3.25% increase in Tesla. In line with the broad-based retreat, small-caps continued to put in a much weaker performance, with the Russell 2000 shedding -1.16% as it underperformed the S&P for a 4th consecutive session. Sovereign bonds also managed to advance yesterday, with yields on 10yr Treasuries (-4.5bps) posting their biggest decline in over a week, taking them to 1.59%. Declining inflation expectations drove that move, with the 10yr breakeven down -3.2bps to 2.71%, which was its biggest decline in over two weeks. For Europe it was a different story however, with yields on 10yr bunds only down -0.3bps, just as those on 10yr OATs (+0.1bps) and BTPs (+0.5bps) both moved higher. Most of the Treasury rally was after Europe closed though. Those moves came against the backdrop of a fairly divergent performance among commodities. On the one hand oil prices fell back, with WTI (-2.97%) closing beneath $80/bbl for only the second time in the last month as speculation continued that the US would tap its strategic reserves. On the other hand, there was no sign of any relenting in European natural gas prices, which rose a further +0.79% yesterday to bring their gains over the last 7 days to +31.57%. That follows the German regulator’s decision to temporarily suspend certification for Nord Stream 2, which has added to fears that Europe will face major supply issues over the winter. And while we’re discussing the factors fuelling inflation, there were some fresh moves higher in agricultural prices as well yesterday, with wheat futures (+1.48%) hitting an 8-year high, and coffee futures (+4.75%) climbing to their highest level in almost a decade. Central banks will be watching these trends closely. There’s still no word on who’s going to lead the Fed over the next 4 years, but yesterday’s news was that President Biden will make his pick by Thanksgiving. For those keeping track at home, on Tuesday the guidance was within the next four days. So, while it appears momentum toward an announcement is growing, take signaling of any particular day with a grain of salt. On the topic of the Fed, our US economists released their updated Fed outlook yesterday (link here) in which they brought forward their view of the expected liftoff to July 2022, with another rate increase following in Q4 2022. And although it’s not their base case, they acknowledge that incoming data could even push the Fed to speed up their taper and raise rates before June. They don’t see the choice of the next Fed Chair as having much impact on the broad policy trajectory, since inflation next year is likely to still be at high levels that makes most officials uncomfortable, plus the annual rotation of regional Fed presidents with an FOMC vote leans more hawkish next year. So that will constrain the extent to which a new chair could shift matters in a dovish direction, even if they wanted to. Overnight in Asia stocks are trading mostly in the red outside of a flat KOSPI (+0.01%). The Shanghai Composite (-0.13%), CSI (-0.64%), Nikkei (-0.77%) and Hang Seng (-1.35%) are being dragged down by tech after a bout of Chinese IT companies missed earnings continuing a theme of this earnings season. Elsewhere in Japan, the Nikkei reported that the new economic stimulus package could be around YEN 78.9 tn ($691 bn). Prime Minister Fumio Kishida will announce the package on Friday. Elsewhere S&P 500 (+0.08%) and DAX futures (+0.01%) both fairly flat. The House of Representatives is slated to begin debate on the Biden social and climate spending ‘build back better’ bill. Word from Congress suggested it could be tabled for a vote as soon as today, though the House has been as profligate missing self-imposed deadlines to vote on the bill as President Biden has been with the announcement of Fed Chair. In addition to the Build Back Better package, there’ll still be plenty of action in Congress over the next month, with another government shutdown looming on December 3, and then a debt ceiling deadline estimated on December 15. The House Budget Chair echoed Treasury Secretary Yellen’s exhortation, and urged Congress to raise the debt ceiling to avoid a government default. Treasury bills are pricing increasing debt ceiling uncertainty during December; yields on bills maturing from mid- to late-December are around double the yields of bills maturing in November and January. Turning to the pandemic, cases have continued to rise at the global level over recent days, as alarm grows in a number of countries about the potential extent of the winter wave. In Germany, Chancellor Merkel and Vice Chancellor Scholz are taking part in a video conference with state leaders today on the pandemic amidst a major surge in cases. And Sweden’s government said that they planned to bring in a requirement for vaccine passports at indoor events with more than 100 people. In better news however, the UK’s 7-day average of reported cases moved lower for the first time in a week yesterday. Moderna also joined Pfizer in seeking emergency use authorization from the FDA for booster jabs of its Covid vaccines for all adults. Looking at yesterday’s other data, US housing starts fell in October to an annualised rate of 1.520m (vs. 1.579m expected), whilst the previous months’ reading was also revised lower. Building permits rose by more than expected however, up to an annualised rate of 1.650m (vs. 1.630m expected). Finally, Canada’s CPI inflation reading rose to +4.7% in October as expected, marking the largest annual rise since February 2003. To the day ahead now, and data releases from the US include the weekly initial jobless claims, the Philadelphia Fed’s business outlook for November, the Kansas City Fed’s manufacturing index for November, and the Conference Board’s leading index for October. Central bank speakers include PBoC Governor Yi Gang, the ECB’s Centeno, Panetta and Lane, and the Fed’s Bostic, Williams, Evans and Daly. There’ll also be a number of decisions from EM central banks, including Bank Indonesia, the Central Bank of Turkey and the South African Reserve Bank. Finally, earnings releases include Intuit, Applied Materials and TJX. Tyler Durden Thu, 11/18/2021 - 08:05.....»»

Category: blogSource: zerohedgeNov 18th, 2021

The Metaverse - Much, Much Bigger Than Facebook

The Metaverse - Much, Much Bigger Than Facebook Authored by Bill Blain via MorningPorridge.com, “I’m serious. She could actually be a 300-pound dude who lives in his momma’s basement in suburban Detroit. And her name is Chuck.” Facebook is now Meta, and Meta wants to own the Metaverse. Just what is the Metaverse, what are the opportunities, and can Mark Zuckerberg repeat the success of Facebook by monetising a whole new way of doing business, or is it shaping up to be something much, much more? This morning’s Porridge is dedicated to my new colleague Diaa, who was foolish enough to ask what I thought about Facebook.. he will learn.. As a distraction from worrying about What Biden and Xi actually said to each other, the state of wage inflation across economies, UK vs Yoorp unpleasantness, and wondering what 100,000 armed-to-the-teeth Russians are doing on the Ukraine border (aside from being a classic maskirovka to distract us from what Putin is really doing..), I thought today I might continue my grand tradition of writing about stuff I know I know very little about… So, just what is the Metaverse? What kind of opportunity does it represent? Is it, as so many fantabulous things in this wonderful world are, yet another digital solution in search of a problem? Is it hype or a genuine new trend? Of course, my interest in the Metaverse was pricked 2 weeks ago when Facebook Inc changed its name to Meta. Since then the stock is up 7%, only down 8% from its September high before the recent whistleblower news. A few cynics have suggested the renaming was all about trying to distance and shut-off the recent sordid whistleblower accusations about Facebook. Zuckerberg has previous form as something of a congenital acquisitive hoarder of the future – and he clearly wants to own “the metaverse” with the intention of monetising it. The question, and future value of the firm, ultimately lies in how well he achieves that. The Metaverse concept was first described and named by Science Fiction writer Neal Stephenson – whom I’ve actually read! – right in the very early days of the internet revolution. Way back in 1992 he presented a vision of human avatars inter-reacting in a 3D digital space in the novel “Snow Crash”. He pretty much nailed it – establishing digital life alongside concepts like “proof of work” leading inevitably to the concept of digital currencies, the genesis of Bitcoin, the Blockchain and now Non-Fungible Tokens. Today, the Metaverse is being “imagined” as some kind of Internet version 2.1 – but it’s really describes how we will all integrate digitally. It will offer a more immersive world of deeper engagement into virtual and augmented reality – once the technology catches up with the promises. “Digital Visionaries” are talking about how natural it will become to do everything from shopping, business and living a social life online in the form of single or multiple digital avatars… It informs the world of “Ready Player One” and raises fears about a “Matrix” like future. The thing is – whatever Facebook would have us believe – it’s already happening and has been for some time. The global gaming sector is now infinitely larger than the film industry at over $100 bln per annum.  Fortnite, the game, has become a global sensation, and now includes virtual concerts given by smart artists who see the future potential. The amount of cash spent in-game purchases is over $50 bln, just in the US! My family hails from the Scottish City of Dundee, once famous for “Jam, Jute and Journalism”. In the 30-years post-war, it looked to be in terminal decline, but is now the heart of the UK’s exploding gaming sector and home to best-selling game ever: Grand Theft Auto. (Incidentally, the City’s recovery began in 1982 when the UK’s first commercial UK computer; the ZX Spectrum, was built in Dundee!) It’s a city reborn. Zuckerberg has a problem. His existing brands; Facebook, Instagram and WhatsApp will remain essentially unchanged (for now) and are, essentially, advertising companies under competitive and evolutionary threat. They remain the dominant brands in social media advertising, but their user bases are not as sticky as once assumed, and they no longer have a monopoly as social media breaks and fragments into multiple players and themes. Let’s give Zuckerberg some credit for trying to derisk Facebook Meta by diversifying its earnings. The regulatory risks from privacy concerns and the charge its maximised advertising revenues to the detriment of users by targeting them with dangerous social media tosh are huge. How long before an American class action suite emerges for trillions alleging American youth have been mentally damaged by social media? Without Zuckerberg’s unique approach –  I suspect Facebook would be as unlamented as “Friends Reunited” in the social-media graveyard. He is painting the Metaverse he intends to own as a virtual environment where “you can be present with people in digital spaces”, an “embodied internet”, and how it’s going to “succeed the mobile internet”. It’s an opportunity for him to monetise Facebook’s investment in things like the Oculus VR set, and to diversify his earnings from pure (yet risky) advertising to actually selling hard and soft stuff in the Metaverse. Will he succeed in making Meta the dominant venue in the Metaverse? Don’t underestimate the potential for monetisation in the Metaverse. Earlier this year a 17 year old artist, Fewocious, sold 600 digital sneakers in NFT format through an on-line auction for…. $3.08 million. There is now a whole digital fashion universe selling unique NFT apparel gamers can wear on-line. As yet there isn’t a way of being able to dress across the net (enabling digital avatars to wear the same gear across multiple games and in multiple venues), but I’m assured it’s going to happen. There are now a host of earnest fashion designers exclusively focused on digital fashion. There clearly are also real and valuable applications for the metaverse in terms of virtual reality business and education. Effectively, Education when virtual last year when millions of school-kids zoomed an academic year because of Covid. Imagine a future where kids can attend any school they want as digital avatars – interesting, and horrific in terms of real social interaction, not to mention the health consequences of living on line. I’m intrigued by the business potential. Like every other firm we’re wondering just how much office space we really need. How often do clients actually visit the office? Do we all need to be there? Would we not be cheaper and more efficient to continue developing better on-line tools. Instead of one hour zoom calls, what about an on-line digital office open all day? The potential to design and innovate new ways of working in the metaverse are only limited by our imagination! Zuckerberg is a smart fellow who sees all that potential. He knows Facebook is a risk business – the declining numbers of young people using it isn’t compensated for by the ones using Instagram. The dominant younger generation platform is TikTok, which is now part China Government owned after it took an ownership stake in Bytedance. As the Facebook brand inevitably fades its advertising revenues will plummet. Therefore, he is staking the next stage of his brand’s development on his company’s 3D universe. He will find new ways to monetise whatever data Meta can find in its virtual and augmented reality universe – which is not without associated risks to consumers and therefore the company. And that’s where the jury is out – can he make Meta as much a monopoly as Facebook once was? If not, and I suspect its going to be a very crowded space, then Meta’s future is debatable long-term. One final thought – if the Metaverse takes off, then I suspect so does a currency to go with it. I am reassessing Ethereum. Tyler Durden Wed, 11/17/2021 - 19:40.....»»

Category: smallbizSource: nytNov 17th, 2021

Real Estate Technology Trends To Use In 2021

Over the last decade, technology has changed the face of the real estate industry. That’s why it’s so important for real estate professionals to stay informed about the latest technology trends within the industry. So, here’s a list of the most important technology trends in real estate that will help you remain competitive. PropTech PropTech […] The post Real Estate Technology Trends To Use In 2021 appeared first on RISMedia. Over the last decade, technology has changed the face of the real estate industry. That’s why it’s so important for real estate professionals to stay informed about the latest technology trends within the industry. So, here’s a list of the most important technology trends in real estate that will help you remain competitive. PropTech PropTech (Property Technology) is a word to describe the digital innovations that aid individuals in buying, selling, researching and managing properties. PropTech is changing the industry rapidly, disrupting the established ways that real estate professionals have done business for decades. So, staying relevant in the real estate industry means understanding this new term and learning to incorporate these new technologies into your business practices. Artificial Intelligence and Chatbots With advances in artificial intelligence, chatbots can become your new best friend. Chatbots or virtual assistants can answer queries and ask relevant questions that will help you get to know customers ahead of time. By using virtual assistants, you can take the stress out of qualifying and following up with leads. “Virtual assistants provide an ‘always on’ channel to respond to client questions in real time or near real time, at the pace of the client,” says Mahi de Silva, co-founder and CEO of Amplify.ai, the developer of an enterprise-class conversational AI platform. Since chatbots respond instantly 24/7, you no longer have to worry about missing late-night messages. Virtual and Augmented Reality Have you ever had difficulty selling an empty home or one with outdated furnishings? Before now, the way around this issue was staging. But staging comes with hefty price tags. And even if you find the best designers, the furnishings you choose may not be to every buyer’s liking. The answer: augmented reality (AR). AR technology, like VisualStager, can allow you to virtually stage listings so you can make changes to the look and feel of a home on the spot. With AR, computer-generated images are superimposed on a virtual simulation of the space. This way, buyers can change the decor with a click of a button and see how the property can work for their lifestyle. Blockchain Blockchain technology now allows transactions to be made securely, transparently and without a middleman. Instead of having an intermediary verify the legitimacy of the transaction, the process is completed by a network of thousands of computers scattered across the globe. After the details of the deal have been confirmed by the network, the information and digital signatures of the participants are recorded, given an identification code and stored across all the computers in the network. Since each of the thousands of computers has its own copy of the transaction, the information is nearly impossible to hack. Companies like Propy and DocuSign can help you close deals online. Loan Management and Insight Tools With Rocket ProSM Insight, real estate agents can stay updated on their clients’ mortgage progress, helping move things along and clear any roadblocks as soon as possible. Through the Rocket Pro Insight tool, agents get full visibility into loan status and are able to send required documents on their client’s behalf and adjust their clients approval letter amount to present a stronger offer. PropTech is changing the real estate industry, but there’s no reason you can’t change with it. As our use of technology grows and agents get more buyers who’ve grown up in the tech age, employing these different tools can only help your business grow. For more information, please visit www.rocketmortgage.com. The post Real Estate Technology Trends To Use In 2021 appeared first on RISMedia......»»

Category: realestateSource: rismediaNov 17th, 2021

Elon Musk is close to selling his final California mansion. Take a look at the $100 million real estate portfolio he"s been offloading since vowing to "own no house."

Musk owned at least seven million-dollar houses in California, including six in the Los Angeles area alone. Tesla and SpaceX CEO Elon Musk.Patrick Pleul/picture alliance via Getty Images In May 2020, Elon Musk vowed to sell "almost all physical possessions," including his homes. Musk owned at least seven houses worth a combined $100 million, including six mansions in Bel Air. Here's a look at all the homes he's owned and sold, including the final mansion in his portfolio. Elon Musk has built a $279 billion fortune as the CEO of Tesla and SpaceX and is currently the richest person in the world.Elon Musk.Susan Walsh/APSource: InsiderMusk and the companies affiliated with him have owned at least seven residences collectively worth over $100 million, mostly in the Los Angeles area.Bel-Air.Sundry Photography/ShutterstockSource: InsiderBut in May 2020, Musk tweeted that he planned to offload that real estate portfolio, vowing to "own no house." He's since relocated to Texas, where he reportedly lives in a $50,000 prefab home.A photo shared with Insider appears to show Boxabl delivering a Casita to SpaceX.Jorge Ramirez 9:44Source: Insider, Elon Musk/TwitterBut up until last year, Musk had an expansive real estate portfolio. He bought his first piece of Bel Air real estate in late 2012 for $17 million after renting the colonial-style mansion for two years and living there with his sons.Sotheby's International RealtySource: Insider, Los Angeles TimesThe house has 20,248 square feet of space divided into different wings and has a total of seven bedrooms. It also has a two-story library.An office space in one of Musk's Bel Air homes.Sotheby's International RealtySource: Variety, The Wall Street Journal The backyard has a pool ...Sotheby's International RelatySource: Insider... a tennis court ...Sotheby's International RealtySource: Insider... and a view of the exclusive Bel-Air Country Club. There's also a gym and a wine cellar.Sotheby's International RealtySource: InsiderMusk reportedly sold the home in June 2020 for $29 million. The buyer was Chinese billionaire William Ding, the founder and CEO of online gaming firm NetEase, The Wall Street Journal reported.Sotheby's International RealtySource: ReutersMusk bought a $6.75 million home on the same street in October 2013.Trulia.comSource: InsiderActor Gene Wilder lived in the 2,756-square-foot, three-bedroom, three-bathroom ranch-style home for over 30 years, until 2007.The backyard of this home, once owned by Gene Wilder, also overlooks the Bel Air Country Club.Trulia.comSource: Insider, The Wall Street JournalMusk used the house as a private school for his children. In a 2015 interview with Vogue, the billionaire CEO described it as "like a little schoolhouse on the prairie, except in Bel Air on a golf course."The pool area of the home Musk once used as a private school for his children.Trulia.comSource: Variety, VogueMusk put the home on the market for $9.5 million in May 2020, but made one stipulation: Whoever purchased Wilder's estate could not tear it down or remove its "soul."The home's gate as seen from Google Street View.Google MapsSource: InsiderMusk sold the house in October 2020 for $7 million to an LLC managed by the screenwriter and producer Elizabeth Hunter, who is married to Wilder's nephew, Variety reported at the time. Musk may even have even lent the couple $6.7 million to help pay for the home.BRENDAN SMIALOWSKI/AFP via Getty Images; Pictometry/Los Angeles County AssessorSource: Insider, VarietyIn 2015 and 2016, Musk purchased two more Bel Air mansions: another ranch house for $20 million and an unfinished mansion for $24.25 million, respectively.An aerial view of the unfinished Bel Air mansion Musk purchased in 2016.Google MapsSource: Variety, Wall Street JournalMusk had bought yet another Los Angeles mansion for $4.3 million in July 2015, but apparently didn't maintain it well. Neighbors told The Wall Street Journal that it didn't appear anyone was living in this house full-time.Another aerial view of Bel Air. Musk's home not pictured.Google EarthSource: The Wall Street JournalTwo years later, Musk reportedly bought another mansion in the same area. The property — a colonial-style, two-story home built with a white brick facade — is estimated to be worth $4.2 million. These four homes were listed for a collective $62.5 million on Zillow in May 2020 and sold about six months later.An aerial view of Bel Air. Musk's home not pictured.Source: Wall Street Journal, Zillow, Los Angeles TimesMusk also previously owned this "boomerang-shaped house" in Brentwood, California, about 15 miles northwest of downtown Los Angeles with his ex-wife, Talulah Riley. The couple paid just under $3.7 million for it in 2014, per Variety. He sold the house for $4 million in August 2019.Hilton & HylandSource: Insider, Dirt, InsiderBut Musk's properties aren't limited to the LA area — his final California home is in the San Francisco Bay Area, not far from Tesla's Fremont, California, factory.Tesla's Fremont factory.David Butow/Corbis News via Getty ImagesSource: InsiderLocated in the ritzy Bay Area suburb of Hillsborough, the 100-year-old, 16,000-square-foot Mediterranean-style mansion boasts 10 bedrooms, bay views, hiking trails, and a ballroom. Musk bought it for $23.4 million in June 2017 and listed it on Zillow in 2020 for $35 million.A map showing the location of Hillsborough, California. Musk's home not pictured.Google MapsSource: The Wall Street JournalBut Musk appeared to have trouble offloading the home. He pulled it off the market more than once, and in October 2021, he reduced the price to $32 million. But by November, Musk appeared to find a buyer for the home, though the offer is listed as "contingent," meaning Musk is still negotiating the conditions of the sale.Elon Muskpicture alliance / Getty ImagesSource: SFGate, The Real Deal, InsiderTaylor Nicole Rogers contributed to an earlier version of this story.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderNov 16th, 2021

Emmaus Life Sciences Reports Third Quarter Financial Results and Business Highlights

TORRANCE, Calif., Nov. 12, 2021 /PRNewswire/ -- Emmaus Life Sciences, Inc. (OTCQX:EMMA), a commercial-stage biopharmaceutical company and leader in the treatment of sickle cell disease, today reported financial results for the quarter and nine months ended September 30, 2021. Recent Highlights November: Formed a partnership with UpScript to offer telehealth solutions to sickle cell disease patients, expanding access to Endari®. The partnership will allow patients to see a doctor remotely and receive same-day physician authorization and prescriptions for Endari, which will be delivered directly to their home within just a few days. November: Entered into an agreement with Asembia to provide expanded patient and provider support services to simplify access to Endari. Asembia will provide a single point of contact for benefits investigation, financial and co-pay assistance, as well as patient and provider education. October: Submitted an application for marketing authorization of Endari to the United Arab Emirates (UAE) Ministry of Health. During the review period, which is expected to take 10 to 12 months, Endari may be prescribed on a named patient, or early access, basis. October: Signed an agreement with Kainos Medicine, Inc., granting Emmaus an exclusive license to patent rights, know-how and other intellectual property relating to Kainos' novel IRAK4 inhibitor (KM10544), for the treatment of cancers including leukemia, lymphoma and solid tumors. August: Announced the approval by the National Health Regulatory Authority (NHRA) of the Kingdom of Bahrain for a Temporary License for Importation of Pharmaceutical Product for Endari. "The Emmaus team has made significant progress in our efforts to expand access to Endari, the company's prescription L-glutamine oral powder for the treatment of sickle cell disease," stated Yutaka Niihara, M.D., M.P.H., Chairman and Chief Executive Officer of Emmaus. "We expect our new partnership with UpScript to provide an important and convenient telehealth solution for sickle cell disease patients already taking or seeking to take Endari, while our newly signed agreement with Asembia will improve the patient and provider experience with Endari. Together, these new relationships will provide sickle cell patients more flexibility in managing this debilitating disease. Additionally, during the third quarter, we received approval of a Temporary License for Importation of Endari from the Kingdom of Bahrain and submitted a marketing authorization application in the UAE representing the first of several full marketing applications we expect to file in Gulf Cooperation Council states for Endari to treat the approximately 225,000 sickle cell disease patients throughout the Middle East North Africa region." Dr. Niihara continued, "In October, we expanded our pipeline by obtaining an exclusive license to the intellectual property surrounding Kainos' IRAK4 inhibitor a novel potential treatment option for some of the hard-to-treat lymphomas such as Waldenström's Macroglobulinemia with MYD88 mutation, and others. This addition to the pipeline fits squarely with our mission to improve the lives of people in need through the discovery, development and commercialization of innovative treatments and therapies." Financial and Operating Results for the Period Ending September 30, 2021 Net Revenues. Net revenues for the three months ended September 30, 2021 increased 3% to $5.8 million, up from $5.6 million for the same period last year. The increase was driven primarily by the increasing market acceptance of Endari in the U.S., partially offset by discounts afforded customers on bulk orders. Net revenues declined 6% compared to the second quarter of 2021 primarily due to lower bulk orders in the third quarter than in the second quarter. Net revenues for the nine months ended September 30, 2021 increased 4% to $17.6 million, up from $16.9 million for the same period in 2020. The increase was primarily attributable to higher bulk order purchases compared to the same period in 2020 and the ongoing recovery from the temporary disruptions in revenues related the COVID-19 pandemic and severe winter weather during 2020. Operating Expenses. Total operating expenses for the three months ended September 30, 2021 were $5.4 million, compared with $5.1 million for the same period in 2020. Of the increased expenses, $0.2 million was attributable to outside accounting fees relating to catch-up SEC filings made in the third quarter. The company also incurred a $0.2 million increase in selling expenses primarily due to increased travel expenses, partially offset by a $0.2 million decrease in research and development expenses associated with the company's pilot/phase 1 diverticulosis study, which is nearing completion. Total operating expenses for the nine months ended September 30, 2021 were $17.4 million, compared with $15.9 million for the same period in the prior year. The increase was primarily due to upfront payments in cash and shares of the company's stock under the agreement with Kainos to lead the clinical development of Kainos' patented IRAK4 inhibitor and an increase of $0.6 million related to a pharmacokinetic characteristic and safety study for Endari® and clinical study in Europe. The company also incurred a $0.2 million increase in selling expenses primarily due to increased travel expenses, partially offset by $0.2 million decrease in research and development expenses associated with the winding up of the company's pilot/phase 1 diverticulosis study. Operating Income (Loss). Operating loss for the quarter ended September 30, 2021 was $31,000, compared with operating income of $8,000 for the same period in the previous year and operating loss of $483,000 in the second quarter of 2021. Operating loss for the nine months ended September 30, 2021 increased to $1.2 million, versus $0.4 million for the comparable period last year. Other Income (Expense). Total other expense increased by $8.8 million, or 149%, to $2.9 million for the three months ended September 30, 2021, compared to $5.9 million of ...Full story available on Benzinga.com.....»»

Category: earningsSource: benzingaNov 12th, 2021

A Service-Oriented Approach to Working Online Leads

One of the most difficult things about working with online leads is the lack of personal connection. In real estate, converting leads and creating long-term client relationships is all about personal connection and adding relevant value. But when your main form of communication to a new lead is done digitally, how do you build, nurture […] The post A Service-Oriented Approach to Working Online Leads appeared first on RISMedia. One of the most difficult things about working with online leads is the lack of personal connection. In real estate, converting leads and creating long-term client relationships is all about personal connection and adding relevant value. But when your main form of communication to a new lead is done digitally, how do you build, nurture and grow that connection? The key to creating and strengthening connections with leads of any type—online or in-person—is to serve regardless of opportunity. This means that you provide something of value to your online leads, which is relevant, useful and engaging even if they never become a client. When you demonstrate that you care more about serving, you’ll form more genuine connections that are likely to last, and subsequently, you’ll start earning referrals and closing more deals. As you build consistent service into your regular routine, you’ll find that people will engage with you—and new opportunities will present themselves. It’s essential that you include your online leads in this process to open up even more opportunities to serve clients. Many people begin their home searches online, so you don’t want to miss out on all those potential leads. You might be wondering, “What kind of service can I offer online leads when I don’t even know them?” There are tons of resources you can offer, even if you’ve never met in person. Options include local market reports, home-buying or -selling tips and advice on how to find the right agent. Additional options include keeping present homeowners informed about their home’s value and what neighboring homes have sold for. The goal is to serve and share your “A” material regardless of whether or not they use you. We’ve seen hundreds of top agents and teams grow successful businesses by following the philosophy of service regardless of opportunity. Wherever they are in the home-buying or -selling process, position yourself to provide helpful information and guidance. When you pay attention, every stage of the client experience opens up a different opportunity to provide service and showcase your expertise. Even those who are months out from buying or selling can find value in your knowledge and timely outreach. Let all online leads know that you’re available as a resource whenever they need it. When you prioritize service over earning a commission, you’ll gain people’s trust and satisfaction, which is the key to profitability. Not only will this strategy build your business, but it will also make your professional life more fulfilling and your connections with people more sincere. Verl Workman is the founder and CEO of Workman Success Systems, a real estate consulting company that specializes in performance coaching and building highly effective teams. Contact wssm@workmansuccess.com for more information and free downloadable resources. The post A Service-Oriented Approach to Working Online Leads appeared first on RISMedia......»»

Category: realestateSource: rismediaNov 12th, 2021

3 Tips for Generating Leads Using Social Media

Many agents turn to social media for real estate lead generation, and for good reason. More than 2 billion people in the world use social media, and a good bit of their purchasing decisions are being driven by what they see and learn there. But successfully connecting with potential real estate clients via social media […] The post 3 Tips for Generating Leads Using Social Media appeared first on RISMedia. Many agents turn to social media for real estate lead generation, and for good reason. More than 2 billion people in the world use social media, and a good bit of their purchasing decisions are being driven by what they see and learn there. But successfully connecting with potential real estate clients via social media can be challenging. Follow these three tips to help you make the most of your social media lead generation strategy. 1. Own your domain name. Owning your own domain (i.e., JaneDoe.com) is an important first step on the road to successful real estate lead generation. Not only does it help raise your profile in search engines and on social media sites, but it increases your authority in the industry as a thought leader. Plus, it’s easier for people to remember—and it looks cleaner on a business card. If your name is already owned by someone else, see if adding “realestate” or “realtor” to your name is a possibility (i.e., JaneDoeRealtor.com). Or you can establish yourself as the expert in your city (i.e., thestlouisrealtor.com or detroitrealtor.com). Just make sure your website URL is provided in the about sections of your social media channels so people can learn more about you when they find you on social media. 2. Take your social content to the next level. Seventy percent of your clients will forget you after just one year. That’s why you have to make them remember you. Even if they won’t be in the market again for a while, you can’t forget about them either. Word of mouth promotion is still the best way to land new real estate clients, and past clients will eventually know someone who needs a great agent. When that time comes, you want them to remember your name. Provide your followers with content they actually want to read, including news about the neighborhood, DIY posts, home maintenance, etc. You’ll stay top of mind, and they’ll be more likely to refer you to friends and family. 3. Make it all about connections. When using social media for real estate lead generation, take the time to build connections. Identify the influencers in your area, whether that be a local public school system, newspaper or popular restaurant. Follow those influencers and share their content. When someone shares your content, remember to repay the favor. That’s how you gain exposure, followers and potential real estate leads. Using social media as a tool for real estate lead generation can be tricky, but it offers a lot of potential. Use the above tactics to up your game and start generating solid leads through your social networks. As part of the Colibri Real Estate family of premier education brands, McKissock Learning helps hundreds of thousands of real estate professionals each year achieve sustainable success throughout each stage of their career via continuing education and professional development courses. The post 3 Tips for Generating Leads Using Social Media appeared first on RISMedia......»»

Category: realestateSource: rismediaNov 12th, 2021

Chinese carmaker unveils Tesla Semi truck rival with a built-in kitchen, bathroom, and bedroom

The electric Homtruck aims to be a "semi-truck that feels like home," Geely said. It has a washing machine, kitchenette, and shower. Farizon Auto Homtruck rendering. Geely Chinese car giant Geely revealed its new electric semi truck on Monday. The Homtruck will have a kitchen, washing machine, bed, and bathroom. Geely says it'll drive autonomously and go on sale in early 2024. Chinese auto giant Geely is getting into the electric-truck game with a new model to rival Tesla's Semi. Farizon Auto Homtruck rendering. Geely The Homtruck, unveiled on Monday, aims to be a "semi-truck that feels like home," Geely said. (Hence the name.) Farizon Auto Homtruck rendering. Geely It's packed with amenities to make long-haul journeys more comfortable for truck drivers. It's common for tractor-trailers to have a sleeping compartment, but the Homtruck's sleek cabin looks fit for the electric future. Farizon Auto Homtruck rendering. Geely Inside there's a bathroom with a toilet, sink, and shower stall. Farizon Auto Homtruck rendering. Geely There's also a single bed and a glass roof. Farizon Auto Homtruck rendering. Geely The Homtruck has an exterior kitchen on one side. Farizon Auto Homtruck rendering. Geely The truck comes with a tea kettle and a refrigerator. Farizon Auto Homtruck rendering. Geely Behind a hatch on the other side of the truck there's a small washing machine. Farizon Auto Homtruck rendering. Geely The comforts extend to the driver's area, which will be made of sustainable plastics, soft-touch fabrics, and bamboo. Farizon Auto Homtruck rendering. Geely A futuristic video Geely shared shows a truck driver drinking tea off of a bamboo side table while the truck pilots itself. Farizon Auto Homtruck rendering. Geely Watch the video here:  Geely says the Homtruck will be able to transport goods autonomously. Although several companies are refining the technology and running tests, autonomous trucking doesn't exist on any large scale yet. Farizon Auto Homtruck rendering. Geely The Homtruck will come with a few different propulsion options, including a 100% electric powertrain and a hybrid version. Farizon Auto Homtruck rendering. Geely The electric truck uses battery-swapping technology so drivers can charge up in minutes. That means instead of plugging in and waiting, drivers will pull up to a charging station and have a full battery installed. Farizon Auto Homtruck rendering. Geely Like a Tesla, the Homtruck will be able to receive software updates remotely over the internet. Farizon Auto Homtruck rendering. Geely It'll also be able to analyze traffic, recommend routes, tell the driver when to recharge, and connect to online platforms that track deliveries. Farizon Auto Homtruck rendering. Geely Geely joins several companies working to bring the electric-vehicle revolution to trucking. Farizon Auto Homtruck rendering. Geely Nikola, a US startup, is working to overcome scandal involving its founder and bring a hydrogen-powered truck to market. A rendering of a Nikola Tre semi. Nikola Read more: Trevor Milton — Inside the Nikola founder's tumultuous past Tesla says it'll start selling its long-awaited Semi in 2022. PepsiCo expects to receive its first deliveries by the end of the year. The Tesla Semi truck. Tesla Germany's Daimler Trucks is also working on several electric models across its brands, including Mercedes-Benz. Mercedes-Benz eActros. Daimler Geely's commercial brand, Farizon Auto, plans to start selling the Homtruck in 2024. Geely's intending to sell the truck globally, including in Europe, Korea, Japan, and North America, its CEO told CNBC. Farizon Auto Homtruck rendering. Geely Source: CNBC Read the original article on Business Insider.....»»

Category: topSource: businessinsiderNov 10th, 2021