On stainless steel billet and hot-rolled stainless steel plate
- from EU, Japan, South Korea, Indonesia
- From March 23
Archives of “March 2019” month
rssUber to list shares on NYSE in blockbuster IPO
Uber will list its shares on the New York Stock Exchange in what is expected to be the biggest initial public offering of the year, according to two people familiar with the matter.
The US ride-hailing company is expected to make its paperwork public as soon as April for a listing that bankers and investors think could value it at more than $100bn.
In choosing NYSE, Uber is going to the home of some of the biggest IPOs in history, including Alibaba, General Motors and Visa.
While previous generations of technology companies such as Google and Apple chose rival Nasdaq, technical problems with Facebook’s 2011 listing have shifted the tide in NYSE’s favour. The Big Board has boosted its share of recent marquee tech listings, including Spotify, Snap and Twitter.
Uber also has close connections with NYSE: its chief financial officer, Nelson Chai, was formerly finance chief at the exchange, and John Thain, an Uber board member, was once NYSE’s CEO.
Uber’s IPO is one of a number of hotly anticipated Silicon Valley listings expected in the coming months. Its smaller US rival Lyft plans to list its shares on Nasdaq next week.
Uber declined to comment. The choice of exchange was first reported by Bloomberg.
US sanctions 2 Chinese shippers over North Korea trade
A pair of Chinese shipping companies have been blacklisted by American authorities for allegedly helping North Korea evade U.S. and international sanctions over its nuclear and missile programs, tightening the Trump administration’s net as it pushes denuclearization talks with Pyongyang.
Dalian Haibo International Freight was designated for providing goods and services for Paeksol Trading, overseen by North Korea’s Reconnaissance General Bureau, the Treasury Department said Thursday. Paeksol has been subject to U.S. and United Nations sections.
Liaoning Danxing International Forwarding is alleged to have helped North Korean officials in the European Union operate and purchase goods for their government via deception.
The sanctions are the first since the abrupt end to the summit between U.S. President Donald Trump and North Korean leader Kim Jong-Un last month in Hanoi.
“Treasury will continue to enforce our sanctions, and we are making it explicitly clear that shipping companies employing deceptive tactics to mask illicit trade with North Korea expose themselves to great risk,” Treasury Secretary Steven Mnuchin said in a statement.
The Treasury and State departments also named 18 vessels suspected of involvement in ship-to-ship transfers with North Korean tankers, along with 49 vessels believed to have exported North Korean coal since new U.N. sanctions were imposed on Aug. 5, 2017. The ships are not limited to North Korean vessels, with others under the flags of such countries as Sierra Leone.
North Korea has demanded the US removes weapons from Guam and Hawaii
Report from Korean media (Dong-A Ilbo … Donga for short!)
Not sure if its in the “Friday funnies” section
Brexit – Draft EU statement confirms April 12 or May 22 the dates
Brexit Summit updated draft conclusions say EU would agree extension to May 22 if Brexit deal approved in UK parliament next week
- if not, UK would need to inform EU by April 12 on way forward
So what that all means is that the draft EU statement offers an unconditional Brexit delay until April 12.
And a possible longer extension through to until May 22 if the Brexit deal passes the UK Parliament before then.
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Its such a shame I did not misspell ‘draft’ as ‘daft’ in the headline. Maybe next time.
Here’s what could hurt the Fed’s credibility (and it just happened).
CNBC interviewed DoubleLine Capital CEO Jeffrey Gundlach, a partial report is here.
Reuters have a bit more from Mr. G also, from a phone interview. Gundlach makes very pertinent points indeed:
- The Fed’s cautious stance on raising interest rates could backfire by creating uncertainty in the economy and hurt the U.S. central bank’s credibility
- “This U-Turn – on nothing fundamentally changing – is unprecedented”
- “Three months ago, we were on ‘autopilot’ with the balance sheet – and now the bond market is priced for a rate cut this year. The reversal in their stance is stunning.”
Will try to dig up a link to Reuters for more….. here we are Reuters
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I don’t always agree with what Mr. G says (but acknowledge he is the billionaire 😀 ) but hard to argue with his assessment on this.
Tech stocks lead Wall Street rally after Fed’s dovish turn
US stocks rose sharply on a boost from the technology sector, while sovereign debt and the US dollar also rallied as investors digested a dovish shift at the Federal Reserve.
The S&P 500 was 1.1 per cent higher. The Dow Jones Industrial Average climbed 0.8 per cent, and the tech-heavy Nasdaq Composite surged 1.4 per cent.
The broad rally came one day after the Fed signalled no rate rises this year, bringing its projections more in line with market expectations. Policymakers raised rates four times last year and forecast two additional rate rises for 2019 as recently as December.
The central bank also said it will slow the monthly reduction of its Treasury holdings starting from May with a cut from $30bn to $15bn, and will cease trimming its balance sheet in September — prompting economists at Bank of America to note the Fed has completed its 180-degree turn.
Financials were the lone sector in the red, while technology shares advanced 2.5 per cent on the day. The real estate and consumer discretionary sectors also fuelled the market’s lurch higher.
US government debt remained in demand, pushing yields lower early in the session, after a rally around the Fed announcement. The yield on the 10-year Treasury was mostly unchanged at 2.5369 per cent, after earlier touching a fresh 15-month low.
Investors also moved into eurozone debt, pushing the 10-year German Bund yield back towards zero, down 3.5 bps to 0.047 per cent.
London’s FTSE 100 outperformed wider European equities benchmarks with a rise of 0.9 per cent, helped by sustained pressure on the pound — down a further 0.7 per cent to $1.3101 — as investors tracked the UK’s fraught domestic politics.
With the Brexit deadline looming and no clarity on any extension to it, investors moved into the relative safety of UK government debt and at a faster pace than the rally for its eurozone neighbours. The yield on 10-year gilts fell as low as 1.052 per cent, touching its lowest level since September 2017.
Oil traders are now watching mobile phone traffic at refineries
Bloomberg looks at how far oil traders will take it
During hurricane season last year, oil traders were renting boats and counting the tankers arriving and departing Houston. For years, they have been using satellite technology to estimate stockpiles.
The latest scheme is using geolocation data from mobile apps to track worker traffic in refineries in an attempt to identify problems, accidents and maintenance.
“The ability to sharpen a view, or to really gain an edge, based not on anecdotal but more statistically significant signals, is extremely advantageous,” Tran said in an interview. “There is an information asymmetry in this market.”
It starts in oil but soon big data is going to overwhelm economic data in tracking trends in everything.
Read the story from Bloomberg.
Thought For A Day
EU proposed to May a conditional Brexit delay until May 22
Buzzfeed on the offer from Tusk
The EU is playing tough. Tusk proposed a Brexit extension until May 22 on the condition that the UK parliament approves the agreement. The Buzzfeed report said the discussion is ongoing and the exact end date may change.
The question is: What happens if Parliament doesn’t approve the deal?