Archives of “April 2021” month

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China Huarong said to be ready to repay S$600 million of bonds due at the end of the month

  
  Analysis

Shanghai Securities News reports on the matter

China
Central banks across the globe have mitigated credit risks rather well during this unprecedented time but in China, worries are starting to surface again amid the whole Huarong debacle over the past two weeks or so.
Huarong is China’s largest distressed asset manager and has come under intense scrutiny amid fears of bond defaults and potential bankruptcy after having failed to publish its 2020 preliminary results by the 31 March deadline.
But what exactly is the big deal surrounding Huarong?

(more…)

Germany reports 29,426 new coronavirus cases, 293 deaths in latest update today

  
  Analysis

That is the highest daily case count since 8 January

Germany
Total active cases across the country also climbs to ~257,900 – the highest since 25 January – as the 7-day incidence rate keeps higher at 160.1.

 

This continues to reflect a worsening virus trend, as suggested by the increase in the 7-day incidence rate over the past few weeks. As long as that keeps up, German authorities will find it tough to consider relaxing virus restrictions in Q2.
For now, expect tougher measures to kick into place until early May at least.
In terms of healthcare capacity, there were 4,680 (-8) virus patients requiring intensive care as of yesterday with there being 2,864 (12%) intensive care beds still available.
Germany

Markets pondering the implications of (China’s) Huarong debt – will it default?

  
  Analysis

Lai Xiaomin was chairman of the board of China Huarong Asset Management from September 2012 to April 2018 before being sacked … and executed in January as part of a China crackdown on corruption.

Huarong owes around USD23bn in borrowings outside China …. and the question is if it will default or if China’s government will step in to ensure payment.
Report via Bloomberg is worth a read:
  • “A default at a central state-owned company like Huarong is unprecedented,” said Owen Gallimore, head of credit strategy at Australia & New Zealand Banking Group. Should one occur, he said, it would mark “a watershed moment” for Chinese and Asian credit markets.
Lai Xiaomin was chairman of the board of China Huarong Asset Management from September 2012 to April 2018 before being sacked ... and executed in January as part of a China crackdown on corruption.

US CDC extends the pause on usage of Johnson & Johnson vaccine

  
  Analysis

The US Centers for Disease Control and Prevention immunisation panel says its awaiting further information on the risk of the vaccine.

  • postpones making a decision on the vaccine
Which, effectively, means the pause on the use of the J&J vaccine has been extended.
The Pfizer and Moderna vaccines are the two that have been widely used, J&J usage is at the margin only so this pause (news of which filtered out yesterday) is only of small impact on the vaccination rollout.

Mixed results in the US stocks. Dow up. Nasdaq and S&P lower

  
Analysis, US Market

No new records today as investors focus attention on Coinbase debut

The US stocks are ending the session with mixed results. The Dow did snap eight to date losing streak, but the S&P and NASDAQ index both close lower with the NASDAQ index taking on most of the downward heat.  The S&P index reached a new all-time intraday high of 4151.69 before closing lower.
Coinbase made its public debut, opening at $381, went up to $429 before closing at $328.
The final numbers are showing:
  • S&P index minus 16.93.4 -0.41% at 4124.66
  • NASDAQ index -138.25 points or -0.99% at 13857.84
  • Dow rose 53.62 points or 0.16% at 33730.89
Below is a look at the highs and lows, and percentage changes and high changes and low changes for the day.
No new records today as investors focus attention on Coinbase debut
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