Asian stocks will bring the first response to block trades that wiped $35 billion from bellwether stocks on Friday. The Suez Canal salvage mission enters a critical phase. China closes H&M stores as the Xinjiang backlash escalates. Here's what people in markets are talking about today.
Global traders are bracing for what’s shaping up to be one of the most anticipated opens for U.S. equities in months following an extraordinary $20 billion wave of block trades Friday that rattled investors worldwide and overshadowed a record close on Wall Street. Asian markets will provide a gauge of the mood: Equity futures pointed higher in Japan and Australia, but questions remain about whether more block trades may be coming. The family office of former Tiger Management trader Bill Hwang, Archegos Capital Management, was behind the sales, according to two people directly familiar with the trades. Shares of Chinese tech giants and U.S. media conglomerates got dumped. While some of the stocks rebounded at the end of Friday’s session, Viacom and Discovery didn’t, posting their biggest daily losses ever. Elsewhere in markets, Traders will continue to watch efforts to dislodge a gigantic ship stuck in the Suez Canal, which has driven swings in the price of oil. Bitcoin was trading around $55,000. Treasuries will be in focus mid-week with the expiry of a regulatory exemption for banks that’s helped prop up the Treasury market since last year’s pandemic panic.
Salvage teams fighting to free the Ever Given ship are removing part of the Suez Canal’s bank, as the rescue mission enters a critical phase. High tides over the next few days offer perhaps the best chance yet to float the enormous vessel. Dredging and digging continues — with 27,000 cubic meters of sand already removed — and another tug on its way. For the global economy, hanging in the balance daily is about $10 billion in commodities, industrial inputs and consumer products. More than 450 ships are waiting for the canal to reopen, another headache for global supply chains already stretched by the pandemic. Some ships have opted for the long, expensive trip around the southern tip of Africa, and companies are starting to flag the risk of delays.
Hong Kong's financial chief, Paul Chen, has directed the city's stock exchange and regulator to get ready to hop on the SPAC bandwagon. The financial hub is expected to have its own blank check company listing framework ready in June for public feedback and targets allowing deals to start by the end of this year, according to people familiar with the matter. Hong Kong is looking at tighter rules for sponsors of SPAC listings and their buy-out targets than those enforced in the U.S., said the people. The rules also envision a set of conditions for sponsors to meet, including having a track record of managing money, one person said. The aim is to become the first Asian hub to green light such vehicles.
The global economic rebound is set to drive Australia’s resources earnings to an all-time high this financial year. Iron ore will lead the charge, while rapid growth in the production of battery minerals will see them challenge coal in importance in coming years. The bounce back, especially in China, is forecast to lift Australia’s resources and energy exports to A$296 billion ($225 billion) in the year ending June 30, according to a government report. Iron ore giants BHP, Rio Tinto and Fortescue are enjoying an earnings bonanza after higher Chinese demand and disruptions in number two producer Brazil fueled price growth. Meanwhile, Australia’s largest Covid stimulus measure, the JobKeeper wage subsidy, expired Sunday, threatening 150,000 jobs. The program cost an estimated A$90 billion ($68 billion) — or around 5% of gross domestic product.
The humanitarian situation in Myanmar is worsening. Dozens of protesters were killed in clashes with the military and police in the deadliest weekend since the February coup, sparking condemnation from governments around the world. At least 114 people died on Saturday and nine Sunday, including civilians who weren't protesting. Among the dead were a 13-year-old girl, shot in her home, and a 16-year-old boy shot while driving a motorcycle, and the death toll is likely to rise in coming days. A dozen defense chiefs from North America, Europe and the Asia Pacific jointly condemned the use of lethal force against unarmed people by the military and associated security services.
What We’ve Been Reading
This is what’s caught our eye over the past 24 hours:
And finally, here's what Tracy's interested in today
Are we in a pet bubble? If you think about some of the traditional hallmarks of a bubble — rapid price increases, everyone talking about the obsession du jour, speculation and scams — you might wonder if we are. Prices for puppies in the U.S. have apparently jumped 36% since the coronavirus outbreak began, according to Fortune. Social media is full of pandemic pups and dogs rescued during the crisis, after people sought to offset the loneliness of lockdown with a furry friend or to take advantage of working from home to fulfil long-held dreams of getting a pet. Scams are also on the rise, with the Better Business Bureau's scam tracker showing an astonishing jump in frauds involving puppies over the past year.
There's money to be made from the pet boom, of course. Both the ProShares Pet Care exchange-traded fund, better known as PAWZ, and online pet supply shop Chewy have outperformed the broader index since the pandemic began. But there are also fears about how long the furor over furbabies can be sustained, with shelters in the U.S. voicing concern over what happens to newly adopted dogs when their owners have to go back to the office.
You can follow Tracy Alloway on Twitter at @tracyalloway.
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