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Bank of America’s Sell-side indicator Shows Bullying Still Strong
... According to at least one technical lens, dip buyers haven't completely abandoned the US stock market. You are a Bloomberg market optimist. According to at least one technical lens, dip buyers haven't completely abandoned the US stock market. In August, Bank of America Corp.'s sell-side indicator went higher for the first time since October 2021. The gauge gauges Wall Street sentiment toward American equities on a monthly basis, based on asset allocation recommendations provided to the bank and Bloomberg . With the ...
Updated: 09/01/2022
Bank of America's zero-down payment mortgage program raises questions
Bank of America Corp. is concerned about a zero-down payment mortgage program that is intended to bring first-time home ownership within closer reach of more African American and Hispanic families. Bank of America Corp. is concerned about a zero-down payment mortgage ...
Updated: 09/01/2022
4 charts show China’s bearish sentiment toward the yuan
... in the offshore market remains low, so the yuan remains vulnerable. The six month offshore yuan forward point was hovering around the lowest level since 2011, making it attractive for traders to sell the yuan in favor of the higher-yielding dollar. Bank of America Corp. is recommending its clients enter into outright short offshore yuan forward six-month positions against the long dollar for a carry of around 66 basis points. The yuan is expected to weaken to 7.1 per dollar in the first quarter of next year, according ...
Updated: 08/31/2022
Buffett's Berkshire reduces stake in BYD
... was the driving force behind the investment. Neither Berkshire nor BYD responded immediately to requests for comment. Berkshire owns dozens of businesses including the BNSF railroad and Geico auto insurer, as well as stocks such as Apple Inc and Bank of America Corp. It doesn't announce plans to sell individual stocks, knowing that other investors may mimic Buffett and sell their own. Berkshire has spent more than 57 billion this year buying other stocks, such as oil companies Occidental Petroleum Corp and ...
Updated: 08/30/2022
Bloomberg sets reference rate for yuan with the second strongest bias on record
....1% Tuesday to 6.9180, extending the decline to 8.1% this year. Goldman Sachs Group Inc. joined the ranks of yuan bears last week, predicting that China's currency will weaken to 7 per dollar in the next three months as its economy slows. UBS AG , Bank of America Corp. and Jefferies LLC are forecasting that the currency will breach that level. In the coming months, the financial markets and the yuan may be stable, as China prepares for a twice-a- decade party reshuffle later this year. This week s MLIV Pulse ...
Updated: 08/30/2022
C creditors oppose Rogers’s plan to extend merger deadline
... Rogers consent solicitation that consent fees will only be paid to bond holders that provide positive consent. Rogers has set a deadline of 5 p.m. New York time on August 31 for bondholders to give their consent. The transaction is being coordinated by Bank of America Corp. , Royal Bank of Canada and Bank of Nova Scotia . The deadline does not give investors enough time to examine the consent, especially given the thinner liquidity of the bond markets in August, according to the Credit Roundtable s note. A representative ...
Updated: 08/25/2022
Equity short bets on Hong Kong stocks hit new highs
... March due to concerns of an economic slowdown and regulatory overreach, which has proved to be a profitable trade this year. Global investors are so underweight Chinese assets that bearish equity bets were considered one of the most crowded trades in Bank of America Corp.'s investor survey earlier this year. A coordinated pledge from China's top regulators to address investor concerns triggered a two-day, 17% surge in the benchmark in the middle of the month. There are theories of a rebound this time from beaten-down ...
Updated: 08/25/2022
Australian shares open lower as oil prices drop
... Treasury yields gained, with traders anxious about inflation and what the Federal Reserve will do to combat it. With higher rates looming, large technology stocks such as Amazon and Alphabet fell more than 2 per cent. Banks such as JPMorgan Chase Co, Bank of America Corp , and Deutsche Bank declined by more than 2 per cent, a reversal of the sector's late-summer rebound. And an earnings miss by heavy equipment maker Deere Co added to the risk-off mood. The Dow Jones Industrial Average fell by 0.86 per cent to 33,...
Updated: 08/22/2022
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