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Bloomberg
Gold Climbs to Four-Month High as Markets Slide, Yields Ease
(Bloomberg) -- Gold advanced to the highest since January as bond yields slipped and equity markets tumbled, boosting demand for the metal as a haven.U.S. stocks fell on concern about faster inflation and Covid-19 flareups in some nations. Technology stocks extended a slide as Bitcoin’s plunge sent cryptocurrency-linked shares lower. Yields on 10-year Treasuries were steady after giving up early gains.Gold has been buoyed by falling real bond yields and a weakening dollar, with inflation expectations in the U.S. rising. That’s revived investor interest in the precious metal, with holdings in bullion-backed exchange-traded funds rebounding. Federal Reserve minutes due later Wednesday may offer more insight into how policy makers view growing price pressures.“It’s flight to safety” that’s helping gold, said Bob Haberkorn, senior market strategist at RJO Futures. “Bitcoin is down -- it feels that the safety trade that was in crypto is probably coming to gold this morning. Equities are also down.”Spot gold rose as much as 1.1% to $1,890.13 an ounce, the highest since Jan. 8 before slipping to $1,874.36 at 2: 07 p.m. in New York. Futures for June delivery rose 0.7% to settle at $1,881.50. Spot silver, platinum and palladium fell. The Bloomberg Dollar Spot Index rose 0.4%.Gold’s “technical picture is strong after a correction from overbought conditions, and the market will have noticed that we’ve now had eight days’ consecutive gains in the ETFs, which can help to sway sentiment,” said Rhona O’Connell, an analyst at StoneX Group. Geopolitical risk, notably in the Middle East, also helps sentiment toward gold as a haven, she said.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
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Reuters
Soccer-Tottenham failed to meet raised expectations, says chairman Levy
Tottenham Hotspur have failed to meet their "raised expectations" on the pitch this season, chairman Daniel Levy said on Wednesday ahead of their final Premier League home game of the campaign against Aston Villa. The north London club, who sacked Jose Mourinho last month, are sixth in the table with two games remaining and face a second successive season without Champions League football. Although they reached the League Cup final, losing to Manchester City, they have suffered a disappointing season after topping the Premier League in December.
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Bloomberg
Bitcoin Whipsaws Investors With Same-Day Plunge, Rally of 30%
(Bloomberg) -- A 31% plunge in the morning. A 33% surge in the afternoon.Such was the wild ride Bitcoin took investors on Wednesday, lopping off billions in value before comments from some prominent proponents helped propel it on a torrid rebound.The extreme price swings in an asset known for its turbulence caused outages on major crypto exchanges and dominated chatter on Wall Street. The tumult elicited a tweet from Elon Musk that implied Tesla Inc. wasn’t among the sellers, whiel Cathie Wood said her monitors flashed a “capitulation” that put the digital token “on sale.” Justin Sun, a tech entrepreneur who founded the cryptocurrency platform Tron, tweeted that he bought $152 million in Bitcoin for around $37,000 a coin.Read More: World’s Top Crypto Platforms Disrupted as Bitcoin, Ether TumbleDown to within a whisker of $30,000 just after 9 a.m. in New York, the coin pared its loss to 7% and briefly topped $40,000 by 1 p.m. It was down 10% near $39,000 as of 2: 12 p.m. Ether, the second-biggest coin, sank more than 40% before cutting that in half.“The history of these assets has been littered with aggressive rallies and sickening selloffs,” said Stephane Ouellette, chief executive and co-founder of FRNT Financial.Rarely do they happe in a single session. The volatility dominated Wall Street on a day when stocks and commodities were also under pressure and the Federal Reserve was set to release minutes from its latest meeting. Frantic selling sparked outages on some of the biggest exchanges, from Coinbase Global Inc. to Binance. #Cryptotrading was trending on Twitter, where critics and fans alike were in a tither over the rout.Tesla CEO Musk touched off the wild moves last week. Bitcoin plunged when he announced the carmaker wouldn’t take it as a payment, but then reversed when he said the company had no plans to sell its corporate crypto holdings. He seemed to imply in a tweet Wednesday that Tesla is not selling into the rout.Volatility erupted in crypto-land last week when Musk retracted plans to accept Bitcoin for his company’s cars. Selling resumed over the weekend when the mercurial CEO seemed to suggest Tesla might want to sell its corporate holdings, but reversed after he tweeted that the carmaker had no plans to do so. A statement from the People’s Bank of China on Tuesday reiterating that digital tokens can’t be used as a form of payment added to the selloff.While all were proximate causes for the rout, nothing could explain the frantic rout Wednesday morning, when the coin dropped thousands of dollars in price in a matter of minutes. Selling gave way to more selling as investors lured into crypto in search of a quick buck bolted for the exits. The selling accelerated when Bitcoin fell below its average price for the past 200 days.Chart-watchers pointed to key technical indicators as the coin sold off. Bitcoin bounced off the $30,000 level and many are waiting to see if it can break back above its 200-day moving average line. If it doesn’t, it could potentially retest Wednesday’s lows.Cryptocurrency-linked stocks also dropped, with shares of Coinbase falling near 13% at one point and Marathon Digital Holdings Inc. slumping as much as 16%.Bitcoin had embarked on a multi-month rally following Tesla’s February announcement, soaring to its $64,870 peak, in large part due to the company’s embrace.Wiped OutAt the time, Tesla’s acceptance was hailed as a watershed moment for the coin, with many in the crypto world seeing it as yet another step in its evolution.All that’s been wiped out following Musk’s head-spinning tweets.“Realistically, it is not the first time Elon Musk’s tweets have been erratic and, frankly, wrong,” said Ulrik Lykke, executive director at crypto hedge fund ARK36. “The crypto markets are extremely emotionally driven and their participants are prone to overreacting to events they perceive as negative.”(Updates prices throughout, adds new technicals details)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
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Reuters
Colombia opens land, water borders with neighbors, except Venezuela
Colombia reopened on Wednesday its land and water borders with all of its immediate neighbors - with the exception of Venezuela - the ministry of foreign affairs said, as the government tries to boost economic recovery in border regions. Colombia's government first closed its borders in March last year in an attempt to curb the spread of the COVID-19 pandemic. While sea borders were initially reopened late last year, land and river crossings remained closed.
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Bloomberg
Tesla Dip Wipes $300 Billion Off Market Value Since January
(Bloomberg) -- Tesla Inc.’s stock suffered a double whammy on Wednesday with news of lagging sales in China and a sharp selloff in technology and cryptocurrency assets.Shares in the Elon Musk-led company dropped as much as 5.4% to $546.98, headed for the lowest close since November. More than $300 billion has been wiped off the electric-vehicle maker’s market capitalization since late January, back when it was briefly bigger than social media giant Facebook Inc. Even ardent Tesla bull Cathie Wood’s Ark Investment Management boosting its stake this week has failed to shore up sentiment.A series of headwinds this month from crashes in China and Washington, data casting doubt over the company’s growth in China’s key auto market and a production delay at its Germany factory has eroded investor confidence. Add to this the looming threat of competition from legacy car companies and the pressures from a global semiconductor shortage, and it’s not hard to see why Tesla is set to record the steepest monthly drop in its share price since May 2019.“The stories of the slowdown for Tesla’s China expansion should be a major point of caution for everyone,” Roth Capital Partners analyst Craig Irwin said. Investors “should be shocked Chinese media are showing video of the autopilot crashes, and the State is allowing wide sharing of these videos.”The whiplash in cryptocurrency prices caused by Musk’s tweets this month has had a boomerang effect on Tesla shares as well, sending jitters across technology-related assets. Earlier on Wednesday, Musk’s power over the currency was again on display after the Tesla chief indicated the company will be holding on to its Bitcoins despite the current volatility, prompting a rebound in the price of Bitcoin.“Tesla, for good or for bad, is now heavily tied to the price of Bitcoin, from a perception standpoint,” Wedbush analyst Daniel Ives said by phone. “Also this back and forth of Musk on Bitcoin, is a sideshow that investors don’t want to sit through.”Tesla’s market capitalization currently hovers around $535 billion, a far cry from the $837 billion mark it touched on Jan. 26. While Tesla shares have retreated nearly 38% from that high, Facebook has advanced more than 9% over the same period, and the S&P 500 Index has gained 6%.Developments that last year helped propel the stock up almost 750%, such as a strong quarterly result and votes of confidence from major investors, are proving no match for the downward momentum in Tesla’s stock in 2021.(Updates to add details from Musk tweet in fifth paragraph, Wedbush comment in sixth.)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
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The Guardian
Marie Claire owner reports record profits on back of Covid reading boom
Marie Claire owner reports record profits on back of Covid reading boomFuture’s share price soars as it says full-year results will be ‘materially ahead’ of expectationsCoronavirus – latest updatesSee all our coronavirus coverage Marie Claire’s owner, Future, reported a 21% increase in group revenues to £272m. Photograph: Marie Claire/Futurenet
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Associated Press
Closing stretch at PGA has players pulling off headcovers
Lee Westwood stood on the back tee of the par-3 17th hole at the Ocean Course and ripped a low 3-iron into the two-club wind barreling down the Kiawah Island coastline. “Just out of principle?” practice round partner Danny Willett said. “Yeah,” Westwood said.
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Business Wire
Raymond Sackler Family Launches Comprehensive Website To Correct False Narrative About Role In Opioid Crisis
The Raymond Sackler family today released documents and information (available at the website www.judgeforyourselves.info) that address the many false allegations blaming family members, Purdue Pharma and OxyContin for creating the tragic opioid crisis in the United States. The website, based entirely on publicly-available documents and data, includes detailed information about the origins of the opioid crisis, which long predated the launch of OxyContin in 1996, and on the FDA’s continuing approval (including to this day) of OxyContin for patients suffering from chronic pain.
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Sky News
COVID-19: People in virus hotspots with high Indian variant case rates should 'think carefully' about new freedoms, warns Van-Tam
People living in COVID hotspots with high Indian variant case rates should "think carefully" about new freedoms that came in this week, Professor Jonathan Van-Tam has said. When asked at a briefing if he would advise people in areas such as Bolton with high coronavirus rates against taking advantage of the changes in lockdown rules, he said: "I would advise the residents in those areas to think very carefully about the freedoms they have, weigh up the risks and be very cautious." "And I understand that we can't live for years and years on end with rules, people will have to learn to manage these risks from COVID for themselves because this is not going to go away in the short term, medium term and probably the long term."
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Associated Press
'Let's Make a Slave' lesson lawsuit dismissed in Tennessee
A federal judge has dismissed a lawsuit filed last fall against the Metro Nashville Public Schools and a teacher over an elementary school assignment called “Let’s Make a Slave.” The Nashville Tennessean reports the lesson was given to a fourth grade class at an elementary school, Waverly Belmont, in February 2020. The family of the student, referred to as “John Doe,” said in the suit that the “wild graphic and inappropriate” lesson caused physical and emotional harm to their child, who is Black and has autism.
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Associated Press
Automakers, union tell workers to keep wearing masks at work
Don't ditch those masks yet, autoworkers. A task force made up of union and car company officials said it will continue to require workers to wear masks on the job “out of an abundance of caution.” The task force, made up of officials from United Auto Workers, Ford, General Motors and Stellantis, said the mask requirement will remain in place until the Occupational Safety and Health Administration issues guidelines in response to the Centers for Disease Control and Prevention’s recent change in COVID-19 workplace standards.
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Yahoo Life Videos
Billy Porter opens up about HIV diagnosis
Billy Porter is sharing a 14-year-old secret with the world and opening up about being HIV-positive. The 51-year-old actor wrote about his 2007 diagnosis for The Hollywood Reporter, sharing that the news had come during the worst year of his life.
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Bloomberg
Some Fed Officials Favored Taper Talk at ‘Upcoming Meetings’
(Bloomberg) -- Federal Reserve officials were cautiously optimistic about the U.S. economic recovery at the central bank’s April meeting, with some officials signaling they’d be open to discussing scaling back the central bank’s massive bond purchases “at some point.”“A number of participants suggested that if the economy continued to make rapid progress toward the Committee’s goals, it might be appropriate at some point in upcoming meetings to begin discussing a plan for adjusting the pace of asset purchases,” according to minutes from the April 27-28 Federal Open Market Committee meeting published Wednesday. “Various participants noted that it would likely be some time until the economy had made substantial further progress toward the Committee’s maximum-employment and price-stability goals,” the minutes said.Officials held interest rates near zero at the meeting and pledged to continue buying $80 billion in Treasuries and $40 billion in mortgage-backed securities every month until “substantial further progress” had been made on their employment and inflation goals.The U.S. labor market posted strong gains in March, the most recent month for which Fed officials had data at the April meeting. Policy makers have since noted they’d need to see continued strength to indicate that the economy was on its way to meeting the Fed’s test to scale back bond buying.The recovery picture was muddled by a disappointing April jobs report, which came after the Fed’s meeting. Policy makers will have that report, plus the one for May, at their next meeting in June.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
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