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Market Pessimism Returns After Cease-fire Talk Falters

  • Mukesh Buch
  • 30 Mar, 2022
  • New York City

Stock rally fizzled after 4 days of gains in the U.S. and Europe and crude oil prices rebounded $2 a barrel on both coasts of Atlantic. European Union is preparing to impose additional stringent sanctions on Russian individuals and corporations and emergency arrangements for natural gas supply interruptions. Bond market yields also signal more economic pain ahead.

Natural Gas Buyers Anticipate Another Upward Jolt

  • Brian Turner
  • 30 Mar, 2022
  • New York City

High natural gas prices are likely to trend even higher as the U.S. regulators prepare to divert natural gas to Europe because additional supplies from Qatar are expected to lag till 2023. Russia is implementing ruble payment demand for imported natural gas. Germany, Holland, Greece, and Italy are making emergency arrangements in the event of supply interruptions.

Ruble Rebounds 25% After Russia Places Capital Controls

  • Mukesh Buch
  • 30 Mar, 2022
  • New York City

Ruble extended gains for the second week after Russia required exporting companies to sell foreign currencies to the central bank, limited purchase of foreign exchange by individuals, and demanded payment for imported gas in ruble. The ruble rebounded from the low of 120 to a dollar reached three weeks ago to 83.50 today on Moscow Stock Exchange.

Movers: Micron, Lululemon, Chewy, RH

  • Barry Adams
  • 30 Mar, 2022
  • New York City

Micron Technology was in focus after the memory-chip maker reported better than expected sales and earnings. Data center linked revenues surpassed smartphone chip demand. Lululemon missed revenues outlook but announced $1 billion of share buyback. Chewy plunged 15% after reporting larger than expected loss. RH edged lower after the high-end retailer reported lower than expected revenues.

Travel and Hospitality Led March Private Sector New Jobs

  • Brian Turner
  • 30 Mar, 2022
  • New York City

Private sector added 455,000 jobs in March following revised 486,000 in February and totaling 1.45 million the first quarter, according to ADP monthly survey. Travel and hospitality added 161,000, education and health services added 72,000 and business services expanded by 61,000 net new jobs. Manufacturing added 54,000 jobs followed by construction adding 15,000.

Citigroup to Sell India Retail Operations for $1.6 Billion

  • Arthi Gupta
  • 30 Mar, 2022
  • New York City

Citigroup agreed to sell its retail banking, wealth management unit, credit card business, and back office operations for $1.6 billion. The lender will continue its institutional business as a part of plan to exit from 13 countries announced previously. Axis Bank will acquire 3 million new customers, 21 branches, and 3,600 employees in a deal that is expected to close in a year.

3-Year High Mortgage Rate at 4.8%, Refinance Applications Plunge 60%

  • Brian Turner
  • 30 Mar, 2022
  • New York City

Mortgage rates continue to climb and 30-year rate reached a 3-year high to 4.8% last week from 4.5% in the week ahead, according to Mortgage Bankers Association. Total mortgage application volume declined 6.8% in the week and refinance applications plunged 60% from a year ago.

U.S. Indexes Look Down, Oil Turns Higher, Bond Yields in Focus

  • Mukesh Buch
  • 30 Mar, 2022
  • New York City

U.S. indexes lacked direction and crude oil rebounded 3% after Ukraine Russia talks stalled. Benchmark indexes The S&P 500 and Nasdaq Composite declined 0.3%. Investors also tracked tight spreads between 2- and 10-year U.S. bond yields.

Nasdaq Up 1.8%, Apple, Google, and Amazon Erase YTD Losses

  • Barry Adams
  • 29 Mar, 2022
  • New York City

Broader market indexes gained more than 1% led by strong advances in large cap tech stocks. Apple gained for the 11th day in a row and nearly erased losses of the year. Google and Amazon also nearly touched a positive line for the first time in the year.

U.S. Indexes Climb as Bond Yields Tighten More

  • Barry Adams
  • 29 Mar, 2022
  • New York City

U.S. indexes gained more than 1% and crude oil price declined 5% and traded below $100 a barrel after cease-fire talks between Russia and Ukraine advanced. Auto stocks led the gainers. U.S. bond yields remained elevated and 5- and 30-year yields were only a hair distance apart.

Nielsen Agrees to $16 Billion Private-Equity Consortium Deal

  • Lucy Stoeva
  • 29 Mar, 2022
  • New York City

Media measurement firm Nielsen agreed to be acquired for $16 billion or $28 a share by a consortium of investors led by an affiliate of Elliott Management and Brookfield Business Partners L.P. The deal price is 10% higher than the previous offer and 60% above the price when deal talks first emerged.

UnitedHealth Agrees to Acquire LHC Group for $5.4 Billion

  • Bridgette Randall
  • 29 Mar, 2022
  • New York City

UnitedHealth agreed to acquire home healthcare provider LHC Group for $5.4 billion in cash. The largest health insurer expands its home health services for chronic illnesses suffered by mostly older patients. The largest health insurer agreed to pay $170 a share, 8% premium to the last close and the deal is expected to add to earnings in 2023.

Ukraine Russia Cease-Fire Talks Advance in Istanbul

  • Barry Adams
  • 29 Mar, 2022
  • New York City

Ukraine proposed neutral status and Russia offered to scale down military operation around Kyiv and northern region at the official talks in Istanbul, Turkey today. The NATO member nations are still reluctant to offer heavier and advanced military armaments air cover to Ukraine.

FedEx Holds Annual Outlook After Net Jumps 23%

  • Mukesh Buch
  • 23 Mar, 2022
  • New York City

FedEx said revenues in fiscal third-quarter ending on Feb 28 gained 10% to $23.6 billion from $21.5 billion a year ago. Net income in the period rose to $1.1 billion or $4.20 a share from $892 million or $3.30 a share. The additional fuel surcharge helped to offset reduced customer demand, higher wages, and staff sickouts.

Proposed U.S. Budget Seeks Lower Federal Deficit

  • Brian Turner
  • 28 Mar, 2022
  • New York City

The largest military budget in the world is likely to get even larger according to the latest budget proposal from the U.S. president. Of the $5.8 trillion budget proposed by President Biden, $795 billion is for military spending, higher than $770 billion in 2022, and $915 billion for domestic programs with the remainder for mandatory spending.