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Times Store. Facebook Twitter Show more sharing options Share Close extra sharing options. By Ryan Faughnder Staff Writer. MoviePass, the influential but money-losing cinema subscription service, is officially bankrupt.
Ryan Faughnder. Follow Us twitter instagram email facebook. Visa has launched the pilot program with payment and crypto platform Crypto. The direction of the June U. Dollar Index futures contract on Monday will be determined by trader reaction to Top news and what to watch in the markets on Monday, March 29, Shares of Bilibili opened 2. Nomura and Credit Suisse are facing billions of dollars in losses after a U.
Losses at Archegos Capital Management, run by former Tiger Asia manager Bill Hwang, had triggered a fire sale of stocks on Friday, a source familiar with the matter said. Adam Neumann, WeWork's co-founder and ousted chief executive, met in November with the head of the special purpose acquisition company SPAC that would go on to clinch a deal with WeWork, according to people familiar with the matter.
The mammoth cargo ship marooned in the Suez Canal has the potential to inflict damage on a global economy still recovering from the COVID pandemic. The pessimism underscores the mounting difficulties faced by Prime Minister Boris Johnson. Trade data showed EU shipments collapsed in January. Sterling slipped as much as 0. Some of the shine is already starting to fade. Data from the Chicago-based Commodity Futures Trading Commission in Washington show investors have started to trim bullish bets on the pound.
After their long positions hit a one-year high earlier in March, leveraged funds scaled back their wagers for a third-straight week. Even with a Brexit deal and an agreement on financial regulation out of the way, the U. Britain now expects to receive the first doses of the U. Consumers did return to online and in-store shopping in February after a slump at the beginning of the year, official figures published Friday showed.
Still, the rebound was modest. There are a lot of little bad things in the background that individually have the potential to be pretty systemic. For more articles like this, please visit us at bloomberg. But on Monday, when Abu Dhabi begins selling futures contracts for its oil and then shipping the barrels from Fujairah, it will mark an aggressive shift by the emirate.
Investors globally are clamoring for commodities because of their high yields relative to other assets and to protect themselves against any rise in inflation. Creating a new benchmark will hardly be easy. Oil traders dislike change, especially when they believe markets already do a good job matching supply and demand. It was forced to shelve the plan indefinitely.
Murban will also face competition regionally. Platts publishes price assessments for Dubai oil and the Dubai Mercantile Exchange trades futures for Omani crude. Both act as benchmarks for Middle Eastern shipments to Asia. Abu Dhabi says the combination of high supply, easy access to oil-consuming markets from Fujairah and the absence of trading restrictions will attract plenty of buyers to its exchange.
The futures platform will be run by Atlanta-based Intercontinental Exchange Inc. The Murban exchange and the capacity boost could raise tension within the Organization of Petroleum Exporting Countries, according to Hari of Vanda Insights. The Gulf states dominate the cartel and tend to prize unity. They also began unprecedented production cuts last year to bolster prices as the coronavirus pandemic spread. The huge container ship blocking Egypt's Suez Canal for nearly a week has been partially refloated, the Suez Canal Authority SCA said, raising hopes the busy waterway will soon be reopened for a big backlog of ships.
Prices have swung wildly in the last few days as traders and investors tried to weigh the impact of the blocked key trade transit point and the broader effect of lockdowns to stop coronavirus infections. Food delivery group Deliveroo has narrowed the price range on its initial public offering, ensuring its order books were fully covered for what will be London's biggest IPO in a decade. The London-based company, founded by boss William Shu in , could be valued at up to 7.
Bloomberg -- Goldman Sachs Group Inc. More of the unregistered stock offerings were said to be managed by Morgan Stanley, according to people familiar with the matter, on behalf of one or more undisclosed shareholders. Wall Street is now collectively speculating on the identity of the mysterious seller or sellers.
The liquidation triggered price swings for every stock involved in the high-volume transactions, rattling traders and prompting talk that a hedge fund or family office was in trouble and being forced to sell. CNBC reported forced sales by Archegos were probably related to margin calls on heavily leveraged positions.
Why MoviePass really failed - The Verge
Maeve DuVally, a Goldman Sachs spokeswoman, declined to comment. A spokesperson for Morgan Stanley declined to comment. Price SwingsIn block trades, large volumes of securities are privately negotiated between parties, usually outside of open market. The peers later recovered after traders said word of the offerings lessened fears that a broader trade was unfolding throughout the sector. That late rebound pushed up an index of companies engaged in internet-related businesses in China and the U.
Nearly 30 million Social Security and Supplemental Security Income beneficiaries are still waiting for stimulus money, according to House Democrats.
Why MoviePass really failed
Now investors are desperate to lend them money. Bonds of EasyJet Plc and U. Money managers are betting that vaccine rollouts in the U. Notes of the virus-battered companies also offer good value after central bank bond-buying pushed down corporate yields.
Bonds of real estate firm Kennedy-Wilson Holdings, Inc. Some travel and leisure companies were lining up new financing deals as recently as January. The prospective reopening also boosts the outlook for inflation, pushing government bond yields higher and sinking the total return of corporate bond indexes. So far, investors have responded by ditching interest rate risk while boosting credit exposure ahead of economies getting back to normal. Finding cheap bonds is becoming a necessity as spreads in the broader European investment-grade market have struggled to tighten further than the pre-pandemic levels reached at the end of In the U.
K, we can now see the path to normality. The buzz around Friday's mysterious block trades continues to grow ahead of the new trading week, as traders hold their breath, wondering if the sales were a one-off event or if there is more to come on Monday.
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What Happened: Speculation has been rampant all weekend over whether one or more hedge funds or family firms started unraveling last week and was forced to liquidate, triggering block trades that affected a diverse range of shares. Block trades typically are negotiated privately between two parties and involve a large number of shares. They are not uncommon, but the especially large size of these trades drew attention.