Updated version at 2.20 pm
The highlighted words in red are links to the news article.
March 19, 2021,
- The straw that broke the camel’s back appears to be the Philadelphia Fed Manufacturing Index, which exploded from 23.1 to 51.8 for March, a 50-year high. That telegraphs input cost rises are coming as much as anything and was all an edgy market needed to hit the sell button on US bonds.
- The US dollar has reversed after a modest sell-off in the wake of the Federal Open Market Committee (FOMC) meeting.
- Rising bond yields spurred by concerns over inflation hammered tech stocks and sent Wall Street closing lower yesterday, while oil markets slid on fears of a renewed demand slump. The tech-rich Nasdaq Composite Index slid 3.0% to close at 13,116.17, while the broad-based S&P 500 lost 1.5% to end at 3,915.46.
- Gold declined as Treasury yields reached their highest in more than a year, continuing their climb after being briefly held back by the Federal Reserve’s dovish words. Most base metals also fell.
- Nike Inc‘s third-quarter profit gained but revenue fell short of Wall Street estimates on Thursday, as it grappled with supply chain problems in North America and a slump in sales at brick-and-mortar stores that were shut due to the COVID-19 pandemic.
- As confectionery groups scramble to reduce added sugar, chocolate sweetened with cocoa fruit pulp is about to hit supermarket shelves with food giant Nestle ready to launch its “Incoa” bar.
- The number of companies facing winding-up proceedings this year is expected to decrease after the indebtedness threshold was raised from RM10,000 to RM50,000, said Domestic Trade and Consumer Affairs Minister Datuk Seri Alexander Nanta Linggi.
- Nippon Paint Holdings Co Ltd’s wholly-owned Nippon Paint (M) Sdn Bhd has acquired a majority stake in Vital Technical Sdn Bhd.
- Google has announced a US$7 billion investment in the US that will create at least 10,000 new jobs this year, a drop from the US$10 billion it promised it would invest in 2020 before the pandemic swept the country.
- Malaysia-based Jocom International Holdings, which runs a grocery mobile app, announced today that it has raises approximately SGD5.6 million (US$4.1 million via listing part of its share capital on Singapore’s first regulated private securities exchange).