28 July

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Cheap Negative Rate Bets Fly Off the Shelves Before Fed Decision By Bloomberg

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(Bloomberg) -- Traders are piling into inexpensive options that hedge against negative interest rates as bets on Federal Reserve hikes are pushed further out into 2023. Over the past 10 days, demand has emerged for an array of 100.00 call strike options on eurodollar contracts -- which are priced off Libor -- protecting against potential interest-rate cuts. More than 100,000 options have been bought across an array of tenors during that period. The call strike coincides with a Libor rate of zero, compared with Wednesday’s return of 0.1285%. Just before the Fed meeting, eurodollar futures are...

28 July

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Under Siege, China’s EdTech Giants Take Steps to Contain Fallout By Bloomberg

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(Bloomberg) -- China’s largest private education firms are moving swiftly to overhaul their businesses to adjust to a harsh new reality after Beijing launched a sweeping crackdown on the $100 billion sector. Two of the sector’s biggest names have in past days reached out to reassure investors and managers their businesses remain viable and won’t abruptly collapse, according to people familiar with the matter. Yuanfudao, the $15.5 billion startup backed by Tencent (HK:0700) Holdings (OTC:TCEHY) Ltd. and DST Global, plans to yank all advertising after already curtailing part of its marketing earlier this year, one of...

28 July

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Pfizer Off Lows As It Sees $33.5 Billion Revenue From COVID Shots By Investing.com

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By Dhirendra Tripathi Investing.com – Pfizer (NYSE:PFE) stock came off earlier lows in premarket trading Wednesday and was down 0.4% as the company raised its annual guidance and pegged revenue from sale of its COVID-19 vaccines at approximately $33.5 billion. The revenue from COVID-19 vaccines reflects 2.1 billion doses expected to be delivered in 2021 under already-signed contracts as of middle of this month. It could supply up to 3 billion doses if expansion at current sites happens and new suppliers are added, Pfizer said. The vaccine contributed $7.83 billion in revenue...

28 July

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McDonald’s Weaker On Covid Worries Despite Robust Growth By Investing.com

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By Dhirendra Tripathi Investing.com – McDonald’s (NYSE:MCD) stock fell 1% in Wednesday’s premarket trading -- which was off the lows for the morning -- as investors considered how the world’s biggest fast-food chain can continue its growth trajectory. There has also been a resurgence of Covid cases because of a fast-spreading Delta variant, casting a shadow over major consumer companies. McDonald's stock already has been trading near its 52-week high. For now, McDonald's is exceeding expectations. Total revenue for the recent quarter rose 57% to $5.88 billion as the world gorged on its new crispy chicken sandwich...

28 July

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Fed to Stress Patience on Scaling Back as Virus Threat Lurks By Bloomberg

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(Bloomberg) -- With the delta variant posing a growing risk to the U.S. economy, Federal Reserve Chair Jerome Powell and his colleagues are likely to emphasize patience on scaling back the central bank’s massive policy support. The Federal Open Market Committee is all but certain to hold interest rates near zero at the conclusion of a two-day policy meeting on Wednesday and repeat a vow to keep buying bonds at the current $120 billion monthly pace. The panel will release a statement at 2 p.m. in Washington and Powell will hold a press briefing 30 minutes...

28 July

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BoE set to keep full-speed stimulus despite split over inflation risk By Reuters

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By William Schomberg LONDON (Reuters) - The Bank of England looks set to keep its stimulus running at full speed next week despite two policymakers breaking ranks to suggest that its nearly 900 billion pound ($1.2 trillion) bond-buying scheme might have to end early as inflation speeds up. Britain's economy is rebounding quickly from its almost 10% crash of 2020, when the country suffered a higher COVID-19 death toll and longer lockdowns than most other nations. With consumers back in shops, bars and restaurants and fuel prices leaping as the global economy fires up, inflation...

28 July

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UK to offer 817,000 COVID vaccines to Kenya By Reuters

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LONDON (Reuters) - Britain will offer 817,000 COVID-19 vaccine doses to Kenya as part of a delivery of 9 million Oxford-AstraZeneca shots it is providing to help the world tackle the pandemic, the government said on Wednesday. The announcement came as Prime Minister Boris Johnson was due to meet Kenya's President Uhuru Kenyatta in Britain. The 9 million shots is the first tranche of the UK's commitment to share 100 million vaccine doses internationally by next June. ...

28 July

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Havens favoured as China jitters persist; dollar waits for Fed By Reuters

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By Tom Westbrook SINGAPORE (Reuters) - The dollar was pinned below recent highs on Wednesday by a decline in real yields and by trepidation ahead of a Federal Reserve meeting, while other safe-haven currencies were in favour following an unnerving plunge in Chinese equity markets. The Japanese yen, Swiss franc and the euro all held Tuesday's gains throughout the Asia session, with the yen trading at 109.80 per dollar and the euro at $1.1821. The Chinese yuan edged back from a three-month low, after logging its worst day since October on Tuesday, but the bounce was...

28 July

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Deutsche Bank’s profit tops estimates despite dip in trading revenue By Reuters

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FRANKFURT (Reuters) - Deutsche Bank (DE:DBKGn) delivered on Wednesday a better-than-expected quarterly profit despite some unexpected costs and a decline in its investment banking revenue, sending shares of Germany's biggest lender up 2.2% in pre-market trading. The bank posted a fourth consecutive quarterly profit, its longest streak in the black since 2012. Net profit attributable to shareholders in the second quarter came in at 692 million euros ($818 million), from a loss of 77 million euros a year earlier. The figures were better than analyst expectations for a profit of 372 million euros....

28 July

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UK’s Johnson keen for U.S. travellers as hopes rise for easing restrictions By Reuters

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LONDON (Reuters) - Prime Minister Boris Johnson said he wants U.S. citizens to come to England "freely" and he was talking to the United States about a travel corridor, LBC radio reported on Wednesday. Britain has stuck to strict COVID-19 travel rules which airline bosses have blamed for the country falling behind the European Union in attracting tourists. The EU has opened up more quickly despite a slower vaccination programme. But that looks set to change. Johnson's comments to LBC follow multiple reports that he is set to exempt double-vaccinated visitors from the EU and...

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Cheap Negative Rate Bets Fly Off the Shelves Before Fed Decision By Bloomberg

Under Siege, China’s EdTech Giants Take Steps to Contain Fallout By Bloomberg

Pfizer Off Lows As It Sees $33.5 Billion Revenue From COVID Shots By Investing.com

McDonald’s Weaker On Covid Worries Despite Robust Growth By Investing.com

Fed to Stress Patience on Scaling Back as Virus Threat Lurks By Bloomberg

BoE set to keep full-speed stimulus despite split over inflation risk By Reuters

UK to offer 817,000 COVID vaccines to Kenya By Reuters

Havens favoured as China jitters persist; dollar waits for Fed By Reuters

Deutsche Bank’s profit tops estimates despite dip in trading revenue By Reuters

UK’s Johnson keen for U.S. travellers as hopes rise for easing restrictions By Reuters

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