Dec 4, 2023

Spot Gold Rises to Record on Dovish Fed Remarks Evergrande Winding-up Hearing in Hong Kong Adjourned to Jan. 29 Asian Stocks to Rise After US Shrugs Off Powell: Markets Wrap Key Chip Materials Maker Goes Into Debt Rather Than Raise Prices Modi’s Win in State Polls Seen Boosting Case for India Inflows Oil Gains With US Interest Rates and Venezuelan Supply in Focus Five Key Charts to Watch in Global Commodity Markets This Week Australia Set for Hawkish Hold as Global Price Pressures Abate Hedge Funds Boost Bearish Bets on Yen to Most in 19 Months UK Workers’ High Job Confidence Raises Inflation Worries for BOE Retail Traders in Korea Are Sinking Billions Into Exotic US ETFs Analyst Who Called Chinese Bank Turmoil Says Trusts Are Next Britain’s Economic Stagnation Leaves Households £8,300 Worse Off Hedge Fund Veteran Slams Green ‘Echo Chamber’ After Closing Firm Brookfield Set for $12.8 Billion Snub as Origin Investors Vote Bitcoin Hits $40,000 Level for the First Time Since May 2022 Sunak Considers Spending Restraint to Allow for More UK Tax Cuts Alaska Air Agrees to Buy Rival Hawaiian in $1.9 Billion Deal Germany’s Habeck Cancels COP28 Trip to Focus on Budget Talks What are the tax implications for Giving Tuesday? Canadians lose financial confidence amid economic concerns: index Inflation, longer sales season weigh on shopping habits this Black Friday Canada's high court to rule if bankruptcy wipes out court-ordered fines in B.C. case Influx of seniors who stay in family home face ballooning borrowing costs: Dale Jackson Thrifting, regifting and bargain hunting: The etiquette of gift-giving on a budget Do your research for Black Friday, because not every deal is a good one, experts warn Young professionals more likely to discuss salary with colleagues: survey Top 1% of tax filers saw incomes rise by almost 10% in 2021: Statistics Canada Kids should learn financial literacy in school over 'parallelograms and rhombuses': author Ottawa extends deadline for Underused Housing Tax Financial advice from AI may be educational but not holistic, experts say Women less likely than men to request a raise, negotiate salary: surveys Timing, patience key to nabbing affordable concert, sports resale tickets: fans Many Canadians 'uncomfortably close to broke': MNP It’s never too early to think about tax-loss selling: Dale Jackson Many Canadians stuck in 'chaotic whirlwind of personal finance stress': Edward Jones Money manager of $205M in assets explains how meditation informs his decisions Canadian tech workers make 46% less than U.S. counterparts: TMU study Evergrande Faces Final Chance to Avoid Liquidation by HK Court Bond Market Euphoria Shifts to Debate Over How Low Fed Will Need to Go Surprise Call Shocks Staid Corner of Bond Market: Credit Weekly Signa’s Lofty Property Valuations Point to Brutal Pain to Come Swedish Home Prices Fall Again After Months of Stabilization Real Estate Euphoria Highlights Trader Angst for End to Hikes Mexico’s Fibra Next IPO Said to Be Delayed Until Next Year Calgary sees another home sales gain in November as prices jump nearly 11% Billionaire Texan Heir Is Helping Bring Back the Woolly Mammoth Reuben Brothers Move to Seize Manhattan Luxury Hotel in Default UK’s Young People Flood Back to London But Leave After Age 30 New Raleigh Condo Tower in Miami Beach Will Have a $150 Million Penthouse Canada Unemployment Rate Rises to 5.8%, Job Gains Top Forecast Josh Younger on the Art of Bank Asset/Liability Management Ontario real estate law update with open bidding option enters into force UniCredit Lent About $650 Million to Benko’s Troubled Signa Evergrande Creditors Demand Controlling Stakes in New Proposal China’s Central Bank Holds Fire on Use of Policy Lending Tool House Prices Climb Unexpectedly: The London Rush Spot Gold Rises to Record on Dovish Fed Remarks Evergrande Winding-up Hearing in Hong Kong Adjourned to Jan. 29 Asian Stocks to Rise After US Shrugs Off Powell: Markets Wrap Key Chip Materials Maker Goes Into Debt Rather Than Raise Prices Modi’s Win in State Polls Seen Boosting Case for India Inflows Five Key Charts to Watch in Global Commodity Markets This Week China Says US Navy Ship ‘Seriously Violated’ Its Sovereignty Hedge Funds Boost Bearish Bets on Yen to Most in 19 Months UK Workers’ High Job Confidence Raises Inflation Worries for BOE Retail Traders in Korea Are Sinking Billions Into Exotic US ETFs Analyst Who Called Chinese Bank Turmoil Says Trusts Are Next How Suspects Laundered Billions in Singapore for Years Hedge Fund Veteran Slams Green ‘Echo Chamber’ After Closing Firm Brookfield Set for $12.8 Billion Snub as Origin Investors Vote Bitcoin Hits $40,000 Level for the First Time Since May 2022 Biden Hosts Artists From Opera to Disco at Kennedy Center Honors US Says Warship Attacked, UK-Owned Ship Hit by ‘Rocket Fire’ Alaska Air Agrees to Buy Rival Hawaiian in $1.9 Billion Deal Israel Presses for Gaza Evacuations After US Calls for Restraint Asian Stocks to Rise After US Shrugs Off Powell: Markets Wrap Oil Gains With US Interest Rates and Venezuelan Supply in Focus Five Key Charts to Watch in Global Commodity Markets This Week Hedge Funds Boost Bearish Bets on Yen to Most in 19 Months How Suspects Laundered Billions in Singapore for Years Hedge Fund Veteran Slams Green ‘Echo Chamber’ After Closing Firm Brookfield Set for $12.8 Billion Snub as Origin Investors Vote Germany’s Habeck Cancels COP28 Trip to Focus on Budget Talks Bill Gates Says Chances of Meeting 2C Warming Goal Fading Fast US Reviewing Options After Venezuela Fails to Release Detainees COP28 President’s Fossil Fuel Phase Out Talk Draws Condemnation Scientists at COP28 Say Carbon Removal Fast Becoming ‘Necessary’ Germany Grants €700 Million for Northvolt Despite Budget Freeze The Yield Hunt Is Finally Back On for Buyers in Emerging Markets Financial Stability Report and a Boris Mea Culpa: Sunday UK Briefing Kuwait’s Mega Al-Zour Refinery Fully Operating for First Time Snow Disrupts Flights, Rail in Southern Germany for Second Day Al Gore-Backed Group Has a Tool to Decarbonize Supply Chains World Bank Focuses On Securitization to Scale Climate Finance Unemployment rate rises to 5.8% in November as job market continues to cave Fed's Powell notes inflation is easing but downplays discussion of interest rate cuts Bank of Canada rate decision: What economists expect The Daily Chase: Jobs data, bank earnings mixed bag Canada economy surprisingly shrank 1.1% in third quarter What do the latest GDP figures mean for the Bank of Canada? The Daily Chase: GDP contraction and earnings from RBC, CIBC, TD Most Canadians not ready for retirement: Deloitte New Brunswick public sector pension plans to be transferred to shared-risk model Respondents to Bank of Canada questionnaire largely oppose creating a digital loonie Labour shortages cost businesses $38B in potential revenue: CFIB report U.S. economic growth for last quarter is revised up to a 5.2% annual rate The Daily Chase: Couche-Tard beats expectations Demand falls for winter recreational homes: Royal LePage High rates untenable amid household 'debt crisis': Rosenberg CIB provides $52M loan for Thompson Regional Airport redevelopment in Manitoba P.E.I. utility seeks rate hike for $37M in post-tropical storm Fiona losses Larry Berman on where markets might go in 2024 The Daily Chase: Scotiabank earnings miss China Says US Navy Ship ‘Seriously Violated’ Its Sovereignty How Suspects Laundered Billions in Singapore for Years Modi Set to Win Key State Polls, Boosting Bid to Stay in Power Sunak Considers Spending Restraint to Allow for More UK Tax Cuts An Eerie Market Calm, Crypto in Brooklyn: Sunday US Briefing US Reviewing Options After Venezuela Fails to Release Detainees Biden Headed to Hollywood for Fundraiser With Spielberg, Rhimes Milei Plans Labor, Tax Reform in ‘Shock’ Package, La Nacion Says Philippines Says 135 Chinese Ships Are ‘Swarming’ Disputed Reef Starmer Praises Thatcher in Move Seen as Bid to Attract Tory Voters Foreign Terrorists Behind Deadly Philippine Bombing, Marcos Says India’s State Election Results to Test Modi’s Support S. Korea’s Yoon to Reshuffle Cabinet as Early as Monday: Yonhap DeSantis’s Super PAC Reshuffles Leadership as Interim CEO Leaves Israel, Threatened by Hezbollah, Seeks Solution for Empty North Meme Traders, Evergrande in Court, COP Cut: Sunday Asia Briefing Trump Tells Iowa Crowd to ‘Work Really Hard’ for His Nomination Australia’s Leading Grocers to Face Senate Inquiry into Pricing UK Commits Additional €35 Million to Brazil’s Amazon Fund Key Chip Materials Maker Goes Into Debt Rather Than Raise Prices Retail Traders in Korea Are Sinking Billions Into Exotic US ETFs How Suspects Laundered Billions in Singapore for Years Bitcoin Hits $40,000 Level for the First Time Since May 2022 Fidelity and Jane Street Back CoreWeave at $7 Billion Valuation An Eerie Market Calm, Crypto in Brooklyn: Sunday US Briefing Brooklyn’s Crypto-Hipster Hotspot Gears Up for an NFT Rebound Germany Grants €700 Million for Northvolt Despite Budget Freeze A Close Look at the Labor Market This Week May Give Reasons to Be Cheerful Financial Stability Report and a Boris Mea Culpa: Sunday UK Briefing Al Gore-Backed Group Has a Tool to Decarbonize Supply Chains Meme Traders, Evergrande in Court, COP Cut: Sunday Asia Briefing KISS Avatars Go On Tour After Paul Stanley, Gene Simmons Retire Top US General Still Waiting to Hear from China on Military Ties Surprise Call Shocks Staid Corner of Bond Market: Credit Weekly Raimondo Says Commerce Needs More Money to Halt China Chip Drive Grayscale Trust Becomes ‘Live Betting Line’ for Spot Bitcoin ETF Exxon Among 50 Oil Producers in Controversial Climate Pact at COP28 Meme-Stock Crowd Plows Into Cross-Asset Rally Lifting Risky Bets The U.S. Fed is failing in four ways: Mohamed A. El-Erian Apple, JPMorgan turn to pay now grow later Remote Working Boom Is Huge for College Towns Like Knoxville Walmart flashes a warning sign to the entire consumer economy: Andrea Felsted Millennials are finally spending like grown-ups Dismal U.S. GDP report raises the odds of recession this year: Gary Shilling Musk is wrong for Twitter even if deal math works out Chocolate bunnies can teach us to save our food supply The Fed has made a U.S. recession inevitable America's oil reserve weapon risks misfiring Four-day workweeks can burn you out U.S. Fed expects a soft landing. Don't count on it Markets are pushing Fed into developing-economy territory Commodity traders go from bonanza to bailout plea Putin's war shows West must clean up dirty money Salary transparency is good for everyone Microsoft's US$69B Activision deal could be a blunder What if the oil market bulls are wrong and this lonely bear is right? Canada's trucker protest may spread from Ottawa to U.S. Asian Stocks to Rise After US Shrugs Off Powell: Markets Wrap Retail Traders in Korea Are Sinking Billions Into Exotic US ETFs Bitcoin Hits $40,000 Level for the First Time Since May 2022 The Yield Hunt Is Finally Back On for Buyers in Emerging Markets Grayscale Trust Becomes ‘Live Betting Line’ for Spot Bitcoin ETF Investors Yank Money Out of ETFs Tracking Inflation-Protected Bonds Bitcoin Brings $40,000 Into View After More Than Doubling in a Chaotic Year China Stocks Trim Losses on Report State-Owned Firm Bought ETFs Coinbase Stock Triples in 2023 After Firm Survives Crypto Chaos Cathie Wood Clocks in Best Month Ever Despite Waning Fanbase Vanguard’s Biggest Bond ETF Becomes First to Break $100 Billion MicroStrategy’s Saylor Makes Biggest Bitcoin Purchase In More Than 2 Years Investors Poured a Record Amount of Money Into Junk-Bond ETFs Last Month Bitcoin Will Reach Its Old Highs With ETF Approval, Galaxy’s Novogratz Predicts The $7 Trillion ETF Boom Gets Blamed Again for Dumb Stock Moves First Asia ETF Tracking Saudi Arabian Stocks Debuts in Hong Kong Gold, Copper Climb as Fedspeak Boosts Bets on Interest-Rate Cuts Bitcoin Retakes $38,000 While Rate Cut Expectations Increase Shorting Volatility, Buying Bitcoin Are 2023’s Surprise Winners World Series breakthrough for teams’ business Shane Pinto suspension the result of a regulated gambling market that works, say industry insiders Canadian Football League fanatics fuel financials What’s next for private equity investment in professional sports? Canada’s Davis Cup team finding love Impact of Jersey Ads on the NHL Promising Puck Drop for PWHL Betting on Women's Sports is on the Rise NHL expands market to Oz ‘Tis the Season for Selling Sports Books Television deals, ratings generate record-setting NFL revenue Playing for global basketball and sponsorship glory Awareness still at disadvantage in decades-long battle for tennis pay equity FanDuel, Rivalry deliver something new for betting customers Corporations considering Canadian cricket Pearl Liu and Dorothy Ma, Bloomberg News , (Bloomberg) -- China Evergrande Group won breathing room to strike a restructuring agreement with creditors after a Hong Kong court again pushed back a decision on whether the world’s most-indebted property developer should be wound up. The proceedings have been adjourned to Jan. 29, Judge Linda Chan said in the city’s High Court. Evergrande’s offshore creditors had demanded controlling stakes in the equity of the builder as well as its two Hong Kong subsidiaries as part of the debt discussions, Bloomberg News reported last week. Evergrande had proposed offering 17.8% of the parent and 30% of each of the subsidiaries — Evergrande Property Services Group and China Evergrande New Energy Vehicle Group. The homebuilder now has eight weeks to agree a deal with offshore bondholders for what would be one of the nation’s biggest-ever restructurings. The adjournment is a surprise after Judge Chan said at the last hearing in late October, when granting the latest in a series of delays since they began last year, that “this is really the last adjournment.” The delay comes as China introduces new measures to put a floor under a property market that’s been roiled since the introduction of measures three years ago aimed at cutting the industry’s reliance on debt. The International Money Fund warned earlier this year that the trouble could spill over to the financial industry and local government if confidence is not restored. Evergrande has become a poster child for China’s property crisis since the builder defaulted two years ago. It reported a combined loss of $81 billion in 2021 and 2022. Its shares in Hong Kong are trading below HK$0.30 even after a rally Monday morning. After several delays in bringing forward a restructuring plan, the Shenzhen-based company tried to secure creditor approval for its offshore-debt proposals in late August before delaying the meetings further, leaving the rescue in limbo. The developer’s lawyer said earlier this year that Deloitte estimated the recovery rate for the company’s notes would be 3.4% on average if the firm is liquidated compared with 22.5% in a restructuring. The petition was filed in June 2022 by Top Shine Global Limited of Intershore Consult (Samoa) Ltd., which was a strategic investor in the homebuilder’s online sales platform, and subsequently became a consolidated class action for other frustrated creditors. Evergrande’s billionaire chairman Hui Ka Yan, meanwhile, is under police control on “suspicion of illegal crimes,” according to a company statement in September. Three mansions connected to him on Hong Kong’s Peak have been seized by creditors, two of them in recent days. His company’s restructuring plan in March proposed swapping defaulted debt for either new notes maturing in 10 to 12 years or a combination of new debt and equity-liked instruments. Its lawyer said in a hearing in October that Evergrande was mulling a new restructuring proposal, one that would offer new shares in its units to creditors. That argument won what the judge called “a final adjournment” of the hearing. (Updates with more details.)