Author: FX
Zhanna Hapanovich/iStock via Getty Images Despite multiple rejections and even after its most recent increased offer, Dazheng Group reiterated its commitment to a $29.50 per share offer for Hollysys Automation (NASDAQ:HOLI). The buyer consortium led by Dazheng said it will still be committed its $29.50 bid even if shareholders reject Hollysys (HOLI) planned $26.50 per share sale to Ascendent Capital at a vote on Feb. 8, the consortium said in a statement on Saturday. “The Consortium’s offer has enhanced closing certainty relative to the Ascendent offer and is backed by financing above industry standards,” the buyer group said in the…
The banking worries in the US this week were triggered by:New York Community Bancorp cutting its dividend on higher capital rules and commercial strainA Japanese bank reporting unexpected losses on US commercial real estateDeutsche Bank highlighting losses on US commercial real estateDespite all the economic data this week, it was those headlines that left US 10-year yields 14 basis points lower on the week.There are echos of subprime here as no one really knows the size of the problem, who is holding the losses and how it could be managed. What’s clear is that office real estate is severely impaired…
audioundwerbung/iStock via Getty Images The Industrial Select Sector (XLI) rose +1.90% for the week ending Feb. 2, while the SPDR S&P 500 Trust ETF (SPY) climbed +1.42%. The top five gainers in the industrial sector (stocks with a market cap of over $2B) all gained more than +14% each this week. Plug Power (NASDAQ:PLUG) +37.06%. The Latham, N.Y.-based company’s shares surged the most on Wednesday (+19.30%) after Roth MKM upgraded the stock to Buy from Neutral citing confidence that the ramp-up of the company’s Georgia green hydrogen plant is going smoothly. Plug has a SA Quant Rating — which takes…
5/5 © Reuters. U.S. President Joe Biden speaks next to first lady Jill Biden, Vice President Kamala Harris and second gentleman Doug Emhoff during the opening of the Biden for President campaign office in Wilmington, Delaware, U.S., February 3, 2024. REUTERS/Joshua Robe 2/5 By Jeff Mason WILMINGTON, Delaware (Reuters) – U.S. President Joe Biden and Vice President Kamala Harris made a joint stop at their 2024 campaign headquarters on Saturday to rally staff and supporters ahead of a challenging re-election bid that is likely to pit them against former President Donald Trump. The Democratic leaders and re-election candidates were joined…
© Reuters. Shiba Inu (SHIB) Rapidly Breaks Down, Ethereum (ETH) Loses Traction, While Solana (SOL) Presents Hidden Opportunity U.Today – has experienced a significant breakdown from its recent consolidation phase. The chart depicts a clear downward trajectory as SHIB failed to maintain its position within the ascending triangle pattern it had formed over the past few months. The breakdown was signaled as SHIB prices breached the key support level at $0.000009, which had previously acted as a reliable floor for the price during consolidation phases. Following this, SHIB prices tumbled further, slicing through subsequent support near $0.0000087. This price action…
Arbitrum (ARB) Rally Halted, Ethereum (ETH) Makes Important Reminder, Did Solana (SOL) Hit Ceiling? U.Today – The leading layer-2 solution in the ecosystem, Arbitrum, has recently seen a significant rally, but this has been interrupted, indicating a potential reversal in its price trajectory. ARB’s price movement had been bullish, as evidenced by its ascent past the moving averages, which served as dynamic support levels during its uptrend. However, the price has encountered substantial resistance, leading to a halt in its rally. ARB/USDT Chart by TradingViewThe chart demonstrates ARB’s struggle to maintain its upward momentum, with the token facing a critical…
RHJ/iStock via Getty Images Lynas Rare Earths (OTCPK:LYSCF) said it had confidential talks with MP Materials (NYSE:MP) regarding a possible deal, but those talks are “not ongoing.” Lynas (OTCPK:LYSCF) responded to media speculation regarding a potential deal with MP Materials (MP). “Lynas is implementing a strong organic growth plan” the company said in a statement on Saturday. In addition, Lynas continues to seek opportunities to use our proven expertise to build scale, improve market functioning and add value for shareholders. On Friday Australian Financial Review reported that MP Materials (MP) and Lynas Rare Earths (OTCPK:LYSCF) may be working on a…
The information technology sector, which holds the highest weightage on the S&P, saw a marginal decrease in short bets during mid-January as compared to December. Average short interest across S&P 500 information technology stocks was 1.35% in mid-January. The S&P 500’s information technology sector (NYSEARCA:XLK) is up 4% YTD, compared to 2.9% gain of the broader S&P 500. Industry Analysis: Average short interest as a percentage of floating shares IT Services continues to be the most shorted industry within the information technology sector with 2.30% short interest as of mid-January, compared to 2.32% at the end of 2023. Semiconductors &…
I posted this on Friday but ICYMI, Federal Reserve Chair Powell recorded an interview on Thursday with US TV show 60 minutes. He was questioned on inflation risks and the economy, the timeline for cutting rates, and more.The interview will air at 7pm US Eastern time, which is midnight (0000) GMT.Asia FX will be trading when the interview airs, it’ll be 11am in Sydney, 9 am in Tokyo, and 8 am in Singapore, Hong Kong and Shanghai.Globex will be open for the Sunday evening session. I doubt there will be anything much to surprise us, Powell spoke on Wednesday and…
Leonid Ikan/iStock via Getty Images NOV (NYSE:NOV) finished Friday’s trading -11.2% to post its lowest close in nearly seven months despite easily beating Q4 earnings estimates, after saying it sees FY 2024 revenues rising by a below-consensus 4%-8%, citing expected oilfield spending declines in North America. A forecast of 4%-8% revenue growth would translate to $8.92B-$9.27B, lower than consensus expectations for a ~8% increase to $9.26B. CEO Clay Williams also noted NOV (NOV) was encountering more supply chain disruptions than peers, saying on the post-earnings conference call that it “faced a lot of headwinds with respect to supply chain disruptions,…