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  • GLOBAL MARKETS-Global stocks gain on hopes pandemic is nearing peak

    Global shares rose on Thursday on hopes the COVID-19 pandemic was nearing a peak and that governments would roll out more stimulus to support their economies, while expectations of a deal to cut oil production bolstered crude prices. U.S. stock futures were flat after bouncing in and out of positive territory in European trading. In Asia, MSCI's broadest index of Asia-Pacific shares outside Japan was up 1.56%, following a strong Wall Street close.

  • Dr. Pedre warns bad effects of meatless burgers

    Frequent guest on Dr. Oz and Good Morning America, Dr. Vincent Pe

    dre is begging Americans to stop eating these veggie burgers. Here's Why...

  • Business

    Bloomberg•15 hours ago

    Rich Asians Face Billions in Losses on Structured Notes

    (Bloomberg) -- A popular investment among Asia’s wealthy in the years of rock-bottom interest rates has been upended in the recent market rout, leaving investors facing losses estimated to be in the billions of dollars.Structured products called fixed coupon notes attracted scores of private banking clients in Hong Kong and Singapore in recent years, according to half a dozen bankers and advisers Bloomberg spoke with. Promised regular coupons even in turbulent times, some put 20% or more of their portfolios into the instruments, they said. One catch: the principal was tied to swings in assets like stocks, and losses could mount quickly during deep market declines.About 5%, or more than $80 billion, of Asian private banking assets outside mainland China is probably tied to such notes, estimates University of Hong Kong Professor Dragon Tang. They worked smoothly until Covid-19 struck. The promised payouts have since been dwarfed by capital losses as stocks slid and some leveraged holders were forced out of the illiquid notes. Others are hanging on, hoping a turn in sentiment restores their value.“In a bull market, investors keep collecting coupons on these notes and they feel it’s a great investment,” said Rahul Banerjee, an ex-Standard Chartered banker and founder of BondEvalue, a fintech that offers bond pricing services to investors. “When the market turns, they get stuck with unimaginable losses,” he said, estimating wealthy Asian investors are seeing losses in the billions of U.S. dollars.The products work well in a rising market or one moving sideways, where investors recover the initial investment and the coupon owed, which could be as high as 12% per annum. But the interest-bearing notes, linked to the performance of underlying assets, open holders to the risk of steep losses if those assets fall below a preset level.Margin CallsSome leveraged investors have been forced into selling early at steep discounts, according to investors who asked not to be identified speaking on private matters. The loan-to-value offered for structured products including fixed coupon notes was over 50% on average, the people familiar said, though lending terms are being tightened given recent margin calls.Those that continue to hold the notes may see their investments recoup losses in a market rebound. After sinking 21% in the first quarter, the MSCI World Index has risen about 3% in April.“Investors of structured notes are essentially writing put options,” said Mary Leung, head of advocacy for Asia Pacific, CFA Institute, referring to derivative contracts where the seller agrees to buy an asset at a specified strike price. In Asia, higher retail participation in markets, the difficulty of accessing bonds and the hunt for yield drive the popularity of such products, she said.One Singapore-based financial services professional, who asked to remain anonymous, lost between 30% to 40% of the $400,000 he invested in fixed coupon notes tied to shares including Microsoft Corp., Broadcom Inc. and India’s ICICI Bank Ltd. The notes offered a coupon of about 10%, paid quarterly with a one-year maturity.He sold the investment, which was leveraged up about 60%, prior to maturity after receiving margin calls and deciding he didn’t want the stress of monitoring daily prices and worrying about fresh calls from his bankers.A second investor, who heads a family office in Singapore, said about 10% of his financial holdings were in notes offering yields of between 6% to 12%. Those tied to energy and the automotive sector were in the red at the end of March, he said, though he remained invested in hopes of a recovery over the next few months.Improved DisclosureSuch products don’t offer good risk-adjusted returns, said Professor Tang, who has researched the 2008 implosion of structured notes called Lehman minibonds, which led thousands of Hong Kong investors to protest outside bank branches. Disclosure rules have tightened since then and investors are now better-informed, he said, though there could still be some mis-selling.New rules following the collapse of Lehman Brothers Holdings Inc. included narrowing the scope of qualified investors -- who must have about $1 million to invest in Hong Kong and $1.4 million in Singapore -- and categorizing clients into different risk tolerance buckets.“Given the greater risk exposure of fixed coupon notes, we have de-emphasized the product in recent years,” DBS Group Holdings Ltd. said in an emailed response to questions. For clients keen on the product, DBS’s bankers recommend structures which include their high-conviction stock picks or incorporate features that “act as safeguards against outsize losses,” it said.Yield HuntThe attractions of high-yield offerings have been hard to resist. A 2019 report by Asian Private Banker and Julius Baer Group Ltd. showed structured products made up 11% of client portfolios for independent asset managers in 2018, up from 4% the previous year. Some 42% of non-exchange-traded investment transactions were in such products, according to a 2018 survey by Hong Kong’s Securities and Futures Commission.The hunger for yield will persist as an impending global recession prompts a fresh wave of monetary stimulus and companies slash dividends to preserve capital. “We are seeing a mix of fear of missing out and fear itself -- the allure of an annualized yield of 8% to 10% versus increasing risk aversion,” said CFA Institute’s Leung.About $15 billion to $20 billion of new fixed coupon notes have been issued by private banks in Asia this year, a person with knowledge of the market estimated.In South Korea, complex structured products have gained traction among both the well-heeled and retail investors, driving the total outstanding to 106 trillion won ($87 billion) as of April 1.For banks, it’s a lucrative business. Investment banks make money from structuring the notes and try to manage their exposure by passing the risk on to other parties. The product is then sold by private bankers at the likes of UBS Group AG, Credit Suisse Group AG, Morgan Stanley, Standard Chartered Plc and DBS. Commissions come from sales to investors and banks can also pitch for additional fees by offering leverage. UBS, Credit Suisse, Morgan Stanley and Standard Chartered declined to comment.Such products have “proliferated” in recent years with banks making a strong push as they delivered good revenues, according to Nick Xiao, Hong Kong-based CEO of wealth manager Hywin International. Investors liked the tailored features, he said, adding that as long as the risks are clear there shouldn’t be complaints. “You cry foul when you bought an umbrella but found out it was a walking stick.”Kerry Goh, CEO of multi-family office Kamet Capital Partners, is one investor who’s heeded the risks and stayed away. He says he prefers to put the more than $1 billion his firm manages into investments with more transparent pricing and ease of exit.“While most pitches from our bankers are professional in laying out the returns and risks, we are aware of potential mis-selling, disguising these products as yield-enhancement products.”(Adds chart to the story)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

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  • Business
    Investor's Business Daily•6 hours ago

    As Stock Buybacks Fall, Cash-Rich Companies May Gobble Up Smaller Rivals

    As stock buybacks go out of favor, cash-rich companies could go shopping and consolidate market share when the coronavirus emergency eases, says Strategas Research Partners.

  • Business
    Reuters•yesterday

    REFILED-GLOBAL MARKETS-Equities climb on hopes pandemic is peaking

    World equity markets moved higher and oil prices stabilized on Wednesday on hopes the coronavirus pandemic is peaking and that more government stimulus measures could be on the way. After U.S. stock markets closed on Tuesday, President Donald Trump said the United States may be getting to the top of the coronavirus curve, suggesting the number of cases and fatalities may have peaked. The Trump administration asked Congress for an additional $250 billion in emergency economic aid for small U.S. businesses reeling from the impact of the outbreak.

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  • Business

    MarketWatch•9 hours ago

    Raytheon Technologies Corp., JPMorgan Chase share gains contribute to Dow's 475-point surge

    DOW UPDATE The Dow Jones Industrial Average is soaring Thursday morning with shares of Raytheon Technologies Corp. and JPMorgan Chase delivering strong returns for the price-weighted average. The Dow (DJIA) is trading 478 points (2.

  • Business
    Bloomberg•12 hours ago

    Dubai’s Stock Market Shows It’s Being Hit Harder by Coronavirus and Oil Prices

    (Bloomberg) -- Dubai is being battered harder than its Gulf peers by the twin menace of the pandemic and weak oil prices -- and it’s clear from the performance of the city’s stock market.The DFM General Index is down 26% since the global equities crash at the start of March. A slump in stock prices as the United Arab Emirates took steps to counter Covid-19, including shutting its borders, deepened as crude spiraled lower.But markets in Dubai’s neighbors are showing signs of improvement as hopes the worst of the outbreak is over take hold and amid expectations of a production agreement between the biggest oil suppliers that will boost prices. Stock benchmarks in Qatar and Saudi Arabia have almost fully recovered from the sell-off. Abu Dhabi’s main index is down just 15%, further highlighting Dubai’s underperformance.Dubai’s recovery is being held back by the emirate’s heavy reliance on sectors such as tourism, hospitality, trade, retail, logistics and real estate. The pandemic’s long-term effects on these key industries remain hard to quantify.“The social distancing because of coronavirus has hit the tourism, services and airlines hardest, and those are the most important sectors for Dubai’s economy,” said Mohammed Ali Yasin, chief strategy officer at Al Dhabi Capital Ltd. in Abu Dhabi. “There is a ripple effect of such measures on listed real estate and banking companies.”Emaar Properties PJSC, Dubai’s biggest listed developer, and two of its subsidiaries announced last month they won’t pay dividends for 2019. There was more bad news from the financial sector: Dubai Islamic Bank PJSC and Emirates NBD PJSC, the two largest locally listed lenders, are among the ranks of U.A.E. banks whose shares tumbled after disclosing exposure to troubled hospital operator NMC Health Plc.While the U.A.E. said this week it is unlocking new aid and reducing banks’ reserve requirements to counter the damage from the virus, Dubai’s government added to the gloomy atmosphere on Thursday, saying it is freezing all hiring and cutting administrative spending by at least 20% across departments.Read: Dubai Freezes Hiring, New Projects as Pandemic Squeezes Revenue“We don’t know how far this will go, how long those measures will last,” Yasin said. “But we know that revenue misses for Dubai’s government will be substantial in 2020, and that raises concerns for many of the entities in Dubai.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

Business
Reuters•yesterday


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Cryptocurrencies

Symbol

Last Price

Change

% Change

BTC-USD

Bitcoin USD

7,277.52

-49.41

-0.67%

ETH-USD

Ethereum USD

170.65

-1.77

-1.03%

XRP-USD

XRP USD

0.1986

-0.0024

-1.2036%

USDT-USD

Tether USD

0.9993

-0.0007

-0.0732%

BCH-USD

Bitcoin Cash USD

257.37

-8.72

-3.28%

Trending Tickers

Symbol

Last Price

Change

% Change

ICD

Independence Contract Drilling, Inc.

6.25

+3.85

+160.42%

CL=F

Crude Oil May 20

23.19

+0.43

+1.89%

OXY

Occidental Petroleum Corporation

15.36

-0.20

-1.29%

BCRX

BioCryst Pharmaceuticals, Inc.

2.0700

+0.0700

+3.50%

JPM

JPMorgan Chase & Co.

102.76

+8.46

+8.97%

Stocks: Most Actives

Symbol

Last Price

Change

% Change

F

Ford Motor Company

5.37

+0.34

+6.76%

CCL

Carnival Corporation & Plc

12.42

+0.43

+3.59%

GE

General Electric Company

7.14

-0.16

-2.19%

BAC

Bank of America Corporation

24.86

+1.41

+6.01%

AAL

American Airlines Group Inc.

12.51

+1.18

+10.41%

Stocks: Gainers

Symbol

Last Price

Change

% Change

MAWHF

Man Wah Holdings Limited

0.6050

+0.1540

+34.15%

TKAYY

Just Eat Takeaway.com N.V.

9.95

+2.52

+33.92%

OISHF

Oil Search Limited

1.9950

+0.3950

+24.69%

NS-PA

NuStar Energy L.P.

13.93

+2.64

+23.34%

EVRZF

EVRAZ plc

3.3500

+0.5500

+19.64%

Stocks: Losers

Symbol

Last Price

Change

% Change

MLYBY

Malayan Banking Berhad

3.1900

-0.5370

-14.41%

SMUUY

The Siam Commercial Bank Public Company Limited

9.00

-0.98

-9.82%

GXYYY

Galaxy Entertainment Group Limited

28.83

-2.93

-9.23%

JW-A

John Wiley & Sons, Inc.

37.47

-3.57

-8.70%

FRPT

Freshpet, Inc.

63.29

-5.42

-7.89%

Top Mutual Funds

Symbol

Last Price

Change

% Change

RMBKX

RMB Mendon Financial Services Fund Class A

26.11

+2.01

+8.34%

RMBNX

RMB Mendon Financial Services Fund Class C

23.36

+1.79

+8.30%

HSFNX

Hennessy Small Cap Financial Fund Investor Class

15.03

+1.11

+7.97%

FGADX

Franklin Gold and Precious Metals Fund Advisor Class

17.63

+1.30

+7.96%

FEGOX

First Eagle Gold Fund Class C

19.00

+1.32

+7.47%

Top ETFs

Symbol

Last Price

Change

% Change

RING

iShares MSCI Global Gold Miners ETF

24.26

+2.27

+10.32%

GOEX

Global X Gold Explorers ETF

22.85

+1.88

+8.97%

KRE

SPDR S&P Regional Banking ETF

37.38

+2.74

+7.91%

DVEM

WisdomTree Emerging Markets ESG Fund

26.17

+1.88

+7.74%

EXT

WisdomTree U.S. ESG Fund

28.83

+2.05

+7.64%

Currencies

Symbol

Last Price

Change

% Change

BTCUSD=X

BTC/USD

7,277.5215

-49.4097

-0.6744%

ETHUSD=X

ETH/USD

170.6518

-1.7736

-1.0286%

EURUSD=X

EUR/USD

1.0930

+0.0005

+0.0494%

JPY=X

USD/JPY

108.5200

+0.0520

+0.0479%

GBPUSD=X

GBP/USD

1.2453

+0.0003

+0.0209%

Futures

Symbol

Last Price

Change

% Change

ES=F

E-Mini S&P 500 Jun 20

2,787.00

+52.00

+1.90%

YM=F

Mini Dow Jones Indus.-$5 Jun 20

23,676.00

+58.00

+0.25%

NQ=F

Nasdaq 100 Jun 20

8,238.75

+49.00

+0.60%

RTY=F

E-mini Russell 2000 Index Futur

1,248.90

+66.70

+5.64%

ZB=F

U.S. Treasury Bond Futures,Jun-

178.44

-0.41

-0.23%

Options: Highest OI

Symbol

Last Price

Change

% Change

SPY200619P00020000

SPY Jun 2020 20.000 put

0.0100

0.0000

0.00%

F210115C00010000

F Jan 2021 10.000 call

0.1200

+0.0100

+9.09%

EEM200619C00049730

EEM Jun 2020 49.730 call

0.0200

0.0000

0.00%

GE210115C00015000

GE Jan 2021 15.000 call

0.1000

-0.0200

-16.67%

SPY201016P00260000

SPY Oct 2020 260.000 put

19.73

-3.12

-13.65%

Options: Highest Implied Volatility

Symbol

Last Price

Change

% Change

ELOX200417P00002500

ELOX Apr 2020 2.500 put

0.3000

-0.2500

-45.45%

DYAI200417P00002500

DYAI Apr 2020 2.500 put

0.1900

0.0000

0.00%

ENDP200409P00002500

ENDP Apr 2020 2.500 put

0.0300

0.0000

0.00%

CPTA200417P00002500

CPTA Apr 2020 2.500 put

0.2000

0.0000

0.00%

CETV200417P00002500

CETV Apr 2020 2.500 put

0.0300

0.0000

0.00%

Rates