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Asian Stocks Rise Ahead of US Data Bitcoin Gains Markets

Asian Stocks Rise Ahead of US Data, Bitcoin Gains: Markets Wrap

Business News / By

(Bloomberg) — Stocks in Asia rose as U.S. stock futures beat the Federal Reserve's key inflation measure that will help determine the path forward for interest rates. Bitcoin rose above $61,000.

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Korean and Indian stocks fell while Chinese stocks rose after Wednesday's selloff. The yen rose the most against the dollar in more than a week after Bank of Japan board member Hajime Takata signaled that the case for an end to negative interest rate policies was gaining momentum. U.S. stock futures reversed an earlier decline after the S&P 500 and Nasdaq 100 suffered losses overnight.

Chinese stocks have rallied sharply this month and are poised for their biggest outperformance against global stocks since July after authorities took a series of measures to lift sentiment. Investors are looking forward to the National People's Congress meeting next week to take further support measures.

“The momentum could continue until the NPC takes effect” on March 5, with much of the focus on ministerial comments on capital markets reform and industrial policy, said Redmond Wong, strategist at Saxo Capital Markets. But “increased prices can set the stage for disappointment,” he said.

Bitcoin extended gains after rising above $60,000 for the first time in more than two years on Wednesday, reflecting new demand from exchange-traded funds. The currency almost reached the $64,000 mark. The record high in 2021 is just under $69,000.

Other notable moves in Asian stocks included a rise in Japanese lender Aozora Bank Ltd. after a fund linked to activist investor Yoshiko Murakami reported an investment. Alibaba shares fell in Hong Kong after the company introduced its second major cloud service cost cuts in years.

The story goes on

There were declines in US stocks overnight as data showed strong consumer spending despite a small correction in US gross domestic product growth in the fourth quarter of 2023. The report is ahead of the Fed's preferred inflation indicator expected on Thursday and broadly supported the caution expressed by Fed officials in recent weeks.

Government bonds in Asia were steady after a rally began on Wednesday that saw the 10-year Treasury yield fall four basis points and the policy-sensitive two-year Treasury note slip six basis points. Australian yields reflected the move in early Asian trading, while New Zealand yields were broadly unchanged.

Yen is rising

The dollar was slightly weak against major currencies after rising on Wednesday. The yen rose as high as 149.70 against the dollar as investors suspected a likely narrowing of the interest rate differential between Japan and the United States.

“We expect the BOJ to use this reflationary environment to exit negative interest rates, but the monetary policy stance will remain very accommodative through 2025,” Jessica Hinds, director at Fitch Ratings, said in a note.

In Asia, economic reports out on Thursday include fourth-quarter GDP data for India, current account balance for Thailand and inflation data for Sri Lanka and Vietnam.

New York Fed President John Williams said Wednesday that the central bank still has “a long way to go” in its fight against inflation, and Atlanta Fed chief Raphael Bostic urged patience in the process political changes. Overall, recent comments from Fed officials underscore the importance of data in guiding policy.

After a rise in both the consumer and producer price indexes, Thursday's core personal consumption expenditure measure is likely to highlight the bumpy road the central bank faces to reach its 2 percent target. The PCE can be seen confirming recent comments from officials who show no rush to ease monetary policy.

“Recent data is 'noise' and should be ignored other than its impact on very short-term market movements,” said Chris Zaccarelli, chief investment officer at the Independent Advisor Alliance. “We are more interested in the PCE data.”

Traders are currently expecting around 80 basis points of easing by year-end – almost in line with what officials said in December was the most likely outcome. That would equate to three cuts in 2024 – since Fed actions have historically come in 25 basis point increments. To put things into perspective, in early February the swaps were forecasting cuts of almost 150 basis points this year.

Elsewhere, SQM, the world's second-largest lithium producer, reported an 82% drop in quarterly profits due to the global glut of battery material, which the company expects will keep prices depressed this year.

Important events this week:

  • Germany CPI, unemployment, Thursday

  • US consumer income, PCE deflator, initial jobless claims, Thursday

  • The Fed's Austan Goolsbee, Raphael Bostic and Loretta Mester speak on Thursday

  • China's official PMI, Caixin manufacturing PMI, Friday

  • Eurozone S&P Global Manufacturing PMI, CPI, Unemployment, Friday

  • BOE chief economist Huw Pill speaks on Friday

  • US Construction Spending, ISM Manufacturing, University of Michigan Consumer Sentiment, Friday

  • The Fed's Raphael Bostic and Mary Daly speak on Friday

Some of the key moves in the markets:

Shares

  • S&P 500 futures were little changed at 2:17 p.m. Tokyo time

  • Nasdaq 100 futures rose 0.1%

  • Japan's Topix has hardly been changed

  • Australia's S&P/ASX 200 rose 0.5%

  • Hong Kong's Hang Seng rose 0.2%

  • The Shanghai Composite rose 0.9%

  • Euro Stoxx 50 futures rose 0.1%

Currencies

  • The Bloomberg Dollar Spot Index fell 0.1%

  • The euro was little changed at $1.0833

  • The Japanese yen rose 0.6% to 149.84 per dollar

  • The offshore yuan was little changed at 7.2097 per dollar

Cryptocurrencies

  • Bitcoin rose 2.3% to $61,966.46

  • Ether rose 3.4% to $3,436.11

Tie up

raw materials

This story was produced with support from Bloomberg Automation.

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©2024 Bloomberg LP

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Access to Real Estate Multiple households have to wait on

Homeownership: More Canadians are considering an unconventional approach

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With rising prices in the real estate market, more and more Canadians are turning to unconventional methods to become homeowners.

The high cost of living, high interest rates and high real estate prices are causing aspiring homeowners to look for alternative ways to purchase a home. According to a Léger survey conducted on behalf of Re/Max Canada, almost a third of Canadians would consider non-traditional home purchasing methods such as co-ownership or rent-to-own.

The three most common alternative ways Canadians would enter the real estate market are rent-to-own (22%), co-ownership with a family member who is not a spouse or partner (21%), and owner-occupied tenant renting part of the home ( 17%).

“Despite the current affordability and supply crisis, Canadians still dream of homeownership, and until governments come together to develop a coherent national housing strategy, they are demonstrating innovation and ingenuity to make that dream a reality,” said Christopher Alexander, President by Re/Max Canada

According to the survey, 32% of current buyers are considering using one of these methods, while only 13% of current owners have resorted to these unconventional methods.

This online survey was conducted between January 19 and 22 among 1,552 potential buyers in 22 major Canadian cities, including Montreal, where Re/Max experts expect an estimated 10 to 15% increase in buyer experimentation due to difficult financial accessibility alternatives Opportunities to access the property.

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Salesforce shares slide after earnings despite new dividend and $10 billion buyback

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Salesforce shares are trending lower in late trading on Wednesday after the software giant reported strong quarterly results but issued fiscal January 2025 guidance that disappointed Wall Street.

Salesforce also announced a $10 billion increase in its stock repurchase program and instituted a quarterly dividend of 40 cents per share.

For its fiscal fourth quarter ended Jan. 31, Salesforce reported revenue of $9.29 billion, up 11% from the year-ago quarter, beating the FactSet Wall Street consensus of $9.22 billion U.S. dollar. On an adjusted basis, the company earned $2.29 per share, also above the Street consensus of $2.27.

The company noted that total remaining performance obligations, a measure of future revenue, were $56.9 billion at the end of the quarter, up 17% from a year earlier. Free cash flow was $3.26, up 27% year over year.

For the April quarter, the company expects revenue between $9.12 billion and $9.17 billion. At the midpoint, that's just below the Street consensus of $9.15 billion. The company expects adjusted earnings of $2.237 to $2.39 per share for the quarter, above the Street consensus of $2.20.

For fiscal January 2025, Salesforce expects revenue of $37.7 billion to $38 billion, up 9% but below consensus of $38.6 billion and non-GAAP earnings of 9%. $68 to $9.76 per share, above the Street consensus forecast of $9.50 per share. The company's full-year non-GAAP operating margin guidance is 32.5%, above the average of 32%.

The company gave guidance for subscription and support revenue for the first time, essentially eschewing its professional services business. Salesforce expects this part of its business to grow 10%, while professional services revenue remains under pressure, including an 8% decline in the January quarter.

Salesforce said its headcount at the end of the fiscal year was down about 8.5% compared to the start of the year. The company expects a slight increase in the number of employees for the 2025 fiscal year, with a particular focus on research and development in the areas of AI and cloud.

The dividend, the company's first, will be paid on April 11 to shareholders of record as of March 14.

In late trading on Wednesday, Salesforce shares fell 3.7%.

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1709181211 A 1700 meal at Club Saint James for HEC

A $1,700 meal at Club Saint-James for HEC executives

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$1699.94. This is the bill for a meal paid by HEC Montreal in March 2022 at the very swanky Club Saint-James to welcome reviewers from the organization that monitors MBAs around the world, we learned The newspaper.

$352 wine, $144 AAA beef tenderloin, $117 beef tartare… The school administration explains that this meal took place over two days of work sessions related to the renewal of the AMBA accreditation at HEC Montréal.

After receiving this invoice in response to an access request, HEC Montréal was interviewed by Le Journal and provided details of this evening, which was paid for from its coffers.

A $1,700 meal at Club Saint-James for HEC executives

Provided by HEC Montreal

“Apt location»

Why not welcome these guests within the walls of HEC Montréal?

“The meeting must take place in a suitable location that promotes discussion, hence the choice of this location,” replies Andréanne Gagnon, spokesperson for HEC Montréal.

In total, four AMBA evaluators and six senior managers from HEC Montréal attended the evening at the upscale club on Union Street downtown.

“This made it possible for the experts, in particular, to visit our new building in the city center, which was under construction at the time,” we emphasize. HEC Montréal points out that the agreement with the association must be renewed “every five years”.

Select club

“Only people directly affected by the teaching and research aspects of this file were present,” it emphasizes.

The Saint-James Club was founded in 1857 under the name Saint James' Club of Montreal. Michel Patry, CEO of the HEC Montréal Foundation, is also the administrator of the select club attended by CEOs.

A $1,700 meal at Club Saint-James for HEC executives

Michel Patry is director of Club Saint-James and CEO of the HEC Montréal Foundation. “Provided by Club Saint-James”

Anyone who wants to is not allowed to enter the club at Saint-James. The establishment has set strict rules to ensure that only high-ranking businessmen take part.

“You must be part of the management of a recognized organization or own your own business. Membership fees are determined based on several criteria, including age, location of business and university attended,” the website says.

“The entry fees for the Saint-James Club of Montreal vary between US$900 and US$3,600 depending on the type of membership and the annual fee for an individual membership ranges between US$1,225 and US$2,250 and the corporate membership for 2 to 8 delegates ranges between US$2,800 and US$7,290 -dollars.” we note.

More than 600 people are members of the Saint-James Club, 87% of whom are French speakers.

Almost 17% are women.

-In collaboration with Martin Jolicoeur

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Anheuser Busch workers are ready to strike at all US breweries.jpgw1440

Anheuser-Busch workers are ready to strike at all US breweries

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The Teamsters and Anheuser-Busch, the nation's largest brewer, said late Wednesday that they had reached a tentative agreement on a contract that the union and the company said would provide sharp wage increases and significant job security protections.

Without an agreement, the Teamsters union's 5,000 members were poised Friday to strike against the company's 12 breweries across the country that make Bud Light, Budweiser, Michelob Ultra, Stella Artois and other beer brands.

“Teamsters make the beer, Teamsters make Anheuser-Busch successful, and our members deserve the best contract. “That's what we fought for and won today,” Teamsters President Sean O'Brien said in a statement Wednesday.

Anheuser-Busch CEO Brendan Whitworth said in a statement that the company is “incredibly pleased to have reached an interim agreement that continues to recognize the talent, dedication and hard work of our teams while positioning the company for the long term.” “Long-term success. … As America’s leading brewery, we have the best people and offer the best jobs in the beer industry.”

Union members now have the opportunity to review the contract and vote on its approval. The new tentative agreement was unanimously recommended by the Teamsters Negotiating Committee. However, if members reject the deal, workers could still go on strike.

The Teamsters said the deal includes a wage increase of $8 an hour over the life of the five-year contract, including an immediate $4 an hour increase in the first year. This corresponds to an average wage increase of 23 percent over the contract term.

The agreement also includes significant job safety protections for all union employees, the union said — a key demand of Teamsters since the company has laid off union employees over the years. However, the union and the company did not specify what kind of job security the workers would receive.

Under the deal, workers would receive a $2,500 ratification bonus, increased pension contributions and the restoration of pension benefits for current and retired members, the union said. And the company will end its two-tier health insurance plan, the union said, under which some workers receive inferior benefits.

The new collective bargaining agreement comes at a time of increased labor activism in the United States, spurred by a booming labor market and rising popularity of unions. In 2023, American workers led 33 major strikes – defined as strikes involving at least 1,000 workers – the most in more than two decades, according to Labor Department data released this month.

Last year, union workers were able to secure contracts with double-digit raises through strikes and even simple strike threats. About 340,000 UPS employees — who are also Teamsters members — won a new contract last year that some labor experts called the best for workers in UPS history, including nearly 50 percent pay raises over five years for part-time workers.

The Teamsters said Anheuser-Busch agreed to meet in Washington on Wednesday for the first time in weeks to negotiate a deal before the strike deadline expires at midnight on Friday.

Later Wednesday, Teamsters CEO O'Brien said in a statement that the company had submitted a modified offer that “continues to ignore many of the Teamsters' key issues.” The parties reached a tentative agreement later in the day when the company submitted another offer.

In December, thousands of Anheuser-Busch Teamsters members voted to authorize a strike – with 99 percent in favor.

Teamsters members at Molson Coors in Fort Worth have also been on strike over wages since February 17.

Michael Silva, a senior official with Teamsters Local 919 who represents about 500 Anheuser-Busch workers at his Houston brewery, said this week that he was particularly concerned about job security. Its facility has existed for decades, providing jobs for multiple generations of families, although union jobs have been lost over the years.

“Our numbers have been slowly declining. Some of it has to do with automation,” Silva said. “Nobody should be afraid of not having a job.”

As the beer giant has automated and consolidated parts of its operations over the years, thousands of well-paying Teamsters jobs have been lost, according to labor and supply chain experts – a deindustrialization process that could plunge the local economy into recession. In 2022, Anheuser-Busch sold a distribution plant in Oakland, California, eliminating more than 140 Teamsters jobs.

Patrick Penfield, a professor of practice in supply chain management at Syracuse University, said Anheuser-Busch InBev, the Belgian multinational beer company that owns U.S. breweries, is excelling at cutting costs through new technology and automation.

“Anheuser-Busch is all about efficiency and automation,” Penfield said. “They acquire companies, incorporate them, and then look at how they can become more efficient and do more with less… The question is, 'Can we produce the same amount of beer with fewer breweries?'”

Anheuser-Busch workers are ready to strike at all US breweries Read More »

1709177089 39It39s the beginning of anger39 Quebec producers39 net agricultural income

'It's the beginning of anger': Quebec producers' net agricultural income would fall by more than 86.5% this year

Business News / By

As fire breaks out in Europe and farmers lose their patience, producers here are taking turns raising their fists, and between the bitterness and the feeling of being misunderstood there is a dull anger that is about to erupt.

• Also read: Farmers' Protests: Demystifying the Economic Impact of Grain Production in Quebec

“Severe actions will take place. This is the beginning of the anger,” says Adrien Papin, grain producer who was forced to close his farm in Saint-Irénée in the MRC Charlevoix-Est.

“The price of gasoline has skyrocketed. We have interest rates that are extremely painful. The climate has intervened and it is difficult for us to get compensation,” complains the man who gave a heartfelt cry in La Terre de chez nous earlier this month.

39It39s the beginning of anger39 Quebec producers39 net agricultural income

Adrien Papin has given up farming, although it is a profession that fascinates him. Photo provided by Adrien Papin

The owner Pierre Bourdages, 750 kilometers away, at the Ferme Pierre Bourdages in Saint-Siméon-de-Bonaventure, also complains about a lack of listening.

“We have bitterness. “We have the feeling of being misunderstood,” breathes the strawberry and gardening manufacturer at the head of around a hundred employees.

“We compete with products from Mexico, which have an average wage of $2 an hour,” continues the man, who has a popular agritourism site near him.

  • Listen to the interview with Martin Caron, President of the UPA, on Richard Martineau's show QUB :

Falling income

In Quebec, net agricultural income fell from $959 million in 2022 to $487.1 million last year (-49.2%). According to Union of Agricultural Producers (UPA) forecasts, it could even fall to $66 million (-86.5%) in 2024, unprecedented in 86 years.

Worse, between 2010 and 2022, agricultural debt increased by 139% ($11.4 billion in 2010; $27.2 billion in 2022), while net income stagnated in 2022 ($958.6 million -dollars in 2010; 959.0 million US dollars).

1709177073 567 39It39s the beginning of anger39 Quebec producers39 net agricultural income

Provided by UPA

In an interview with the Journal, UPA President General Martin Caron speaks of a general weariness that is corrupting the industry.

“We talk about food autonomy, but the producer can no longer go into debt for it. “That doesn’t happen anymore,” sums up the man on the other end of the line.

Last April, Le Journal reported that half of farmers had been squeezed by inflation and that one in ten farms were at imminent risk of closure.

1709177075 137 39It39s the beginning of anger39 Quebec producers39 net agricultural income

The next generation of farmers is at stake with rising debt, the union warns. Union of Agricultural Producers

“In Canada and Quebec we receive three times less support than in the United States. We have to correct the situation. It will require an investment of $130 million,” he says.

1709177078 477 39It39s the beginning of anger39 Quebec producers39 net agricultural income

Provided by UPA

The number 1 UPA also complains about the regulatory burden and the enormous delays that are necessary in the implementation of projects, such as green fees on diesel and propane.

The company reacts

Asked for comment by Le Journal, the office of Agriculture Minister André Lamontagne recalled that it had increased its agri-environmental practices program by $34 million.

Inflation context, rise in interest rates, freak weather… He recognized that the last few months had been tough.

1709177082 668 39It39s the beginning of anger39 Quebec producers39 net agricultural income

André Lamontagne, Minister of Agriculture, Fisheries and Food of Quebec (MAPAQ) Photo Francis Halin

“The programs have supported our producers with more than $1 billion through 2023, compared to an average of $440 million over the past 10 years,” it said.

“We are always looking for improvement,” we emphasized. The crop insurance program is currently under review.

“We also want to reduce restrictions by working to reduce paperwork. “We want to give producers a breathing space so they have more time to focus on what they do best: feeding Quebecers,” he concluded.

Highlights

Input prices exploded twice as fast as the consumer price index between 2020 and 2023 (intermediate goods: +31%; CPI: +16%), the UPA notes. Labor costs have also increased significantly (+88% between 2010 and 2022).

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Disney and Ambani39s Reliance are creating a new Indian media

Disney and Ambani's Reliance are creating a new Indian media giant with 750 million viewers

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Sujit Jaiswal/AFP/Getty Images

Indian billionaire and businessman Mukesh Ambani with his wife and founding chairman of the Reliance Foundation Nita M. Ambani.

New Delhi/London CNN —

Disney is teaming up with Asia's richest man to create a new media giant in India that it says will reach a domestic audience of more than 750 million people.

Billionaire Mukesh Ambani's Reliance Industries and Disney have merged their digital streaming platforms and 100 TV channels in the country in a joint venture worth around $8.5 billion, the companies said in a statement on Wednesday.

There has been talk of a possible deal for some time as Disney struggles to capitalize on the opportunity presented by a country of more than a billion people where English is widely spoken. The company is also struggling with a variety of problems at home.

Disney made a big push into the country in 2019 when it acquired most of 21st Century Fox, including its massive Star India network.

Reliance will own just over 63% of the new company, primarily through its subsidiary Viacom18, with Disney (DIS) hold the rest.

“This is a groundbreaking agreement that ushers in a new era in the Indian entertainment industry,” said Mukesh Ambani, whose sprawling business empire is worth more than $236 billion and spans retail, technology and renewable energy.

Ambani's wife Nita M. Ambani will chair the joint venture, which combines Disney's “acclaimed films and shows” with Viacom18's “acclaimed productions and sports properties,” the companies said, adding that the company will also serve the Indian diaspora across India would serve the world.

“India is the most populous market in the world and we are excited about the opportunities this joint venture presents to create long-term value for the company,” said Bob Iger, CEO of Disney.

Disney faced numerous challenges in India, which has a dynamic media and entertainment sector.

The House of Mouse was hit particularly hard in 2022 after it lost the digital rights to stream the hugely popular Indian Premier League cricket matches to Ambani's conglomerate.

Disney's streaming app in India, Hotstar, has since lost millions of subscribers and suffered another setback last March when it stopped streaming HBO content.

Weeks later, Warner Bros. Discovery (WBD), the parent company of HBO and CNN, moved its content to Ambani's JioCinema, taking Indian viewers with it from hit series like “Game of Thrones” and “Succession.”

In its most recent fiscal year, which ended in September, Disney averaged just 66 cents in revenue per Hotstar subscriber, according to its annual report – down from 88 cents in 2022 and compared to $5.93 for a non-U.S Subscribers to Disney+, its flagship streaming service, according to its annual report.

The number of Hotstar subscribers fell 39% to 37.6 million in the last fiscal.

On an earnings call in November, Iger said Disney's TV business in India was doing well, but other parts of its business in the country were struggling. “We have the opportunity to strengthen our position,” he said at the time. “We want to stay in the (Indian) market.”

This story has been updated with additional information.

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1709172927 Caisse de depot etplacement du Quebec New addition to the

Caisse de dépôt etplacement du Québec: New addition to the management team at Ivanhoé Cambridge

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While Ivanhoé Cambridge is going through one of the greatest turmoil in its history, the real estate division of the Caisse de dépôt etplacement du Québec (CDPQ) is losing its most important confidant in Europe and Asia. – Pacific, experienced The newspaper.

Karim Habra has led Ivanhoé Cambridge in Europe since 2018 and will take over co-heading of the global real estate activities of Partners Group, a major investment company based in Switzerland, in March.

When asked, Ivanhoé's management confirmed his departure, claiming that Mr Habra resigned of his own accord and as a result he did not receive any severance pay. No successor has yet been named.

Teams in seven countries

Mr. Habra has more than 25 years of experience in the industry. At Ivanhoé, he led the Quebec company's European and Asia-Pacific operations and was also responsible for Ivanhoé Cambridge's strategic partnership initiatives around the world.

In this role, he led a large team spread across offices in Paris, London, Berlin, Sydney, Singapore, Shanghai and Mumbai. According to Ivanhoe, it employs 76 people in Europe and Asia, including around thirty at its headquarters in Paris.

Karim Habra, Ivanhoé Cambridge's head of European and Asia-Pacific markets, has resigned. He will move to the Swiss company Partners Group in March.

Nathalie Palladitcheff, President and CEO of Ivanhoé Cambridge. She announced last month that she was leaving the organization. ARCHIVE PHOTO, QMI AGENCY

The portfolio he was responsible for is worth 20 billion Canadian dollars. This represents 26% of Ivanhoé Cambridge's total portfolio ($77.3 billion) and no less than 87% of its portfolio outside Canada and the United States ($30 billion).

In 2022, his total compensation was 1,543,408 euros (or $2,256,920). The fund's most recent annual report said in a footnote that “a temporary measure” of 140,000 euros (or $204,722) had been added, bringing his total compensation for 2022 to $2.46 million.

Palladitcheff also leaves

His departure comes at a time when Ivanhoé is experiencing one of the worst crises in his history. After announcing the repatriation of its activities within CDPQ, the parent company, President and CEO Nathalie Palladitcheff, announced her resignation in January. The latter will leave her position at the end of April without severance pay, according to a press release.

Karim Habra, Ivanhoé Cambridge's head of European and Asia-Pacific markets, has resigned. He will move to the Swiss company Partners Group in March.

Charles Emond Parliamentary Commission Quebec May 2, 2023 Screenshot from the National Assembly of Quebec website. Photo from the National Assembly website

Last week, while presenting the 2023 financial results, Caisse de dépôt president Charles Emond warned that ongoing organizational change would lead to numerous layoffs.

“Are we talking dozens? M. Emond then illustrated. No, it is something larger or more significant in terms of headcount [appelés à perdre leur emploi].”

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