Stocks Snap Two-Day Rally: Bond Yields Increase: Markets Wrap
Bloomberg 1/14/2021 Claire Ballentine and Vildana Hajric
(Bloomberg) U.S. stocks fell for the first time in three days and Treasury yields climbed amid expectations President-elect Joe Biden plans Covid-19 relief of as much as $2 trillion.
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After approaching all-time highs most of Thursday, the S&P 500 turned negative late in the trading session. Technology, communication services and consumer discretionary sectors were the biggest losers, while energy shares rose with oil. Biden last week put the “entire package” at “trillions of dollars,” and many Democrats believe it will be as much as $2 trillion. Biden is expected to announce his economic support plans later in the day. Federal Reserve Chairman Jerome Powell said policy makers won’t raise interest rates unless they see troubling signs of inflation.
U.S. Decides Against Investing Ban on Alibaba, Tencent and Baidu Bloomberg 1/14/2021 Nick Wadhams
(Bloomberg) U.S. officials deliberated but ultimately decided against banning American investment in Alibaba Group Holding Ltd. and Tencent Holdings Ltd., a person familiar with the discussions said, removing a cloud of uncertainty over Asia’s two biggest corporations.
The Treasury Department blocked a Pentagon effort to add the two internet firms on grounds they aided the military, the person said, asking not to be identified discussing private talks. Officials also debated blocking search leader Baidu Inc. but dropped the plan, the person added. Alibaba’s Hong Kong stock climbed as much as 3.9% while Tencent rose almost 5% on news of the reprieve, which was first reported by the Wall Street Journal. Their dollar bond spreads tightened Thursday morning.
Jan 14, 2021
Sitting in front of an iPad with a lineup of herbal sore-throat remedies behind him, Ryuta Fujii, president of pharmaceutical company Ryukakusan Co., is listening to Chinese customers’ questions over a livestream.
From Ryukakusan’s headquarters in Tokyo, Fujii broadcasts his “live e-commerce” production, picking up products and explaining details about them, with everything simultaneously interpreted into Chinese by colleagues seated next to him.
He responds directly to questions from viewers who can immediately purchase products they desire with a click on his store hosted by a platform owned by Chinese e-commerce giant Alibaba Group Holding Ltd., which also provides the livestream service.