Dow jumped 311, advancers over decliners better than 2-1 & NAZ rose 209. The MLP index continued in the 225s & the REIT index went up 2+ to the 438s. Junk bond funds inched higher & Treasuries were sold, taking the yield n the 10 year Treasury over 3%. Oil was flattish in the 118s & gold held steady at 1850.
AMJ (Alerian MLP index tracking fund)
Qualcomm (QCOM) CEO Cristiano Amon said here are several products
changing the tech landscape with potential for growth in the coming
years, giving his company a unique opportunity for growth. Amon said QCOM is fortunate that the company is growing, & has not slowed or paused hiring, like many other tech companies. "We’re finding new end markets for technology, and I think that’s driving the growth," Amon added. "We
look at the environment right now, it’s probably a good environment to
invest," he said, adding that the company is actively looking at new
mergers & acquisitions. We are very fortunate as a company, because we have a number of
technology trends that are actually creating demand for our technology.
It’s more than one. And I think they’re all exciting. Amon continued there are several technology areas that he sees exciting growth in the future. One is the connection of physical & digital spaces, highlighting the
metaverse & digital reality. These technologies are just at the
beginning of the growth curve & he predicted "incredible
new devices" coming. The other important technology trend that we’re very excited about is
how 5G is going to redefine devices," Amon added. "We see incredible
opportunity of transformation for cars. Cars are becoming connected
computers on wheels." The stock rose 2.44.
If you would like to learn more about QCOM click on this link:
club.ino.com/trend/analysis/stock/QCOM_aid=CD3289&a_bid=6ae5b6f
Qualcomm CEO highlights industry trends he is 'excited' about
Russia is exploring a new way of circumventing US sanctions preventing Moscow from servicing its $-denominated bond payments to foreign investors. The country is exposed to a historic debt default after the US Treasury Dept on May 25 allowed a key sanctions exemption to expire. The waiver had allowed Russia to process payments to foreign bondholders in $s thru US & intl banks, thereby avoiding default. Fri, the Russian Finance Ministry wired $100M in interest payments on 2 eurobonds in rubles to its domestic settlement house, but unless the money finds its way to the bank accounts of overseas bondholders, it may constitute a default. The payments carry a 30-day grace period, after which Russia could be declared to have defaulted on its foreign currency debt for the first time since the Bolshevik Revolution in 1917, despite the Kremlin claiming to have ample cash to pay — an unprecedented situation for a major economy. A further $2B in payments is due before the end of the year, though some of the bonds issued after 2014 are permitted to be paid in rubles or other alternative currencies, according to the contracts. Russian Finance Minister Anton Siluanov reportedly said today that Moscow will continue to service external debts in rubles, but foreign eurobond holders will need to open ruble & hard currency accounts with Russian banks in order to receive payments. “As happens with paying for gas in roubles: we are credited with foreign currency, here it is exchanged for roubles on behalf of (the gas buyer), and this is how the payment takes place,” he said. The settlement mechanism would operate in the same fashion, but in the opposite direction & would be channeled thru Russia's National Settlement Depository (NSD), Siluanov suggested. The NSD, unlike other major Russian financial institutions, is not currently subject to US sanctions. However, the EU on Fri imposed sanctions on the NSD, which was meant to process the bond payments, further complicating matters for Russia.
Russia thinks it has found a way around Washington’s dollar bond payment blockade
China is starting to show signs of recovery from the latest Covid shock. In a significant step toward normality, the capital city of Beijing allowed restaurants in most districts to resume in-store dining on Mon — after a hiatus of about a month. Most other businesses could also restore in-person operations. The southeastern metropolis of Shanghai, which was locked down for about 2 months, pressed on with a reopening plan that kicked off last week. Residents flocked to camping sites & local parks over the long weekend holiday that began Fri. As people returned to work today, a traffic congestion tracker from Baidu showed heavy traffic in Beijing & Shanghai during the morning commute — versus light traffic a week earlier. Both cities also relaxed the frequency of virus tests to 3 days from 2. After a surge of omicron cases across the country since Mar, the nationwide daily Covid case count has fallen to well below 50, according to official data. Under China's “dynamic zero-Covid policy” mandate, local authorities have used strict travel bans & stay-home orders to control the virus. Those restrictions disrupted supply chains & other business, sending retail sales & industrial production falling in Apr.
China tries to shake off the worst of the pandemic in a long, zero-Covid journey
The Consumer Price Index on Fri is expected to hold at 8.3%, a 40-year high. Next week the wholesale price index will be released & the FOMC will have its next meeting. Today the bulls are in command of the stock market.
Dow Jones Industrials
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