AtOneGoFinancial Blog: December 2021

Friday, December 31, 2021

Wall Street closes down, indexes still poised for big annual gains

The Dow Jones Industrial Average fell 90.55 points, or 0.25 per cent, to 36,398.08, the S&P 500 lost 14.33 points, or 0.30 per cent, to 4,778.73 and the Nasdaq Composite dropped 24.65 points, or 0.16 per cent, to 15,741.56. — AFP pic

NEW YORK, Dec 31 ― Wall Street closed lower yesterday, retreating late in thin holiday volume from record highs set early in the session on strong US data including a drop in weekly claims for US unemployment benefits.

With one trading day left, the S&P 500 was set to end the year more than 27 per cent higher, with the Nasdaq up about 23 per cent and the Dow's annual rise just shy of 20 per cent. Each of Wall Street's main indexes was poised for its sharpest three-year surge since 1997-99.

The Dow Jones Industrial Average fell 90.55 points, or 0.25 per cent, to 36,398.08, the S&P 500 lost 14.33 points, or 0.30 per cent, to 4,778.73 and the Nasdaq Composite dropped 24.65 points, or 0.16 per cent, to 15,741.56.

Four of the 11 major S&P 500 sector indexes traded higher, led by the real estate sector.

Investors cheered a US Labour Department report that the number of Americans filing for new unemployment claims dropped to a seasonally adjusted 198,000 in the week leading up to Christmas, from a revised 206,000 a week earlier. Economists polled by Reuters had forecast weekly applications would rise to 208,000.

In other strong US data, the Chicago purchasing managers' index (PMI) delivered a print of 63.1, a monthly increase of 1.3 points and 1.1 points above consensus.

A PMI number over 50 signifies expanded activity over the previous month.

Equities have rallied recently on some of the thinnest trading volumes that US stock exchanges have seen due to the holidays. Investors were encouraged by growing evidence that the Omicron variant causes less-severe infections of Covid-19 than the Delta strain.

On Wednesday, top US infectious disease adviser Dr. Anthony Fauci said the surge in cases of the Omicron variant should peak by the end of January.

“The strong manufacturer data out of Chicago and an impressive initial jobless claims continue to show an economy that is quite healthy, omits the continued worries obviously over the Omicron variants,” said Ryan Detrick, chief market strategist at LPL Financial in Charlotte, North Carolina.

Detrick cautioned that low holiday season trading volume could exaggerate price moves.

Stock markets have been in a seasonally strong “Santa Claus Rally” that typically occurs in the last five trading days of the year and the first two of the new year.

Among individual stocks, Biogen Inc slipped 7.09 per cent, giving back gains from the prior session as Samsung BioLogics denied a media report that said the South Korean firm was in talks to buy the US drugmaker.

Walt Disney Co stock saw over 20 per cent losses year-to-date while the overall Dow Jones stock index is on track for a 19 per cent gain for the year.

In 2022, investors will shift their attention to expected US interest rate hikes and midterm elections for US Congress, where President Joe Biden's Democrats now hold a slim majority.

“Midterm years tend to be the most volatile out of the four-year cycle. There's actually a 17 per cent average peak to trunk correction during a midterm year, which is the largest of the four years.” Detrick added, “Investors were pretty spoiled this year. So be aware that next year won’t be as easy.”

Volume on US exchanges was 8.08 billion shares, compared with the 10.83 billion average for the full session over the last 20 trading days.

Advancing issues outnumbered declining ones on the NYSE by a 1.26-to-1 ratio; on Nasdaq, a 1.47-to-1 ratio favoured advancers.

The S&P 500 posted 64 new 52-week highs and no new lows; the Nasdaq Composite recorded 70 new highs and 141 new lows. ― Reuters

Source: Malay Mail

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Euronext sees record listings in 2021

The logo of stock market operator Euronext is seen on a building in the financial district of la Defense in Courbevoie, near Paris, France, May 14, 2018. — Reuters pic

PARIS, Dec 31 ― A record number of companies made their market debut on the Euronext index in 2021 as the pan-European exchange benefitted from Brexit and added Milan to the group, the operator said yesterday.

Euronext said 212 companies were newly listed this year for a total market capitalisation of €123 billion (RM581.3 billion), but it did not indicate how many had delisted.

The index includes exchanges in Amsterdam, Brussels, Dublin, Lisbon, Oslo, Paris, and Milan, which joined the group this year.

“In 2021, Euronext confirmed its position as the leading European market infrastructure, thanks to Borsa Italiana joining the Group in April 2021, and benefiting from post-Brexit conditions,” said the firm's chief executive, Stephane Boujnah.

Britain formally exited the European Union at the start of the year, resulting in London losing its European share trading crown to Amsterdam during most of 2021.

Euronext features 1,959 listed companies across its seven exchanges, worth a total €6.9 trillion.

One of the most high-profile listings this year was the introduction of Universal Music Group in Amsterdam.

It has been a banner year for initial public offerings worldwide, raising US$592 billion in 2021, up 85 per cent from 2020, according to data provider Dealogic.

In the latest major IPO, Chinese artificial intelligence start-up SenseTime saw its shares jump by as much as 23 per cent in the company's Hong Kong debut. ― AFP

Emirates upbeat on growth despite global surge in Covid

Emirates said in November it was already on the path to recovery as six-month losses dropped by more than half from a year earlier. — Emirates Airlines handout pic via Reuters

DUBAI, Dec 31 ― Aviation giant Emirates said yesterday it expects business to grow next year despite the surge in global coronavirus cases fuelled by the Omicron variant.

The Dubai-based carrier said in November it was already on the path to recovery as six-month losses dropped by more than half from a year earlier.

“Despite the recent rise of the Omicron variant and the slight slowdown it brought to our network, we are going into 2022 with optimism,” said Emirates CEO Sheikh Ahmed bin Saeed Al-Maktoum.

“We've built up some great momentum this year and expect business growth to pick up speed in 2022,” he said in a company statement.

“Aviation has always been resilient, and we will continue to work with our industry partners to build back better for our customers and communities.”

Emirates President Tim Clark said in November that the carrier expects to return to profitability “in the next 18 months”.

The carrier posted an April-September loss of US$1.6 billion (RM6.67 billion), compared with losses of US$3.4 billion during the same period in 2020.

Emirates specialises in long-haul flights, with its fleet composed solely of large A380 and B777 aircraft, dozens of which it grounded amid a lack of passenger traffic.

According to the statement yesterday, its passenger network by December had reached 128 cities, adding all the carrier's 133 Boeing 777 aircraft and nearly 60 of its A380 fleet are in active service.

Earlier this month, Dubai international airport, one of the world's busiest travel hubs, announced it was fully operational for the first time since the pandemic erupted in March 2020.

According to Emirates, a peak in travel has begun ahead of the New Year, with nearly one million passengers expected to depart and arrive in Dubai between December 30 and January 10.

Dubai, which is heavily dependent on tourism, was one of the world's first destinations to welcome back visitors in July 2020.

The Covid spikes around the world have caused severe disruptions to travel over the end of year holidays, with thousands of flights cancelled worldwide.

The World Health Organisation warned on Wednesday of a Covid “tsunami” that threatens to overwhelm healthcare systems.

The United Arab Emirates, a seven-member federation which includes Dubai, has the world's highest vaccination rates.

But it has also recorded the largest number of infections among Arab countries of the Gulf, with 2,234 infections reported on Wednesday, the highest number since June. ― AFP

Tesla recalls nearly 500,000 autos on crash risk

Tesla has undertaken two separate recalls to address the issues that can disable the backup camera or cause the hood to open unexpectedly. — Reuters pic

NEW YORK, Dec 31 ― Tesla is recalling nearly 500,000 electric vehicles because of problems with the trunk that increase crash risk, according to a US auto safety regulator.

Elon Musk's electric auto company has undertaken two separate recalls to address the issues that can disable the backup camera or cause the hood to open unexpectedly. The company will inform owners and fix the issue free of charge.

Tesla's notified regulators on December 21 and the National Highway Traffic Safety Administration (NHTSA) formally acknowledged the issue Wednesday.

The larger recall affects more than 355,000 Model 3 vehicles in which repeated opening and closing of the trunk can damage a cable for the rearview camera.

“Unavailability of the rearview camera display may affect the driver's rear view and increase the risk of a collision,” according to a NHTSA safety recall report.

Tesla estimated that just one percent of the recalled Model 3 vehicles contain the problem, and the company knows of no crashes or injuries, NHTSA said.

The other recall involves nearly 120,000 Model S vehicles in which a problem with latch assembly for the front trunk hood. An estimated 14 percent of the recalled vehicles have the problem.

“If the primary latch is inadvertently released and the secondary latch is not engaged, the trunk may open without warning and obstruct the driver's visibility, increasing the risk of a crash,” NHTSA said.

Tesla knows of no crashes or injuries due to this problem, the report said.

The company is expected to send letters to owners February 18 and will reimburse those who already paid to fix the issue. ― AFP

Global stocks retreat from gains, oil dips as investors reassess Covid look-ahead

On Wall Street, the Dow Jones Industrial Average fell 0.25 per cent while the S&P 500 lost 0.30 per cent. — Reuters pic

WASHINGTON, Dec 31 ― Global stock markets reversed gains after a day-long rally yesterday even as fresh US economic data indicated that a recent uptick of Omicron Covid-19 variant-related infections has not yet led to a surge in layoffs, a positive sign for the economy.

Thin trading volumes, which led to a dip in oil and a climb in the dollar, have outweighed earlier investor sentiment that high vaccination rates and signs of milder symptoms caused by the variant mean the economy will avoid a repeat of the disruption seen at the start of the pandemic.

MSCI's gauge of stocks across the globe shed 0.15 per cent, while the pan-European STOXX 600 index rose 0.15 per cent.

On Wall Street, the Dow Jones Industrial Average fell 0.25 per cent while the S&P 500 lost 0.30 per cent. The Nasdaq Composite dropped 0.16 per cent.

Despite concerns, investors cheered a US Labour Department report that the number of Americans filing for new unemployment claims dropped to a seasonally adjusted 198,000 in the week leading up to Christmas, from a revised 206,000 a week earlier. Economists polled by Reuters had forecast weekly applications would rise to 208,000.

“The fact that nonseasonally adjusted claims were unchanged - at a time when they typically tend to deteriorate - suggests that there has been no impact from Omicron as of yet,” economists Thomas Simons and Aneta Markowska at Jefferies wrote.

There was also relief in Asia, where South Korea's 5.1 per cent industrial output surge may indicate some easing of supply chain problems. Chinese shares got a nearly 1 per cent lift from Beijing signaling lower interest rates in 2022, though they are set to end 2021 down 5.5 per cent.

Japanese shares, in their last trading day of the year, slipped 0.4 per cent for a 4.9 per cent annual gain but short of a three-decade top reached in September. Shares in semiconductor superpower Taiwan ended with a 24 per cent annual jump.

However, oil prices have traded mixed, only to close lower, even amid demand growth concerns and news that China had cut its first batch of 2022 crude oil import quotas by 11 per cent in a sign it would act against small inefficient refineries.

US crude recently fell 0.13 per cent to US$76.46 (RM319.35) per barrel.

Brent, which has climbed more than 50 per cent this year, landed at US$79.30, up 0.09 per cent on the day.

Markets are concerned about persistent inflation and a resulting hawkish turn by the US Federal Reserve as investors start to price in a first rate hike as early as March .

“We have these headwinds from the pandemic, we had headwinds from energy prices and sky-high inflation rates... but there is a fair chance that many of these factors if not all of these factors will ease in Q1 next year,” said Jussi Hiljanen, strategist at SEB. “But for a few months to come it will be very volatile and markets will be tested.”

Two-year US Treasury yields have shot up 55 basis points since September to stand at 0.75 per cent, near the highest since March last year. However, reflecting expectations of a relatively short and shallow rate-rise cycle, 10-year yields have reacted far less, last rising 11/32 in price to yield 1.5065 per cent.

The dollar ticked up against a basket of rival currencies in holiday-thinned trading. The greenback, which is set for a second month of gains, rose 0.159 per cent, bouncing off a three-week low touched on Wednesday when it was hit by the risk appetite revival.

The euro gained 0.02 per cent to US$1.1325.

The yen has run into broad year-end selling over the past week, with the dollar reaching its highest since mid-November at ¥115.2.

“The front end of the US rates market is pricing more rate hikes back into the curve now so FX may be a battle, once again, between optimism about the global recovery and expectations about the Fed,” said Kit Juckes, a strategist at Societe Generale. ― Reuters

The Best T-Mobile Plans Starting in 2022

Man happy with his new phone plan — Dean Drobot / Shutterstock.com

T-Mobile is poised to to begin 2022 as the best wireless carrier. Currently, T-Mobile offers more 5G coverage than any other carrier, and until that fact changes, T-Mobile has a huge leg up on the competition. After all, if you got a brand-spankin’ new 5G-ready phone for Christmas, you don’t want to waste its potential on a 4G network. Along with the 5G coverage, T-Mobile’s cellphone plans offer...

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11 New Year’s Resolutions That Will Save You Money in 2022

Editor's Note: This story originally appeared on Living on the Cheap. This year, resolve to make a change that will put more change in your own pocket. Look at your financial goals for the new year, and make this the year you save money with your New Year’s resolutions. Don’t know where to start? Look for ways to break down larger goals into smaller manageable ones, and give yourself several weeks...

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8 Essential Home Features for Aging in Place

Older woman in a wide doorway of her home — Rido / Shutterstock.com

Americans are getting older. (I feel it — don’t you?) In fact, the Population Reference Bureau estimates that the number of Americans age 65 and older will nearly double from 52 million in 2018 to 95 million by 2060. Our aging population means that more solutions are needed to help seniors live well. Enter universal design, a concept that strives to make products and structures usable by everyone...

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11 Retirement Funding Goals Everyone Ought to Hit by Age 50

The approach of a milestone birthday is a reminder that, as life changes, so do your needs and circumstances. With the Big Five-O, the question is settled: You’re no longer a kid. And that’s a great thing, because maturity is much better than it’s cracked up to be. So, instead of dreading it, update your financial life by hitting the following targets. Doing so put you in a position to embrace the...

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5 Ways to Sell or Donate Old Electronics

Man excited about his phone plan — Roman Samborskyi / Shutterstock.com

Editor's Note: This story originally appeared on Living on the Cheap. Have you recently upgraded your mobile phone, computer or other electronic device, but your old gadget is still sitting in your house gathering dust? It’s good that your old electronics are not in a landfill, but you can get them out of your house while still reducing your e-waste. If you want to get that old TV or tablet out of...

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6 Product Packages That Have Been Downsized — or Upsized

Surprised man holding a cup of tea — Krakenimages.com / Shutterstock.com

Editor's Note: This story originally appeared on MousePrint.org. We end the year with another round of products that have been downsized from their former larger-size packages. Of course, the newfangled name for this is “shrinkflation.” But, no matter what you call it, it still is a sneaky way to pass on a price increase. Here is a look at some of the products with recently downsized packages that...

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US stocks open higher, adding to records

People are seen on Wall Street outside the New York Stock Exchange (NYSE) in New York City, US, March 19, 2021. — Reuters pic

NEW YORK, Dec 30 — Wall Street stocks started off higher again today with major indices continuing to scale new records as investors shrug off a surge in Covid-19 cases.

During a seasonally strong period for equities, the Dow and S&P 500 edged to records yesterday, and rose again at the open following data showing US jobless claims fell back under 200,000 last week in the latest sign of a tightening job market.

“The markets continue to focus on signs that the Omicron variant may be relatively less severe even though the transmissibility is high,” Charles Schwab analysts said in a market commentary.

About 30 minutes into the penultimate trading session of 2021, the Dow Jones Industrial Average was up 0.2 per cent to 36,576.86.

The broad-based S&P 500 gained 0.2 per cent to 4,800.70, while the tech-rich Nasdaq Composite Index advanced 0.3 per cent to 15,814.49.

Among individual companies, Biogen fell 6.7 per cent after Samsung denied a report it was in negotiations to acquire the biotech company. Shares of Biogen had soared 9.5 per cent after Korea Economic Daily reported the talks. — AFP

Thursday, December 30, 2021

You’re Almost Out of Time to Snag This Tax Deduction

Happy woman working on her taxes — fizkes / Shutterstock.com

If you want to save a little money on your next tax bill while doing some good in 2021, time is running out. Last December, a special tax deduction originally created to encourage donations at the start of the COVID-19 pandemic was extended for one more year. As a result, taxpayers who do not itemize their tax deductions — meaning they claim the flat standard deduction instead — have a rare...

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Dow, S&P close at record highs as Omicron worries ease

Traders work on the floor of the New York Stock Exchange (NYSE) on October 15, 2021 in New York City. — AFP pic

NEW YORK, Dec 30 — The Dow and S&P 500 closed at all-time highs on Wednesday on a boost from retailers including Walgreens and Nike, as investors shrugged off concerns on the spreading Omicron variant.

The Dow has now risen six straight trading days, marking the longest streak of gains since a seven-session run from March 5 to March 15 this year.

Walgreens Boots Alliance and Nike Inc rose against the backdrop of recent reports suggesting holiday sales were strong for US retailers.

Data on Wednesday showed the US trade deficit in goods mushroomed to the widest ever in November as imports of consumer goods shot to a record, as the coronavirus pandemic has limited spending by Americans on services.

Some early studies pointing to a reduced risk of hospitalization in Omicron cases have eased some investors concerns over the travel disruptions and powered the S&P 500 to record highs this week.

“The market started to recognize that the Omicron variant was in a strange way good news, because it will burn itself out more rapidly because it’s easily transmissible, but it’s less likely to overwhelm hospitals,” said Jay Hatfield, founder and chief executive of Infrastructure Capital Management in New York. Still, he said Omicron arguably is going to be a headwind for at least the next month.

Meanwhile, the S&P 1500 airlines index dipped. Delta Air Lines and Alaska Air Group canceled hundreds of flights again on Tuesday as the daily tally of infections in the United States surged.

Two of the 11 major S&P sector indexes declined, the energy index and the consumer services sector, are in the red.

Typically, the final five trading days of the year and the first two of the subsequent year are seasonally strong for US stocks, known as the “Santa Claus Rally.” However, market participants warned against reading too much into daily moves as the holiday season tends to record some of the lowest volume turnovers that can cause exaggerated price action.

According to preliminary data, the S&P 500 gained 6.59 points, or 0.14 per cent, to end at 4,792.94 points, while the Nasdaq Composite lost 16.15 points, or 0.10 per cent, to 15,765.57. The Dow Jones Industrial Average rose 90.95 points, or 0.25 per cent, to 36,491.04.

The S&P 500 dipped on Tuesday in the lowest trading volume session of 2021, snapping a four-day winning streak.

As 2021 draws to a close, the main US stock indexes are on pace for their third straight year of stunning annual returns, boosted by historic fiscal and monetary stimulus. The S&P 500 is looking at its strongest three-year performance since 1999.

The focus next year will shift to the US Federal Reserve’s path of interest rate hikes amid a surge in prices caused by supply chain bottlenecks and a strong economic rebound. — Reuters

Reverse Mortgage Limits Will Jump in 2022

Senior couple standing in front of their home — Monkey Business Images / Shutterstock.com

House prices spent 2021 surging into the stratosphere. Now, the limits on certain reverse mortgages are rising, too. In 2022, the maximum claim amount on home equity conversion mortgages will rise to $970,800, up from $822,375, the Federal Housing Administration has announced. A home equity conversion mortgage, or HECM, is a type of reverse mortgage that is insured and backed by the federal...

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Are You Withdrawing Too Much From Retirement Accounts?

Worried retirees reviewing their finances — Dmytro Zinkevych / Shutterstock.com

For decades, retirees have been told they should not withdraw more than 4% of their assets if they want to reduce the risk of running out of money during their golden years. Now, a recent study says that rule might be too generous. Financial services firm Morningstar says the new rule of thumb should be that retirees withdraw no more than 3.3% of their portfolios annually. Today’s low yields on...

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8 Budgeting Questions to Keep Your Spending in Check

Editor's Note: This story originally appeared on The Penny Hoarder. Whether you use an app, an Excel spreadsheet or a pen and notebook, your budget isn’t something you just blindly copy over month after month. You should take a little time at the end of each month or the beginning of the next to reflect on your finances and determine whether you need to make any adjustments for the month ahead.

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U.S. Cities With the Most Single-Family Homes

Older couple in front of a house — Monkey Business Images / Shutterstock.com

Editor's Note: This story originally appeared on Construction Coverage. The COVID-19 pandemic has reshaped the real estate market in the U.S. in many ways, changing where families want to live and the types of housing they prefer. Early on in the pandemic, many families in densely populated urban areas set out for more spacious homes in rural or suburban areas. As more workplaces have adapted to...

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Wednesday, December 29, 2021

Asia shares slip as investors ready for end of 2021

HONG KONG: Asian stocks slipped on Wednesday, following a mixed Wall Street session as the region's investors positioned their portfolios for the new year and continued to grapple with increasing global numbers of Omicron coronavirus cases.

MSCI's broadest index of Asia-Pacific shares outside Japan lost 0.25%, after six sessions of gains, following volatile U.S. trade.

There were losses in Hong Kong, down 0.6% hurt by declines in mainland tech stocks while Chinese blue chips shed 0.25%.

Japan's Nikkei slid 0.58% Wednesday after hitting a one-month high on Tuesday.

But in Australia, the ASX 200 was up 1% early in the session even though the country's most populous state New South Wales announced 11,201 new coronavirus cases.

Volatile markets are common in late December as fund managers prepare to rule off their books for the year and holidays thin trading volumes in some major markets like Australia.

“Typically, at this time of year global investors are starting to rethink their portfolio positions and they are looking at the risks going into 2022,“ said Jim McCafferty, Nomura’s joint head of APAC equity research.

“Inflation is rearing its head in Europe and the U.S., it’s more contained in Asia, so people are looking to have their portfolios positioned to mitigate inflation. In equities, people are looking at companies that can pass on any future price rises and firms with dividend growth as one way investors can generate income.”

The rising Omicron case numbers are not spooking investors as much as first feared given fatality rates have not soared and the prospects of global lockdowns remains slim.

“Investors are moving ahead and looking at what the impact will be of going back to normal,“ said McCafferty.

The Dow Jones Industrial Average rose 0.26% on Tuedsay. The S&P 500 hit a record intraday high during the session but weakened to end the day off 0.10%. The Nasdaq Composite lost 0.56%.

Yields on benchmark 10-year Treasury notes was at 1.4773% compared with its U.S. close of 1.481% on Tuesday. The two-year yield, which rises with traders' expectations of higher Fed fund rates, touched 0.7461% after hitting 0.758% the previous session, a near two-year high.

This, along with the more cautious mood for equities, helped the dollar firm slightly. The dollar index, which measures the greenback against six peers, was at 96.23, up from a low of 95.958 on Friday.

U.S. crude ticked up 0.25% to $76.17 a barrel. Brent crude rose to $79 per barrel.

Gold was slightly lower. Spot gold was traded at $1,804.5631 per ounce. - Reuters

Source: The Sun Daily

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Kraken is considering secured loans in exchange for NFTs

The Kraken marketplace wants to offer a new feature for lending its NFTs for cash. — ETX Studio pic

NEW YORK, Dec 29 — Kraken, a marketplace for non-fungible tokens (NFTs) wants to offer a new NFT-based lending service. In exchange for a token as collateral, Kraken will provide funds to the user. While the initiative is still in the works, this could turn out to be a first in the industry and even a first concrete use for NFTs.

“I would like to get a loan of US$5,000 (RM20,902), in exchange I offer you my token of BoredAPE, bought at US$3,500, but whose value is continuing to increase.” It sounds surreal as an exchange but this type of deal could soon become reality... Kraken, a marketplace in the cryptoasset world, is looking to diversify its user base and wants to promote a new use for NFTs. Thus, in exchange for a token (of a certain value), the company would provide you with funds to make another purchase. It’s a new type of offer that would essentially be aimed at customers who would like to do more than just collect digital tokens.

“‘If you deposit a CryptoPunk on Kraken, we want to be able to reflect the value of that in your account. And if you want to borrow funds against that,’ Kraken is working on a system to determine the liquidation value of the NFT deposited,” outlined a Bloomberg News interview with Jesse Powell, Kraken founder. For now, such a serviceis only in the draft stage, but it could rapidly become a reality.

The first concrete use of NFTs?

Throughout the past year, a boom in NFTs has been observed in multiple sectors. Whether in the field of art, culture, cinema, sports or video games, the examples are numerous. And so are the companies that work in one way or another with these new tokens, to create a stronger relationship with their fans or users of their service. Meanwhile, the stock market is still in the process of determining real values of NFTs to allow customers to use their tokens as collateral. “Phase one was speculation, phase two is buying art and supporting artists, phase three is going to be functional uses of NFTs,” added Kraken’s CEO.

Kraken’s goals in developing this new service also involves attracting users over from the biggest marketplaces such as Binance, FTX and Opensea (for NFTs). Kraken counts a little more than 8.5 million users, double the number of last year. But that figure is still far off those of the sector leaders such as Binance (more than 85 million customers), but as we know, in this sphere anything can change very quickly. — ETX Studio

When Should You Spend Money to Save Time?

Worried saver — Algonga / Shutterstock.com

Editor's Note: This story originally appeared on Living on the Cheap. Time and money are both limited resources. How do you decide when to spend money to save time versus when to save money by doing something yourself that takes time? The decision of whether to spend money to save time comes down to time management and the state of your finances. Following is a look at how to make that decision...

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S&P 500 closes lower after four-day rally to record high

A trader in a face mask works on the trading floor at the New York Stock Exchange as the Omicron coronavirus variant continues to spread in Manhattan December 20, 2021. —Reuters pic

NEW YORK, Dec 29 — The S&P 500 closed slightly lower after hitting a record intraday high on Tuesday, as a four-day rally lost steam in thin trading and investors weighed Omicron-driven travel disruptions and store closures.

The Centers for Disease Control and Prevention (CDC) on Monday shortened the recommended isolation time for Americans with asymptomatic cases of Covid-19 to five days from the previous guidance of 10 days.

The update follows approvals for new pills and more vaccines to fight Covid-19. It helped investors shrug off concerns over thousands of flight cancellations and Apple Inc shutting its New York stores due to surging cases, and put US stocks on pace for monthly gains.

“This is a holiday-shortened week. So daily movements will likely be exaggerated because of a low relative volume,” said Sam Stovall, chief investment strategist at CFRA Research in New York.

Eight of the 11 major S&P 500 sector indexes rose on Tuesday. Technology and healthcare led declines.

According to preliminary data, the S&P 500 lost 4.53 points, or 0.08 per cent, to end at 4,787.14 points, while the Nasdaq Composite lost 86.27 points, or 0.54 per cent, at 15,784.99. The Dow Jones Industrial Average rose 101.66 points, or 0.26 per cent, to 36,404.04.

In company news, Boeing Co rose as Indonesia lifted a ban on its 737 MAX, three years after the crash of one of the aircraft and loss of all 189 people on board.

Markets are in the seasonal Santa Claus rally, with CFRA Research data showing the S&P 500 has on average risen 1.3 per cent in the last five trading days of the year, and first two days of the new year since 1969.

“Investors are digesting the gains from the last three days, ... but there are concerns such as how will the Omicron variant affect the market? Would that end up undoing the Santa Claus rally? What about the Fed raising interest rates, could that cause challenges for the year ahead?” Stovall said.

The Federal Reserve signaled earlier this month three quarter-percentage-point interest rate hikes by the end of 2022 as the economy nears full employment and the US central bank copes with an inflation surge. — Reuters

The Changing Value of $1 Over Time

Worried man with money — mikeledray / Shutterstock.com

Editor's Note: This story originally appeared on Self. The one-dollar bill is one of the world’s most powerful pieces of paper. In 2021, due to the pandemic, inflation hit a 30-year high, highlighting the changing power of the dollar for most folks. And while a single buck isn’t going to buy you your first home or a brand new set of wheels, it is crucial for your weekly groceries or gassing up...

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11 Ideas for Living on Social Security Alone

Senior in glasses looking at a picture frame — Dmytro Zinkevych / Shutterstock.com

Editor's Note: This story originally appeared on NewRetirement. Living on Social Security alone is not only possible, but many retirees already accomplish that very feat every year. While the lifestyle associated with Social Security income isn’t exactly luxurious, it doesn’t have to equal rice and beans for the rest of your life, either. How you make living on Social Security alone work for you...

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17 Surprising Things You Can Sell for Extra Money

Surprised senior holding dentures — Krakenimages.com / Shutterstock.com

Most of us will never find a treasure like the sweater once owned by legendary football coach Vince Lombardi that a Knoxville, Tennessee, couple bought at Goodwill for 58 cents and resold for $43,000. But, chin up. There’s still plenty of profit to made in the humble objects that surround us every day — even for things people might call garbage. After three decades of thrift shopping...

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Defensive stocks, ‘Santa Rally’ prop up European shares

Risk appetite remains strong into the year-end, according to analysts, despite the threat of the Omicron coronavirus variant hampering a global economy already tackling slowing growth. — Reuters pic

BRUSSELS, Dec 28 — European shares edged up to a five-week high today, taking heart from Wall Street hitting record highs overnight, even as Omicron worries remained with France tightening curbs and Covid-19 cases surging in Spain and Britain.

The pan-European STOXX 600 rose 0.6 per cent, after adding 0.6 per cent in its previous session, to notch a more than one-month high.

Risk appetite remains strong into the year-end, according to analysts, despite the threat of the Omicron coronavirus variant hampering a global economy already tackling slowing growth, supply bottlenecks and soaring prices.

The STOXX 600 is eyeing its second straight session of gains in the final week of 2021 after adding 2.6 per cent in December so far, on track for its best month since August.

“Given rich valuations after an enthused, if not euphoric, bull run in 2021, it is not unreasonable to propose that this Santa Rally is clearing a higher bar,” said Vishnu Varathan, head of economics and strategy at Mizuho Bank.

Defensive stocks including healthcare and industrials led gains, with almost all sectors trading in positive territory.

Healthcare stocks rose 0.8 per cent to their highest in nearly three months, and were eyeing their biggest two-day gain in more than a week. The sector has added 25 per cent this year, outperforming the benchmark’s 22 per cent so far.

Spain’s coronavirus infection rate exceeded 1,000 cases per 100,000 people for the first time on Monday, stoked by the fast-spreading Omicron variant.

While England will not get any new Covid-19 restrictions before the end of 2021, the French government said it would tighten measures, though there will be no curfew for New Year’s Eve. The blue-chip CAC 40 rose 0.6 per cent in early trade.

The rapid rise of Omicron cases could dampen, if not derail, central banks’ plan for policy tightening into the next year, Varathan added.

Shares of Italy’s Alerion Clean Energy advanced 4.4 per cent on reports its controlling family could sell a stake of up to 43 per cent in the renewable energy operator in a deal worth around 800 million euros.

Swiss specialty chemicals maker Clariant said it will purchase assets from German competitor BASF in North America in a $60 million deal that will help grow its sustainable business. BASF and Clariant shares rose 1.0 per cent and 0.6 per cent respectively.

Telecom Italia climbed 0.6 per cent after an Italian ministry said it would use a proposal presented by a consortium that includes the company as a blueprint in the national cloud tender it plans to launch in the first weeks of 2022. — Reuters

S&P 500 set to open at record high as rally sustains

The S&P 500 and Nasdaq yesterday posted their best four-day rally since November 2020. — Reuters pic

NEW YORK, Dec 28 — The S&P 500 was on track to open at all-time highs today, building on a record-setting rally amid thin trading volumes, with investors unshaken by Omicron-driven travel disruptions and store closures.

The S&P 500 and Nasdaq yesterday posted their best four-day rally since November 2020, with the S&P 500 scaling a peak as an upbeat outlook on the US economy helped investors look past thousands of flight cancellations and Apple Inc shutting its New York stores due to surging cases.

The Centres for Disease Control and Prevention (CDC) yesterday shortened the recommended isolation time for Americans with asymptomatic cases of COVID-19 to five days from the previous guidance of 10 days.

The CDC’s update along with approvals to new pills and more vaccines to fight COVID-19 have all helped put the three main indexes on pace for monthly gains.

“This policy change is sending the message that it is becoming more like the flu and less like the variants we saw early on when we had no treatments, no vaccines and it was much more deadly,” said Thomas Hayes, managing member at Great Hill Capital in New York.

At 8:16 a.m. ET, Dow e-minis were up 77 points, or 0.21 per cent, S&P 500 e-minis were up 11 points, or 0.23 per cent, and Nasdaq 100 e-minis were up 70.5 points, or 0.43 per cent.

Some megacap companies have roared in the recent rally, with Tesla Inc jumping 1.7 per cent in premarket trade after surging nearly 22 per cent in value over the past four sessions. Apple , which is up marginally, is within spitting distance of becoming the first US company to hit $3 trillion in market capitalization.

Chipmakers Nvidia Corp, Advanced Micro Devices Inc and Qualcomm Inc all firmed 0.6 per cent-1 per cent.

Markets are in one of the seasonally strong periods, also called the Santa Claus Rally, with CFRA Research data showing the S&P 500 has on average risen 1.3 per cent in the last 5 trading days of the year, and first two days of the new year since 1969. (Reporting by Medha Singh and Bansari Mayur Kamdar in Bengaluru; editing by Uttaresh.V)

Monday, December 27, 2021

6 Websites That Will Sell Your Clutter for You

Woman surrounded by clutter — Olena Yakobchuk / Shutterstock.com

Gone are the days when you had to rely on Craigslist or eBay to sell your unwanted clutter. Today, there’s a plethora of websites and apps — from Facebook Marketplace to Letgo and OfferUp — that can help you get cash for your unwanted items by connecting you with buyers in your area. But what happens if you don’t want to meet someone face-to-face to complete the sale? The coronavirus pandemic...

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Coastal Contracts secures deal worth RM4.5b in Mexico

PETALING JAYA: Coastal Contracts Bhd’s joint venture company Coastoil Dynamic SA De CV (CD) has entered into a service agreement (SA) with a Mexican state-owned petroleum company Pemex Exploracion and Produccion’s subsidiary Petroleos Mexicanos (Pemex), to undertake an onshore gas-conditioning plant project.

The contract for the EMC Papan Plant with a capacity of 300 million standard cubic feet per day (mmscfd) at Ixachi field, Tierra Blanca, Veracruz, Mexico, is for 3,902 days, including the construction period of 250 days and the operations and maintenance period of 10 years for RM4.5 billion.

The scope of work includes engineering, procurement, construction, operation and maintenance for the gas-conditioning plant and its related infrastructure.

Upon completion of EMC Papan Plant, Coastoil Dynamic will have a combined gas-conditioning plant capacity of 480 mmscfd working at Ixachi Field.

EMC Papan Plant can provide gas sweetening, dehydration, dew point control and extraction of liquefied petroleum gas (LPG) services for Ixachi Field.

EMC Papan Plant is a strategic project not only for Pemex but also for the Mexico government that aims to make every Mexican gain access to gas in the country in the future.

Coastal Contracts group executive chairman Ng Chin Heng said the group would pursue more projects related to Pemex’s production value chain amid the steady recovery in the industry.

“With the oil price hovering around US$70 per barrel and the underinvestment in the industry during the past few years, oil majors are expected to increase capital expenditure spending in 2022. Coastal (Contracts) and our joint venture company would capitalise on these opportunities,“ he said in a filing to Bursa Malaysia.

Trading in Coastal Contracts shares was halted at 9.02am today and it shot up to as high as RM1.44 following resumption of trade an hour later. The stock ended the day’s trade at RM1.33 for a gain of 12 sen with a volume of 4.85 million shares.

US-Asean business supports Putrajaya's economic recovery efforts

JAKARTA: United States-Asean Business Council (USABC) members stand ready to support Malaysia’s efforts and programmes in the post-pandemic economic recovery, including restoring the country’s position in regional and global supply chains.

The USABC said policymaking that prioritises digital transformation and continued support of growth and investment in the healthcare sector will help spur the recovery process.

“We look forward to further discussions and partnerships in the coming year to support the government in Covid-19 recovery,” USABC senior vice-president and regional managing director Michael Michalak said in a statement.

The USABC urged the Malaysian government to continue taking a transparent, consultative process to policymaking and to establish clear governance and regulatory frameworks for industries, in order for businesses to rebound and recover .

The council acknowledged Malaysia’s strong efforts to quickly vaccinate its population to support a speedy economic recovery.

The statement also alluded to the Nov 15-24 hybrid meeting where the USABC engaged with key Malaysian ministers and top officials, as part of its continued efforts to highlight the commitment of the American business community towards the country’s dynamic growth.

The engagement delved into Malaysia’s economic recovery from the global pandemic, its role in global supply chains, and economic policies, as well as sought to identity ways of deepening levels of transparent process to policymaking.

Malaysia’s contribution to the global supply chain is seen crucial with US President Joe Biden in November, citing the country in explaining how the complex global supply chain has been hit hard by the deadly pandemic and its impact on the American automotive industry.

Malaysia is a crucial hub in the semiconductor chip global supply chain, accounting for 7% of the total global semiconductor trade.

Key suppliers are Infineon Technologies AG in Batu Berendam, Malacca; NXP Semiconductors NV in Petaling Jaya; and STMicroelectronics NV in Muar, Johor.

In 2020, electrical and electronics exports reached RM386 billion, accounting for 39.4% of Malaysia’s total exports. – Bernama

SunCon gets LoI from Gopeng unit for solar plant works

KUALA LUMPUR: Gopeng Bhd’s wholly owned subsidiary, GBS Suria Sdn Bhd, has submitted a letter of intent (LoI) to Sunway Construction Bhd (SunCon) to engage the latter for its services as a contractor to carry out works relating to a solar photovoltaic energy generating project with ancillary equipment and facilities known as LSS4 Project 1 in Perak.

The works, valued at RM200 million, include the design, engineering, procurement, construction, testing and commissioning of the facility with a generating capacity of 50MW.

“The LoI is non-binding and is subject to further discussions and negotiations with regard to its terms and conditions, which shall be included in the engineering and construction (EPC) contract thereafter,” Gopeng said in a filing with Bursa Malaysia today.

“The EPC contract shall be executed by the parties within three months from the date of this letter or at a later date as agreed by the parties,” it said.

It also said that the LOI was accepted by SunCon today.

On March 15, 2021, Gopeng announced that it was shortlisted as a bidder for the development of a large scale photovoltaic plant with a capacity of 50MW in Gopeng, Perak.

The LSS4 Project 1 is part of the LSSPV.

In a separate filing, SunCon said the LSS4 Project 1 should be completed and operational as scheduled on Dec 31, 2023, as required by the Energy Commission (EC).

SunCon has also received an LoI from Sharp Ventures Solar Sdn Bhd for the same works for the solar photovoltaic energy generating facility with ancillary equipment and facilities with 50MW generating capacity in Klang, Selangor (LSS4 Project 2), worth RM185 million.

The LSS4 Project 2 should be completed and operational on Dec 31, 2023, SunCon said.

“The LSS4 Project 1 and LSS4 Project 2 are expected to contribute positively to the earnings of the group for the financial year ending Dec 31, 2022,” SunCon added. – Bernama

Foreign outflows slow down on Bursa

PETALING JAYA: Foreign selloff on Bursa Malaysia saw a slow down last week as offshore investors sold a net of RM38.16 million net of local equities compared to RM348.36 million recorded in the preceding week.

According to MIDF Research’s report, the week started off on Monday with retail and local institutions as net buyers at RM17.58 million and RM31.17 million, respectively. Meanwhile, foreign funds were net sellers to the tune of RM48.75 million.

For the week, offshore investors stood as net sellers for most of the week except Wednesday and Thursday, with the largest outflow of RM124.28 million reported on Tuesday.

Retailers stood as net buyers for every day of the week except on Wednesday and Thursday.

The report revealed the largest net buying by retailers was recorded on Tuesday at RM48.72 million.

“This was not enough to propel the market to a net bought position despite net buying on Monday, Tuesday and Friday,” it said.

The research house pointed out retailers emerged as net sellers for the week with a RM4.19 million selloff, noting it is the first week retailers recorded a net selling position after nine straight weeks of inflow.

On the other hand, local institutions recorded cumulative weekly net buying to the tune of RM42.36 million, having been net buyers for the majority of the week except on Wednesday and Thursday. The largest net buying on Tuesday came to the tune of RM75.57 million.

Since the start of 2021, MIDF highlighted cumulatively, retailers have been the only net buyers of our equity market to the tune of RM12.44 billion. Meanwhile, local institutions and foreign investors were net sellers to the tune of RM9.27 billion and RM3.17 billion, respectively.

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