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While some of the stocks targeted in the block trades initiated by Goldman Sachs Group Inc. They posted their biggest daily losses ever. Huge RalliesThe possibility of additional block trades still looms over the market, while the traditional end-of-quarter volatility may contribute to sharper swings on high-flying stocks.

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ViacomCBS and Discovery have rallied this year. The stock fell 9. On Friday, a downgrade by Wells Fargo and the large block trades compounded the selling pressure. The pessimism underscores the mounting difficulties faced by Prime Minister Boris Johnson. Trade data showed EU shipments collapsed in January.

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Some of the shine is already starting to fade. Data from the Chicago-based Commodity Futures Trading Commission in Washington show investors have started to trim bullish bets on the pound. After their long positions hit a one-year high earlier in March, leveraged funds scaled back their wagers for a third-straight week. Even with a Brexit deal and an agreement on financial regulation out of the way, the U.

Consumers did return to online and in-store shopping in February after a slump at the beginning of the year, official figures published Friday showed. Still, the rebound was modest. There are a lot of little bad things in the background that individually have the potential to be pretty systemic.

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Items that protect you from the virus are medical expenses, the tax agency says. The unregistered stock offerings were said to be managed by banks including Goldman Sachs Group Inc. The liquidation triggered price swings for every stock involved in the high-volume transactions, while rattling some of their industry counterparts. It also spurred speculation among some traders of forced selling by a fund being liquidated.

Goldman Sachs did not respond to a requests seeking comment. Among the affected stocks were Chinese giants such as Baidu Inc. In block trades, large volumes of securities are privately negotiated between parties, usually outside of open market. The morning selloff dragged peers including Alibaba Group Holding Ltd. Some of those shares were stung multiple times, with Discovery being the subject of at least three block trades. ViacomCBS and Discovery, which were already under pressure from a slew of analyst downgrades, posted their biggest one-day drops ever.

But on Monday, when Abu Dhabi begins selling futures contracts for its oil and then shipping the barrels from Fujairah, it will mark an aggressive shift by the emirate. Investors globally are clamoring for commodities because of their high yields relative to other assets and to protect themselves against any rise in inflation. Creating a new benchmark will hardly be easy.

Oil traders dislike change, especially when they believe markets already do a good job matching supply and demand.

It was forced to shelve the plan indefinitely. Murban will also face competition regionally. Platts publishes price assessments for Dubai oil and the Dubai Mercantile Exchange trades futures for Omani crude. Both act as benchmarks for Middle Eastern shipments to Asia.

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Abu Dhabi says the combination of high supply, easy access to oil-consuming markets from Fujairah and the absence of trading restrictions will attract plenty of buyers to its exchange. The futures platform will be run by Atlanta-based Intercontinental Exchange Inc. The Murban exchange and the capacity boost could raise tension within the Organization of Petroleum Exporting Countries, according to Hari of Vanda Insights.

The Gulf states dominate the cartel and tend to prize unity.

They also began unprecedented production cuts last year to bolster prices as the coronavirus pandemic spread. Bloomberg -- UiPath Inc. The listing will be in the top tier of IPOs in an already record-setting year. UiPath specializes in robotic process automation technology, software that helps companies save time and money by automating repetitive, manual tasks such as entering data into spreadsheets.

It competes with Automation Anywhere Inc. The bank's CEO, Jamie Dimon, once called the cryptocurrency a "fraud" and said bitcoin mania is reminiscent of the tulip bulb craze in the 17th century. Dimon is, however, more supportive of the underlying blockchain technology that served as the foundation for digital currencies like bitcoin. JPMorgan has invested heavily in the space, creating its own digital currency called JPM Coin and establishing a new unit devoted to blockchain. Skip Navigation. Markets Pre-Markets U.

Key Points. Copper prices rallied on Friday, making up some of the losses of earlier this week, fueled by optimism about near-term demand in Asian markets. Meanwhile, Cinch, also a second-hand car seller, is in talks to raise about million pounds of new funding, valuing the company at more than 5 billion pounds, Sky reported.

Adds details, Cinch report. Bloomberg -- Hong Kong is expected to have its own blank check company listing framework ready in June for public feedback and targets allowing deals to start by the end of this year, according to people familiar with the matter. The city is looking at tighter rules for sponsors of special purpose acquisition company listings and their buy-out targets than those enforced in the U. Officials are keen to address concerns springing up around the hundreds of publicly traded shell companies that have raised money on New York exchanges with the goal of buying a profitable business down the line, the people said.

Hong Kong is racing with rival Singapore to become the first Asian hub to green light such vehicles.


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Yet, after years spent squeezing out shell companies that were seen as a hotbed for pump-and-dump stock manipulation, authorities are taking a cautious approach. Acquisitions by SPACs will have to meet the existing standards for initial public offerings, the people said. The rules also envision a set of conditions for sponsors to meet, including having a track record of managing money, one person said.

The time-line could still change should unforeseen regulatory concerns arise, the people said. The guiding principle is to keep the current vetting system of IPOs and reverse takeovers in place and introduce a long-term framework for SPAC issuance, they said. The Hong Kong rules being mulled on sponsors could prevent some of the excesses that U. The Securities and Exchange Commission recently warned against buying stakes in SPACs based solely on endorsements from Hollywood actors, professional athletes and other celebrities.

SPACs typically put the money raised by selling shares into a trust account that pays interest while the company looks for a target to acquire. If no target is found over a specified period, mostly two years, investors get paid back. A major concern now is that as more and more SPACs sell shares, there will be few viable companies available for them to acquire. Hennecke said that pressure will grow on SPACs over the next two years to secure a good acquisition. One major issue in Hong Kong could become securing liability insurance for SPAC directors and officers against incorrect statements and negligence.

Such insurance is already double the cost for many Chinese firms listed in the U. Horizon Ventures, a firm backed by billionaire Li Ka-shing, this year took its three financial technology holdings -- Hippo Enterprises Inc. Effectively a merger, a SPAC listing can be completed in a matter of weeks compared with the 12 months it would take to go public in the regular way, she said.

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Ultimately you need to ask yourself whether you are public ready. Bloomberg -- The family office of former Tiger Management trader Bill Hwang was behind the unprecedented selling of some U. The companies involved ranged from Chinese technology giants to U. ViacomCBS and Discovery posted their biggest declines ever Friday, after the selling and analyst downgrades. The liquidation had triggered price swings for every stock involved in the high-volume transactions, rattling traders. Hwang was an institutional stock salesman at Hyundai Securities Co. Updates with reasons behind selling in second paragraph For more articles like this, please visit us at bloomberg.

Markets closed. Dow 30 33, Nasdaq 13, Russell 2, Crude Oil Gold 1, Silver Vix CMC Crypto 1, FTSE 6, Nikkei 29, Read full article.