Good morning Zoom is the standout driver of an otherwise solid start for US markets, while Japan has had a field day. The dollar and Bitcoin are proving to be the year's big winners and Shein is considering an IPO in London. Here's what people are talking about. — Sofia Horta and Costa
S&P 500 futures were flat and U.S. Treasury yields fell slightly ahead of the Treasury Department's sale of $42 billion in seven-year bonds. Zoom shares are rising sharply in early New York trading after the company's quarterly sales and profits beat estimates. A new $1.5 billion share buyback is also adding to sentiment, suggesting that the company – which operates the ubiquitous video conferencing platform – is prioritizing shareholder returns over big acquisitions for now. In Asia, much of the focus was on Japan, where two-year bond yields rose to their highest level since 2011 after stronger-than-expected inflation fueled speculation that the country's long era of negative interest rates could end as early as March. Here's today's must-read fact: For the first time in over two decades, it's cheaper for blue-chip companies in the U.S. to sell stock than to take on debt.
JPMorgan CEO Jamie Dimon said commercial real estate problems would be limited to “parts” of the sector — as long as the U.S. avoided a recession. Do you agree or do you think it is a risk to US banks or the financial system in general? Complete Bloomberg's latest MLIV Pulse survey.
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