U.S. Averages closed almost two percentage points lower as sliding oil prices added to concerns about the health of the global economy and a disappointing forecast from Exxon Mobil. Treasury yields also fell to a nine-month low today as a renewed selloff in oil and stocks sent investors into safe assets such as government bonds.
SAN FRANCISCO (Reuters) - Yahoo Inc's plans to turn around its struggling core business are set to dominate its earnings report on Tuesday, with investors keen to see if CEO Marissa Mayer will push ahead with a proposed spin-off or entertain calls for a complete sale.
DETROIT (Reuters) - U.S. auto sales fared better than expected in January as the industry continued to benefit from low gasoline prices, easy credit and moderate economic growth, major automakers said on Tuesday.
(Reuters) - China's state-owned ChemChina is nearing a deal to buy Swiss seeds and pesticides group Syngenta for around 43 billion Swiss francs ($42.2 billion), two people familiar with the matter said on Tuesday.
AMSTERDAM (Reuters) - The European Union aims to bring free trade negotiations with the United States towards a close by the summer, a necessary step if a deal is to be clinched before a change of president in the United States.
SAN FRANCISCO (Reuters) - Chipotle Mexican Grill's stock climbed on Tuesday for a second consecutive day, ahead of the restaurant chain's fourth-quarter report, on bets that the fallout from recent outbreaks of food-borne illness has been fully priced in.
Last September, when Martin Shkreli was doing his best to become the "most hated person in America" with his highly profiled 5000% price increase of a Turing Pharma toxoplasmosis drug, in an article titled "Dear Martin Shkreli: This Is How You Hike Drug Prices" we said hate him if you must, but not for his price hiking practices for one simple reason: everyone else does that.
Specifically we said that "what Shrekli did was not in any way unique: everyone else did it too, they were just much smarter about how to do it" pointing specifically at Valeant and saying that "this is where the difference between Valeant and Turing is to be found. While the entire US population was shocked, appalled and outraged at Shkreli for daring to boost the price of one drug by 5000%, apparently nobody had a problem with Valeant jacking up the prices of nearly 30 drugs by anywhere between 90% and 786% on the high end, with one solitary outlier, Ofloxacin ear drops seeing its price soar by 2288%."
... boost the prices of dozens of drugs in the span of 1-3 years anywhere between 100% and 800% and nobody notices (thank you insurance companies). But hike the price of one drug by 5,500% and suddenly all of America thinks you are satan incarnate.
... to which Citron added that "in the Twitter-storm furor over Turing's recent one-drug price gouge attempt, the media has overlooked the reality that Martin Shkreli was cre ...
Dear Bank of Japan, how do you spell unintended consequences.
PLANNED MARCH SALE OF 10-YEAR JAPANESE GOVERNMENT BONDS THROUGH BANKS TO BE CANCELED AMID EXPECTED BELOW-ZERO YIELDS - NIKKEI
JAPAN'S MINISTRY OF FINANCE IS EXPECTED TO ANNOUNCE WEDNESDAY THE FIRST-EVER DECISION TO CALL OFF SALES OF 10-YEAR JGBS- NIKKEI
Here is the full Nikkei report on this absolute stunner of a development:
The planned March sale of 10-year Japanese government bonds through banks to retail investors, municipalities and others will be canceled amid expected below-zero yields following the Bank of Japan's recent move to adopt negative interest rates.
The Ministry of Finance is expected to announce Wednesday the first-ever decision to call off sales of 10-year JGBs.
The JGBs in question are sold through Japan Post Bank and regional banks in 50,000 yen ($415) units. The holder can cash out this new type of bond ahead of maturity. With the ministry already having suspended sales of two- and five-year instruments, all sales will end. But variable-rate 10-year JGBs for retail investors will still be offered.
Winning bids at the ministry's auction of 10-year JGBs on Tuesday translated to a record-low average yield of 0.078%. As of Monday, nearly 70% of JGBs on the market already had negative yields, according to the Japan Securities Dealers Association.
Corporations and municipalities have started delaying their own issuances. Daiwa Securities Group has dropped plans to set conditions later this week for the issuance of seven- and 10-year straight bonds ...
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