What we’re reading (4/8)
“S&P 500, Nasdaq Fall While Bonds Extend Selloff” (Wall Street Journal). “All three major indexes ended the week with losses. The S&P 500 snapped a three-week winning streak that had sent it toward its best performance since November 2020, losing 1.3%. The Dow and Nasdaq lost 0.3% and 3.9%, respectively.”
“South America’s Newest Oil Boom Is Gaining A War Time Boost” (OilPrice.com). “Exxon estimates its discoveries in the Stabroek Block alone hold 10 billion barrels of recoverable oil resources, which have the potential for at least 10 development projects. As a result, analysts believe Guyana will be pumping over one million barrels of crude oil daily by 2027, which will deliver a tremendous economic windfall for one of South America’s most impoverished nations. Neighboring Suriname, which shares the Guyana Suriname Basin, is also poised to benefit from an oil boom of its own.”
“Recession-Proof Stocks Are Having A Moment” (CNN Business). “Health care companies in the S&P 500 are up 3.8% in April, while the broader index is down 0.7%. The utilities sector has climbed 3.1%, and companies that make consumer staples like food and hygiene products have risen 3.6%.”
“Morgan Stanley Plumping For All The Little Archegoses Out There” (Dealbreaker). “Family offices are all the rage these days. Who wants to put up with the bitching and kvetching of clients when you can just do whatever the hell you want, like let it all ride on SPACs and cryptos? So much more fun that way. So that’s, like, what Adelphi Capital’s Roderick Jack and Marcel Jongen—last seen dumping their short book as quickly as possible—are gonna do.”
“China's Yuan Is Replacing The Dollar And Euro In Russian Bank Accounts Amid Western Sanctions, Report Says” (Insider). “Russian banks are reportedly seeing sharp increases in the Chinese yuan in their clients' accounts as Western sanctions limit access to the dollar and euro.”
