Thursday, 1 Jun 2023

Asian Shares Mostly Higher In Thin Holiday Trade

Medigus Climbs After Acquiring 19.9% Of Metagramm

Medigus Ltd. (MDGS) shares are gaining more than 4 percent on Thursday morning trade after the company acquired 19.9 percent of Metagramm Software Ltd. for $250,000.

Metagramm offers tools for writing and reviewing, grammar, spelling, punctuation, and style features as well as translation and multilingual dictionaries.

Currently, shares are at $4.40, up 4.53 percent from the previous close of $4.21 on a volume of 501,408.

Thirty-Year Bond Auction Attracts Average Demand

Finishing off this week’s series of announcement of the results of its long-term securities auctions, the Treasury Department on Thursday revealed this month’s auction of $18 billion worth of thirty-year bonds attracted average demand.

The thirty-year bond auction drew a high yield of 3.661 percent and a bid-to-cover ratio of 2.36.

The Treasury also sold $18 billion worth of thirty-year bonds last month, drawing a high yield of 3.877 percent and a bid-to-cover ratio of 2.35.

The bid-to-cover ratio is a measure of demand that indicates the amount of bids for each dollar worth of securities being sold.

The ten previous thirty-year bond auctions had an average bid-to-cover ratio of 2.36.

Earlier this week, the Treasury revealed this month’s auction of $40 billion worth of three-year notes attracted slightly above average demand, while this month’s auction of $32 billion worth of ten-year notes attracted modestly below average demand.

The Treasury Department also announced the details of this month’s twenty-year bond auction on Thursday.

The Treasury revealed plans to sell $12 billion worth of twenty-year bonds, with the results of the auction due to be announced next Wednesday.

Last month, the Treasury also sold $12 billion worth of twenty-year bonds, attracting modestly below average demand.

U.S. Strongly Condemns North Korea's Long-range Ballistic Missile Test

The United States has strongly condemned North Korea for its test of a long-range ballistic missile.

North Korea launched the latest in a series of missile tests on Thursday morning, triggering an evacuation order in northern Japan.

The projectile fell into waters to the east of North Korea after covering a distance of about 1,000 kilometers, reports quoting Japanese coast guards said. South Korea’s military called it a “grave provocation.”

Pyongyang did not reveal the range of the missile, but the White House said it was a long-range ballistic missile.

NSC Spokesperson Adrienne Watson said President Joe Biden and his national security team are assessing the situation in close coordination with Washington’s allies and partners.

This launch is a brazen violation of multiple UN Security Council resolutions and needlessly raises tensions and risks destabilizing the security situation in the region, he said in a statement.

This action demonstrates that the DPRK continues to prioritize its unlawful weapons of mass destruction and ballistic missile programs over the well-being of its people, he added.

Watson urged all countries to condemn these violations and call on North Korea to come to the table for serious negotiations.

He said the United States will take all necessary measures to ensure the security of the “American homeland,” South Korea and Japan.

Luxor Recalls A/V Carts With Serious Tip-Over Hazard After 3 Children Killed

Thousands of audiovisual carts with “serious tip-over hazard” have been recalled after 3 children were killed by falling television.

The U.S. Consumer Product Safety Commission and Waukegan, Illinois-based Luxor Workspaces LLC have announced the recall of about 84,700 plastic and metal audiovisual carts due to a serious tip-over hazard to children. In addition, around 1,650 audiovisual carts were sold in Canada.

According to the statement, three children have died, and one child was seriously injured in incidents where recalled A/V carts carrying a “box” shaped television tipped over and landed on them. The incidents occurred between 2006 and 2016.

The recall involves three cart base models: WT42 “Tuffy” plastic cart; W42/AVJ42/SS-AVJ42 metal cart; and LP-DUO/TPDUOEQ plastic cart.

The company has asked customers to stop using the recalled carts immediately and contact Luxor for a free repair. Luxor will provide metal ballast kits, which should be installed by the consumer to the lower shelf of the cart to add stability and weight. New warning labels cautioning consumers to place no more than 25 lbs. on each shelf will also be provided. Consumers should attach these warning labels on each shelf.

The carts subject to this recall have been sold since at least the early 1980s through various websites including Amazon, 123Stores, Grainger, and others for between $125 and $250.

Tesla To Build 'Megapack' Factory In Shanghai

Tesla will build a new mega factory in Shanghai, which will be dedicated to manufacturing its energy-storage product “Megapack”, the U.S. carmaker said in a tweet on Sunday.

Megapack is a powerful battery that provides energy storage and support, helping to stabilize the grid and prevent outages.

The new plant is scheduled to break ground in the third quarter of the year and start production in the second quarter of 2024, Chinese state media outlet Xinhua reported.

Tesla noted that the new factory will initially produce 10,000 Megapacks per year.

Tesla currently has a Megafactory in California, capable of manufacturing 10,000 Megapacks per year.

Asian Shares Mostly Higher In Thin Holiday Trade

Asian stocks traded mostly higher in thin holiday trade on Monday, with Australian, New Zealand and Hong Kong markets closed for Easter holiday.

The dollar gained as solid U.S. jobs data released on Friday bolstered bets the Federal Reserve may raise interest rates by 25 basis points in its May 2-3 meeting.

Investors await a closely watched inflation report as well as the release of minutes of the Fed’s March meeting this week for additional clues on the economic and rate outlook.

Elsewhere, European Central Bank (ECB) officials indicated another rate hike in May.

Gold prices slipped while oil edged higher on the prospect of tighter supplies.

As recession worries mount, traders looked ahead to the 2023 Spring Meetings of the World Bank and the International Monetary Fund taking place in Washington D.C. this week for direction.

Chinese shares were marginally higher while Japan’s Nikkei index rose 0.4 percent as Kazuo Ueda took over the reins at the Bank of Japan.

South Korea’s Kospi average was up nearly 1 percent as U.S. Treasury yields dropped after climbing on Friday.

U.S. and European markets were closed on Friday on the eve of Good Friday.

The U.S. jobs report released on Friday showed strong hiring, slower wage growth and an historically low unemployment rate, raising speculation the Fed will hike rates by another 25 bps at its May meeting.

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