Breaking News
Investing Pro 0
NEW! Get Actionable Insights with InvestingPro+ Try 7 Days Free

Yellen on Inflation, Astra Pushes Back, and Technoking Musk; What's up in Markets

Economy Mar 15, 2021 11:17
Saved. See Saved Items.
This article has already been saved in your Saved Items
© Reuters.

By Geoffrey Smith -- Janet Yellen plays down the fear of inflation at the start of a big week for central bank meetings. Big emerging market central banks may not be as indulgent later this week. Chinese data for the first two months of the year were strong. AstraZeneca pushes back as more countries suspend the use of its Covid-19 vaccine. And Elon Musk crowns himself Technoking in a Tesla stock exchange filing as Bitcoin hits a new record high of $61,000. Here's what you need to know in financial markets on Monday, March 15th. 

1. Yellen downplays inflation fears

Treasury Secretary Janet Yellen tried to frame the week’s big debate on her own terms, telling ABC’s “This Week” that the risk of inflation is “small” and “manageable”.

“I don’t think it’s a significant risk,” Yellen said. “And if it materializes, we’ll certainly monitor for it but we have tools to address it.”

Yellen’s comments come at the start of a big week for central bank meetings. After the Federal Reserve on Wednesday,  the Bank of England and Bank of Japan both hold their policy meetings on Thursday and Friday, respectively. BoE Governor Andrew Bailey told the BBC on Monday that he didn’t expect inflation to rise excessively.

Those looking for a real reaction to the upturn in inflationary pressures should monitor the central bank of Brazil on Wednesday, Turkey’s central bank on Thursday, and Russia’s on Friday.

2. Chinese data strong; Xiaomi (OTC:XIACF)'s case may help ADRs

China’s monthly data barrage showed industrial production and fixed asset investment rising strongly, as expected, from a year ago. Output was up 35% on the year in first two months of 2021, against a comparative base that reflected China’s lockdown. Retail sales were up by a similar amount.

Base effects were also responsible for Germany’s wholesale price inflation turning positive for the first time in a year.

Economists say that the next few months are bound to generate some extreme-looking data because of the huge distortion to demand and prices caused by lockdowns in the U.S. and Europe a year ago. As such, month-on-month changes may assume more market importance in the near term.

In other China-related news, Chinese ADRs may be supported later by phone-maker Xiaomi’s legal victory against ex-President Trump’s attempts to ban U.S. investors from holding its stock. On the downside, Chinese state media quoted President Xi Jinping as saying that the government intends to step up its monitoring of the Internet platform economy, confirming fears that were sparked last week by a raft of token antitrust fines.

3. Stocks set to open higher; Dow at new record

U.S. stocks are set to open higher later, with risk appetite well supported after Yellen’s intervention at the weekend.

By 6:45 AM ET (1145 GMT), Dow Jones futures were up 122 points, or 0.4%, building on Friday’s record close, while the S&P 500 and Nasdaq 100 futures contracts were lagging slightly with a gain of 0.2%.

Bitcoin-focused stocks are likely to be in focus later after the digital currency rose to a new record high of over $61,000 at the weekend, fired by last week’s eye-catching sale of digital art by Christie’s, where a non-fungible token created by the artist Beeple sold for over $60 million. The sale was executed using Ethereum.

Also in focus will be DraftKings (NASDAQ:DKNG), after rival FanDuel’s owner, U.K.-based Flutter Entertainment (OTC:PDYPY) said it’s looking at listing the business.

4. AstraZeneca pushes back as vaccine doubts grow

AstraZeneca  (NASDAQ:AZN) pushed back at the weekend against growing fears that its Covid-19 vaccine may cause blood-clotting problems. 

The company said in a statement that over 17 million doses have been administered in Europe and the U.K., with no evidence that the shot increased the risk of blood clots.

 According to Bloomberg, as of March 8, there have been 15 reports of clots in the legs and 22 cases where they reached the lungs, known as pulmonary embolism. On Monday, the Netherlands and Ireland joined the list of countries that have suspended distribution of the vaccine. The EU meanwhile is still heaping pressure on the U.S. to release for export unused stockpiles of the drug, which U.S. regulators are yet to approve.

5. TechnoKing and Master of Coin

Tesla  (NASDAQ:TSLA) CEO Elon Musk continues to troll the po-faced legions of baby-boomer analysts and journalists by adopting new titles straight out of the lexicon of Reddit subculture.

In a statement to the stock exchange, Tesla said that: “Effective as of March 15, 2021, the titles of Elon Musk and Zach Kirkhorn have changed to TechnoKing of Tesla and Master of Coin, respectively. Elon and Zach will also maintain their respective positions as Chief Executive Officer and Chief Financial Officer.”

Make of that what you will.

Yellen on Inflation, Astra Pushes Back, and Technoking Musk; What's up in Markets

Related Articles

Copper firms after China relaxes quarantine rules
Copper firms after China relaxes quarantine rules By Reuters - Jun 28, 2022

By Pratima Desai LONDON (Reuters) - Copper prices rose on Tuesday as hopes for stronger demand after top consumer China relaxed its COVID-19 quarantine mandates were reinforced by...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at’s discretion.

Write your thoughts here
Are you sure you want to delete this chart?
Post also to:
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (1)
Mareks Boriss
Mareks Boriss Mar 15, 2021 13:10
Saved. See Saved Items.
This comment has already been saved in your Saved Items
what happened with x space rocket? is it fall again? o no again Russian fault need sanctions...
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Our Apps
© 2007-2022 Fusion Media Limited. All Rights Reserved.
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
  • Sign up for FREE and get:
  • Real-Time Alerts
  • Advanced Portfolio Features
  • Personalized Charts
  • Fully-Synced App
Continue with Google
Sign up with Email