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Apple Jumps After Berkshire Reveals $1 Billion Stake

Apple Jumps After Berkshire Reveals $1 Billion Stake

After three consecutive weeks of seemingly relentless bad news for Apple, moments ago the stock jumped by $2 dollars, rising from $90.5 to over $92.50. There was some confusion as to why the jump and then it was revealed that none other than that "other" billionaire, Warren Buffett, has decided to start building a stake in the world's biggest cell phone company to the tune of 9.8 million shares or about $1.07 billion as of March 31.

Frontrunning: May 16

  • European Stocks Fall as Chinese Economic Data Disappoint (WSJ)
  • Oil Climbs to Highest Since November as European Shares Retreat (BBG)
  • Yen weakens on Japan intervention talk before G7 meets (Reuters)
  • Wall Street’s Bond Forecasters Splinter as Fed Credibility Wanes (BBG)
  • Amazon to Expand Private-Label Offerings—From Food to Diapers (WSJ)
  • Oil prices rise on Nigerian outages, Goldman forecast (Reuters)
  • 'Avengers' threaten new insurgency in Nigeria's oil-producing Delta (Reuters)

Traders Stumped By Sudden Flash Crash In Chinese H Shares

Traders Stumped By Sudden Flash Crash In Chinese H Shares

Just around 2:14am local time (2am EDT), Asian traders were surprised to observe in the Chinese market something which until recently had been a purely development market phenomenon: a flash crash. A sudden plunge by Chinese stocks in Hong Kong had traders scrambling to find a trigger for the slump that coincided with a surge in futures volumes Bloomberg writes. 

Futures Flat Despite China Scare As Oil Rebounds Over $47

Futures Flat Despite China Scare As Oil Rebounds Over $47

The main risk over the weekend was that markets, which have now dropped for three consecutive weeks the longest negative streak since January, would focus their attention on the latest batch of negative Chinese economic news released over the weekend, which missed expectations across the board, most prominently in Retail Sales (10.1% vs. Exp. 10.6%, down from 10.5%) and Industrial Production (6.0% vs. Exp. 6.5% down from 6.8%), and following Friday's disappointing new credit loan data, would sell off as the Chinese slowdown once again becomes a dominant concern.

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