`We have a big number for you: $35B.
That’s how much Bill Hwang’s family office aka Archegos had to sell off last Friday to meet the most epic margin call in recent history. The situation read like a chapter in Liar’s Poker: Hwang who once pleaded guilty to insider trading employed Goldman Sachs and Morgan Stanley to sell off $35B shares in back-to-back block trades on behalf of his fund. According to an article in Bloomberg, the banks sold $6.6 billion worth of shares of BIDU, TME, VIPS prior to the market’s opening. THEN Goldman sold another $3.9 billion of shares of VIAC, FTCH, IQ, and GSX.
Meanwhile, back at the Suez Canal, the barge that caused $6-10 billion in global daily disruption is almost free (cue the song “Freedom” by George Michael)! According to a study on supply chains done by Allianz, the Suez Canal blockage was “the straw that breaks the global trade’s back.” The report also outlined how delivery times are now longer in Europe than at the apex of the COVID pandemic.
Needless to say, this morning’s open is full of anticipation given last week’s anomaly market moves. Will there be more block trades causing a domino effect? Will an update from President Biden or WHO director rattle investors? The best way to prepare is to be informed of the week’s major events. Lucky for you we gathered the most important for this short week. Check it:
What’s to watch for the week:
IPOs:
3/29: Achilles Therapeutics (ACHL), Compass (COMP), Coursera (COUR), Flora Growth (FLGC), Frontier Group Holdings (ULCC), Kaltura (KLTR), Karooooo (KARO)
3/31: G Medical Innovations Holdings (GMVD), Inspira Technologies OXY (IINN)
Speakers:
3/29:WHO Director-General Tedros Adhanom Ghebreyesus holds a news conference on the latest developments related to the COVID-19 pandemic
3/31:TBD US President Biden unveils economic plan (Pittsburgh, PA)
4/1: Bill Gates, MSFT Co-Founder and Former US Secretary of the Treasury and GS CEO Hank Paulson speak at the New York Economic Club
Economic:
3/30: US Redbook Retail Sales, US March Conference Board Consumer Confidence, API Crude Oil/Gasoline/Distillate Inventories
3/31:US Mar ADP Non-Farm Employment Change,US Feb Pending Home Sales, DoE Crude Oil/Gasoline/Distillate Inventories
4/1: US Continuing/Initial Jobless Claims, US Feb Construction Spending,