Oil set to ‘crater’ Monday as OPEC meeting delayed, tensions flare between Saudi Arabia and Russia

PUBLISHED SAT, APR 4 202012:00 PM EDT

~ The virtual meeting between OPEC and its allies scheduled for Monday has been postponed, sources familiar with the matter told CNBC, as tensions between Saudi Arabia and Russia mount.

~ The meeting will now “likely” be held on Thursday, sources said.

~ The Monday meeting was set after President Donald Trump said to CNBC on Thursday that he expected Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman to announce a deal on production cuts.


The virtual meeting between OPEC and its allies scheduled for Monday has been postponed, sources familiar with the matter told CNBC, amid mounting tensions between Saudi Arabia and Russia. The meeting will now “likely” be held on Thursday, sources said.

The Monday meeting was set after President Donald Trump said to CNBC on Thursdaythat he expected Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman to announce a deal to cut production by up to 15 million barrels, and that he had spoken to both countries’ leaders.

The delay is likely to hit oil prices next week following a record-setting comeback week for crude. U.S. oil surged 25% on Thursday for its best day on record, and gained another 12% on Friday. It finished the week with a 32% surge, breaking a 5-week losing streak and posting its best weekly performance ever, back to the contract’s inception in 1983.

“It’s probably going to crater,” Again Capital’s John Kilduff said. “There was a lot of optimism priced into oil Thursday and Friday. With this new Saudi, Russia spat, it doesn’t look like it’s going to come together.”

Despite last week’s surge, West Texas Intermediate crude is still down nearly 40% in the last month on the heels of demand destruction from the coronavirus outbreak, and the price war between Saudi Arabia and Russia.

Friday’s jump was fueled by a Reuters report that OPEC+ was contemplating a production cut equivalent to about 10% of world supply, and that Putin said a cut of 10 million barrels a day appeared possible.

Both Saudi Arabia and Russia have sought U.S. cooperation in balancing the world oil supply. American drillers are still pumping near record levels as the world is coming to the edge of its ability to store oil.

U.S. oil executives met with the president Friday at the White House, and there was speculation he would ask them to cooperate in cuts. No agreement came of the meeting, but Trump did seem to reflect an industry view that market forces should determine prices. 

“These are great companies and they’ll figure it out,” he said at a White House briefing following his meeting with the energy CEOs. “It’s a free market, they’ll figure it out.”

At its March meeting, OPEC proposed cutting production by 1.5 million barrels per day in an effort to combat the demand slowdown, but OPEC-ally Russia rejected the additional cuts. The meeting ended with no agreement, and in retaliation Saudi Arabia slashed its oil prices in an effort to gain market share, and subsequently increased its production to a record high of more than 12 million barrels per day.

Tensions between Saudi Arabia and Russia have escalated since. In comments Friday, Putin blamed the collapse in oil prices on Saudi Arabia pulling out of the more than 3-year-old OPEC plus deal, along with its increase in production and agreements for discounts, all of which exacerbated the blow from the coronavirus.

Saudi Arabia lashed back. In a statement Saturday, Saudi Foreign Minister Prince Faisal bin Farhan reportedly said Putin’s comments were “devoid of truth.”

Saudi Arabia energy minister Prince Abdulaziz bin Salman also issued a statement Saturday saying comments from Russia’s energy minister Alexander Novak “were categorically false and contrary to fact.” The statement said the Saudi minister “expressed his surprise at the attempts to bring Saudi Arabia into hostilities against the shale oil industry.” The minister noted that Saudi Arabia was a major investor in the U.S. oil sector.


##https://www.cnbc.com/2020/04/04/oil-set-to-crater-monday-as-opec-meeting-delayed-tensions-flare-between-saudi-arabia-and-russia.html

Oil set to ‘crater’ Monday as OPEC meeting delayed, tensions flare between Saudi Arabia and Russia

PUBLISHED SAT, APR 4 202012:00 PM EDT

~ The virtual meeting between OPEC and its allies scheduled for Monday has been postponed, sources familiar with the matter told CNBC, as tensions between Saudi Arabia and Russia mount.

~ The meeting will now “likely” be held on Thursday, sources said.

~ The Monday meeting was set after President Donald Trump said to CNBC on Thursday that he expected Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman to announce a deal on production cuts.


The virtual meeting between OPEC and its allies scheduled for Monday has been postponed, sources familiar with the matter told CNBC, amid mounting tensions between Saudi Arabia and Russia. The meeting will now “likely” be held on Thursday, sources said.

The Monday meeting was set after President Donald Trump said to CNBC on Thursdaythat he expected Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman to announce a deal to cut production by up to 15 million barrels, and that he had spoken to both countries’ leaders.

The delay is likely to hit oil prices next week following a record-setting comeback week for crude. U.S. oil surged 25% on Thursday for its best day on record, and gained another 12% on Friday. It finished the week with a 32% surge, breaking a 5-week losing streak and posting its best weekly performance ever, back to the contract’s inception in 1983.

“It’s probably going to crater,” Again Capital’s John Kilduff said. “There was a lot of optimism priced into oil Thursday and Friday. With this new Saudi, Russia spat, it doesn’t look like it’s going to come together.”

Despite last week’s surge, West Texas Intermediate crude is still down nearly 40% in the last month on the heels of demand destruction from the coronavirus outbreak, and the price war between Saudi Arabia and Russia.

Friday’s jump was fueled by a Reuters report that OPEC+ was contemplating a production cut equivalent to about 10% of world supply, and that Putin said a cut of 10 million barrels a day appeared possible.

Both Saudi Arabia and Russia have sought U.S. cooperation in balancing the world oil supply. American drillers are still pumping near record levels as the world is coming to the edge of its ability to store oil.

U.S. oil executives met with the president Friday at the White House, and there was speculation he would ask them to cooperate in cuts. No agreement came of the meeting, but Trump did seem to reflect an industry view that market forces should determine prices. 

“These are great companies and they’ll figure it out,” he said at a White House briefing following his meeting with the energy CEOs. “It’s a free market, they’ll figure it out.”

At its March meeting, OPEC proposed cutting production by 1.5 million barrels per day in an effort to combat the demand slowdown, but OPEC-ally Russia rejected the additional cuts. The meeting ended with no agreement, and in retaliation Saudi Arabia slashed its oil prices in an effort to gain market share, and subsequently increased its production to a record high of more than 12 million barrels per day.

Tensions between Saudi Arabia and Russia have escalated since. In comments Friday, Putin blamed the collapse in oil prices on Saudi Arabia pulling out of the more than 3-year-old OPEC plus deal, along with its increase in production and agreements for discounts, all of which exacerbated the blow from the coronavirus.

Saudi Arabia lashed back. In a statement Saturday, Saudi Foreign Minister Prince Faisal bin Farhan reportedly said Putin’s comments were “devoid of truth.”

Saudi Arabia energy minister Prince Abdulaziz bin Salman also issued a statement Saturday saying comments from Russia’s energy minister Alexander Novak “were categorically false and contrary to fact.” The statement said the Saudi minister “expressed his surprise at the attempts to bring Saudi Arabia into hostilities against the shale oil industry.” The minister noted that Saudi Arabia was a major investor in the U.S. oil sector.

“Now we have two issues,” said Helima Croft, head of global commodities research at RBC. “After President Trump’s statement it seems rather unlikely any production commitment is forthcoming. And it looks like we might have a new diplomatic rift between Russia and the Saudis…The Saudi minister is pushing back furiously on the Russian minister’s assertion that the Saudis are targeting shale.”


##https://www.cnbc.com/2020/04/04/oil-set-to-crater-monday-as-opec-meeting-delayed-tensions-flare-between-saudi-arabia-and-russia.html

Oil set to ‘crater’ Monday as OPEC meeting delayed, tensions flare between Saudi Arabia and Russia

PUBLISHED SAT, APR 4 202012:00 PM EDT

~ The virtual meeting between OPEC and its allies scheduled for Monday has been postponed, sources familiar with the matter told CNBC, as tensions between Saudi Arabia and Russia mount.

~ The meeting will now “likely” be held on Thursday, sources said.

~ The Monday meeting was set after President Donald Trump said to CNBC on Thursday that he expected Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman to announce a deal on production cuts.


The virtual meeting between OPEC and its allies scheduled for Monday has been postponed, sources familiar with the matter told CNBC, amid mounting tensions between Saudi Arabia and Russia. The meeting will now “likely” be held on Thursday, sources said.

The Monday meeting was set after President Donald Trump said to CNBC on Thursdaythat he expected Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman to announce a deal to cut production by up to 15 million barrels, and that he had spoken to both countries’ leaders.

The delay is likely to hit oil prices next week following a record-setting comeback week for crude. U.S. oil surged 25% on Thursday for its best day on record, and gained another 12% on Friday. It finished the week with a 32% surge, breaking a 5-week losing streak and posting its best weekly performance ever, back to the contract’s inception in 1983.

“It’s probably going to crater,” Again Capital’s John Kilduff said. “There was a lot of optimism priced into oil Thursday and Friday. With this new Saudi, Russia spat, it doesn’t look like it’s going to come together.”

Despite last week’s surge, West Texas Intermediate crude is still down nearly 40% in the last month on the heels of demand destruction from the coronavirus outbreak, and the price war between Saudi Arabia and Russia.

Friday’s jump was fueled by a Reuters report that OPEC+ was contemplating a production cut equivalent to about 10% of world supply, and that Putin said a cut of 10 million barrels a day appeared possible.

Both Saudi Arabia and Russia have sought U.S. cooperation in balancing the world oil supply. American drillers are still pumping near record levels as the world is coming to the edge of its ability to store oil.

U.S. oil executives met with the president Friday at the White House, and there was speculation he would ask them to cooperate in cuts. No agreement came of the meeting, but Trump did seem to reflect an industry view that market forces should determine prices. 

“These are great companies and they’ll figure it out,” he said at a White House briefing following his meeting with the energy CEOs. “It’s a free market, they’ll figure it out.”

At its March meeting, OPEC proposed cutting production by 1.5 million barrels per day in an effort to combat the demand slowdown, but OPEC-ally Russia rejected the additional cuts. The meeting ended with no agreement, and in retaliation Saudi Arabia slashed its oil prices in an effort to gain market share, and subsequently increased its production to a record high of more than 12 million barrels per day.

Tensions between Saudi Arabia and Russia have escalated since. In comments Friday, Putin blamed the collapse in oil prices on Saudi Arabia pulling out of the more than 3-year-old OPEC plus deal, along with its increase in production and agreements for discounts, all of which exacerbated the blow from the coronavirus.

Saudi Arabia lashed back. In a statement Saturday, Saudi Foreign Minister Prince Faisal bin Farhan reportedly said Putin’s comments were “devoid of truth.”

Saudi Arabia energy minister Prince Abdulaziz bin Salman also issued a statement Saturday saying comments from Russia’s energy minister Alexander Novak “were categorically false and contrary to fact.” The statement said the Saudi minister “expressed his surprise at the attempts to bring Saudi Arabia into hostilities against the shale oil industry.” The minister noted that Saudi Arabia was a major investor in the U.S. oil sector.

“Now we have two issues,” said Helima Croft, head of global commodities research at RBC. “After President Trump’s statement it seems rather unlikely any production commitment is forthcoming. And it looks like we might have a new diplomatic rift between Russia and the Saudis…The Saudi minister is pushing back furiously on the Russian minister’s assertion that the Saudis are targeting shale.”


##https://www.cnbc.com/2020/04/04/oil-set-to-crater-monday-as-opec-meeting-delayed-tensions-flare-between-saudi-arabia-and-russia.html

Bilateral friendship: Malaysia & China join forces to save economy

##https://www.enanyang.my/news/20200404/白天双边友好汇集力量-br马中联手救经济/

OPEC+ Meeting Delayed on New Saudi, Russia RiftBy 

(April 4, 2020, 8:57 AM GMT+8Updated on April 4, 2020, 8:41 PM GMT+8)


~ Meeting now tentatively scheduled for April 9, say delegates

~ Diplomatic row puts new agreement to curb production at risk


OPEC+ delayed a meeting aimed at ending the oil price war, as Riyadh and Moscow trade barbs about who’s to blame for the collapse in oil prices.

The alliance is tentatively aiming to hold the virtual gathering on April 9 instead of Monday as it previously intended, a delegate familiar with the matter said. Producers need more time for negotiations, said another. Beyond the alliance, Saudi Arabia and Russia have indicated they want other oil countries to join in any output cuts, complicating efforts to call a meeting, the delegate said, asking not to be named discussing diplomatic matters.

The delay came hours after Saudi Arabia made a pointed diplomatic attack on Russian President Vladimir Putin, opening a fresh rift between the world’s two largest oil exporters and jeopardizing a deal to cut production.

In a statement early on Saturday, the Saudi Foreign Minister Prince Faisal bin Farhan said comments by Putin laying blame on Riyadh for the end of the OPEC+ pact between the two countries in March were “fully devoid of truth.”

The direct criticism of Putin, echoed in a statement by Energy Minister Prince Abdulaziz bin Salman, threatens a new agreement to stabilize an oil market that’s been thrown into chaos by the global fight against coronavirus. President Donald Trump had devoted hours of telephone diplomacy last week to brokering a truce in the month-long price war between Moscow and Riyadh.

“We always remained skeptical about this wider deal as U.S. producers cannot be mandated to cut,” said Amrita Sen, chief oil analyst at consultant Energy Aspects Ltd. “If so, Russia doesn’t come to the table. And if everyone doesn’t cut, Saudi Arabia’s long held stance is that they will not cut either.”

The prospect of a new deal spurred a 50% recovery in benchmark oil prices last week as traders saw some relief from the catastrophic oversupply caused by a lockdown of the world’s largest economies, in a bit to halt the coronavirus pandemic. With billions of people forced to stay at home, demand for gasoline, diesel and jet has collapsed by about as much 35 million barrels a day.

“Russia was the one that refused the agreement” in early March, the Saudi foreign ministry said. “The kingdom and 22 other countries were trying to to persuade Russia to make further cuts and extend the agreement.”

Sponsored by Trump, who’s fretting about the future of America’s shale industry, momentum for a new agreement had built in recent days.

A delay is “not a good sign,” said Ayham Kamel, head of Middle East and North Africa at the Eurasia Group consultancy. “This entirely plays negatively for the discussions.”

“Part of Putin’s comments are about saving face and also justifying why the oil price crashed and partly to deter criticism from the U.S. Putin doesn’t want to be blamed for any losses in the U.S. energy industry. It seems to me that there’s both a defensive effort to shield from criticism abroad for both the Saudis and the Russians,” Kamel said.


##https://www.bloomberg.com/news/articles/2020-04-04/saudi-arabia-says-putin-s-comments-on-opec-deal-is-incorrect?srnd=premium-asia

OPEC+ Meeting Delayed on New Saudi, Russia RiftBy 

(April 4, 2020, 8:57 AM GMT+8Updated on April 4, 2020, 8:41 PM GMT+8)


~ Meeting now tentatively scheduled for April 9, say delegates

~ Diplomatic row puts new agreement to curb production at risk


OPEC+ delayed a meeting aimed at ending the oil price war, as Riyadh and Moscow trade barbs about who’s to blame for the collapse in oil prices.

The alliance is tentatively aiming to hold the virtual gathering on April 9 instead of Monday as it previously intended, a delegate familiar with the matter said. Producers need more time for negotiations, said another. Beyond the alliance, Saudi Arabia and Russia have indicated they want other oil countries to join in any output cuts, complicating efforts to call a meeting, the delegate said, asking not to be named discussing diplomatic matters.

The delay came hours after Saudi Arabia made a pointed diplomatic attack on Russian President Vladimir Putin, opening a fresh rift between the world’s two largest oil exporters and jeopardizing a deal to cut production.

In a statement early on Saturday, the Saudi Foreign Minister Prince Faisal bin Farhan said comments by Putin laying blame on Riyadh for the end of the OPEC+ pact between the two countries in March were “fully devoid of truth.”

The direct criticism of Putin, echoed in a statement by Energy Minister Prince Abdulaziz bin Salman, threatens a new agreement to stabilize an oil market that’s been thrown into chaos by the global fight against coronavirus. President Donald Trump had devoted hours of telephone diplomacy last week to brokering a truce in the month-long price war between Moscow and Riyadh.

“We always remained skeptical about this wider deal as U.S. producers cannot be mandated to cut,” said Amrita Sen, chief oil analyst at consultant Energy Aspects Ltd. “If so, Russia doesn’t come to the table. And if everyone doesn’t cut, Saudi Arabia’s long held stance is that they will not cut either.”

The prospect of a new deal spurred a 50% recovery in benchmark oil prices last week as traders saw some relief from the catastrophic oversupply caused by a lockdown of the world’s largest economies, in a bit to halt the coronavirus pandemic. With billions of people forced to stay at home, demand for gasoline, diesel and jet has collapsed by about as much 35 million barrels a day.

“Russia was the one that refused the agreement” in early March, the Saudi foreign ministry said. “The kingdom and 22 other countries were trying to to persuade Russia to make further cuts and extend the agreement.”

Sponsored by Trump, who’s fretting about the future of America’s shale industry, momentum for a new agreement had built in recent days.

A delay is “not a good sign,” said Ayham Kamel, head of Middle East and North Africa at the Eurasia Group consultancy. “This entirely plays negatively for the discussions.”

“Part of Putin’s comments are about saving face and also justifying why the oil price crashed and partly to deter criticism from the U.S. Putin doesn’t want to be blamed for any losses in the U.S. energy industry. It seems to me that there’s both a defensive effort to shield from criticism abroad for both the Saudis and the Russians,” Kamel said.


##https://www.bloomberg.com/news/articles/2020-04-04/saudi-arabia-says-putin-s-comments-on-opec-deal-is-incorrect?srnd=premium-asia

Warren Buffet also start selling aviation share in US...

unexpected long term value investor also start pessimistic about aviation industry.....

Warren Buffett’s Berkshire Hathaway sells part of Delta, Southwest airline stakes

(PUBLISHED FRI, APR 3 20207:40 PM EDTUPDATED 2 HOURS AGO)

~ According to regulatory filings, Berkshire sold nearly 13 million Delta shares for about $314 million and roughly 2.3 million Southwest shares for about $74 million.

~ The sales were conducted on Wednesday and Thursday, the filings show.

~ Berkshire previously owned about 11.1% of Delta stock and 10.4% of Southwest stock, according to Refinitiv data.

~ No reasons for the sales were given.


Warren Buffett’s Berkshire Hathaway said on Friday it sold about 18% of its stake in Delta Air Lines and 4% of its holdings in Southwest Airlines this week, as the coronavirus pandemic drives the airline industry into perhaps its biggest crisis ever.

According to regulatory filings, Berkshire sold nearly 13 million Delta shares for about $314 million and roughly 2.3 million Southwest shares for about $74 million.

The sales were conducted on Wednesday and Thursday, the filings show. Berkshire previously owned about 11.1% of Delta stock and 10.4% of Southwest stock, according to Refinitiv data. No reasons for the sales were given.

Berkshire did not immediately respond to a request for comment sent to Buffett’s assistant.

The Omaha, Nebraska-based conglomerate is among the biggest shareholders of the four largest U.S. carriers - Delta, Southwest, American Airlines and United Airlines.

Buffett has said three of the airline stakes are overseen by him, while one of his portfolio managers, Todd Combs and Ted Weschler, oversees the fourth.

Berkshire’s sales were disclosed after major U.S. airlines applied on Friday for payroll grants from the U.S. Treasury to help keep workers employed.

The pandemic has punished the industry, as passengers stay home and carriers worldwide slash their schedules and ground planes. Delta projected on Friday that its second-quarter revenue would fall 90%.


##https://www.cnbc.com/2020/04/03/warren-buffetts-berkshire-hathaway-sells-part-of-delta-southwest-airline-stakes.html

Lai...Lai...Lai...

Today nothing to bet....cincai bet....

1st punch @ 2.02......

Long waiting que....

2nd punch @ 1.92...

3rd punch @ 1.82...

4th punch @ 1.72...

Final punch @ 1.62...

Kesian...Kesian...Kesian.....

I really pity CharlesT, explain until vomit & blood come out....

People still can't digest well...

When gambler tinted gambling table, very hard to escape from table...

Aiyo....today not enough power how to boost above 0.175 lehhh....

Some "BIG BOY" silently sold a lot today.....

Aiyo....20% recober where got balance again valuable company!!!....

Most of the funds already incurred loss lorr if this current pricing...


kekeke...

Aiyo....itu awarded contact case was old case....

Please lahh....don't use it to manipulate newbies here lahhh....


kekeke...

In fact I started to accumulating since last week when ding dong range 70sen ++.....

Seem like not many players prefer this counter.....

wakaka....wakaka...wakaka.....

For those value company....

I always like to keep some for long term....

I also like to bet short term trading for curi curi makan suap....


wakakaka.....wakakaka......

Today sold 1/3 holdings 1st....

The rest still keeping for long term (subject to market conditions)....kekeke..kekeke....

Now is your turn...

Don't let me depress....kekeke........

All cleared....

Wait for next round....Kekeke...kekeke.....

Haa....All cleared.......

Wait for next round..........

Waaa....Suddenly some many Stock Market Guru so pessimistic for the Stock Market & Economy Environment....


https://www.bloomberg.com/news/articles/2020-04-01/rogers-gundlach-say-the-worst-of-the-rout-has-yet-to-come


https://www.bloomberg.com/news/articles/2020-03-31/gundlach-says-stocks-to-fall-beyond-lows-reached-in-march


https://www.bloomberg.com/news/articles/2020-04-01/jim-rogers-expects-worst-bear-market-in-next-couple-of-years


https://www.bloomberg.com/news/articles/2020-03-31/lego-billionaires-fund-manager-girds-for-volatility-traps


https://www.bloomberg.com/news/articles/2020-04-01/oaktree-s-marks-says-worst-likely-still-to-come-for-asset-prices

Oaktree’s Marks Says Worst Likely Still to Come for Asset Prices

(April 1, 2020, 8:54 AM GMT+8)

Oaktree Capital Group co-founder Howard Marks says he expects asset prices to extend their declines, and that the market rebound in recent days doesn’t account for how much worse the fallout from the coronavirus outbreak could potentially be.

“Assets were priced fairly on Friday for the optimistic case but didn’t give enough scope for the possibility of worsening news,” he wrote in a Tuesday note to clients. “You may or may not feel there’s still time to increase defensiveness ahead of potentially negative developments. But the most important thing is to be ready to respond to and take advantage of declines.”

Marks wrote that during the 2008 financial crisis, he was concerned about the implications for the economy from a slew of bankruptcies among financial institutions, but there was “no obvious threat to life and limb.” With the escalating Covid-19 pandemic, the range of negative outcomes seems much wider, he wrote.

The 73 year-old pointed to a negative case that encompasses “rising numbers of infections and deaths, unbearable strain on the healthcare system, job losses in the many millions, widespread business losses and mounting defaults.

“If these things arise, investors are likely to shift from the optimism of last week to the pessimism that was prevalent in the rest of March.”

The coronavirus pandemic has fueled the worst equity sell-off since the global financial crisis and deepened stress in credit markets. Driven by some of the lowest oil prices since the early 2000s, the amount of distressed bonds surged to the highest level since April 2009, quadrupling in less than a week to nearly $1 trillion, according to data compiled by Bloomberg.

Oaktree, one of the largest debt investors in the world -- has thrived in times of economic stress, when prices on bonds of companies in danger of defaulting fall to deep discounts. The Los Angeles-based investment giant said earlier this month it’s planning a new distressed-debt fund.

Marks also said in Tuesday’s note that in the last financial crisis, leveraged investment vehicles like collateralized debt obligations brought losses to banks, which were systemically important and therefore got bailed out. Now, risk capital for leveraged securitizations is mainly supplied by non-bank lenders, which are unlikely to receive a government rescue.

“The world will be back to normal someday, although today it seems unlikely to end up unchanged,” Marks wrote.


##https://www.bloomberg.com/news/articles/2020-04-01/oaktree-s-marks-says-worst-likely-still-to-come-for-asset-prices

Lego Billionaires’ Fund Says Now’s No Time to Buy Stocks

(April 1, 2020, 12:00 AM GMT+8 Updated on April 1, 2020, 1:39 PM GMT+8)

The fund manager overseeing the fortune of the Lego billionaires says equity markets remain too volatile to justify any bargain hunting.

“This is not the time to be brave,” Soren Thorup Sorensen, the chief executive of Kirkbi Group said in an interview on Tuesday. He spoke shortly after unveiling a set of results that showed he almost doubled the Lego family’s investment profits in 2019.

“Volatility is at historic highs,” said Sorensen, who manages an $18 billion portfolio as the Kirkbi CEO. As a long-term investor, the best response is to “sit still and weather the storm,” he said.

Global stocks, measured by the MSCI World Index, have slumped by more than 20% since mid-February, leaving many companies undervalued. Larry Fink, the CEO of BlackRock Inc., said in his annual letter to shareholders that the sell-off has created an “attractive opportunity” for some clients to “rebalance into equities.”

“At some point, it could be in two months, it could be in four months, we will see opportunities and we will then be ready,” Sorensen said.

“Right now, it’s important to acknowledge that the uncertainty over the depth and the duration of the current situation is too large,” he said.

Instead of looking for new investments, Sorensen said Kirkbi is spending its time making sure the companies it already owns are sound. Aside from toymaker Lego, Kirkbi has stakes in ISS A/S, Nilfisk A/S and Landis+Gyr AG. It also owns 50% of Merlin Entertainments, the operator of the Legoland parks, after increasing its stake last year.

Kirkbi recently decided to join the board of ISS, as it seeks greater influence over the companies it owns.

“We want to be an active owner in the companies where we have significant ownership,” Sorensen said. “We want to vote at the shareholder meetings, we want to be a driving factor to convince management about CSR and sustainability,” and “this can be through a board membership or a close dialogue with management,” he said.

Kirkbi is chaired by Kjeld Kirk Kristiansen, the grandson of Lego’s founder and one of Denmark’s richest men with a fortune of $4.1 billion, according to the Bloomberg Billionaires Index. In recent years, he has handed more control of Kirkbi to his three children, Agnete Kirk Thinggaard, Sofie Kirk Kristiansen and Thomas Kirk Kristiansen, who have a personal fortune of about $4 billion each.

The fund, which has investments in solar and wind power, has outlined a new strategy which includes spending more on renewable energy, Sorensen said. Its next investment could be in new areas like battery technology or energy efficiency, he said.

“The world’s demand for sustainable energy and more energy efficiency will only rise,” the CEO said.


##https://www.bloomberg.com/news/articles/2020-03-31/lego-billionaires-fund-manager-girds-for-volatility-traps

Jim Rogers Expects ‘Worst Bear Market in My Lifetime’ in Coming Years

(April 1, 2020, 9:31 AM GMT+8)

As global stocks attempt to recover from their biggest quarterly loss since the global financial crisis, veteran investor Jim Rogers says there’s worse to come.

The current rebound in markets may continue for a while following a bout of extreme pessimism, but another rout is imminent, according to the chairman of Rogers Holdings Inc. That’s because of a triple whammy of coronavirus-fulled economic damage, high debt levels and interest rates that are low, which will hurt when they rise.

Opening Day Of The St Petersburg International Economic Forum 2018
Jim RogersPhotographer: Andrey Rudakov/Bloomberg
“I expect in the next couple of years we’re going to have the worst bear market in my lifetime,” Rogers said in a phone interview.

Stocks plummeted in the first three months of the year as worries about an all but certain recession swept through markets. A global gauge of emerging- and developed-world equities posted its worst quarter since 2008, even as governments worldwide pumped trillions to prop up economies and central banks undertook emergency interest-rate cuts.

This is not the first time he shared such bearish views. Rogers, who co-founded the Quantum Fund with George Soros in the 1970s, had said a bear market was imminent back in 2018. His concerns have grown since, as the debt of businesses afflicted by lockdowns and travel bans comes under the the spotlight.

The impact of the virus on economies “will not be over quickly because there’s been a lot of damage. A gigantic amount of debt has been added,” he said.

Rogers is not surprised by the recent flight to quality, saying it’s a “tried and true” function of markets in distress. “There is absolutely no question that throughout history, when you’ve had bear markets, companies with low debt are the ones that people love the most because they don’t have to worry about bankruptcy,” he said.

He noted companies with a strong market share also tend to emerge relatively unscathed, unless they are highly leveraged. For now, he has “a lot of cash” in U.S. dollars, some Chinese and Russian stocks, and he is considering investing in Japanese equities. The executive said he’s waiting to snap up shares in some of the most beaten-down sectors such as tourism, transportation, airlines and agriculture in China and globally.

“The Chinese economy is opening again, people are going back to work. Factories, restaurants are opening again,” he said. “I am looking at life, and life is not such that we are all going to take the bus and take boats again.”


##https://www.bloomberg.com/news/articles/2020-04-01/jim-rogers-expects-worst-bear-market-in-next-couple-of-years

Gundlach Says Stocks to Fall Beyond Lows Reached in March

(April 1, 2020, 5:15 AM GMT+8 Updated on April 1, 2020, 6:04 AM GMT+8)


The March lows that the S&P 500 Index reached are likely to be surpassed in April as economic uncertainty further riles investors and stocks probably won’t match recent highs for a long time, according to bond manager Jeffrey Gundlach.

“I think we’re going to get something that resembles that panicky feeling again during the month of April,” Gundlach, chief investment officer for DoubleLine Capital, said Tuesday during a webcast on the market and economic impact of the coronavirus pandemic.

The S&P 500 fell 12.5% in March, its worst monthly performance since October 2008. The gauge’s decline ended the longest bull market in history.

The U.S. is likely to follow Japan, Europe and emerging economy stock markets that haven’t rebounded to highs reached more than a decade ago, according to Gundlach.

“It won’t be back to where it was prior for a long time to come,” he said, “particularly on a real basis.”

Gundlach also said it will take time -- and sacrifice -- for the U.S. economy to eventually grow stronger.

“We will get back to a better place, but it’s just not going to bounce back in a V-shape back to January of 2020,” he said.

Among his other comments:

- Projections by major banks that the U.S. economy will quickly recover from the coming recession are too optimistic.

- The current economy resembles a “depression.”

- U.S. economic and monetary stimulus will probably reach $10 trillion.

- Unemployment will rise to 10%.

- The dollar is likely to weaken as U.S. debt mushrooms.


In his prior webcast on March 17, Gundlach said there may be a 90% chance of a U.S. recession this year, the national debt could grow to $30 trillion in two to three years and investors should prepare for “en masse” corporate debt defaults and downgrades. He later attacked government bailouts as plans to backstop “greed and mismanagement,” according to a March 19 Twitter post.

The $51 billion DoubleLine Total Return Bond Fund, Gundlach’s mortgage-focused flagship fund, lost 1.3% this year through Monday and returned an annual average 2.6% over five years.


##https://www.bloomberg.com/news/articles/2020-03-31/gundlach-says-stocks-to-fall-beyond-lows-reached-in-march

Gundlach, Marks Are Among Those Seeing More Losses Coming

(April 1, 2020, 11:47 AM GMT+8 Updated on April 1, 2020, 1:59 PM GMT+8)

Equity investors just witnessed the worst quarterly plunge since the financial crisis, and some expect more losses ahead.

Asset prices could fall further as the range of negative outcomes from the coronavirus pandemic is much wider than during the global financial crisis, according to Oaktree Capital Group co-founder Howard Marks. DoubleLine Capital Chief Investment Officer Jeffrey Gundlach says the S&P 500 Index is likely to reach new lows in April, with economic uncertainty further riling investors.

A gauge of global equities sank 22% in the first quarter, the most since 2008, as worries about an all but certain recession swept through markets despite governments worldwide pumping trillions to prop up economies and central banks undertaking emergency interest-rate cuts. Driven by some of the lowest oil prices since the early 2000s, the amount of distressed bonds surged to the highest level since April 2009, quadrupling in less than a week to nearly $1 trillion, according to data compiled by Bloomberg.

“I think we’re going to get something that resembles that panicky feeling again during the month of April,” Gundlach said Tuesday during a webcast on the market and economic impact of the coronavirus pandemic. “We will get back to a better place, but it’s just not going to bounce back in a V-shape back to January of 2020.”

U.S. equities are likely to follow their counterparts in places like Japan and the emerging markets, which didn’t rebound to highs reached more than a decade ago, he said. The MSCI All-Country World Index slipped 0.3% as of 1:52 p.m. in Hong Kong Wednesday.

In a note to clients Tuesday, Marks said assets on Friday were priced “fairly” for the optimistic case, but “didn’t give enough scope for the possibility of worsening news.” The most important now is “to be ready to respond to and take advantage of declines.” He pointed to a negative case that encompasses more Covid-19 infections and deaths, job and business losses, and mounting defaults.

Jim Rogers, the chairman of Rogers Holdings Inc., is also on the bearish side. He says another rout is imminent because of a triple whammy of coronavirus-fulled economic damage, high debt levels and low interest rates that will hurt when they rise.

Rogers expects “the worst bear market in my lifetime” in the next couple of years, he said in an interview. His concerns have grown as the debt of businesses afflicted by lockdowns and travel bans comes under the the spotlight. The impact of the virus on economies “will not be over quickly because there’s been a lot of damage. A gigantic amount of debt has been added,” he said.

Like Marks, Gundlach and Rogers, the fund manager overseeing the fortune of the Lego billionaires says equity markets remain too volatile to justify any bargain hunting.

“This is not the time to be brave,” Soren Thorup Sorensen, who manages an $18 billion portfolio as the chief executive officer of Kirkbi Group, said in an interview on Tuesday. As a long-term investor, the best response is to “sit still and weather the storm,” he added.


##https://www.bloomberg.com/news/articles/2020-04-01/rogers-gundlach-say-the-worst-of-the-rout-has-yet-to-come

Oil prices could soon turn negative as the world runs out of places to store crude, analysts warn 

(PUBLISHED WED, APR 1 20207:13 AM EDT) 


~ The coronavirus pandemic has meant countries have effectively had to shut down, with many governments imposing draconian measures on the daily lives of billions of people. 

~ It has created an unprecedented demand shock in energy markets, with storage space – both onshore and offshore – quickly running out. 

~ Analysts at Goldman Sachs have warned the coronavirus shock is “extremely negative for oil prices and is sending landlocked crude prices into negative territory.” 


##https://www.cnbc.com/2020/04/01/coronavirus-oil-prices-could-turn-negative-as-storage-nears-capacity.html

Oil prices could soon turn negative as the world runs out of places to store crude, analysts warn

(PUBLISHED WED, APR 1 20207:13 AM EDT)


~ The coronavirus pandemic has meant countries have effectively had to shut down, with many governments imposing draconian measures on the daily lives of billions of people.

~ It has created an unprecedented demand shock in energy markets, with storage space – both onshore and offshore – quickly running out.

~ Analysts at Goldman Sachs have warned the coronavirus shock is “extremely negative for oil prices and is sending landlocked crude prices into negative territory.”



Global oil storage could reach maximum capacity within weeks, energy analysts have told CNBC, as the coronavirus crisis dramatically reduces consumption and some of the world’s most powerful crude producers start to ramp up their output.

The coronavirus pandemic has meant countries have effectively had to shut down, with many governments imposing draconian measures on the daily lives of billions of people. It has created an unprecedented demand shock in energy markets, with storage space – both onshore and offshore – quickly running out.

At the same time, a three-year pact between OPEC and non-OPEC partners to curb oil output ended on Wednesday, paving the way for oil producers to ramp up production.

OPEC kingpin Saudi Arabia has pledged to hike output to a record high.

“Refineries in many places are now losing money for every barrel they process, or they have no place to store their output of oil products,” Bjarne Schieldrop, chief commodities analyst at SEB, told CNBC via email this week.

He pointed out that when refineries shut down, many oil producers have nowhere to send their crude if the refinery is also part of the logistical chain to the market.

“For land-based or land-locked oil producers, this means only one thing,” Schieldrop continued. “The local oil price or well-head price they receive very quickly goes to zero or even negative, because if they have too much oil, they must pay someone to transport it away until they have managed to shut down their production.”

Analysts at Goldman Sachs have warned the coronavirus shock is “extremely negative for oil prices and is sending landlocked crude prices into negative territory.”

The U.S. investment bank estimates that the world has around 1 billion barrels of spare storage capacity, but much of that will never be accessed “as the velocity of the current shock will breach transportations networks.”

“Indeed, given the cost of shutting down a well, a producer would be willing to pay someone to dispose of a barrel, implying negative pricing in landlocked areas,” analysts at Goldman said in a research note published Monday.

To be sure, Goldman said it expects waterborne crudes like Brent to be far more insulated from the coronavirus shock, with the international benchmark likely to stay near cash costs of $20 a barrel — albeit with temporary spikes below.

In contrast, WTI (which is landlocked and 500 miles from accessible tanker storage) is expected to be among those hardest hit, alongside WTI Midland and Western Canada Select (WCS).

Earlier this week, the price of WCS was quoted as low as $4.18 a barrel, traders told CNBC’s Brian Sullivan. That’s thought to be less than a good pint of beer in Canada.


##https://www.cnbc.com/2020/04/01/coronavirus-oil-prices-could-turn-negative-as-storage-nears-capacity.html

Oil prices could soon turn negative as the world runs out of places to store crude, analysts warn

(PUBLISHED WED, APR 1 20207:13 AM EDT)


~ The coronavirus pandemic has meant countries have effectively had to shut down, with many governments imposing draconian measures on the daily lives of billions of people.

~ It has created an unprecedented demand shock in energy markets, with storage space – both onshore and offshore – quickly running out.

~ Analysts at Goldman Sachs have warned the coronavirus shock is “extremely negative for oil prices and is sending landlocked crude prices into negative territory.”



Global oil storage could reach maximum capacity within weeks, energy analysts have told CNBC, as the coronavirus crisis dramatically reduces consumption and some of the world’s most powerful crude producers start to ramp up their output.

The coronavirus pandemic has meant countries have effectively had to shut down, with many governments imposing draconian measures on the daily lives of billions of people. It has created an unprecedented demand shock in energy markets, with storage space – both onshore and offshore – quickly running out.

At the same time, a three-year pact between OPEC and non-OPEC partners to curb oil output ended on Wednesday, paving the way for oil producers to ramp up production.

OPEC kingpin Saudi Arabia has pledged to hike output to a record high.

“Refineries in many places are now losing money for every barrel they process, or they have no place to store their output of oil products,” Bjarne Schieldrop, chief commodities analyst at SEB, told CNBC via email this week.

He pointed out that when refineries shut down, many oil producers have nowhere to send their crude if the refinery is also part of the logistical chain to the market.

“For land-based or land-locked oil producers, this means only one thing,” Schieldrop continued. “The local oil price or well-head price they receive very quickly goes to zero or even negative, because if they have too much oil, they must pay someone to transport it away until they have managed to shut down their production.”

Analysts at Goldman Sachs have warned the coronavirus shock is “extremely negative for oil prices and is sending landlocked crude prices into negative territory.”

The U.S. investment bank estimates that the world has around 1 billion barrels of spare storage capacity, but much of that will never be accessed “as the velocity of the current shock will breach transportations networks.”

“Indeed, given the cost of shutting down a well, a producer would be willing to pay someone to dispose of a barrel, implying negative pricing in landlocked areas,” analysts at Goldman said in a research note published Monday.

To be sure, Goldman said it expects waterborne crudes like Brent to be far more insulated from the coronavirus shock, with the international benchmark likely to stay near cash costs of $20 a barrel — albeit with temporary spikes below.

In contrast, WTI (which is landlocked and 500 miles from accessible tanker storage) is expected to be among those hardest hit, alongside WTI Midland and Western Canada Select (WCS).

Earlier this week, the price of WCS was quoted as low as $4.18 a barrel, traders told CNBC’s Brian Sullivan. That’s thought to be less than a good pint of beer in Canada.


##https://www.cnbc.com/2020/04/01/coronavirus-oil-prices-could-turn-negative-as-storage-nears-capacity.html

人的一生有多少个22年......

那些年又怕过又错过........

这些年又敢做又没试过......

还要等什么 !!!!!!!!!!!!!

人的一生有多少个22年......

那些年又怕过又错过........

这些年又敢做又没试过......

还要等什么 !!!!!!!!!!!!!

人的一生有多少个22年......

那些年又怕过又错过........

这些年又敢做又没试过......

还要等什么 !!!!!!!!!!!!!

人的一生有多少个22年......

那些年又怕过又错过........

这些年又敢做又没试过......

还要等什么 !!!!!!!!!!!!!

人的一生有多少个22年......

那些年又怕过又错过........

这些年又敢做又没试过......

还要等什么 !!!!!!!!!!!!!

Today already break 3.89 level...

Next resistance level shall fall under 4.12 level....

Strong resistance level maintain @ 4.41 level..............

But 3.89 level quick fragile (if this few days no big deal for global market & strong support this level) then HO SEK LIAO...........

Sudah main saham lama lagi tak faham apa ialah saham....amboi......

--------STOCK MARKET ALWAYS IS HUMAN MONEY GAME----------------------

Yaa....Yaa...I also watching but not enough cheap....

Long waiting liao.................If RM 3.80 I also can consider (upgrade from previous start entry level RM 3.50).................

人的一生有多少个22年.......

人的一生有多少个22年.......

人的一生有多少个22年.......

人的一生有多少个22年.......

人的一生有多少个22年.......

人的一生有多少个22年.......

人的一生有多少个22年.......

好消息是没消息，没消息就是好消息

Slowly slowly goyang balik RM 10.50.....

Sooner or later slowly slowly senyi sunyi tolak atas RM 11.00....

Tak lama lagi slowly slowly kuat angin push atas RM 12.00..........

Now Im watching you....

Long waiting...long waiting....

Waa...Lou...eeh....

Today finally break 4.00.......

Please don't wake up me......

Until can see RM 9.00.......

Please don't wake up me......

Unless can touch RM 2.90......(kekeke...kekeke...kekeke...)

I already started slowly slowly accumulating last week lorr...

Kekeke...kekeke......

If tonight DJIA & S&P500 no big deal with green closing....

Tomorrow very very high possibility can break 1354 level & heading to test 1388 level..........

Happy Trading All !!!!!!!!!!!!!!!!!!!...............

Larry Fink says economy will recover from coronavirus, ‘tremendous opportunities’ in markets

(PUBLISHED MON, MAR 30 20204:00 PM EDTUPDATED 3 HOURS AGO)

~ Larry Fink, CEO of the world’s biggest asset manager BlackRock, told shareholders that the economy will recover from the coronavirus pandemic, and when it does, there will be “tremendous opportunities” to be had.

~ “In my 44 years in finance, I have never experienced anything like this,” FInk said in an annual letter to shareholders, citing the mounting cost of the virus to human life, markets and businesses small and large.

~ “As dramatic as this has been, I do believe that the economy will recover steadily, in part because this situation lacks some of the obstacles to recovery of a typical financial crisis,” Fink said.


Larry Fink, CEO of the world’s biggest asset manager BlackRock, told shareholders that the economy will recover from the coronavirus pandemic, and when it does, there will be “tremendous opportunities” to be had.

“In my 44 years in finance, I have never experienced anything like this,” Fink said in an annual letter to shareholders, citing the mounting toll of the virus to human life, markets and businesses small and large.

“As dramatic as this has been, I do believe that the economy will recover steadily, in part because this situation lacks some of the obstacles to recovery of a typical financial crisis,” Fink said. “Central banks are moving quickly to address problems in credit markets, and governments are now acting aggressively to enact fiscal stimulus.”

Late last week, President Trump signed a historic $2 trillion stimulus bill to cushion the economic blow from the pandemic. The law expands unemployment benefits, sends $1,200 checks to individuals, offers loans to small businesses and includes a $500 billion Fed program to prop up corporations. The move follows a series of actions from the Federal Reserve to stabilize the financial markets that companies and lenders rely on.

“At BlackRock, we take a long-term view of markets, and we take a long-term view in the way we run our company,” he said. “The world will get through this crisis. The economy will recover. And for those investors who keep their eyes not on the shaky ground at our feet, but on the horizon ahead, there are tremendous opportunities to be had in today’s markets.″

BlackRock manages $7.4 trillion for clients around the world and has the industry’s biggest ETF franchise. The furious decline in stock markets this month have created an opportunity for some clients to move more into equities, Fink said. He cautioned that it is “impossible” to know if markets have bottomed and that heavily indebted companies will struggle in the weeks ahead.

“For some clients, the recent sell-off created an attractive opportunity to rebalance into equities,” Fink said. “Indeed, many of our clients – even those who generally have a heavy allocation to fixed income due to their risk profiles – are looking to increase their equity allocation in this market.”


##https://www.cnbc.com/2020/03/30/larry-fink-says-economy-will-recover-from-coronavirus.html