Otago (Playing XI): Hamish Rutherford(c), Neil Broom, Nick Kelly, Anaru Kitchen, Llew Johnson, Michael Rippon, Max Chu(w), Jacob Duffy, Matthew Bacon, Angus McKenzie, JJ Tasman-Jones
Canterbury (Playing XI): Chad Bowes, Ken McClure, Henry Nicholls, Leo Carter, Cole McConchie(c), Cam Fletcher(w), Henry Shipley, Matt Henry, Todd Astle, Blake Coburn, Ed Nuttall
Otago (Playing XI): Hamish Rutherford(c), Neil Broom, Nick Kelly, Anaru Kitchen, Llew Johnson, Michael Rippon, Max Chu(w), Jacob Duffy, Matthew Bacon, Angus McKenzie, JJ Tasman-Jones
Canterbury (Playing XI): Chad Bowes, Ken McClure, Henry Nicholls, Leo Carter, Cole McConchie(c), Cam Fletcher(w), Henry Shipley, Matt Henry, Todd Astle, Blake Coburn, Ed Nuttall
BY Dream Masti
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Spiking bond yields driving sharp losses in tech stocks
A spike in interest rates since the start of the year has accelerated a rotation out of high-growth technology stocks and into value stocks poised to benefit from a reopening of the economy. The Nasdaq has fallen more than 10% over the past month as the Dow has soared to record highs, with a spike in the 10-year US Treasury yield acting as the main catalyst. It recently surged to a cycle high of more than 1.60% after starting the year below 1%. But according to Jim Paulsen, the Leuthold Group's chief investment strategist, rising interest rates do not represent a long-term threat to the stock market. Paulsen expects the 10-year yield to cross 2% by the end of the year.
A spike in interest rates and its impact on the stock market depends on the economic backdrop, according to Paulsen. Rising interest rates amid a strengthening economy "may prove no challenge at all for stocks," Paulsen said.
To pay the bills, Mr. Durov is issuing investors $1 billion to $1.5 billion of company debt, with the promise of discounted equity if the company eventually goes public, the people briefed on the plans said. He has also announced plans to start selling ads in public Telegram channels as soon as later this year, as well as offering other premium services for businesses and users.
