Is Icahn Enterprises (IEP) Stock A Buy

Economic

Summary:

Is Icahn Enterprises (IEP) a high-yield winner or a stock to avoid? Dive deep into the company's activist strategy, dividend, debt, and future prospects to make an informed investment decision.

Icahn Enterprises (IEP), the brainchild of legendary investor Carl Icahn, has captured the attention of both income-seeking and value-oriented investors. However, the company's recent performance and future prospects raise a critical question: Is IEP a stock primed for a rebound, or a potential value trap to be avoided?

A Legacy Built on Activism

Icahn Enterprises has a long history of success in activist investing. Carl Icahn, known for his aggressive tactics and keen eye for undervalued companies, has used IEP as a platform to acquire stakes in other businesses and push for changes that unlock shareholder value. This strategy has yielded significant returns for IEP in the past.

Recent Struggles and Shifting Focus

However, Icahn Enterprises has faced challenges in recent years. The significant decline in the stock price, down over 66% since May 2023, reflects investor concerns about the company's investment performance and its heavy reliance on a single holding – Icahn Automotive (IAL).

In response, Icahn has announced a renewed focus on activist investing, aiming to replicate the past success that built his reputation. This shift in strategy could reignite growth and unlock value for IEP shareholders.

Dividend: A Double-Edged Sword

One of the most prominent features of IEP is its high dividend yield, currently hovering around 22.25%. This hefty payout entices income investors seeking steady returns. However, the sustainability of this dividend is a major concern.

The high yield is not fully supported by IEP's earnings, raising the specter of potential dividend cuts in the future. Investors should carefully consider the company's ability to maintain this payout before investing solely for the dividend.

Debt and Investment Performance: Cause for Caution

Another cause for concern is IEP's rising debt levels. The company's debt-to-equity ratio has climbed significantly in recent years, potentially limiting its financial flexibility and hindering future growth prospects.

Furthermore, the performance of IEP's core investments, particularly Icahn Automotive, has been underwhelming. A turnaround in these holdings is crucial for the company's overall success.

Analyst Opinions: Divided Landscape

Financial analysts remain divided on IEP's future. Some view the recent strategic shift towards activist investing and the high dividend yield as positive factors. Others remain cautious due to the declining stock price, high debt levels, and uncertainty surrounding the sustainability of the dividend.

Is IEP Right for You? A Careful Consideration

The decision of whether to invest in IEP requires a thorough evaluation of your risk tolerance and investment goals. Here are some key factors to consider:

Risk Tolerance: IEP is a high-risk investment with significant potential for both reward and loss.

Investment Horizon: If you are seeking a long-term investment with the potential for substantial growth, IEP could be a consideration, but only with a strong stomach for volatility.

Income Needs: The high dividend yield is attractive, but its sustainability is uncertain.

Beyond the Headlines: Conducting Your Own Due DiligenceBefore making an investment decision, it is essential to conduct your own due diligence on IEP. This includes:

Researching Carl Icahn's past activist investment successes and failures.

Analyzing IEP's financial statements and debt levels.

Evaluating the performance of IEP's core investments, particularly Icahn Automotive.

Understanding the risks associated with the high dividend yield.

Conclusion: A Complex Investment with Unclear Future

Icahn Enterprises presents a complex investment opportunity. The company's history of success in activist investing, coupled with the high dividend yield, holds potential for significant returns. However, the recent decline in stock price, rising debt levels, and uncertainty surrounding the dividend raise substantial concerns.

Ultimately, the decision to invest in IEP depends on your individual risk tolerance and investment goals. By carefully considering all the factors at play and conducting thorough due diligence, you can make a more informed decision about whether IEP deserves a place in your portfolio.

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Risk Warnings and Disclaimers

You understand and acknowledge that there is a high degree of risk involved in trading. Following any strategies or investment methods may lead to potential losses. The content on the site is provided by our contributors and analysts for information purposes only. You are solely responsible for determining whether any trading assets, securities, strategy, or any other product is suitable for investing based on your own investment objectives and financial situation.

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Warren Takunda

Stocks

Economic

The relief across world markets as signs of a softening in the U.S. jobs markets strengthens the case for Federal Reserve rate cuts to start later this year remains palpable.

Not only did U.S. 10-year Treasury yields end Friday down 17 basis points , in their biggest weekly drop of the year, but the S&P 500 stock index had its best day in over two months.

Investors in Asia picked up the buy-baton on Monday, sending MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) to its highest in over a year and government bond yields in Europe are lower again .

For sure, public holidays in Japan and Britain make for quieter trade, but there is little doubt the mood music in markets has changed after Friday's news that the U.S. economy created 175,000 new jobs in April, the lowest since October.

Money markets are back to pricing in roughly two 25 bps Federal Reserve rate cuts this year. Last week, traders came close to no longer fully pricing in one cut for the year as nervous markets started to position again for higher for longer rates.

Nonfarm payrolls

Market attention now turns to the Fed's Senior Loan Officer Survey, a closely-watched indicator of credit conditions, expected later in the session.

The last survey, released in February, showed U.S. banks anticipated an increase in demand for loans as rates fall this year.

One key question is whether the improvement in bank lending conditions could be undermined by the rise in government borrowing costs this year, with two-year Treasury yields up 55 bps.

It is also notable that the relief felt across world markets after the latest U.S. jobs data did not last long for some. While dollar/yen fell sharply after those numbers on Friday as markets renewed Fed rate-cut nets, the currency par is 0.5% firmer in early European trade not far off 154.

That essentially means the Bank of Japan, which was suspected to have intervened in currency markets last week to shore up a weak yen, still has its work cut out.

Given that Japanese authorities picked last week's quiet periods to intervene in the currency market, traders will be on high alert through the day.

Elsewhere, China's yuan surged to a six-week high against the dollar, catching up on the first trading day after the long Labor Day holiday, as the central bank set a much strengthened midpoint fixing to track offshore movements.

Apple shares (AAPL.O), meanwhile, could be in focus after news at the weekend that Berkshire Hathaway (BRKa.N) significantly reduced its enormous stake in the iphone maker.

Key diary items that may provide direction to U.S. markets later on Monday:

* U.S. April employment trends, New York Fed's Global Supply Chain Pressure Index for April

* New York Federal Reserve President John Williams, Richmond Fed President Thomas Barkin speak. Swiss National Bank Chair Thomas Jordan speaks

* Chinese President Xi Jinping in France as part of week-long visit to Europe

* U.S. corporate earnings: Tyson Foods, Loews, Microchip Technology, Axon, Vertex Pharmaceuticals, Realty Income, Simon Property, FMC, International Flavors & Fragrances, Progressive Corp, Williams

* U.S. Treasury auctions 6-month bills

Source: Reuters

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Risk Warnings and Disclaimers

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Samantha Luan

Economic

Chinese tourists hit the road in greater numbers during a recent five-day Labor Day holiday but kept a tight grip on their wallets, reflecting still-weak sentiment in the world’s second-largest economy.

Travelers made 28.2% more trips but spending only rose 13.5% from the 2019 break, the Ministry of Culture and Tourism said in a statement Monday. This translates to a 11.5% drop in spending for each traveler over the holiday ending Sunday, according to Michelle Lam, Greater China economist at Societe Generale.

“The concern is that per-visitor spending was below 2019 levels, which means in general people are only keen on traveling but not so much on spending money,” Lam said. The 2019 holiday was one day shorter.

The figures add to evidence showing Chinese households remain cautious with consumption despite a recent rebound in economic growth driven by a pickup in industrial activity. Less than one in four residents wanted to spend more while an growing share of the urban population wanted to save in the first quarter, according to a survey by the People’s Bank of China.

China's Thrifty Travelers Show Consumer Confidence Remains Weak_1

Travelers made a total of 20.7 million trips by rail across the country on May 1, a new high for any single day on record, state broadcaster China Central Television reported late Sunday, citing government data.

The holiday season also showed a shift in how Chinese travelers spend since the country reopened from pandemic isolation. While big cities like Beijing and Shanghai remained popular, many more opted for cheaper destinations and small towns, online travel agency Trip.com Group said in a Sunday statement.

“Lower-tier market made a relaxing holiday possible for tourists, and they had better value for money as accommodation and dining costs spiked in tier-1 and tier-2 cities during the break,” Wang Yalei, an analyst with Trip.com, said in the statement.

Social media accounts promoting tourism in small towns have blossomed as tourists look for cheaper, off-the-beaten-path attractions. China’s expanding high-speed rail network and rising car ownership have also enabled travelers to get to more places within hours.

Bookings for hotels and tourist spots in tier-3 or lower-ranked cities in the country’s northwest and west more than doubled during the break from the same period a year earlier, according to data released by Tongcheng Travel Holdings, another tourism agency.

Inbound and outbound tourism also gained momentum during the holiday as China restored more air routes and expanded visa-free arrangements to more countries, the Ministry of Culture and Tourism said. Chinese travelers made 1.9 million trips abroad while 1.8 million visitors entered the country, it said, without providing last year’s numbers.

The US, Australia and the UK were the main long-haul destinations and Hong Kong, Macau, Southeast Asia, Japan and South Korea were the most popular for short-distance trips, according to Trip.com. Middle Eastern countries including Oman, Saudi Arabia and Kuwait saw more than 300% surge in bookings, it said.

Source：Bloomberg

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Thomas

Economic

Central Bank

As the Federal Open Market Committee acknowledges the lack of progress toward its 2% inflation target, I believe that it's becoming increasingly apparent that high-interest rates alone may not suffice in bringing down inflationary pressures.

High-interest rates have traditionally been a go-to tool for central banks in combating inflation by curbing borrowing, spending, and investment.

However, the efficacy of this approach is now being challenged.

One significant limitation lies in the changing nature of inflation drivers. While conventional models primarily focused on demand-side factors, such as consumer spending and wage growth, contemporary inflationary pressures are influenced by an interplay of supply chain disruptions, geopolitical tensions, and structural shifts in the global economy.

These non-monetary factors operate independently of interest rate adjustments, limiting the effectiveness of monetary policy in reining in inflation.

In addition, the transmission mechanism of monetary policy has become increasingly intricate, posing challenges to the impact of high-interest rates on inflation.

In today's complex global economy, domestic interest rate changes may have limited influence when confronted with external pressures.

Global capital flows, exchange rate dynamics, and the interconnectedness of financial markets all contribute to the complexities of transmitting monetary policy impulses.

Therefore, the Fed's ability to control inflation solely through interest rate adjustments is constrained by broader economic forces beyond its control.

Additionally, high levels of debt in the US economy present a significant obstacle to the effectiveness of high-interest rates in curbing inflation.

Both government and household debt burdens weigh heavily, making any increase in borrowing costs potentially detrimental to economic stability. Higher interest rates can lead to increased debt servicing costs, reducing disposable income and dampening consumer spending.

This, in turn, could prompt businesses to scale back investment plans, further suppressing economic activity. Consequently, policymakers face a delicate balance when considering interest rate adjustments to avoid exacerbating existing debt vulnerabilities.

In light of these constraints, it's imperative to explore alternative strategies beyond high-interest rates to effectively manage inflation in the US.

Fiscal measures, such as targeted spending programs and tax policies, can directly influence aggregate demand and inflationary pressures.

By strategically allocating resources towards infrastructure projects, education, and healthcare, policymakers can stimulate economic growth while addressing supply-side constraints that contribute to inflation.

Plus, structural reforms aimed at enhancing productivity and reducing bottlenecks in key sectors of the economy can play a crucial role in containing inflationary pressures.

Investing in innovation, upgrading infrastructure, and streamlining regulatory processes can improve efficiency and mitigate cost-push inflation. Additionally, policies focused on promoting competition and reducing market concentration can foster greater price competition, exerting downward pressure on prices.

Targeted interventions, such as addressing supply chain disruptions and investing in renewable energy sources, can also help alleviate inflationary pressures in specific industries. By addressing these supply-side constraints and promoting sustainable production practices, policymakers can mitigate inflationary risks while promoting long-term economic resilience.

High-interest rates have traditionally been a primary tool for central banks in combating inflation.

But the Federal Reserve – and its major central bank peers – now needs to be realistic with the limitations of high rates in the current economic landscape.

Source: Financial Express

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Warren Takunda

Economic

Cryptocurrency

Bitcoin starts a new week with bullish sentiment back on the radar as $64,000 returns.

In a stirring comeback, BTC price action has managed to leave its latest swing lows far behind it, gaining nearly $8,000 versus the pit of last week’s sell-off.

Despite some of those gains coming during the weekend, they proved to have staying power, and during the May 6 Asia trading session, bears are having no luck pushing the market back down.

The mood is thus considerably different into the second week of May — but increasing greed is already visible.

Can Bitcoin and altcoins manage sustainable momentum toward all-time highs?

This is the question that traders and analysts will be posing after a trip to two-month lows and a considerable flushing out of leverage.

On exchanges, things remain promising — funding rates are neutral, and there are few signs of mass desire to long BTC at current levels.

Should things take a turn for the worse, however, it is key support levels which will come in for a fresh test. These include the short-term holder (STH) cost basis and 100-day moving average — both classic bounce levels.

Cointelegraph takes a closer look at the current state of Bitcoin as the average trader recovers from a hair-raising start to the month.

Bitcoin bulls triumphant after weekly close

The weekend ultimately posed no threat to Bitcoin bulls, providing some unexpected upside that ended up holding into the weekly close. Back to Extreme Greed Past $65K? 5 Things to Know in Bitcoin This Week_1

Back to Extreme Greed Past $65K? 5 Things to Know in Bitcoin This Week_1

BTC/USD 1-hour chart. Source: TradingView

This came in at around $64,000 on Bitstamp, data from Cointelegraph Markets Pro and TradingView confirms — around $900 higher versus the end of April.

While not a giant weekly candle, the performance represents an impressive return to form for BTC/USD, which saw a trip to $56,500 in the intervening period.

Unsurprisingly, market observers are quietly optimistic.

“Swept all the liquidity below that was built up over the past 2 months and bounced quickly afterwards,” popular trader Daan Crypto Trades summarized in part of his latest commentary on X (formerly Twitter).

“We're still in the bigger range but at least got some upside momentum going into next week.”BTC/USD chart.

Source: Daan Crypto Trades/X

Tony Severino, founder of crypto technical analysis platform CoinChartist, noted similarities between last week’s snap drop and similar ones during the bull market.

“Every higher swing low in Bitcoin since November 2022 was a weekly hammer,” he revealed over the weekend.

“Is this time different?”BTC/USD chart.

Source: Tony Severino/X

In a prior post, Severino added that price was attempting to reclaim the upper monthly Bollinger Band — something acting as support since February.

“This is potentially a positive development,” he suggested. Back to Extreme Greed Past $65K? 5 Things to Know in Bitcoin This Week_4

BTC/USD monthly returns (screenshot). Source: CoinGlass

Data from monitoring resource CoinGlass meanwhile puts BTC/USD up 5.8% in May so far, reducing overall Q2 losses to under 10%.

BTC price levels crystalize

Crypto markets are notoriously fickle and an emerging trend can quickly fade, pulling sentiment down with it.

If Bitcoin sees a change of trajectory, traders and analysts will be interested in seeing to what extent nearby support levels succeed at limiting any fresh downside.

Michaël van de Poppe, founder and CEO of trading firm MNTrading, is one commentator highlighting the significance of $60,000 — despite this level offering little consolation to bulls last week.

“Bitcoin above $60K and retail isn't here,” he told X followers about the relative lack of fanfare accompanying the market comeback.

“This range is completely fine as long as Bitcoin holds above $60K. Altcoins slowly waking up.”BTC/USD chart.

Source: Michaël van de Poppe/X

As Cointelegraph continues to report, $60,000 coincides with several trendlines, which have buoyed BTC/USD since the bull market began in early 2023.

These include the 100-day simple moving average (SMA) and STH realized price — the aggregate cost basis of entities holding coins for 155 days or less.

These two levels sit at $60,650 and $59,920 as of May 6, the latter figure provided by statistics resource Look Into Bitcoin.

Bitcoin STH realized price chart. Source: Look Into Bitcoin

In a research note on May 6, meanwhile, financial commentator Tedtalksmacro added the 50-day exponential moving average (EMA) to the mix.

“The 50D EMA stands at $64000 - where BTC is currently trading, a reclaim of that level is significant in defining the high timeframe market structure,” he explained.

“Momentum and trend traders pay attention to the 50EMA when navigating the trend.

”BTC/USD 1-day chart with 50EMA, 100SMA. Source: TradingView

More U.S. jobs data casts shadow over dollar

The upcoming week is relatively quiet when it comes to macroeconomic data, but recent events provide traders more than enough to monitor.

The latest United States employment figures gave risk assets a boost across the board late last week — something firmly on the radar for crypto.

With the Federal Reserve increasingly expected to lower interest rates in the coming months, easing of financial conditions is becoming a question of not “if,” but “when.”

For Van de Poppe, there is even a chance of quantitative easing (QE) making a reappearance — a return to the Fed increasing available liquidity.

“Very significant chance that most of the pain is already in for Altcoins,” he argued.

“Upcoming week is going to be an interesting one, likely we'll see some more upwards momentum as Friday showed the way for the Dollar & Bitcoin with terrible economic data. QE is coming soon.

”U.S. dollar index (DXY) 1-day chart. Source: TradingView

U.S. dollar strength took a hit on the jobs data, with the U.S. dollar index (DXY) declining precipitously to spike to its lowest levels since April 10.

Attention will thus be focused on jobless claims data when it comes to Fed rate cut timing, this due on May 9.

Leverage ignores BTC price rebound

The atmosphere on derivatives markets is noticeably calm as Bitcoin approaches $65,000 — but like sentiment, this could change in an instant.

Current data shows practically neutral funding rates for Bitcoin — possibly, per trading suite DecenTrader, a reflection of speculators licking their wounds. Back to Extreme Greed Past $65K? 5 Things to Know in Bitcoin This Week_9

Back to Extreme Greed Past $65K? 5 Things to Know in Bitcoin This Week_9

Crypto funding rates heatmap (screenshot). Source: CoinGlass

“Bitcoin funding rates have returned to a more neutral state after going negative at the end of last week,” an X post confirmed.

“The dip below $60k spooked a lot of traders before price rebounded.”

Others described funding rates as “still healthy” after witnessing a “massive reset” on the way to $56,500.

“Let's hope it can stay that way for a healthy next leg up,” Daan Crypto Trades added.

Crypto Fear & Greed Index (screenshot). Source: Alternative.me

A cursory look at the Crypto Fear & Greed Index provides potential food for thought. Along with the BTC price recovery has come a snapping back of sentiment from “neutral” to “greed” — with “extreme greed” just around the corner.

The Index, which is a lagging indicator, is currently at 71/100, versus just 43/100 on May 2.

Mining difficulty barely due drawdown from record high

$64,000 is not quite enough to allow Bitcoin to avoid a difficulty drop at the next automated readjustment on May 9.

The second readjustment of the new difficulty epoch is currently predicted to see it decrease by around 1.3%, per data from monitoring resource BTC.com.

Bitcoin network fundamentals overview (screenshot). Source: BTC.com

Difficulty is nonetheless at all-time highs, a feat mimicked by hash rate as miners digest April’s block subsidy halving, raw data from MiningPoolStats confirms.

Last week, Cointelegraph reported on miners’ ongoing resilience, showing no signs of capitulation despite market volatility. Back to Extreme Greed Past $65K? 5 Things to Know in Bitcoin This Week_12

Back to Extreme Greed Past $65K? 5 Things to Know in Bitcoin This Week_12

Source: Cointelegraph

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Samantha Luan

Cryptocurrency

The world’s largest cryptocurrency Bitcoin (BTC) has bounced back strongly from the lows of $57,000 last week and currently consolidating around $64,000 as of press time. Since the fourth Bitcoin halving last month, the BTC price has largely remained range-bound.

Bitcoin Price Capitulation

According to crypto analyst Rekt Capital, Bitcoin has recently completed a price-based capitulation phase known as the Halving Retrace phase, as indicated by the dark blue circle. Moving forward, the focus shifts to the time-based capitulation that the ongoing Re-Accumulation phase (red) will bring.

Rekt Capital suggests that a consolidation period lasting over 150 days after the Halving is in line with historical price patterns. Such a prolonged consolidation phase is viewed as beneficial for the cycle as it moderates the rate of Bitcoin price acceleration.

This extended consolidation period is anticipated to realign the current cycle with historical patterns observed after previous Halving events. This resynchronization is considered a positive development for Bitcoin’s long-term growth and stability within the market.

In March 2024, Bitcoin surged to unprecedented heights, marking new All-Time Highs and indicating a significant acceleration in the current cycle. This milestone was achieved 260 days earlier than the typical trajectory observed in traditional Halving cycles.

However, Bitcoin’s momentum has since stalled, with the cryptocurrency trading within a range of approximately $60,000 to $70,000 for nearly two months. This extended consolidation period has moderated the cycle’s acceleration, bringing it down from 260 days to 210 days compared to historical patterns.

Fed’s Interest Rate Cuts Can Provide Impetus

Bitcoin’s price has been bolstered by growing expectations of a potential rate cut by the Federal Reserve, with markets now pricing in an increased likelihood of a 25 basis point reduction in September. This shift in sentiment has provided support to cryptocurrencies, which typically perform well in an environment characterized by low-interest rates and ample liquidity.

The prospect of a rate cut gains traction amidst signs of a cooling labor market, offering the Fed additional motivation to consider monetary easing. However, this development follows a string of robust payroll reports over the past five months, underscoring the complexity of the economic landscape. Moreover, inflation, a key metric for the Fed, remains above the central bank’s target of 2% annually, further complicating the decision-making process.

Later in the week, members of the Federal Open Market Committee (FOMC), including Thomas Barkin, John Williams, and Neel Kashkari, are scheduled to deliver remarks, providing further insights into the Fed’s stance on monetary policy.

Source:coingape

Risk Warnings and Disclaimers

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Warren Takunda

Economic

Forex

The dollar was a touch lower on Monday as a soft U.S. jobs report boosted wagers that the Federal Reserve may still cut rates this year, while the yen lurched lower after last week's suspected intervention fuelled a wild ride.

The yen last week clocked its strongest weekly gain since early December 2022 following two bouts of suspected intervention from Tokyo to pull the currency away from a 34-year low of 160.245 per dollar. It gained 3.5% in the week.

On Monday, the yen was lower, slipping 0.5% to 153.69 per dollar.

Japanese and British markets are both closed for a holiday on Monday, likely resulting in lower volumes, but with Japanese authorities choosing last week's quiet periods to intervene in the currency market, traders will be on high alert through the day.

The more than 9 trillion yen that the Bank of Japan is estimated to have spent to prop up the frail yen last week has only bought it some time, analysts say, as the market still views the currency as a sell.

While Japan clearly has capacity to intervene more, the broader macro environment remains quite negative for the yen, according to Goldman Sachs strategists, noting intervention "success" can only go so far.

"But, buying time is still valuable, as it reduces the potential for economic disruptions from the exchange rate adjustment and could stabilise the currency until the economic backdrop becomes more supportive for JPY," they said in a note.

The yen has been under pressure as U.S. interest rates have climbed and Japan's have stayed near zero, driving cash out of yen and into higher-yielding assets.

The latest weekly report from U.S. regulators showed that non-commercial traders, a category that includes speculative trades and hedge funds , reduced their yen short positions to 168,388 futures contracts in the week ended April 30, still close to their largest bearish positions since 2007.

"In a week that's light on U.S. data and heavy on Fed speeches, the Fed's rhetoric post-payrolls will determine whether dollar-yen retests the 160-level anytime soon," said Nicholas Chia, Asia macro strategist at Standard Chartered.

FED PATH

Data on Friday showed U.S. job growth slowed more than expected in April and the increase in annual wages fell below 4.0% for the first time in nearly three years, as signs of labour market cooling raised optimism that the U.S. central bank could engineer a "soft landing" for the economy.

Markets are now pricing in almost 50 basis points of cuts this year, with a rate cut in November fully priced in.

"It's definitely what the Fed wants to see more of and the first report in quite a while that has surprised to the downside," said Dane Cekov, senior FX strategist at Nordea.

The Fed held interest rates steady at the conclusion of its two-day monetary policy meeting last week, as expected, but signalled it was still leaning towards eventual rate cuts, even if they may take longer to come than initially expected.

"The weaker dollar trend started with the Fed and Powell when he essentially shut the door on further rate hikes," Nordea's Cekov said.

The dollar index , which measures the U.S. currency against six others, was at 105.10, having touched a more than three-week low of 104.52 on Friday. The index is up nearly 4% this year but fell almost 1% last week.

The euro last fetched $1.0764, while sterling was up 0.2% at $1.25715 before a Bank of England policy announcement on Thursday, where interest rates are expected to be held at 5.25%.

Mainland China's markets opened after being closed for three days last week. In that time, the offshore yuan had risen on the back of the dollar's broad retreat.

The offshore yuan eased to 7.2194 per dollar, having gained more than 1% last week. In the spot market, the onshore yuan opened at 7.2009 per dollar, its strongest since March 25. It was last at 7.2149.