Why The Bottom Fell Out Of The Dollar And What To Expect Next

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Why the Mylan Perrigo Deal Fell Through and What to Expect Next

By Diane Alter , Contributing Writer , Money Morning • November 13, 2020

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The Mylan Perrigo deal hit another snag today (Friday) after Perrigo shareholders voted against Mylan’s $26 billion offer.

Netherlands-based Mylan NV (Nasdaq: MYL) made a public offer for Dublin-based Perrigo Co. (Nasdaq: PRGO) in April and embarked on a hostile takeover when its bid was rejected.

The seven-month battle has become one of the most heated takeover battles in decades.

Mylan was offering $75 per share in cash, plus 2.3 Mylan shares to Perrigo shareholders. That was worth about $174.36 per Perrigo share.

“We have said all along that this offer from Mylan was a bad deal for our shareholders, as it significantly undervalued our durable business model and industry-leading future growth prospects,” Perrigo said Friday.

Mylan said that about 40% of Perrigo’s shares were tendered in the offer. The drug giant needed at least 50% to earn control of its smaller rival.

Mylan and Perrigo shares were both extremely volatile following the news of the Mylan Perrigo deal. And they were moving in opposite directions…

Mylan Perrigo Deal News Creates High Volatility

Despite winning the vote, Perrigo watched its stock fall nearly 10% intraday to $140.40. However, the Mylan stock price jumped 14% to $49.44 after the news.

The sharp drop in Perrigo’s share price was “not a surprise,” and the company moved to take advantage of the decline. Perrigo announced it will immediately begin a $2 billion share repurchase program. It plans to complete $500 million of the planned repurchase by the end of 2020.

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Perrigo will also embark on a strategy to trim staff, divest units, and consider other possible mergers.

Race To The Bottom: What To Expect As The Fed Eases

How low will they go?

With the Federal Reserve all but certain to cut interest rates multiple times in the months ahead, central bankers are engaged in a race to the bottom.

As negative interest rates expand in Japan and across Europe, as long-term bond yields in the U.S. plummet, and as President Donald Trump continues to talk tough on trade, the Fed has little choice but to cut.

President Trump has effectively declared a currency war – and enlisted a reluctant Fed to help him fight it. He is convinced that lower interest rates will boost the economy and that a lower dollar will boost U.S. producers in international trade.

Over the past year, Trump has inserted himself into monetary policy matters almost to the point of obsession.

He has berated Fed chairman Jerome Powell, his own appointee, on a regular basis and conferred with White House counsel about removing or demoting him from the Board of Governors. In June, one of his Twitter rants likened the Fed to “a stubborn child” for refusing to undo its 2020 rate hikes.

Trump even went after European central banker Mario Draghi, calling his pro-stimulus (weak euro) policies “unfair” to the United States.

Central bankers insist they aren’t moved by political pressure. Regardless of how true that may or may not be, they ultimately are moved by pressures in the economy and financial markets – which, in turn, are moved by politics.

Fed’s “Symmetric” Inflation Targeting Is Code For Accelerating The Dollar’s Debasement

The question for investors is: Which asset classes will come out on top as the U.S. shifts toward monetary easing?

Heading into the summer, we saw an “everything” rally. Stocks, bonds, precious metals, and even cryptocurrencies all rallied simultaneously.

In late June, gold prices broke out to a 6-year high above $1,400/oz. The S&P 500 traded back up to a new all-time high.

It’s unusual for the Federal Reserve to begin a stimulus campaign with the stock market already juiced. The Fed’s historical habit is to wait until markets break down and recession indicators flash before coming to the rescue.

This time is different.

What appears to be driving central bankers’ preemptive dovishness is their belief that inflation is not only tame, but too low.

They want to push inflation rates higher, above even their stated 2% target for a prolonged period.

Jerome Powell and his fellow Fed Governors have a term to describe their push for above-2% inflation: “symmetric” inflation targeting. By “symmetric” they mean that periods of low inflation should be countered with periods of higher inflation (accelerated currency debasement).

According the Fed’s preferred “core” inflation indicator (which understates some aspects of realworld cost increases), we’ve spent a lot of time running below target in recent years.

Investors are buying long-term bonds with yields that imply inflation will be contained by the Fed at or below target for years to come.

But if inflation starts rising above 2% and the Fed fails to keep it within its symmetrical objective, real losses on bonds and other interest-rate-sensitive assets could be asymmetrical in nature.

On the flip side, inflation risk has been so heavily underpriced by markets that even a slight return of inflation fears has the potential to drive hard assets dramatically higher.

The Spark That Could Ignite The Silver Market

Silver , for example, is perhaps the single most deeply depressed investment asset on the planet.

The white metal’s lagging price performance has resulted in it trading at its biggest discount to gold in three decades. Hardy. Silver bugs are excited at this rare opportunity to buy more ounces on the cheap.

The recent breakout in gold suggests the precious metals bull market is back. Most of the public just doesn’t know it (or believe it) yet.

We are still in the stealth phase of a precious metals bull run. When we enter the public participation phase – and demand for physical bullion increases – we have no doubt that silver will shine.

It only takes a tiny spark of investor interest in silver to light a fire under prices. That spark could be provided by the Fed’s upcoming round of inflationary stimulus.

Stefan Gleason is President of Money Metals Exchange, the national precious metals company named 2020 “Dealer of the Year” in the United States by an independent global ratings group. A graduate of the University of Florida, Gleason is a seasoned business leader, investor, political strategist, and grassroots activist. Gleason has frequently appeared on national television networks such as CNN, FoxNews, and CNBC, and his writings have appeared in hundreds of publications such as the Wall Street Journal, Detroit News, Washington Times, and National Review.

Вариант 10

Раздел 1. Аудирование

Вы услышите четыре коротких диалога, обозначенных A, B, C и D. Определите, где происходит каждый из диалогов. Используйте каждое место действия из списка 1-5 только один раз. В задании есть одно лишнее место действия. Вы услышите запись дважды. У вас есть 20 секунд, чтобы ознакомиться с заданием.

Нажмите , чтобы прослушать запись

4. At the university

5. In a pet shop

Вы услышите пять высказываний. Установите соответствие между высказываниями каждого говорящего А-E и утверждениями, данными в списке 1-6. Используйте каждое утверждение из списка 1-6 только один раз. В задании есть одно лишнее утверждение. Вы услышите запись дважды. У вас есть 30 секунд, чтоб ознакомиться с заданием.

Нажмите , чтобы прослушать запись

1. The speaker talks about racial inequality in America.

2. The speaker talks about the early forms of jazz.

3. The speaker talks about the proper place for jazz development.

4. The speaker talks about jazz evolution.

5. The speaker talks about prohibition of jazz.

6. The speaker talks about the ability to express your own vision of music.

Вы услышите разговор. В заданиях 3-8 в поле ответа запишите одну цифру, которая соответствует номеру правильного.

Нажмите , чтобы прослушать запись

The company arranges doctor house calls

1. 24 hours a day on weekends

2. 24 hours a day seven days a week

3. 24 hours a day on weekdays

To make a doctor house call you don’t need to tell to the operator

1. your passport number

2. your phone number

As a rule the doctor comes

1. within an hour

2. within two hours

3. wihtin half an hours

____ are not available in a patien’s home

1. Electrocardiograms and X-ray

3. Surgical operations

You are supposed to pay for the doctor’s visit

1. at the end of the doctor’s visit

2. before the doctor’s visit

3. after your recovery

Doctor’s charges for visiting you at your home

1. are usually much more expensive than for an office visit

2. don’t exceed much the charge for an office visit

3. are the same as for an office visit

Раздел 2. Чтение

1. Becoming an example for somebody

2. An ancient myth

3. Getting an opportunity to be taught

4. A brave promise

5. The first appearance in society

6. The night of the triump

7. The first meeting

8. The main characters

A. Pygmalion is one of Shaw’s best comedies. The title of the play comes from a Greek myth. Pygmalion, a sculptor, was said to have carved a statue out of ivory. It was the statue of a beautiful young girl whom he called Galatea. He fell in love with his own handiwork, so the goddess Aphrodite breathed life into the statue and transformed it into a woman.

B. The principal characters of the play are Eliza Doolittle and Henry Higgins. Eliza, a girl of eighteen, comes from the lowest social level and speaks with a strong Cockney accent, which is considered to be the most uncultured English possible.

C. Henry Н iggins is a professor of phonetics. He studies the physiological aspects of a person’s speech, that is to say the sounds of the language. When in the street one day, he points out the flower-girl, Eliza, to his friend Colonel Pickering, who is a phonetician studying Indian dialects.

D. “You see this creature with her kerbstone English: the English that will keep her in the gutter to the end of her days. Well, sir, in three months I could pass that girl off as a duchess at an ambassador’s garden party. I could even get her a place as lady’s maid or shop assistant, which requires better English. That’s the sort of thing 1 do for commercial millionaires. And on the profits of it I do genuine scientific work in phonetics. “

E. Eliza hears this conversation and is impressed. She sees a chance of being pulled out of the gutter. The next day she goes straight to the professor’s house and insists on being taught. She offers all the money she has. Higgins is couched. He makes an agreement with Pickering. He bets Pickering that he will pass her off as a duchess in six months. He will not only teach her to speak her native language correctly, but will teach her manners too.

F. Some time later Higgins takes Eliza to one of his mother’s at homes to meet some of her friends. The professor wants to see how Eliza will manage to behave and speak in society. She can as yet speak only on two topics: the weather and health. Some visitors arrive and they begin to talk. Mrs. Higgins asks questions about the weather, which Eliza answers beautifully, but she soon forgets her role. She gets interested in the conversation and says to the visitors all she wants to say and, naturally, falls into her habitual accent.

G. The guests of Mrs. Higgins are Mrs. Eynsford Hill, and her son and daughter, Freddy and Clara. They seldom appear in society, because they have no money and they are awfully afraid to become old-fashioned. When they see Eliza at ease with Colonel Pickering and Mrs. Higgins, they think her speech is a new fashionable manner of small talk. Freddy is fascinated-by Eliza’s charming prattle, and Clara tries to imitate her.

Прочитайте текст. Определите, какие из приведённых утверждений 10–17 соответствуют содержанию текста (1 – True), какие не соответствуют (2 – False) и о чём в тексте не сказано, то есть на основании текста нельзя дать ни положительного, ни отрицательного ответа (3 – Not stated). В поле ответа запишите одну цифру, которая соответствует номеру правильного ответа.

When school broke up at noon, Tom flew to Becky Thatcher, and whispered in her ear:

“Put on your jacket and let on you’re going home; and when you get to the corner, give the rest of’em the slip, and turn down through the lane and come back. I’ll go the other way and come it over the same way.”

So the one went off with one group of scholars, and the other with another. In a little while the two met at the bottom of the lane, and when they reached the school they had it all to themselves. Then they sat together, with a slate before them, and Tom gave Becky the pencil and held her hand in his, guiding it, and so created another surprising house. When the interest in art began to wane, the two fell to talking. Tom was swimming in bliss. He said:

“Do you love rats?”

“Well, I do, too — live ones. But I mean dead ones, to swing round your head with a siring.”

“No, I don’t care for rats much, anyway. What I like is chewing-gum.”

“Oh, I should say so! I wish I had some now.”

“Do you? I’ve got some. I’ll let you chew it awhile, but you must give it back to me.”

That was agreeable, so they chewed it turn about, and dangled their legs against the bench in excess of contentment.

“Was you ever at a circus?” said Tom.

“Yes, and my pa’s going to take me again some time, if I’m good.”

“I been to the circus three or four times — lots of times. There’s things going on at a circus all the time. I’m going to be a clown in a circus when I grow up.”

“Oh, are you! That will be nice. They’re so lovely, all spotted up.”

“Yes, that’s so. And they get slathers of money most a dollar a day, Ben Rogers says. Say, Becky, was you ever engaged?”

“Why, engaged to be married.”

“Would -you like to?”

“I reckon so. I don’t know. What is it like?”

“You only just tell a boy you won’t ever have anybody but him, ever- ever-ever, and then you kiss and that’s all. Anybody can do it.”

“Kiss? What do you kiss for?”

“Why, that, you know, is to — well, they always do that.”

“Why, yes, — everybody that’s in love with each other. Do you remember what I wrote on the slate?”

“I shan’t tell you.”

“Shall I tell you?”

“Ye — yes — but some other time.”

“No, not now -. to-morrow.”

“Oh, no, now. Please, Becky — I’ll whisper it, I’ll whisper it ever so easy.”

Becky hesitating, Tom took silence for consent, and passed his arm about her waist and whispered the tale ever so softly, with his mouth close to her ear. And then he added:

“Now you whisper it to me — just the same.”

She resisted, for a while, and then said:

“You turn your face away so you can’t see, and then I will. But you mustn’t ever tell anybody — will you, Tom? Now you won’t, will you?”

“No, indeed, indeed I won’t. Now, Becky.”

He turned his face away. She bent timidly around till her breath stirred his curls and whispered, “I — love — you!”

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