Month: June 2020

Hundreds of Venezuelans queued up in miles-long lines to try to fill their cars with subsidized gasoline over the weekend, a week after President Nicolas Maduro launched a new dual-price system aimed at easing an acute fuel shortage. Maduro on May 30 announced the new system in which motorists could purchase up to 120 liters (31.7 gallons) of gasoline at a heavily subsidized price of 5,000 bolivares (2.5 U.S. cents) per liter, and 50 U.S. cents per liter thereafter. While Venezuelans with resources can now wait in shorter lines at the stations tapped to charge higher prices, those …read more […]

(Bloomberg) — China’s currency has moved away from testing its 2008 low versus the dollar, but that’s not stopped the yuan from weakening against its peers.The yuan has fallen for a record 16 straight days against a basket of trading partners’ currencies — the longest run since the basket was created in 2015 — and is close to erasing its gain versus those exchange rates this year, according to data compiled by Bloomberg. The yuan slumped more than 4% versus the euro and Australian dollar over that period, while it has strengthened about 0.2% versus the greenback.The dollar has tumbled …read more […]

Brent crude had climbed as high as $43.41 a barrel but by 0239 GMT was trading up just 21 cents, or 0.5%, at $42.51. U.S. West Texas Intermediate (WTI) crude rose 2 cents, or 0.05%, to $39.57 a barrel, after earlier touching $40.44 earlier. Since the start of April Brent has nearly doubled, propped up by the unprecedented production cut of 9.7 million barrels per day – nearly 10% of global supplies – agreed in April by the Organization of the Petroleum Exporting Countries (OPEC), Russia and other allies, collectively known as OPEC+. …read more […]

Demonstrations sparked by the killing of George Floyd continued over the weekend around the U.S. New York’s mayor ended the city’s curfew earlier, as protesters pledged to carry on. Photo: Jacquelyn Martin/AP …read more […]

(Bloomberg) — There’s so much positive momentum in risk assets, it’s difficult to see what could stand in the way of the emerging-market rally, at least in the coming days.The stronger-than-forecast May U.S. jobs report and weekend agreement by OPEC+ to a one-month extension of its record output cuts may add to the optimism about the prospects for a global economic recovery, underpinning risk assets. JPMorgan Chase & Co.’s measure of implied volatility for emerging-market currencies had its biggest weekly drop since 2011. Stocks enjoyed their best week since 2011, while an index of domestic bonds reached its highest point …read more […]

Jun.07 — China has issued an alert, warning its citizens not to travel to Australia in the latest sign of deteriorating relations. Bloomberg’s Selina Wang reports on “Bloomberg Daybreak: Asia.” …read more […]