Aug.23 — Vivek Pathak, regional director for East Asia and Pacific at the International Finance Corp., the private-lending arm of the World Bank, discusses the economic impact of the coronavirus outbreak in the region, and how the organization plans to support the economies. He speak with David Ingles and Yvonne Man on “Bloomberg Markets: China Open.” …read more […]
(Bloomberg) — Tencent Holdings Ltd. jumped the most in two weeks after White House officials are said to have reassured American businesses that a ban on its WeChat app won’t be as broad as feared.The WeChat owner jumped as much as 4.2% in Hong Kong Monday after people familiar with matter said the Trump administration is privately seeking to reassure U.S. companies including Apple Inc. that they can still do business with Tencent’s WeChat messaging app in China. In recent days, senior administration officials have been reaching out to some companies, realizing that the impact of an all-out ban on …read more […]
Some of China’s largest banks are set to post their first drop in first-half profits since the global financial crisis, hit by a surge in bad debt and higher loan-loss provisions due to the coronavirus pandemic, analysts and official data indicate. “The pandemic has hit small businesses hard … the balance sheets won’t be pretty.” Chinese commercial banks overall posted a 9.4% fall in first half net profit, while the six biggest posted a 12% profit fall from a year ago, according to China Banking and Insurance Regulatory Commission (CBIRC) data. …read more […]
Crude oil prices nudged higher on Monday as storms bore down on the Gulf of Mexico, shutting more than half the region’s oil production, although gains were capped by ongoing concerns about demand from coronavirus lockdowns. Hurricane Marco and Tropical Storm Laura tore through the Caribbean and Gulf of Mexico on Sunday, forcing energy companies to pull workers from offshore platforms and shut down oil production. Oil producers had shut 58% of the Gulf’s offshore oil production and 45% of natural gas production on Sunday. …read more […]
(Bloomberg) — If the recent spike up in U.S. inflation numbers is a sign of things to come for global markets, that could prove especially bad news for investors in Indian, Russian and Mexican bonds.The fixed-income securities of the three countries appear the most vulnerable to any surge in consumer prices, according to a Bloomberg study of 10 emerging markets. Their real bond yields — those adjusted for inflation — are the lowest in the group versus their three-year average. This gives them the smallest margin to spare if the nascent inflation signs prove the harbinger of a global price …read more […]
Posted by OFX AUD – Australian Dollar The Aussie has been on a nice run as it touched on a 12 month high at 0.7269 earlier in the week, but has come down to open at 0.7160 this morning after sliding due to strong US PMI data. From a technical perspective, traders … Continue reading “AUD comes down off a 12 month high”The post AUD comes down off a 12 month high appeared first on . …read more […]
(Bloomberg) — The dollar was steady in early trading and stocks in Asia looked set for a muted start to the week, as investors monitored a mixed global picture for the coronavirus and looked ahead to Federal Reserve Chair Jerome Powell’s speech on policy. Crude oil advanced.The greenback was steady against most G-10 peers as currency markets opened. Equity-index futures signaled a small decline when Japan begins trading, while South Korean assets will be closely watched as that country considered further restrictions to halt an infection flareup there. S&P 500 contracts opened modestly higher after U.S. shares ended Friday with …read more […]
Aug.23 — TikTok plans to file a lawsuit against the Trump administration on Monday to challenge its executive order banning transactions with the video app in the U.S., the company said. Meanwhile, A group of WeChat users asked a federal judge to block the Trump administration from imposing a ban on what they say appears to be all uses of the Chinese messaging app in the U.S. over national security concerns. Stephen Engle reports on “Bloomberg Daybreak: Australia.” …read more […]
(Bloomberg) — A week ago, Mexican President Andres Manuel Lopez Obrador was on a roll with his anti-corruption campaign, boosted by a video of rivals counting piles of cash and leaked testimony that could bring down more opponents.Now, Lopez Obrador finds himself in a fight to regain his own integrity as a crusader against graft.Two videos surfaced Thursday showing his brother taking packets of cash from a state political operator in 2015 — three years before the president was elected. Over the weekend, two recordings that were leaked earlier made their rounds in social media, implicating the leader’s allies in …read more […]
It’s a worrying time for oil markets as bullish news fails to drive oil prices higher and a wave of negative developments look set to hit the industry in the coming weeks …read more […]
(Bloomberg) — Oil rose on Monday as a twin storm front threatened major disruption to oil operations in the Gulf of Mexico, while ongoing concerns over the economic impact from the pandemic kept gains in check.Futures for October in New York rallied as much as 0.8%, after falling 1.1% on Friday. More than half of U.S. Gulf of Mexico production was shut down as of midday Sunday as the region prepared for two approaching hurricanes. The systems, Marco and Laura, are coming from different directions and have the potential to cause billions of dollars in damage.The U.S. recorded less than …read more […]
Aug.23 — President Donald Trump says a coronavirus treatment that involves blood plasma donated by people who’ve recovered from the disease will be expanded to many more sick Americans after the FDA approved use of the therapy. He speaks at a White House news conference. (Excerpts) …read more […]
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