Month: September 2020

Pakistan is seeking the reversal of a $5.8 billion penalty imposed by an international tribunal for denying a mining lease to an Australian company, saying that paying the fine would hinder its handling of the coronavirus pandemic. The Reko Diq district in southwestern Pakistan’s Baluchistan province is famed for its mineral wealth, including gold and copper. Prime Minister Imran Khan’s government considers it a strategic national asset, though instead of yielding a bonanza the Reko Diq mining project may cost the country dearly. …read more […]

Sep.07 — Ajai Shukla, a retired Indian army colonel and defense analyst, looks at the standoff between the country and China. Defense ministers from the two governments agreed to defuse tensions after the latest clash on their Himalayan border revived a conflict that had been largely dormant since June. Shukla speaks with Rishaad Salamat and Haslinda Amin on “Bloomberg Markets: Asia.” (There were some audio issues) …read more […]

Stock pickers are generally looking for stocks that will outperform the broader market. And the truth is, you can make… …read more […]

Sep.07 — China’s exports continued to expand in August, as the country’s major trading partners gradually resumed business activities. Imports unexpectedly dropped. Grace Ng, senior China economist at JPMorgan, discusses what the figures say about the health of the world’s second-largest economy with Haslinda Amin and Rishaad Salamat on “Bloomberg Markets: Asia.” …read more […]

Spot gold was up 0.2% at $1,935.50 per ounce by 0341 GMT, moving further away from a one-week low of $1,916.24 touched on Friday. U.S. gold futures rose 0.5% to $1,943.40. “Also, the lower for longer interest rates narrative continues to chime well for the gold bulls right now.” …read more […]

(Bloomberg) — A Japanese billionaire said on Twitter that he had lost 4.4 billion yen ($41.4 million) by trading stocks amid volatile swings triggered by the pandemic.In a tweet titled “Deep Regrets,” Yusaku Maezawa, founder and former chief executive of online fashion retailer Zozo Inc., said he lost money through day trading — a practice he has failed to master. He expressed regret over the sum he had lost and vowed to recover it through his business.“I was blinded by the virus-driven market swings and lost 4.4 billion yen through repeated short-term trading of stocks, something I haven’t familiarized myself …read more […]

Sep.06 — Mitul Kotecha, senior emerging markets strategist at TD Securities, discusses the outlook for the dollar, Asian currencies and the euro. He speaks with Tom Mackenzie and Yvonne Man on “Bloomberg Markets: Asia.” …read more […]

Sep.06 — Jingyi Pan, market strategist at IG Asia, discusses the prospects for U.S., Asian stocks, and economies. She speaks with Tom Mackenzie and Yvonne Man on “Bloomberg Markets: Asia.” …read more […]

(Bloomberg) — China’s financial regulators plan to cap the interest rates Ant Group can charge borrowers on quick consumer loans, a move that could curb the financial technology giant’s biggest revenue driver as it prepares for a mega initial public offering.Loans made by Ant Group and other consumer lenders will be subject to a ceiling imposed by a China Supreme Court ruling last month, said people familiar with the plans, who asked not to be named as the information is private. Linked to a benchmark rate, the cap is currently 15.4%. The court said the rule doesn’t apply to licensed …read more […]

Sep.06 — Susan L. Shirk is an expert on Chinese politics and former Deputy Assistant Secretary of State during the Clinton administration. She is currently a professor at the School of Global Policy and Strategy at the University of California, San Diego. Shirk discusses Xi’s campaign to stay in power and Wang Yi’s visit to Europe. She speaks with Haidi Stroud-Watts and Sophie Kamaruddin on “Bloomberg Daybreak: Asia.” …read more […]

Oil prices dropped more than $1 a barrel on Monday, hitting their lowest since July, after Saudi Arabia made the deepest monthly price cuts for supply to Asia in five months as optimism about demand recovery cooled amid the coronavirus pandemic. Brent crude was at $41.75 a barrel, down 91 cents or 2.1% by 0000 GMT, after it earlier slid to $41.51, its lowest since July 30. The world remained awash with crude and fuel supplies despite OPEC+ supply cuts and government efforts to stimulate the global economy and oil demand, forcing refiners to rein in output and …read more […]

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(Bloomberg) — SoftBank Group Corp. shares tumbled in Tokyo trading after reports that the Japanese conglomerate made substantial bets on equity derivatives amid the surge in technology stocks.SoftBank shares dropped as much as 5.4%, the most on an intraday basis since April. The stock had gained 33% this year before Monday.The Financial Times, Wall Street Journal and Zero Hedge reported that SoftBank was making massive bets on technology stocks using equity derivatives. The FT labeled SoftBank the “Nasdaq whale” that “stoked the fevered rally in big tech stocks,” though it didn’t include details of any trading. The FT later reported …read more […]

(Bloomberg) — SoftBank Group Corp. is sitting on trading gains of about $4 billion after founder Masayoshi Son made bets on equity derivatives, the Financial Times reported Sunday, citing people with direct knowledge of the matter.The Japanese company’s strategy has been built over the past few months, the FT cited the people as saying, adding that SoftBank has spent about $4 billion on options premiums focused on tech stocks over that time. SoftBank now has large but unrealized profits, and the trades have been deeply controversial even within SoftBank, the newspaper reported.The Japanese conglomerate said in August that it was …read more […]

(Bloomberg) — The selloff in U.S. stocks may have at least one day more to go if history is a guide, according to Fundstrat Global Advisors LLC.The S&P 500 has fallen 4.3% over the last two sessions, though remains up 53% from its March lows at the height of fears about the coronavirus. The tech-heavy Nasdaq 100 Index fell 6.4% over Thursday and Friday. Given those substantive declines and the three-day Labor Day weekend, technical strategist Robert Sluymer says there’s a risk of a further downdraft.“We would not be surprised to see the ‘three-day rule’ take effect,” Sluymer wrote in …read more […]