Month: September 2020

Sep.08 — The lack of clarity on who the next U.S. president will be and the possibility that the loser of November’s election will contest the result is “dollar negative,” according to Eimear Daly, FX strategist at Macquarie. She speaks on “Bloomberg Markets: European Open.” …read more […]

(Bloomberg) — Oil extended losses after closing at the lowest level since June amid a worsening short-term demand outlook and a further deterioration in the relationship between the world’s two biggest economies.Futures in London traded near $42 a barrel after dropping 1.5% on Monday. Only four of 10 Asian refiners surveyed by Bloomberg said they would be trying to buy more Saudi Arabian crude after the kingdom cut pricing for October as consumption remained below pre-virus levels. The tepid response is a sign of the sluggish demand backdrop in the world’s biggest oil-consuming region.President Donald Trump said that he intends …read more […]

Sep.08 — Polish Prime Minister Mateusz Morawiecki says Germany faces a ‘no brainer’ decision to halt the Nord Stream 2 gas pipeline, which he calls a political project with a destabilizing effect on eastern Europe. Morawiecki also comments on the Polish economy and the zloty. He spoke with Bloomberg’s Wojciech Moskwa in Warsaw. …read more […]

Popular athleisure retailer Lululemon (LULU) is gearing up to release its earning results today after market close.Ahead of this key report, RBC Capital analyst Kate Fitzsimons has reiterated her LULU buy rating, while bumping up the price target from $348 to $435.She cited the company’s recent acquisition of fitness hardware startup Mirror for $500 million, which closed in July, writing: “While expensive, we believe rightly so given LULU’s sweet spot of category momentum, customer loyalty, and an expanding TAM [total addressable market] now inclusive of MIRROR.”Into the print, the analyst raised her 2Q EPS estimates on LULU to $0.57, based …read more […]

(Bloomberg) — As the debate rages as to who has had the most impact on option markets — retail traders or institutions — what’s becoming clear is the sheer size of the wagers of the professionals.RBC Capital Markets strategist Amy Wu Silverman noted bullish bets in a handful of technology companies in August as having all the hallmarks of a big institutional trade — with “a staggering $1 billion-plus in premium spent.” Henry Schwartz at Trade Alert LLC cited trades with about $1.4 billion in premiums spent last month.For both strategists, the most likely institutional trades were placed on Aug. …read more […]

(Bloomberg) — As the debate rages as to who has had the most impact on option markets — retail traders or institutions — what’s becoming clear is the sheer size of the wagers of the professionals.RBC Capital Markets strategist Amy Wu Silverman noted bullish bets in a handful of technology companies in August as having all the hallmarks of a big institutional trade — with “a staggering $1 billion-plus in premium spent.” Henry Schwartz at Trade Alert LLC cited trades with about $1.4 billion in premiums spent last month.For both strategists, the most likely institutional trades were placed on Aug. …read more […]

(Bloomberg) — It was the hottest IPO in town. Now Nongfu Spring Co.’s stock surge is turning its founder into China’s second-richest person.Shares of the bottled-water maker jumped as much as 85% and traded up 55% by the midday break in Hong Kong. The debut is on pace to become the city’s fourth best on record among firms that raised more than $1 billion.The surge is pushing the net worth of Zhong Shanshan, who owns 84% of the firm he founded in 1996, to more than $51 billion, according to the Bloomberg Billionaires Index. He’s now the wealthiest person in …read more […]

(Bloomberg) — China on Tuesday outlined a slate of rules designed to prevent foreign governments from acquiring data stored locally, seeking to counter Washington’s accusations that services like TikTok and WeChat share sensitive user information with Beijing.Foreign Minister Wang Yi unveiled the proposals governing global data security after raising the plan with his Group of 20 counterparts last week, part of China’s attempts to set global standards for the digital sphere. They involve forbidding governments from gaining access to data acquired by companies’ overseas operations, according to a statement posted on the ministry’s website.The guidelines reinforce Beijing’s long-held concept of …read more […]

VANCOUVER, BC and HOBRO, Denmark, Sept. 8, 2020 /CNW/ – Ballard Power Systems (NASDAQ: BLDP) (TSX: BLDP) today announced the launch of the fuel cell industry’s first module designed for primary propulsion power in marine vessels. …read more […]

Ill-timed bets on rising demand have Exxon Mobil Corp facing a shortfall of about $48 billion through 2021, according to a Reuters tally and Wall Street estimates, a situation that will require the top U.S. oil company to make deep cuts to its staff and projects. Wall Street investors are even starting to worry about the once-sacrosanct dividend at Exxon, which in the 20th Century became the world’s most valuable company using global scale, relentless expansion and strict financial controls. Exxon weathered a series of setbacks last decade and under Chief Executive Darren Woods sought to return …read more […]

Sep.07 — India’s unabated surge in coronavirus infections puts it on track to overtake the U.S. as the worst hit nation and that’s sparking fears of a human and economic catastrophe. Bloomberg’s Ruth Pollard reports on “Bloomberg Markets: Asia.” …read more […]

Sep.07 — The European Union is warning U.K. Prime Minister Boris Johnson not to tear up parts of the Brexit divorce accord he struck only a year ago. Johnson is ramping up his threats to walk away from the EU at the end of the year without a new trade deal in place. Bloomberg’s David Finnerty reports on “Bloomberg Markets: Asia.” …read more […]

Sep.07 — The European Union is warning U.K. Prime Minister Boris Johnson not to tear up parts of the Brexit divorce accord he struck only a year ago. Johnson is ramping up his threats to walk away from the EU at the end of the year without a new trade deal in place. Bloomberg’s David Finnerty reports on “Bloomberg Markets: Asia.” …read more […]

The U.S. Federal Aviation Administration said Sunday it is investigating manufacturing flaws involving some Boeing 787 Dreamliners but said it was too early to say if it will require new inspections. Boeing said in August airlines operating its 787 Dreamliners had removed eight jets from service as a result of two distinct manufacturing issues in fuselage sections. The FAA could require inspections covering hundreds of 787 jetliners after production issues at one plant, a person briefed on the matter confirmed. …read more […]

(Bloomberg) — TikTok’s Chinese parent has declared a rare half-month’s salary bonus for employees, hoping to calm a 60,000-plus workforce across the globe as negotiations around the sale of the video service’s U.S. operations approach the Trump administration’s September deadline.ByteDance Ltd. will dole out the bonus this month to reward employees at a time of unprecedented economic and social upheaval, the company said in an internal memo seen by Bloomberg News. While the Beijing-based startup is known for paying lavishly to poach experts in critical fields such as artificial intelligence, it’s unusual for the firm to declare a handout in …read more […]