Month: October 2020

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After years of focusing on U.S. shale, Chevron Corp is staking its natural gas future on the Middle East, a volatile and divided region where energy majors have long tread warily. CEO Michael Wirth’s pivot away from home is underpinned by a bet that the Middle East is entering an era of reconciliation that will make it ideal for tapping natural gas, as demand for the cheaper and cleaner fuel is forecast to outstrip oil. The new strategy is seeing the company pitch new gas deals in Egypt, Israel, Qatar, while cutting spending on American shale exploration. …read more […]

Oct.26 — Hartmut Issel, head of Asia Pacific equities and credit at UBS Wealth Management, discusses the opportunities he sees in China’s green technologies. He speaks with Rishaad Salamat and Haslinda Amin on “Bloomberg Markets: Asia.” …read more […]

(Bloomberg) — U.S. Election Day is just over a week away and history says that’s good news for stocks.Over the last 30 years, the S&P 500 has rallied in the week before the presidential election, with one notable exception — 2016 — according to Miller Tabak strategist Matt Maley. The average return in the six instances since 1992 was 3.8%, he wrote in a note Saturday.“Although the stock market fell 1.9% over the seven days of trading in 2016, you have to go all the way back to 1988 to find another time when it didn’t rally over the last …read more […]

“In the near-term, there seems to be a lack of impetus to find extra buyers (for gold)… A lot of it is because we’re trading in the looming shadow of the U.S. elections and stimulus speculation,” said IG Markets analyst Kyle Rodda. U.S. House Speaker Nancy Pelosi on Sunday said the Trump administration was reviewing the latest plan for more COVID-19 relief and that she expected a response on Monday. With the November presidential elections fast approaching, analysts say a victory for Democrat rival Joe Biden could help gold rally on the back of a potential large stimulus …read more […]

Oct.25 — Nader Naeimi, head of dynamic markets at AMP Capital Investors, discusses the negotiations in the U.S. over a stimulus package, the opportunities he sees in global stocks, and the outlook for the energy industry. He also talks about China’s economic policies and the implications for the country’s financial markets. He speaks with Rishaad Salamat and Haslinda Amin on “Bloomberg Markets: Asia.” …read more […]

Oct.25 — Euan McLeish, analyst at Sanford C. Bernstein, discusses China’s liquor makers’ stocks. Kweichow Moutai Co. shares are down after posting a 6.7% gain in net income for the third quarter. McLeish speaks with Haslinda Amin and Rishaad Salamat on “Bloomberg Markets: Asia.” …read more […]

(Bloomberg) — Google and Temasek Holdings Pte have agreed to invest about $350 million in PT Tokopedia, people familiar with the matter said, a major cash infusion that will bankroll the Indonesian online mall’s post-Covid-19 expansion.The Alphabet Inc. unit and Singapore’s state investment firm could sign an agreement for the funding soon, the people said, asking not to be identified discussing the deal before it’s formally concluded. The financing falls short of the initial goal of between $500 million to $1 billion that Bloomberg News reported in July, though Tokopedia may still be looking for more investors.Tokopedia, the online marketplace …read more […]

Oct.25 — Former Australian Foreign Minister Bob Carr discusses how the U.S. presidential election outcome might affect his country. Carr, who is now professor of the University of Technology Sydney, speaks with Paul Allen and Kathleen Hays on “Bloomberg Daybreak: Australia.” …read more […]

(Bloomberg) — Ant Group Co. has set the price for its initial public offering in Shanghai, paving the way for a blockbuster sale that may give the Chinese fintech giant a valuation higher than JPMorgan Chase & Co.Billionaire founder Jack Ma, speaking at a weekend conference, said Ant has determined the IPO price, though he didn’t disclose the amount. Pricing details for the China shares are expected by Tuesday, with the Hong Kong price to be announced as soon as Oct. 29, people familiar with the matter have said.“This was the first time such a big listing, the largest in …read more […]

Oct.25 — Pessimism is mounting again over a pre-election stimulus bill in Washington. House Speaker Nancy Pelosi and White House Chief of Staff Mark Meadows are accusing each other of moving the goal posts. Bloomberg’s Derek Wallbank reports on “Bloomberg Markets: China Open.” …read more […]

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Oct.25 — Anti-government protests are escalating in Thailand after Prime Minister Prayuth Chan-Ocha ignored demands to quit. Lawmakers are set to meet today to address some of the activists’ demands. Bloomberg’s Randy Thanthong-Knight reports on “Bloomberg Daybreak: Asia.” …read more […]

Oct.25 — There are voters who do not know who to trust in this election, says Rokk Solutions Partner Kristen Hawn. She also says the Trump-Biden race is closer than polls indicate. She spoke to Kathleen Hays and Paul Allen on “Bloomberg Daybreak: Asia.” …read more […]

(Bloomberg) — Oil extended its slide to a second day on a toxic cocktail of surging coronavirus cases in the U.S. and Europe, dwindling prospects for pre-election stimulus in Washington and a steady resumption of supply from Libya.Futures in New York fell toward $39 a barrel after dropping 1.9% on Friday. The U.S. reported record infections for a second straight day, while Italy approved a partial lockdown and Spain announced a national curfew. Democrats and Republicans accused each other of “moving the goalposts” in interviews on CNN as hopes for a deal before next week’s election appeared to be in …read more […]