Month: October 2020

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The Dow Jones is rising this Friday, looking for its first daily gain in four sessions after the release of strong U.S. consumer data to end a volatile week. …read more […]

As a volatile trading week winds down, US stock futures are consolidating ahead of the open. Also, the Nasdaq is in focus. …read more […]

Oct.19 — Helen Qiao, chief Greater China economist at BofA Securities, discusses the health of the world’s second-largest economy and its policies. Gross domestic product climbed 4.9% in the third quarter from a year ago. That’s lower than economists forecast. Retail sales expanded 3.3% in September, industrial production grew 6.9% in the month and investment growth accelerated to 0.8% in the nine months to the end of the quarter. Qiao speaks on “Bloomberg Markets: Asia.” …read more […]

(Bloomberg) — Oil was steady near $41 a barrel in New York before an OPEC+ meeting to assess the state of the market as demand comes under pressure once again from a resurgent coronavirus.The Joint Ministerial Monitoring Committee, which typically reviews compliance to the group’s pledged output cuts, will meet online Monday. While no supply decisions are expected until the conclusion of a gathering on Dec. 1, leading members Saudi Arabia and Russia are stepping up diplomacy as the market faces more crude from Libya and OPEC predicts less demand for its oil.House Speaker Nancy Pelosi, meanwhile, set a Tuesday …read more […]

Oct.18 — Conrad Clifford, regional vice president for Asia Pacific at the International Air Transport Association, looks at how the coronavirus outbreak is affecting the global airline industry. Singapore and Hong Kong will open their borders to one another for the first time in almost seven months, exempting people in both cities from compulsory quarantine in an agreement that will reinstate links between Asia’s two premier financial hubs. Clifford speaks on “Bloomberg Markets: Asia.” …read more […]

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The e-commerce giant is hoping to further leverage its digital presence to support Sun Art’s 481 hypermarkets and three mid-size supermarkets in China. The move comes as Alibaba steadily expands its presence in China’s offline retail sector, as growth in traditional e-commerce slows. Alibaba, which already owned 21% of Sun Art through a unit, will raise its stake to around 72% through the acquisition of a similar stake in A-RT Retail Holdings, who owns 51% of Sun Art. …read more […]

(Bloomberg) — Alibaba Group Holding Ltd. will invest about $3.6 billion to double its stake in Sun Art Retail Group Ltd., taking control of one of China’s largest hypermarts to try and fend off rivals like JD.com Inc. in e-commerce’s hottest growth arena.Alibaba will raise its direct and indirect stake in the grocery chain to about 72% by acquiring equity from Auchan Retail International SA, then make a general offer to shareholders to buy out the rest of Sun Art. The latter’s Hong Kong-listed stock leapt as much as 30% Monday, its biggest intraday gain since 2011.The deal signals the …read more […]

Oct.18 — House Speaker Nancy Pelosi is now saying that Tuesday is now the deadline for an agreement on stimulus before the election. Over the weekend, President Donald Trump said he can convince Republicans to back a so-called “good” deal. Bloomberg’s Enda Curran reports on “Bloomberg Markets: China Open.” …read more […]

Oct.18 — House Speaker Nancy Pelosi is now saying that Tuesday is now the deadline for an agreement on stimulus before the election. Over the weekend, President Donald Trump said he can convince Republicans to back a so-called “good” deal. Bloomberg’s Enda Curran reports on “Bloomberg Markets: China Open.” …read more […]

Oct.18 — Ant Group has reportedly won approval from the Chinese Securities Regulatory Commission for its Hong Kong listing. The payments giant is said to be seeking HKEX’s approval today. Bloomberg’s Lulu Chen reports on “Bloomberg Markets: China Open.” …read more […]

Alibaba, which already owned 21% of Sun Art through a unit, will raise its stake to around 72% through the acquisition of a similar stake in A-RT Retail Holdings, who owns 51% of Sun Art. “As the COVID-19 pandemic is accelerating the digitalisation of consumer lifestyles and enterprise operations, this commitment to Sun Art serves to strengthen our New Retail vision and serve more consumers with a fully integrated experience,” Alibaba Chairman and Chief Executive Officer Daniel Zhang said in a statement. Alibaba added that Peter Huang would be appointed chairman of Sun Art on top of his …read more […]

(Bloomberg) — Alibaba Group Holding Ltd. will invest about $3.6 billion to double its stake in Sun Art Retail Group Ltd., taking control of one of China’s largest hypermarts to try and fend off rivals like JD.com Inc. in e-commerce’s hottest growth arena.Alibaba will raise its direct and indirect stake in the grocery chain to about 72% by acquiring equity from Auchan Retail International SA, then make a general offer to shareholders to buy out the rest of Sun Art. The latter Hong Kong-listed company leapt 11% early Monday.Alibaba Chief Executive Officer Daniel Zhang has made the expansion into physical …read more […]

Oct.18 — U.K. business is being urged to ramp up preparations for a “no deal” Brexit as trade talks with the EU face collapse. The government has told EU officials not to bother coming to London this week to continue negotiations, but also says the door remains ajar. Bloomberg’s Jodi Schneider reports on “Bloomberg Daybreak: Asia.” …read more […]