Month: November 2020

(Bloomberg) — Pinduoduo Inc.’s revenue rose a better-than-expected 89% as the shift toward online shopping continued in post-Covid China, benefiting the e-commerce upstart. The shares surged roughly 16% in pre-market trading in New York.The Shanghai-based company logged sales of 14.2 billion yuan ($2.14 billion) in the September quarter, surpassing the 12.2 billion yuan average of estimates. Its net loss attributable to ordinary shareholders narrowed to 784.7 million yuan from 2.3 billion yuan a year earlier, though it remained in the red largely due to the hefty subsidies Pinduoduo spent to acquire new shoppers as well as keep existing ones. Gross …read more […]

Shareholders in Peabody Energy Corporation (NYSE:BTU) had a terrible week, as shares crashed 27% to US$0.90 in the… …read more […]

Bitcoin’s price breaks above $16,000, reaching an almost three-year high. …read more […]

(Bloomberg) — Tencent Holdings Ltd.’s revenue rose a better-than-expected 29%, riding a pandemic-era gaming boom that’s persisted in defiance of an economic downturn.Sales rose to 125.45 billion yuan ($18.9 billion) in the three months ended September, versus the 123.8 billion yuan average forecast. The world’s largest gaming company reported net income of 38.5 billion yuan, surpassing projections of 30.3 billion yuan after it recorded a gain of 11.6 billion yuan from rising valuations for its tech holdings. Shares in top shareholder Naspers Ltd. and its unit Prosus NV climbed roughly 4%.The strong results should help reassure investors scrambling to assess …read more […]

The Chinese giant has benefitted from healthy growth of paying users for video games in China and international markets. Tencent said that, following the COVID-19 outbreak, overall China advertising activity appeared to have largely returned to normal, with rapid growth in sectors such as education, Internet services and ecommerce platforms. “The year-on-year revenue growth rate was therefore lower than previous quarters, which we expect to be temporary in nature,” Tencent said. …read more […]

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British engineering company Rolls-Royce said shareholders signed up for 94% of new shares it issued as part of a 2 billion pound ($2.64 billion) rights issue aimed at bolstering its pandemic-hit finances. Airlines pay Rolls based on how many hours its engines fly and as such, the company’s finances have come under increasing pressure after COVID-19 stopped travel earlier this year. Rolls-Royce said that the underwriting banks would now try to procure subscribers for the remaining shares, but failing that had agreed to subscribe for them themselves. …read more […]

(Bloomberg) — Oil was steady above $41 a barrel in New York as OPEC+ appeared to be closing in on an agreement to delay a planned easing of production cuts from the start of next year.The producer group is considering keeping additional supply off the market for three to six months, according to several delegates, asking not to be identified because the talks are private. OPEC+ meets at the end of the month to discuss its output policy and the alliance, led by Saudi Arabia and Russia, has already indicated it might need to defer the planned crude production increase.Expectations …read more […]

(Bloomberg) — The global stock rally showed signs of stalling on Thursday as investors assess a deteriorating coronavirus situation in many large economies around the world and indicators of overheated equity markets. Treasuries rose.Most Asian shares dipped after a surge of about $6 trillion in the value of global equities so far in November. Chinese technology shares rallied following the $290 billion wipe out over plans for tougher regulations. U.S. and European equity futures slipped. The dollar edged up.The S&P 500 earlier rose to the highest since Sept. 2, while the Nasdaq 100 jumped more than 2% as tech heavyweights …read more […]

The world’s most influential gold market authority is threatening to stop bullion from countries including the United Arab Emirates entering the mainstream market if they fail to meet regulatory standards, a letter seen by Reuters showed. In the letter dated Nov. 6 addressed to countries with large gold markets, the London Bullion Market Association (LBMA) laid out standards they must meet on issues such as money laundering and where they source their gold – or be blacklisted. The move by the LBMA is the first time a market or state authority trying to tackle the illegal or unethical …read more […]

Stocks fell back across Asia on Thursday after gains for big technology shares pushed most Wall Street benchmarks higher. Excitement over news of potentially effective vaccines for COVID-19 has been tempered by concerns over the logistical challenges of ensuring access to billions of people. “Vaccine trades reversed to give way to ‘stay home’ trades,” as shares of technology companies and others that do well when people stay home and work remotely rallied, Mizuho Bank said in a commentary. …read more […]

Boeing Co on Thursday raised its rolling forecast for China’s aircraft demand for the next 20 years, making the country a bright spot in the aviation market even as COVID-19 decimates global deliveries over the next few years. Chinese airlines will need 8,600 new airplanes through 2039, 6.3% higher than Boeing’s previous prediction of 8,090 planes last year. In October, Boeing cut its 20-year forecast for global airplane demand due to the COVID-19 pandemic. …read more […]

(Bloomberg) — Tencent Holdings Ltd. joined Alibaba Group Holding Ltd. and much of China’s internet sector in a $290 billion selloff after Beijing signaled its strongest intentions yet to rein in Big Tech. Yet the social media and gaming giant is in some ways better shielded than its peers from any potential crackdown.Executives unfurling earnings Thursday will seek to reinforce perceptions Tencent isn’t in the same boat as fintech giant Ant Group Co., the Alibaba affiliate forced to call off what would’ve been the world’s largest initial public offering after Beijing tightened its control of online lending. Citigroup and JPMorgan …read more […]

(Bloomberg) — With 22 pages of vaguely worded edicts, China has cast doubt on the future of its biggest internet companies and ignited a $290 billion equity selloff.Investors are now gaming out how bad it might get for Alibaba Group Holding Ltd., Tencent Holdings Ltd. and other Chinese internet giants as Xi Jinping’s government prepares to roll out a raft of new anti-monopoly regulations.As is almost always the case, the country’s leaders have said little about how harshly they plan to clamp down or why they decided to act now. But the draft rules released Tuesday give the government wide …read more […]