Year: 2020

(Bloomberg) — Stage Stores Inc., the owner of rural department and discount stores including Goody’s, Peebles and Gordmans, filed for bankruptcy protection, adding to the toll of traditional retailers felled by too much debt and the economic shocks of the coronavirus.The retailer will simultaneously seek buyers for parts or all of its business while it also begins to wind down operations, Stage Stores said in a statement late Sunday. It will start reopening stores that have been closed by the pandemic, with about 557 outlets scheduled to open May 15 to conduct liquidation sales.The company’s Chapter 11 filing in its …read more […]

(Bloomberg) — The Covid-19 pandemic likely barely dented Tencent Holdings Ltd.’s growth, thanks to its dominance of online spheres from gaming to social media. Now that China’s industries are emerging from the worst of the outbreak, the bigger long-term threat may be the growing posse of challengers to its internet leadership.The WeChat operator is expected to unveil an 18% revenue rise when it reports earnings Wednesday, offering investors the earliest glimpse into how China Internet Inc. fared during a coronavirus-stricken first quarter. That’s down a tad from 20%-plus in prior quarters but still decent, thanks to its burgeoning cloud and …read more […]

May.10 — Matthew Prince, co-founder and chief executive officer of San Francisco-based software maker Cloudflare Inc., which provides services such as firewalls, network routing and traffic management that allow cloud-based sites to operate more effectively, discusses how the coronavirus outbreak is affecting demand for its products and services. He also talks about the deal with a unit of China’s JD.com with Selina Wang and Rishaad Salamat on “Bloomberg Markets: China Open.” …read more […]

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(Bloomberg) — The deadly coronavirus outbreak has been met with a wide-ranging response from China’s policy makers seeking to cushion the economy, support financial markets and bolster investor confidence. Here’s a look at some of the steps taken, along with market reaction.Sunday, May 10STRONGER POLICIES: The People’s Bank of China said the country faces unprecedented economic challenges from the coronavirus pandemic and it will resort to “more powerful” policies to counter the hit to growth. The phrase “will avoid excess liquidity flooding the economy” was missing from the policy outlook section of its quarterly monetary policy implementation report. It was …read more […]

Asian shares followed Wall Street higher on Monday as investors looked ahead to more countries restarting their economies, even as some reported an unwelcome pick up in new coronavirus cases. Japan’s Nikkei added 0.7% and South Korean stocks 0.3%. Wall Street had rallied on Friday after the April payrolls report proved dire but not quite as awful as analysts’ worst fears. …read more […]

Posted by OFX AUD – Australian Dollar The Australian Dollar rallied on Friday by 0.55% as commodity currencies were driven higher by a recovery in risk sentiment to close the week. Opening just below 65 US cents following a strong surge on Thursday from lows of 0.6378, the local currency reached intraday … Continue reading “Australian dollar holding gains above 65 US cents”The post Australian dollar holding gains above 65 US cents appeared first on . …read more […]

Investors seem to be increasingly convinced that markets have hit a bottom, but are they right? …read more […]

(Bloomberg) — Commodities investors will zero in this week on the patchwork of moves around the globe to ease the anti-virus lockdowns that have crippled economies and sapped demand. Raw materials may get a lift as the shackles are loosened from the U.S. and Australia to France and the U.K., with copper and crude likely to be especially keyed to evidence of a revival in activity.In energy, there’ll be earnings from behemoth Saudi Aramco, as well as monthly market snapshots from OPEC and the International Energy Agency. Metals investors get insights from Alcoa Corp. and Rio Tinto Group as top …read more […]