Year: 2020

(Bloomberg) — Oil recovered from a one-year low to trade above $50 a barrel as Saudi Arabia ran into Russian resistance in its push for further production cuts to combat a virus-driven demand hit.Futures rebounded with Asian stocks on Wednesday, but oil is still down more than 20% since early January as the coronavirus dents global demand. Saudi Arabia’s push for deeper supply reductions to combat the drop in consumption due to the outbreak is being received with caution by Russia, whose budget is more resilient to lower prices.BP Plc is forecasting the crisis will wipe out one-third of global …read more […]

(Bloomberg) — Ford Motor Co., founded 100 years and 15 days before Tesla Inc., is paying the price for a sudden role reversal: It’s now the one struggling to produce a new model on time, at scale and without losing money.Ford on Tuesday projected lower-than-expected profit for this year after ending 2019 with a quarterly net loss. Costs linked to launching revamped F-150 pickups will hurt future results and extend an earnings slump partly blamed on the botched rollout of its signature SUV, the Explorer.The disappointing forecast and faulty introduction of a crucial vehicle are reminiscent of the struggles investors …read more […]

(Bloomberg) — China’s biggest health crisis since at least 2003 has worsened the outlook for defaults in the world’s second-biggest bond market, likely tipping a raft of distressed borrowers over the edge this year.With scores of millions of citizens barred from travel, and companies, factories and retail outlets shuttered for a period of weeks, strains on cash flow add an unexpected layer of stress on Chinese borrowers. Market participants had already anticipated that defaults in 2020 would be on par with 2019, which saw a second straight annual record high.Old-line industrial companies with excess capacity and over-leveraged firms with grand …read more […]

A nearly 14% gain in Tesla Inc’s stock on Tuesday was likely sparked by investors looking to hop aboard its remarkable rally, rather than a reversal of bearish bets, an analysis of positioning dynamics showed. While the share price has more than doubled so far this year to $887.06, the gains do not appear to have sparked a reversal of the sizeable short position in them. As Tesla has rallied 36.4% over the past two days, short sellers have incurred $5.7 billion in paper losses. …read more […]