Year: 2020

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(Bloomberg) — The shock suspension of Ant Group Co.’s $35 billion initial public offering is just the beginning of a renewed campaign by China to rein in the fintech empire controlled by Jack Ma.Authorities are now setting their sights on Ant’s biggest source of revenue: its credit platforms that funnel loans from banks and other financial institutions to millions of consumers across China, according to people familiar with the matter.The China Banking and Insurance Regulatory Commission plans to discourage lenders from using Ant’s platforms and has already asked some to ensure their portfolios are compliant with stringent draft regulations announced …read more […]

(Bloomberg) — U.S. election night has had its fair share of drama, with some wins for both sides in the bag but key results yet to be decided.Investors haven’t been sitting aside as votes are counted amid volatile markets. S&P 500 futures have swung between a gain of 2.1% and a loss of 1%. The yield on 10-year Treasuries fell as low as 0.79%, a decline of 11 basis points, before paring some of the drop. The Bloomberg Dollar Index rallied 1% before giving up a slice of the gains.Here’s what some market watchers are saying:Bye Bye, Blue Sweep?“Both the …read more […]

Yahoo Finance’s Melody Hahm and Brian Cheung, Yahoo News National Reporter Marquise Francis, and Yahoo News West Coast Correspondent Andrew Romano discuss how the market has been reacting to election results as U.S. futures spike. …read more […]

(Bloomberg Opinion) — Ant Group Co. will survive the 11th-hour suspension of its blockbuster $35 billion listing in Shanghai and Hong Kong if the company can learn from its technology peers. If there’s one thing that founder Jack Ma and Chinese regulators probably agree upon, it’s that finance and technology make for a powerful combination. The mix is where they ran into trouble. Halting the initial public offerings due to a “change in regulatory environment” is the government’s way of asserting that Ant is more fin than tech. Ma and team won’t get away with being digital cowboys riding roughshod …read more […]

(Bloomberg) — Gold fell with copper and oil pared gains as tight races in battleground states in the U.S. election shook traders’ initial faith in a decisive outcome, raising the prospect of a prolonged wait for a final result. Spot gold dropped 0.5% and the dollar strengthened as the race’s tightness spurred a flight to the safety of the greenback. Oil in New York rose 1.8%, paring an earlier advance of as much as 3.4%, with expectations OPEC+ will delay a planned easing of output cuts lending support.Traders are reacting to headlines and early clues of a possible Donald Trump …read more […]

(Bloomberg) — China’s shocking decision to halt Ant Group Co.’s initial public offering is reverberating across financial markets, sending Hong Kong shares lower and raising questions about the future of Jack Ma’s fintech juggernaut.Here are the latest developments on the 11th-hour scrapping of what was poised to be the world’s biggest IPO, worth $34.5 billion:Hong Kong Exchange Shares Fall After Ant IPO Is Pulled. It’s a blow to the Hong Kong bourse, which was expecting the IPO to boost share sales to a decade high.China Tells Ant It Can’t Go Public Until Capital Shortfall Fixed. The company will have to …read more […]

(Bloomberg) — Nasdaq 100 stock futures rose fast enough to trigger an exchange volatility halt that pauses especially rapid swings at 3.5%, as traders assessed election results.Contracts on the Nasdaq 100 rose jumped 3.5% within an hour, setting off a trading pause for two minutes. If gains extend to 7% from a Chicago Mercantile Exchange reference price calculated at the end of the trading day Tuesday, moves will be entirely capped with hard upside limits. Nasdaq futures are up 3.9% in the complete overnight session.Stock futures triggered trading limits multiple times earlier this year in the midst of the Covid-19 …read more […]

Betting markets continue to give the former vice president the inside track, while Trump’s chances of being reelected appear less probable. …read more […]

(Bloomberg) — Joe Biden scored early wins in traditionally Democratic states in the eastern U.S. while President Donald Trump won Republican strongholds in the south and Midwest, according to the Associated Press and networks, with key battlegrounds still to be decided.Florida, which Trump’s campaign considers crucial to his re-election hopes, remains undeclared. Trump held a narrow lead in the state after out-performing in one of its most populous counties, Miami-Dade.Other battleground states were also undecided, including North Carolina, Ohio, Georgia, Pennsylvania and Michigan. Biden held narrow leads in North Carolina and Ohio, though there are many votes outstanding in both …read more […]

(Bloomberg) — Jack Ma was poised to become Asia’s richest person with Ant Group Co.’s initial public offering. Instead, his net worth tumbled almost $3 billion and both retail and institutional investors who were betting on a big first-day pop are in limbo.Alibaba Group Holding Ltd.’s U.S.-traded shares slid 8.1% in New York,the most since January, 2015, after Ant said its listings in both Shanghai and Hong Kong have been suspended. The Hong Kong stock fell as much as 9.3% in early local trading. Ma, a 56-year-old former English teacher who co-founded Alibaba with $60,000 and turned it into China’s …read more […]

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Betting data from Smarkets suggest there’s a 45% chance that Trump won’t concede if he loses the election. …read more […]

(Bloomberg) — U.S. equity futures pointed to further gains after the biggest two-day rally since September, while Treasury futures slid as investors speculated America would get a clear election decision and Congress will deliver a spending bill this year.December contracts on the S&P 500 rose 1% as of 7:18 p.m. in New York. The cash index jumped 3% in the past two days. The dollar fell and Treasury futures dropped as trading kicked off in Asia, with cash 10-year yields implied to rise another two basis points following Tuesday’s selloff.Polls have started closing on much of the East Coast, including …read more […]