Year: 2020

(Bloomberg Opinion) — Heading into last Friday, there was no shortage of superlatives to describe the rise in long-term yields in the $20.4 trillion U.S. Treasury market. Just to name a few:The yield curve from five to 30 years steepened to 130 basis points, the widest gap since Nov. 16, 2016. The benchmark 10-year Treasury yield had climbed for six consecutive trading sessions, the longest stretch since September 2019. At 0.868%, the 10-year yield reached its highest level in more than four months and briefly broke above its 200-day moving average from below for the first time since late 2017. …read more […]

Top news and what to watch in the markets on Monday, October 26, 2020. …read more […]

(Bloomberg) — Bayer AG agreed to acquire U.S. biotech company Asklepios BioPharmaceutical Inc. for as much as $4 billion, bolstering its pharma division with experimental gene therapies before patents expire on some key drugs.The German chemicals giant will pay $2 billion upfront and another $2 billion in potential milestone payments in cash for closely held AskBio, a North Carolina-based company that’s developing gene therapies for ailments such as Parkinson’s disease and congestive heart failure.Bayer is expanding in the cutting-edge field of gene and cell therapies at a time when its blockbuster drugs age and the company’s crop-protection business reels from …read more […]

(Bloomberg) — Coca-Cola European Partners Plc agreed to buy Australian bottler Coca-Cola Amatil Ltd., creating a global producer of packaged beverages to better withstand a slowdown in the industry and the shift away from sugary drinks.The purchase values Sydney-based Coca-Cola Amatil at A$9.23 billion ($6.6 billion), a 19% premium to where its shares traded last week. The target’s board intends to unanimously recommend the offer.The A$12.75-per-share cash deal would double the European company’s potential market at a stroke, putting almost 300 million consumers within reach in the Southern Hemisphere, including the key developing nation of Indonesia.Such growth opportunities are all …read more […]

Oct.26 — President Donald Trump enters the final week before Election Day with a surge in U.S. coronavirus cases and another White House outbreak after several people in Vice President Mike Pence’s inner circle contracted Covid-19. Joe Biden will travel to Georgia on Tuesday, the Democratic presidential nominee’s first campaign trip to a state that hasn’t voted for a Democrat since 1992 but one where polls show a tight race. Kathleen Hunter reports on “Bloomberg Markets: European Open.” …read more […]

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(Bloomberg) — Investors wondering how China plans to evolve its financial markets in the coming years need look no further than the commentary from the weekend’s Bund Summit in Shanghai for guidance.People’s Bank of China Governor Yi Gang said that promoting broader use of the yuan will continue alongside the opening of financial markets. “The regulator’s main job is to reduce restrictions on the cross-border use of the currency, and let it take its own course,” he said.Those comments were echoed by Zhu Jun, director general of the central bank’s international division. Policy makers will remove obstacles that stand in …read more […]

Bayer agreed to acquire unlisted U.S. biotech firm Asklepios BioPharmaceutical Inc for as much as $4 billion in a bet on gene therapy with the help of modified viruses. Germany’s Bayer will pay $2 billion upfront and up to an additional $2 billion in milestone payments contingent on development achievements, it said on Monday. The North Carolina-based takeover target, also known as AskBio, is trying to use the harmless adeno-associated virus as a delivery device to bring genetic repair kits against a range of diseases into the body.Drugs and farming pesticides maker Bayer needs to upgrade its …read more […]

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After years of focusing on U.S. shale, Chevron Corp is staking its natural gas future on the Middle East, a volatile and divided region where energy majors have long tread warily. CEO Michael Wirth’s pivot away from home is underpinned by a bet that the Middle East is entering an era of reconciliation that will make it ideal for tapping natural gas, as demand for the cheaper and cleaner fuel is forecast to outstrip oil. The new strategy is seeing the company pitch new gas deals in Egypt, Israel, Qatar, while cutting spending on American shale exploration. …read more […]

Oct.26 — Hartmut Issel, head of Asia Pacific equities and credit at UBS Wealth Management, discusses the opportunities he sees in China’s green technologies. He speaks with Rishaad Salamat and Haslinda Amin on “Bloomberg Markets: Asia.” …read more […]

(Bloomberg) — U.S. Election Day is just over a week away and history says that’s good news for stocks.Over the last 30 years, the S&P 500 has rallied in the week before the presidential election, with one notable exception — 2016 — according to Miller Tabak strategist Matt Maley. The average return in the six instances since 1992 was 3.8%, he wrote in a note Saturday.“Although the stock market fell 1.9% over the seven days of trading in 2016, you have to go all the way back to 1988 to find another time when it didn’t rally over the last …read more […]

“In the near-term, there seems to be a lack of impetus to find extra buyers (for gold)… A lot of it is because we’re trading in the looming shadow of the U.S. elections and stimulus speculation,” said IG Markets analyst Kyle Rodda. U.S. House Speaker Nancy Pelosi on Sunday said the Trump administration was reviewing the latest plan for more COVID-19 relief and that she expected a response on Monday. With the November presidential elections fast approaching, analysts say a victory for Democrat rival Joe Biden could help gold rally on the back of a potential large stimulus …read more […]

Oct.25 — Nader Naeimi, head of dynamic markets at AMP Capital Investors, discusses the negotiations in the U.S. over a stimulus package, the opportunities he sees in global stocks, and the outlook for the energy industry. He also talks about China’s economic policies and the implications for the country’s financial markets. He speaks with Rishaad Salamat and Haslinda Amin on “Bloomberg Markets: Asia.” …read more […]

Oct.25 — Euan McLeish, analyst at Sanford C. Bernstein, discusses China’s liquor makers’ stocks. Kweichow Moutai Co. shares are down after posting a 6.7% gain in net income for the third quarter. McLeish speaks with Haslinda Amin and Rishaad Salamat on “Bloomberg Markets: Asia.” …read more […]