Year: 2020

(Bloomberg) — The pound fell after U.K. Prime Minister Boris Johnson ratcheted up the chances of trade negotiations failing with the European Union.Sterling declined as much as 0.8% against the dollar to $1.3175, extending its drop to the longest since June, as Johnson prepared to tell the EU he’s willing to let talks fail rather than compromise on what he sees as core Brexit principles.“It looks that we are only at the beginning of a painful correction lower in the pound,” said Valentin Marinov, head of Group-of-10 foreign-exchange strategy at Credit Agricole SA, who sees the pound dropping to $1.20 …read more […]

(Bloomberg) — Samsung Electronics Co. won a 7.9 trillion won ($6.6 billion) order to provide fifth-generation wireless solutions to Verizon Communications Inc. in the U.S., a big win for the electronics giant’s networking gear business.The contract was finalized Friday and is valid from June 30 through December 2025, it said in a regulatory filing.The deal marks one of Samsung’s biggest 5G contracts since Korea’s largest corporation decided years ago to invest in networking and compete with global players like Nokia Oyj and Ericsson in providing telecom equipment. It should lift Samsung’s market share in the wireless industry at a time …read more […]

Sep.07 — U.K. lawmakers who want to push Brexit through may feel that the fallout from Covid-19 provides the “perfect camouflage” to hide the economic costs of a no-deal divorce, according to Stephen King, senior economic adviser at HSBC. He made the comments on “Bloomberg Markets: European Open.” …read more […]

Sep.07 — Michael Metcalfe, State Street Global head of macro strategy, says it’s too early to abandon technology stocks even after last week’s rout. “Fundamentally, nothing’s really changed,” he said in an interview on “Bloomberg Markets: European Open.” …read more […]

Sep.07 — Germany’s support for the Russian-led Nord Stream 2 pipeline is developing a few cracks. Foreign Minister Heiko Maas became the first member of Chancellor Angela Merkel’s cabinet to link the natural-gas conduit’s fate to Russian cooperation with an inquiry into the poisoning of dissident Alexey Navalny. Matt Miller reports on “Bloomberg Daybreak: Europe.” …read more […]

A massive operation was under way to rescue Labor Day campers trapped in California’s Sierra National Forest by the Creek Fire. It’s one of more than 20 major fires burning in the state as a brutal heat wave pushes temperatures in many areas into triple digits. Photo: Marcio Jose Sanchez/AP …read more […]

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The global economy is likely not headed for any major slowdown due to COVID-19 but piled-up storage and uncertainty over China’s oil demand cloud oil markets’ recovery, an official with International Energy Agency (IEA) said. Keisuke Sadamori, IEA director for energy markets and security, told Reuters the outlook for oil was in the midst of either a second wave or a steady first wave of the coronavirus. …read more […]

Pakistan is seeking the reversal of a $5.8 billion penalty imposed by an international tribunal for denying a mining lease to an Australian company, saying that paying the fine would hinder its handling of the coronavirus pandemic. The Reko Diq district in southwestern Pakistan’s Baluchistan province is famed for its mineral wealth, including gold and copper. Prime Minister Imran Khan’s government considers it a strategic national asset, though instead of yielding a bonanza the Reko Diq mining project may cost the country dearly. …read more […]

Sep.07 — Ajai Shukla, a retired Indian army colonel and defense analyst, looks at the standoff between the country and China. Defense ministers from the two governments agreed to defuse tensions after the latest clash on their Himalayan border revived a conflict that had been largely dormant since June. Shukla speaks with Rishaad Salamat and Haslinda Amin on “Bloomberg Markets: Asia.” (There were some audio issues) …read more […]

Stock pickers are generally looking for stocks that will outperform the broader market. And the truth is, you can make… …read more […]

Sep.07 — China’s exports continued to expand in August, as the country’s major trading partners gradually resumed business activities. Imports unexpectedly dropped. Grace Ng, senior China economist at JPMorgan, discusses what the figures say about the health of the world’s second-largest economy with Haslinda Amin and Rishaad Salamat on “Bloomberg Markets: Asia.” …read more […]

Spot gold was up 0.2% at $1,935.50 per ounce by 0341 GMT, moving further away from a one-week low of $1,916.24 touched on Friday. U.S. gold futures rose 0.5% to $1,943.40. “Also, the lower for longer interest rates narrative continues to chime well for the gold bulls right now.” …read more […]

(Bloomberg) — A Japanese billionaire said on Twitter that he had lost 4.4 billion yen ($41.4 million) by trading stocks amid volatile swings triggered by the pandemic.In a tweet titled “Deep Regrets,” Yusaku Maezawa, founder and former chief executive of online fashion retailer Zozo Inc., said he lost money through day trading — a practice he has failed to master. He expressed regret over the sum he had lost and vowed to recover it through his business.“I was blinded by the virus-driven market swings and lost 4.4 billion yen through repeated short-term trading of stocks, something I haven’t familiarized myself …read more […]

Sep.06 — Mitul Kotecha, senior emerging markets strategist at TD Securities, discusses the outlook for the dollar, Asian currencies and the euro. He speaks with Tom Mackenzie and Yvonne Man on “Bloomberg Markets: Asia.” …read more […]