Sep.06 — Jingyi Pan, market strategist at IG Asia, discusses the prospects for U.S., Asian stocks, and economies. She speaks with Tom Mackenzie and Yvonne Man on “Bloomberg Markets: Asia.” …read more […]
(Bloomberg) — China’s financial regulators plan to cap the interest rates Ant Group can charge borrowers on quick consumer loans, a move that could curb the financial technology giant’s biggest revenue driver as it prepares for a mega initial public offering.Loans made by Ant Group and other consumer lenders will be subject to a ceiling imposed by a China Supreme Court ruling last month, said people familiar with the plans, who asked not to be named as the information is private. Linked to a benchmark rate, the cap is currently 15.4%. The court said the rule doesn’t apply to licensed …read more […]
Sep.06 — Susan L. Shirk is an expert on Chinese politics and former Deputy Assistant Secretary of State during the Clinton administration. She is currently a professor at the School of Global Policy and Strategy at the University of California, San Diego. Shirk discusses Xi’s campaign to stay in power and Wang Yi’s visit to Europe. She speaks with Haidi Stroud-Watts and Sophie Kamaruddin on “Bloomberg Daybreak: Asia.” …read more […]
Oil prices dropped more than $1 a barrel on Monday, hitting their lowest since July, after Saudi Arabia made the deepest monthly price cuts for supply to Asia in five months as optimism about demand recovery cooled amid the coronavirus pandemic. Brent crude was at $41.75 a barrel, down 91 cents or 2.1% by 0000 GMT, after it earlier slid to $41.51, its lowest since July 30. The world remained awash with crude and fuel supplies despite OPEC+ supply cuts and government efforts to stimulate the global economy and oil demand, forcing refiners to rein in output and …read more […]
(Bloomberg) — SoftBank Group Corp. shares tumbled in Tokyo trading after reports that the Japanese conglomerate made substantial bets on equity derivatives amid the surge in technology stocks.SoftBank shares dropped as much as 5.4%, the most on an intraday basis since April. The stock had gained 33% this year before Monday.The Financial Times, Wall Street Journal and Zero Hedge reported that SoftBank was making massive bets on technology stocks using equity derivatives. The FT labeled SoftBank the “Nasdaq whale” that “stoked the fevered rally in big tech stocks,” though it didn’t include details of any trading. The FT later reported …read more […]
(Bloomberg) — SoftBank Group Corp. is sitting on trading gains of about $4 billion after founder Masayoshi Son made bets on equity derivatives, the Financial Times reported Sunday, citing people with direct knowledge of the matter.The Japanese company’s strategy has been built over the past few months, the FT cited the people as saying, adding that SoftBank has spent about $4 billion on options premiums focused on tech stocks over that time. SoftBank now has large but unrealized profits, and the trades have been deeply controversial even within SoftBank, the newspaper reported.The Japanese conglomerate said in August that it was …read more […]
(Bloomberg) — The selloff in U.S. stocks may have at least one day more to go if history is a guide, according to Fundstrat Global Advisors LLC.The S&P 500 has fallen 4.3% over the last two sessions, though remains up 53% from its March lows at the height of fears about the coronavirus. The tech-heavy Nasdaq 100 Index fell 6.4% over Thursday and Friday. Given those substantive declines and the three-day Labor Day weekend, technical strategist Robert Sluymer says there’s a risk of a further downdraft.“We would not be surprised to see the ‘three-day rule’ take effect,” Sluymer wrote in …read more […]
Sep.06 — Activists are calling for a boycott of Disney’s live-action “Mulan” remake, citing a social media post from the lead actress in support of Hong Kong police. Stephen Engle reports on “Bloomberg Daybreak: Asia.” …read more […]
Sep.06 — Hong Kong police arrested hundreds of people including key activists as protests again flared up on the city’s streets Sunday after weeks of relative calm since the implementation of a national security law. Stephen Engle reports on “Bloomberg Daybreak: Asia.” …read more […]
In 2017, the last car Australia built rolled out of a General Motors’ plant in the city of Adelaide, ending seven decades of local automotive history and the belief that the country’s factories could ever compete globally. Three years later, policymakers are once again looking to manufacturing to generate some growth as they scramble to drive the economy through the coronavirus and out of its deepest slump on record. While Australians are unlikely to buy millions of locally made cars, refrigerators and toasters as they did in the 20th century, a government push that puts manufacturing at the …read more […]
(Bloomberg) — U.S. stock index futures slipped, extending the biggest weekly retreat since June, as clouds gathered around a five-month rally that has fattened tech valuations and whipped up speculation in options.September contracts on the S&P 500 lost 0.6% as of 6:32 p.m. in New York. Futures on the Nasdaq 100 dropped 1.2%. Last week’s slide was capped with two of the most volatile days of the summer, with technology shares at one point dropping 10% from a recent high after nearly doubling since March.Anxiety has ratcheted up for investors who have ridden a powerful rally from the depths of …read more […]
(Bloomberg) — Stocks looked headed for a nervy start to trading Monday after the biggest two-day slide for global equities since June left investors on edge. Currencies began the week with little fanfare, while crude oil declined.Futures pointed to modest losses in Japan and Australia, and S&P 500 futures retreated. U.S. markets are shut Monday for a holiday after the worst week for the Nasdaq since March. The dollar was steady in early trading, while the pound ticked lower going to another round of Brexit negotiations. Hong Kong markets will be in focus after protests again flared up on the …read more […]
(Bloomberg) — Oil extended its slide below $40 a barrel after Saudi Arabia cut its pricing for oil sales in October, a sign that the world’s biggest exporter sees fuel demand wavering amid more coronavirus flare-ups around the globe.Futures in New York fell as much as 2.8%, after dropping almost 4% on Friday. The kingdom’s state producer, Saudi Aramco, reduced its key Arab Light grade of crude by a larger-than-expected amount for shipments to Asia, its main market. It also lowered pricing for U.S. buyers.U.S. crude retreated 7.5% last week, the biggest weekly loss since June, on concerns over weakening …read more […]
Equity trading this week will be shortened in the US this week as investors take Monday off to observe the Labor Day holiday. …read more […]
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