Year: 2020

ByteDance has been in talks to divest TikTok’s North America, Australia and New Zealand operations to potential acquirers, including Microsoft Corp and Oracle Corp. President Donald Trump has ordered the Chinese company to sever ties with the social media app in the United States, citing concerns over the safety of the personal data it handles. Under their restructuring plan, Microsoft or Oracle could receive a minority stake in the assets, the sources added. …read more […]

Aug.24 — Benjamin Diokno, governor of Philippine Central Bank, discusses the bank’s pause on interest rates, monetary policy and his outlook for the peso. He speaks exclusively on “Bloomberg Markets: Asia.” …read more […]

Aug.24 — Elizabeth Gaines, chief executive officer at Fortescue Metals Group Ltd., discusses steel production in China, her outlook for the business and for iron ore. She speaks exclusively on “Bloomberg Markets: Asia.” …read more […]

(Bloomberg) — Several of Alibaba Group Holding Ltd.’s biggest investors have converted billions of dollars in U.S. shares for Hong Kong stock in part to avoid potential U.S. sanctions and de-listings of major Chinese technology companies.Temasek Group Holdings Pte., Baillie Gifford & Co., and Matthews Asia are among the major shareholders that have swapped stakes in the Chinese e-commerce giant to take advantage of new rules easing the switch following Alibaba’s listing in Hong Kong last year. Geopolitics is contributing to the shift, according to people familiar with the moves.“Lots of long-term fund managers, especially the ones whose fund managers …read more […]

U.S. gold futures eased 0.2% to $1,942.90. “Weighing a little bit on immediate sentiment is virus positive news that has helped stocks and other risk assets go higher today,” said Stephen Innes, chief market strategist at financial services firm AxiCorp, adding that gold was in consolidation ahead of Jackson Hole. Asian stocks extended gains after the U.S. Food & Drug Administration authorised the use of blood plasma from patients who have recovered from COVID-19 as a treatment for the disease. …read more […]

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Aug.23 — Vivek Pathak, regional director for East Asia and Pacific at the International Finance Corp., the private-lending arm of the World Bank, discusses the economic impact of the coronavirus outbreak in the region, and how the organization plans to support the economies. He speak with David Ingles and Yvonne Man on “Bloomberg Markets: China Open.” …read more […]

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(Bloomberg) — Tencent Holdings Ltd. jumped the most in two weeks after White House officials are said to have reassured American businesses that a ban on its WeChat app won’t be as broad as feared.The WeChat owner jumped as much as 4.2% in Hong Kong Monday after people familiar with matter said the Trump administration is privately seeking to reassure U.S. companies including Apple Inc. that they can still do business with Tencent’s WeChat messaging app in China. In recent days, senior administration officials have been reaching out to some companies, realizing that the impact of an all-out ban on …read more […]

Some of China’s largest banks are set to post their first drop in first-half profits since the global financial crisis, hit by a surge in bad debt and higher loan-loss provisions due to the coronavirus pandemic, analysts and official data indicate. “The pandemic has hit small businesses hard … the balance sheets won’t be pretty.” Chinese commercial banks overall posted a 9.4% fall in first half net profit, while the six biggest posted a 12% profit fall from a year ago, according to China Banking and Insurance Regulatory Commission (CBIRC) data. …read more […]

Crude oil prices nudged higher on Monday as storms bore down on the Gulf of Mexico, shutting more than half the region’s oil production, although gains were capped by ongoing concerns about demand from coronavirus lockdowns. Hurricane Marco and Tropical Storm Laura tore through the Caribbean and Gulf of Mexico on Sunday, forcing energy companies to pull workers from offshore platforms and shut down oil production. Oil producers had shut 58% of the Gulf’s offshore oil production and 45% of natural gas production on Sunday. …read more […]

(Bloomberg) — If the recent spike up in U.S. inflation numbers is a sign of things to come for global markets, that could prove especially bad news for investors in Indian, Russian and Mexican bonds.The fixed-income securities of the three countries appear the most vulnerable to any surge in consumer prices, according to a Bloomberg study of 10 emerging markets. Their real bond yields — those adjusted for inflation — are the lowest in the group versus their three-year average. This gives them the smallest margin to spare if the nascent inflation signs prove the harbinger of a global price …read more […]

Posted by OFX AUD – Australian Dollar The Aussie has been on a nice run as it touched on a 12 month high at 0.7269 earlier in the week, but has come down to open at 0.7160 this morning after sliding due to strong US PMI data. From a technical perspective, traders … Continue reading “AUD comes down off a 12 month high”The post AUD comes down off a 12 month high appeared first on . …read more […]

(Bloomberg) — The dollar was steady in early trading and stocks in Asia looked set for a muted start to the week, as investors monitored a mixed global picture for the coronavirus and looked ahead to Federal Reserve Chair Jerome Powell’s speech on policy. Crude oil advanced.The greenback was steady against most G-10 peers as currency markets opened. Equity-index futures signaled a small decline when Japan begins trading, while South Korean assets will be closely watched as that country considered further restrictions to halt an infection flareup there. S&P 500 contracts opened modestly higher after U.S. shares ended Friday with …read more […]

Aug.23 — TikTok plans to file a lawsuit against the Trump administration on Monday to challenge its executive order banning transactions with the video app in the U.S., the company said. Meanwhile, A group of WeChat users asked a federal judge to block the Trump administration from imposing a ban on what they say appears to be all uses of the Chinese messaging app in the U.S. over national security concerns. Stephen Engle reports on “Bloomberg Daybreak: Australia.” …read more […]