Year: 2020

(Bloomberg) — Wall Street giants such as Goldman Sachs Group Inc. and JPMorgan Chase & Co. have tens of billions of dollars at stake in China as political tension risks derailing the nation’s opening of its $45 trillion financial market.Five big U.S. banks had a combined $70.8 billion of exposure to China in 2019, with JPMorgan alone plowing $19.2 billion into lending, trading and investing. That’s a 10% increase from 2018.While their assets in the country are comparatively small, they have big expansion plans there that may come undone if financial services firms are dragged into the tit-for-tat between the …read more […]

(Bloomberg) — Oil is heading for the biggest monthly advance on record as deep supply cuts trim a global glut and easing lockdown restrictions boost fuel consumption after a virus-driven crash.Futures in New York are trading above $33 a barrel, up almost 80% this month for the biggest gain in data going back more than three decades. OPEC+ has pledged to reduce output by about 10 million barrels a day, but the market will be watching for any change when the coalition meets in early June after Russia signaled it would scale back curbs in line with the deal. There …read more […]

A U.S. judge on Thursday said institutional investors, including BlackRock Inc and Allianz SE’s Pacific Investment Management Co, can pursue much of their lawsuit accusing 15 major banks of rigging prices in the $6.6 trillion-a-day foreign exchange market. U.S. District Judge Lorna Schofield in Manhattan said the nearly 1,300 plaintiffs, including many mutual funds and exchange-traded funds, plausibly alleged that the banks conspired to rig currency benchmarks from 2003 to 2013 and profit at their expense. “This is an injury of the type the antitrust laws were intended to prevent,” Schofield wrote in a 40-page decision. …read more […]

(Bloomberg) — Dell Technologies Inc. reported quarterly revenue and profit that were better than projected on greater sales of personal computers to businesses with employees working from home, even while server demand waned. Shares jumped 7% in extended trading.Revenue was $21.9 billion in the period that ended May 1, little-changed from a year earlier, the Round Rock, Texas-based company said Thursday in a statement. On average, analysts estimated $20.8 billion, according to data compiled by Bloomberg. Dell generated profit, excluding some items, of $1.34 per share, easily beating analysts’ projection of 95 cents.Chief Executive Officer Michael Dell has been the …read more […]

Volatility is nothing new in the healthcare sector. Nonetheless, vaccine player Novavax’s (NVAX) recent spectacular moon bound rally is on another level.The stock surged by another 147% this month, cumulatively accruing 1025% of gains in 2020. Which begs the far-fetched question: Has Novavax provided the coveted vaccine? Not yet, but it is taking some big strides towards addressing the issue.The latest share appreciation came following news that the coalition for Epidemic Preparedness Innovations (CEPI) will commit up to $388 million to further the development of Novavax’ vaccine candidate against COVID-19 (SARS-CoV-2), NVX-CoV2373. The investment is CEPI’s biggest to date and …read more […]

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