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China Reminds Markets the Yuan’s Challenge to Dollar Is Still On

(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 […]

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Bayer to acquire Asklepios Bio in foray into gene therapy worth up to $4 billion

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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Chevron bets on Middle East gas riches and reconciliation

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 […]

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Stocks Could Rally Into Election Day If History Is a Guide

(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 […]

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Gold hits over one-week low as dollar gains ground

“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 […]

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AMP's Naeimi Sees Opportunities Outside U.S., Across Asia

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 […]

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Google, Temasek Agree to Invest $350 Million in Tokopedia

(Bloomberg) — Google and Temasek Holdings Pte have agreed to invest about $350 million in PT Tokopedia, people familiar with the matter said, a major cash infusion that will bankroll the Indonesian online mall’s post-Covid-19 expansion.The Alphabet Inc. unit and Singapore’s state investment firm could sign an agreement for the funding soon, the people said, asking not to be identified discussing the deal before it’s formally concluded. The financing falls short of the initial goal of between $500 million to $1 billion that Bloomberg News reported in July, though Tokopedia may still be looking for more investors.Tokopedia, the online marketplace …read more […]

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Ant Group Sets Price for IPO That May Reach Record $35 Billion

(Bloomberg) — Ant Group Co. has set the price for its initial public offering in Shanghai, paving the way for a blockbuster sale that may give the Chinese fintech giant a valuation higher than JPMorgan Chase & Co.Billionaire founder Jack Ma, speaking at a weekend conference, said Ant has determined the IPO price, though he didn’t disclose the amount. Pricing details for the China shares are expected by Tuesday, with the Hong Kong price to be announced as soon as Oct. 29, people familiar with the matter have said.“This was the first time such a big listing, the largest in …read more […]