Trading Ideas
Consumer spending comes back 'with a vengeance' in May: Morning Brief
Top news and what to watch in the markets on Wednesday, June 17, 2020. …read more […]
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Business News
Employee union Unite says to oppose compulsory job losses at HSBC
Employee union Unite said it will oppose any compulsory job losses within HSBC and “work vigorously to ensure staff are heard and their jobs protected”, after the bank dusted off plans to axe as many as 35,000 roles worldwide.
Business News
Lufthansa warns its bailout deal is in jeopardy
German airline Lufthansa warned on Tuesday that it might need to apply for creditor protection if its state-backed bailout failed to win sufficient shareholder support in a vote later this month.
Business News
Saudi Aramco completes $69 billion SABIC stake deal, extends schedule
Saudi Aramco has completed its purchase of a 70% stake in petrochemicals company Saudi Basic Industries for $69.1 billion and extended the payment period by three years to 2028, providing a cushion against weak oil prices.
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DraftKings Drops 7% In Pre-Market Amid Public Share Offering
Shares in DraftKings (DKNG) sank almost 7% in pre-market trading after the U.S. sports betting company announced a public offering to sell its common stock.The stock dropped to $37.80 in early market trading. DraftKings said it has commenced an underwritten public offering of 33 million shares of its Class A common stock, consisting of 14 million shares offered by DraftKings and 19 million shares offered by some of the company’s shareholders.The stockholders intend to grant the underwriters a 30-day option to purchase up to an additional 4.95 million shares of Class A common stock. DraftKings will not receive any proceeds …read more […]
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Stocks Add to Rally, Shrug Off Infection Concerns: Markets Wrap
(Bloomberg) — European stocks pushed higher with U.S. equity futures as investors looked past a worrying increase in coronavirus cases to support from government and monetary stimulus. The dollar fluctuated along with crude oil.In the wake of Tuesday’s global rally, gains in real-estate and health-care shares brought fresh momentum to the Stoxx Europe 600 Index, even as infections increased from China to Brazil. S&P 500 futures swung from modest declines to gains, building on the index’s increase from Tuesday following data showing a surprising rebound in U.S. retail sales. Treasuries were steady.Investor optimism toward risk assets reflected bets that new …read more […]
Business News
Stocks grind higher on recovery hopes
Europe’s shares added to their best gains in almost a month as safety plays lost their lustre on Wednesday, with hopes of a rapid economic recovery standing firm against a resurgence of global coronavirus cases.
Business News
Oil rise on positive news of COVID-19 drug study
Oil rose on Wednesday on hopes for economic recovery and for a clinical trial showing a cheap steroid could help save some critically ill coronavirus patients but fears of a second wave of the virus curbed gains.
Business News
Lufthansa: Implementation of bailout deal not guaranteed
German flagship carrier Lufthansa said on Tuesday that the implementation of its bailout deal had not been secured and it might need to apply for creditor protection proceedings around the time of its extraordinary general meeting.
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JD.Com Draws Bids at Premium in Gray Market Trading
(Bloomberg) — Institutional investors are bidding for JD.com’s Hong Kong shares before this week’s debut at slightly more than the listing price.Some institutional investors have bid to buy the Chinese e-commerce company’s shares at between HK$226.10 to HK$237 apiece in gray market trading Wednesday, according to people familiar with the matter. That represents a premium of as much as 4.9% compared to the listing price of HK$226. Brokers quoted offers to sell the shares at between HK$239 and HK$245 each, the people said.JD.com, which went public on Nasdaq in 2014, is expected to start trading in Hong Kong on June …read more […]
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Tesla Clinches Three-Year Pricing Deal With Panasonic For Battery Cells
Tesla Inc. (TSLA) said it has signed a three-year pricing agreement with Panasonic Corp. for the manufacturing and supply of lithium-ion battery cells at the Gigafactory Nevada.The agreement effective from April 1 until March 31, 2023, sets the specific terms between the two parties with respect to pricing, planned investments and new technology. It also determines production capacity commitments by Panasonic and purchase volume commitments by Tesla over the first two years of the agreement. Financial terms of the deal weren’t disclosed.The new agreement builds on previous deals between Tesla and Panasonic related to the production and supply of lithium-ion …read more […]
Business News
HSBC revives 35,000 job cut plan after pandemic pause
HSBC is resuming plans to cut around 35,000 jobs which it put on ice after the coronavirus outbreak, as Europe’s biggest bank grapples with the impact on its already falling profits.
Business News
Dollar treads water on Fed views, geopolitics
The dollar was little changed on Wednesday after U.S. retail sales rose more than expected in May, although caution kept investors from aggressively buying riskier currencies like the Australian dollar.
Business News
HSBC revives plan for 35,000 jobs cuts delayed by pandemic
HSBC is resuming a redundancy plan it put on ice after the coronavirus outbreak, and will cut around 35,000 jobs over the medium term, a memo seen by Reuters on Wednesday showed.
Business News
Oil falls as U.S. crude stocks build amid virus resurgence fears
Oil prices declined on Wednesday as data showed an increase in U.S. crude and fuel inventories, raising the prospect of oversupply as a potential second wave of the coronavirus pandemic threatened to halt any recovery in demand.