German airline Lufthansa posted a net loss of 2.1 billion euros ($2.35 billion) in the first quarter, writing down the value of assets as the coronavirus pandemic hits the travel sector.
(Bloomberg) — The specter of negative prices is hanging over energy markets more than a month after oil’s unforgettable crash below zero.While crude has staged a rapid recovery after a deal by the biggest producers to curb a surplus, the $600 billion global gas market remains extraordinarily oversupplied. Traders and analysts say the worst may be yet to come as demand falls and storage nears capacity, creating the ideal conditions for negative prices in some parts of the world.It shows just how far the global energy industry is from recovering from a pandemic-fueled slide in demand and signals more pain …read more […]
(Bloomberg) — China’s success in luring foreigners into its domestic debt market, the world’s second largest, faces a new test in coming months as officials try to drum up interest in a record wave of bonds from local authorities.International funds now hold 8.6% of China’s central government bonds, several times more than the share just several years ago, and not terribly far from the 13% overseas stake in Japanese sovereigns. Inflows continued through the coronavirus crisis, and the U.S. trade war.Officials are hoping that interest might extend to local government notes, where foreign ownership is merely 0.01%. Issuance will climb …read more […]
The world’s biggest asset manager, BlackRock Inc , called out oil stocks, domestic tourism and debt in China and India as investment opportunities in its Asia outlook on Wednesday.
Spot gold was unchanged at $1,727.65 per ounce by 0259 GMT, after declining 0.7% on Tuesday. U.S. gold futures fell 0.1% to $1,732.20. “There are a lot of investors who bought gold as a hedge for stocks, but stocks are going up and they don’t see value in that now,” said Stephen Innes, chief market strategist at financial services firm AxiCorp. …read more […]
Washington has imposed sanctions on Venezuela to starve President Nicolas Maduro of oil revenues – the OPEC nation’s main source of foreign income – and break his grip on power. The measures have reduced exports and deepened the country’s economic crisis but Maduro has held on, which U.S. officials say privately is a source of frustration for President Donald Trump. …read more […]
Airlines, airports and insurers across Asia are bracing for the prospect of unusually high damage as the region’s tropical storm season begins, as hundreds of aircraft grounded by the coronavirus pandemic can’t be moved easily.
Oil rose on Wednesday, with Brent at $40 for the first time since March, as optimism mounted that major producers will extend production cuts and a recovery from the coronavirus pandemic will spur fuel demand.
Asian shares vaulted to a near three-month high on Wednesday as hopes of more stimulus and further easing in social restrictions around the world outweighed caution over a host of worries from the coronavirus to growing U.S. civil unrest.
(Bloomberg) — Brent oil rose above $40 a barrel for the first time in almost three months on signs that OPEC+ producers are close to agreeing on a short extension of their historic deal to cut output.Futures in London climbed around 1% after closing at their highest level since March 6, the day the OPEC+ alliance broke down. Russia and several other nations in the group favor extending the production cuts that are set to ease from July by one month, according to people familiar with the situation. That’s within the range of Saudi Arabia’s call for a one to …read more […]
(Bloomberg) — For the longest time, the only way to get exposure to China’s real estate market, for mom and pop investors at least, was to buy a house.That’s all set to change with the advent of real estate investment trusts.China kicked off a REIT trial in late April that will initially focus around pooling capital to fund infrastructure projects like highways and airports. If successful, the program may be expanded to include traditional real estate, exposing individual investors to a market Goldman Sachs Group Inc. estimates could one day be worth as much as $3 trillion.For retail investors, it …read more […]
(Bloomberg) — Two major Canadian wireless companies said they will build out their next-generation 5G wireless networks with equipment from European providers, sidelining China’s Huawei Technologies Co.Montreal-based BCE Inc. said that Ericsson AB will provide the radio access network equipment — the critical antennas and base stations — for its 5G network. Telus Corp. said in a separate statement that it has selected Ericsson and Nokia Oyj “to support building” its network, without elaborating.Those announcements come ahead of a closely watched — and long overdue — decision by Prime Minister Justin Trudeau on whether to ban Huawei from participating in …read more […]
Oil rose on Wednesday to a near three-month high amid optimism that major producers will extend production cuts as the world recovers from the coronavirus pandemic.
Asian stocks were poised to follow the global rally on Wednesday as hopes of more government stimulus bolstered riskier assets and overshadowed a host of other worries from the coronavirus to Hong Kong and growing U.S. civil unrest.
Zoom Video Communications Inc nearly doubled its expectations for annual sales on Tuesday, driven by a surge in users as more people work from home and connect with friends online during coronavirus lockdowns.
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