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(Bloomberg) — European and Asian stocks climbed alongside U.S. equity futures on Tuesday as governments contemplated reopening their economies and the earnings season gathered pace. Crude oil pared an earlier slump.Banking and insurance shares led gainers on the Stoxx Europe 600 Index as all major national gauges advanced. S&P 500 contracts fluctuated before turning upward, after the underlying index closed at its highest since March 10 a day earlier. West Texas oil futures in New York had slumped below $11 a barrel, but recovered most of their slide. Treasuries were steady.On the earnings front, companies including PepsiCo Inc., Caterpillar Inc., …read more […]

Tesla Inc Chief Executive Elon Musk is on the cusp of a roughly $750 million payday as the electric carmaker’s stock recovers from a slump caused by the coronavirus, which led the company to close its factories and furlough workers. Shares of Tesla surged 10% on Monday ahead of the company’s quarterly report this week, and in anticipation it could soon reopen its Fremont, California, plant after it was shuttered because of the pandemic. Monday’s rally put Tesla’s market capitalization at $145 billion. …read more […]

(Bloomberg) — HSBC Holdings Plc cautioned that bad loan charges may reach as much as $11 billion this year, the highest since the last financial crisis, as the coronavirus pandemic halts economic activity around the world.Adjusted profit slumped 51% and expected credit losses surged to $3 billion in the first three months of the year, driven in part by a Singaporean client exposure, according to HSBC’s earnings statement Tuesday. The Asia-focused bank also pushed back parts of its restructuring program until at least the end of the year.Newly appointed Chief Executive Officer Noel Quinn’s plan to boost profitability is being …read more […]

BP shares were down 2% at 0750 GMT, as analysts questioned whether sticking with the dividend and hiking debt was a prudent strategy. “I can see many reasons why this recovery will take longer and therefore I think we’re in this for quite some time,” Chief Executive Bernard Looney, who took over in February, told Reuters. …read more […]

(Bloomberg) — Just before the coronavirus-induced U.S. lockdowns began in March, some of the world’s investing elite gathered at an invite-only event in Silicon Valley.Representatives for super-rich families and endowments crowded into Vina Enoteca, an Italian restaurant right by the Stanford University campus. They were there to hear from Lei Zhang, the charismatic founder of Hillhouse Capital Management Ltd. and from some of his top investments, including Zoom Video Communications Inc.’s Eric Yuan.In a packed room — before social distancing became the norm — Zhang and Yuan discussed how technology can change work-life balance. Neither could have predicted how much …read more […]

(Bloomberg) — Germany is preparing to take a stake in Deutsche Lufthansa AG as part of a rescue package to help the carrier weather the coronavirus pandemic, according to people familiar with the matter.A decision is expected in the coming days for an overall aid package that could amount to more than double the company’s market capitalization of 4 billion euros ($4.3 billion), said one of the people, who asked not to be named because the talks are private. One option being discussed could include giving the government seats on the board and the power to block strategic decisions, a …read more […]

The oil giant’s income falls as global demand slumps due to the pandemic. …read more […]

(Bloomberg) — BP Plc bolstered its financial reserves as the initial stages of the coronavirus pandemic caused its profit to plunge and increased its debt.While earnings were hit hard in the first three months of the year, the worst of the virus-driven crisis is yet to come. The company expects the pandemic to reduce its production and have a material impact on refining in the second quarter.A measure of its indebtedness rose to the highest in more than eight years, underscoring the financial strain resulting from the oil-market collapse. To boost its financial reserves, BP has taken on a new …read more […]

(Bloomberg) — Wirecard AG said an independent audit by KPMG uncovered no need to restate earnings, but added that all the data needed to confirm past revenues could not be obtained. SWirecard hired the accounting firm in October, which has been looking into the payment processor’s third-party partner business, as well as business activities in India and Singapore.In a statement Tuesday, Wirecard said the required data needed to conclusively approve revenues from 2016-2018 is “primarily in the control of third parties.” The company also added that its 2019 accounts will not be released on April 30, due to the Covid-19 …read more […]

BP’s first quarter profits tumbled by two-thirds as the coronavirus crisis hammered oil demand and the energy major’s debt rose sharply as it warned of exceptional uncertainty ahead. “It is difficult to predict when current supply and demand imbalances will be resolved and what the ultimate impact of COVID-19 will be,” BP said in a statement. It said oil and gas production faced “significant uncertainties” linked to plunging oil prices and tumbling demand, as well as due to a deal between OPEC, Russia and other producers to cut global supplies of crude by about 10%. …read more […]

Swiss drugmaker Novartis reported rising first-quarter sales and profit that beat analyst expectations and confirmed its 2020 targets as the coronavirus pandemic prompted patients to stock up on their prescriptions in advance. “COVID-19 did result in increased forward purchasing by customers, including at the patient level, as some patients filled prescriptions to cover a longer period of time,” Novartis said on Tuesday. The Basel-based company at this time still expects revenue to grow at a mid- to high-single-digit percentage rate, with core operating profit growth even faster at a high-single to low-double-digit rate. …read more […]

“This is an important agreement for the future of connectivity in one of the world’s largest telecoms markets and solidifies our position in India,” Nokia Chief Executive Officer Rajeev Suri said in a statement. Nokia said the Indian firm’s rollout, which will also lay the foundation for providing 5G connectivity in the future, will see some 300,000 radio network units deployed across nine circles in India, but did not give any financial details of the deal. Nokia said the deal includes Nokia’s Single Radio Access Network solution, AirScale Radio Access, Baseband, related Services, and it will be completed …read more […]

The world’s largest wealth manager, UBS, reported a 40% increase in first-quarter net profit on Tuesday, as clients upped trading activity during market turmoil sparked by the coronavirus outbreak and as it extended more loans to its wealthy clients. The bank had previously said it expected to report first-quarter net profit of around $1.5 billion, with strong operating performance across all its business divisions, even after accounting for the risk of higher defaults as a result of the virus. It reported net profit of $1.595 billion on Tuesday. …read more […]

(Bloomberg) — U.S. stocks may be able to look through a dismal earnings season or two, and the deepest economic contraction in modern history, according to analysis by Goldman Sachs Group Inc.That’s based on historical analysis that suggests equities price in macroeconomic performance over a two-year horizon. As long as projections are — as they indeed are now — for the economy to rebound after the current and coming period of pain, then stocks don’t need to fall, the Wall Street bank concluded.“Investors usually discount at least the next two years of macroeconomic performance, suggesting markets may continue to look …read more […]