Feb.23 — China’s debt-laden property developers are facing a cash crunch as the coronavirus outbreak brings the real estate market to its knees. The ramification are potentially huge for the overall economy, with the property sector directly accounting for about 7% of China’s GDP. Bloomberg’s Katrina Nicholas reports on “Bloomberg Markets: Asia.” …read more […]
Feb.23 — Mark Vassella, managing director and chief executive officer at Bluescope Steel, the impact of coronavirus on the business, demand from China and his outlook for China’s economy. He speaks on “Bloomberg Markets: Asia.” …read more […]
U.S. gold futures rose 1% to 1,664.60. “The thinking is that fewer people are holding shares, selling down in particular, and that money has to fall into havens,” said Michael McCarthy, chief market strategist at CMC Market. Lower interest rates reduce the opportunity cost of holding non-yielding bullion. …read more […]
Argentine beef exports to its top buyer China fell almost a third in January due to a price dispute with Chinese importers and the effects of a coronavirus outbreak, the head of the South American country’s meat export chamber told Reuters. Soaring demand from China last year saw sales of Argentine frozen boneless beef double to 408,500 tonnes, worth around $2 billion, official data show. China bought three-quarters of Argentine beef exports, with buyers willing to pay a premium amid a shortage of pork. …read more […]
Teck Resources Ltd has withdrawn the application for its C$20.6 billion ($15.7 billion) Frontier oil sands mine in Alberta, the company said on Sunday, days before the federal government was to decide on whether to approve the controversial project. Teck said it would write down the C$1.13 billion carrying value of the project. …read more […]
Paul Gigot interviews former Attorney General Michael Mukasey. Image: Erik S. Lesser/Shutterstock …read more […]
Paul Gigot interviews former Attorney General Michael Mukasey. Image: Erik S. Lesser/Shutterstock …read more […]
Feb.23 — UniCredit SpA CEO Jean Pierre Mustier is said to have ruled himself out of the running for the top job at HSBC. Mustier had emerged as the main external contender for the role against HSBC interim CEO Noel Quinn. Bloomberg’s David Scanlan reports on “Bloomberg Markets: Asia.” …read more […]
(Bloomberg) — A decade-long slide in Australian interest rates is threatening to turn one of the global currency market’s most popular wagers on its head.Investors with an appetite for a little risk had a winner for years with a carry trade that saw them borrow trillions of yen at near-zero rates and use the money to buy Australian dollars. Holding onto the Aussie for as little as a few weeks could earn them enough interest to make the trade pay. Those brave enough to stick with it for months or more made huge profits.Not anymore.Foreign exchange traders are starting to …read more […]
The week’s best and worst from Kim Strassel, Kyle Peterson and Dan Henninger. Image: Aleksey Nikolskyi/Getty Images …read more […]
Feb.23 — South Korean President Moon Jae-in raised the country’s infectious-disease alert level to the highest and signaled the potential for unprecedented steps to contain a coronavirus outbreak that has killed six and infected hundreds. Bloomberg’s Yvonne Man speaks with Haidi Stroud-Watts and Tom Mackenzie on “Bloomberg Markets: Asia.” …read more […]
(Bloomberg) — U.S. stock-index futures dropped as news of the coronavirus spreading in countries including Italy and Iran increased concern over its potential impact on global growth.S&P 500 Index contracts expiring in March slid as much as 1.5% in early Asian trading Monday after finance chiefs and central bankers from the world’s largest economies said they see downside risks to growth persisting as the deadly virus continues to spread. Dow Jones Industrial Average futures declined as much as 1.4%, while those on the Nasdaq 100 Index retreated as much as 1.8%.China’s coronavirus cases rose to at least 76,936 over the …read more […]
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