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(Bloomberg) -- Oil headed for a second weekly loss amid growing concern the global energy demand recovery has stalled, although figures showing OPEC’s crude output held steady last month eased fears of a potential glut.Futures in New York fell toward $38 a barrel Friday after slumping 3.7% on Thursday. The chance of any more U.S. fiscal stimulus before the November election appeared to be fading after talks yielded no immediate breakthrough. The coronavirus is resurgent in Europe and hasn’t been brought under control in big economies such as India, leading to a chorus of forecasters scaling back their estimates for when oil demand will get back to pre-virus levels.Still, the Organization of Petroleum Exporting Countries’ crude production was almost unchanged last month from August, according to a Bloomberg survey. The United Arab Emirates cut its oil output to the lowest in two years, offsetting increased Saudi Arabian exports as well as...
DraftKings’ (DKNG) short time as a publicly traded company has been a huge success. With a year-to-date share gain of 478%, the online sports betting (OSB) player is riding a momentum wave that shows no signs of slowing down yet.But this could only be the opening salvo. DraftKings operates in a sector which is just getting started and might turn into a very lucrative industry. In fact, Needham analyst Brad Erickson estimates the OSB industry could be worth “between $42 and $58 billion annually longer-term.” The 5-star analyst expects DraftKings to make good use of the opportunity at play.Erickson counts two significant reasons why online gaming and sports betting has “the potential to create many tens of billions of incremental equity value.”The first is regulatory. Covid-19 has left big holes in state budgets which need to be filled somehow. The windfall from expected OSB tax revenue could therefore see many states...
Wall Street was set for a heavy tumble on Friday as news that U.S. President Donald Trump and his wife had tested positive for coronavirus just four weeks before U.S. elections sent investors into safer gold, Treasuries and the yen. Europe's main bourses were down 0.5%, having clawed back some of their starker morning falls, but oil was down nearly 5% and futures markets were pointing to 1.57 to 2.3% losses for Wall Street's S&P 500, Dow and Nasdaq. Trump said on Twitter he and his wife had been tested positive for coronavirus: "We will begin our quarantine and recovery process immediately," he said in a late night tweet, adding one of his chief aides had contracted the virus too....
U.S. stock futures extended losses on Friday after President Donald Trump said he and his wife had tested positive for the coronavirus, weeks ahead of elections. Futures for the S&P 500 slid 1.21% by early afternoon in Asia, while Treasury yields also fell. The U.S. dollar rose, particularly against the British pound, the Australian and New Zealand dollars in a sign of risk aversion....
A wave of risk aversion swept markets on Friday after U.S. President Donald Trump said he and his wife had tested positive for COVID-19 and will isolate, weeks ahead of the elections. Shortly before 0500 GMT, Trump said on Twitter that he and his wife had been tested for coronavirus after Hope Hicks, a senior advisor who recently traveled with the president, tested positive. U.S. stock futures fell on the news and Treasury yields dipped....
Stocks sold off and investors quit riskier assets on Friday after U.S. President Donald Trump said he and his wife had tested positive for the coronavirus and would isolate, four weeks before U.S. elections. Shortly before 0500 GMT, Trump said on Twitter that he and his wife had been tested for coronavirus after Hope Hicks, a senior advisor who recently traveled with the president, tested positive. S&P 500 futures -- which fell sharply on Trump's tweet -- stabilised somewhat and were down 1.4% at 0931 GMT ....
Wall Street was set for a heavy tumble on Friday as news that U.S. President Donald Trump and his wife had tested positive for coronavirus just four weeks before U.S. elections sent investors into safer gold, Treasuries and the yen. Europe's main bourses were down 0.5%, having clawed back some of their starker morning falls, but the futures markets were pointing to 1.5% to 2% losses for Wall Street's S&P 500 and Nasdaq. Trump said on Twitter he and his wife had been tested positive for coronavirus: "We will begin our quarantine and recovery process immediately," he said in a late night tweet, adding one of his chief aides had contracted the virus too....
