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Mornings have been lacking in joy this month for investors seeking returns in U.S. stocks. On average, losses on the benchmark S&P 500 index have been steepest between 10 a.m. and 11 a.m. Eastern (1400-1500 GMT), and every hour thereafter during the session has registered declines. Overall, the S&P 500 has registered losses for four straight weeks, its longest such streak in a year....
(Bloomberg) -- Siemens AG is about to let investors make pure-play bets on a company whose technology is behind roughly one-sixth of the world’s electricity.Monday’s listing of Siemens Energy AG marks the next step in the unwinding of a German conglomerate making a vast array of goods that spans medical scanners, locomotives and gas turbines into separate companies better suited to confront their own unique challenges.There will be no shortage of hindrances ahead for the extraction, processing, and transportation of oil and gas, as well as the generation, transmission and distribution of power and heat that Siemens Energy handles. Efforts to curb power-plant emissions are likely to constrain the company’s longer-term prospects.“Siemens Energy’s spinoff showcases a gas-turbine technology whose growth has been stunted by climate change, though gas should remain a key energy source,” Johnson Imode, an industry analyst for Bloomberg Intelligence, wrote in a Sept. 23 report. He estimates Siemens...
(Bloomberg) -- HSBC Holdings Plc rose the most in Hong Kong trading since 2009 as its biggest shareholder raised its stake in the embattled lender which last week hit the lowest in quarter of a century.A unit of Ping An Insurance Group Co. revealed in an exchange filing that it last week bought 10.8 million shares of HSBC, bringing its stake to 8% and cementing its place as the largest shareholder. Ping An purchased the shares at an average HK$28.2859 apiece.HSBC shares on Monday rose as much as 8.5%, the biggest intraday gain since April 2009, clawing back some of last week’s 8.9% loss. They were up 7.98% to HK$30.45 as of 11:43 a.m. in Hong Kong.The bank had plunged to 25-year low in part on speculation a massive bet on China could be thwarted. The ruling Communist Party’s Global Times newspaper reported that the bank could be put on an...
Big Hit Entertainment, the management label of hugely popular South Korean K-Pop group BTS, priced its initial public offering (IPO) at the top of its range on Monday, as hopeful buyers chased South Korea's largest listing in three years. Institutional investors expressed interest in more than 1,000 times the number of shares on offer, with Big Hit riding on the success of the seven-member band, which has become the first South Korean group to reach No.1 on the U.S. Billboard Hot 100 singles chart with song "Dynamite". Big Hit priced the IPO at 135,000 won ($115) per share, it said in a regulatory filing, the top of an indicative price range of 105,000-135,000 won announced earlier this month....
Sep.27 -- President Donald Trump called for Democratic presidential nominee Joe Biden to take a drug test before Tuesday’s presidential debate. He speaks at a news briefing at the White House....
Riskier assets find support early on. There are no material stats to influence today, however, leaving COVID-19 and geopolitics in focus....
