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(Bloomberg) -- Asian stocks were lower Thursday along with European and U.S. equity futures as investors parsed a slew of economic data in China that showed the path of economic recovery from the pandemic remains bumpy. The dollar edged higher.Equities in China were down about 1.5%. Shares were also lower in Japan, South Korea, Hong Kong and Australia. S&P 500 contracts slipped after a positive Wednesday session on signs of progress in developing a vaccine for the coronavirus. Twitter Inc. fell in after-hours trading after accounts of some of America’s most prominent political and business leaders were hacked. Crude oil declined, while Treasuries were little changed. The Thai baht led emerging-market currencies lower.While the Chinese economy returned to growth in the second quarter, retail sales in June missed estimates as they continued to contract, highlighting how confidence remains fragile.”The problem is, this is still uneven,” as the economy reopens, Helen Qiao,...
(Bloomberg) -- For years, two knocks against Tesla Inc. were that a constant churn of executive turnover would catch up to Elon Musk, and that an onslaught of electric models from Volkswagen AG and others would put him in his place.Now, the tables have turned.VW’s electric offensive has sputtered, with software issues plaguing its battery-powered ID.3. And it’s the German giant whose executive suites are turning over: in a matter of days, its trucks chief resigned, the leader of its van unit was demoted and its head of software was reassigned.Even Chief Executive Officer Herbert Diess’s job looked insecure for a moment before VW’s supervisory board settled on stripping him of responsibility for the company’s namesake division.The circumstances of each individual’s cases vary, and VW continues to have a massive leg up on Tesla in many respects. But some investors are concerned it might not be coincidence that all four VW...
(Bloomberg Opinion) -- With the $28 billion he’s raised working from home, India’s richest man wants to step into the breach created by the technology cold war between America and China. The two Silicon Valley tech giants that gave him a third of the money will help put him there. It’s an audacious plan. Politicians in many nations, including the U.S., the U.K. and India, are reluctant to let Huawei Technologies Co., which they accuse of being an instrument of the Chinese state, become embedded in the fast-speed internet networks that will run everything from power stations to autonomous cars.Ambani’s four-year-old Jio Platforms Ltd. has indigenously built its own 5G technology, the tycoon announced at Wednesday’s annual general meeting of his flagship Reliance Industries Ltd. After testing it on the 400 million 4G customers he has in India, he’ll offer it to other markets. The news18.com website, also controlled by Ambani, called the technology a “Huawei-killer,” and noted that U.S. Secretary of State...
(Bloomberg) -- Carson Block and Elon Musk can agree on at least one thing: betting against Tesla Inc.’s stock is a bad idea.Block, the longtime Musk critic and short-selling founder of Muddy Waters Capital LLC, said on Wednesday that he doesn’t have any bearish wagers against Tesla even though he thinks the business is unsustainable.“I’m not short the stock, thank God,” Block said in an interview with Bloomberg’s Tracy Alloway and Joe Weisenthal on the Odd Lots podcast. “We used to joke that Tesla, when it files for bankruptcy, will probably have a $30 billion market cap. Short it at your own risk. I wouldn’t do that.”Tesla’s more than 300% surge since mid-March has captivated bulls while baffling skeptics who say the electric vehicle maker is grossly overpriced. Even as individual investors buy at a frenzied pace, the value of wagers against the stock has swelled to nearly $20 billion. It...
(Bloomberg) -- Mukesh Ambani’s slew of announcements at the annual shareholder meeting of his flagship company Reliance Industries Ltd. failed to meet investor expectations, that are running high, according to analysts’ reviews.Among positives, the chairman of Reliance named Alphabet Inc.’s Google as the latest investor in Jio Platforms, promised a rollout of its own 5G solutions, and said he plans to induct investors into the Indian firm’s retail and oil to chemicals businesses. Still, a delay in a $15 billion deal with Saudi Aramco and a dampening in the optimism that prevailed before the AGM saw the stock price fall Wednesday. The shares have more than doubled from a low in March.Here is what the analysts are saying about India’s most valued company:Buy on Dips“The stock price of Reliance witnessed a decline toward the end of the AGM since most of the news was already priced in and there were not...
American Airlines said on Wednesday it is sending 25,000 notices of potential furloughs to frontline workers and warned that demand for air travel is slowing again as COVID-19 cases increase and states re-establish quarantine restrictions. The Worker Adjustment and Retraining Notification Act requires companies to provide 60 days' notice of potential layoffs or furloughs. In a memo to employees released on Wednesday, American said the notices are tied to the overstaffing it expects in October when U.S. government payroll assistance expires....
We have been in a swing trade long in the EUR/USD for over a month and reached our second target in the mid 1.1400s which allowed us to lock in 2/3’s of our position....
