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Top news and what to watch in the markets on Wednesday, July 15, 2020....
Online betting giant DraftKings (DKNG) has announced the launch of a standalone Casino app in Pennsylvania. This marks the second state where the app will be made available, following last month’s launch in New Jersey.According to DraftKings, iGaming fans in Pennsylvania will now be able to experience a more holistic product suite and dynamic gaming experience.Like in New Jersey, the app features exclusive new games, plus revamped classics, including Blackjack and Roulette. It will also offer games from third-party providers like International Gaming Technology.DraftKings Casino was previously made available to Pennsylvanians through the DraftKings Sportsbook app earlier this spring. Looking forward, DraftKings says Pennsylvania customers will also soon have access to the DraftKings Live Dealer Studio which will operate 24/7.DraftKings added that it is prepared to unveil its Casino product in additional states where regulations allow.Shares in DraftKings have exploded by an incredible 180% since its Nasdaq debut in April- although the stock is trading down 27% on a one-month...
(Bloomberg Opinion) -- The coronavirus stock market, like Covid-19 itself, is something never experienced before. Get used to it.Since March, when the global pandemic became an American catastrophe, the U.S. economy has been a shadow of its 2019 self. Yet some of the most-followed measures of equity set records while an explosion in infections showed no sign of peaking and the 14.7% unemployment rate in April was the worst since the Great Depression. The seeming contradiction of simultaneous exuberance and disaster reflects a durable change in the way investors look at U.S. companies even as wishful politicians yearn to return to an old normal.The market’s best performers are champions of remotely engaged commerce quite different from most of the companies comprising the favorite benchmarks, which lag by comparison. There’s nothing surprising about the five biggest contributors to the stock market’s resilience this year because they happen to have the greatest weighting in the Bloomberg U.S. Large-Cap Price Return...
OPEC and allies such as Russia meet on Wednesday to decide oil output policy from August amid broad market expectations the group will ease supply curbs as the global economy slowly recovers from the coronavirus pandemic. A panel involving key ministers and known as the Joint Ministerial Monitoring Committee (JMMC) meets on Wednesday after 12 GMT to recommend the next level of cuts. Five OPEC+ sources have said no recommendations have been made to prolong record cuts into August....
(Bloomberg) -- Prime Minister Giuseppe Conte’s government set a course to nationalize controversial toll-road operator Autostrade Per l’Italia SpA after all-night talks on the politically charged issue.Italy’s economy and infrastructure ministers were asked to hammer out the details of a proposal from Autostrade that would see state lender Cassa Depositi e Prestiti take control of the company from Atlantia SpA, owned by the billionaire Benetton family.Tensions over Autostrade have tested Conte’s hold on his coalition government. The anti-establishment Five Star Movement had insisted on revocation of the concessions or a full Benetton exit from Autostrade, while the center-left Democratic Party wanted the state to take a stake in the company.The collapse of the 1960s-era Morandi Bridge in Genoa remains a vivid national tragedy, killing 43 people in August 2018 as cars and trucks plunged onto rail tracks and streets below. A ministerial commission argued that Autostrade underestimated the deterioration of the...
(Bloomberg) -- OPEC+ is seeking extra production cuts from members that have missed their targets again in June, potentially tempering the impact of the supply resumption planned by the wider coalition next month.A technical committee that met online on Tuesday outlined plans for countries including Iraq, Nigeria and Kazakhstan to make an additional 842,000 barrels a day of compensatory cuts in August and September, according to delegates.The proposal will be discussed on Wednesday by a ministerial monitoring committee led by Saudi Arabia and Russia, the delegates said, asking not to be named because the information isn’t public. They’re expected to announce that the group’s overall curbs of 9.6 million barrels a day -- about 10% of global supplies -- will be relaxed in August as global fuel demand recovers.To prevent the supply increase destabilizing a still-fragile market, Riyadh and Moscow are keen for the cartel’s laggards to make up for earlier...
