(Bloomberg) -- Canada’s biggest banks are expected to see profits plunge for a second straight quarter due to economic fallout from the Covid-19 pandemic -- though there are signs of improvement.The nation’s six-largest lenders will post an average profit decline of about 30% in the fiscal third quarter from a year earlier when they kick off the reporting season next week, according to the average estimates of seven analysts.It’ll be one of the worst quarters in modern Canadian banking history, but it marks an improvement from the 50% profit drop in the second quarter when the virus first gripped the North American economy.Earnings results for the three months ended July 31 will likely provide some calm after the “stormy” second quarter, Bank of Nova Scotia analyst Meny Grauman said in an Aug. 18 note. “While we expect performance to be better on a sequential basis, largely as a result of moderating...
This week's rally carried DraftKings (NASDAQ:DKNG) stock directly into overhead resistance, creating a compelling breakout trade. Today we'll analyze the charts and offering two ways for traders to capitalize using options.Source: Lori Butcher / Shutterstock.com DraftKings is fast approaching the four-month mark of its life as a public company. It has two earnings announcements under its belt and sits approximately 100% higher than its debut price.Along the way, both the 20-day and 50-day moving averages have formed as well as multiple support and resistance zones. The riskiest part of playing an IPO is arguably behind us, and chart watchers can now swing away.InvestorPlace - Stock Market News, Stock Advice & Trading TipsRegarding the doubling of DKNG stock from its launch, all of the gains came in the first month. Since then, we've mostly been consolidating while traders await the next catalyst. * 7 Heavily Traded Robinhood Stocks to Watch Last week's...
(Bloomberg) -- Oil fell as the coronavirus pandemic continues to cloud the demand outlook.Europe’s economy unexpectedly lost momentum this month, causing concerns over energy consumption and showcasing the challenge to growth. The region is battling to control a new spike in virus cases while trying to avoid renewed lockdowns.Since prices touched a five-month high at the start of this month, U.S. crude futures have barely moved, trading in a $2.50 range. This week the Federal Reserve and OPEC+ cast doubt on the outlook for the global economy and oil demand respectively. Still, prices are set to eke out a gain for the week after data earlier showed American crude and gasoline stockpiles shrank.Prices are being kept in check by rising production, particularly from OPEC+ and Canada, “and the demand recovery slowing down markedly,” said Helge Andre Martinsen, analyst at DNB Bank ASA.The dollar also gained on Friday, making commodities priced in...
(Bloomberg) -- Several of Alibaba Group Holding Ltd.’s biggest investors have converted billions of dollars in U.S. shares for Hong Kong stock in part to avoid potential U.S. sanctions and de-listings of major Chinese technology companies.Temasek Group Holdings Pte., Baillie Gifford & Co., and Matthews Asia are among the major shareholders that have swapped stakes in the Chinese e-commerce giant to take advantage of new rules easing the switch following Alibaba’s listing in Hong Kong last year. Geopolitics is contributing to the shift, according to people familiar with the moves.“Lots of long-term fund managers, especially the ones whose fund managers are based in Asia, are switching or considering switching from ADRs into Hong Kong-listed shares,” said Nelson Yan, head of offshore capital markets investment at Creditease Wealth Management (Hong Kong) Ltd., referring to American Depositary Receipts. “Demand for these ADRs in the U.S. is now clouded by the politics.”The Alibaba stock...
