(Bloomberg) -- Hong Kong stocks joined the rest of the world in bull market territory Monday, after a more than $1.1 trillion rebound.The Hang Seng Index jumped 3.8%, extending its rally from March’s low to 21%. Tencent Holdings Ltd. and Hong Kong Exchanges & Clearing Ltd. have contributed 42% of the benchmark’s gains during the period, according to data compiled by Bloomberg. Sino Biopharmaceutical Ltd., the gauge’s biggest gainer of 2020 as of June 30, and Tencent were the only two Hang Seng members to fall Monday while underperforming sectors in Hong Kong -- including autos, commodities and financials -- soared.Mainland investors have been buying record amounts of Hong Kong equities, while sentiment has been fueled by a heavy activity of initial public offerings and secondary listings of U.S.-listed Chinese companies, triggering inflows into new-economy shares and HKEX. Meanwhile, mainland stocks have surged to multiyear highs.Despite the recent jump, the Hang...
Rains triggered floods and landslides in a part of southern Japan that hasn’t had many reported coronavirus cases. WSJ’s Peter Landers describes how authorities are working to make sure the rescue effort doesn't accidentally spread the virus. Photo: Koji Harada/Kyodo News/Associated Press...
(Bloomberg) -- Saudi Arabia raised pricing for August oil shipments to Asia, the U.S. and northern Europe amid signs that energy demand is continuing to recover from its coronavirus-triggered collapse.The move comes as the world’s biggest crude exporter pushes other major producers to join it in cutting supply to re-balance the market.State producer Saudi Aramco lifted the official selling price for flagship Arab Light crude to customers in Asia, its biggest market, for a third-straight month, though by less than traders expected. The grade will sell in Asia at $1.20 a barrel above the Middle East benchmark, compared with a $0.20 premium for July, the company said in a statement. Traders and refiners, who are struggling to deal with low margins, expected the premium to climb to $1.45, according to a Bloomberg survey.Aramco increased all its grades to Asia by $1 a barrel for August. It raised U.S. pricing by between...
Tesla Inc. (NASDAQ: TSLA) has started taking pre-orders for its Cybertruck in China, its website suggests, as earlier spotted by Reddit user u/aaronhry.What Happened The Palo Alto-based automaker is asking customers to pay $141.8 (CNY 1,000) to make the reservation for the all-electric pickup truck.The full self-driving feature is available as an add-on for the truck at $9,075.8 (CNY 64,00), according to Tesla's website.Tesla unveiled the Cybertruck in November last year, but production isn't expected to begin until late 2022.The Elon Musk-led company saw nearly 250,000 reservations in the United States, where it has been taking $100 deposits, within the first week of launch. Tesla stopped keeping track, but according to third-party data reported by Electrek, the number of reservations has crossed 500,000.Tesla has shortlisted sites for the Cybertruck manufacturing plant, including in Texas and Oklahoma.Price Action The company's shares closed nearly 8% higher at $1,208.66 on Friday. The shares added...
(Bloomberg) -- Oil edged higher in London to trade above $43 a barrel as investors weighed tightening crude supplies and robust U.S. economic data against surging coronavirus infections.Brent rose 1.1% after climbing 4.3% last week. Libya’s oil exports are expected to fall this month as forces opposed to the government continue to block shipments, while data last week showed the American labor market rebounded in June. However, a surge in U.S. virus cases has pushed global infections above 11.3 million, prompting concerns the recovery may be derailed.See also: Markets Torn Between Robust Economic Data and Rising Virus CasesWhile Brent oil has doubled since April as OPEC+ reduced output to tackle a glut, surging infections across the globe has increased fears of a prolonged hit to demand and kept a lid on further gains. OPEC and its allies are yet to decide on whether to extend their full production cutbacks after July,...
Billionaire investor Warren Buffett's Berkshire Hathaway Inc. (NYSE: BRK-A) (NYSE: BRK-B) is buying Dominion Energy Inc.'s (NYSE: D) natural gas assets, the two companies announced Sunday.Berkshire Acquisition Berkshire's energy division will pay $4 billion in cash to Dominion for the purchase.The transaction between the two companies also assumes an existing debt of about $5.7 billion for Dominion's Gas Transmission and Storage Business, giving the deal an enterprise value of $9.7 billion.The assets that Berkshire is purchasing include over 7,700 miles of natural gas transmission lines, with about 20.8 billion cubic feet per day of transportation capacity. It also includes about 900 billion cubic feet worth of gas storage.The Nebraska-based conglomerate holding company increased its cash holdings to a record $137.3 billion during the first quarter this year, as the company held back from new acquisitions during the novel coronavirus (COVID-19) pandemic.The acquisition is expected to close in the first quarter this...
Billionaire investor Warren Buffet's Berkshire Hathaway Inc. (NYSE: BRK-A) (NYSE: BRK-B) is buying Dominion Energy Inc.'s (NYSE: D) natural gas assets, the two companies announced Sunday.Berkshire Acquisition Berkshire's energy division will pay $4 billion in cash to Dominion for the purchase.The transaction between the two companies also assumes an existing debt of about $5.7 billion for Dominion's Gas Transmission and Storage Business, giving the deal an enterprise value of $9.7 billion.The assets that Berkshire is purchasing include over 7,700 miles of natural gas transmission lines, with about 20.8 billion cubic feet per day of transportation capacity. It also includes about 900 billion cubic feet worth of gas storage.The Nebraska-based conglomerate holding company increased its cash holdings to a record $137.3 billion during the first quarter this year, as the company held back from new acquisitions during the novel coronavirus (COVID-19) pandemic.The acquisition is expected to close in the first quarter this...
