We are almost done with the second quarter. Investors decided to bet on the economic recovery and a stock market rebound. S&P 500 Index returned almost 20% this quarter. In this article we look at how hedge funds traded Amazon.com, Inc. (NASDAQ:AMZN) heading into the second quarter and whether they were right about the stock. […]...
(Bloomberg) -- Asian stocks retreated and U.S. equity futures fluctuated as the ongoing spread of the coronavirus outweighed signs China’s economy is recovering.Stocks were down in more than 1% in Japan, Hong Kong and Australia, and had a more modest drop in China, where markets reopened after a two-day holiday. S&P 500 contracts swung between gains and losses. South Korean shares slipped after the country’s finance minister ruled out another budget for this year. Treasuries were steady and the dollar dipped.Investors are bracing for a continuation of last week’s risk-off sentiment as coronavirus cases surpassed 10 million globally and a resurgence in the U.S. continues to batter states likes Texas, Arizona and Florida. That overshadowed data that showed China’s industrial companies saw the first monthly increase in profits since November.“The recovery is going to be much slower and much more uneven than most people believe,” David Hunt, president and CEO of...
Jun.28 -- James Zhao, co-founder and managing partner at LYFE Capital, discusses the healthcare sector, Hong Kong’s IPO market and Kangji Medical’s Hong Kong IPO. He speaks on “Bloomberg Markets: China Open.”...
(Bloomberg) -- The U.S. and China are moving beyond bellicose trade threats to exchanging regulatory punches that threaten a wide range of industries including technology, energy and air travel.The two countries have blacklisted each other’s companies, barred flights and expelled journalists. The unfolding skirmish is starting to make companies nervous the trading landscape could shift out from under them.“There are many industries where U.S. companies have made long-term bets on China’s future because the market is so promising and so big,” said Myron Brilliant, the U.S. Chamber of Commerce’s head of international affairs. Now, they’re “recognizing the risk.”China will look to avoid measures that could backfire, said Shi Yinhong, an adviser to the nation’s cabinet and a professor of international relations at Renmin University in Beijing. Any sanctions on U.S. companies would be a “last resort” because China “is in desperate need of foreign investment from rich countries for both economic...
Jun.28 -- Danielle DiMartino Booth, former adviser to Dallas Fed President, discusses the recovery of the U.S. economy despite rising numbers of coronavirus cases. She speaks on “Bloomberg Markets: China Open.”...
(Bloomberg) -- Gold futures edged closer toward $1,800 an ounce -- a level last seen at the end of 2011 -- as demand for haven assets surged amid concerns over rising coronavirus infections.Bullion is heading for its best quarter since 2016 as deaths surpassed 500,000 worldwide and confirmed cases exceeded 10 million, according to Johns Hopkins University data. The increasing numbers are a chilling reminder that the deadliest pandemic of the modern era is stronger than ever.The precious metal has rallied 17% this year as governments and central banks implemented stimulus measures to aid economies battered by the pandemic. Investors are increasingly turning to gold as a store of wealth, and banks including Goldman Sachs Group Inc. now forecast it’ll hit a record $2,000 an ounce in 12 months.“Gold is benefiting from the growing concern that the Covid-19 has been badly underestimated,” said Gavin Wendt, senior resource analyst at MineLife Pty....
(Bloomberg) -- China’s state-owned oil refining giants are in discussions to form a purchasing group to buy crude together, increasing their bargaining power and avoiding bidding wars.Senior executives from China Petroleum & Chemical Corp., PetroChina Co., Cnooc Ltd. and Sinochem Group Co. are in advanced talks to iron out details of the plan, said people familiar with the initiative, who asked not to be identified as discussions are private and ongoing. The proposal has won the support of the Chinese central government and relevant industry watchdogs, the people said.For a start, the group is set to collectively issue bids for certain Russian and African grades in the spot market, they said. While it’s unclear how the cooperation will evolve, the group represents refiners that import more than 5 million barrels of oil a day. That’s nearly a fifth of OPEC’s total output, which would make it the world’s largest crude buyer...
