(Bloomberg) -- Oil held near $42 a barrel in London as investors weighed signs of rebounding demand against a resurgence in new coronavirus cases.OPEC and its allies are on track to rebalance the oil market and there are encouraging signs of recovery, Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman told an OPEC+ meeting on Thursday. However, California reported record new virus cases and infections jumped by more than the weekly average in Florida, which followed a flare up in Beijing last week.Meanwhile, Brent crude’s prompt spread was in backwardation for a third day, a bullish market structure that indicates tightening supply. It flipped from contango on Thursday for the first time since March.Oil capped its seventh weekly gain in eight on Friday with traders Vitol Group and Trafigura Group saying global demand is recovering rapidly following the easing of lockdown restrictions. Aiding the rebound is global supply cuts, with OPEC...
(Bloomberg) -- Wirecard AG, the troubled German payments company, withdrew its financial results, saying the missing 1.9 billion euros ($2.1 billion) of cash on its balance sheet probably doesn’t exist.Concerns over the missing money have prompted a collapse in Wirecard shares and the resignation of CEO Markus Braun, who was replaced on an interim basis by James Freis. In an indication of the company’s worsening outlook, Moody’s Investors Service said on Friday it cut Wirecard’s credit ratings six levels, putting it one step from the lowest tier of junk.“There is a prevailing likelihood that the bank trust account balances in the amount of 1.9 billion euros do not exist,” the company said in a statement early Monday. It withdrew results for fiscal 2019 and preliminary results for the first quarter of 2020. The firm had repeatedly delayed filing its statements.Read more on how Wirecard became an embarrassment for GermanyWirecard said that...
Spot gold was up 0.7% to $1,754.74 per ounce by 0225 GMT after hitting its highest since May 18. U.S. gold futures rose 1.1% to $1,771.40. The World Health Organization reported a record increase in global coronavirus cases on Sunday, with the total rising by 183,020 in a 24-hour period....
- Spot gold was up 0.4% at $1,749.54 per ounce as of 0030 GMT after hitting its highest since May 20 at $1,751. - U.S. gold futures rose 0.6% to $1,763.80 per ounce. - The World Health Organization reported a record increase in global coronavirus cases on Sunday, with the total rising by 183,020 in a 24-hour period....
(Bloomberg) -- Stocks in Asia kicked off the week in mixed fashion as low trading volumes once again suggested a lack of conviction and as investors mulled the impact of coronavirus outbreaks in countries from the U.S. to Australia.S&P 500 contracts reversed a slide of as much as 1% to edge higher. Hong Kong shares opened lower, while losses in Korea, Australia and Japan were pared back and those main indexes traded flat. California reported record new cases and Florida infections jumped more than the weekly average. The Aussie erased earlier losses seen in the wake of one Australian state tightening restrictions due to fresh cases. Treasuries were little changed.Markets remain vulnerable as governments gradually ease coronavirus lockdowns and travel restrictions to revive economic growth while attempting to control the spread of Covid-19. Meanwhile, China over the weekend released details of a proposed national security law that would give the mainland...
(Bloomberg) -- The company once hyped as the future of German finance has become a symbol of national embarrassment.After promising to shake up the world of payments, Wirecard AG saw its stock collapse and its chief executive officer resign after 1.9 billion euros ($2.1 billion), or about a quarter of its balance sheet, went missing. It subsequently withdrew its fiscal 2019 and first-quarter 2020 financial results after saying those funds on its balance sheet didn’t exist. That was a bombshell for Germany’s establishment after it defended Wirecard from critical investors who have long warned of accounting irregularities.“We Germans aren’t as prone to euphoria as in the U.S., but back when Wirecard joined the DAX, there was this great feeling that we can also produce successful tech giants,” said Hans-Peter Burghof, a finance professor at the University of Hohenheim in Stuttgart. “What we’re seeing now is just awful.”“It’s embarrassing for Germany,” he...
Jun.21 -- A new generation of social media users may have been behind the lower turnout at President Donald Trump's rally in Tulsa, Oklahoma. Some teenage TikTokers ordered tickets with no intention of attending. Sarah Frier reports on "Bloomberg Daybreak: Asia."...
