(Bloomberg) -- Stocks and U.S. futures set aside concerns about rising coronavirus case numbers in countries from the U.S. to Australia Monday, but low trading volumes suggested a lack of conviction. Gold prices rose.S&P 500 Index contracts reversed a slide of as much as 1% to climb as Asia’s session progressed. Many Asia-Pacific indexes were also in the green, though Hong Kong dipped in wake of China’s latest moves on a national-security law. Treasuries were little changed, as was the dollar. Crude oil hovered below $40 a barrel in New York. Australian shares reversed early declines, as did the local dollar, in the wake of Victoria tightening the populous state’s restrictions due to fresh cases. In the U.S., California reported record new cases and Florida infections jumped more than the weekly average. China’s Beijing outbreak appeared to fade, however.Markets remain vulnerable as governments gradually ease coronavirus lockdowns and travel restrictions to...
(Bloomberg) -- Asia’s richest man has entered a new league of wealth.The net worth of Mukesh Ambani, chairman of Reliance Industries Ltd., has jumped to $64.5 billion, making him the only Asian tycoon in the exclusive club of the world’s top 10 richest people, according to the Bloomberg Billionaires Index. He overtook Larry Ellison of Oracle Corp. and France’s Francoise Bettencourt Meyers, the wealthiest woman, to reach the No. 9 spot.Ambani, who owns 42% of Reliance, has benefited from a flurry of investment into the company’s digital unit, Jio Platforms Ltd., that Reliance said has made it net-debt free ahead of a March 2021 target. The shares of the Indian conglomerate have doubled from a low in March, just as other billionaires on the list have been hit by the impact of the coronavirus pandemic. They climbed another 1.2% as of 9:37 a.m. in Mumbai Monday.While the Indian economy “has been...
The battery event, which Musk has touted as being "one of the most of exciting days in Tesla's history", had previously been scheduled in May while the shareholder meeting was due to take place on July 7. The Battery Day event will include a tour of the company's cell production system, Musk tweeted, without elaborating. Tesla and China’s Contemporary Amperex Technology Ltd (CATL) are jointly developing batteries designed to last a million miles of use and enable electric Teslas to sell profitably for the same price or less than a gasoline vehicle, people familiar with the plans have said....
The battery event, which Musk has touted as being "one of the most of exciting days in Tesla's history", had previously been scheduled in May while the shareholder meeting was due to take place on July 7. The Battery Day event will include a tour of the company's cell production system, Musk tweeted, without elaborating. Two proxy advisors have urged Tesla investors to vote against re-electing Chairwoman Robyn Denholm to the company’s board, citing corporate governance and other concerns....
(Bloomberg) -- U.S. stock index futures rose, erasing losses, as investors weighed the latest infection count against prospects for reopening economies.September contracts on the S&P 500 gained 0.4% as of 11:48 a.m. in Tokyo, after sliding as much as 1.1%. Futures on the Dow Jones Industrial Average rose 0.4% and those on the Nasdaq 100 Index climbed 0.5%. Beijing reported only nine new infections, in a sign that a recent outbreak is coming under control, while South Korea saw the smallest daily increase in about a month. California’s new cases rose by a record and Florida infections jumped.“Financial conditions are easing, and the early June surveys have improved markedly, but with U.S. case counts on the rise, and small clusters register globally, investors remain jittery,” Stephen Innes, the chief market strategist at AxiCorp Ltd., wrote in a note. “The market is caught between fears of a second Covid wave and improving...
Wirecard said on Monday that 1.9 billion euros ($2.1 billion) missing from its accounts was likely never there and it was looking at the sale or closure of parts of its business as it sought to avert a looming cash crunch. Wirecard is scrambling to shore up its finances and has appointed investment bank Houlihan Lokey as it seeks a deal with creditors, after seeing its credit rating slashed to 'junk' by rating agency Moody's on Friday. In a statement on Monday, Wirecard also withdrew financial statements for 2019 and said it was examining cost cuts to address the crisis which has engulfed what was once hailed as a relatively rare success story for the German technology sector....
