(Bloomberg) -- Stocks climbed in Europe and U.S. equity futures reversed losses after President Donald Trump said that the China trade deal is “intact,” easing doubts sparked earlier by comments from a senior adviser. Treasuries and the dollar were steady.Technology companies led a broad advance in the Stoxx Europe 600 index, with 18 of 19 industry sectors in the green. Futures on the S&P 500 had opened higher, then tumbled more than 1% after Trump aide Peter Navarro was quoted saying the trade agreement signed in January was over. Crude oil slid along with the offshore yuan, before all the moves began reversing when Navarro said the remark was taken “wildly” out of context. Trump later tweeted that he hoped China would continue living up to the deal. Shares rose across Asia.“It does indicate that the market remains very sensitive to U.S.-China tensions,” Patrick Bennett, head of macro strategy for Asia...
The Monetary Authority of Singapore (MAS) has received a license application from scandal-hit electronics payments firm Wirecard under the country's new Payments Services Act, the central bank said on Tuesday. It said Wirecard's primary business activities in Singapore are to process payments for merchants and help companies issue pre-paid cards. Wirecard is operating under an exemption until the new law comes into force....
Shares in Spirit AeroSystems (SPR) pulled back 3.3% in Monday’s after-hours trading after revealing that it could breach the financial covenants under its credit agreement in Q4 without an amendment or waiver.“Spirit is in communication with its lenders regarding this matter, and intends to work with them expeditiously to obtain appropriate relief from its covenants” the aerostructures manufacturer said.The warning was sparked by a June 19 letter from Boeing (BA) telling Spirit to substantially reduce its 2020 B737 production plan (applicable to MAX and P-8 shipsets) from 125 to 72 shipsets.This includes 37 shipsets to be produced and delivered over the balance of the year and 35 shipsets that have already been delivered to Boeing.Boeing indicated that the reduction is due to COVID-19’s impact and accumulated inventory of Spirit’s B737 products, Spirit revealed.“The B737 MAX grounding coupled with the COVID-19 pandemic is a challenging, dynamic and evolving situation for Spirit” the...
Many people ask me whether or not they should invest in gold stock indexes, or the GLD or SLV ETFs. They often point to the difficulty of securing physical precious metals versus the ease of purchasing the derivatives through an exchange. I am going to give some thoughts here, and focus on the costs of each investment option....
(Bloomberg) -- Tencent Holdings Ltd. surged toward a record Tuesday after a $305 billion rally since its 2018 low.The stock rose as much as 5.1% Tuesday, putting Tencent on pace for its highest-ever close. Shares, poised to have their best month since January 2012, have surged nearly 50% from March’s bottom to send Tencent’s market value above HK$4.7 trillion ($606 billion).After doubling in 2017, shares were almost halved at one point the following year as gaming approvals dried up and a slowing economy in China cooled advertising demand. But gaming has been a strong point in 2020 for Tencent in the wake of Covid-19 lockdowns. Analysts’ average stock target has risen 13% the past six weeks while Chinese investors have been holding a record amount of the company’s equity, according to data compiled by Bloomberg.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most...
(Bloomberg) -- European futures climbed, U.S. contracts wiped out losses and the yen retreated after President Donald Trump said that the U.S.-China trade deal is intact, easing doubts sparked by earlier reported comments from a senior adviser.Futures on the S&P 500 had opened higher Tuesday, then tumbled over 1% for a time after Trump aide Peter Navarro was quoted saying the trade agreement signed in January was over. Crude oil slid along with the offshore yuan, before all the moves began reversing when Navarro said the remark was taken “wildly” out of context. Trump later tweeted that he hoped China would continue living up to the deal. Asian shares rose.“It does indicate that the market remains very sensitive to U.S.-China tensions,” Patrick Bennett, head of macro strategy for Asia at Canadian Imperial Bank of Commerce in Hong Kong, said of the reaction to the trade headlines.The swings in risk assets Tuesday...
Struggling Californian energy company PG&E Corporation (PCG) has launched simultaneous underwritten public offerings of its common stock and its equity units, with the goal of raising $4 billion and $1.23 billion of gross proceeds, respectively.The money raised will help the company fund its emergence from Chapter 11- which, if the offering is successful, could occur as soon as July 1.PG&E also intends to grant the underwriters in each offering a 30-day option to purchase additional shares of common stock and equity units representing up to $400 million and $123 million of gross proceeds, respectively.The offerings are currently expected to price this week with a closing date of July 1, subject to market conditions and customary closing conditions.The common stock offering and equity units offering are separate public offerings and are not dependent on each other, PCG says. It has applied to list the equity units on the New York Stock Exchange...
