(Bloomberg) -- The oil market showed signs of tighter supply as key gauges of its health rallied, although concerns remain over a resurgence in coronavirus cases in China and the U.S.Futures in London and New York gained, while Brent for August was trading above the September contract, a sign of scarcer supply in Europe’s physical market. Oil prices in the North Sea and Russia has soared in recent days, while the amount of crude stored on ships is falling.“The physical market is strong,” said Ben Luckock, co-head of oil trading at Trafigura Group Ltd. “There’s good demand for North Sea crude and most of the regional overhang of floating storage has cleared.”Despite the strength, there’s still plenty for traders to be concerned about. Beijing is fighting a new outbreak of Covid-19 and has curbed travel to the city, while U.S. states including Texas reported a jump in cases.Crude is steadily recovering...
Shares in debt-strapped Hertz Global Holdings (HTZ) dropped 7% in pre-market trading after the car rental company suspended a planned $500 million share offering.The stock sank to $1.86 in pre-market trading. Bankrupt Hertz said it withdrew the offering until further notice after the U.S. Securities and Exchange Commission (SEC) said that it has put its share prospectus under review.“After discussions with the [SEC] Staff, sales under the Program were promptly suspended pending further understanding of the nature and timing of the Staff’s review,” Hertz said in a SEC filing.The share offering was announced after a bankruptcy judge last Friday approved the car rental company’s request to sell up to $1 billion of common stock to take advantage of its recent share rally. Since Hertz filed for bankruptcy at the end of last month, the stock has surged from a low of 56 cents on May 26 to a high of $5.53...
(Bloomberg) -- European equities and U.S. futures erased declines on Thursday as investors shrugged off accelerating coronavirus infections in some countries. Treasuries trimmed their advance.The Stoxx Europe 600 reversed its earlier decline, as tech and retailer shares turned higher. Contracts on the main U.S. equity benchmarks came off their session lows to notch modest gains. Asian stocks mostly fell amid a cluster of infections in Beijing that emerged after a lull of nearly two months. The pound weakened ahead of a Bank of England decision; policy makers are expected to add to economic stimulus. Crude oil prices erased earlier losses.The picture for global markets remains complex in the wake of an epic stock rally from March lows. As countries emerge from lockdowns, fears of a second wave are increasing, with Texas reporting an 11% surge in hospitalizations and China battling its worst outbreak since Wuhan. Investors are balancing that with positive...
(Bloomberg) -- JD.com Inc. has bagged a record $34 billion of sales during the country’s biggest online shopping gala of the post-pandemic era, suggesting China’s nascent consumer spending recovery has legs.JD and larger rival Alibaba Group Holding Ltd. this month put Chinese consumption to its first major test since Beijing locked down the country in February. China’s largest retailers are hoping the “6.18” summer extravaganza that wraps up Thursday has unleashed pent-up demand, making up for lost sales during a coronavirus-stricken March quarter. JD said it had racked up 239.2 billion yuan ($34 billion) of transactions as of mid-afternoon, up 33% from the same time a year earlier and already surpassing 2019’s total. The retailer’s shares rose 3.5% on their Hong Kong debut, after raising $3.9 billion in a stock sale designed to appeal to Asian investors.Global brands and smaller merchants alike had stocked up on goods for months in anticipation...
Companies Reporting Before The Bell • Kroger Inc. (NYSE:KR) is estimated to report quarterly earnings at $1.04 per share on revenue of $40.45 billion.• Commercial Metals Inc. (NYSE:CMC) is expected to report quarterly earnings at $0.40 per share on revenue of $1.30 billion.• Designer Brands Inc. (NYSE:DBI) is expected to report quarterly earnings at $0.52 per share on revenue of $504.21 million.• Regis Inc. (NYSE:RGS) is estimated to report quarterly earnings at $0.20 per share on revenue of $163.75 million.• Lee Enterprises Inc. (NYSE:LEE) is expected to report earnings for its second quarter.• MediPharm Labs Inc. (OTC:MEDIF) is estimated to report earnings for its first quarter.View more earnings on CMC Companies Reporting After The Bell • At Home Group Inc. (NYSE:HOME) is expected to report quarterly earnings at $0.41 per share on revenue of $200.49 million.• American Software Inc. (NASDAQ:AMSWA) is estimated to report quarterly earnings at $0.04 per share on...
Oil prices rose slightly Thursday as a panel of OPEC and its allies met to review record oil supply cuts, even as the market remained concerned about additional coronavirus cases reported in parts of the United States and China. Brent crude futures were up 54 cents at $41.25 a barrel by 11:23 a.m. EST (1523 GMT) and U.S. West Texas Intermediate (WTI) crude futures rose 59 cents to $38.55 a barrel. "You're going to see more OPEC compliance," said Phil Flynn, senior oil analyst at Price Futures Group in Chicago....
Oil prices were broadly stable on Thursday as Brent erased losses in early European trading ahead of a meeting of OPEC members and their allies against the backdrop of demand concerns over new coronavirus cases in China and elsewhere. Brent crude futures were up 2 cents at $40.73 a barrel at 0725 GMT. U.S. West Texas Intermediate (WTI) crude futures dropped 14 cents to $37.82 a barrel....
