(Bloomberg) -- Stocks edged lower with U.S. equity futures on Thursday as investors sought fresh catalysts for gains amid a rising numbers of coronavirus infections in some countries. Treasuries advanced.The Stoxx Europe 600 opened in the red, with travel shares and miners leading declines. Contracts on the main U.S. equity benchmarks came off their lows earlier in the session to trade modestly down. Asian stocks mostly declined in thin trading amid a cluster of infections in Beijing that emerged after a lull of nearly two months.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 economic news, as well as a flood of promised stimulus measures. Politics is back...
(Bloomberg) -- U.S. and European equity futures dropped, and Treasuries advanced, as optimism over policy stimulus gave way to recovery concerns caused by rising infection numbers in some locations.Asian stocks were mostly lower in thin trading, with modest declines in Tokyo, Seoul and Hong Kong. Australian equities underperformed and Australia’s dollar fell after the country reported a much bigger decline in employment than forecast for May. Crude oil prices retreated. S&P 500 futures fell after the index closed down on Wednesday. “The narrative around policy stimulus and better economic data seems to be losing its sway,” said Sameer Samana, senior global market strategist at Wells Fargo Investment Institute.The yuan ticked up and Chinese shares pared losses after China’s central bank governor said he wants the flow of credit in the economy to increase to at least 30 trillion yuan ($4.2 trillion) this year.On the virus front, Texas reported an 11% surge...
Hertz Global Holdings Inc. (NYSE: HTZ) has put on hold its $500 million share offering as it awaits a review by the Securities and Exchange Commission.What Happened In a filing with the SEC, Hertz revealed that on Monday afternoon, it was informed by the Commission's Division of Corporation Finance it intended to carry out a review of the prospectus supplement.Hertz decided to suspend the sale of its common stock pending "further understanding of the nature and timing of the [staff's] review."The car rental firm says it is in regular contact with the SEC and is not currently offering any shares through an agent.SEC Chairman, Jay Clayton, said that the commission had comments on Hertz's disclosure Wednesday. He told CNBC's "Squawk on the Street" program, "In most cases when you let a company know that the SEC has comments on their disclosure, they do not go forward until those comments are resolved."Why...
The recommendation was based on corporate governance concerns due to an insurance arrangement with Chief Executive Officer Elon Musk after Tesla's decision to not renew its directors and officers' liability policy due to high premiums quoted by insurers, Glass Lewis said. Musk had agreed to personally provide coverage to such a policy for a year, Tesla disclosed in a regulatory filing in April. "We are concerned that this D&O arrangement gives the company's independent directors a direct, personal financial dependency upon the CEO they are tasked with overseeing," Glass Lewis said....
(Bloomberg) -- JD.com Inc. has bagged a record $32 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 228.5 billion yuan ($32 billion) of transactions as of mid-morning Thursday, surpassing 2019’s total. The retailer’s shares rose 4.5% 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 of the annual summer event, a bargain buffet surpassed only...
(Bloomberg) -- Asian stocks and U.S. equity futures dropped, while the yen and Treasuries advanced, as optimism over policy stimulus gave way to recovery concerns caused by rising infection numbers in some locations.Shares fell in Japan, Australia and Hong Kong as the global equity rally seen earlier this week continued to show signs of fatigue. S&P 500 Index futures retreated after the index swung between gains and losses for most of Wednesday on light volume before closing in the red. The yuan and Chinese bond yields traded flat, erasing earlier losses seen in the wake of China’s central bank cutting a money-market interest rate and injecting cash.“The narrative around policy stimulus and better economic data seems to be losing its sway,” said Sameer Samana, senior global market strategist at Wells Fargo Investment Institute.Australia’s dollar fell after the country reported a much bigger decline in employment than forecast for May, with the...
