(Bloomberg) -- European stocks jumped with U.S. equity futures on Friday as a dramatic selloff spurred by concerns over a second wave of coronavirus infections and a slower-than-expected economic recovery eased. Treasuries and the dollar slipped.The Stoxx Europe 600 Index turned sharply higher after opening in the red, with car makers and travel companies leading gains after driving losses on Thursday. Contracts on the three main U.S. equity benchmarks pointed to a positive open after Wall Street suffered its biggest drop in 12 weeks. Asian equities tumbled overnight.WTI crude erased earlier declines in New York, trimming its first weekly loss in over a month. The pound advanced even after data showed the U.K. economy shrank a record 20.4% in April.A frantic stock rally that carried equity benchmarks well up from their March lows stumbled this week on pessimism about the speed of recovery following months of lockdown. The International Monetary Fund...
JD.com's public offering in Hong Kong was 179 times oversubscribed as retail investors rushed to join the latest "homecoming" of a Chinese tech giant, according to people familiar with the matter.It is the third high-profile secondary listing by a Chinese new economy company in the past eight months, following a US$12.9 billion listing by e-commerce giant Alibaba Group Holding in November and a US$2.7 billion listing this week by NetEase, the world's second-largest mobile games publisher. Alibaba is the parent company of the South China Morning Post.The institutional tranche was also multiple times oversubscribed across over 400 accounts, said the people, who declined to be named because the matter was not yet public. The top five investors accounted for about 40 per cent of the institutional tranche, the people said.The oversubscription of the Hong Kong retail tranche triggered the highest level of a clawback mechanism that increased the size of the...
(Bloomberg) -- U.S. stock-index futures surged along with European shares on Friday, indicating a rebound for equities following Wall Street’s worst sell-off in 12 weeks.Contracts on the S&P 500 Index rose 1.7% as of 10:02 a.m. in London, after the underlying index on Thursday fell the most since March 16 on signs of market overheating and worries about a second wave of coronavirus infections. Futures on the Dow Jones Industrial Average jumped 2.1% and those on the Nasdaq 100 Index added 1.4%.“Major indexes like the DAX or S&P 500 have already reached our year-end predictions,” DWS Chief Investment Officer Stefan Kreuzkamp said. “For the second half of the year, investors should expect more volatility and temporary setbacks. However, these dips should be seen as buying opportunities.”The U.S. benchmark stock index is still 34% above its March low, and the Nasdaq Composite is now up 5.8% for the year. Meanwhile, virus cases...
Car rental company Hertz Global Holdings (HTZ) is reportedly asking a bankruptcy judge for permission to raise as much as $1 billion from a stock sale, to benefit from its recent share rally.The stock surged 51% in pre-market trading after closing 18% lower at $2.06 on Thursday. Shares more than doubled this month as investors piled up on the stock amid some optimism that Hertz may be able to work its way through bankruptcy proceedings, while travel is poised to rebound following the coronavirus crisis.As part of the plan, Hertz is offering as many as 246.78 million common shares with help from Jefferies LLC, according to a court filing seen by Bloomberg.“The recent market prices and the trading volumes in Hertz’s common stock potentially present a unique opportunity for the debtors to raise capital on terms that are far superior to any debtor-in-possession financing,” the company said, referring to a traditional...
(Bloomberg) -- European stocks rose with U.S. equity futures on Friday as a sharp selloff spurred by concerns over a second wave of coronavirus infections and the prospect of a protracted economic recovery eased. Treasuries and the dollar slipped.The Stoxx Europe 600 Index turned higher after opening in the red, with car makers and banking shares leading gains after driving losses on Thursday. Contracts on the three main U.S. equity benchmarks pointed to gains at the open after Wall Street suffered its biggest drop in 12 weeks. Asian equities tumbled overnight, while crude oil extended declines, heading for its first weekly loss in over a month. The pound advanced even after data showed the U.K. economy shrank a record 20.4% in April.Investors are catching their breath after a frantic stock rally stumbled this week on pessimism about the speed of recovery following months of lockdown. Fears that a second wave of...
(Bloomberg) -- U.S. futures rose and European stocks were steady on Friday as a sharp selloff spurred by concerns over a second wave of coronavirus infections and the prospect of a protracted economic recovery eased. Treasuries and the dollar slipped.Contracts on the the three main U.S. equity benchmarks pointed to gains at the open after Wall Street suffered its biggest drop in 12 weeks on Thursday, with airlines, cruise and travel shares that had soared in recent weeks bearing the brunt of the selling. The Stoxx Europe 600 Index erased an earlier decline, with car makers and banking shares leading gains. Asian equities tumbled overnight, while crude oil extended declines.Investors are catching their breath after a frantic stock rally stumbled this week as pessimism mounted about the speed of recovery following months of lockdown. Treasury Secretary Steven Mnuchin said the U.S. shouldn’t shut down the economy again even as fears emerged...
(Bloomberg) -- U.S. stock-index futures advanced, indicating gains at the open as investors assessed valuations following the worst Wall Street sell-off in 12 weeks.Contracts on the S&P 500 Index rose 0.7% as of 8:02 a.m. in London, after the underlying index on Thursday fell the most since March 16 on signs of overheating and worries about a second wave of coronavirus infections. Futures on the Dow Jones Industrial Average and on the Nasdaq 100 Index each added 0.7%.“Major indexes like the DAX or S&P 500 have already reached our year-end predictions,” DWS Chief Investment Officer Stefan Kreuzkamp said. “For the second half of the year, investors should expect more volatility and temporary setbacks. However, these dips should be seen as buying opportunities.”Only one stock in the S&P 500 rose Thursday, supermarket operator Kroger Co. Shares of airlines, cruise and travel operators that soared in recent weeks bore the brunt of the...
