(Bloomberg) -- U.S. stock index futures advanced in Asian trading, as investors returned after the worst selloff in the cash market in 12 weeks amid signs of overheating as well as a possible second wave of coronavirus infections.Contracts on the S&P 500 rose 1.3% as of 15:13 p.m. in Tokyo, after the underlying index fell 5.9%, the most since March 16. Futures gained 1.2% on the Nasdaq 100 Index and 1.7% on the Dow Jones Industrial Average.“It’s a habitual reaction in markets to find gains after a more than 5% correction in the S&P 500,” said Jingyi Pan, a market strategist at IG Asia Pte. “This correction won’t be as strained as the March selloff given that there’s recognition of the progress in economic reopening globally. There are people waiting on the sidelines to buy.”Only one stock in the S&P 500 rose Thursday, supermarket operator Kroger Co. Airlines, cruise and travel...
(Bloomberg) -- U.S. futures rose after the biggest equity selloff on Wall Street since March, as investors gauged the durability of the epic stock rally in face of continuing concerns about a second wave of infections.Treasuries headed for their first decline this week, while the dollar retained most of its Thursday jump. European futures were down, and Asian shares saw declines in wake of the near-6% drop in the S&P 500 Index Thursday. Crude oil extended declines. In the U.S. Thursday, airlines, cruise and travel shares that had soared in recent weeks bore the brunt of the selling. The KBW Bank Index of financial heavyweights slid 9%, and energy producers joined a rout in oil.Read: Credit Concerns Are Front-and-Center in the U.S. Stock SelloffWhile much of the equity selling owed to the frantic pace of the recent rally, sentiment did sour as signs mounted of a possible second wave of the...
(Bloomberg Opinion) -- In parts of Germany, Bavarians were once known as “needleheads.” One day, God, angered at the solipsism in the country’s beautiful southernmost state, is supposed to have picked a local up by the head, thus elongating it like a needle, and rotated it. “See,” God said, “there’s more to the world than just Bavaria.”The tale might offer a useful lesson to Volkswagen AG’s Bavarian chief executive officer, Herbert Diess, and the company’s board. Internecine conflict at the top of the world’s biggest carmaker risks derailing its 33 billion-euro ($38 billion) bet on electric vehicles at the worst possible moment, with car sales at their lowest in decades and Tesla Inc. becoming a genuine threat. Volkswagen needs to be looking outward beyond its domestic concerns, not inward.The parent company of Audi, Porsche, Lamborghini and Bentley has been buffeted these past two weeks as tension between Diess and some members of the firm’s supervisory board broke...
Jun.12 -- Alan Watts, Asia Pacific president at Hilton Worldwide Holdings Inc., discusses how the coronavirus outbreak is affecting the hotel operator's businesses in the region. He speaks with Haslinda Amin and Yvnne Man on "Bloomberg Markets: Asia."...
Oil prices edged higher on Friday but were on track for their first weekly fall in seven as new U.S. coronavirus cases spiked, raising the prospect of a second wave hitting demand. After falling more than 5% on Friday, West Texas Intermediate was up 15 cents, or 0.41% to $36.49 a barrel....
