(Bloomberg) -- The telltale signs of dislocation are showing up in the gold market again.Gold traded in New York and London -- two markets that used to move in lockstep before the coronavirus crisis -- have diverged.An ounce of gold sold on the Comex was about $50 more expensive than in London on Tuesday. In normal times, the difference would be a few dollars.The same thing happened two weeks ago, when traders panicked that logistical disruptions and flight cancelations would create a shortage of gold bars in New York. This time, the reasons are different. There’s plenty bullion available, but traders say there’s still too much risk and they’d rather stay away.“You have a bunch of shell-shocked market makers who are literally hiding under their desks and do not and possibly can not make markets in any size, shape or form,” said David Govett, head of precious metals trading at Marex...
(Bloomberg) -- Results from a study of Gilead Sciences Inc.’s experimental Covid-19 medicine are top-of-mind for Wall Street as cases surpass 1.35 million and deaths approach 76,000.With a potential vaccine more than a year away, Gilead’s antiviral remdesivir offers one of the nearest-term hopes for a treatment in the pandemic that’s sweeping across the globe and putting many countries, including most of the U.S., on lockdown. Results from late-stage studies out of China are expected this month with results from U.S. trials following in May.After the company’s valuation surged more than $20 billion from late January to early March, some Wall Street analysts are cautioning there may not be much more room for shares to gain. The stock has traded sideways since hitting a two-year high on March 6.“We see a highly negatively skewed risk/reward,” Barclays analysts led by Carter Gould warned ahead of the April data. They rate Gilead underweight.Barclays...
Stock futures jumped Tuesday morning, adding to gains after a regular-session rebound sent the S&P 500 to its highest level since March 13. Treasury yields dropped and crude oil prices stabilized after the prior day’s declines....
The shares of Luckin Coffee Inc. (NASDAQ: LK) dropped another 18% lower on Monday as Goldman Sachs Group Inc. (NYSE: GS) sought enforcement action against an entity controlled by the company's chairman Charles Zhengyao Lu.What Happened The bank, acting as a "disposal agent" on behalf of a host of lenders, said Luckin investor Haode Investment Inc., defaulted on a $518 million margin loan facility.According to Goldman, about 515.3 million Class B and 95.4 million Class A ordinary shares were pledged to secure the loan."In connection with the exercise of their rights under the [facility,] the [lenders] have commenced the process of enforcement against the collateral in order to satisfy the [borrower's] obligations under the [facility,] including the conversion of Class B ordinary shares of the Company into American Depositary Shares ('ADSs') of the Company," the bank said in a statement.Goldman said the lenders are planning to sell about 76.4 ADSs to...
