Traders seeking to store oil have put their plans on hold this week after prompt Brent crude futures surged against future months and made storage uneconomical, despite overwhelming supplies in the market, industry sources said on Tuesday. Front-month Brent crude prices have jumped since Friday on expectations that Saudi Arabia and Russia may strike a deal to cut output and support prices. "Demand has collapsed and supply is gushing," said Ashok Sharma, managing director of shipbroker BRS Baxi in Singapore....
(Bloomberg) -- Stocks in Europe and Asia gained on Tuesday alongside U.S. equity futures amid continuing optimism the spread of the coronavirus may be slowing in several major economies. Bonds extended declines and the dollar weakened.The Stoxx Europe 600 Index jumped at the open as every major national gauge in the region advanced. Futures for the three main American benchmarks also all climbed after the S&P 500 Index on Monday closed at its highest since March 13. The MSCI Asia Pacific Index rose more than 2% after adding nearly 3% a day earlier. The dollar, a key barometer of funding strains, retreated the most since late March. The pound gained despite concern for Prime Minister Boris Johnson, who was moved into intensive care as he battles the virus.Riskier assets including stocks and corporate bonds have started the week resuming a remarkable rebound amid the ongoing pandemic. Unprecedented and rapid stimulus by...
(Bloomberg) -- Megvii Technology Ltd. for the first time revealed the stunning growth fueled by a nation’s obsession with security.The Alibaba Group Holding Ltd.-backed startup tripled revenue to 949 million yuan ($133 million) in the first half. It generated more than 73% of those sales from AI services for major clients like government agencies, hospitals and real estate developers, the company said in a filing to the Hong Kong Stock Exchange.Seven-year-old Megvii is said to be angling to raise as much as $1 billion in its initial public offering, becoming the first of China’s fast-rising AI stars to debut and beating Sensetime Group Ltd. to the punch. Its share sale however will run up against a host of uncertainties from violent pro-democracy protests that’ve gripped Hong Kong to the Trump administration’s increasingly aggressive campaign to contain China’s tech champions.Megvii is moving forward even as other companies pump the brakes on their...
(Bloomberg) -- Gold futures surged above $1,700 an ounce to the highest since 2012, pushing out the spread over spot prices, as investors weighed the economic fallout from the pandemic and the prospect of more stimulus.The precious metal is in demand, with JPMorgan Chase & Co.’s Jamie Dimon saying the disease will lead to a major downturn. Its jump came even as risk assets including equities posted gains on signs the outbreak is leveling off.“Diverging activity in physical gold is disrupting the spot market,” Michael McCarthy, chief market strategist at CMC Markets Asia Pacific, said in an email. “Huge U.S. demand for physical contrasts with European selling. This is particularly impacting futures contracts that are deliverable, and is the cause of recent widening of bid/offer spreads in spot gold.”Futures rallied as much as 2.9% to $1,742.60 an ounce on the Comex, and traded at $1,714.70 at 6:22 a.m. in London. Spot...
(Bloomberg) -- U.S. and European stock futures advanced along with sovereign bond yields on continuing optimism that the deadly coronavirus outbreak may be waning in some key epicenters.The dollar, a key barometer of funding strains, retreated the most since late March. In another sign of easing stress, Indonesia mounted a record dollar bond sale. The MSCI Asia Pacific Index climbed almost 2% after advancing nearly 3% Monday. Futures on the U.S. S&P 500 rose after the index yesterday closed at its highest since March 13.China’s stocks climbed and the yuan edged up as markets there reopened in the wake of further targeted stimulus by the central bank over the break. Australia’s dollar and bond yields extended gains after the Reserve Bank signaled markets are functioning well enough to allow for a scaling back in liquidity injections in the near term.The mostly upbeat tone in markets comes amid more signs that the...
Roku, Inc. (ROKU) has announced the arrival of “The Roku Channel” in the UK, a streaming channel providing consumers with free access to 10.000+ movies, TV episodes and documentaries. Boosted by a strong stock market session, ROKU shares surged 10% on Monday, bringing the year-to-date loss to 33%.There are no subscriptions or fees required to access The Roku Channel, but the programs will be interspersed with ads. Consumers must also own either a Roku streaming player, Roku TV, NOW TV device or Sky Q box.The UK Roku Channel will feature popular global and British TV series, alongside a special Kids & Family section. To put together the offering, Roku has teamed up with over 40 content partners, including Hollywood studios such as Lionsgate and Sony Pictures Television. More publishers are expected to be added over time.“With The Roku Channel we are making it easy for consumers to find great free entertainment and...
