Oil prices retreated on Friday after massive gains, while stocks in Asia edged down, as doubts grew over an oil price deal between Saudi Arabia and Russia that U.S. President Donald Trump said he had brokered. With the coronavirus pandemic raising the risk of a prolonged global downturn, investors continued to seek the safety of the U.S. dollar and government bonds, pushing U.S. Treasuries yield near their lowest in three weeks. U.S. West Texas Intermediate (WTI) crude lost $1.14, or 4.5% to $24.18 a barrel in early Asian trade after having surged a record 24.7% on Thursday....
Loup Ventures Managing Partner Gene Munster on Thursday said Tesla Inc. (NASDAQ: TSLA) "is crushing the auto industry," generating significantly higher demand than its competitors.What Happened Tesla earlier in the day reported 88,400 deliveries and 102,672 total production in the first quarter this year, beating analyst estimates.Munster noted that Tesla's delivery numbers are up 40% year-on-year in the first quarter, at a time when the overall United States auto industry numbers are down 29%."Tesla is winning because they have a product that is measurably better than both gas and electric competitors," the former research analyst said.What's Next The electric vehicles maker didn't update its guidance for the deliveries for the entire financial year 2020, over the previous one of 500,000 deliveries. It also didn't give an estimate of its expectations for the second quarter.Loup Ventures would give their estimate for the second quarter when there's better clarity surrounding the novel coronavirus...
Apr.02 -- Jonathan Garner, chief Asia and emerging market equity strategist at Morgan Stanley, discusses Chinese equities and his outlook for emerging markets. He speaks on “Bloomberg Markets: Asia.”...
President Donald Trump slammed 3M Co in a tweet late on Thursday after earlier announcing he was invoking the Defense Production Act to get the company to produce face masks. At a White House briefing on the coronavirus pandemic earlier on Thursday, Trump announced he had signed a Defense Production Act order for 3M to produce face masks....
(Bloomberg) -- Trading in shares of China’s biggest car-rental company was suspended in Hong Kong after they tumbled as much as 72% amid concern over the firm’s ties with Luckin Coffee Inc., which is facing an accounting probe.Car Inc. last traded at HK$1.96, a slump of 54%, before the halt at 10:14 a.m. local time. Volume was more than 70 times greater than the 30-day average with less than an hour of trading. The firm’s dollar bond due 2021 plummeted 31 cents to 44.8 cents on the dollar, the most ever, according to Bloomberg-compiled pricing.The company was founded by Lu Zhengyao, the chairman of Luckin Coffee, which sank Thursday after saying its board is investigating reports that senior executives and employees fabricated transactions.“Car Inc. investors are deeply concerned about the credibility of its financial reports,” said Kenny Wen, wealth management strategist at Everbright Sun Hung Kai Co. “Now that Luckin has...
(Bloomberg) -- Oil slid back below $25 a barrel following a record surge as doubts crept in over U.S. President Donald Trump’s claim he had brokered a deal that would see deep supply cuts from Saudi Arabia and Russia.Futures dropped as much as 7.1% after surging almost 25% in New York on Thursday after Trump tweeted that he expected the two leading producers to slash output by 10 million barrels or more. However, the Kremlin later said that President Vladimir Putin had not spoken to his Saudi counterpart and hasn’t agreed to reduce production. Citigroup Inc. and Goldman Sachs Group Inc. said any supply deal would be too little, too late as demand craters.See also: Trump’s Push for Huge Deal to Cut Oil Supply Draws DisbeliefWhile futures spiked, the outlook for the physical market remains bleak as discounts for some grades of physically delivered oil across the U.S. and Canada widened....
I’m not so much a bear as a realist and not buying into the notion that this is a temporary dip followed by a huge rebound. Voluminous job losses and bankruptcies could lead to permanent wealth deviation....
