Skip to content
(Bloomberg) -- Oil climbed in London following a sixth weekly increase after OPEC and its allies agreed to extend production curbs, although skepticism the cartel would be able to ensure full compliance tempered the gains.Brent futures rose 1.2% after swinging between gains and losses earlier. OPEC+ will prolong its historic curbs for an extra month and while the group cajoled Iraq, Nigeria and others to fulfill their promises to reduce production, concerns remain about the laggards sticking to their pledge. Libya, which is exempt to the cuts due to its civil war, is also returning supply to the market just as demand rebounds following the easing of lockdowns.“The issue of compliance is a major fault line in OPEC+ now,” said Vandana Hari, founder of energy consultancy Vanda Insights in Singapore. “Crude had mostly priced in the one-month extension of deeper cuts by Friday.”Oil has doubled since April as OPEC+ cuts trimmed...
Hundreds of Venezuelans queued up in miles-long lines to try to fill their cars with subsidized gasoline over the weekend, a week after President Nicolas Maduro launched a new dual-price system aimed at easing an acute fuel shortage. Maduro on May 30 announced the new system in which motorists could purchase up to 120 liters (31.7 gallons) of gasoline at a heavily subsidized price of 5,000 bolivares (2.5 U.S. cents) per liter, and 50 U.S. cents per liter thereafter. While Venezuelans with resources can now wait in shorter lines at the stations tapped to charge higher prices, those seeking subsidized fuel, such as 42-year-old car mechanic Pedro Mujica, had no choice but to wait in seemingly endless lines....
It’s a quiet day ahead on the economic calendar. A lack of stats leaves the markets to grapple with geopolitical risk and fiscal and monetary policy....
(Bloomberg) -- China’s currency has moved away from testing its 2008 low versus the dollar, but that’s not stopped the yuan from weakening against its peers.The yuan has fallen for a record 16 straight days against a basket of trading partners’ currencies -- the longest run since the basket was created in 2015 -- and is close to erasing its gain versus those exchange rates this year, according to data compiled by Bloomberg. The yuan slumped more than 4% versus the euro and Australian dollar over that period, while it has strengthened about 0.2% versus the greenback.The dollar has tumbled 4% over the past three weeks, which is a boon for Chinese authorities in that they can allow the yuan to fall against those of other exporter nations without causing alarm about depreciation. In late May, escalating tensions with the U.S. helped drag the yuan back to near its lowest level...
Global airlines have taken a huge blow as curbs imposed to stop the spread of the coronavirus led to a plunge in travel demand, leading to a liquidity crisis at firms. Singapore Airlines' total financing is among the biggest raised by any carrier amid the global health crisis. Singapore Airlines said it had raised S$900 million through loans on some of its aircraft....
Brent crude had climbed as high as $43.41 a barrel but by 0239 GMT was trading up just 21 cents, or 0.5%, at $42.51. U.S. West Texas Intermediate (WTI) crude rose 2 cents, or 0.05%, to $39.57 a barrel, after earlier touching $40.44 earlier. Since the start of April Brent has nearly doubled, propped up by the unprecedented production cut of 9.7 million barrels per day - nearly 10% of global supplies - agreed in April by the Organization of the Petroleum Exporting Countries (OPEC), Russia and other allies, collectively known as OPEC+....
(Bloomberg) -- China’s No. 2 online retailer JD.com Inc.’s Hong Kong share sale of as much as $4.1 billion is multiple times oversubscribed by institutional investors, people familiar with the matter said, as the financial hub enters a second week of multi billion dollar stock offerings.JD’s offering is set to be the world’s second-biggest this year and comes on the heels of Chinese Internet company NetEase Inc.’s $2.7 billion Hong Kong share sale last week. After a muted start to the year in terms of initial public offerings due to the coronavirus pandemic and volatile markets, Hong Kong is roaring back to life with a slew of stock offerings.The highly sought after share sales have helped drive a surge of capital inflows, with the city’s currency climbing to the strong end of its permitted trading band late last week even as concern about looming national security legislation has spurred speculation about...
