Month: January 2020

(Bloomberg) — Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.Banco Santander SA expects to reach the higher end of its target for capital this year as the Spanish lender seeks to dispel persistent concerns that it needs to boost its financial strength. The bank forecasts that its key Common Equity Tier 1 capital ratio — a closely watched metric — will rise to close to 12% this year after gaining to 35 basis points in the fourth quarter to 11.65%. The lender made the forecast after earnings jumped in the fourth …read more […]

(Bloomberg) — U.S. and European stock futures edged up, oil clawed back some of its recent losses, and China’s yuan was stable in offshore trading as investors continued to assess the risks from the coronavirus.A senior official said the White House hasn’t asked for a suspension of U.S.-China flights, helping ease some concerns amid mounting evidence of a near-term economic hit from the disease. Most Asian benchmarks rose, while Hong Kong tumbled in a catch-up with the global sell-off since that market shut for holidays. China remains closed. Treasuries added to recent gains.The S&P 500 Index climbed 1% on Tuesday …read more […]

SINGAPORE/BEIJING (Reuters) – China is set to further expand its massive oil refining capacity this year, offering support to global oil prices, and U.S. producers in particular, but its plans spell more gloom for Asia’s hard-hit refining industry. Already the world’s No.2 oil refiner after the United States, China added 800,000 barrels per day (bpd) of capacity last year – 80% of the United Kingdom’s refinery throughput – and analysts expect a further 460,000 bpd to become operational in 2020. Chinese exports of diesel, gasoline and jet fuel combined jumped 20% in 2019, reaching as far as Mexico, …read more […]

The Chinese territory of Macau has become a near-ghost town during what is typically the busiest time of year in the world’s biggest casino hub, after authorities announced a raft of measures to keep visitors away and contain the new coronavirus. The local government late on Tuesday said it would curb its individual visit scheme through which visitors gain entry from mainland China, days after it suspended inbound package tours. The steps come as deaths from the coronavirus reached 132 in China on Wednesday with 1,500 new cases. …read more […]

(Bloomberg) — Apple Inc. issued a wider-than-usual sales forecast to reflect what Chief Executive Officer Tim Cook called “uncertainty” caused by a virus outbreak that’s cutting retail traffic, shutting stores and prompting the company to limit employee travel in China, one of its most important markets.The company is also taking steps to make up for production shortages, particularly in Wuhan, the central Chinese city where the coronavirus originated and home to some of the company’s suppliers, Cook said on a conference call discussing recent results. Sales in the current period will be $63 billion to $67 billion. While that’s higher …read more […]