Business News
Utilities stocks trump other havens as virus fears spread
U.S. utilities stocks have outperformed other traditional havens in recent days, as worries over the spreading coronavirus epidemic sparked a rush to safety.
Month: February 2020
Business News
Ryanair to take longer to reach 200 million passenger target due to 737 MAX woes
Ryanair will take longer than expected to reach its long-term target of flying 200 million passengers per year due to delays in the delivery of Boeing’s 737 MAX jet, the Irish airline announced on Monday.
Business News
Australia’s Westpac hit with second U.S. class-action
Investor rights law firm Bernstein Liebhard has filed a class-action suit against Australia’s No. 2 lender, Westpac Banking Corp , accusing it of failing to monitor financial crime, the law firm said on Monday.
Business News
Convicted former WorldCom CEO Ebbers dead at 78
Bernard Ebbers, the former WorldCom Inc chief executive convicted in one of the largest U.S. accounting scandals, died on Sunday, his family said in a statement.
Trading Ideas
India Budget Is ‘Growth-Neutral’ in Short Term: ICICI Securities
Feb.03 — Anagha Deodhar, economist at ICICI Securities, talks about India’s budget and the economy. Prime Minister Narendra Modi’s second budget in seven months — delivered by Finance Minister Nirmala Sitharaman on Saturday — proposed tax cuts for individuals and wider deficit targets, but failed to provide specific steps to fix a struggling financial sector, improve infrastructure and create jobs. Deodhar speaks with Haslinda Amin and Shery Ahn on “Bloomberg Markets: Asia.” …read more […]
Business News
Virus worries wipe $420 billion off China’s stock market
Investors erased $420 billion from China’s benchmark stock index on Monday, sold the yuan and dumped commodities as fears about the spreading coronavirus and its economic impact drove selling on the first day of trade in China since the Lunar New Year.
Business News
Huawei, Chinese chip makers keep factories humming despite coronavirus outbreak
Some Chinese technology firms are continuing to manufacture parts and products despite government calls across various cities and provinces for work to be halted as Being seeks to stop the spread of the coronavirus ravaging the country.
Business News
China regulator urges fund managers not to sell shares unless they face redemptions: sources
China’s securities regulator has urged mutual fund managers not to sell shares unless they face investor redemptions, four sources told Reuters, as the country’s stock markets plunged on Monday amid a growing virus outbreak.
Trading Ideas
China Says Coronavirus Cases Rise to 17,205
Feb.02 — China reports 2,829 additional coronavirus cases by end of Feb. 2, bringing the total case count to 17,205, according to a statement from the Ministry of Health. The total number of deaths increased by 57 to 361. Meanwhile, the central bank reduced rates as it injected cash into the financial system Monday, with the central bank seeking to ensure ample liquidity as markets plunge. Selina Wang speaks with Haslinda Amin on “Bloomberg Markets.” …read more […]
Trading Ideas
China Market Volatility Will Create Opportunity: BNP Paribas AM
Feb.02 — Paul Sandhu, head of multi assets, quant and client advisory at BNP Paribas Asset Management, discusses the weakness in the Chinese markets from the coronavirus and where he sees them heading. He speaks on “Bloomberg Markets.” …read more […]
Business News
Shanghai stocks hit by $370 billion wipeout as virus fears pound Chinese markets
Chinese stock and commodity markets fell heavily at the open on Monday, in the first trading session after an extended Lunar New Year break, as investors dumped risky assets in response to rising fears about the spread of a new virus across China.
Business News
China central bank’s reverse repo rate cut to alleviate economy shock: adviser
China’s cut to its reverse repo rate should alleviate the shock to the real economy from a virus outbreak and is a good move to stabilize expectations and restore financial market confidence, a central bank adviser said on Monday.
Trading Ideas
Chinese Stocks Plunge as Markets Reopen to Virus Crisis
Feb.02 — Hao Hong, head of research and chief strategist at Bocom International, discusses the plunge in Chinese stocks and the outlook for the yuan. Stocks plummeted by the most since an equity bubble burst in 2015 as they resumed trading to the worsening virus outbreak. Hong speaks with Shery Ahn and Haidi Stroud-Watts on “Bloomberg Markets: China Open.” …read more […]
Trading Ideas
Shanghai stocks hit by $370 bln wipeout as virus fears pound Chinese markets
SHANGHAI/SINGAPORE, Feb 3 (Reuters) – Chinese stock and commodity markets fell heavily at the open on Monday, in the first trading session after an extended Lunar New Year break, as investors dumped risky assets in response to rising fears about the spread of a new virus across China. The plunge wiped almost $370 billion in market capitalisation from the benchmark Shanghai Composite index , which opened nearly 9% lower. The total number of deaths in China rose to 361 as of Sunday, and the number of infections to 17,205. …read more […]
Business News
Asian shares drop, commodities sink on virus fears after Lunar New Year break
Asian shares stumbled on Monday, oil skidded and commodities on Chinese exchanges plunged on their first trading day after a long break on fears the coronavirus epidemic will hit demand in the world’s second-largest economy