World stocks looked set to close their worst quarter since 2008 on a brighter note on Tuesday, as strong Chinese factory data held out hope for an economic revival even as much of the rest of the world shut down to fight the coronavirus.
The dollar rose against the yen on Tuesday amid fiscal year-end demand by Japanese companies and the Chinese yuan stood firm after a survey showed manufacturing returned to growth in March.
China’s Huawei Technologies reported its smallest annual profit increase in three years, hurt by weak overseas sales amid an intensifying U.S. campaign to restrict its global expansion due to security concerns.
Volkswagen expects vehicle sales in China, the world’s largest car market, to quadruple in March, it said, pointing to a recovery following the coronavirus pandemic.
(Bloomberg) — Royal Dutch Shell Plc said it doesn’t expect the coronavirus to have a significant effect on overall demand for its oil products in the first quarter.While the company warned that the pandemic was creating major uncertainties around oil prices and boosting volatility, it experienced a “relatively minor” impact in the first two months of the year and expects sales volumes and margins for the quarter to be relatively unscathed.“Marketing margins in the first quarter are expected to remain strong, as the impact on demand from COVID-19 is not expected to be significant at the Shell group level,” the …read more […]
(Bloomberg) — European stocks advanced with U.S. futures after equities in both markets climbed for the fourth time in five sessions amid investor debate over whether there’s ground for a sustained rally given the continued spread of the coronavirus.The Stoxx Europe 600 opened higher as battered travel and leisure shares rebounded. The World Health Organization said there are signs of some stabilization in Europe’s coronavirus outbreak. Shares traded mixed in Asia, with markets rising in South Korea and Hong Kong as China reported a stronger-than-anticipated manufacturing index. They fell in Japan and Australia.The dollar climbed for a second day against …read more […]
Factory activity in China unexpectedly expanded in March from a collapse the month before, but analysts caution that a durable near-term recovery is far from assured as the global coronavirus crisis knocks foreign demand and threatens a steep economic slump.
Oil recovered ground on Tuesday after U.S. President Donald Trump and Russian President Vladimir Putin agreed to talks to stabilize energy markets, with benchmarks climbing off 18-year lows hit as the coronavirus outbreak cut fuel demand worldwide.
Asian shares were set to close out a calamitous quarter by eking out a small rally on Tuesday as factory data from China held out the hope of a revival in activity, even as much of the rest of the world shut down.
WPP , the world’s biggest advertising company, said it was pulling its dividend and share buyback, and withdrawing its guidance for 2020 after it saw an increasing number of cancelations from clients due to the coronavirus crisis.
Global mergers and acquisitions activity plunged 28% in the first quarter to its lowest level since 2016 as the devastating economic effects of the coronavirus pandemic took hold in March, compounding a slow start to the year for dealmakers.
The dollar rose against the yen on Tuesday as Japanese investors and companies rushed to cover a greenback shortage before their fiscal year end, but sentiment remained fragile as the global coronavirus crisis worsened.
Alibaba Group Holding Ltd plans to buy at least 10% of Yunda Holding Co Ltd, marking the e-commerce giant’s fifth investment in a large courier, two people with knowledge of the matter told Reuters. Alibaba is looking to buy the stake from Yunda’s controlling shareholders – founding couple Nie Tengyun and Chen Liying – who own 52.19% of Yunda through their wholly owned firm Shanghai LuoJieSi Investment Management, said one of the people. The other person said China’s dominant e-commerce firm could go beyond 10% and buy up to 15% of Shenzhen-listed Yunda. …read more […]
Asian shares were closing out a calamitous quarter with a tentative rally on Tuesday as factory data from China held out the hope of a rebound in activity, even as much of the rest of the world shut down.
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