Month: May 2020

Oil prices opened about 1% lower on Sunday as a persistent glut continued to weigh on prices and the coronavirus pandemic eroded global oil demand even as some governments began to ease lockdowns. Global oil demand has plummeted by about 30% as the coronavirus pandemic curtailed movement across the world. “Oil companies are dealing with a plethora of challenges due to the sudden decline in demand,” Haseeb Ahmed, oil and gas analyst at GlobalData, said in a note. …read more […]

Stock futures opened lower Sunday evening as Wall Street took a pause after last week’s rally, as a growing number of countries and states planned or began the process of phasing out stay-in-place measures. …read more […]

(Bloomberg) — Asian stocks looked set for a mixed open, while U.S. futures drifted, as investors eyed continued moves to re-open economies amid the threat of further coronavirus outbreaks. Oil retreated.Futures ticked higher in Japan and were little changed in Australia. S&P 500 contracts slipped after the gauge closed higher Friday. The New Zealand dollar gave up gains to trade flat and moves elsewhere in currency markets were largely muted in early trading on Monday. As governments around the world give more details on how economies will gradually restart, equities have continued to grind higher from their March lows. That …read more […]

As the coronavirus pandemic continues to chip away at global fuel demand, the Big Corn vs. Big Oil showdown is heating up once again …read more […]

May.10 — Jenny Zeng, Co-Head of Asia Pacific Fixed Income at AllianceBernstein, discusses her outlook for the Asian bond market and strategy. She speaks with Tom Mackenzie and Yvonne Man on “Bloomberg Markets: Asia.” …read more […]

Uber Technologies Inc. (UBER) posted a $2.9 billion loss in the first quarter as the coronavirus pandemic curtailed demand for ridership.The ride-hailing company said the $2.9 billion loss included a $2.1 billion pretax writedown of the value of some of Uber’s minority investments. Excluding the writedown, Uber posted a loss of 64 cents per share, compared with analysts’ expectations of an 88-cent loss. Total revenue in the first three months increased 14% to $3.54 billion year-on-year.“While our Rides business has been hit hard by the ongoing pandemic, we have taken quick action to preserve the strength of our balance sheet, …read more […]

Insider buying can be an encouraging signal for potential investors.A red-hot cult stock saw a beneficial owner adding to its stake this week.Some insiders were making purchases in the wake of earnings reports.Conventional wisdom says that insiders and 10% owners really only buy shares of a company for one reason — they believe the stock price will rise and they want to profit. So insider buying can be an encouraging signal for potential investors, particularly during periods of uncertainty.Insiders continued to add shares despite overall market volatility and global economic gloom. Here are some of the most noteworthy insider purchases …read more […]

The coronavirus pandemic has decimated the rental car business, which also hurts automakers. Hertz says it won’t need to buy any new vehicles in 2020. …read more […]

Avianca Holdings SA, Latin America’s second-largest airline, filed for Chapter 11 bankruptcy on Sunday, as a bond payment deadline loomed and after unsuccessfully pursuing emergency aid from Colombia’s government to survive the coronavirus crisis. Avianca estimated liabilities between $1 billion to $10 billion in a filing with the U.S. Bankruptcy Court for the Southern District of New York. “Avianca is facing the most challenging crisis in our 100-year history,” CEO Anko van der Werff said in a press release. …read more […]

Germany is working on a “concrete model” to aid Lufthansa, Economy Minister Peter Altmaier said on Sunday, amid a political row over whether the state should take a strategic shareholding and play an active role in the stricken airline. Altmaier’s comments followed calls by the Social Democratic Party, junior partners in Chancellor Angela Merkel’s ruling coalition, to tie aid for Lufthansa to protecting jobs, cutting the dividend and giving the government a say on strategy. …read more […]