Month: June 2020

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(Bloomberg) — None of Wirecard AG’s missing $2.1 billion of cash entered the Philippine financial system, according to the nation’s central bank Governor Benjamin Diokno, after two of its major lenders denied holding funds for the German payments processor.BDO Unibank Inc., the country’s biggest bank, and Bank of the Philippine Islands, said on Friday that they didn’t have a relationship with Wirecard and that rogue employees falsified documents that indicated the presence of some funds.“The initial report is that no money entered the Philippines and that there is no loss to both banks,” Diokno said in a mobile-phone message to …read more […]

After a prolonged bull rally, volatility once again rules the markets. The S&P 500 finished the week in the green, but Friday June 19’s session saw dramatic swings due to technical factors as well as alarming headlines related to a COVID-19 resurgence and a slowdown in the economic recovery. Against this backdrop, what investors want, what will really bring back the animal spirits of the marketplace, is long-term stability. They aren’t looking to day trade; they are looking to park their money and watch it grow. Fiscal stimulus policies have pushed interest rates down to near zero. Treasury bonds …read more […]

‘Potential COVID-19 treatments, improvement in economic data, and more fiscal stimulus could push the S&P; 500 closer to an upside case scenario of 3,384,’ director of equity portfolio and technical strategy at Raymond James noted. …read more […]

(Bloomberg) — Every day, traders in London congregate at 4 p.m. to buy and sell North Sea oil for half an hour. The window, as it’s known in the industry, is where competition between the most powerful players in the market sets the price of Brent crude.Two months ago, every trader wanted to sell cargoes and none were keen to buy. Now the window has transformed into a bull market, where bids outnumber offers 10 to one and prices are surging.“The physical market is strong,” said Ben Luckock, co-head of oil trading at Trafigura Group.The turnaround reflects the most torrid …read more […]

(Bloomberg Opinion) — Remember negative oil prices and the fear that every storage tank on the planet would get filled to the brim? That seems a long time ago, with West Texas Intermediate crude now hitting $40 a barrel and the buildup of stockpiles poised to go into reverse. The warning sent by that trip below zero was heeded. Oil production was slashed and the crisis averted.But if you were hoping for a quick, V-shaped recovery in oil demand, look away now.The International Energy Agency published its latest oil market outlook last week, pushing its quarterly forecast out to the …read more […]

The scary news is that a bad announcement regarding COVID-19 from just one company like Apple can kill a rally and reverse the market lower. …read more […]

None of the $2.1 billion missing from scandal-hit German payments firm Wirecard AG appears to have entered the Philippine financial system, the central bank said on Sunday. Bangko Sentral ng Pilipinas Governor Benjamin Diokno said in a statement the Southeast Asian country’s biggest lenders, BDO Unibank and Bank of the Philippine Islands , suffered no losses, despite having been named in connection with the missing funds. The chief executive of Wirecard, Markus Braun, who built the company into one of the hottest financial technology investments in Europe and a rare tech champion for Germany, quit on …read more […]

The Dow closed higher last week, but also settled lower three out of five trading sessions. …read more […]

And no, it has nothing to do with avoiding traditional IRAs or 401(k)s. …read more […]

The upside momentum is likely to continue to rise over the near-term if buyers can sustain a move over $1728.70. …read more […]

While oil price downturns typically create the perfect environment for major mergers and acquisitions, this time may be different …read more […]

(Bloomberg) — PG&E Corp. won final approval of its bankruptcy plan, clearing the way for the California utility giant to emerge from one of the darkest chapters of its history.U.S. Bankruptcy Judge Dennis Montali issued an order Saturday confirming PG&E’s Chapter 11 plan that will cover billions of dollars in damage claims stemming from catastrophic wildfires linked to the company’s equipment. The judge said in an earlier written decision that he planned to approve the turnaround proposal because the alternative would leave tens of thousands of fire survivors with “no other options on the horizon.”PG&E needed the judge to sign …read more […]

* This weekend’s Barron’s cover story at the high cost of income inequality. * Other featured articles look to play the growing tech divide, industrials for the recovery and biotech’s next big run-up. * Also, the prospects for COVID-19 stocks, a boat maker, REITs and more.Cover story “The High Cost of Income Inequality” by Reshma Kapadia suggests that, for stockpickers who always consider long-term trends, it is time to look at economic inequality. What’s in store for the likes of Nike Inc (NYSE: NKE) and Tesla Inc (NASDAQ: TSLA)?Eric J. Savitz’s “How to Profit From the Growing Divide …read more […]

* Benzinga has examined the prospects for many investor favorite stocks over the past week. * This week’s bullish calls included the iPhone maker and an e-commerce giant. * An electric vehicle manufacturer and a steel colossus were among the bearish calls.The main U.S. indexes ended the week higher, led by the Nasdaq’s 3.7% gain. It was a week in which the Federal Reserve began buying corporate bonds for the first time; major corporations responded to social unrest; the Supreme Court issued decisions; and coronavirus cases were rising rapidly in parts of the U.S. While tensions increased …read more […]