Month: July 2020

As the final trading session of the week kicks off, stocks are pointing to tech news and manufacturing data for direction. Also, the Nasdaq is in focus. …read more […]

Investors will now have greater access to Chinese tech firms including Alibaba, China’s answer to Amazon. …read more […]

U.S. gold futures climbed 1.4% to $1,924.20. With the dollar substantially weaker, “a lot of funds are moving into gold right now,” said Edward Meir, analyst at ED&F Man Capital Markets. “And as long as the (virus situation) gets worse, the market is discounting more stimulus for a longer period of time and in bigger quantities, and all of that is bullish for gold,” he added. …read more […]

(Bloomberg) — Oil edged lower after a weekly gain as investors weighed worsening relations between Washington and Beijing and the prospect of more supply against a weakening dollar and signs the virus is easing in the U.S.Futures in New York fell toward $41 a barrel after rising 1.7% last week. U.S.-China tensions simmered over the weekend, with Beijing slamming the “forced entry” to its Houston consulate by American personnel and vowing to respond “as necessary.” The breakdown in relations between the world’s two largest economies threatens to complicate the recovery from the coronavirus.There was some evidence, however, that the surge …read more […]

(Bloomberg) — Stocks traded mixed and gold rose to a record high as investors weighed simmering Sino-American tensions against signs the virus spread in the U.S. may be slowing. The dollar extended its recent slide to the lowest since March 2019.Japanese shares fell, catching up to a two-day slide in global equities when Tokyo was closed for a holiday last week. Taiwan Semiconductor Manufacturing Co. surged 10%, leading shares in Taipei toward a record high. Stocks in Seoul edged higher, while equities in China, Hong Kong and Australia were flat. Futures on the S&P 500 and European contracts ticked up …read more […]

(Bloomberg) — HSBC Holdings Plc, responding to media reports over its dealings with Huawei Technologies Co., denied that it “framed” the Chinese telecom giant, and said it didn’t spark a U.S. probe of the company.In its first public comments about Huawei’s legal battle in North America, the U.K. bank said it has no “hostility” toward Huawei and didn’t “ensnare” the company. The bank said it only provided information to the U.S. Department of Justice when it was compelled to do so.“In response to the U.S. DOJ’s requests for information, HSBC simply presented the objective facts,” the bank said in a …read more […]

(Bloomberg) — Taiwan Semiconductor Manufacturing Co., Taiwan’s biggest company and chip producer for the likes of Apple Inc., was up as much as 10% on an intraday basis Monday, extending a rally of more than $160 billion since March.The most prominent driver for renewed enthusiasm came from Intel Corp.’s warning last week that its first 7-nanometer chips will be on sale a year behind schedule and the company may potentially farm out production, most likely to foundry leader TSMC. A report on Monday suggested Intel had placed orders with TSMC for 180,000 units of 6nm chips for 2021.Read more: Intel …read more […]

(Bloomberg) — Lynas Corp., the key source of rare earths outside China, will aim to complete planning work on a rare earths processing plant in Texas by mid-2021 after it won funding from the U.S. Department of Defense. The producer’s shares surged to a six-month high.The contract will allow Lynas and partner Blue Line Corp. to carry out studies and finalize designs for the planned heavy rare earths separation facility, the Kuantan, Malaysia-based company said Monday in a statement. Lynas shares advanced as much as 12% in Sydney trading.“Lynas has the feedstock, intellectual property and track record to deliver a …read more […]

(Bloomberg) — A new index focused on China’s technology giants is set to give investors greater access to their growing dominance in Hong Kong’s market.The Hang Seng Tech Index, which launched Monday with backdated prices, tracks the 30 largest tech companies listed in the city, including Tencent Holdings Ltd., Alibaba Group Holding Ltd., Meituan Dianping and Xiaomi Corp. Tracking the gauge this year would have returned 47% for investors, versus a loss of 12% for the Hang Seng Index. The tech measure rose 0.8% Monday.“All the conditions are now ready for large China tech stocks whether in China or already …read more […]

Oil prices edged down on Monday as rising coronavirus cases and tensions between the United States and China pushed investors toward safe-haven assets. Brent crude dipped 10 cents, or 0.2%, to $43.24 a barrel by 0041 GMT while U.S. West Texas Intermediate (WTI) crude was at $41.24 a barrel, down 5 cents. Global coronavirus cases, meanwhile, exceeded 16 million. …read more […]

Posted by OFX AUD – Australian Dollar The Australian Dollar finished the week above 70 US cents for the first time this year and hit 15-month highs against the Greenback. The pair finally pushed through the psychological 70 US cent resistance level as testing on multiple occasions since June. It was multiple … Continue reading “Political tensions weigh on the Australian dollar”The post Political tensions weigh on the Australian dollar appeared first on . …read more […]

Jul.26 — The Trump administration’s decision to shutter the Chinese consulate in Houston followed years of frustration about what it says were criminal and covert activity directed by Beijing to steal trade secrets and carry out malign influence operations across the U.S. Tom Mackenzie reports on “Bloomberg Daybreak: Australia.” …read more […]

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Germany must toughen its rules for auditing and accounting to prevent another billion-euro scam like the Wirecard scandal, Bundesbank President Jens Weidmann said in a newspaper interview published on Monday. Payment services company Wirecard filed for insolvency last month after admitting that 1.9 billion euros supposedly held in trustee accounts by overseas partners probably did not exist. “Wirecard is a scandal, and we have to do more to prevent it in the future,” Weidmann told Funke media group. …read more […]

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