Month: July 2020

Stocks were little changed on Friday as traders concluded a volatile week. …read more […]

Stocks slipped Friday as a sharp decline in Netflix pressured the rest of the market to end the week. …read more […]

As the final trading session of the week kicks off, stocks are not only focused on Netflix’s latest results, but also the latest housing data for direction. …read more […]

(Bloomberg) — Electric-vehicle maker Xpeng Motors Technology Ltd. raised about $500 million from a group of venture investors, showing Chinese startups with promising car models can attract funding even as the industry’s sales slump.Investors in the Series C+ financing round include Sequoia Capital China, Hillhouse Capital, Coatue Management and Aspex, Xpeng said Monday in a statement. The fundraising follows a $400 million round in November.Xpeng is increasing its chances of staying as a viable contender in the world’s largest electric-car market, where it competes with sales leader Tesla Inc., local peers such as NIO Inc. and such global rivals as …read more […]

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(Bloomberg) — Oil extended losses toward $40 a barrel as concerns about demand linger with the coronavirus raging unabated across many regions.The outbreak flared in Hong Kong, while Los Angeles is on the brink of another stay-at-home order as new cases in California accelerated, although the pace of deaths slowed in Arizona and Florida. Meanwhile, Russia’s oil exports are expected to stay near July’s historically low levels next month, a signal the country is serious about keeping extra crude it plans to pump domestically and draining key refining markets like northwest Europe.Oil has been stuck in a tight range this …read more […]

Jul.19 — After banning Huawei from its 5G network, the U.K. may further enflame tensions with China by suspending its extradition treaty with Hong Kong. Bloomberg’s Jodi Schneider reports on “Bloomberg Daybreak: Asia.” …read more […]

(Bloomberg) — Follow Bloomberg on LINE messenger for all the business news and analysis you need.The global frenzy for electric vehicles that has seen Tesla Inc.’s stock surge threefold is now juicing the shares of a South Korean supplier that has become the world’s biggest maker of electric vehicle batteries.South Korea’s LG Chem Ltd. has surged more than 62% this year to a valuation of around $30 billion, becoming the sixth-largest stock on the benchmark Kospi index and leaving Hyundai Motor Co., the nation’s largest automaker, in the dust.While LG supplies many automakers, including Hyundai, it’s been particularly fueled by …read more […]

(Bloomberg) — Some oil from China’s swelling storage tanks is finding its way back into the international market as traders jump at the opportunity to source cheap crude for resale to regional refiners.The shipments in question, so far just 1 million barrels, have been procured by trading houses via the Shanghai futures exchange, and loaded from the bourse’s numerous storage tanks that dot the country’s eastern coast. From these Chinese ports, the cargoes were then shipped to international buyers who would have otherwise sourced such supplies from producers across the Middle East and Africa.While China will never compete with the …read more […]

Jul.19 — European Union efforts to agree on a 750 billion-euro stimulus package ran into trouble late Sunday as leaders were unable to reconcile differences over how much of the recovery fund should be distributed through grants versus low-interest loans. Bloomberg’s Kathleen Hays reports on “Bloomberg Daybreak: Asia.” …read more […]

(Bloomberg) — Global real estate investment fell by 33% in the first half as the coronavirus pandemic battered economies and disrupted deals.The Asia-Pacific region took the biggest hit, with volumes down 45% from the year-earlier period, because it was the first struck by the outbreak, according to a report from broker Savills Plc. Investment dropped by 36% in the Americas and 19% in Europe, the Middle East and Africa.With the tourism industry shut down for months by government lockdowns, hotels saw investment decline by 59% in the first half of the year, followed by a 41% drop for retail properties, …read more […]

Stock futures opened higher Sunday evening as investors looked ahead to a packed week of earnings, stimulus talks and congressional testimony from Covid-19 vaccine developers. …read more […]

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(Bloomberg Opinion) — As the coronavirus pandemic continues, Bloomberg Opinion will be running a series of features by our columnists that consider the long-term consequences of the crisis. This column is part of a package on the future of transportation. Last month, my wife and I planned our first holiday in six months. It was a hectic experience. Borders between most Australian states had been closed since the start of the coronavirus lockdown. We’d been hoping to fly three hours to the tropical resort town of Cairns in northeastern Queensland state, to escape the Sydney winter and holiday with friends.Within …read more […]

(Bloomberg) — Stocks looked set for a mixed start to the week ahead of a ramp up in the earnings season. The euro edged lower as EU leaders failed to reach an agreement on a recovery package over the weekend.Futures dipped in Japan, and contracts were little changed in Hong Kong and Australia. The S&P 500 ended higher on Friday, rounding out a third week of gains. The euro was modestly lower in early trading after leaders of Germany and France walked out of a meeting with Dutch Prime Minister Mark Rutte following a dispute over details of the package.On …read more […]