(Bloomberg) -- Global stock markets are starting the week with a bang after China’s influential state media stoked bullish enthusiasm. The dollar fell for a fifth day and Treasuries dipped.Banks, construction and insurance shares pushed the Stoxx Europe 600 Index higher, and U.K. homebuilders rallied after a report that the government is considering a temporary increase in the threshold at which buyers pay stamp duty. Copper is on the cusp of erasing this year’s losses.A front-page editorial in China’s Securities Times on Monday said that fostering a “healthy” bull market after the pandemic is now more important to the economy than ever. Chinese social media exploded with searches for the term “open a stock account,” with bullish sentiment also lifting the yuan. The Shanghai Composite Index closed up 5.7%, the biggest advance since 2015.The MSCI World Index is now at the highest level since early June, with investors putting their faith in an economic recovery powered by historic government stimulus.But there’s a long way to go before the economy gets back to normal. Goldman Sachs Group Inc. cut estimates for U.S. growth this quarter and said consumer spending appears likely to stall this month and next. Still, economists led by Jan Hatzius said other economies have proved it’s possible to resume activity and changes in behavior such as wearing masks will help too.“The willingness of investors to look through the current disruption to an anticipated recovery this quarter is imperiled by still rising virus infection rates,” said Michael McCarthy, a markets strategist at CMC Markets Plc in Sydney.Here are some key events coming up:Monetary policy decisions are due Tuesday in Australia and Malaysia.The EIA crude oil inventory report comes Wednesday.All eyes will be on the U.S. weekly jobless claims report on Thursday.Singapore holds its general election on Friday.These are the main moves in markets:StocksFutures on the S&P 500 Index increased 1.3% as of 9:12 a.m. London time.The Stoxx Europe 600 Index gained 1.7%.The MSCI Asia Pacific Index climbed 1.7%.The MSCI Emerging Market Index climbed 2%.CurrenciesThe Bloomberg Dollar Spot Index declined 0.3%.The euro advanced 0.4% to $1.1281.The British pound increased 0.1% to $1.2482.The Japanese yen weakened 0.1% to 107.60 per dollar.BondsThe yield on 10-year Treasuries advanced three basis points to 0.69%.Germany’s 10-year yield increased one basis point to -0.43%.Britain’s 10-year yield gained three basis points to 0.204%.CommoditiesWest Texas Intermediate crude advanced 1.9% to $40.94 a barrel.Gold strengthened 0.3% to $1,776.15 an ounce.LME copper gained 1.3% to $6,074 per metric ton.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Itiviti, a leading technology and service provider to financial institutions worldwide, today announced that Elly Hardwick had been appointed to its board of directors to further growth and technology-driven innovation plans for the company.
(Bloomberg) -- The dramatic moves in Chinese stocks over the past week are inviting comparisons with a bubble that burst spectacularly five years ago.In many ways, the pace of gains matches the market’s melt-up that started in the final weeks of 2014. The CSI 300 Index has now added 14% in five days, the most since December that year. Shares of brokerages are surging as daily turnover continues to exceed 1 trillion yuan, indicating increasing participation from retail investors. A gauge of momentum on the CSI 300 is also the strongest since late 2014. Monday’s more-than-5% gain had only happened once before since the bubble burst.Low interest rates and the first losses ever for some popular wealth-management products are driving China’s savers to stocks. The advance is also being aided by an enthusiastic chorus from the nation’s influential state media. A front-page editorial in the China Securities Journal on Monday said that fostering a “healthy” bull market after the pandemic is now more important to the economy than ever. Chinese social media exploded with searches for the term “open a stock account,” with bullish sentiment also lifting the yuan.But there are also key differences between now and 2014 -- including a lower starting point for equity valuations. And while more traders are taking on debt to buy shares, leverage in the equity market is about half what it was at the peak in 2015. The central bank actually withdrew liquidity from the financial system for a seventh day on Monday.“It’s very unlikely for us to go through the boom-and-bust like we experienced in 2014 and 2015,” said Dai Ming, Shanghai-based fund manager at Hengsheng Asset Management Co., who is buying property shares. “The market isn’t flooded with money everywhere like last time. Beijing is still very prudent with its monetary policy.”Talking up stocks is a dangerous game in China, where investment choice is limited due to capital controls. In 2014, encouraging words by state media helped revive interest in what had been a dull equity market. The result was a debt-fueled speculative bubble that burst, wiping out $5 trillion of value. Just like then, regulators have recently unveiled measures to liven up trading, including a new, streamlined approach to initial public offerings.“The state is very cautious about creating another boom-bust as seen in 2015, realizing the harm to confidence that comes from the bust is greater than the good from the ride up,” said Wang Zhuo, fund manager at Shanghai Zhuozhu Investment Management Co.The CSI 300 is up 14% this year, one of the biggest gains among major global benchmarks, to trade at a five-year high. Its 14-day relative strength has climbed to 88, the highest since December 2014. The Shanghai Composite Index closed 5.7% higher Monday, with 17 stocks gaining for every one that declined, according to data compiled by Bloomberg. Brokerages, typically seen as a barometer for market sentiment, led gains Monday with a Bloomberg gauge for Hong Kong-listed securities firms surging the most in nearly four years. A dozen mainland-listed brokers surged by the 10% daily limit. China International Capital Corp. hiked target prices for the industry, predicting the stock market will double in value in the next 5-10 years.Signs of investor exuberance are mounting, with daily turnover on the mainland surpassing 1 trillion yuan for a third day on Monday, the longest such run since March. Surging risk appetite is one factor behind a rout in China’s sovereign bonds, with the yield on the 10-year note rising the most since 2016 Monday.In another illustration of sentiment, Semiconductor Manufacturing International Corp. is set to hold the mainland’s largest stock sale in a decade, as China’s top homegrown chipmaker raises capital while the U.S. tightens restrictions on technology sales to the nation. SMIC could sell as much as 53.2 billion yuan of shares, as it released offering details in a Sunday statement to the Shanghai Stock Exchange.While the rally looks hot, investors such as He Qi, a fund manager with Huatai Pinebridge Fund Management Co, say they have made the most of lower valuations and a catch-up rally in cheaper stocks.“I’ve been fully invested in stocks since early June to bet on the shift in market focus,” he said, adding that he had focused on brokerages, property developers and automakers. “After a tough two months or so, it’s finally my moment to shine.”(An earlier version corrected name of publication in third paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- Hong Kong stocks joined the rest of the world in bull market territory Monday, after a more than $1.1 trillion rebound.The Hang Seng Index jumped 3.8%, extending its rally from March’s low to 21%. Tencent Holdings Ltd. and Hong Kong Exchanges & Clearing Ltd. have contributed 42% of the benchmark’s gains during the period, according to data compiled by Bloomberg. Sino Biopharmaceutical Ltd., the gauge’s biggest gainer of 2020 as of June 30, and Tencent were the only two Hang Seng members to fall Monday while underperforming sectors in Hong Kong -- including autos, commodities and financials -- soared.Mainland investors have been buying record amounts of Hong Kong equities, while sentiment has been fueled by a heavy activity of initial public offerings and secondary listings of U.S.-listed Chinese companies, triggering inflows into new-economy shares and HKEX. Meanwhile, mainland stocks have surged to multiyear highs.Despite the recent jump, the Hang Seng Index needs to rise another 10% to reach pre-pandemic levels. Only nine of the gauge’s 50 stocks are higher for 2020.However, Jefferies predicts the index should reach 30,000 by year-end, thanks to factors including interest rates and no evidence of outflows despite the city’s economy being in a year-long recession. Hong Kong’s economy suffered its biggest-ever contraction in the first quarter, and the government expects the city’s economy to shrink between 4% and 7% in 2020.A few technical bullish signs are still flashing in the market. The Hang Seng is still trading near the lowest level versus the global peers since 2003, while it is about 50% cheaper than the S&P 500 on a price-to-earnings basis, the biggest discount since at least 2005.It took longer for Hong Kong stocks than others globally to climb out of the brutal virus-driven selloff, as political worries have been an additional overhang to the city’s stocks. Beijing last week implemented a law to enhance national security in response to months of protests.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Aviva has appointed Amanda Blanc as its new chief executive, replacing Maurice Tulloch who has stepped down after just over a year in the job. The insurer said on Monday that Mr Tulloch had stepped down for family health reasons. Ms Blanc is an experienced insurance executive, having run Axa’s UK business and Zurich’s European operation.
According to the latest report "Automotive Airbags Market by Position (Frontal, Side, Side Curtain, Knee), Fabric (Coated, Non-coated), Vehicle (Passenger, Commercial), Distribution Channel (OEM, Aftermarket), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2026", by Global Market Insights, Inc., the market valuation of automotive airbags will cross $65 billion by 2026. The growing use of airbags to reduce the risk of fatality and stringent government regulations will likely propel the market.
Citi analysts sum up the situation on markets with their comment that bullish and bearish forces might cancel each other out, leaving global equities more or less at current levels in 12 months time. BofA said on Friday $7.1 billion was pulled out of equity funds over the past week, and its Bull & Bear indicator was out of "buy" territory for the first time since March And Citi says bottom-up earnings-per-share consensus for end-2021 is 30% too high. Plus, central banks are still in the game -- Citi reckons they will buy another $6 trillion in assets in the coming year.
Dublin, July 06, 2020 -- The "Autonomous Car and Electric Vehicle Growth Opportunities in the Test and Measurement Market, Forecast to 2025" report has been added to.
The Chinese yuan led commodity currencies higher against the dollar on Monday as investors lapped up risky assets on growing expectations of a strong Chinese economic rebound. Against a basket of currencies, the dollar edged 0.4% down to 96.82, its lowest level since July.
Dublin, July 06, 2020 -- The "Global Military Ground Vehicle Propulsion System Market: Focus on Technology, Vehicle Type, Application, and Region - Analysis and Forecast,.
Britain will list on Monday the first foreign nationals to face asset freezes and visa bans for alleged human rights abuses under a new post-Brexit sanctions scheme that follows the 2012 U.S. Magnitsky Act. Foreign minister Dominic Raab has pressed for a tough sanctions regime, and the first names to be set out in parliament will be followed by further sanctions in the coming months under a "UK-only regime" after Britain left the European Union in January. "From today, the UK will have new powers to stop those involved in serious human rights abuses and violations from entering the UK, channelling money through our banks and profiting from our economy," Raab said in a statement.
(Bloomberg) -- Turkey imposed a ban on six foreign banks from betting against the nation’s stocks in a move that appeared to contradict recent steps toward easing such restrictions. Shares in Istanbul gained, tracking an advance across emerging markets Monday.Goldman Sachs Group Inc., JPMorgan Chase & Co., Merrill Lynch International, Barclays Bank Plc, Credit Suisse Group AG, and Wood & Co. have been barred from short-selling stocks for up to three months, Borsa Istanbul said in a statement.The announcement comes less than week after the country’s Capital Markets Regulator removed a short-selling ban on its largest listed companies on June 30, easing a blanket restriction introduced in February to help shield the country’s markets from bouts of volatility this year. MSCI Inc. warned last month that it may start consulting on a proposal to reclassify the MSCI Turkey Index to frontier-market or stand-alone status if the “already deteriorating accessibility level of the Turkish equity market were to worsen.”Investors say that would lead to sizable stock outflows and reputational damage. Authorities have already burnt bridges with foreign investors by drastically limiting their access to the currency and making it difficult from them to trade Turkish assets. Earlier this year, the banking regulator briefly barred local lenders from trading liras with Citigroup Inc., BNP Paribas SA and UBS Group AG.“When you are not winning the game and you control the rules, you change them,” said Hasnain Malik, the head of equity strategy at Tellimer in Dubai. “Turkey has been doing that in the currency and equity market over the last year. This will also add weight to fears that an MSCI downgrade is on the way, ultimately.”The heavy-handed approach has compounded an outflow of capital, with foreign investors reducing their share of the local-currency bond market to a record low of less than 5%. They have pulled $4.4 billion from Turkey’s equity market over the past 12 months, the biggest exodus since at least 2015.The Borsa Istanbul 100 Index jumped as much as 1.6% on Monday, with MSCI’s gauge of emerging markets advancing 1.9% as investor optimism over economic stimulus outweighed concerns about rising coronavirus cases. A wave of buying by locals propelled a more than 10% surge in Turkish stocks in June, the biggest in the world.(Adds analyst quote in fifth, updates prices.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Moneysupermarket.com Group's (LON:MONY) stock up by 9.7% over the past three months. Since the market usually pay for...
New York, July 06, 2020 -- Reportlinker.com announces the release of the report "Global DNA Methylation Market: Focus on Products, Technologies, Applications, End Users,.
Media reported that the incident took place on Federal Highway 184. Members of the army doing a flyover at the site reportedly spotted the plane before deploying units. According to some media reports, those aboard set fire to the plane to escape. Authorities have yet to officially report on the contents of the plane or whether any arrests were made.
FTI Consulting, Inc. (FCN) today announced the appointment of Mathias Samson as a Senior Managing Director and leader of the Public Affairs practice in Germany within the Strategic Communications segment. Mr. Samson is an expert in economic, environmental and energy policy in Germany.
On 28 May 2020, the general meeting of shareholders of Coop Pank AS (registry code 10237832) resolved to amend the articles of association of Coop Pank AS and to adopt the new version of them. Today, on 6 July 2020 the amended articles of association were registered at the Estonian Commercial Register and the new articles of association entered into force. The articles of association is attached to this stock exchange announcement and is also available on the webpage of Coop Pank AS on https://www.cooppank.ee/en/investorile.
Enterprise virtual reality (VR) software company Immerse has today announced a partnership with multinational energy business bp.
Also watch for economic data from several purchasing manager indexes as well as more jobs information from the Bureau of Labor Statistics.
Leading global commodity information service Argus has purchased Agritel, the expert provider of information, consulting and forecasting on agricultural and agro-industrial markets.
London Stock Exchange index compiler FTSE Russell began publishing forward-looking interest rates on Monday, entering a four-way race for a new market opened up by the scrapping of Libor next year. Regulators want the London Interbank Offered Rate or Libor, which banks were fined for trying to rig, replaced with the Bank of England's Sonia rate for sterling denominated swaps, loans and futures by the end of 2021. FTSE Russell said its Term Sonia Reference Rates or TSRR will be published on an indicative basis for six months to allow potential users to track its performance first.
Jianpu Technology Inc. ("Jianpu," or the "Company") (NYSE: JT), a leading independent open platform for discovery and recommendation of financial products in China, today announced that Mr. Daqing (David) Ye, the Co-founder, Chairman and Chief Executive Officer of the Company, was appointed as a vice chairman of the advisory board of Mobile Application Security Committee ("MASC"), a sub-committee of Mobile Smart Terminal Technology Innovation and Industry Alliance ("MTIA"). MTIA is a signature technology association founded by the China Academy of Information and Communications Technology.
Tartu University Hospital has signed a contract with joint bidders Nordecon AS and its subsidiary Embach Ehitus OÜ for the construction of phase III of Maarjamõisa Medical Campus. During the phase III two new wings for L.Puusepa 8 buildings complex will be built – wing M for new children hospital and wing C for ear clinic, family center of women’s clinic and ambulatory surgery.
HOYA Corporation (TSE:7741, "HOYA") and Hitachi, Ltd. (TSE:6501, "Hitachi") today announced a five year contract regarding Endoscopic Ultrasound Systems [EUS] by which, i) the parties will strengthen technical collaboration, and ii) Hitachi will continue supplying diagnostic ultrasound systems and ultrasound sensor related parts used in EUS.
Rains triggered floods and landslides in a part of southern Japan that hasn’t had many reported coronavirus cases. WSJ’s Peter Landers describes how authorities are working to make sure the rescue effort doesn't accidentally spread the virus. Photo: Koji Harada/Kyodo News/Associated Press