Yahoo Finance's Tom Belger has the latest from London.
Yahoo Finance's Tom Belger has the latest from London.
Coal magnate Robert Murray died at his home in Ohio less than a week after announcing his retirement as board chairman of a major U.S. coal operator. Michael Shaheen, an attorney who had recently been representing Murray, confirmed the Sunday morning death of the 80-year-old in St. Clairsville to The Intelligencer/Wheeling News-Register. Murray had announced his retirement Monday, Oct. 19, from American Consolidated Natural Resource Holdings Inc. The company is the largest privately owned U.S. coal operator with active mines in Alabama, Kentucky, Ohio, West Virginia and Utah.
(Bloomberg) -- Emerging markets head into the last full trading week before the U.S. election with stocks and currencies near their highest levels since January and dollar-bond spreads close to their narrowest since February.Don’t expect it to get much better than that in coming days.Caution is likely to be the watchword for investors, with the Nov. 3 vote set to reveal not just whether Joe Biden’s opinion-poll lead over Donald Trump will propel him to victory, but also determine the fate of the much-anticipated U.S. stimulus package. And there’s always the risk of a contested result.“It makes sense for emerging-market investors to maintain only light (risk-bullish) positions in the remaining days before the U.S. election,” a Credit Suisse SA team including Kasper Bartholdy, managing director of fixed-income strategy in London, wrote in a report. “This is in part because we see sizable residual scope for the ‘Biden/Trump U.S. voter-support gap’ to fluctuate. It is also because we see a large risk that ongoing negotiations in the U.S. about pre-election fiscal-policy stimulus will falter and cause some temporary market consternation.”That investors are wary of putting too much on the line right now is already apparent. Implied currency volatility declined for a fourth week in the past five trading days, the longest streak since June. The main MSCI indexes of stocks and currencies barely budged Friday. A Bloomberg-Barclays gauge of emerging-market dollar bonds was also little changed.That’s not to say there aren’t plenty of emerging-market events to keep traders on their toes this week. China is reconsidering its strategy for the internationalization of the yuan and planning for more supply-side reform as it prepares to hammer out the country’s future economic blueprint. South Africa will present its medium-term budget, which will set out the nation’s spending and borrowing targets for the next three years. And there are monetary-policy meetings in Brazil and Colombia.Listen: EM Weekly Podcast: Election Countdown; China Plenum; FX ReportChina’s Five-Year PlanThe central committee of China’s Communist Party meets Monday through Thursday to discuss the next five-year plan. At the close of the plenum there should be a broad sense of what the plan will be, although the details will only be revealed in MarchThe plenum is a chance for China’s planners to emphasize their vision for technological leadership and supply-side reformsSome emphasis may also be placed on expanding domestic financial markets, which may attract more foreign capital, as opposed to allowing too much growth of already bloated bank loan booksThere’s also likely to be a debate about whether to announce a growth target. An ambitious number, say above 5-5.5%, would suggest more emphasis is being placed on the quantity of growth rather than its quality, and may increase the possibility of additional stimulusThe nation recently completed a comprehensive review of its strategy for the internationalization of the yuan. The government can be more proactive with policy support to facilitate the role of the markets, said Zhu Jun, director general of the People’s Bank of China’s international divisionThe currency reached the strongest level in more than two years last week as the dollar weakened and China’s recovery from the pandemic showed signs of broadening in SeptemberChina will publish September industrial profits on TuesdayOfficial October PMI numbers due on Saturday are expected to show continued expansionCentral Banks on HoldBrazil’s central bank will probably hold its key interest rate steady on Wednesday as investors search for clues on the policy makers’ next steps, according to Bloomberg EconomicsOn Friday, money managers will watch for August unemployment figures, September’s primary budget balance and a reading of net debt as a percentage of GDPColombian policy makers may keep their key interest rate at a record low on Friday, according to the median forecast of economists surveyed by BloombergThe Colombian peso is the best-performer among Latin American peers this month after its Mexican counterpartMedium-Term BudgetSouth Africa’s Finance Minister Tito Mboweni will present the medium-term budget policy statement on Wednesday after asking parliament to delay it by a week so the Treasury can assess the implications of the government’s economic recovery plan on spendingThere’s “limited potential” for the rand to strengthen beyond the 16.08 per-dollar intraday peak seen in September and investors should trim their positions in local-currency bonds before then, according to Credit SuisseCredit Suisse sees a “high chance that the Treasury will fail to deliver meaningful fiscal consolidation measures in the near term,” a team including Kasper Bartholdy saidThe rand is the best-performing developing-nation currency this month after the Mexican pesoData and EventsSouth Korea will announce third-quarter GDP on Tuesday, with economists projecting growth of 1.3% over the previous three monthsThe country will also release October consumer confidence on Wednesday, and November business confidence on Thursday. Industrial production for September due on Friday is expected to show the first year-on-year growth since MarchOctober trade numbers are due on Sunday. The month had fewer working days than October 2019, meaning the data are expected to show a year-on-year declineSouth Korea’s won was the strongest currency in Asia again last week despite warnings of intervention from authoritiesMalaysia’s September trade accounts are due on Wednesday, with the consensus for a slight widening of the surplusThe ringgit was little changed last week amid a decline in political noiseHowever, the King’s refusal to grant the Government a state of emergency to tackle the pandemic -- which was viewed by the opposition as an attempt by the premier to retain control amid a power struggle -- will keep markets on the alertThailand’s cabinet is due to meet Monday and Tuesday to discuss how to respond to the ongoing anti-government protestsSeptember manufacturing production is due on Wednesday, with economists forecasting a slower pace of decline. Balance-of-payments and trade numbers are due on FridayThe baht was Asia’s worst-performing currency last week after the Indian rupee. The currency dropped despite attempts by the prime minister to calm political tensions by lifting the state of emergencyRead: Here’s What May Happen Next in Thailand’s Historic ProtestsTaiwan will release third-quarter GDP on Friday, with a small return to growth anticipatedTaiwan’s dollar maintained its recent pattern of strengthening during the day and erasing its advance toward the close of tradingTurkey’s central bank will reveal its latest inflation forecast in its quarterly report on WednesdayThe lira weakened for a ninth week in the five days through Friday, its longest weekly slide since 1999After an unexpected rate hike in September stoked bets that the central bank had shifted to a hawkish stance, policy makers surprised the markets by keeping the policy rate on hold last weekChile voted overwhelmingly on Sunday to draft a new constitution, which is expected to blunt the neo-liberalism that has made it an investor favorite but plunged it into riots over inequalityCentral bank minutes, to be released on Friday, will likely reflect the monetary authority’s plans to keep its rate steady through 2021Unemployment, retail sales and copper-production figures for September, also expected on Friday, will provide clues on how the nation’s economy has fared amid the pandemic and uncertainty over constitutional reformA preliminary reading of Mexico’s third-quarter gross domestic product, scheduled for Friday, is expected to show that activity bottomed in the second quarter, according to Bloomberg EconomicsArgentine traders will be watching for any developments on how the government plans to handle its currency crisis as the gap between the official peso and the blue-chip swap rate widensU.S. Treasury Secretary Steven Mnuchin is unlikely to release a much-watched report on international currency manipulation that was due in April until after the Nov. 3 presidential election, according to people familiar with the matterEmerging-market currencies could rally 5% by the end of the year should Biden win the presidential election, Morgan Stanley strategists including James Lord and Jaiparan Khurana wrote. In its recommendation to investors, the firm said it entered long positions in the South African rand and Russian ruble against the dollar, and has moved to shorts on the U.S. currency versus the Brazilian real, Mexican peso and Colombian pesoFor 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.
President Donald Trump says Mexico is paying for the wall (it isn’t), health care choice for veterans came from him (it didn’t) and his tax cut stands as the biggest in American history (nowhere close). In weekend rallies, Trump also portrayed Democratic rival Joe Biden as the helmsman of a Marxist party who lined his own pockets with $3.5 million via Moscow.
Stokes joined his IPL team late, after spending time with his ailing father in New Zealand, and managed 110 runs in his first five matches without hitting a six. "It was sort of bittersweet, to be honest," Stokes, the tournament's Most Valuable Player in 2017, said after collecting his man-of-the-match award. After reaching his 100, Stokes raised his bat as a tribute to his ailing father.
Belarus protests: nationwide strike looms after 'people’s ultimatum' rally. Opposition leader calls for action on Monday as Lukashenko defies demand from 100,000 marchers in Minsk to step down
Korean series “Kingdom,” and “The World of the Married” and China’s “The Bad Kids” were the most rewarded shows on Sunday at Busan’s Asian Contents Awards. The event in its second year was live-streamed from the Busan International Film Festival, where hosts and performers were the only ones physically present. Presenters and prize-winners joined remotely […]
Speaking at a campaign rally in Troy, Michigan - a key swing state - Democratic vice presidential candidate Kamala Harris slams US President Donald Trump for "sitting on" information about the coronavirus in January, as the President faces a new outbreak in his team and surging infections nationwide.
With nine days before Election Day, more people already have cast ballots in this year's presidential election than voted early or absentee in the 2016 race as the start of in-person early voting in big states led to a surge in turnout in recent days. The opening of early voting locations in Florida, Texas and elsewhere has piled millions of new votes on top of the mail ballots arriving at election offices as voters try to avoid crowded places on Nov. 3 during the coronavirus pandemic. The result is a total of 58.6 million ballots cast so far, more than the 58 million that The Associated Press logged as being cast through the mail or at in-person early voting sites in 2016.
The 31-year-old South Africa-born player appeared to strike the head of Wales skipper Alun Wyn Jones with his forearm in the first half of France's 38-21 home victory. Referee Karl Dickson and other officials missed the incident but Le Roux now faces a disciplinary hearing on Tuesday. "Le Roux ... has been cited for an alleged act of foul play by the independent citing commissioner appointed by World Rugby," a Six Nations statement said.
A small group of protesters in the Libyan capital Tripoli burn the French flag and pictures of French President Emmanuel Macron, following Macron's response to the murder of a French teacher by a Chechen extremist earlier this month.
Zane Gonzalez made a 48-yard field goal with 20 seconds left in overtime to give the Arizona Cardinals a 37-34 victory over the Seattle Seahawks on Sunday night in a thriller that featured 1,091 total yards, huge plays, crucial mistakes and — finally — a winner. Seattle led all of regulation until Gonzalez made a 44-yard field goal as time expired to tie it at 34. It meant an entertaining quarterback duel between Arizona’s Kyler Murray and Seattle’s Russell Wilson would continue.
This article will reflect on the compensation paid to Scott Baldwin who has served as CEO of Money3 Corporation...
Geoghegan Hart scored a surprise win in the Giro d’Italia after starting out aiming to support Geraint Thomas.
Hamilton passed Michael Schumacher’s record of 91 grand prix victories in Portugal on Sunday.
The Global Robotic Lawn Mower Market will grow by USD 436.16 mn during 2020-2024
Thailand's biggest opposition party called on Monday for Prime Minister Prayuth Chan-ocha to resign, as parliament opened a special session called by the former junta leader to discuss months of protests. Prayuth called the parliament session this week after the imposition of Oct. 15 emergency measures to end the demonstrations - including a ban on protests - only inflamed anger and brought tens of thousands onto Bangkok streets. "I’m confident that today, regardless of our different political views, everyone still loves the country," Prayuth said in his opening address.
“I think we have enough of an interview here," the president said.
"In the near-term, there seems to be a lack of impetus to find extra buyers (for gold)... A lot of it is because we're trading in the looming shadow of the U.S. elections and stimulus speculation," said IG Markets analyst Kyle Rodda. U.S. House Speaker Nancy Pelosi on Sunday said the Trump administration was reviewing the latest plan for more COVID-19 relief and that she expected a response on Monday. With the November presidential elections fast approaching, analysts say a victory for Democrat rival Joe Biden could help gold rally on the back of a potential large stimulus package.
Manuel Margot snuck a few steps down the line and took off toward home plate, trying to steal a run for Tampa Bay. A night after Tampa Bay's stunning ninth-inning victory, which ended with Randy Arozarena on his stomach and slapping home plate after scoring the winning run, Margot couldn’t get his hand there before getting tagged out by catcher Austin Barnes.
(Bloomberg) -- Ant Group Co. has set the price for its initial public offering in Shanghai, paving the way for a blockbuster sale that may give the Chinese fintech giant a valuation higher than JPMorgan Chase & Co.Billionaire founder Jack Ma, speaking at a weekend conference, said Ant has determined the IPO price, though he didn’t disclose the amount. Pricing details for the China shares are expected by Tuesday, with the Hong Kong price to be announced as soon as Oct. 29, people familiar with the matter have said.The stock sale by Ma’s finance giant is one of the most hotly anticipated IPOs in years, on course to make history by surpassing Saudi Aramco’s record $29 billion share sale in 2019. Large investors have put in bids of about 68 to 69 yuan a share for the Shanghai stock, Reuters reported. That would value the China portion of the sale at as much as $17.3 billion, or close to $35 billion for the dual listing including the Hong Kong leg.“This was the first time such a big listing, the largest in human history, was priced outside New York City,” Ma told the Bund Summit in Shanghai Saturday. “We wouldn’t have dared to think about it five years, or even three years ago.”Ant’s IPO Is Said to Lure Fidelity, T. Rowe Price, UBS AssetThe company may raise another $5 billion after it exercises the so-called greenshoe option to meet demand, people familiar with the matter have said, adding the numbers are subject to change. That would give Ant a valuation of about $320 billion, making it bigger than JPMorgan and four times larger than Goldman Sachs Group Inc.The IPO is attracting interest from some of the world’s biggest money managers, and sparking a frenzy among individual investors in China clamoring for a piece of the sale.T. Rowe Price Group Inc., UBS Asset Management and FMR LLC, the parent of Fidelity Investments, are among the money managers angling for a piece of the deal, a person familiar with the matter has said.Each of the firms is considering investments worth several billion dollars in the Hong Kong-listed shares, though they’ve yet to finalize plans and there’s no guarantee they’ll get an allocation, the person said.Singapore’s sovereign wealth fund GIC Pte, Temasek Holdings Pte and China’s $318 billion National Council for Social Security Fund are also jockeying for a slice of the IPO, people familiar with the matter said earlier this month. Ma’s Alibaba Group Holding Ltd. will also buy new Ant shares to maintain its ownership stake at around 32%.Leveraged LoansHong Kong stockbrokers are so confident Ant IPO will go smoothly that they’re offering to let mom-and-pop investors buy the stock with as much as 20 times leverage. That matches the highest ratio ever offered by brokerages including Bright Smart Securities & Commodities Group and UP Fintech Holding Ltd. HSBC Holdings Plc has set aside more than HK$100 billion ($13 billion) of margin loans for retail investors to subscribe to the Hong Kong IPO, Hong Kong Economic Journal reported, citing the lender.With the pricing this week, investors will have to commit to the deal just days before a U.S. presidential election that could have ramifications for both Ant’s overseas expansion plans and investor risk-appetite. Shares will almost certainly start trading only after the U.S. vote on Nov. 3.The company will issue no more than 1.67 billion shares in China, equivalent to 5.5% of the total outstanding before the greenshoe option, according to its prospectus on the Shanghai stock exchange. It will issue the same amount for its Hong Kong offering. The Shanghai shares will be listed under the ticker “688688,” according to the prospectus. Ant is expected to start taking orders for the Hong Kong portion Monday, people familiar with the matter said.Elderly ClubAnt has picked China International Capital Corp. and CSC Financial Co. to lead the Shanghai leg of the IPO. CICC, Citigroup Inc., JPMorgan and Morgan Stanley are heading the Hong Kong offering.At the weekend conference, Ma criticized global financial regulations for stifling innovation and urged China to seek a system that accommodated development. He compared the Basel Accords, which set out capital requirements for banks, to a club for the elderly.“After the Asian financial crisis, the risk control highlighted in the Basel Accords has been” the priority for regulators, Ma said. “Rarely do they consider opportunities for young people and developing countries.”(Updates with Ma’s comment on Basel Accords at end)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.