• RT @Birdyword: US corporate bond yields are at record lows - unless you're a Japanese or European investor Link https://…
    WSJ Markets Tue 04 Aug 2020 10:32

    Yields on U.S. corporate bonds are trading at record lows. That is, of course, unless you are an overseas buyer looking at the world through the lens of the yen or euro.

    Many investors overseas hedge their currency exposure, resulting in sometimes significant changes in the real return an investment offers. That is the case now and is likely to mean that international investors’ ravenous appetite for U.S. debt, corporate debt in particular, will continue.

    ...
  • Argentina’s biggest creditors, led by BlackRock Inc., agreed to accept new bonds in return for the debt they currently hold in a settlement worth nearly 55 cents on the dollar, according to people involved in the talks Link
    WSJ Markets Mon 03 Aug 2020 23:41

    Argentina’s government is finalizing an agreement with its biggest private creditors to restructure about $65 billion in foreign debt and resolve the country’s third sovereign default this century, according to people involved in the talks.

    Argentina’s biggest creditors, led by BlackRock Inc., agreed to accept new bonds in return for the debt they currently hold in a settlement worth nearly 55 cents on the dollar, these people said.

    ...
  • Calling only on bullish analysts during earnings calls doesn’t violate SEC rules, but seems to go against other guidelines Link
    WSJ Markets Mon 03 Aug 2020 22:15

    Beware of companies that disproportionately call on bullish analysts to speak during earnings conference calls. They tend to later reveal negative news that drives down their share price.

    That correlation—detailed in a recent study—can be valuable for investors, says Lauren Cohen, the L.E. Simmons professor in the finance and entrepreneurial management units at Harvard Business School, who co-wrote the study.

    In...

  • Heard on the Street: Grounded airline fleets with limited maintenance needs could depress engine makers’ revenues for longer than investors expect Link
    WSJ Markets Mon 03 Aug 2020 21:50

    A “V-shaped” recovery is looking even more unlikely for aircraft-engine makers than for the global economy.

    Last week, General Electric and Raytheon Technologies reported steep losses in their aerospace divisions. In normal times these make up roughly 70% and 80% of the conglomerates’ operating earnings, respectively.

    Airlines have been hit...

  • Hans-Jörg Vetter is set to take over as chairman at beleaguered German lender Commerzbank. Link
    WSJ Markets Mon 03 Aug 2020 21:40

    German lender Commerzbank AG appointed former state bank executive Hans-Jörg Vetter as its new chairman on Monday, ignoring opposition from its second largest shareholder, Cerberus Capital Management.

    Mr. Vetter’s appointment received the blessing of Commerzbank’s largest shareholder, the German state, according to people familiar with the process, signaling Cerberus will face an uphill battle as it pushes for changes at the embattled German lender.

    ...
  • Heard on the Street: HSBC has problems beyond the coronavirus as it is getting harder to balance political priorities in its main markets Link
    WSJ Markets Mon 03 Aug 2020 21:30

    HSBC was established to connect the West and the East. It has been a sound strategy for most of the past 155 years, but currently has the bank caught in a geopolitical web over which it has little control.

    On Monday, the bank announced disappointing second-quarter results as a result of Covid-19-related provisions. Yet the fallout from the health crisis seems manageable compared with the political uncertainties HSBC faces in each of its main markets: China’s creeping control over Hong Kong, escalating tensions between Washington...

  • U.S. fuel makers ran below capacity in the second quarter in a preview of the challenges they are likely to face as the world transitions away from fossil fuels. Link
    WSJ Markets Mon 03 Aug 2020 21:10

    U.S. fuel makers slashed production during the second quarter as they reeled from a historic decline in demand for gasoline and jet fuel.

    Long a bright spot in the oil patch, refiners such as Valero Energy Corp., Marathon Petroleum Corp. and Phillips 66 pumped the brakes as the coronavirus pandemic kept people off the roads and out of the skies, crushing demand for the fuels they produce.

    U.S....

  • The Italian racing-car brand has attracted strong orders this summer. Link
    WSJ Markets Mon 03 Aug 2020 20:50

    It turns out that retail therapy extends to the super rich.

    “Morale is pretty high” among customers, said Ferrari Chief Executive Louis Camilleri on Monday, when the racing-car manufacturer announced second-quarter results. After strong order flow in both June and July, the order book is now ahead of where it was a year ago, even excluding the impact of lower deliveries as a result of the seven-week production shutdown.

    Mr....

  • American International Group Inc. swung to a loss for the second quarter driven in part by substantial costs tied to the pandemic as well as losses on the sale of most of its Fortitude Group Holdings stake Link
    WSJ Markets Mon 03 Aug 2020 20:40
  • Heard on the Street: Convenience has its price Link
    WSJ Markets Mon 03 Aug 2020 20:30

    7-Eleven is paying top price for its shopping trip in the U.S.

    The convenience-store operator has agreed to pay $21 billion to buy gas-station chain Speedway from Marathon Petroleum. Activist investor Elliott Management has been pushing Marathon for a split. The deal will add about 3,900 stores to 7-Eleven’s existing 9,800 in the U.S. and Canada as its Japanese owner tries to diversify away from its slowing home market.

    7-Eleven...

  • The firm, currently owned by a group of its executives and private-equity firm Hellman & Friedman, will combine with a SPAC affiliated with financial-services firm Cantor Fitzgerald in a deal worth $2 billion including debt Link
    WSJ Markets Mon 03 Aug 2020 20:10

    GCM Grosvenor is merging with a special purpose acquisition company in a deal that will take the Chicago asset manager public.

    The firm, currently owned by a group of its executives and private-equity firm Hellman & Friedman, will combine with a SPAC affiliated with financial-services firm Cantor Fitzgerald LP known as CF Finance Acquisition Corp. The deal is worth $2 billion including debt, the companies said Monday.

    The...

  • Coronavirus lockdowns have changed how most people in the West consume coffee Link
    WSJ Markets Mon 03 Aug 2020 19:50

    The coffee bean market has bifurcated since coronavirus lockdowns forced a global shift in consumer behavior this year.

    Coffee futures linked to arabica, a softer, sweeter variety that is largely produced in Latin America and is popular in cafes and restaurants, have fallen almost 9% in New York trading in 2020.

    Robusta futures, which track...

  • Soroban’s Gaurav Kapadia has raised over $1 billion in committed capital for his new hedge-fund firm XN Link
    WSJ Markets Mon 03 Aug 2020 19:30

    Raising money for a new hedge fund long was contingent on a host of in-person meetings. But a slate of managers are launching sizable startup funds despite complications wrought by the new coronavirus.

    Hedge-fund manager Gaurav Kapadia has raised one of the biggest, with more than $1 billion in committed capital for his new firm, XN LP, according to people familiar with the firm. XN invests in stock markets as well as in private companies and is up 7.4% after fees since its July 1 start, according to a person familiar with...

  • A deal could stretch Microsoft’s renewed credibility in deals and business execution. Link
    WSJ Markets Mon 03 Aug 2020 19:10

    The backdrop for Microsoft’s interest in TikTok couldn’t be more favorable. But the software giant still has a lot on the line if it ends up winning the hand of the upstart social network.

    It helps that it is a bit of a shotgun wedding. President Trump and his officials have been threatening to shut down the U.S. portion of the Chinese-owned service over national-security concerns. That has forced TikTok parent Bytedance to seek an eligible buyer. It is a small pool: Bytedance’s investors reportedly value TikTok at around...

  • Gilead Sciences, Pfizer, Moderna and other companies involved in Covid-19 treatments or vaccines have had unrealistic share-price moves as shareholders fail to assess risk and reward. Link
    WSJ Markets Mon 03 Aug 2020 18:50

    Researchers are racing to develop a Covid-19 vaccine, and investors are in a mad dash to profit from it. The financial side of this exercise is likely to run into trouble.

    Promising news in the hunt for a vaccine continues to pour in. Several companies have revealed encouraging, albeit preliminary, data in clinical trials, and the U.S. government has its wallet wide open to defray research and manufacturing expenses. GlaxoSmithKline and Sanofi said Friday that the U.S. government will pay up to $2.1 billion to develop and...

  • HSBC said profit fell 96% in the second quarter as coronavirus impact hurt efforts to refocus on Asia Link
    WSJ Markets Mon 03 Aug 2020 18:30

    LONDON—HSBC Holdings PLC’s net profit plummeted in the second quarter as the impact of the coronavirus pandemic complicated the bank’s efforts to refocus on Asia while dealing with rising U.S.-China political tensions.

    Profit for the global bank with Asian roots fell 96% to $192 million in the three months ended June. The London-based lender set aside $3.83 billion in provisions for losses from loans during the quarter, almost seven times more than in the same period last year. Almost 40% of the new provisions were for the...

  • U.S. stocks rose amid a big tech deal in the works and hopes for some progress on Covid 19's spread Link
    WSJ Markets Mon 03 Aug 2020 18:10

    U.S. stocks rose on Monday, lifted by a surge in technology stocks like Apple and Microsoft, as well as signs that the rate of new coronavirus infections could be slowing.

    The Dow Jones Industrial Average gained 246 points, or 0.9%, in afternoon trading, kicking off August with a modest uptick. The index climbed 2.4% in July. Trading volumes are expected to slide in coming weeks with the onset of the summer vacation season, leading to an increase in volatility.

    ...
  • Denmark’s stock exchange is thriving in a coronavirus world. But the narrower base of big stocks behind the gain could make it a riskier bet than its U.S. counterpart. Link
    WSJ Markets Mon 03 Aug 2020 17:50

    Nasdaq Inc. is cleaning up on both sides of the Atlantic.

    In the U.S., the stock-exchange operator’s Nasdaq indexes are the country’s best-performing major stock benchmarks this year. In Europe, the Nasdaq-owned Copenhagen exchange’s index is leading the charge.

    Like its U.S. counterpart, Denmark’s stock exchange is thriving in a coronavirus...

  • Société Générale, stung by trading losses, said it would pull back from one of its specialities, complex financial derivatives tied to stocks Link
    WSJ Markets Mon 03 Aug 2020 17:25

    French banking giant Société Générale SA, stung by coronavirus-related trading losses earlier this year, plans a retreat in its investment-banking unit and posted a surprise loss Monday, even as rivals thrived on the increase in stock and bond trading.

    While competitors such as Goldman Sachs Group Inc. and Morgan Stanley have gained from customers moving their investments around to adapt to market shifts under the pandemic, Société Générale took losses in one of its specialties, creating and selling complex investment products.

    ...
  • Microsoft's solid execution and dealmaking has built up a line of credit with investors. TikTok may be the first to tap it, @djtgallagher writes for @WSJheard - Link
    WSJ Markets Mon 03 Aug 2020 16:35

    The backdrop for Microsoft’s interest in TikTok couldn’t be more favorable. But the software giant still has a lot on the line if it ends up winning the hand of the upstart social network.

    It helps that it is a bit of a shotgun wedding. President Trump and his officials have been threatening to shut the U.S. portion of the Chinese-owned service down over national-security concerns. That has forced TikTok parent Bytedance to seek an eligible buyer. It is a small pool: Bytedance’s investors reportedly value TikTok at around...

  • RT @jonsindreu: Forget about the global savings glut: the real glut out there is about jet engines Link
    WSJ Markets Mon 03 Aug 2020 13:20

    A “V-shaped” recovery is looking even more unlikely for aircraft-engine makers than for the global economy.

    Last week, General Electric and Raytheon Technologies reported steep losses in their aerospace divisions. In normal times these make up roughly 70% and 80% of the conglomerates’ operating earnings, respectively.

    Airlines have been hit...

  • RT @yunheekim22: A deal with Microsoft buying TikTok’s U.S. operations would resolve one of the most dramatic corporate battles in the U.S.…
    WSJ Markets Mon 03 Aug 2020 13:20
  • After plunging in March alongside other markets, bitcoin has rebounded, extending its gain for the year to 65% Link
    WSJ Markets Sun 02 Aug 2020 19:24

    The market boom that pushed stocks, bonds and commodities to their best combined four-month spurt in decades has found its way into the most notoriously volatile and speculative asset on the planet: bitcoin.

    After trading flat for months, bitcoin rose as high as $11,868 on Saturday from around $9,100 in early July, extending its gain for 2020 to 65%.

    While...

  • Even in the markets rally that has sent stocks, bonds and commodities rising since the economic shutdown, forest products stand out Link
    WSJ Markets Sun 02 Aug 2020 17:54

    NEWPORT, R.I.—When woodworker Michael Hendershot stocked up with lumber in March ahead of building season, he feared the coronavirus pandemic would disrupt the supply of wood more than demand for fences, decks and cabinets. He multiplied his usual order by four.

    He was right. But he could have bought even more.

    Lumber consumption along Rhode...

  • Investors are ramping up wagers on a falling dollar, believing the surge in coronavirus cases will hamper U.S. business activity and drive even more government spending Link
    WSJ Markets Sun 02 Aug 2020 16:54

    The dollar has made a sharp U-turn this summer following a long rally, confounding many traders but potentially adding fuel to this year’s surprising stock-market rebound.

    The ICE Dollar Index, which measures the dollar against a basket of other major currencies, in July notched its worst month in nearly a decade and recently hit a two-year low. The fall extended a reversal that began in late March, spurred lately by ballooning worries that mounting coronavirus cases will stall the U.S. economic rebound, even as growth accelerates...

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