Posts belonging to Category stock exchange

EU leaders strike ‘historic’ $2 trillion deal to rebuild Europe’s economy

Dow climbs 320 points

After almost five days of fraught discussions, European leaders have agreed to create a €750 billion ($858 billion) recovery fund to rebuild EU economies ravaged by the coronavirus crisis.The European Commission will borrow the money on financial markets and distribute just under half of it — €390 billion euros ($446 billion) — as grants to the hardest hit EU states, with the rest provided as loans. Leaders also agreed a new EU budget of nearly €1.1 trillion ($1.3 trillion) for 2021-2027, creating combined spending power of about €1.8 trillion ($2 trillion).

“It is an ambitious and comprehensive package combining the classical [budget] with an extraordinary recovery effort destined to tackle the effects of an unprecedented crisis in the best interest of the EU,” the EU leaders said in a joint declaration.

The deal focuses on providing funding across three pillars: helping businesses rebound from the pandemic, rolling out new measures to reform economies over the long haul, and investing to help protect against “future crises.” It came after days of deadlock and fractious talks that were described as some of the most bitterly divided in years.

Jack Ma’s Ant Group chooses China for its IPO

 Shanghai’s Star Market, China’s answer to the Nasdaq

One of China’s biggest tech firms has chosen to stay home for its blockbuster IPO, shunning Wall Street where Chinese companies are facing heightened scrutiny because of rising geopolitical tensions. Ant Group announced on Monday that it is planning “a concurrent initial public offering” in Hong Kong and on Shanghai’s Star Market, China’s answer to the Nasdaq.

Ant is affiliated with e-commerce giant Alibaba (BABA), which raised a record $25 billion when it debuted on Wall Street in 2014 — still the world’s second largest IPO to date. Ant owns Alipay, one of the most popular payment apps in China, and also offers online financial services such as loans, investments and credit scoring systems. The Hangzhou-based company is worth some $150 billion, according to CB Insights.

OPEC Has New Competitor

China Ships Oil From Swelling Storage

 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 likes of Saudi Arabia as a supplier in the long run, the trickle of crude out of the world’s No. 1 importer underscores how fragile oil’s recovery remains. China went on a record buying spree to fill its reserves with low-cost supplies, helping prices double from April lows. Now the purchases are slowing and some of those stockpiles are hitting the market just as OPEC and its partners prepare to raise output. The oil is coming from the 14 depots designated as delivery and storage points for the Shanghai International Energy Exchange’s oil futures trading contracts. The exchange had a total of 39 million barrels of medium sour grades in storage as of this July 16, up more than 10-fold since April 20.

The rising inventories are weighing on the price of the oil futures, making it attractive for traders to buy them, accept physical delivery upon expiration, and then ship the crude to refineries nearby, according to traders and analysts surveyed by Bloomberg.

World’s population in 2100 could be 2 billion below UN projections

China‘s will fall from 1.4 billion people today to 730 million in 80 years

Earth will be home to 8.8 billion souls in 2100, two billion fewer than current UN projections, according to a major study published Wednesday that foresees new global power alignments shaped by declining fertility rates and greying populations. By century’s end, 183 of 195 countries – barring an influx of immigrants -– will have fallen below the replacement threshold needed to maintain population levels, an international team of researchers reported in The Lancet.

More than 20 countries – including Japan, Spain, Italy, Thailand, Portugal, South Korea and Poland – will see their numbers diminish by at least half. China‘s will fall nearly that much, from 1.4 billion people today to 730 million in 80 years. Sub-Saharan Africa, meanwhile, will triple in size to some three billion people, with Nigeria alone expanding to almost 800 million in 2100, second only to India’s 1.1 billion.

Google will invest $4.5 billion into India’s biggest mobile internet provider

Reliance Jio Platforms has amassed more than 400 million subscribers

Google  has become the latest high-profile firm to back India’s Reliance Jio  Platforms. The search giant is investing $4.5 billion for a 7.73% stake in the top Indian telecom network, Reliance Industries chairman Mukesh Ambani said on Wednesday.

The investment today from Google is one of the rare instances when the Android-maker has joined its global rival Facebook in backing a firm. Facebook invested $5.7 billion in Reliance Jio Platforms, which has amassed more than 400 million subscribers in less than four years of its existence, in April this year for a 9.99% stake in it. Facebook is the largest minority stakeholder in Jio Platforms.

First data for Moderna Covid-19 vaccine show it spurs an immune response

“It certainly is a good beginning,” said Betty Diamond, director at the Feinstein Institutes for Medical Research

Moderna’s Covid-19 vaccine led patients to produce antibodies that can neutralize the novel coronavirus that causes the disease, though it caused minor side effects in many patients, according to the first published data from an early-stage trial of the experimental shot.

The results were published Tuesday in the New England Journal of Medicine. Moderna had previously released some results in a press release, but many experts said they were not sufficient to draw many conclusions. Even now, many are withholding judgment. The study, which was run by the National Institutes of Health, showed that volunteers who received the vaccine made more neutralizing antibodies than have been seen in most patients who have recovered from Covid-19. But a second injection, four weeks after the first, was required before the vaccine produced a dramatic immune response.

Hackers are circulating more than 15 billion stolen logins on the dark web

A treasure trove of stolen account logins

A new report has revealed the true extent of stolen account logins to be found circulating on the dark web amongst cybercriminals. The Digital Shadows Photon Research team has spent 18 months auditing criminal forums and marketplaces across the dark web and found that the number of stolen usernames and passwords in circulation has increased by 300% since 2018. There are now more than 15 billion of these stolen credentials, from 100,000 data breaches, available to cybercrime actors. Of this number, some 5 billion are said to be unique, with no repeated credential pairs.

The “From Exposure to Takeover” report warns that there’s a “treasure trove of account details” available in cybercrime markets. The 15 billion stolen account logins include credentials, usernames and password pairs, for online banking, social media accounts, and music streaming services. To put it another way, that’s the equivalent of two sets of account logins for every man, woman, and child on the planet.

Japan furious against US after coronavirus outbreak

‘The US is not taking the virus seriously’

The governor of Japan’s Okinawa island demanded a top U.S. military commander take tougher prevention measures and more transparency hours after officials were told that more than 60 Marines at two bases have been infected with the coronavirus over the past few days.

Okinawan officials on Sunday reported the 61 cases – 38 of them at Marine Corps Air Station Futenma, which is at the center of a relocation dispute, and another 23 at Camp Hansen – since July 7. They said that U.S. military officials told them the two bases have since been put in lockdown. The disclosure of the exact figures came only after Okinawa’s repeated requests to the U.S. military.

Gov Denny Tamaki, in telephone talks late Saturday with Lt Gen H Stacy Clardy, commander of III Marine Expeditionary Force, demanded the U.S military increase disease prevention measures to maximum levels, stop sending personnel from the mainland U.S. to Okinawa and seal the bases, as well as provide more transparency.

Tesla Will Have Fully Self-Driving Cars This Year

 Level five is completely autonomous is any situation: no human driver is required

Tesla will have essentially fully autonomous self-driving vehicles this year, CEO Elon Musk said in a video recorded for a Chinese AI conference. And it can be achieved with the existing technology inside Teslas shipping today.

“I remain confident that we will have the basic functionality for level five autonomy complete this year,” he said. “I think there are no fundamental challenges remaining for level five autonomy.”

There are many small problems, Musk acknowledged, and there’s the challenge of not just solving them but putting the whole system together. And even when almost complete, there could be challenges.

China experts expect TikTok ban ‘by end of this week’

 The ban would be “one of many” options to punish China for its coronavirus response

Secretary of State Mike Pompeo expanded on his considerations to ban the mobile app TikTok, saying it was only one of a number of Chinese companies that need to be held accountable for threatening Americans’ data.

“We have been engaged in a constant evaluation, about ensuring that we protect the privacy of American citizens and their information…This doesn’t relate to any one particular business or company, but rather to American national security,” Pompeo said during a press conference.

But experts on China are reading the tea leaves that a ban on TikTok is imminent as the United States puts pressure on Chinese companies.

Fed president says virus resurgence could prematurely freeze economic recovery

‘People are getting nervous again’

The coronavirus’ accelerated spread throughout the US threatens to halt the nation’s economic recovery before it takes off, Raphael Bostic, president of the Federal Reserve Bank of Atlanta, said Tuesday.

Several states reported record increases in COVID-19 cases over the weekend, reviving fears that a second wave of infections could push the US back into strict lockdowns. The uptick is already hitting business sentiments, and the nation is starting to grapple with the prospects of a lengthy recession, Bostic said.

“People are getting nervous again. Business leaders are getting worried. Consumers are getting worried,” he said during a web conference with the Tennessee Business Roundtable. “There is a real sense that this might go on longer than we had hoped and we had expected and we had planned for.”

China’s stock markets are bullish

China told citizens to buy stocks

Strategists say two factors are helping give legs to the global stock market’s Monday morning surge – bullishness about China and the view that central banks will backstop markets.

A front-page editorial in the state-owned China Securities Journal is getting credit for fueling a strong rally in Chinese markets overnight that spread to global equities. Shanghai stocks jumped 5.7%, after the publication said investors should look forward to the “wealth effect of the capital markets” and the prospect for a “healthy bull market.”
Individual investors appeared to be playing a role in what appeared to some traders to be a so-called melt-up Monday. The CSI 300 index of Shanghai- and Shenzhen-listed shares rose nearly 6%, to a five-year high. Hong Kong stocks jumped 3.8%.

Global Liquidity Surge to Boost Stocks and Bonds

Growing debt levels worldwide

Extremely loose monetary policy will be required for a long time to support growing debt levels worldwide, buoying liquidity along with global equity and bond prices, according to JPMorgan Chase & Co.

“More debt, more liquidity, more asset reflation,” was the conclusion strategists including Nikolaos Panigirtzoglou, who forecast a $16 trillion increase in worldwide debt this year that would push the combination of private and public sector borrowing to a record high $200 trillion by year-end.

That will lead to higher savings rates, very accommodative central bank policies and more cash in the system — the bulk of which may find its way into the global stock market, they wrote in a note Friday.

Wall Street’s rally zooms higher after surprise gain in jobs

The economy can climb out of its current faster than forecast

For weeks, critics said Wall Street’s big rally made no sense when the economy seemed set for more despair. On Friday, it got a bit of validation.
The Standard & Poor’s 500 index jumped an additional 2.6% after a report said the U.S. job market surprisingly strengthened last month, bolstering hopes that the worst of the job losses may have already passed. Employers added 2.5 million workers to their payrolls, when economists were expecting them instead to slash an additional 8 million jobs.

While economists cautioned that it’s just one month of data and that many risks still loom on the long road to a full recovery, the report gives some credence to the optimism that’s been building among stock investors that the economy can climb out of its current hole faster than forecast. That hope has been a big reason for the S&P 500’s rally of more than 40% since late March.

The S&P 500 is now down just 5.7% from its record set in February after being down nearly 34% earlier this year when recession worries were peaking.

Early trial results keep Pfizer vaccine development on track

The promising vaccine caused Pfizer stock to rise on Wednesday

As the novel coronavirus continues to spread across the U.S. and abroad, new hope may be emerging in the race to develop a vaccine. Pfizer, one of a handful of companies racing to develop a vaccine, reported promising new data Wednesday from its early stages of trials.

Phil Dormitzer, a vaccine developer at Pfizer, spoke to ABC News about the new data from the company’s vaccine, which he called “tremendously exciting,” and shared more about a potential release timeline and the vaccine’s efficacy. “What we’re presenting today is preliminary interim data from the United States trial for the first of those vaccine candidates,” he said in an interview with “World News Tonight.” “Our first vaccine candidate is eliciting antibody levels to neutralize the virus that is equivalent to or better than what you see in people who have had COVID-19.”