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MarketWatch MarketPulseAug 20, 2018
Seven Stars Cloud Group wins $24 billion deal to fund upgrades of China's bus system
Seven Stars Cloud Group Inc. shares soared 149% in premarket trade Monday, after the company said it has won a $24 billion, three-year deal to provide fixed income lease financing-based products to fund upgrades of China's buses and make them electric by 2021 as mandated by the government. The deal is with National Transportation Capacity Co. Ltd., which is China's biggest full-service operator for electric buses with sales, lease financing, a charging station network and real-time data services that include payments, maps and facial recognition. Seven Stars will provide two financing campaigns, one in China and one across global markets. The China campaign aims to raise 60 billion RMB, or about $8.75 billion over three years. The global markets campaign will aim to raise $15 billion over three years. "This is a truly ground-breaking deal globally for blockchain-based fintech companies to gain such a large-scale, asset-backed, contract," Seven Stars Chief Executive Bruno Wu said in a statement.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



MarketWatch MarketPulseAug 20, 2018
Dow, S&P 500, Nasdaq kick off week on a positive note as consumer-discretionary stocks rise
U.S. stocks opened higher Monday as investors bought stocks amid apparent optimism about the progress of negotiations between the U.S. and its major trading partners. The Dow Jones Industrial Average rose about 80 points, or 0.3%, at 25,744 , the S&P 500 index climbed 7 points, or 0.2%, at 2,856, while the Nasdaq Composite Index added 17 points, or 0.2%, at 7,834. Last week, the Dow gained 1.4%, the S&P 500 returned 0.6%, while the Nasdaq booked a weekly decline of 0.3%. The Wall Street Journal reported Friday that negotiators from the U.S. and China were mapping out talks with the aim of resolving the trade dispute by November, which has provided some underpinning to recent buying, overshadowing--at least for the moment--worries about turmoil in Turkey's economy and the lira . In corporate news, PepsiCo Inc. said it will buy SodaStream International Ltd. , while Tesla Inc. shares were under pressure after a note from analysts at JPMorgan Chase & Co. cut its price target for the company and cast fresh doubt on financing for a go-private transaction deal from the electric-car maker run by embattled CEO Elon Musk.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


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