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Yahoo BusinessMay 24, 2020
Stocks Edge Higher With U.S. Futures; Crude Slips: Markets Wrap
(Bloomberg) -- Stocks in Asia climbed along with U.S. equity futures as traders monitored more signs of economies reopening around the world and a slowdown in infection rates in some countries, offsetting for now the rise in U.S.-China tensions.Japan's Topix index and Sydney shares opened up over 1%, with Seoul rising more modestly. Eyes will turn to equities in Hong Kong in the wake of police clashes with protesters marching against China's move to crack down on dissent. Stocks there fell more than 5% Friday. S&P 500 futures nudged higher, building on a rally from late in the Friday session. Oil dipped. Trading volumes may be light with holidays in the U.S., U.K. and Singapore.On the virus front, Japan's government will lift the state of emergency in Tokyo and its surrounding regions along with Hokkaido on Monday, NHK reported. Australian children returned to schools on Monday and a hard-hit region in northern Italy reported zero fatalities for the first time. Still, the U.S. is considering restricting travel from Brazil, which now has the second-highest number of cases.Fresh turmoil in Hong Kong that spilled over into street protests this weekend is threatening to damage an already souring Sino-U.S. relationship. The U.S. should give up its "wishful thinking" of changing China, Chinese Foreign Minister Wang Yi said, warning that American leaders are potentially pushing toward a new Cold War. Bullish sentiment is prevailing for now and global equities remain about 30% higher than the Marc

Yahoo BusinessMay 24, 2020
Oil Dips as U.S.-China Tensions Add to Nerves on Global Economy
(Bloomberg) -- Oil edged lower as an escalating war of words between the U.S. and China added to caution over the prospects for a global recovery in demand.Futures in New York lost 0.4% in Asian trading after falling 2% on Friday. China warned that some in the U.S. were pushing the countries toward a new Cold War, stoking concerns that deteriorating relations between the superpowers could complicate the market's recovery from a historic demand crash. Beijing last week abandoned its decades-long practice of setting an annual target for economic growth due to uncertainty caused by the coronavirus.However, there are signs the oil market is positioning itself for a recovery. U.S. shale drillers have cut the number of active rigs to the lowest level since 2009, trimming output further. This comes as OPEC slashes daily output by almost 10 million barrels in an effort to reduce a glut.Oil has surged about 75% this month as pockets of demand return in China and India after the easing of lockdown restrictions, and as U.S. crude inventories start to decline. However, the recovery is expected to be long and uncertain, with the risk of a second wave infections possibly complicating a rebound.The U.S. should give up its "wishful thinking" of changing China, Foreign Minister Wang Yi said Sunday during his annual news briefing on the sidelines of National People's Congress meetings in Beijing. He also warned America not to cross China's "red line" on Taiwan.While fuel consumption climbs in some nations as lockdown restri

Yahoo BusinessMay 24, 2020
Baidu Investors Fell Out of Love Years Ago
(Bloomberg) -- Emerging-market stocks and currencies gained last week amid optimism progress is being made toward developing coronavirus vaccines, and as more nations roll back lockdowns. Sentiment was tempered as the week progressed by signs U.S.-China tensions are increasing once again, including escalating rhetoric from President Donald Trump and Senate legislation that may lead to delisting of Chinese companies from American stock exchanges. China announced plans to impose a national security law on Hong Kong, further adding to geopolitical frictions.The following is a roundup of emerging-market news and highlights for this week through May 22:Highlights:The U.S. threw its weight behind one of the fastest-moving experimental solutions to the coronavirus pandemic, pledging as much as $1.2 billion to AstraZeneca Plc to help make the University of Oxford's Covid vaccineAn experimental vaccine from the U.S. biotechnology company Moderna Inc. showed signs it can create an immune-system response to fend off the coronavirusRead: U.S. Raises Ante in Vaccine Race With $1.2 Billion for Astra (2)Leading Chinese vaccine developer CanSino Biologics Inc. has signed a deal to test and sell a separate Canadian vaccine candidateFederal Reserve Chairman Jerome Powell said the central bank is prepared to use its full range of tools and leave the benchmark lending rate near zero until the economy is back on track; he reiterated that more fiscal aid may be neededFed policy makers saw the coronavirus posing a severe threat to the ec

Yahoo BusinessMay 24, 2020
Beleaguered Hertz Sinks 36% In After-Market On Bankruptcy Protection Filing
Hertz Global Holdings (HTZ) late on Friday filed for bankruptcy protection after the car rental firm failed to reach long-term agreements with creditors as it grapples with the financial fallout induced by the coronavirus pandemic.The news sent shares down 36% to $1.82 in extended U.S. trading on Friday. The company, whose largest shareholder is billionaire investor Carl Icahn with an almost 39% stake, said that the lockdown orders tied to the virus pandemic fueled an increase in car rental cancellations and a decline in future bookings.Hertz said it had more than $1 billion in cash on hand to support its ongoing operations. The company may seek additional cash, including through new borrowings, depending upon the length of the COVID-19 induced crisis and its impact on revenue."The impact of COVID-19 on travel demand was sudden and dramatic, causing an abrupt decline in the company's revenue and future bookings. Hertz took immediate actions to prioritize the health and safety of employees and customers, eliminate all non-essential spending and preserve liquidity," the company said in a statement. "However, uncertainty remains as to when revenue will return and when the used-car market will fully re-open for sales."Hertz is embarking on the financial reorganization as it sees "a prolonged travel and overall global economic recovery". During the reorganization process, the company will maintain ordinary operations, continue to pay vendors and suppliers, pay its employees, and
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