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Yahoo BusinessSep 28, 2020
Stocks Climb With Futures; Dollar Edges Lower: Markets Wrap
(Bloomberg) -- U.S. and European equity-index futures gained on Monday along with stocks in Asia as China's ongoing economic recovery countered some of the concerns sparked by rising global coronavirus cases.The dollar dipped and the yen ticked up. The Aussie rose after an influential economist walked back his call for an interest-rate cut to November from October. S&P 500 futures gained after the gauge advanced on Friday, while shares climbed in Seoul, Tokyo and Hong Kong. Euro Stoxx 50 contracts were up almost 2%. Crude oil slipped, while Treasuries were little changed.China Evergrande Group's shares rose along with its bonds after the firm attempted to revive confidence in its finances. HSBC Holdings Plc advanced the most in Hong Kong trading since 2009 after the bank's biggest shareholder added to its stake in the embattled lender.Global equities remain on course for the first month of losses since March, amid mounting risks to the economic recovery from fresh coronavirus waves and stalling fiscal relief in the U.S. One of the brighter spots is China, where data over the weekend showed profits at industrial companies grew for a fourth consecutive month in August."The data augurs well for the China growth story," said Stephen Innes, global markets strategist at AxiCorp.At the same time, tension between Beijing and Washington continues to simmer. President Donald Trump's ban on TikTok was temporarily blocked by a federal judge, dealing a blow to the government in its showdown with the popular Chi

Yahoo BusinessSep 28, 2020
Cleveland-Cliffs to Buy ArcelorMittal USA for $1.4 Billion
(Bloomberg) -- Cleveland-Cliffs Inc. will buy the U.S. operations of ArcelorMittal SA for $1.4 billion in cash and shares to become the biggest flat-rolled steel producer in North America.Ohio-based Cleveland-Cliffs expects its second major deal in less than a year to boost sales to the key automotive market. Earlier this year, the global steel industry saw its biggest slump in production in a decade as demand from key consumers, including automakers, was hit hard by coronavirus lockdowns. The transaction will save the combined entity about $150 million in annual costs."Steelmaking is a business where production volume, operational diversification, dilution of fixed costs, and technical expertise matter above all else," Cleveland-Cliffs Chairman Lourenco Goncalves said in a statement. "This transaction achieves all of these."Cleveland-Cliffs will pay about $873 million of common and non-voting preferred stock, and $505 million in cash, according to the statement. The deal comes as U.S. steel prices recover, driven by tightening supply after lockdowns hurt demand.Read more: Steel Price Hikes Signal More Supply Squeeze than Demand SurgeIn March, Cleveland-Cliffs acquired AK Steel, an automotive and industrial-parts maker valued at $3 billion. The miner finished the deal after raising $725 million in a junk-bond sale.ArcelorMittal plans to use $500 million of the cash proceeds to repurchase shares, starting immediately, the company said in a separate statement. In July the company was considering "structur
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