Bloomberg With Bitcoin trading below $7,000, technical indicators show it’s nearing a key inflection point. Based on its drop over the past week, the biggest cryptocurrency is drifting in a narrow trading band, with support at $6,500 on the downside and strong resistance at $7,000 on any potential increases. However, the GTI Vera Convergence Divergence Indicator, which measures up and ...

Bloomberg China’s central bank injected medium-term funding into the financial system on Wednesday and cut the cost of the funds as expected, bolstering measures aimed at countering the economic fallout from the coronavirus pandemic. The People’s Bank of China offered 100 billion yuan ($14 billion) via the one-year medium-term lending facility, cutting the rate to 2.95% from 3.15%. The reduction ...

Bloomberg More than one in ten mortgage borrowers in the UK have taken a payment holiday, less than a month after banks offered relief to those affected by the coronavirus pandemic. About 1.2 million customers were granted a mortgage holiday between March 17 and April 8, according to lobby group UK Finance. Banks trebled the number of breaks they gave ...

Bloomberg South Africa’s central bank unexpectedly cut its benchmark interest rate to a record low to support an economy that’s projected to slump even deeper into recession after the government extended a nationwide lockdown in response to the coronavirus. The repurchase rate was reduced to 4.25% from 5.25%, the South African Reserve Bank said in an emailed statement. The decision ...

Bloomberg JPMorgan Chase & Co. said first-quarter profit tumbled 69% to the lowest in more than six years as credit costs surged, giving investors a first glimpse at the extent of the damage Covid-19 is wreaking on bank results. The company set aside $8.29 billion for bad loans, the biggest provision in at least a decade and more than double ...

Bloomberg Credit Suisse Group AG shareholders should reject the bank’s compensation plan over proposed payments to former executives in the wake of a corporate spying scandal, a top shareholder adviser said. Investors should be concerned about lack of disclosure of overall compensation for former Chief Operating Officer Pierre-Olivier Bouee, who was blamed for the spying and fired in December, Glass ...

Bloomberg The coronavirus has blown Brexit out of the headlines, and for pound traders that may be a silver lining. Sterling will strengthen to 80 pence per euro — a level not reached since the 2016 vote to leave the European Union — and possibly beyond, according to Standard Bank. The pandemic means that the deadline for a trade deal ...

Bloomberg Boeing Co lost orders for 150 of its beleaguered 737 Max aircraft last month as travel bookings plunged because of the Covid-19 pandemic, squeezing airlines and aircraft lessors. Half the cancellations were previously announced by Avolon Holdings Ltd, the world’s No. 3 jet lessor. In addition, Brazil’s Gol Linhas Aereas Inteligentes SA trimmed 34 planes from an earlier deal. ...

Bloomberg Delta Air Lines Inc has agreed to sell and lease back aircraft in a deal valued at $1 billion, according to people with knowledge of the matter, as the company steps up efforts to raise cash while talks about US government aid drag on. The carrier will reap $750 million in proceeds from BBAM Aircraft Leasing & Management and ...

Bloomberg Amazon.com Inc was handed a French ban on sales of non-essential items after losing the first round of a court fight with labour unions who said the company wasn’t doing enough to protect staff from the Covid-19 pandemic. Amazon said in a statement it’s appealing the ruling, a move that suspends the court’s decision. The world’s biggest online retailer ...