November, 2020

• 29 November

  Bargain frenzy gives $1.7trn lift to Europe’s stock market

  

  Bloomberg In a record-breaking month that added $1.7 trillion to European equities, none rallied as hard as unloved bargain stocks. The Stoxx Europe 600 Index has surged 15% in November, on track to overtake the previous record set in April 2009 in the aftermath of the global financial crisis. Now, like then, value and cyclical sectors such as banks, insurance …

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• 29 November

  Most Middle East stocks rise to track peers, oil higher

  

  Bloomberg Most Middle East stock markets advanced, taking their cue from rising crude oil prices and gains elsewhere in emerging markets last week. Indexes in Saudi Arabia, Abu Dhabi, Bahrain and Oman climbed as much as 0.3%, while those in Kuwait slipped. The Tadawul All Share Index in Riyadh rose for the sixth consecutive session to trade at the highest …

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• 29 November

  Guggenheim fund reserves right to invest in Bitcoin Trust

  Bloomberg Count Guggenheim Partners LLC among those institutional investors casting an eye on cryptocurrencies. Guggenheim is reserving the right for its $5.3 billion Macro Opportunities Fund — which aims for total return via fixed income and other debt and equity securities — to invest in the Grayscale Bitcoin Trust. The trust’s shares are solely invested in Bitcoin, and track the …

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• 29 November

  Oil gains for fourth straight week ahead of Opec+ output meeting

  

  Bloomberg Oil rose for a fourth straight week, buoyed by optimism over Covid-19 vaccine progress ahead of an Opec+ ministerial gathering next week. Futures in New York advanced 8% this week, despite edging lower. The shape of the oil futures curve firmed over recent sessions with some nearer-dated futures contracts rising above later-dated ones. It’s a sign of how the …

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• 29 November

  Japan’s largest carrier to raise $3.2b as outbreak roils airlines

  

  Bloomberg ANA Holdings Inc will raise as much as 332.1 billion yen ($3.2 billion) via an overseas and domestic share placement as airlines around the world rush to shore up their finances amid the coronavirus pandemic. Japan’s largest carrier, whose shares have slumped 30% this year, will use the proceeds to repay long-term debt and buy Boeing 787 aircraft to …

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• 29 November

  Philip Green’s Arcadia mulls administration

  

  Bloomberg Arcadia Group, the retail empire controlled by Philip Green is likely to file for administration in the UK as early as next week, putting 13,000 jobs at risk. The owner of the Topshop and Topman brands wrote in an emailed statement that it’s exploring “a number of contingency options” after the closure of its stores due to Covid-19 “had …

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• 29 November

  China seeks to import jet fuel ahead of holidays

  Bloomberg Lunar New Year may be more than two months away but one Chinese fuel supplier is already gearing up for an expected surge in air travel. China Aviation Oil (CAO) is seeking to import jet fuel for January delivery in its first buy tender since May, according to data compiled by Bloomberg. The move by CAO, one of the …

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• 29 November

  European airlines face harder recovery than competitors

  

  Bloomberg Europe’s airlines will struggle more than competitors elsewhere to end losses next year as they’re held back by higher expenses and their dependence on overseas routes, according to the International Air Transport Association (IATA). The region’s carriers should achieve seat-occupancy levels averaging 63.8% for the whole of 2020, increasing to 65.6% in 2021. That’s still below the projected break-even …

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• 29 November

  Francesca’s plans bankruptcy filing

  Bloomberg Francesca’s Holdings Corp is preparing to file for bankruptcy, according to people with knowledge of the matter. The boutique-style women’s clothing chain could file as soon as next week, said the people, who asked not to be identified because the process isn’t public. The plan could still change. Representatives for Francesca’s didn’t respond to multiple phone and email requests …

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• 29 November

  Covid not to sway builder from $2.3b Manila airport plan

  

  Bloomberg The coronavirus pandemic and its devastating impact on global aviation and economic growth isn’t swaying Megawide Construction Corp from its 109 billion peso ($2.3 billion) plan to upgrade Manila’s airport, the main gateway to the Philippines. The company proposed a 10-year plan to double annual capacity at the aging and overcrowded Ninoy Aquino International Airport to 65 million passengers, …

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