June, 2020

• 9 June

  Oil swings between gains, losses as Saudi ends voluntary output cut

  

  Bloomberg Oil traded near $38 a barrel in New York in choppy trading, as the market was caught between weaker equities and an ongoing market rebalancing. Futures whipsawed between gains and losses. While stock markets retreated and Saudi Arabia decided to end additional supply curbs this month, there are signs of a broader rebalancing. US crude inventories are forecast to ...

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• 9 June

  France earmarks $17b for aerospace industry

  

  Bloomberg France unveiled an aerospace rescue plan to bolster European planemaker Airbus SE and its financially-strapped suppliers with measures aimed at preventing massive job losses and underpinning aircraft orders. The sweeping aid package laid out on Tuesday by Finance Minister Bruno Le Maire, worth about 15 billion euros ($17 billion), provides investment, payroll subsidies and credit guarantees to cushion the ...

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• 9 June

  Cathay plans to raise $5 billion from Hong Kong government

  

  Bloomberg Cathay Pacific Airways Ltd became the latest global carrier to seek a lifeline in the aftermath of Covid-19 travel restrictions, outlining a plan to raise HK$39 billion ($5 billion) from the Hong Kong government and shareholders after months of warnings about the frailty of its business. The rights issue proposal, reported by Bloomberg News, is on the basis of ...

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• 9 June

  France earmarks $17b for aerospace industry

  

  Bloomberg The French government unveiled a rescue plan for the struggling aerospace industry that includes billions of euros to support Airbus SE and its suppliers hard hit by the Covid-19 pandemic. The measures, worth 15 billion euros ($17 billion), include export guarantees and credit relief for some new aircraft orders, as well as an extension of part-time work subsidies to ...

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• 9 June

  Lufthansa’s Austrian arm gets $508mn government bailout

  

  Bloomberg Deutsche Lufthansa AG’s historic state bailout increased by 450 million euros ($508 million) after Austria agreed to provide support to the German carrier’s division in the country. Austrian Airlines will get 150 million euros in direct aid plus 300 million euros in loans underwritten by the government, helping to sustain the unit as carriers begin to restore flights amid ...

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• 9 June

  Zara owner built post-Covid retailer before virus came along

  

  Bloomberg A few weeks after Spain declared a nationwide lockdown in mid-March to fight the growing coronavirus outbreak, clothing retailer Inditex SA began running low on goods. The world’s largest fashion retailer typically operates a lean warehouse operation, preferring instead to hold the majority of its stock in stores that double as e-commerce fulfillment centres. That way, turnaround is faster, ...

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• 9 June

  Vietnam mulls international flights resumption

  Bloomberg Vietnam is considering the resumption of some international flights to and from destinations that have had no novel coronavirus cases in the past 30 days, according to a statement on the government’s website. Vietnam Prime Minister Nguyen Xuan Phuc directed the National Steering Committee for Coronavirus Prevention and Control to report on international destinations considered to be safe, according ...

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• 9 June

  European stocks, futures slip after historic rally; dollar rises

  

  Bloomberg European stocks and US futures dropped as momentum in risk assets stalled after a historic rally. Treasuries advanced. Banks dragged the Stoxx Europe 600 Index lower. The dollar rose for the first time in nine days, while the euro weakened. Government bonds in the European periphery slipped. A gauge of European junk-grade credit risk increased. Brent crude oil slid ...

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• 9 June

  Short-sellers set their sights on surging Asia biotech stocks

  

  Bloomberg Short sellers across Asia are being drawn to the health care sector, betting the region’s best-performing industry this year is poised for a retreat. The daily average amount of short interest among 324 biotechnology and pharmaceutical stocks across Asia’s major equity benchmarks has more than doubled so far this year from 2019, according to data compiled by Bloomberg. Australian ...

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• 8 June

  Oil advances near $43 after Opec+ extends output cuts

  

  Bloomberg Oil rose to trade near $43 a barrel in London after Opec and its allies agreed to extend historic output curbs by an extra month, promising stricter compliance to ensure members don’t pump more than they pledged. Brent futures added as much as 2.6% after posting a sixth weekly increase on Friday, the longest run of gains since May ...

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