April, 2020

• 20 April

  Wild oil market set for extra volatility over contract expiry

  

  Bloomberg Oil in New York has slumped to its weakest structure on record as the current contract nears expiration, adding extra volatility to a market that’s grappling with a glut and evaporating demand. West Texas Intermediate crude futures on Monday fell to the biggest-ever discount to those for the following month, a structure known as contango that indicates near-term oversupply. …

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• 20 April

  Philippines’ Ayala seeks to fully divest from coal by 2030

  

  Bloomberg Ayala Corp, the Philippines’ oldest conglomerate, aims to fully divest from coal by 2030, a rare rebuke of the fuel in a region where its use is expected to grow. Ayala’s power-generation unit, AC Energy Philippines Inc, will also boost investments in renewable generation as it transitions to a low-carbon portfolio, President Eric Francia said in a live-streamed annual …

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• 20 April

  Russia’s oil producers told to cut output by fifth

  

  Bloomberg Russia’s oil producers have been told by the Energy Ministry to cut their production by about a fifth to comply with the new Opec+ deal starting May 1, said two people with knowledge of the matter. After days of consultations on how to divide the supply curbs, companies were instructed to split Russia’s 2.5 million barrel-a-day cut proportionally, the …

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• 20 April

  US equity futures decline while oil slides below $15

  

  Bloomberg US equity futures fell alongside Asian stocks on Monday while European shares fluctuated as investors weigh the latest evidence the coronavirus is slowing and prepare for earnings season to ramp up. Treasuries rose with the dollar and oil plunged. Contracts on the S&P 500 slipped after American stocks posted the first back-to-back weekly gain since early February. The Stoxx …

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• 20 April

  Singapore stocks rally is pricing in virus bottom: Citi

  

  Bloomberg The recent surge in Singapore stocks from a bottom at the end of March suggests investors are starting to price in a post-coronavirus recovery, according to analysts with Citigroup Inc. The Straits Times Index has climbed 17% since hitting its lowest level in more than a decade as recent economic indicators including exports and cargo volumes growth have begun …

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• 20 April

  Price glitch leads to slump in China stock index

  Bloomberg The Shanghai Stock Exchange said a system upgrade was behind Monday’s rare index malfunction that had earlier showed a record slide in a gauge of health-care shares. The glitch was due to a change to its index-calculation system completed over the weekend, the exchange operator said in a statement posted on its social media account. It also apologised for …

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• 20 April

  HDFC seen outperforming as Indian banks’ woes continue

  

  Bloomberg HDFC Bank Ltd. reported net income growth of nearly 18% and ramped up bad loan provisions in the latest quarter, a period marked by the bailout of another bank as well as the imposition of a nationwide lockdown to stop the spread of coronavirus. Analysts remain bullish on HDFC Bank, with an average rating of 4.76 on a Bloomberg …

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• 20 April

  ABN Amro files claims against Singapore’s troubled oil trader

  

  Bloomberg ABN Amro Bank NV has become the latest lender to make a claim against a Singapore oil trading giant that filed for protection from creditors amid a plunge in oil prices. The Dutch bank filed applications for charges related to irrevocable letters of credit tied to goods and documents of Hin Leong Trading (Pte) Ltd., according to filings with …

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• 20 April

  Australia shouldn’t worry about huge debt: Lowe

  

  Bloomberg Australia shouldn’t be concerned about its escalating government debt in response to the coronavirus crisis because of the long record of responsible fiscal policy, Reserve Bank Governor Philip Lowe said. “If ever there’s a time to borrow, now is it,” the RBA chief told the Australian Broadcasting Corp.’s Four Corners program in a report on the scramble to combat …

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• 20 April

  India’s sovereign bonds rally on signs of purchases by RBI

  

  Bloomberg Sovereign bonds in India rallied after data showed the central bank bought debt earlier in the month, fuelling speculation that it will do more to support a market worried about record government borrowings. The yield on the benchmark 10-year debt fell 14 basis points to 6.21%, its biggest drop in a month. The 6.18% 2024 debt fell 21 basis …

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