May, 2020

• 3 May

  Trump looks to secure US power grid from foreign attacks

  

  Bloomberg President Donald Trump has signed an executive order aimed at securing the nation’s electricity system from foreign adversaries, a move that could restrict certain overseas companies from exporting products to the US. The order, which doesn’t name any specific countries or companies, blocks US purchases of certain power-system equipment from entities deemed a risk to national security. It empowers …

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• 3 May

  Russia’s oil output rises slightly

  Bloomberg Russia slightly increased its crude oil and condensate production in April ahead of the biggest-ever output cuts under the new Opec+ deal. The country’s producers pumped 46.45 million tons of oil last month, Interfax reported, citing preliminary data for April from the Energy Ministry’s CDU-TEK unit. The figure, which may be rounded, equates to about 11.349 million barrels a …

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• 3 May

  European stock market is losing to US in this rally

  

  Bloomberg Once again, when stocks rally, it’s Europe that’s left behind. With the S&P 500 about 30% above its March lows, the Stoxx 600 index has lagged behind with a 21% bounce, despite having fallen more than the US in the global selloff sparked by the coronavirus pandemic. The reason? For starters, there’s the market’s makeup: Europe has a large …

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• 3 May

  Dizzying week turning tables on stock market’s new buyers’ alliance

  

  Bloomberg Behind the big recovery in stocks has been a loose consortium of new and old buyers, each responding to a distinct storyline. Traders banking on the Federal Reserve, market novices bent on picking the bottom, and people convinced megacap tech is invincible. Whether they will be enough to sustain a lasting rally is the next urgent question for bulls, …

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• 3 May

  World’s oldest central bank hits ‘roadblock’ in crisis fight

  

  Bloomberg Sweden’s central bank may need to have some of its age-old laws changed if it’s to act on a pledge to do “whatever it takes” to save the economy. The Riksbank’s 352-year history gives it the distinction of being the world’s oldest central bank. But the legislation governing it has yet to catch up with the kind of policy …

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• 3 May

  BBVA reports loss on $3.8bn hit from virus

  

  Bloomberg Banco Bilbao Vizcaya Argentaria SA took a combined hit of 3.5 billion euros ($3.8 billion) for virus-related provisions and a second consecutive charge at its US business to post its biggest-ever quarterly loss. BBVA, which is focused on emerging markets in Latin America and Turkey, reported a first-quarter net loss of 1.8 billion euros. The virus impact alone accounted …

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• 3 May

  AmEx retools platinum card as Covid-19 crimps global travel

  

  Bloomberg American Express Co., long synonymous with premium travel rewards, will now offer a meditation app and credits for streaming services as the coronavirus pandemic forces its customers to stay home. As the outbreak made its way to the US, the credit-card issuer realised that many of its rewards tied to spending on airlines and hotels were becoming less relevant, …

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• 3 May

  SocGen drops as equities trading wiped out in rout

  

  Bloomberg Societe Generale SA posted a surprise first-quarter loss after income from its stock-trading unit was wiped out in the market volatility caused by the coronavirus and the bank set aside 820 million euros ($890 million) to cover bad loans. Revenue from equities trading and the business of servicing hedge funds slumped 99% to just 9 million euros in the …

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• 3 May

  Goldman gives peek into frenzy on trading desks

  

  Bloomberg Goldman Sachs Group Inc. offered a glimpse into the March madness that propelled Wall Street trading desks to their best quarterly performance in almost a decade. The firm’s traders pulled in more than $100 million on 14 separate days during the first quarter, Goldman Sachs said in a regulatory filing. Volatile markets were a boon for the business, which …

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• 3 May

  ECB bond buying is a matter of time as debt balloons

  

  Bloomberg It’s increasingly becoming a question of when, not if, the European Central Bank (ECB) will pump up its emergency bond buying program to help the most vulnerable euro-area economies avoid a deeper recession. With countries relying on borrowing to finance their response to the coronavirus pandemic, the ECB will likely take on more of that bond supply, as private …

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