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All Eyes On Washington, Wall Street Aims To Open Positive

October 9, 2020

(RTTNews) – The developments in Washington might be the focus on Friday as the investors are looking ahead to a better economy.

Initial signs from the U.S. Futures point to a positive open for Wall Street.
Asian shares finished mostly higher, while European shares are trading up.

As of 8.10 am ET, the Dow futures were adding 111.00 points, the S&P 500 futures were up 14.75 points and the Nasdaq 100 futures were progressing 41.75 points.

The U.S. major averages all ended Thursday in positive territory. The Dow rose 122.05 points or 0.4 percent to 28,425.51, the Nasdaq climbed 56.38 points or 0.5 percent to 11,420.98 and the S&P 500 advanced 27.38 points or 0.8 percent to 3,446.83.

On the economic front, the Commerce Department’s Wholesale Inventories for August will be issued at 10.00 am ET. The consensus is for an increase of 0.5 percent, while it was down 0.3

Japan’s Koizumi Eyes Reform in a $15 Billion Power Market

October 7, 2020

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(Bloomberg) — In a couple of years, Japan will be paying the highest rates in the world to incumbent power utilities simply for maintaining generation capacity, including coal and nuclear plants, to help meet electricity demand in times of scarcity.

That windfall comes at a time when Japan is seeking to liberalize its market, encourage new entrants and boost the use of renewables. That’s why the extra billions to traditional power plants don’t sit right with Environment Minister Shinjiro Koizumi, who said Tuesday the system should be reformed so that it helps expand Japan’s clean energy capacity.

“I have heard from new entrants in power retailing that the system could deal a serious blow to their businesses,” Koizumi said during a briefing in Tokyo. “It needs to be reformed so that it will promote expansion of clean energy.”

Shinjiro Koizumi wearing a suit and tie: Japan’s Koizumi to Propose Expanded 2030 Emissions Cut Goal

© Bloomberg
Japan’s Koizumi to Propose Expanded 2030 Emissions Cut Goal

Shinjiro

Japan eyes stress test on major banks to gauge impact of COVID-19 on capital

October 6, 2020

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By Leika Kihara

TOKYO, Oct 6 (Reuters) – Japan plan to conduct stress tests on its five major financial institutions this year that look into how the coronavirus pandemic could affect their earnings and capital, the central bank said on Tuesday.

Unlike many Western nations, where regulators stress tests many banks simultaneously based on standardised risk scenarios, Japan had relied on stress tests conducted individually by each bank.

As prolonged ultra-low interest rates prod major banks to diversify operations in search of yields, however, Japanese authorities decided to align their approach to that of their overseas counterparts, the Bank of Japan (BOJ) said in a report.

For the first time, the BOJ and banking regulator Financial Services Agency (FSA) conducted joint stress tests on five major financial institutions in December, it said.

The regulators presented its findings to the five institutions – Japan’s three megabanks plus Norinchukin Bank and

Pfizer to buy 9.9% of CStone for $200 million, eyes collaboration

September 30, 2020

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FILE PHOTO: A sign is pictured outside Pfizer Headquarters in the Manhattan borough of New York City, New York, U.S., July 22, 2020. REUTERS/Carlo Allegri

HONG KONG (Reuters) – CStone Pharmaceuticals said on Wednesday a unit of Pfizer Inc PFE.N had agreed to buy a 9.9% stake for HK$1.55 billion ($200 million), as the Hong Kong-listed biopharmaceutical firm seeks to improve the commercialisation of its products.

The news sent the Hong Kong-listed stock up as much as 39.6% to HK$12.98, the highest since October 2, 2019. The stock is on track for a fourth straight session of gains, and the best day since listing in February 2019.

Shanghai-based CStone said the deal would allow it to focus on product development and strengthen its ability to commercialise CS1001 – an anti-PD-L1 monoclonal antibody.

Pfizer Corporation had agreed to buy 115.93 million new shares of China-based CStone at HK$13.37 apiece, representing 43.8%

South Africa’s rand steady, eyes on U.S. presidential debate

September 29, 2020

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JOHANNESBURG, Sept 29 (Reuters) – South Africa’s rand held steady versus the dollar early on Tuesday as financial markets braced for the first U.S. presidential debate, and traders awaited local second-quarter unemployment statistics.

At 0610 GMT, the rand ZAR=D3 traded at 17.0425 per dollar, not far off its close of 17.0500 on Monday.

The market was looking towards Tuesday’s debate in the United States between President Donald Trump and challenger Joe Biden, for hints of their policy plans.

Markets are also braced for South Africa’s second-quarter labour force survey due at 0930 GMT, which is expected to show a jump in the unemployment rate due to the impact of the coronavirus lockdown.

The unemployment rate hit a record high of 30.1% in the first quarter, highlighting weakness in the economy even before it was battered by the COVID-19 pandemic.

In fixed income, the yield on the benchmark bond due in

PRECIOUS-Gold edges higher on dollar retreat, eyes on Trump-Biden debate

September 29, 2020

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Sept 29 (Reuters) – Gold edged higher on Tuesday buoyed by a
softer dollar, with investors focusing on the first U.S.
presidential debate and progress on a new U.S. stimulus bill.

FUNDAMENTALS

* Spot gold rose 0.15% to $1,883.69 per ounce by 0058
GMT. Prices rose 1.1% in the previous session, its biggest
one-day gain since late August.

* U.S. gold futures were up 0.4% at $1,889.70.

* The dollar index was down 0.1% against rivals,
having recorded its biggest daily percentage drop in a month on
Monday. [USD/]

* A weaker dollar makes gold cheaper for holders of other
currencies.

* President Donald Trump and former Vice President Joe Biden
will square off in their first presidential debate later in the
day, with five weeks to go until the Nov. 3 general
election.

* U.S. House of Representatives Speaker Nancy Pelosi said on
Monday that Democratic lawmakers unveiled a

Japan’s NTT eyes taking wireless unit Docomo private in potential $38 billion offer

September 29, 2020

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By Sam Nussey and Makiko Yamazaki

TOKYO (Reuters) – Japan’s Nippon Telegraph and Telephone Corp (NTT) said it is looking at taking full control of its wireless carrier business in a deal that could be worth around 4 trillion yen ($38 billion) and pave the way for price cuts in the sector.

The buyout will be discussed at a board meeting on Tuesday, NTT said in a statement following a Nikkei newspaper report on the matter. The value of the 34% of NTT Docomo Inc’s shares not owned by NTT is based on a 30% premium to Monday’s closing price, Reuters calculations showed.

FILE PHOTO: The logo of NTT Docomo is seen during its flagship shop's reopening event in Tokyo

© Reuters/TORU HANAI
FILE PHOTO: The logo of NTT Docomo is seen during its flagship shop’s reopening event in Tokyo

The move comes as Japan’s new prime minister Yoshihide Suga launches a fresh

The Finance 202: Big business eyes more wins with padded conservative majority on Supreme Court

September 26, 2020

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Yet the court is also primed to rule on a slate of issues pitting big-business interests against consumers and workers – with sweeping consequences for the balance of power between them.

This court already treats business interests more favorably than any in nearly a century, some scholars argue. In its 2017 term, the court returned pro-business decisions in more than 80 percent of the cases in which they were at stake, according to an analysis by Adam Feldman, author of the Empirical SCOTUS blog.

That was before Brett Kavanaugh replaced Anthony Kennedy on the court, advancing the court’s rightward shift. Trump’s pick is primed to cement that evolution. Per Feldman’s analysis, the late Ruth Bader Ginsburg was the least business-friendly justice from 2015 through 2017:

Adding another justice likely to side with the corporate agenda, public-interest lawyers who argue before the court say, will make it harder for consumer and