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This week is the busiest week of the second-quarter earnings season with roughly one-third of the S&P 500 companies reporting their earnings. Based on the blended analysis that includes the actual earnings for the companies that have reported and estimated earnings for the companies yet to report, FactSet forecasts a 42.4% year over year fall…
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Huawei, the global leader in 5G technology, has passed Samsung to become the world’s largest smartphone company in the second quarter. While customers outside China might be wary of Huawei, strong growth in China helped Huawei claim the leading spot among global smartphone companies. Huawei shipped 55.8 million devices in the second quarter of 2020,…
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Google’s $2.1bn bid for fitness tracker maker Fitbit is set to face a full-scale European antitrust investigation. The European Commission will launch the probe next week to explore how Google proposes to handle the healthcare data collected by Fitbit, according to news agency MLex citing people familiar with the matter on Thursday. Alphabet unit Google…
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Investors poured hundreds of millions in US-listed exchange-traded funds (ETFs) that track Chinese stocks last week, betting on the country’s swift economic recovery despite being at the epicenter of the coronavirus pandemic. Chinese stock ETFs grew by $273.9m during the week ended on 24 July, while the country’s bond ETFs drew $2.4m, for a total…
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Gold rallied to a new record high of $1,944 per ounce on Monday, breaching its previous all-time high of $1,921 per ounce that it hit in 2011. The US dollar meanwhile fell to multi-year lows. Gold, viewed as a safe haven, has been among the best performing asset class this year and is up 27%…
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Carlyle Group co-chief executive Glenn Youngkin (pictured, left) announced he is stepping down after less than three years at the helm. This move will see Kewsong Lee (pictured, right) taking over as sole chief executive of the private equity giant in the middle of the coronavirus pandemic. The abrupt exit, announced last Tuesday, leaves the…
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The value of the US dollar could be about to take a U-turn as it approaches its lowest level since March, based on technical indicators. The greenback – tracked by the US dollar index (DXY) – has been under downward pressure as a spike in coronavirus cases in the North American country and a massive…
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The US economy is headed for a double-dip recession, which means that the pandemic recovery would be W-shaped and not V-shaped as stock markets seem to believe, warned leading economist Stephen Roach (pictured). “The odds of a relapse, not just the virus but in the economy itself — the so-called dreaded double-dip, is very real,”…
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Gold prices moved above $1,850 per ounce, just short of its all-time highs while silver jumped more than 7% to the highest level since 2013, as investors flocked to safe-haven assets amid the pandemic. Gold touched an intraday high of $1,865 per ounce in early trading on Wednesday, not far from its all-time high of…
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On-the-run Wirecard executive Jan Marsalek (pictured) used Bitcoin to fund his escape to Russia where he is under security service protection. Marsalek is a central figure in the collapse of the German fintech payments company, which filed for insolvency last month with debts of €4bn, after the discovery a €1.9bn accounting black hole that auditor…
