OPEC and BP Signal Pessimism in Oil Markets

William Arsn

Here’s what you need to know: The Organization of the Petroleum Exporting Countries said Monday that it was cutting back slightly its forecast for demand for crude for 2020 and 2021, another sign of new pessimism in the oil markets. The trim amounts to around a half-percent of global demand, […]

UBS Chairman Is Said to Mull Merger With Credit Suisse

William Arsn

Shares of UBS  (UBS) – Get Report and Credit Suisse  (CS) – Get Report rose on Monday after a media report said UBS Chairman Axel Weber was examining the possibility of a merger between the two Swiss banking giants. The coronavirus pandemic and low or negative interest rates have buffeted banks around […]

BP Says Oil Demand May Have Already Peaked. Why That’s Not Bad News For Investors.

William Arsn

Text size Agence France-Presse/Getty Images BP projected Monday that global oil demand may have already peaked, marking the latest development in the supermajor’s strategy to transition away from fossil fuels to renewable energy. BP shares fell 2.1{5667a53774e7bc9e4190cccc01624aae270829869c681dac1da167613dca7d05} in London trading and its stock is down 46{5667a53774e7bc9e4190cccc01624aae270829869c681dac1da167613dca7d05} year-to-date, similar to other […]

Buffett’s Berkshire slashes Wells Fargo stake

William Arsn

FILE PHOTO: Berkshire Hathaway Chairman Warren Buffett seen at the annual Berkshire shareholder shopping day in Omaha, Nebraska, U.S., May 3, 2019. REUTERS/Scott Morgan (Reuters) – Warren Buffett’s Berkshire Hathaway Inc BRKa.N said on Friday it had cut its Wells Fargo & Co WFC.N stake to 3.3{5667a53774e7bc9e4190cccc01624aae270829869c681dac1da167613dca7d05}, further reducing what […]

Hedge Funds Shift Out Tech and Health Care, Making a Cyclical Bet.

William Arsn

Illustration by Elias Stein Text size Hedge funds shifted from market-leading technology and health-care investments in the second quarter, adding to bets on a cyclical recovery with larger positions in industrial and financial shares—and cheaper relative valuations in the market. Goldman Sachs analysts recently compiled holdings of 815 hedge funds […]

Beijing to Build Pilot Free Trade Zone to Further Open Up Services Industry

William Arsn

China’s central government will support Beijing in setting up a pilot free trade zone characterizing scientific and technological innovation, opening up of the services sector and the digital economy. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200904005527/en/ The decision was announced at the opening of the 2020 […]

China’s Xi promises more market opening at trade fair

William Arsn

BEIJING (AP) — President Xi Jinping pledged to open China’s service industries wider to foreign competitors as its first in-person trade fair since the coronavirus outbreak opened under intensive anti-disease controls. Xi gave no details in his speech Friday night, but Chinese leaders are emphasizing development of tourism, retailing and […]

Etsy gets into S&P 500, Tesla does not

William Arsn

By Noel Randewich © Reuters/ARND WIEGMANN FILE PHOTO: Logo of Tesla is seen at a branch office in Bern (Reuters) – Shares of Tesla tumbled 7{5667a53774e7bc9e4190cccc01624aae270829869c681dac1da167613dca7d05} in extended trade on Friday after the electric car maker was excluded from a group of companies being added to the S&P 500, among […]