Asian share markets took a cautious turn on Wednesday as a resurgence of global coronavirus cases challenged market confidence in a rapid economic recovery, even as the rebound in U.S. retail sales in May broke all records.
The dollar was little changed on Wednesday after U.S. retail sales rose more than expected in May, although caution kept investors from aggressively buying riskier currencies like the Australian dollar.
HSBC is resuming a redundancy plan it put on ice after the coronavirus outbreak, and will cut around 35,000 jobs over the medium term, a memo seen by Reuters on Wednesday showed.
Oil prices declined on Wednesday as data showed an increase in U.S. crude and fuel inventories, raising the prospect of oversupply as a potential second wave of the coronavirus pandemic threatened to halt any recovery in demand.
There's a "healthy" pipeline of companies listing in Hong Kong, and one key trend ahead will be more tech firms who will increasingly do so, Hong Kong leaders say.
HSBC is resuming plans to cut around 35,000 jobs which it put on ice after the coronavirus outbreak, as Europe's biggest bank grapples with the impact on its already falling profits.
German airline Lufthansa warned on Tuesday that it might need to apply for creditor protection if its state-backed bailout failed to win sufficient shareholder support in a vote later this month.
Employee union Unite said it will oppose any compulsory job losses within HSBC and "work vigorously to ensure staff are heard and their jobs protected", after the bank dusted off plans to axe as many as 35,000 roles worldwide.
Saudi Aramco has completed its purchase of a 70% stake in petrochemicals company Saudi Basic Industries for $69.1 billion and extended the payment period by three years to 2028, providing a cushion against weak oil prices.
Europe's shares added to their best gains in almost a month as safety plays lost their lustre on Wednesday, with hopes of a rapid economic recovery standing firm against a resurgence of global coronavirus cases.
Oil rose on Wednesday on hopes for economic recovery and for a clinical trial showing a cheap steroid could help save some critically ill coronavirus patients but fears of a second wave of the virus curbed gains.
German airline Lufthansa warned on Wednesday that it might need to apply for protection from creditors if its state-backed bailout deal failed to win sufficient support at a shareholder vote on June 25.
When Bryan Quevedo received his U.S. government stimulus check last month, he invested $1,000 in the stock of bankrupt car rental company Hertz Global Holdings Inc .
No denying May's $73 billion rebound in U.S. retail sales was an eye-popper and is the latest fodder to fuel the red-hot "V" vs "U" debate about what kind of recovery to expect from the COVID-19 recession.
Oil fell on Wednesday on fears that COVID-19 cases could rise, but prices drew some support from stimulus measures and hopes for positive tests of a drug that could save some critically ill patients.