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France’s Renault draws down part of state-backed loan By Reuters

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© Reuters. FILE PHOTO: Logo of Renault

PARIS (Reuters) – French carmaker Renault (PA:) has drawn down part of a 5 billion-euro ($5.85 billion) loan guaranteed by the French government, put in place earlier this year to shore up its finances during the coronavirus crisis, its chairman said.

Jean-Dominique Senard did not detail how much of the loan Renault had tapped, but added that the group had ample liquidity and that it had only drawn down on the facility to make the most of the tools at its disposal.

“There will not be a single euro of public money used for Renault, I’m stating this clearly, unless the world collapses,” Senard said at an event on Thursday at which the carmaker unveiled a new design for an electric vehicle.

Renault joined several other major French companies including Air France-KLM in obtaining state-backed loans, as part of a crisis programme set in motion in France to help firms cope with the pandemic.

Its credit facility is loaned by commercial banks but carries a guarantee from the French government of up to 90% of the amount borrowed.

Financial chief Clotilde Delbos added that the loan was due to mature at year-end, and that it would have been “a bit of a shame” not to make use of it.

“We have a very good level of liquidity, there is no liquidity problem, it’s just good financial management,” Delbos said.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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Asian Stocks Over Mounting U.S.-China Tensions, Fall in U.S. Stocks By Investing.com

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© Reuters.

By Gina Lee

Investing.com – Asia Pacific stocks were down on Tuesday morning over rising tensions between the U.S. and China. The region followed the tumble in U.S. stocks as talks over the latest U.S. stimulus measures faltered and the Nov. 3 presidential election draws closer.

China’s was down 0.37% by 11:47 PM ET (3:47 AM GMT) and the inched down 0.04%. Tensions between the U.S. and China flared up after China imposed sanctions on U.S. companies, including Lockheed Martin (NYSE:), Boeing Defense and Raytheon (NYSE:) “in order to uphold national interests,” Chinese Foreign Ministry spokesman Zhao Lijian said on Monday. China’s move comes as the U.S. contemplates a potential $2.4 billion sale of U.S. anti-ship missiles to Taiwan, potentially encompassing as many as 100 Harpoon Coastal Defense Systems built by Boeing (NYSE:). The systems in turn include up to 400 land-based missiles.

On the economic front, Chinese authorities will set the nation’s next five-year plan through Oct. 29.

Hong Kong’s fell 1.30%.

Japan’s was down 0.33%. The Bank of Japan will announce its monetary policy on Thursday, with Governor Haruhiko Kuroda also due to deliver a briefing.

South Korea’s inched down 0.02% and in Australia the slid 1.72%.

House of Representatives Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin were unable to reach a consensus on the measures with White House economic advisor Larry Kudlow saying that whilst differences between the two sides “have narrowed … [but] the more it narrows, the more conditions come up on the other side,” White House economic adviser Larry Kudlow said.

“The challenge for markets is that in most cases they are already pricing a very strong economic bounce. The new [COVID-19] outbreaks, and the potential for a double-dip recession, directly contradict this [Kudlow’s] assumption,” CMC Markets chief market strategist Michael McCarthy told Reuters.

The number of COVID-19 cases continues its incessant rise, with over 43.4 million cases globally as of Oct. 27, according to Johns Hopkins University data.

“The COVID-19 case news flow has clearly resonated … the reflation trade which was working so beautifully is being part unwound, not because of election repricing, but due to the new wave of COVID-19 cases,” Pepperstone head of research Chris Weston said in a note.

President Donald Trump saw a boost to his campaign as the Senate confirmed his third Supreme Court nominee, Amy Coney Barrett, on Monday. However, polls show that Trump is trailing behind Democrat candidate Joe Biden a week left before Americans head to the polls. The U.S. will release data, including for the third quarter on Thursday, expected to be the strongest on record after seeing a record plunge in the previous quarter.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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HSBC third-quarter profit tumbles 35% as bad loan provisions rise By Reuters

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© Reuters. An HSBC bank is pictured in New York

HONG KONG/LONDON (Reuters) – HSBC Holdings PLC (L:) posted a 35% drop in quarterly profit, better than expected, as higher loan loss provisions on the economic fallout from the coronavirus pandemic were cushioned by the reining in of expenses.

Reported pretax profit for Europe’s biggest bank by assets came in at $3.1 billion for the quarter ended Sept. 30, down from $4.8 billion in the same period a year earlier.

The profit was higher than the $2.07 billion average of analysts’ estimates compiled by the bank.

While economic conditions improved in some markets in the third quarter as lockdowns were lifted and forbearance measures helped businesses and consumers, global banks’ provisions have remained high as they assess the impact of the pandemic.

Asia-focused HSBC said it expected losses from bad loans to be at the lower end of the $8 billion to $ 13 billion range it set out earlier this year.

Faced with fewer options to bolster revenue growth, HSBC has been looking to reduce costs globally and in June resumed plans to cut around 35,000 jobs it had put on ice after the coronavirus outbreak.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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Ant Group closes $17.2 billion Hong Kong IPO book early amid strong demand: sources By Reuters

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© Reuters. FILE PHOTO: The logo of Ant Financial Services Group, Alibaba’s financial affiliate

By Scott Murdoch

HONG KONG (Reuters) – Ant Group (HK:) will close its Hong Kong institutional book building one day early as it aims to raise about $17.2 billion in the city, according to two sources with direct knowledge of the matter.

The book was due to close on Thursday, but that deadline will be accelerated to Wednesday 5pm in each region.

The order book was oversubscribed one hour after the launch on Monday, two people with direct knowledge of the matter said.

Ant Group declined to comment on the early closure.

The sources asked not be identified as they were not authorised to comment to media.

The Chinese fintech giant is looking to raise up to $34.4 billion in a dual listing in Hong Kong and Shanghai, with the offer split between the two exchanges.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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