Shares in Asia Pacific rose in Tuesday morning trade, with Japan’s Nikkei 225 up 1.75%.
Investors await the release of China’s official manufacturing PMI for June, set to be released around 9:00 a.m. HK/SIN on Tuesday.
Developments surrounding the coronavirus pandemic will also continue to be watched, with World Health Organization chief Tedros Adhanom Ghebreyesu warning Monday that “the worst is yet to come.”
“We could see inflows supported by a growing of perception of Singapore as a safe haven amid geopolitical and economic uncertainties in the region,” Morgan Stanley analysts Wilson Ng and Derek Chang wrote in a report last week.
Money has been increasingly flowing into the city state in the past year.
Valuations for Singapore stocks have bottomed, says Morgan Stanley, but it said that a “sustained rebound is underway.”
Organizers of the Geneva auto show in Europe have canceled next year’s event due to the coronavirus pandemic.
They also announced plans to sell the operations to the local conference center that annually hosts the car show.
The decisions come as many automakers re-evaluate spending on advertising and marketing, including vehicle launches and auto shows.
Tesla shares have outperformed other major tech and auto stocks since it went public exactly 10 years ago.
The stock has had plenty of ups and downs along the way, including a big drop after CEO Elon Musk tweeted that he had “funding secured” to take the company private.
But shares have rallied this year since the company’s new factory in China came online.
China sent the last satellite to space on Tuesday to complete its global navigation system that will help wean it off U.S. technology in this area.
The network known as Beidou, which has been in the works for over two decades, is a significant step for China’s space and technology ambitions.
Beidou is a rival to the U.S. government-owned Global Positioning System (GPS), which is widely-used across the world.
The deal is the single-largest energy infrastructure investment in the region, and the biggest in the world in 2020. It brings $10.1 billion in foreign direct investment to the UAE.
The six companies involved are Global Infrastructure Partners, Brookfield Asset Management, Singapore’s sovereign wealth fund GIC, Ontario Teachers’ Pension Plan Board, NH Investment & Securities and Snam.
As part of the agreement, the consortium will acquire a 49% stake in a newly-formed subsidiary, ADNOC Gas Pipeline Assets, with lease rights to 38 pipelines. ADNOC will hold the majority stake of 51% and will retain ownership of the pipelines.
According to S&P Global Ratings, social bond issuance has quadrupled so far this year as conscious investors combine purpose with profit.
Social bonds are already being used to address rising inequalities created by the coronavirus pandemic.
Morgan Stanley says $32 billion dollars of social and sustainability bonds were issued in April 2020 alone.
The net short position in E-mini S&P 500 futures is growing and is now at a level it was last at in 2011.
The short position could be a contrarian signal for the market, meaning stocks could keep rising.
However, one analyst says the theory that the herd mentality is wrong and stocks could go higher anyway may not work this time.
The final day of June is a week away, and Wall Street is already speculating that there’s the potential some asset allocators, like pension funds, could take the big gains from the stock market and move them into bonds.
There’s a wide range of views about how much selling could hit the stock market, but some strategists say the resulting market move may not be that big after all because of prior selling and action in the derivatives market.
The amount of pension fund rebalancing is estimated in a wide range, with some estimates from $35 billion to $76 billion.
Wells Fargo estimates the rebalance into bonds could be the largest in six years.
Spotify – Shares of the music streaming company jumped more than 12% to a new all-time intraday high following a report from the Wall Street Journal that Spotify has inked an exclusive deal with Kim Kardashian West for a criminal justice podcast. The company also announced a deal with DC Comics. The stock has gained more than 73% this quarter, putting it on track for its best quarter on record.
Read MoreManhattan apartment deals plunged more than 80% in May compared with a year ago, according to a report from Miller Samuel and Douglas Elliman.
The high-end is getting hit hardest. Contracts for apartments priced at more than $5 million fell by 90%.
By contrast, South Florida saw a strong surge in May, especially for stand-alone homes.
“When a rally has leaders from many different groups, [we] say it has good breadth,” CNBC’s Jim Cramer said.
The “Mad Money” host explained how 10 bull patterns in the market are taking stocks on Wall Street higher, “and the better breadth we have the more kissable this market is, and that’s what we’re actually seeing right now.”
The 10 bull markets “will keep working as America reopens,” Cramer said.
The possibility of a broader armed conflict between India and China is unlikely, analysts said, despite an escalation in recent border clashes high in the Himalayas that led to casualties for the first time in more than four decades.
India’s foreign ministry said a “violent face-off” occurred on Monday evening along the border in the Galwan Valley in Ladakh, where soldiers from both sides have been locked in a standoff since last month.
Both countries face a number of domestic challenges that are likely to preoccupy the focus for New Delhi and Beijing — including an economic fallout from the coronavirus pandemic.
The proposal kicks off a discussion period that lasts until September.
State influence has often been discussed in the EU, but the ongoing pandemic has made the issue even more pressing as many businesses are struggling for cash.
“There is a lot of money coming into the union,” Vestager told reporters, adding that this is why her team needs new tools to oversee it.
A coronavirus model once cited by the White House now projects that more than 200,000 Americans could die of Covid-19 by Oct. 1.
The revised forecast from Institute for Health Metrics and Evaluation at the University of Washington is an increase of 30,000 deaths since last week’s projection.
The institute also projects an increase in the number of hospital beds and ventilators that will be needed starting in September.
As states across the country move further along their reopening and relax social-distancing measures, they are beginning to see spikes in new cases and hospitalizations.
The Bank of England announces its latest monetary policy decision on Thursday, with analysts broadly expecting an expansion of its asset purchase program.
Since the start of the pandemic, the BOE has cut rates twice from 0.75% to 0.1% and announced £200 billion ($247.55 billion) of new quantitative easing, bringing its bond-buying program to a total of £645 billion.
States may need to reimplement the strict social distancing measures that were put in place earlier this year if U.S. coronavirus cases rise “dramatically,” the CDC said.
“Right now, communities are experiencing different levels of transmission occurring, as they gradually ease up onto the community mitigation efforts and gradually reopen,” one CDC official said.
Around the world, cities and towns are getting bigger, with people moving in search of economic opportunity.
In the years ahead, urban areas could have a role to play when it comes to strengthening food security.
European countries have battled over a plan to raise 750 billion euros ($847 billion) in public markets since the European Commission presented the idea in late May.
However, European Commissioner Paolo Gentiloni said he is “confident” that member states will bridge their differences.
As the economy reopens and stocks begin to bounce back from coronavirus-related lows, it could make sense to follow the stock picks of analysts with a proven track record of success. Here we used TipRanks analyst ranking service to pinpoint Wall Street’s best-performing analysts. The site uses a natural language-processing algorithm to rank and track the latest recommendations from over 6,700 analysts.
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