Connect with us

Top Stories

IG, THE WORLD-LEADING PROVIDER OF FINANCIAL DERIVATIVES, EXTENDS OUT- OF- HOURS TRADING ON KEY US STOCKS AHEAD OF RESULTS SEASON

Published

on

bmonline

With the US markets moving into their busiest time during their quarterly reporting cycle, IG has extended its opening hours so people in the UK can trade on the US markets during its busiest period.

This builds on the service it set up last quarter when it enabled UK traders to participate in the US markets.  This reporting season is expected to be just as busy with growing nervousness in the US markets and speculation that tech stocks may be overvalued in the medium term.

Today IG has extended the offering even further with 24 leading US stocks available to trade out of hours, including Google and Yahoo; heavyweight stocks which have undergone some notable volatility of late.  The service will be open between 9.00pm and 1.00am UK time, Monday to Thursday and until 10.00 pm on Fridays.

Brenda Kelly, Chief Market Strategist, IG said: “This is a busy time for traders with the US reporting season upon us. Most in focus will be the banking and technology sector. Investors have fretted over the turmoil in emerging markets, the crisis in Ukraine and of course the reduction in Federal Reserve stimulus. The US banks will clearly have seen some issues arising from the decline in emerging economies and the decline in capital markets and trade volumes may well affect revenues.

“There is no escaping the fact that the financial markets have encountered and there’s been some feeling that the valuations of certain tech stocks have been getting too extended. As in the UK, those companies considered to be trading a premium will feel vulnerable in the present market volatility.

“We saw a great level of interest in extended hours trading last time around and we expect this to continue. We have also extended the number of US stocks available including Cisco Systems Inc, Exxon Mobil Corp, Ford Motor co and Telsa Motors Inc to the list.

“By offering out of hours trading, our clients have greater access and flexibility to key equities ensuring that all are able to react as quickly as possible to any positive or indeed adverse market developments.”

 The following stocks are available for out of hours trading on IG from 9am to 1am Monday to Thursday and 9am to 10pm on Fridays (UK time):

JPMorgan Chase & Co, 11 April

Citigroup Inc, 14 April 2014

Intel Corp, 15 April 2014

Yahoo! Inc, 15 April 2014

Bank of America, 16 April 2014

Google, 16 April 2014

International Business Machines Corp, 16 April 2014

General Electric Co, 17 April 2014

Goldman Sachs Group Inc, 17 April 2014

Caterpillar Inc, expected 22 April 2014

McDonald’s Corp, 22 April 2014

Apple, 23 April 2014

Facebook, 23 April 2014

Microsoft Corp, 24 April 2014

Amazon.com Inc, expected 25 April 2014

eBay Inc, 29 April 2014

Ford Motor Co, expected 29 April 2014

Twitter Inc, 29 April 2014

Exxon Mobil Corp, 1 May 2014

American International Group Inc, 5 May 2014

Tesla Motors Inc, expected 8 May 2014

Cisco Systems Inc, expected 15 May 2014

Hewlett-Packard Co, 22 May 2014

Oracle Corp, expected 20 June 2014

Complete list here: https://www.ig.com/uk/out-of-hours-shares 

Normal margin requirements apply during the extended hours. Clients are required to show they have sufficient funds in their account to cover any open positions on these markets, as stops, limits and orders to open can be triggered during these times.

Top Stories

Exclusive: Portugal sees green hydrogen output by end-2022, $12 billion in investment lined up

Published

on

Exclusive: Portugal sees green hydrogen output by end-2022, $12 billion in investment lined up 1

By Sergio Goncalves

LISBON (Reuters) – Portugal will start producing green hydrogen by the end of 2022 and already has private investment worth around 10 billion euros ($12 billion) lined up for eight projects that are expected to move forward, Environment Minister Joao Matos Fernandes said.

He told Reuters in a telephone interview there were also several “pre-contracts for the purchase and assembly of electrolysers” to produce the zero-carbon fuel made by electrolysis out of water using renewable wind and solar energy.

Such hydrogen is more expensive to extract than the heavily polluting conventional method of using heat and chemical reactions to release hydrogen from coal or natural gas, known as brown and grey hydrogen respectively.

Hydrogen is now mostly used in the oil refining industry and to produce ammonia fertilisers, but sectors such as steelmaking, transportation and chemicals are beginning to develop large-scale hydrogen applications to gradually replace fossil fuels as countries try to reduce pollution.

The European Commission has mapped out a plan to scale up green hydrogen projects across polluting sectors to meet a net zero emissions goal by 2050 and become a leader in a market analysts expect to be worth $1.2 trillion by that date.

“By the end of 2022, there will certainly be green hydrogen production in Portugal,” Matos Fernandes said. “Green hydrogen will, over time, allow Portugal to completely change its paradigm and become an energy exporting country.”

He said seven groups had submitted applications under Europe’s IPCEI scheme for common-interest projects to make part of a planned export-oriented “hydrogen cluster” near the port of Sines, from where hydrogen could be shipped to Rotterdam. Total investment there is estimated at some 7 billion euros.

A consortium including Portugal’s main utility EDP, oil company Galp, world’s largest wind turbine maker Vestas, among others, is behind one of the projects.

In Estarreja in north Portugal, local firm Bondalti Chemicals aims to invest 2.4 billion euros in a hydrogen plant.

Altogether, these envisage an installed capacity of over 1,000 megawatts (MW).

Matos Fernandes said Portugal was also negotiating with Spain the construction of a pipeline for renewable gases, including hydrogen, from Sines to France, crossing Spain.

LITHIUM PLANS

Spain and Portugal also want to develop an ambitious cross-border lithium project taking advantage of the geographical proximity of their lithium deposits and aiming to cover the entire value chain from mining to refining, cell and battery manufacturing to battery recycling, he said.

Portugal is already a large producer of low-grade lithium mainly for the ceramics industry, but is preparing to make higher-grade metal used in electric car batteries.

A much-awaited licensing tender for lithium-bearing areas that has been delayed by the COVID-19 pandemic should take place by the year-end, Matos Fernandes said.

He promised the tender would address environmental concerns by local communities and there would be no lithium mining “at any cost”.

The minister also said Portugal would use its six-month presidency of the Council of the European Union to finalise a landmark law that would make the bloc’s climate targets irreversible and speed up emissions cuts this decade, expecting it to be approved in the first half of 2021.

(Reporting by Sergio Goncalves; Editing by Andrei Khalip and David Evans)

 

Continue Reading

Top Stories

Under fire in EU, AstraZeneca CEO says ‘hopefully’ will meet vaccine supply goals

Published

on

Under fire in EU, AstraZeneca CEO says 'hopefully' will meet vaccine supply goals 2

BRUSSELS (Reuters) – AstraZeneca boss Pascal Soriot said on Thursday he hoped to meet the European Union’s expectations on the number of COVID-19 vaccines the company can deliver to the bloc in the second quarter, after big cuts in the first three months of the year.

The Anglo-Swedish drugmaker has been under fire in the EU for its delayed supplies of shots to the 27-nation bloc, which ordered 300 million doses by the end of June.

“We are working 24/7 to improve delivery and hopefully catch up to the expectations for Q2,” Soriot told EU lawmakers in a public hearing.

Under its contract with the EU, the company has committed to delivering 180 million doses in the second quarter.

Soriot did not mention the 180 million target, but said he was confident the company will be able to increase production in the second quarter using factories outside the EU that had no production problems, including in the United States.

He confirmed the company was trying to get 40 million doses of the COVID-19 vaccine to the EU by the end of March, which is less than half the amount it promised for the quarter in its contract.

The EU, which has fallen far behind the United States and former member Britain in vaccinating its public, has repeatedly urged the firm to deliver more.

Lower-than-expected yields – the amount of vaccine that can be produced from base ingredients – at its factories hurt output in the first three months.

Asked about supplies to Britain, which relies on the same factories used by the EU, Soriot said the former EU member with a population of around 66 million was smaller, and noted that most doses produced in the EU were used to serve the EU which has a population of about 450 million.

Executives from rival drugmakers that have developed or are testing COVID-19 vaccines, including Moderna Inc and CureVac NV were also part of the panel.

But most questions were directed at Soriot amid anger that the company has failed to deliver promised vaccine quantities to the bloc on schedule.

Moderna Chief Executive Officer Stephane Bancel said the company has experienced fluctuations as the U.S. biotech group ramps up output of its COVID-19 vaccine.

He said usually a company would stockpile product ahead of a launch, but it is shipping every dose it makes, leaving it without any spare inventory.

His comments came a day after the company increased its output target for this year and 2022 as it invests in additional manufacturing capacity.

(Reporting by Josephine Mason in London and Francesco Guarascio in Brussels; Editing by Susan Fenton, Bill Berkrot and Keith Weir)

 

Continue Reading

Top Stories

Shift to sun, ski and suburbs gives Airbnb advantage over hotels

Published

on

Shift to sun, ski and suburbs gives Airbnb advantage over hotels 3

By Ankit Ajmera

(Reuters) – Airbnb’s quarterly results are likely to show the pandemic may have helped the home rental company lure leisure travelers away from big hotels during the global travel collapse of 2020.

Weary of being locked up in their homes for months, travelers hit the road and booked homes and cottages on Airbnb, while avoiding flights and downtown hotels, analysts said.

Airbnb accounted for 18% of the total U.S. lodging revenue in 2020, up from 11.5% in 2019, data from hotel analytics provider STR and vacation rental data company AirDNA showed.

It outperformed the hotel industry and online travel agents such as Expedia and Booking.com thanks to its greater offer of ‘sun, ski, and suburban’ rental homes, Cowen & Co analysts said.

Shift to sun, ski and suburbs gives Airbnb advantage over hotels 4

(Graphic: Airbnb grabs bigger share of U.S. lodging market in pandemic: https://graphics.reuters.com/AIRBNB-RESULTS/yxmpjxqdopr/chart.png)

For an interactive graphic, click here: https://tmsnrt.rs/3pPbQwH

THE CONTEXT

In 2019, about 90% of Airbnb’s bookings came from leisure travels compared with about 20%-30% for large hotels chains, including Marriott and Hilton, that rely on business travel to grow their profits.

“Unfortunately, the hotel operators do not have as much supply in locations where people are willing to travel,” said Jamie Lane, vice president of research at AirDNA.

Lane said with mass vaccinations later in the year, the share of alternative accommodations including Airbnb will drop before continuing to grow at 2%-3% per year once normal travel patterns return.

Shift to sun, ski and suburbs gives Airbnb advantage over hotels 5

(Graphic: Airbnb U.S. sales against top hotels: https://graphics.reuters.com/AIRBNB-RESULTS/gjnpwzkdbvw/chart.png)

For an interactive graphic, click here: https://tmsnrt.rs/3dPKvsd

THE FUNDAMENTALS

* The San Francisco-based company is expected to report gross bookings of $23.10 billion in 2020, down from about $38 billion a year earlier, according to the mean estimate of 12 analysts according to Refinitiv; gross bookings are seen rising by 50% in 2021.

* Analysts’ mean estimate for Airbnb’s full-year net loss is $3.52 billion, bigger than a loss of $674.3 million a year earlier. Full-year revenue is expected to drop 32% to $3.27 billion.

WALL STREET SENTIMENT

* Of 34 brokerages, 20 rate Airbnb’s stock “hold”, 12 “buy” or higher and two “sell” or lower

* Wall Street’s median 12-month price target for Airbnb is $156​, about 22% below its last closing price of $200.20.

* The company’s stock has nearly tripled since listing in December

Shift to sun, ski and suburbs gives Airbnb advantage over hotels 6

(Graphic: Airbnb’s stock has nearly tripled since debut: https://graphics.reuters.com/AIRBNB-RESULTS/jznpnoqrlvl/chart.png)

For an interactive graphic, click here: https://tmsnrt.rs/3dG2lOd

(Reporting by Ankit Ajmera in Bengaluru; Editing by Sweta Singh and Saumyadeb Chakrabarty)

Continue Reading
Editorial & Advertiser disclosureOur website provides you with information, news, press releases, Opinion and advertorials on various financial products and services. This is not to be considered as financial advice and should be considered only for information purposes. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third party websites, affiliate sales networks, and may link to our advertising partners websites. Though we are tied up with various advertising and affiliate networks, this does not affect our analysis or opinion. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you, or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish sponsored articles or links, you may consider all articles or links hosted on our site as a partner endorsed link.

Call For Entries

Global Banking and Finance Review Awards Nominations 2021
2021 Awards now open. Click Here to Nominate

Latest Articles

Newsletters with Secrets & Analysis. Subscribe Now