China’s Mega Banks Post Rare Profit Drops on Margin Squeeze
Industrial & Commercial Bank of China Ltd., the nation’s largest lender, reported its first decline in quarterly profit in more than a year as margins continue to contract.
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Industrial & Commercial Bank of China Ltd., the nation’s largest lender, reported its first decline in quarterly profit in more than a year as margins continue to contract.
Distressed developer CIFI Holdings Group Co. said it has reached an agreement with a key creditor group on some terms of a restructuring plan that could cut the principal on its debt by as much as 85%, a reversal from the company’s expectations of “no haircut” a year ago.
Sweden’s economy posted a fourth consecutive quarter of contraction as interest-rate cuts that could spur activity in the largest Nordic nation are yet to materialize.
Brookfield Asset Management bought a controlling stake in a Dubai-based firm’s real estate unit, securing a slice of prime warehousing space in one of the world’s hottest commercial property markets.
Message to bond underwriters: Some big customers are sizing up your ESG credentials.
Jun 9, 2020
Bloomberg News
,(Bloomberg) -- Maybe it was another case of mistaken identity, or just Pavlovian enthusiasm on a day when the FANG stocks were powering up. Whatever the reason, a company called Fangdd just jumped fivefold without any news to explain it.
Fangdd Network Group Ltd., a Shenzen, China-based real estate firm that trades in the U.S. under the ticker DUO, nearly quintupled on Tuesday, jumping 395% to close at $47.06 per American depository receipt after starting the day at $10.
The stock touched as high as $129.04 -- an advance of more than 1,200% -- before prompting a trading halt that paused the stock for an hour. The momentum continued after the bell, lifting shares an additional 34%.
It’s unclear what sparked the runaway rally, which occurred in a week that’s already seen high volatility chalked up to factors from retail investors bidding up bankrupt stocks to short covering or just a fear of missing out. The Fangdd move triggered at least 14 halts for volatility throughout the day. More than 200,000 shares traded hands, about 50 times its average volume in the first five months of the year.
Meanwhile, a basket of FANG stocksthat includes Facebook, Apple, Netflix and Google parent Alphabet, added just 1.2% Tuesday.
©2020 Bloomberg L.P.