OPENING CALL: The Australian share market is expected to open higher.
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OPENING CALL: The Australian share market is expected to open higher.
Luckin has touted itself as China’s largest coffee chain by stores. It opened stores faster than Starbucks Corp., doubling its valuation to $12 billion eight months after going public. But it admitted to faking sales numbers on April 2, sending its stock plunging 75% overnight.
Apple Inc. said it would re-close nearly a dozen stores across four states where cases of the coronavirus have climbed, showing wariness in the business community about the safety of reopening in some places.
Australian Market
US Market
U.S. stocks gave up gains to finish lower after Apple said it is closing some stores in Florida, Arizona and other states due to a rise in coronavirus cases, stoking fears of another lockdown.
The Dow Jones Industrial Average fell 0.8%. It had been up more than 300 points after the opening bell. The S&P 500 dropped 0.6%, while the tech-heavy Nasdaq Composite added less than 0.1%. The market has been sensitive to any indications that a second wave of infections is under way, out of fear that it could lead to new lockdowns, reversing the trend toward reopening the U.S. economy that has lifted the stock market in recent weeks.
Commodities
Gold futures ended higher, reaching a gain for the week, with haven demand for the precious metal getting a boost as investors continued to grow wary of the rise in COVID-19 cases in China and the U.S.
Oil Futures
Oil prices climbed, sending U.S. crude back near $40 a barrel with traders hopeful that global fuel demand will rebound more quickly than anticipated. U.S. crude futures for delivery in July rose 2.3% to $39.75 a barrel, recording for their highest close since early March. Prices started the year above $60, briefly collapsed below $0 for the first time ever in late April due to a global glut of oil and are now rebounding with drivers returning to the road and producers curtailing supply.
Forex
European Markets
Asian Markets
Earlier in the day, markets in the Asian-Pacific region rose as investors bet the global economic recovery will continue, despite continued Covid flare-ups. Mainland China stocks ended higher, extending the rebound that started Tuesday. The
benchmark Shanghai Composite Index rose 1.0% to settle at 2967.63, while the Shenzhen Composite Index grew 1.2% to 1931.10. The startup-heavy ChiNext Price Index rose the most, ending 2.4% higher at 2319.45. Japanese stocks settled 0.6% higher, led by gains in Tokyo Electron and other semiconductor-related stocks amid hopes for growing demand despite the Covid-19 pandemic.
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