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For years, hedge funds are known to buy shares of companies set to sell themselves but the global COVID-19 pandemic has now forced funds to do the opposite, The Wall Street Journal reported. Merger-arbitrage bets Hedge funds that buy shares of a target company typically engage in what is called merger-arbitrage. A company agrees to sell itself for a set price on a set date but if the stock trades below the buyout price it presents an arbitrage op…

Eli Lilly and Co. (NYSE: LLY) announced on Monday that it has started human testing of its potential COVID-19 vaccine. The drugmaker said that participants of its early-stage trial have already received a dosage of the vaccine. Eli Lilly’s potential treatment marks the first antibody-based vaccine for COVID-19 that has approached human trials. The novel respiratory disease caused by the Coronavirus has so far infected more than 6.2 million people…

Private equity firms KKR, Providence, and Cinven, launched a £2.66 billion friendly bid on Monday to purchase Spain’s MasMovil (BME: MAS). Following the news, shares of the telecom operator were reported to have surged over 20% in the stock market. At £20.54 per share, Masvomil is currently more than 10% up year to date in the stock market after recovering from the COVID-19 driven downward rally that resulted in a low of £10.94 per share in March…

Hyundai Motor (KRX: 005380) revealed on Monday that its provisional sales in May came in 39% lower as compared to the same month last year. The company sold a total of 217,519 vehicles globally in May. Hyundai attributed the slump in its global sales to the Coronavirus pandemic that weighed on demand and pushed the company into temporarily closing its production factories in recent months to minimise the fast spread of the flu-like virus. Before…

The Australian dollar is the best-performing currency in the developed world today as investors focus on the improving business conditions in Australia and China. Investors are also focused on the RBA interest rate decision that will be released tomorrow. The AUD/USD is up by 1% and is trading at 0.6730 while the GBP/AUD and EUR/AUD are trading at 0.5432 and 0.6054, respectively. Australia manufacturing PMI The manufacturing sector in Australia c…

The GBP/USD pair rose by more than 50 basis points as investors reacted to the latest manufacturing PMI data. The market brushed-off a recent warning from Deutsche Bank on the pound. It is trading at 1.2400, which is the highest it has been since May 11. GBP/USD rises as manufacturing activity improves The manufacturing sector in the U.K. continued to deteriorate in May as more people continued to stay at home. According to Markit, manufacturing…

The EUR/USD pair pared earlier gains as investors reacted to relatively weak manufacturing PMI data. The pair is trading at 1.1135, which is slightly below the day’s high of 1.1150. EUR/USD reacts to manufacturing PMI data The manufacturing is an important component of the eurozone economy. According to the statistics office, the sector contributes about 25 per cent to the total GDP. The region’s manufacturing activity remained in contraction ter…

USD/JPY has rebounded in the afternoon to erase losses from earlier in the day as stocks plunge amid the increased tensions between the United States and China.  Fundamental analysis: All eyes on Trump Global sentiment has deteriorated in the past few days which has caused global equities to move lower. Investors are awaiting potential retaliation from the United States after China approved a sweeping national security law for Hong Kong. “The age…

Hong Kong’s benchmark Hang Seng Index recently had a significant rule change that redefined which companies are allowed to be listed on the platform. The change will now allow numerous Chinese tech giants to join if they so desire. In fact, many already assume that some of the leading companies, such as Alibaba Group Holding and Xiaomi might be listed in the near future. The goal is to include the most valuable shares Thanks to the rule cha…

JPMorgan’s subsidiary, Chase Bank, recently announced that it agrees to repay as much as 95% of the $2.5 million in fees that it allegedly overcharged crypto users. The bank chose to settle The agreement comes as a consequence of a class-action lawsuit, which caused the bank to choose to settle. The lawsuit accused the bank of unfairly charging users for cryptocurrency transactions back in 2018. Back then, the bank charged much higher fees…

The job of a Bitcoin miner is to validate transactions, and in exchange get a portion of the reward in BTC for doing it. However, greed is always present when it comes to money. there also exists a special type of contract that was put into place to discourage miners from cheating. Unfortunately, according to a recent report, these ‘timelocked’ contracts seem to contain a critical bug, which compromises them and could potentially let…

John McAfee, the founder of McAfee Antivirus, has always been a rather controversial individual. Several years ago, he became extremely interested in the crypto industry, and he even became one of the most vocal Bitcoin supporters out there. So much so, in fact, that he claimed that BTC will hit $1 million by the end of 2020. However, since this doesn’t seem to be anywhere near happening, McAfee recently started to claim that his prediction…

In an announcement on Monday, Capital & Countries Properties (LON: CAPC) said that it has finalised an agreement to purchase Samuel Tak Lee’s stake in Shaftesbury (LON: SHB) for £436 million. The Hong Kong tycoon had a 26.3% stake in Capco’s rival located in central London. Capital & Countries Properties was reported 1.7% up while a 2.7% decline in Shaftesbury was seen in premarket trading on Monday. At 168 pence per share, Capco is rough…

Elon Musk’s SpaceX recently made history by creating and launching the US’ first space vehicle that carried humans into space in almost a decade. However, while this is certainly no everyday feat, the even more exciting part is that people had an opportunity to witness it from another source, apart from NASA’s YouTube channel. Another option was to use the Ethereum-based Virtual Reality (VR) world, known as Decentraland. Decentr…

Ted Baker (LON: TED) announced on Monday that it is planning a stock issue that will help it raise £95 million. The fashion brand is currently committed to exploring its options to cushion the economic blow from the Coronavirus pandemic. Ted Baker saw a full-year loss of £79.9 million in the year that ended in January. Ted Baker opened a little under 20% down in the stock market on Monday. At 140 pence per share, the UK retailer is roughly 65% do…

Activist investor Marathon Partners is launching a new campaign against beauty products maker e.l.f. Beauty Inc (NYSE: ELF) and wants to nominate three directors to the eight-person board. Marathon timeline Marathon Partners has been an e.l.f. Beauty shareholder since 2018 when it owned around 5% of the entire company. The activist initially pushed e.l.f. Beauty to consider a sale of itself or refocus on its core operations. Today Marathon’s stak…

Of all the terms used among crypto enthusiasts, HODL is perhaps the most popular. The word HODL is a slang word in the crypto world that refers to the act of holding on to a cryptocurrency and believing in its value despite its current price. The term can also refer to the act of holding on to a cryptocurrency instead of spending or trading it with other cryptocurrencies. While some crypto enthusiasts can make a profit simply by holding onto a co…

Operational in six countries, one of the most prominent financiers of Greece, Eurobank (OTCMKTS: EGFEF) shared its first-quarter financial results on Friday, which disclosed an over 100% increase in quarterly net profit. The company attributed the gain to lower provisions to cover for loan losses. The bank also reported an increase in its fee and commission income that further boosted its profit in the recent quarter.    At 19.8 pence p…

U.S. President Donald Trump was expected to signal a new trade war with China during his Friday press conference. But his comments fell shy of any worst-case scenario and the S&P 500 index finished the day higher by nearly 0.5%. So what can investors expect for the week ahead? CNBC’s Jim Cramer explains his game plan on Friday’s “Mad Money.” Monday: China responds Trump’s comments on China were “measured” and mostly focused on his desire to r…