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China’s Stock Market Tops $10 Trillion First Time Since 2015

China’s Stock Market Tops $10 Trillion First Time Since 2015

(Bloomberg) — Chinese domestic equities are worth more than $10 trillion for the first time since 2015, when a record crash erased half the market’s value in months and saddled millions of investors with losses.

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The world’s second-largest stock market has added $3.3 trillion since a low in March, helped by Beijing’s policies to encourage trading, a flurry of new listings that arrived with eased rules, and the strengthening yuan. Stocks have been close to the $10 trillion milestone since July, when China’s government acted to tame a speculative rally that had suddenly pushed a gauge of large caps near a 12-year high.

The country’s total market capitalization is now $10.04 trillion and just shy of the all-time high, according to data compiled by Bloomberg as of Monday. The U.S. has the world’s most valuable stock market at $38.3 trillion.

“It’s a meaningful number, especially coming after a pause in the stock rally,” said Hao Hong, chief strategist for Bocom International in Hong Kong. “It’s possible China’s market value can expand faster now that market reforms like the registration-based IPO system are in place.”



chart, histogram: China market capitalization has once again hit the $10 trillion level


© Bloomberg
China market capitalization has once again hit the $10 trillion level

Chinese shares rallied after a long holiday break on optimism the government will introduce reforms to turn the region around Shenzhen into a global technology hub and that the ruling Communist Party will introduce policies to stimulate demand when it holds a major meeting later this month. Equities surged over the summer as margin debt climbed at the fastest pace since 2015 and turnover soared.

The CSI 300 Index of key stocks listed in Shanghai and Shenzhen slipped 0.2% as of 10:17 a.m. on Tuesday, paring its gain in 2020 to 17%. That rally tops the world’s major benchmarks.

China has

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Chevron tops Exxon Mobil market cap for first time

Chevron tops Exxon Mobil market cap for first time



a screen shot of a computer: The logo of Chevron is shown on a monitor above the floor of the New York Stock Exchange in New York


© Reuters/Lucas Jackson
The logo of Chevron is shown on a monitor above the floor of the New York Stock Exchange in New York


(Reuters) – Chevron’s market value leapfrogged that of Exxon Mobil for the first time on Wednesday during a week in which it closed a $4.1 billion, all-stock deal for Noble Energy, a smaller oil and gas producer.

Chevron’s market cap ended the day around $142 billion, topping Exxon Mobil’s $141.65 billion market value at the end of trade, according to Refinitiv data and Chevron SEC filings pertaining to the Nobel deal.

Shares in Chevron closed up 2.047% on Wednesday and Exxon Mobile rose just 0.3%.

Chevron’s finances are stronger and its shares have performed better than its larger rival. It has shifted away from costly megaprojects favored by oil majors, and moved sooner this year to cut costs amid the coronavirus-induced sharp drop in oil and gas prices.

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Investors have shunned fossil fuel companies and the energy sector is the worst performing on the S&P 500 year to date. Chevron’s stock is down a lesser 38% year to date compared to a 52% decline at Exxon, which this year was removed from the Dow Jones Industrial Average, a position it held since the index was created.

Exxon’s weak earnings have forced it to borrow to finance its nearly $15 billion a year shareholder dividend and cover spending on new projects.

In part, Chevron’s finances have benefited from its faster divesting of unwanted assets. Exxon has struggled to unload unwanted oilfields despite promising to accelerate the sales in early 2019. Exxon officials have said they are reviewing all

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