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Wall Street Journal US BusinessOct 30, 2020
Eurozone Economy Soars but Covid-19 Resurgence Leaves It the Global Weak Spot
The eurozone economy grew at a record pace in the third quarter, but has already stalled in the face of a resurgence of coronavirus infections and tough new restrictions, leaving Europe lagging even further behind the U.S.

Yahoo BusinessOct 30, 2020
Jack Ma's Ant IPO Lures $3 Trillion of Bids in Retail Frenzy
(Bloomberg) -- The biggest initial public offering of all time has unleashed an investor frenzy for the record books.Individual investors in Hong Kong and Shanghai placed orders worth at least $3 trillion for shares of Jack Ma's Ant Group Co., enough money to buy JPMorgan Chase & Co. 10 times over. Bidding was so intense in Hong Kong that one brokerage's platform briefly shut down after becoming overwhelmed by orders. Demand for the retail portion in Shanghai exceeded initial supply by more than 870 times.The stampede is fueling predictions of a first-day pop when Ant is due to start trading on Nov. 5, even as skeptics warn of risks including the U.S. election, tightening regulations in China and rising Covid-19 infections worldwide.Whether Ant surges or not, the Chinese fintech behemoth's $35 billion-plus IPO represents a major vote of confidence in a company that could end up shaping the future of global finance. It also underscores China Inc.'s ability to marshal huge amounts of capital without tapping American markets, a win for Beijing as it tries to reduce its vulnerability to the threat of U.S. financial sanctions.Chen Wu, a 35-year-old software developer, was among those scrambling for a piece of Ant's offering this week. His brokerage allowed a small number of clients to supercharge their bets using 33 times leverage, handing out allocations on a first-come, first-served basis."When it was released at noon, I refreshed my page again and again, clicked and clicked," Wu said on Tuesday after securing a HK

Yahoo BusinessOct 30, 2020
Exxon Warns of $30 Billion Shale Writedown Amid Record Loss
(Bloomberg) -- Exxon Mobil Corp. warned it may take up to $30 billion in writedowns on natural gas fields as crashing energy demand and prices spurred a historic losing streak.Exxon is confronting one of its biggest crises since Saudi Arabia began nationalizing its oilfields in the 1970s. If the company takes the full $30 billion impairment, it will be the industry's worst in more than a decade, according to Bloomberg data.The company lost $680 million, or 15 cents a share, during the third quarter, compared with the 25-cent per-share loss forecast in a Bloomberg survey of analysts. The shares fell 1.3% to $32.53 at 9:34 a.m. in New York and are down more than 50% for the year.That was in stark contrast to Chevron Corp., which disclosed a surprise profit as the company's oil-production and refining divisions outperformed analysts' expectations. Chevron's shares dipped 0.4%. European supermajors Total SE, Royal Dutch Shell Plc and BP Plc also turned in better-than-expected third-quarter performances.Blindsided by the economic fallout from the Covid-19 pandemic, Exxon Chief Executive Officer Darren Woods abruptly ditched an ambitious rebuilding effort and imposed widespread job cuts that are unprecedented in Exxon's modern history. His top priority has been preserving a dividend that pays shareholders $3.7 billion every three months.The firings and layoffs announced Thursday will affect 14,000 workers in the U.S. and abroad. Pandemic-induced lockdowns have crushed demand for oil, natural gas and chemicals, s
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