Month: June 2020

Top news and what to watch in the markets on Friday, June 5, 2020. …read more […]

(Bloomberg) — The longest euro rally in almost a decade is at risk of petering out even as investors’ appetite for risk makes a comeback.Europe’s shared-currency climbed for an eighth day Thursday — the longest streak since 2011 — after the European Central Bank expanded its emergency bond-buying program to counter the economic impact of the coronavirus pandemic. It reached an almost three-month high of $1.1362, more than 4.5% above its May 25 low.Yet while the euro’s surge against the dollar and other peers took it past key resistance levels, some strategists are urging caution and technical gauges are flashing …read more […]

Biotech Novavax (NVAX) has announced that the U.S. Department of Defense (DoD) will provide up to $60 million in funding to assist with the manufacturing of NVX‑CoV2373, Novavax’s COVID-19 vaccine candidate. Shares are currently surging 15% in Friday’s pre-market trading.The news comes after the company failed to make the cut as one of the five COVID-19 vaccine finalists selected for the Trump administration’s Operation Warp Speed project.NVX‑CoV2373 is a vaccine candidate engineered from the genetic sequence of SARS‑CoV‑2, the virus that causes COVID-19 disease. It consists of a stable, prefusion protein antigen made using the company’s proprietary nanoparticle technology and …read more […]

(Bloomberg) — Germany’s flag carrier is being removed from the country’s benchmark stock index for the first time since the gauge’s inception more than three decades ago, after travel restrictions aimed at stemming the coronavirus pandemic sent the stock plunging.Deutsche Lufthansa AG will be replaced by real estate company Deutsche Wohnen AG in the DAX Index, Deutsche Boerse said in a statement Thursday night. The change will come into effect June 22.Shares in Lufthansa, which this week agreed to a 9 billion-euro ($10 billion) state bailout package, rose as much as 7.8% on Friday, paring their loss this year to …read more […]

(Bloomberg) — Australia’s dollar broke through the key 70 U.S. cents mark on expectations that markets have witnessed the worst of the coronavirus’ carnage on the global economy.The Aussie jumped as much 0.9% on Friday to 70.04 U.S. cents, the highest level since early January when the virus outbreak had yet to explode into a pandemic. It has risen 27% after sliding to a near 18-year low in March, and is seen as a favored asset to buy among investors cheering the re-opening of economies from Singapore to Germany.“The Aussie is on a tear, and with markets undergoing a massive …read more […]

Broadcom (AVGO) has reported an in-line April quarter, and guided to an in-line July quarter at $5.75B (consensus $5.8B). Shares in AVGO gained 1% in Thursday’s after-hours trading following the earnings release.Specifically, Q2 Non-GAAP EPS of $5.14 was in-line with consensus expectations, while GAAP EPS of $1.17 beat by $0.21. Revenue of $5.74B climbed 4% from the previous year, and topped Street estimates by $50M. Meanwhile Q2 adjusted EBITDA was $3.2B, again, coming in slightly higher than the $3.11B consensus.Semiconductor Solutions reported revenue of $4,027M (-1% y/y) but Infrastructure software revenue came in strong at $1,715M (+21% y/y).“Second quarter results …read more […]