Jun.01 — Any expansion of U.K. fiscal stimulus implies an increase in Bank of England quantitative easing, according to Eimear Daly, EMEA FX strategist at Macquarie. This factor, combined with heightened political risk, will weigh on the pound, Daly said in an interview on “Bloomberg Markets: European Open.” …read more […]
U.S. retail giants from Apple Inc. (AAPL) and Amazon.com Inc. (AMZN) to Target Corp. (TGT) are temporarily closing some of their stores and curtailing operations amid the violent nationwide protests following last week’s death of George Floyd.Demonstrations in dozens of cities across the U.S., including New York and Chicago, have since turned violent leading in some places to looting and damage to a number of retail stores.Apple, which had just reopened about half of its U.S. stores after the coronavirus related shutdowns, said it has temporarily closed many of its stores to protect the safety of employees and customers. …read more […]
Shares in Pfizer Inc. (PFE) dropped 6% in after-market trading on Friday after the company reported a disappointing outcome for its Phase 3 PALLAS early breast cancer study.Following a preplanned efficacy and futility analysis, the independent Data Monitoring Committee determined that the trial of Ibrance (palbociclib) plus standard adjuvant endocrine therapy is unlikely to show a statistically significant improvement in the primary endpoint of invasive disease-free survival (iDFS).Patients receiving palbociclib in the study will be advised about next steps by their physicians and long-term follow up will proceed as planned, the company said, adding that no unexpected new safety signals …read more […]
(Bloomberg Opinion) — Covid-19 became a pandemic because airplane passengers carried the new coronavirus with them around the world. As that became clear, airlines grounded nearly all of their fleets, governments issued travel restrictions and mandatory quarantines, and tourist attractions and conferences closed down. With no reason to fly, a quick recovery for air travel seemed unlikely. Warren Buffett even dumped his airline stocks, claiming that the “world has changed.”Passengers also wouldn’t feel safe packed inside a metal tube for hours, would they?Happily for the industry, if not for the climate, the seemingly insurmountable barriers to air travel have begun …read more […]
U.S. President Donald Trump’s directive on Friday to begin the process of eliminating special treatment for Hong Kong is likely to put China-U.S. tensions back in the headlines over the coming months, creating a new driver of volatility in global equity markets. The trade war, which began in earnest in the spring of 2018, had been a constant source of volatility for global markets, as a steady drip of headlines whiplashed investors. While tension between the world’s two largest economies started to re-emerge over the past month as the United States blamed China for the spread of the …read more […]
Jun.01 — Lindsey Ford, fellow at The Brookings Institute, discusses the rising tensions between the U.S. and China, Hong Kong’s special trading status with the U.S. and the probability of sanctions against China. She speaks on “Bloomberg Markets: Asia.” …read more […]
Jun.01 — Adam Gilmour, chief executive officer and founder of Gilmour Space Technologies, discusses the significance of the SpaceX launch and his outlook for the industry. He speaks on “Bloomberg Markets: Asia.” …read more […]
(Bloomberg) — An equity market bounce that has weathered a pandemic, shut-down economies and tens of millions of lost jobs now must navigate spiraling civic unrest with the potential to exacerbate all of it.American stocks enter June more than two-thirds of the way back from a rout that erased $12 trillion from share values, thanks to a 36% rally since March that has defied every bearish prognostication. An astonishing display of resilience, the rally has pushed S&P 500 valuations to the highest in 20 years as it spread to industries like banks and airlines.Along with central bank support, prospects of …read more […]
National chains’ losses are covered by large insurance policies. But the financial impact on small businesses varies widely. …read more […]
U.S. gold futures ticked up 0.1% to $1,752.60. “Concerns about the unrest in the United States at the moment appear to be weighing on market sentiment,” said Michael McCarthy, chief strategist at CMC Markets, adding that rising tensions between the world’s top two economies provided further support to gold. Protesters have flooded the streets in the United States over the death of George Floyd in police custody, in a wave of outrage sweeping a politically and racially divided nation. …read more […]
(Bloomberg) — Chinese manufacturers that dominate nearly every step in the global solar power supply chain are being forced to slash prices as the coronavirus disrupts projects around the world.Costs for components like wafers and cells have fallen by as much as 20% since the start of the year. They likely haven’t bottomed out yet, either, as the outlook for demand remains uncertain and new mega-factories threatens to add supply.It’s bad news for the companies that make solar components and could lead to consolidation among some of the smaller players in the industry. The bargain-basement prices, though, could also spur …read more […]
May.31 — Several cities in the U.S. are bracing for more destruction after protests turned very violent over the weekend. The unrest erupted after George Floyd, a black man from Minneapolis, died at the hands of a white police officer. Bloomberg’s Flynn McRoberts reports on “Bloomberg Markets: China Open.” …read more […]
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