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Shares in AstraZeneca (AZN) spiked almost 5% in after-market trading amid a report that early-stage human trial data on the drugmaker’s coronavirus vaccine candidate will be disclosed on July 20.The stock rose to $60.60 in Wednesday’s extended trading after earlier jumping 7%. Data results from the Phase 1 trial of the potential coronavirus vaccine, also known as AZD1222, which AstraZeneca is developing with Oxford University, are slated to be published on Monday, according to the Lancet medical journal.The data is expected to demonstrate whether the potential vaccine is safe and whether or not it triggers an immune response. Earlier this month, the vaccine developers said they were encouraged by the immune response they had seen in trials so far.“We expect this paper, which is undergoing final editing and preparation, to be published on Monday, July 20, for immediate release,” a spokeswoman for the journal told Reuters.Meanwhile, the vaccine candidate is already...
(Bloomberg) -- Procter & Gamble Co. products are bought by 5 billion people, and everything involved in the manufacture, sale and use of those goods generates more than 230 million metric tons of greenhouse gas each year. The consumer-goods giant is now moving to cut some of its climate-warming emissions, while continuing to send the vast majority into the atmosphere.The new commitment announced by P&G on Thursday moves to neutralize emissions from its factories and operations. By 2030, the company will cut those emissions in half and invest $100 million over the coming decade in nature-based projects, such as tree planting, to offset the rest. But direct emissions, known in climate accounting as Scope 1 and 2, make up only a small fraction of P&G’s total greenhouse-gas footprint: about 4 million metric tons of carbon dioxide per year.The rest of the company’s emissions, accounting for more than 98% of its annual total, are produced in its vast supply chain or through...
(Bloomberg) -- The rally in Chinese shares is unraveling almost as quickly as it began, with losses accelerating Thursday after state media criticized one of the country’s most popular stocks.The CSI 300 Index closed 4.8% lower, its biggest loss since markets reopened in February following the Lunar New Year break. Crowd favorite Kweichow Moutai Co. slumped 7.9%, wiping out a record $25 billion in value and dragging down an index of consumer shares by the most since 2018. The ChiNext Index, which had earlier this week turned hotter than any benchmark in the world, fell as much as 6.2%.This month’s frenzy in Chinese stocks had pushed the value of the country’s equity market to almost $10 trillion, a level that marked the top of the bubble five years ago. Policy makers have since taken steps to rein in speculation in equities, including effectively withdrawing liquidity from the financial system.The impact showed...
(Bloomberg) -- Stocks fell with U.S. equity futures on Thursday as investors parsed a slew of economic data from China that showed the path of economic recovery from the pandemic remains bumpy. The dollar edged higher with Treasuries.The Stoxx Europe 600 Index tracked Asian shares lower after data indicated that even as China’s economy returned to growth in the second quarter, retail sales in June missed estimates and continued to contract. Futures on the three main American equity gauges pointed to a weak start on Wall Street.The euro edged down and regional bonds were mixed ahead of the European Central Bank’s policy decision. The ECB is expected to keep its emergency bond-buying program unchanged but President Christine Lagarde will likely face questions over whether the current level of support will be sufficient.The reminder of the long road ahead to a full global recovery is quashing optimism in financial markets earlier in...
The promising result on early-stage trials of AstraZeneca’s potential COVID-19 vaccine, which is expected to be announced as early as today, could boost demand for the stock. However, many will eye the response of T cells in research as it is expected to be an important defence against coronavirus....
(Bloomberg) -- Taiwan Semiconductor Manufacturing Co. raised its forecasts for 2020 revenue and spending, underscoring how surging demand for datacenter chips during the pandemic is helping offset lost business from No. 2 customer Huawei Technologies Co.Apple Inc.’s main iPhone chipmaker said 2020 revenue will grow by above 20% in dollar terms, an improvement from an earlier forecast of a mid- to high-teens percentage rise in revenue. The company estimated capital spending will be $16 billion to $17 billion this year, higher than an earlier goal of $15 billion to $16 billion.TSMC raised its outlook after raised its outlook June-quarter profit beat analyst estimates by the widest margin in six years. Net income came in at NT$120.8 billion ($4.1 billion), exceeding the NT$110.6 billion analysts expected on average. TSMC also reported gross margin of 53%, higher than its previous guidance of 50%-52%.TSMC, a critically important link in the global supply chain, had...
Tesla Inc (NASDAQ: TSLA) car sales in California plunged by nearly a half in the quarter ending June, according to data released by marketing research company Cross-Sell on Wednesday.What Happened Vehicle registrations for the Elon Musk-led company fell nearly 48% to 9,774 units between April and June in the Golden State, compared with a similar period a year earlier, Cross-Sell said, as reported by Reuters.Registrations of Model 3, which is the cheapest vehicle in Tesla's lineup, fell 63% to 5,951 units.Total vehicle registrations fell across the 23 states, where the data was gathered, by approximately 49% to 18,702 vehicles.Registration data may not be a true representation of delivery numbers during the quarter as it takes almost 30 days for vehicles to be registered from the time they are sold in the United States, Reuters noted.Why It Matters The majority of the U.S. was under lockdown in the period between April to...
