(Bloomberg) -- European stocks dropped and gold approached a seven-year-high as Germany reported a jump in new virus cases. U.S. equity futures advanced.Wirecard AG, Deutsche Lufthansa AG and Glencore Plc led losses in the Stoxx Europe 600 Index. Hong Kong stocks slumped after China moved to tighten oversight of the city. Treasuries and the dollar were little changed. Crude oil hovered below $40 a barrel in New York.In Turkey, the benchmark equities index erased its 2020 losses, lifted in a rally driven mostly by a wave of buying from local investors. Market sentiment remains vulnerable to any sign of setbacks as governments gradually ease coronavirus lockdowns and travel restrictions to revive growth while attempting to control the spread of the virus. In the U.S., California reported record new cases and Florida infections jumped more than the weekly average. “Shares remain technically overbought and vulnerable to a further correction or period of...
American Airlines Group Inc. (AAL) is planning to raise as much as $3.5 billion from stock and notes offerings, as the ailing U.S. carrier grapples with the financial fallout of the travel freeze triggered by the coronavirus pandemic.The U.S carrier plans to raise $1.5 billion from selling shares and convertible notes. It will also offer $1.5 billion aggregate principal amount of secured senior notes due 2025. Upon closure of the notes offering, the airline seeks to enter into a new $500 million term loan B facility due 2024.As part of the share and convertibles notes offering, the airline will grant the underwriters a 30-day option to purchase up to $112,500,000 of shares of common stock, as well as a 30-day option to buy up to $112,500,000 in aggregate principal amount of convertible notes.American Airlines said that it expects to use part of the net proceeds from the notes offering and borrowings...
Jun.22 -- National Australia Bank Ltd. Chief Executive Officer Ross McEwan discusses how the coronavirus outbreak is affecting global businesses and the banking industry, and the business implications of the rising tensions between China and Australia. He speaks at the Bloomberg Invest Global Summit. (Excerpts)...
India’s drug regulator granted Cipla Ltd. and Hetero Labs the approval to produce and sell a generic version of Gilead Sciences Inc.’s (GILD) coronavirus drug candidate remdesivir.The two Indian drugmakers have been granted regulatory approval by the Drug Controller General of India (DCGI) for restricted emergency use in the country. Hetero’s generic version of remdesivir will be marketed under the brand name Covifor in India, while Cipla’s generic version of remedisvir will be called Cipremi.“In the light of increasing COVID-19 cases in India, the approval of Covifor (remdesivir) can prove to be a game-changer given its positive clinical outcomes,” Hetero chairman Dr. B. Partha Saradhi Reddy said in a statement. “Backed by strong backward integration capabilities, we can ensure that the product is immediately made available to patients across the country. We are prepared for ensuring enough stocks required to cater to the present needs.”Remdesivir has been granted approval by DCGI...
Jun.22 -- Hong Kong Exchanges & Clearing Ltd. Chief Executive Officer Charles Li talks about the outlook for the market and China’s national security law. He speaks at the Bloomberg Invest Global Summit. (Excerpts)...
(Bloomberg) -- Global stocks and equity futures started the week in mixed fashion amid concern about rising coronavirus cases in countries from the U.S. to Australia. Gold prices rose.S&P 500 Index contracts reversed an early slide of as much as 1% to push higher, while European futures retreated. Asian markets slipped in a choppy low volume session with Hong Kong underperforming in wake of China’s latest moves on a national-security law. Treasuries were little changed, as was the dollar. Crude oil hovered below $40 a barrel in New York.Australian shares reversed early declines, as did the local dollar, in the wake of Victoria tightening the populous state’s restrictions due to fresh cases. In the U.S., California reported record new cases and Florida infections jumped more than the weekly average. China’s Beijing outbreak appeared to fade, however.Markets remain vulnerable as governments gradually ease coronavirus lockdowns and travel restrictions to revive growth while...
German payment service provider Wirecard said Monday it has concluded that 1.9 billion euros ($2.1 billion) that were supposed to be held in two accounts probably don't exist, deepening troubles that last week prompted the resignation of its chief executive. Wirecard AG was once regarded as a star of the growing financial technology sector, but its shares have fallen sharply after the company became the subject of multiple Financial Times reports about accounting irregularities in its Asian operations. Wirecard disputed the reports, which started in February 2019, and said it was the victim of speculators....
