(Bloomberg) -- European stocks and U.S. futures tumbled as evidence of a second virus wave dashed hopes of a quick economic recovery. Treasuries and the dollar rose.The Stoxx Europe 600 Index lost 2.2% at the market open and S&P 500 futures were down 3%. Treasuries rallied, pushing the 10-year yield to 0.65%. The dollar climbed along with the yen and European government bonds also advanced. BP Plc slumped after announcing it will write down the value of its business by as much as $17.5 billion and predicted the pandemic will be a long-term hit to energy demand.“We’ve gone risk-off because the reality of the U-shape pick-up” is hitting home, David Bloom, global head of foreign-exchange strategy at HSBC Holdings Plc, said on Bloomberg TV. “It’s a U-shape pick-up, and it’s going to be slow and patchy” he said of the recovery.Chinese economic data Monday showed the world’s second-largest economy had a...
Israel is in advanced talks to buy Moderna Inc.’s (MRNA) experimental coronavirus vaccine candidate, the country’s news portal Ynet reported.The talks come after Moderna last week announced that it is commencing with the late-stage testing of its COVID-19 vaccine candidate, mRNA-1273, according to the report, which cited unnamed officials at Israel’s Health Ministry. Additional details weren’t provided.The biotech company, which has already finalized the Phase 3 study protocol for the vaccine candidate is expected to start a trial of 30,000 participants enrolled in the U.S. in July. The trial’s primary endpoint will be the prevention of symptomatic COVID-19 disease, while key secondary endpoints include prevention of infection by SARS-CoV-2, the virus that causes the disease.Shares in Moderna more than tripled this year, as investors piled into the stock amid hopes for the potential of its virus vaccine. The stock rose 3% to $62 on Friday.It looks like the rally has not...
(Bloomberg) -- BP Plc will write down the value of its business by as much as $17.5 billion, as the British oil major predicts that the coronavirus pandemic will hurt long-term demand and accelerate the shift to cleaner energy.The company is also undertaking a review of its projects that could result in some oil discoveries being left in the ground.It’s the latest in a series of big shifts from BP, which has pivoted sharply toward clean energy under its new Chief Executive Officer Bernard Looney. Shares fell 5% to 307 pence as of 8:15 a.m. in London.“BP now sees the prospect of the pandemic having an enduring impact on the global economy, with the potential for weaker demand for energy for a sustained period,” the company said in a statement on Monday. “The aftermath of the pandemic will accelerate the pace of transition to a lower carbon economy.”BP’s actions will lead...
First Majestic Silver (AG) has asked Canada’s Mexican ambassador to intervene in an escalating $209 million tax dispute, reports Reuters.“We’ve been trying to get somebody to the table to finally put this behind us,” First Majestic CEO Keith Neumeyer told Reuters. The company owns seven silver mines in Mexico and wants ambassador Graeme Clark to set up a meeting with President Lopez Obrador so the dispute can be resolved.According to Neumeyer, Mexican tax authorities have rejected three settlement offers, leading the Vancouver-based company to commence a trade challenge last month.Meanwhile President Lopez Obrador recently stated that some Canadian miners are behind on their tax payments. He has asked the Canadian government to put pressure on these miners to prevent the matter proceeding to international tribunals.Shares in AG have plunged 25% year-to-date, and analysts have a cautiously optimistic take on the stock’s outlook. Its Moderate Buy Street consensus breaks down into 3 buy ratings...
Jun.15 -- To spur the restart of the French economy, President Emmanuel Macron announced a quicker end to restrictions put in place to contain the coronavirus. Bloomberg’s Maria Tadeo reports on “Bloomberg Daybreak: Europe.”...
Jun.15 -- U.K. Prime Minister Boris Johnson makes a direct intervention into the Brexit talks today. He’ll hold a video call with three EU presidents in a bid to rejuvenate attempts to find a deal. Negotiations have struggled to make progress since March with neither side shifting dramatically from their starting positions. Bloomberg’s Maria Tadeo reports on “Bloomberg Daybreak: Europe.”...
Stock market gains have further to run and investors are still under-pricing the scale of the world's coronavirus recovery, investment bank Morgan Stanley said in an outlook note. "While the last four months have been exceptional, we think that this cycle has been, and will be, more 'normal' than appreciated," said Andrew Sheets, the bank's chief cross-asset strategist. The call, made in a note dated Sunday and distributed on Monday, comes as global markets pull back from a sharp rally that has lifted world stocks about 36% from March lows....
