FedEx and Microsoft announced they are teaming up to “reinvent the end-to-end commerce experience” around the world, launching the collaboration with the FedEx Surround supply chain visibility solution. ...
(Bloomberg) -- Traders have fled China-focused equity funds at the fastest pace in at least four years on the heels of renewed Sino-American tensions.As Wall Street weighed the latest dramas between the world’s two largest economies last week, investors pulled $330 million from BlackRock Inc.’s iShares China Large-Cap fund, the most since 2016, data compiled by Bloomberg show.All in, money managers divested $2.7 billion from Chinese stocks in the five days to May 13, the most since at least 2016, according to Goldman Sachs Group Inc. That brings the four-week total to $6.2 billion, outpacing emerging-market counterparts.While pandemic-lashed investors are cheering any signs of a rebound in Asian investment and consumption, the geopolitical backdrop is darkening.In the latest salvo, White House trade adviser Peter Navarro suggested that Beijing sent airline passengers to spread the infection worldwide. The missive follows reports last week that the White House planned to block Huawei Technologies...
(Bloomberg) -- President Xi Jinping said China will make any coronavirus vaccine universally available once it’s developed. Xi addressed the World Health Organization a day after a senior U.S. official suggested Beijing sent airline passengers to spread the coronavirus worldwide.An experimental vaccine from Moderna Inc. showed promising early signs that it can create an immune-system response in the body that could help fend off the virus, based on a small, early human trial. Stocks surged on the news.Iran reported the biggest increase in infections in six weeks. Germany recorded a small gain in cases, though the daily death toll fell.Key Developments:Virus Tracker: Cases top 4.7 million; deaths exceed 315,800Pandemic shatters world order, sowing anger and mistrustChina faces angry world seeking virus answers at key WHO meetingHow Germany’s relentless contact tracers helped beat virusItaly shops to reopen, but for many it’s too lateSubscribe to a daily update on the virus from Bloomberg’s...
Shares of Square Inc (NYSE: SQ) have gained around 28% year to date.Although the gradual reopening of the U.S. economy may be an incremental positive for brick-and-mortar merchants, small- and mid-sized companies have yet to witness a trough in churn, according to BofA Securities.The Square Analyst Jason Kupferberg downgraded Square from Buy to Underperform with an unchanged $84 price target. The Square Thesis While stimulus funds may provide temporary relief, a significant number of small- and mid-sized businesses may struggle to remain afloat, especially if the economy reopens only partially, Kupferberg said in the Monday downgrade note. (See his track record here.)Around 75% of Square's payment volume comes from merchants with less than $500,000 in annual card volume, the analyst said. Despite this backdrop, the stock has outperformed the S&P500 by around 4,000 basis points so far this year, he said. Although the consumer-facing Cash App business is performing well, the...
Auto racing returned over the weekend, but that isn't the only reason the market looks like it could be off to a fast start Monday.Focus ahead of the opening bell turned toward bullish hopes around reopenings and possible progress on the vaccine front. Overseas markets rose across the board and U.S. index futures saw strength overnight, extending their gains on positive results from a Phase 1 COVID-19 vaccine made by Moderna Inc (NASDAQ: MRNA). Shares of that company leapt 27% in pre-market trading.It's exciting to see data like this but it's still very early in the process, so people might want to avoid getting carried away. Let's hope future results continue to look this good. A vaccine would be huge news and these data are an incredibly positive sign, but that doesn't mean this crisis would necessarily be over. It could also take a while before any vaccine is ready.The big...
