(Bloomberg) -- European stocks and U.S. index futures turned lower after a mixed session in Asia as investors weighed moves across the globe to relax restrictions for the coronavirus. Crude oil slipped, while the dollar strengthened.The Stoxx Europe 600 Index reversed an earlier advance, with travel shares leading decliners. Contracts on the S&P 500 also gave up an earlier gain in the wake of Friday’s advance. Equities in Japan outperformed amid talk of a potential further supplementary budget, while Korean equities dipped. The dollar climbed versus most of its major peers, while Treasuries were steady.Investors appear a bit more wary as President Donald Trump tries to convince Americans it’s safe to return to work and social life while combating a coronavirus scare moving closer than ever to his own office. The U.K. will soon outline plans to ease its lockdown, while a country hit early by the pandemic, South Korea, is...
AstraZeneca Plc (AZN) and Daiichi Sankyo Co Ltd. said Monday that their jointly developed drug Enhertu for the treatment of advanced gastric cancer has been granted Breakthrough Therapy Designation (BTD) status from the U.S. Food and Drug Administration (FDA).The BTD status will allow the companies to accelerate the development, regulatory review and market entry of Enhertu. The FDA awards the status for potential new medicines that are intended to treat a serious condition and address a significant unmet medical need. Enhertu is an antibody drug targeting HER2-positive cancer cells.“Current therapy options are limited for patients with HER2-positive metastatic gastric cancer and for those who relapse, there are no approved HER2-targeted medicines,” said José Baselga, Executive Vice President, R&D Oncology. “We look forward to working with the FDA to further explore the potential of Enhertu to become an important new treatment and the first antibody drug conjugate for this devastating disease.”Gastric cancer is...
May.11 -- Investors remain "pretty wary" despite the bounce in equity markets, according to Julian Chillingworth, chief investment officer at Rathbones. European markets in particular "could well be spooked" if coronavirus infections start to increase again, Chillingworth says in an interview on "Bloomberg Markets: European Open."...
Sales of Tesla’s (TSLA) Model 3 sedan in China plunged 64% in April vs March, according to new figures from the China Passenger Car Association (CPCA) CNBC reports.Specifically, Tesla sold 3,635 Model 3 cars in April, a significant decrease from the 10,160 vehicles sold in March. This means that Tesla has now sold 19,705 Model 3 cars in China since the beginning of the year.However, while sales fell, demand in China for electric vehicles rose. The country experienced a 9.8% increase in electric car sales from March to April, the CPCA found. The industry association also says that auto demand is now recovering following the coronavirus outbreak.On May 8 Tesla revealed that it secured a 4 billion yuan ($565M) lending line for continued expansion of production at the Gigafactory Shanghai.The plant is currently out of action, reportedly due to supply disruption, with Tesla stating on May 7: “Tesla Shanghai is adjusting to normal...
(Bloomberg) -- European stocks advanced and U.S. index futures edged higher following a mixed session in Asia, as investors weighed moves across the globe to relax restrictions for the coronavirus. Crude oil slipped, while Treasuries were steady.Gains in banks and miners drove the Stoxx Europe 600 Index higher at the open. Contracts on the three main American equity indexes also ticked up, after U.S. shares climbed on Friday even in the wake of a historic surge in unemployment. Japanese shares outperformed amid talk of a potential further supplementary budget, while Korean equities dipped and Shanghai was little changed amid thin Asia-Pacific trading. The dollar drifted higher versus most of its major peers.President Donald Trump is trying to convince Americans it’s safe to return to work and social life while combating a coronavirus scare moving closer than ever to his own office. The U.K. outlined plans to ease a lockdown beginning Wednesday,...
May.11 -- Germany and the European Union are escalating a legal power struggle that could undermine the euro. On Sunday, European Commission President Ursula von der Leyen said the EU's executive arm will consider possible next steps, including so-called infringement proceedings, after a critical ruling on European Central Bank policy by Germany’s constitutional court. Karin Matussek reports on "Bloomberg Markets: European Open."...
Avianca Holdings (AVH) filed for bankruptcy protection after travel restrictions tied to the coronavirus pandemic brought passenger operations to an almost complete halt since mid-March.The Columbian air carrier said it submitted Chapter 11 proceedings to the U.S. Bankruptcy Court for the Southern District of New York in an effort to preserve jobs, restructure its $7.27 billion in debt and reorganize its business operations. Throughout the restructuring period, it will continue operations, the company said."Avianca is facing the most challenging crisis in our 100-year history as we navigate the effects of the COVID-19 pandemic," said Avianca CEO Anko van der Werff. "Despite the positive results yielded by our 'Avianca 2021' plan, we believe that, in the face of a complete grounding of our passenger fleet and a recovery that will be gradual, entering into this process is a necessary step to address our financial challenges."Avianca's passenger operations have been grounded since mid-March, cutting its...
