(Bloomberg) -- European stocks climbed with U.S. futures for the fifth time in six sessions, spurring investor debate over whether the meltdown has ended given the continued spread of the coronavirus. Treasuries also advanced.Battered travel and leisure shares led gains in the Stoxx Europe 600 Index. The World Health Organization said there are signs of some stabilization in Europe’s coronavirus outbreak, yet Italy is considering extending its lockdown. Shares traded mixed in Asia, with markets rising in South Korea and Hong Kong as China reported a stronger-than-anticipated manufacturing index. They fell in Japan and Australia.Futures on the three main U.S. stock indexes turned from losses to gains. The dollar climbed for a second day against its biggest peers. West Texas crude oil rose after a three-day slump. The yen sank as the end of Japan’s fiscal year brought positioning adjustments. The ruling party proposed the country’s biggest-ever stimulus package worth 60...
Huawei warned on Tuesday that 2020 would be its most difficult year yet due to American trade restrictions which dealt a blow to its overseas sales in 2019, and predicted the Chinese government would retaliate against the United States. It said Beijing could hit back against U.S. measures to restrict chip sales to Huawei, by restricting sales of American products in China and by shifting to alternative suppliers in China and South Korea. "The Chinese government will not just stand by and watch Huawei be slaughtered on the chopping board," Chairman Eric Xu told reporters at the launch of Huawei's annual report....
Macy’s, Inc. (M) said on Monday it would furlough most of its employees as all of the department chain's stores remain closed due to government restrictions to keep the coronavirus outbreak from spreading.The department chain said that the majority of its 125,000 employees will go on furlough from this week. It will maintain the “absolute minimum” workforce needed for basic operations across its Macy’s, Bloomingdales, and Bluemercury brands. There will be fewer furloughs in the chain’s digital business and at its distribution and call centers, Macy’s said in a statement on its website.“We have lost the majority of our sales due to the store closures,” Macy’s said. “We’ve already taken measures to maintain financial flexibility. While these actions have helped, it is not enough.”All of the department chain's 775 stores have been closed since March 18. Last week, Macy’s announced that it is suspending its quarterly dividend, drawing down on its...
(Bloomberg) -- Aston Martin Lagonda Global Holdings Plc said it may need to tap into high-interest notes it was trying to avoid drawing down, even after a 536 million-pound ($663 million) capital infusion from a group led by billionaire Lawrence Stroll.The U.K. luxury carmaker doesn’t have sufficient working capital based on European Securities and Markets Authority rules, because the coronavirus has created “increased and unquantifiable uncertainty” in its business, Aston Martin said in a statement. That’s made it impossible to come up with a model for a “reasonable worse case downside,” it said.The shares fell as much as 9.3%.Aston Martin, which has struggled with cash flow and dealer-inventory back-ups since going public in 2018, had hoped that the fundraising approved by shareholders on Monday would obviate the need to seek additional money. But the coronavirus crisis has added a level of difficulty to the turnaround put in place with Stroll’s arrival.“Taking...
