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(Bloomberg) -- European stocks and U.S. futures edged lower, as momentum slowed in risk assets after a historic rally. Treasuries advanced.The Stoxx Europe 600 Index opened with declines in banks undercutting gains in travel shares. Asian shares continued higher, just hours after investors pushed the S&P 500 Index back into positive territory for 2020. The dollar strengthened for the first day in nine sessions.With global equities rebounding to their levels in February, concern that the bounce back has far overshot the economic recovery continues to weigh on investors. The World Bank warned the global economy will contract the most since World War II this year, reducing incomes and sending millions of people into poverty in emerging and developing nations.“There are a lot of unknowns that we are dealing with despite the fact that normalizations of economic activities are still on track,” Frank Tsui, a senior fund manager at Value Partners, said...
Gilead Sciences (GILD) has now filed for conditional marketing authorization (CMA) of its antiviral medicine remdesivir for the treatment of COVID-19 with the European Medicines Agency (EMA).The EMA reports that it has now formally started its evaluation of remdesivir under a reduced timeline and an opinion could be issued within weeks. The speed will depend on the robustness of the data and whether further information is required, says the EMA.Such a short timeframe will only be possible because some data have already been assessed during the first cycle of a rolling review, which started on 30 April and ended on 15 May. Following this, Gilead was invited to submit further data together with a CMA application.Should the additional data show that the benefits of remdesivir outweigh its risks, the EMA will work with the European Commission to support fast-tracking of the decision-making process and granting of a marketing authorization by the European Commission.Remdesivir is a viral...
Shares in Beyond Meat (BYND) soared 22% after announcing a partnership with food distributor Sinodis to further expand the reach of its famous plant-based beef in China.The news sent shares up 22% to $162.46 on Monday. The financial terms of the partnership weren’t disclosed.Sinodis, a subsidiary of French group Savencia, is a distributor of imported food products to more than 4500 wholesalers, restaurant chains, and hotels in China."Our goal is to increase availability of plant-based meat globally, providing consumers with more choices, and access to nutritional and environmental benefits of plant-based meat," said Beyond Meat’s chief growth officer Chuck Muth. "China has a large population and a strong interest in plant-based proteins."The partnership strengthens Beyond Meat’s foothold in China. Back in April, the plant-based meat provider made the foray into the market in China announcing a partnership with Starbucks (SBUX). At the end of last month, the company teamed up with...
(Bloomberg) -- Oil was anchored near $38 a barrel as expectations U.S. crude stockpiles extended declines offset a decision by Saudi Arabia to cease extra voluntary production cuts by the end of this month.Futures added 0.5% in New York after snapping a four-day rally on Monday. U.S. crude inventories probably fell for the fourth time in five weeks, according to a Bloomberg survey before government data Wednesday. Saudi Arabia said the additional supply cuts, which amounted to about 1.2 million barrels a day and included contributions from allies in the Persian Gulf, would only take effect in June as planned.Oil has rebounded since dropping below zero in April as cuts reduced a global glut and demand recovered following the easing of lockdown restrictions in some countries. However, a return to pre-virus levels of consumption is expected to be slow and uneven, with Goldman Sachs Group Inc. turning bearish in the short...
Baillie Gifford has invested $35 million in Germany-based air-taxi startup Lilium, the Financial Times reported.What Happened The United Kingdom-based private investment firm holds a nearly 4% stake in Lilium as a result of the investment that valued the startup at more than $1 billion, according to the Financial Times.Baillie Gifford is looking for "situations where there is the potential for a really transformative new market or product in the long term, while recognising that these will often take a lot of time to come to fruition," investment manager Michael Pye told the Financial Times.The firm is best-known for being the largest external investor in electric vehicles maker Tesla Inc. (NASDAQ: TSLA) and was also an early investor in Amazon.com Inc. (NASDAQ: AMZN), the Space Exploration Company (or SpaceX), Spotify Technology SA (NYSE: SPOT), and Airbnb Inc.Baillie Gifford, earlier this year, invested in California-based Lilium rival Joby. Pye told the Financial Times...
