Another Sharp Revival for a Fed Manufacturing Index
By Andrew Cinko (Bloomberg) — It won’t move markets, but the Kansas City Fed manufacturing U-turn will add to the positive part of the economic backdrop. Among the sub-indexes that drove the improvement is new orders, which is back to where it was in February before the shutdowns hit. With this sharp turn, that makes it four regional […]
Amazon $3.1 Trillion Markets’ Target May Be Accelerated by Virus
(Bloomberg Intelligence) — Alexa, ads and cloud will likely play an increasingly key role in Amazon’s growth, in our view, as Covid-19 accelerates the e-commerce giant’s taking leading share in target end-markets we estimate now total $3.1 trillion across segments. Amazon’s long-term bets have typically paid out over a period of 8-10 years in terms […]
New U.S. Home Sales Surge in May With Buyers Returning to Market
By Prashant Gopal (Bloomberg) — New home sales in the U.S. rose more than expected in May, with record-low mortgage rates pulling buyers back into a housing market that froze up during the pandemic. Purchases of single-family houses climbed 16.6% to a 676,000 annualized pace, government data showed Tuesday. The median forecast based on a Bloomberg […]
U.S. business sector contraction eases in June
U.S. business activity contracted for a fifth straight month in June, but the pace of decline eased, supporting views that the recession caused by the COVID-19 crisis was drawing to an end. Data firm IHS Markit said on Tuesday its flash U.S. Composite Output Index, which tracks the manufacturing and services sectors, rose to a […]
Schwarzman Sees ‘Big V’ Economic Rebound in Next Few Months
By Heather Perlberg and Hema Parmar Getting back to 2019 level will take ‘quite a while,’ he says China’s rapid growth to continue, according to Blackstone CEO (Bloomberg) — Steve Schwarzman, chief executive officer of Blackstone Group Inc., said the economy is likely to benefit from a V-type recovery in the next few months. The co-founder of the world’s […]
A $1 Trillion Cash Hoard Holds Key to the Fate of Risk Assets
By Katherine Greifeld and Liz Capo McCormick U.S. money-fund assets have dropped for three straight weeks Cash on sidelines is potential ‘powder’ for risk assets: Yi (Bloomberg) — The $1 trillion pile of cash that investors amassed amid the pandemic-fueled market turmoil may determine the length of the risk rally. U.S. money-fund assets have started to shrink from […]
Scientists hail dexamethasone as ‘major breakthrough’ in treating coronavirus
Dexamethasone, a cheap and widely used steroid, has become the first drug shown to be able to save lives among Covid-19 patients in what scientists hailed as a “major breakthrough”. Results of trials announced on Tuesday showed dexamethasone, which is used to reduce inflammation in other diseases, reduced death rates by around a third among […]
U.S. May retail sales surge 17.7% in the biggest monthly jump ever
Retail sales shattered already-lofty expectations for May as consumers freed from the coronavirus-induced lockdowns began shopping again. The 17.7% headline gain including food sales easily topped the record 6.7% from October 2001 — a month after the 9/11 terrorist attacks — and beat the 8% estimate from economists surveyed by Dow Jones.
How did Huawei fall foul of the US government and find itself at the epicentre of a new tech war?
Like many Chinese entrepreneurs, Huawei Technologies’ founder Ren Zhengfei knew he would have to crack the US market before the company could truly become a global operation.
JPMorgan’s Kolanovic Drops Caution on Stocks, Says Buy the Dip
By Lu Wang Firm’s quant guru says U.S.-China relations haven’t worsened Brushed aside concern of shutdown in case of second virus wave (Bloomberg) — Marko Kolanovic, who two weeks ago tempered his bullish stance on stocks because of worsening geopolitical tensions, says now is the time to move back in. A drop such as Thursday’s should […]