Latest Coronavirus: Asia-Pacific Shares Dip As Recovery Doubts Raise Gold

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News you may have missed …
U.S. stocks rose for a third day in a row, as investors continued to measure better than expected corporate profits against dire predictions due to the pandemic. The S&P 500 added 0.4 percent, led higher by Energy. The highly technological Nasdaq also rose around 0.4% to a new record. The Dow Jones Industrial Average rose 0.6%. Gold jumped above $ 2,000 for the first time.
Ireland blocked the reopening of around 3,500 pubs for the second time amid growing concern that rising infections could threaten plans to reopen schools later this month. Schools close in mid-March, a few days before the pub sector closes with the loss of 50,000 jobs. Prime Minister Micheál Martin has postponed the reopening of non-food pubs next Monday for another three weeks.
Sotiris Tsiodras, Greece’s chief epidemiologist, called for “heightened vigilance” after health authorities most in one day cases since April 22, when the country was strictly locked down. Authorities said 121 confirmed cases had been recorded on Tuesday, including clusters linked to a meat processing plant and several wedding receptions in northern Greece.
Germany has partially lifted its travel warning for Turkey, imposed at the height of the pandemic. A government statement said the warning would be lifted for Antalya, Izmir, Aydin and Mugla, which had a “low rate of infection” – about five per 100,000 people in seven days. German authorities have said if the situation deteriorates, the travel advisory for the four regions could be reintroduced.

Company news that you may have missed …
PizzaExpress has put its UK business on sale and has warned of 1,100 job cuts as it takes drastic action to prevent the crisis from collapsing. The 55-year-old pizza chain will close 67 restaurants – 15% of its assets in the United Kingdom – and discharge its Chinese activities. The company announced a further £ 144million cash injection to refinance its debt and finance the reopening of its 449 UK restaurants.
EasyJet generated £ 7million in revenue over a three-month period as few people flew, with governments imposing strict lockdowns and planes on the ground in their efforts to stem the spread of the pandemic. But the low-cost airline has improved its previously terrible expectations because it predicts a smaller loss in the fourth quarter compared to the third.
Second-quarter revenue jumped 69% at Beyond Meat, the U.S. plant-based meat group, as sales increased by more than offset the decline in fast food chains and restaurants because of the pandemic. Beyond Meat said revenue for the three months ending in June totaled $ 113.3 million after its retail sales nearly tripled to $ 90 million, while foodservice revenues fell 61% to $ 6.5 million.
Disney suffered a $ 3.5 billion operating profit impact parc d’attractions, as the pandemic crippled some of the entertainment giant’s most lucrative businesses. The company has had to contend with three months in which Covid-19 has bruised nearly everything it does except streaming. Disney has depended on its theme parks and blockbuster movies to generate profits even as mainstream media has shrunk.

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