U.S. President Donald Trump is expected to order a review of a law that has long protected Twitter, Facebook and Alphabet’s Google from being responsible for the material posted by their users, according to a draft executive order and a source familiar with the situation.
(Bloomberg) — Nasdaq 100 Index futures fell on a report Donald Trump is preparing to sign an executive order that could threaten to penalize Facebook Inc., Google and Twitter Inc. for the way they moderate content on their sites.Contracts for June delivery on the Nasdaq 100 fell as much as 0.8%, before paring losses to 0.1% as of 2:50 p.m. in Tokyo. Trump’s upcoming executive order aims for federal regulators to review a law that spares tech companies from liability for comments and content posted by users, the Washington Post reported. Investor sentiment was also damped by deteriorating U.S.-China ties.“U.S. …read more […]
Shares in PhaseBio Pharmaceuticals (PHAS) surged 82% in after-hours trading on Wednesday, after the company announced clearance of its investigational new drug (IND) application by the FDA under its Coronavirus Treatment Acceleration Program (CTAP).PhaseBio’s “VANGARD” trial will assess the efficacy and safety of its PB1046 in hospitalized COVID-19 patients at high risk for rapid clinical deterioration and acute respiratory distress syndrome. Approximately 210 patients will be targeted to be enrolled at approximately 20 sites across the US. The primary endpoint will measure days alive and free of respiratory failure.The patients will be treated with PB1046, a novel, once-weekly, subcutaneously-injected vasoactive …read more […]
Spot gold was up 0.6% at $1,718.77 per ounce, as of 0544 GMT, after dropping to $1,693.22 on Wednesday. U.S. gold futures rose 0.5% to $1,717.80. “That’s bad news for the globe as it spills over into trade- the impact on global growth, while the global economies are fragile, could be severe.” …read more […]
Impulse purchases – gum, mints and snack bars tossed into a shopping basket as one snakes through the supermarket checkout line – are falling as more people get groceries delivered or pick them up curbside.
Oil prices slid for a second consecutive session on Thursday as U.S. industry data showed a steep and surprising build-up in crude stockpiles, dampening hopes of a smooth demand recovery as the world begins to ease its way out of coronavirus lockdowns. The decline extended losses from Wednesday on uncertainty about Russia’s commitment to deep oil production cuts in the lead-up to a June 9 meeting of the Organization of the Petroleum Exporting Countries and its allies, dubbed OPEC+. U.S. West Texas Intermediate (WTI) crude futures were down 4.4%, or $1.44 at $31.37 a barrel at 0402 GMT …read more […]
While the benchmark S&P 500 index has surged 34% from its March lows and the Nasdaq Composite is just 6% short of record highs, investors are more bearish than they have been in years and key measures such as unemployment and gross domestic product are giving their worst readings since the Great Depression. The dichotomy between market performance and investor sentiment echoes the “There Is No Alternative” argument that dominated investor thinking in the recent pre-Covid era, when ultra-low rates around the world and the U.S. economy’s relative outperformance pushed global investors into U.S. stocks, even as they fretted …read more […]
Oil prices slid for a second consecutive session on Thursday as U.S. industry data showed a steep and surprising build-up in crude stockpiles, dampening hopes of a smooth demand recovery as the world begins to ease its way out of coronavirus lockdowns.
U.S. stocks will end this year around current levels as the coronavirus pandemic cripples the economy and eats into earnings, according to strategists polled by Reuters.
Asian shares and U.S. stock futures rose on Thursday as growing optimism about a global economic recovery from the coronavirus pandemic trumped immediate concerns about a standoff between the United States and China over Hong Kong.
The latest dispute comes after Twitter added fact-check links to the president’s tweets for the first time. …read more […]
Venezuelan President Nicolas Maduro on Wednesday pledged to begin charging citizens for gasoline, as the fourth cargo of a five-tanker flotilla bringing fuel from Iran approached the South American nation’s exclusive economic zone. Iran is providing the country with up to 1.53 million barrels of gasoline and components to help it ease an acute scarcity that has forced Venezuelans to wait in hours-long lines at service stations or pay steep prices on the black market. With the arrival of the gasoline, Maduro said he would end the policy of providing fuel effectively for free after more than two …read more […]
(Bloomberg) — A stronger-than-expected fixing was enough to steady the yuan after increasing U.S.-China tensions sent the offshore rate toward a record low.The offshore yuan traded steady at 7.1809 a dollar as of 10:33 a.m. in Hong Kong after the People’s Bank of China set its fixing at 7.1277. While that was just slightly stronger than forecast, traders took it as a sign that the central bank would want to avoid the rapid depreciation. The onshore rate, which is nearing its weakest since 2008, was also little changed.The exchange rate has become a focus of political sparring between Washington and …read more […]
Business groups are urging U.S. President Donald Trump to go slowly in responding to Bejing’s planned imposition of new national security laws on Hong Kong, warning revoking the city’s special U.S. privileges will hurt the territory and its people.
American Airlines Group Inc must reduce its management and support staff by about 30% as it moves to run a smaller airline due to the coronavirus pandemic, according to a letter to employees made public on Wednesday.
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