Japan’s Panasonic Corp posted on Monday a 29% drop in annual operating profit amid the coronavirus outbreak but said its battery cells joint venture with major customer Tesla Inc logged a second straight quarterly profit. Panasonic did not issue an earnings forecast for the current year due to uncertainty from the virus, joining a number of Japanese electronics companies, including Sony Corp and Canon Inc , in refraining from providing outlooks. Operating profit for the year ended in March came in at 293.75 billion yen ($2.74 billion), in line with an average estimate of 295.3 billion yen profit drawn from 17 analysts polled by Refinitiv.

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May.18 — April’s rally in stock markets “was a classic case of a bear market rally,” according to Rebecca Chesworth, senior equities strategist at State Street Global Advisors. She speaks on “Bloomberg Markets: European Open.”

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The additional checks could be on the way, suggests Goldman Sachs.

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