(Bloomberg) — Emerging-market stocks and currencies gained last week amid optimism progress is being made toward developing coronavirus vaccines, and as more nations roll back lockdowns. Sentiment was tempered as the week progressed by signs U.S.-China tensions are increasing once again, including escalating rhetoric from President Donald Trump and Senate legislation that may lead to delisting of Chinese companies from American stock exchanges. China announced plans to impose a national security law on Hong Kong, further adding to geopolitical frictions.The following is a roundup of emerging-market news and highlights for this week through May 22:Highlights:The U.S. threw its weight behind one of the fastest-moving experimental solutions to the coronavirus pandemic, pledging as much as $1.2 billion to AstraZeneca Plc to help make the University of Oxford’s Covid vaccineAn experimental vaccine from the U.S. biotechnology company Moderna Inc. showed signs it can create an immune-system response to fend off the coronavirusRead: U.S. Raises Ante in Vaccine Race With $1.2 Billion for Astra (2)Leading Chinese vaccine developer CanSino Biologics Inc. has signed a deal to test and sell a separate Canadian vaccine candidateFederal Reserve Chairman Jerome Powell said the central bank is prepared to use its full range of tools and leave the benchmark lending rate near zero until the economy is back on track; he reiterated that more fiscal aid may be neededFed policy makers saw the coronavirus posing a severe threat to the economy when they met last month and were also concerned by the risks to financial stabilityChina has abandoned its usual practice of setting a numerical target for economic growth this year due to the turmoil caused by the coronavirus; it reiterated a pledge to implement the first phase of its trade deal with the U.S.China projected defense spending growth of 6.6% this year, the slowest increase since at least 1991; the nation is pushing ahead with major investment in new infrastructure, assigning it top importance this yearChina announced plans to rein in dissent by writing a new national security law into Hong Kong’s charter, prompting democracy advocates to call for protestsPresident Donald Trump escalated his rhetoric against China, suggesting that leader Xi Jinping is behind a “disinformation and propaganda attack on the United States and Europe”The U.S. Senate overwhelmingly approved legislation that could lead to Chinese companies such as Alibaba Group Holding Ltd. and Baidu Inc. being barred from listing on U.S. stock exchangesU.S. Secretary of State Michael Pompeo broke with past U.S. practice and issued a statement congratulating Taiwan President Tsai Ing-wen ahead of her inauguration. China denounced the message as “wrong and very dangerous”Tsai urged China’s Xi Jinping to “find a way to co-exist” with the island’s democratic government as she started her second termArgentina will improve the terms of its offer to restructure $65 billion of overseas bonds after sinking into default when it failed to make an interest paymentSouth Africa’s Reserve Bank cut its benchmark rate for the fourth time in four months to support an economy forecast to slump deeper into recession; Turkey’s central bank delivered a ninth straight rate cut in less than a year after measures to prop up the lira drove out foreign investors; Indonesia’s central bank unexpectedly left its benchmark unchanged to bolster the currency; Bank of Thailand cut its key rate to a record and said it was ready to use additional policy tools if neededIndia’s central bank cut interest rates in an unscheduled announcement, ramping up support for an economy it expects will contract for the first time in more than four decadesBrazil overtook the U.K. to become the world’s third most-infected nation and reported record daily deaths; government still hasn’t picked a new health minister following Nelson Teich’s resignationRussia sees its economy contracting 5% this year, according to updated forecast from Russian Economy MinistryPresident Vladimir Putin may announce a snap ballot within weeks on proposed changes to the constitution that allow him to sidestep term limits, said people familiar the matterAsia:Chinese President Xi Jinping pledged to make any coronavirus vaccine universally available once it’s developed, part of an effort to defuse criticism of his government’s response to a pandemicChina’s regulator and some lenders have discussed extending loan relief beyond a June 30 deadline for corporates hurt by the virus outbreakChina is considering targeting more Australian exports including wine and dairy, according to people familiar with the matterShanghai Stock Exchange has started a trial program to allow companies to issue short-term local bondsChina’s house-price growth accelerated in April as the central bank’s credit easing gave the property market a lift out of the coronavirus shutdownBank of Korea said it will provide 80% of a special purpose vehicle’s 10 trillion won ($8.1 billion) of funds to buy corporate debt including lower-rated bonds and commercial paperSouth Korean students are returning to their classrooms after a five-month break as government health officials declared the country may have avoided a second wave of infectionsInitial South Korea trade figures for May signaled deep global trade weakness as the coronavirus smothers global economic activity. Though the value of shipments to China fell 1.7%, this was far less than in previous monthsIndia’s coronavirus infections crossed the 100,000 mark and are escalating at the fastest pace in Asia, just as Prime Minister Narendra Modi further relaxed the country’s nationwide lockdownThe biggest cyclonic storm over the Bay of Bengal in two decades wreaked havoc along India’s east coast and in Bangladesh, flooding low-lying areas and affecting power supplyIndia’s capital market regulator has allowed some categories of debt mutual funds to invest more in government bonds and treasury billsIndia’s government said the central bank will increase support for troubled shadow lenders, to stave off defaults as record repayments come due next monthIndonesian President Joko Widodo ruled out an immediate easing of social distancing rules and ordered officials to strictly enforce a ban on travel during the busy holiday season to prevent a spike in new coronavirus casesIndonesia will extend $10 billion in financial support to a dozen state-owned companies to tide over the impact of the coronavirus, Finance Minister Sri Mulyani Indrawati saidThailand sees its economy contracting as much as 6% this year as the coronavirus outbreak cuts travel to the tourism-reliant nation and shutters commerceGovernment agreed to extend state of emergency as suggested by National Security Council, Deputy Prime Minister Somkid Jatusripitak saidThe Philippine central bank sees “no apparent and immediate” need to avail itself of the new short-term liquidity line being offered by IMF to members as part of pandemic response, according to Governor Benjamin Diokno; policy space is still sufficient, he said separatelyThe Philippines is considering downsizing lockdowns to villages from regions, as it balances further reopening its economy with stemming the virus outbreakMalaysia’s king warned lawmakers against resorting to hostility and slander, as he spoke at the country’s first parliament sitting since its chaotic change of government two-and-a-half months agoThe trial of Malaysia’s former leader Najib Razak resumed on Tuesday, as a settlement deal by his stepson spurred concern over how the new government is handling the 1MDB casesTaiwan’s unemployment rate has reached the highest level in more than 6 years, according to government data released today. The coronavirus pandemic sent April’s jobless rate to 4.1% leaving over 480,000 people unemployedEMEA:Russia sold the most debt on record in its weekly bond auctions, benefiting from low borrowing costs to fund stimulus plansRussia’s Finance Ministry placed 112 billion rubles ($1.6 billion) of bonds due in October 2027 at its first auction on Wednesday, the most ever for a single offeringTrump has decided to withdraw from the Open Skies treaty, an arms-control pact designed to promote transparency between U.S. and Russia, claiming Russian violationsTurkey secured a fresh source of foreign exchange from Qatar, leaning again on the gas-rich Gulf nation that’s consistently come to the rescue as part of an alliance born after a coup attempt against President Recep Tayyip ErdoganRomania’s surprise first-quarter economic growth may help the country avoid a credit-rating downgrade next month as investors rush to buy its debt, the finance minister saidAbu Dhabi raised more money from international debt markets just weeks after a $7 billion bond sale as it took advantage of a drop in borrowing costs to bolster its financesThe emirate sold an additional $3 billion of its three-tranche deal priced in April, according to people familiar with the matterEgypt may reduce financing in local markets over coming weeks as it tries to cut debt-service costs for one of the Middle East’s most indebted countries, the Finance Ministry saidEgypt raised $5 billion in its first sale on international bond markets since NovemberLebanese banks urged the government to sell state assets and defer maturities to avoid defaulting on its domestic debt and driving the country’s finances into an even deeper crisisSaudi Aramco became the first major global oil producer to see its stock recover to the level it traded at before the price war between Russia and Saudi ArabiaZambia is seeking to restructure its debt after years of “over-ambition” in borrowing to plug an infrastructure deficit, the Finance Minister saidBank of Zambia cut its key interest rate for the first time in more than two years to counter the impact of the coronavirus on the economy, even as inflation surged to a 43-month high in AprilMoeketsi Majoro became Lesotho’s new prime minister, a day after his predecessor resigned amid an investigation into the murder of his ex-wifeZimbabwe’s supply of foreign exchange has increased by 35% since restrictions on using the U.S. dollar for domestic payments were eased, the central bank Governor saidSouth African factory output contracted for the ninth month in February even before a nationwide lockdown aimed at limiting spread of the coronavirus pandemic shuttered all non-essential activityInvestors declined to take up all of the five-year bonds on offer at an auction in Kenya this weekRwanda plans to increase budget spending for the coming fiscal year by 8%, saying it needs more money to fend off the Covid-19 pandemic, the Finance Minister saidNigeria’s early move to tap cheap loans improved its risk perception among foreign investors, leading to a decline in the country’s borrowing costsLatin America:Argentina’s economic activity slid 9.8% in March, a record biggest monthly decline, amid a nationwide lockdownA video of a controversial meeting between Brazil’s Jair Bolsonaro and members of his cabinet became public on Friday, fueling a political crisis that embroils the president just as the coronavirus pandemic grips the countryBrazil overtook Russia and is now second in number of virus cases in the world, trailing only the U.S.Health Ministry loosened protocols for the use of chloroquine, under orders of the president, who ordered the military to ramp up production of the drugThe city of Sao Paulo brought forward holidays to increase social isolation rates, which are typically higher on weekends and holidaysBolsonaro asked for state governors and congress to support his veto on an increase in public servants wagesCentral bank President Roberto Campos Neto promised to step up currency intervention if neededInvestors holding debt protection for Ecuador are in line to share compensation of about $60 million after the nation struck a deal with creditors to suspend coupon payments on its foreign debtAshmore Group Plc and BlackRock Inc. are joining together to present a united front for restructuring talks in EcuadorIDB approved a $250 million loan to Ecuador and nation is launching a $1.2 billion program to revive the economyEcuador is launching a program with $1.15 billion of funding from international partners to support workers and entrepreneurs, the Finance Minister saidChile’s economy is bracing for a contraction even after activity unexpectedly grew in the first three months of the year during the onset of the coronavirus pandemicQuarantine in capital Santiago was extended for a weekMexico’s President Andres Manuel Lopez Obrador said he is working on a new indicator to measure growth and progress as the country’s economy heads to its biggest contraction in almost a centuryMexico’s interest rates will continue to be cut, central bank board member Jonathan Heath saidInflation quickened more than expected in early May as food prices jumpedPeru’s economy contracted in the first quarter as the country entered what may be its deepest slump since the 1880s. GDP fell 3.4% from a year earlierCountry extended its nationwide quarantine for five weeks, while the reopening of the economy will enter its second phase as plannedFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
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Police fired tear gas on protesters for the first time in weeks after thousands took to the streets in Hong Kong Sunday to vent their anger at security laws Beijing announced it plans to impose. Photo: Kin Cheung/Associated PressIBM Corp. (IBM) is said to reduce the number of employees across the U.S., streamlining its workforce in at least five states.The company declined to comment on the total number, but the workforce reductions appear far-reaching, according to a Bloomberg report.“IBM’s work in a highly competitive marketplace requires flexibility to constantly add high-value skills to our workforce. While we always consider the current environment, IBM’s workforce decisions are in the interest of the long-term health of our business,” company spokesman Ed Barbini said in a statement. “Recognizing the unique and difficult situation this business decision may create for some of our employees, IBM is offering subsidized medical coverage to all affected U.S. employees through June 2021.”Based on a review of IBM internal communications on the Slack corporate messaging service, the number of affected workers is likely to be in the thousands, said a North Carolina-based worker who lost his job along with his entire team of 12.“This was far ranging — and historical employment ratings, age and seniority did not seem to matter,” he said. The person asked not to be identified on concern that speaking publicly may impact his severance package, according to the Bloomberg report.IBM employees in Pennsylvania, California, Missouri and New York, are also said to be affected by the round of job cuts, according to the Bloomberg report.Another worker who lost his job said the reductions mostly focus on IBM’s North American workforce. Half of his 70-person department were cut and told their last day with the company will be June 22.IBM is joining a list of tech companies, who are implementing cost-cutting measures, such as widespread job cuts after the coronavirus pandemic induced a slower economic growth environment. Uber Technologies Inc. (UBER) has cut about a quarter of its workforce, while Hewlett Packard Enterprise Co. (HPE) last week said it will cut some employees to preserve cash.In an earnings call in January, IBM discussed reducing costs through “aggressive structural actions” to improve the competitiveness of its Global Technology Services consulting unit, which represents about a third of revenue.Shares in IBM, which have advanced 25% in the past two months, are still down 13% year-to-date.Turning now to Wall Street, analysts are cautiously optimistic about the stock’s outlook. The Moderate Buy consensus is divided into 4 Buy ratings and 8 Hold ratings. The $132.36 average price target suggests shares have 12% upside potential in the coming 12 months. (See IBM stock analysis on TipRanks).Related News: Nvidia Sinks Despite Stellar Earnings; Top Analyst Says Buy On Any Weakness Micron Has More Than Enough Tailwinds to Offset Huawei Sanctions, Says Top Analyst Baidu May Use Nasdaq Delisting To Boost Value – Report More recent articles from Smarter Analyst: * Twilio To Power New York’s COVID-19 Contact Tracing Initiative; Shares Jump 7.5% * NBA In Talks With Disney To Reopen Season At Disney World In July * GM Delays Some Production Shifts At 3 U.S. Truck Plants – Report * Gilead’s Remdesivir Most ‘Beneficial’ In Covid-19 Patients Who Need Extra Oxygen, Study Shows
Twilio (TWLO) announced that it will provide the communications platform to power New York City’s coronavirus contact tracing initiative sending shares up 7.5% on Friday.The cloud communications company said that New York City’s Department of Information Technology & Telecommunications (DoITT) is planning to deploy a cloud-based contact center on Twilio Flex to call, message or email COVID-19 patients, educate them on the virus, and identify their close contacts through self-reporting. Terms of the deal weren’t disclosed.The platform also provides messaging-based alerts using Twilio Voice, SMS, email or WhatsApp that prompt patients to fill out secure surveys on their symptoms. As governments around the world explore strategies to slow the spread of new coronavirus cases and safely reopen economies, public health departments have identified contact tracing as a step in the process.“Throughout this pandemic, the ability for businesses and government agencies to quickly spin up and iterate ways to engage customers and constituents has never been more important,” said George Hu, chief operating officer at Twilio. “New York City’s contact tracing solution makes it possible for the city to connect with and support residents with COVID-19 and keep their known contacts safe and informed.”Twilio stock jumped 7.5% to $208.62 on Friday. The value of the company’s shares has almost tripled since mid-March after it posted strong sales figures as the coronavirus-related stay-at-home orders fueled demand for its cloud technology solutions.Last week, five-star analyst Patrick Walravens at JMP Securities ramped up the price target on Twilio’s stock to $200 from $160 and reiterated his Buy rating, in view of new business coming from verticals such as education, retail, and healthcare.In the long-term, Walravens expects Twilio to benefit from its "clear lead" in a massive market with an estimated $45B opportunity coming from SMS unified communications and authentication.The rest of the Wall Street community is cautiously optimistic about Twilio’s stock prospects. The Moderate Buy consensus splits into 14 Buys and 6 Holds. Given the recent share rally, the $164.33 average price target implies 21% downside potential in the next 12 months. (See Twilio stock analysis on TipRanks).Related News: Google, Apple Roll Out Coronavirus Contact Tracing Technology Google Cloud Wins Cyber Security Contract With U.S. Defense Department Microsoft Buys Metaswitch For Cloud-Based Telecoms Move, 5G Expansion More recent articles from Smarter Analyst: * IBM Is Said To Make Far-Reaching Job Cuts Across The U.S. * NBA In Talks With Disney To Reopen Season At Disney World In July * GM Delays Some Production Shifts At 3 U.S. Truck Plants – Report * Gilead’s Remdesivir Most ‘Beneficial’ In Covid-19 Patients Who Need Extra Oxygen, Study Shows
John Hopkins Biocontainment Unit Medical Director Dr. Brian Garibaldi joins Yahoo Finance’s Zack Guzman to discuss the timeline of a coronavirus treatment, as global cases surpass 5 million, according to John Hopkins data.
CanSino Biologics, a Chinese vaccine company, announced on Friday that it saw strong, positive results from its phase one trials of a coronavirus vaccine, which it tested on 108 volunteers. Yahoo Finance’s Anjalee Khemlani joins The Final Round to break down the latest news about the coronavirus.
Inari Medical shares soar in public debut under the ticker NARI. Yahoo Finance’s Adam Shapiro discusses.