06Aug2020 Pre-Market Commentary: Stock Futures Trim Losses After Better-than-expected Jobless Claims Data, DOW Up 40 Points, Gold Up 2057, Silver Gains 28.02

Here is the current market situation from CNN Money

European markets are broadly lower today with shares in London off the most. The FTSE 100 is down 1.76% while France’s CAC 40 is off 1.25% and Germany’s DAX is lower by 0.83%.

Manhattan apartment deals plunge 57%, suburban real estate surges

Apartment contracts in Manhattan fell by more than half in July, while deals in many New York suburbs more than doubled, showing a continued flight from the city over the summer.

Popeyes parent’s revenue falls 25% despite chicken chain’s soaring same-store sales

Popeyes, powered by its popular chicken sandwich, reported same-store sales growth of 24.8%.

Coronavirus updates: Fauci says politics won’t influence vaccine approval; AstraZeneca strikes production deal

The coronavirus has infected more than 18.8 million people around the world as of Thursday, killing at least 708,301 people.

Toyota ekes out weakest first quarter profit in nine years as pandemic slams car sales

Toyota Motor eked out its smallest quarterly profit in nine years as the coronavirus pandemic halved its car sales and nearly wiped out its bottom line.

Trump says he’s in favor of plan to give $25 billion more to struggling airline industry

President Trump said he supported a proposal that has gained bipartisan support for $25 billion in additional federal aid for airline payrolls.

5 things to know before the stock market opens Thursday

U.S. stock futures fell slightly Thursday after the government reported better-than-expected data for jobless claims.

U.S. FDA approves GlaxoSmithKline’s blood cancer drug

The U.S. Food and Drug Administration on Wednesday approved GlaxoSmithKline’s experimental treatment for a common form of blood cancer.

Beyond Meat leaned on grocery stores to hit a sales milestone, CEO says

“If you look at the trends that were occurring in retail, they were absolutely remarkable,” Beyond Meat CEO Ethan Brown said.

Rural Airbnb bookings are surging as vacationers look to escape the coronavirus

Airbnb has struggled since the coronavirus devastated global travel, but there’s been one big bright spot. Rural hosts are seeing huge surges in business as Americans jump to escape the confines of their homes and the stress of the ongoing pandemic.

Trump says there’s no question the coronavirus ‘will go away’

Trump applauded the country’s coronavirus vaccine and therapeutic development, saying it has had “tremendous success” and is “ready to deliver them literally as soon” as they’re approved.

Movie theaters were relying on ‘Mulan’ to boost ticket sales, its move to Disney+ is a ‘sucker punch to the gut’

While pushing “Mulan” to Disney+ should help Disney meet its financial targets, it leaves movie theaters around the world in more precarious positions.

Coronavirus live updates: NYC setting quarantine checkpoints, J&J producing 100 million vaccine doses for U.S.

The coronavirus has infected more than 18.8 million people around the world as of Wednesday, killing at least 707,666 people.

J.C. Penney lenders seek higher bids for bankrupt retailer, report says

Lenders say bids for Penney’s real estate and assets aren’t close enough to the $2.2 billion of debt they hold after the department store filed for bankruptcy.

Germany Suffers Biggest Jump In COVID-19 Case Since May; Philippines Passes Indonesia As Region’s Biggest Outbreak: Live Updates

Germany Suffers Biggest Jump In COVID-19 Case Since May; Philippines Passes Indonesia As Region’s Biggest Outbreak: Live Updates Tyler Durden Thu, 08/06/2020 – 08:34

Summary:

Global cases near 19 million

Deaths top 700k

Germany reports more than 1,000 new cases for first time since May

Philippines now worst outbreak in Southeast Asia

Victoria reports another 471 new cases

* * *

The number of new coronavirus cases slowed on Thursday, but the global tally of cases neared 19 million, with the outbreak on track to surpass that number by the end of the week.

Andrew Cuomo Begs Rich Hedge Funders Fleeing NYC: “Please Come Back”

Andrew Cuomo Begs Rich Hedge Funders Fleeing NYC: “Please Come Back” Tyler Durden Thu, 08/06/2020 – 08:30

While Alexandria Ocasio-Cortez (whose close friend and fellow activist Cori Bush just upset a longtime incumbent in a Missouri Congressional primary earlier this week) pushes for a ‘first-in-the- nation’ wealth tax that most reasonable people fear would destroy the state’s tax base by driving the billionaires and multimillionaires who finance more than half of the state’s budget to leave, NY Gov Andrew Cuomo is begging rich people to “please come back” to NYC.

During a briefing earlier this week, Cuomo shared an amusing anecdote with reporters as he tried to illustrate the importance of retaining wealthy taxpayers during a period of fiscal crisis (remember, NY is seeking $60 billion in federal money to plug a gaping hole in its budget). Cuomo said that he had been calling up wealthy New Yorkers and asking them to please return to the city from their second homes out in the Hamptons, or Palm Beach, or Greenwich.

“I literally talk to people all day long who are now in their Hamptons house who also lived here, or in their Hudson Valley house, or in their Connecticut weekend house, and I say, ‘You got to come back! We’ …

Bank of England: Coronavirus downturn less severe than feared

UK economy is still set for worst performance in 100 years according to the UK’s central bank.

Coronavirus: ‘I hated my flat during lockdown’

Estate agents have seen a surge in interest in moving to the country from people living in cities.

High-cost lenders using ‘exotic holidays’ to encourage debt

Pictures of holidays and “nudge” tactics are being used to persuade people to get into greater debt.

HDFC sat on details of borrowers for 2 years?

HDFC sat on details of borrowers for 2 years?One of India’s biggest credit bureaus, Experian Plc told the Reserve Bank of India in July that HDFC Bank has been late in providing details of its loans, including the repayment status of its millions of retail borrowers. Such tardiness has been an issue for about two years.

Centre releases Rs 890 crore to fight Covid-19

Centre releases Rs 890 crore to fight Covid-19The Central Government released Rs 890.32 crores as the second installment of the Covid-19 Emergency Response and Health System Preparedness Package to 22 States and UTs.

Old TikTok videos flood social media platforms

Old TikTok videos flood social media platformsOld TikTok videos with the app’s watermark on them can be seen on other apps in a move that may have potential legal ramifications for these content creators and the apps uploading them. ByteDance owned TikTok owns the IP on content created using their proprietary tools.

Need to Know: Here’s the worrying message the market is sending about the economic recovery

Sure, the S&P 500 has rallied from the March lows. But other market indicators are telling a worrying story about the economy.

Here’s what the Bank of England did to interest rates on Thursday ” what’s next?

The Bank of England warned that the U.K. economy wouldn’t rise back to its 2019 level before the end of 2021.

The Ratings Game: Versace parent Capri Holdings and Ralph Lauren slump as luxury sales takes a hit during pandemic

Luxury fashion houses Capri Holdings and Ralph Lauren have seen declines as consumer attention turns elsewhere during the coronavirus pandemic.