August 12, 2020

Coronavirus latest: German health minister sceptical about Russian vaccine

US stocks advance towards record while bonds extend decline

US equities climbed towards an all-time high on Wednesday while global bond markets extended a recent sell-off as investors shifted into riskier assets.

The S&P 500 reversed the previous session’s losses to gain 1 per cent as the index edged towards a record struck in February. In Europe, UK equities outshone their peers.

Ten-year US Treasury yields pulled back from their highest level in more than a month, recently up 0.013 percentage point to hit 0.67 per cent, reflecting a fall in prices. A week ago the yields were around 0.5 per cent. UK and eurozone sovereign debt yields followed suit.

US consumer price gains kept pace into a second month as demand signalled a rebound from a pandemic-related decline. That meant the index matched June’s advance when it rose for the first time since February, before the US shut down to stem the spread of Covid-19.

Analysts pointed to huge sales of new debt as a short-term catalyst for the sell-off. The US Treasury is set to auction a record $38bn of 10-year bonds on Wednesday.

In Europe, UK stocks swept past their continental peers

Stein Mart files for bankruptcy, plans to close most stores for good

A Stein Mart store in King of Prussia, PA.

Google Earth

The off-price chain Stein Mart announced Wednesday it has filed for Chapter 11 bankruptcy protection and plans to permanently close most, if not all, of its stores, adding to the turmoil in a retail industry that has been hammered by the coronavirus pandemic. 

The Jacksonville, Florida-based company said in a press release it has already launched a liquidation process to kick off going-out-of-business sales. It said it is evaluating alternatives, including the potential sale of its e-commerce operations and intellectual property. 

“The combined effects of a challenging retail environment coupled with the impact of the Coronavirus pandemic have caused significant financial distress on our business,” Chief Executive Hunt Hawkins said in a statement. “The Company lacks sufficient liquidity to continue operating in the ordinary course of business.” 

Stein Mart shares, which are priced under $1, sank more than 42{6b17707e448e34f54d6d1a9e433426abf2addbba8938cba1c35a09fc0ada7803} in premarket trading Wednesday morning. The company has a market cap of $14.2 million. Its stock has tumbled 56{6b17707e448e34f54d6d1a9e433426abf2addbba8938cba1c35a09fc0ada7803} this year. 

Stein Mart operates 281 stores across 30 states in the U.S., according to its website. 

More than 40 retailers have filed for bankruptcy in 2020, including the home-goods

Hong Kong Cuts Interest Fee After US Fed’s Surprise Transfer To Bolster Sagging Financial system As

The central financial institution has two crucial functions within the financial system of a rustic. Trump had grow to be satisfied Federal Reserve Chairman Jerome Powell wouldn’t be coming to the rescue, and unloaded on the central financial institution leader in the course of the White Home assembly, the people mentioned. Trump has complained in tweets that Powell was gradual to answer the disaster and may have performed more, sooner to lower rates of interest and inject cash into the economy – even after the Fed issued an emergency half-point fee lower last week. Some small business house owners are already financial specialists: they’ve MBAs, expertise within the non-public sector, and robust literacy in all issues associated to managing small business finances.

Previous gas spikes and attendant recessions have brought about widespread hardship within the airline trade. As evaluation shows, airline profitability suffers as a direct consequence of a weakening economic system. During the first Gulf War, nearly half of the main airlines filed for defense beneath Chapter 11 of the Bankruptcy Code, lengthy-standing airlines went out of business, more than 100,000 airline workers misplaced jobs, and the industry went into a financial tailspin from which it took years to …