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8.21+0.22 (+2.79%)
As of 2:40PM BST. Market open.
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Previous close7.99
Bid8.15 x 0
Ask8.31 x 0
Day's range8.05 - 8.27
52-week range4.47 - 10.37
Avg. volume3,814,357
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  • HelloFresh Sees Sales Almost Doubling as Pandemic Persists

    HelloFresh Sees Sales Almost Doubling as Pandemic Persists

    (Bloomberg) -- HelloFresh SE said a sustained increase in demand for meal kits prompted the company to raise its forecast for sales and profitability.More favorable than expected summer seasonality, additional demand triggered by a renewed worsening of the pandemic in some markets and higher customer retention mean full year 2020 revenue growth will now be 75% to 95%, compared with an earlier forecast of 55% to 70%, HelloFresh said in a statement ahead of the publication of its second-quarter earnings report scheduled for Aug. 11.The company’s full year 2020 adj. Ebitda margin guidance, previously 8% to 10%, has now been lifted to between 9% and 11%, HelloFresh said.Key InsightsIn a July pre-release, the company narrowed its 2020 adjusted Ebitda margin guidance already from an earlier forecast of 6% to 10%.Revenue growth could reach about 120% in the second quarter, Bloomberg Intelligence said, while a boost in orders and customers in the U.S. could last beyond this year.Get MoreHelloFresh Climbs as Kepler Raises PT Amid Meals-at-Home BoomHelloFresh Rises as Deutsche Bank Expects Growth to ContinueHelloFresh Sees 2Q Rev, Adj Ebitda Significantly Above EstimatesFor 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.

  • Better-Than-Expected U.S. Jobs Data Seen as Last of ‘Easy Gains’

    Better-Than-Expected U.S. Jobs Data Seen as Last of ‘Easy Gains’

    (Bloomberg) -- The U.S. labor market’s third straight month of solid improvement from the depths of the pandemic could very well be its last for a while.Workers returned to low-wage jobs at restaurants and retailers, as major cities -- especially New York -- continued to reopen early in the month. Since then, though, many measures of activity have leveled off and a key relief program has expired with no agreement on a new deal. The July jobs report also showed that millions of Americans who lost their jobs in the early days of the pandemic remain unemployed, with the overall rate still almost triple the pre-crisis level.“We’ve had the easy gains and the labor market is becoming a little more difficult now,” said Brett Ryan, senior U.S. economist at Deutsche Bank AG. “Going forward, the expectation should be a gradual step-down“ and “it may not be a straight line in terms of improvement every month.”Employers added 1.76 million jobs in July, about 300,000 more than economists expected, according to data Friday from the Labor Department. The unemployment rate fell by about 1 percentage point to 10.2%, just above the peak following the 2008 financial crisis but a marked decline from almost 15% at the height of the pandemic.Further job gains are looking increasingly difficult with no vaccine yet in sight, and several signs point to weakness in months ahead: a federal $600 supplement to weekly unemployment benefits, which provided extra cash to prop up households, expired at the end of July. That means fewer dollars spent into the economy and at businesses, which also face the end of funds through the Paycheck Protection Program.The jobless payments are particularly important with millions unemployed for months now. Out of the 16.3 million unemployed Americans in July, almost 8 million had been out of work for 15 weeks or longer, or roughly since the start of the pandemic. That figure was up 4.7 million from June.Meanwhile, negotiations over extending the relief have stalled.“The talks are rather stalemated right now,” White House economic adviser Larry Kudlow said on Bloomberg Television after the report Friday. Despite that, President Donald Trump plans to use executive orders to get “certain priorities through” including a payroll tax cut and eviction moratorium, he said. Kudlow continued to call the economic recovery “V-shaped.”But that recovery is on pause, casting a shadow over the labor market. High-frequency indicators show that economic and payroll activity slowed or declined in the weeks following the survey period for the government’s jobs report, which takes place early in the month.“What we have is an economy that’s still adding back but with the slowing in the reopening, we’re setting August up for a very questionable report,” said Joel Naroff, president of Naroff Economics LLC.Read more: Bloomberg’s TOPLive blog on the jobs reportU.S. equities were mixed on Friday as investors weighed doubts that lawmakers will be able to agree on a new round of economic stimulus with a better-than-forecast jobs report.What Bloomberg’s Economists Say“Following an unprecedented swing from severe drop to sharp rebound, the economy is entering more conventional recession dynamics. A prolonged period of elevated unemployment and subdued participation in the labor market will weigh heavily on income growth, personal spending and top-line growth.”\-- Yelena Shulyatyeva, Andrew Husby and Eliza WingerClick here for the full noteLow-wage sectors led gains: payrolls at restaurants jumped by half a million, retail trade employment also increased, though at a slower pace, with more than 250,000 jobs added. Health care and social assistance payrolls rebounded as doctors’ offices continued to open and as demand for day care increased.Manufacturing employment rose just 26,000 in July, about one-tenth of forecasts. Auto makers added more than 39,000 workers.Government PayrollsThe report also showed a 241,000 jump in local-government employment, reflecting seasonal adjustments in the education sector.While companies are hiring, including Amazon Inc., Alphabet Inc., Ford Motor Co. and D.R. Horton Inc., layoffs have been piling up in recent weeks, particularly in industries most affected by the pandemic. American Airlines Group Inc. advised that 25,000 jobs are at risk when aid expires and United Airlines Holdings Inc. said it would furlough one-third of its pilots. L Brands Inc., which owns Victoria’s Secret, said it would lay off 15% of its workforce.The July jobs report also showed little improvement for Black Americans, with their unemployment ticking down only slightly to 14.6%, compared with 12.9% for Hispanic workers, and 9.2% for Whites. The jobless rate for women, who carry the most responsibility for childcare and homecare duties, fell to 10.5% and for men it dropped to 9.4%.For 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.

  • Mnuchin’s Long-Bond Curve Ball Dares the Flatteners

    Mnuchin’s Long-Bond Curve Ball Dares the Flatteners

    (Bloomberg Opinion) -- A week ago, Federal Reserve Chair Jerome Powell lulled bond traders to sleep. Today, Treasury Secretary Steven Mnuchin jolted them awake.Wall Street was already bracing for record-sized debt sales from the U.S. Treasury, given the federal government’s rapid increase in spending to combat the coronavirus crisis. But what almost no one saw coming was Mnuchin’s willingness to aggressively ramp up sales of the longest-dated securities. The department announced Wednesday that starting in August, it would increase 10-year note auctions by $6 billion, the just-implemented 20-year bond auctions by $5 billion and 30-year bond auctions by $4 billion.In total, the Treasury will issue $108 billion of 10-year notes, $69 billion of 20-year bonds and $72 billion of 30-year bonds over the next three months. Of the 22 primary dealers that Bloomberg News’s Elizabeth Stanton surveyed, 21 of them forecast smaller boosts to those maturities. Only Morgan Stanley got it right. The department, which had previously leaned heavily on short-term bills to offset the sudden surge in government spending, said it plans to use “long-term issuance as a prudent means of managing its maturity profile and limiting potential future issuance volatility.” That’s probably true, but it’s also likely not the whole story.Lately, the $20 trillion U.S. Treasury market has been in a slumber, with a gauge of bond volatility falling to an all-time low on July 30. After Powell reiterated last week that he and his fellow policy makers “are not even thinking about thinking about thinking about raising rates,” the benchmark 10-year yield reached the lowest in more than two centuries, per research from Jim Reid at Deutsche Bank AG. All this led DoubleLine Capital’s Jeffrey Gundlach to tweet on Monday that there were “many layers of meaning” in the world’s biggest bond market being brought to heel.It’s important to view the Treasury’s latest announcement through the lens of its unprecedented coordination with the Fed throughout the Covid-19 pandemic, as evidenced by the central bank’s vast array of new lending programs. The Fed, of course, only directly influences short-term interest rates through its main policy rate and forward guidance. It can have a more indirect impact on longer-term yields through the composition of its Treasury purchases, which currently run at about $80 billion a month.It stands to reason that for the sake of the financial system, the Fed would prefer a U.S. yield curve that’s a bit steeper than it is right now. The difference between five- and 30-year Treasuries is 101 basis points, compared with about 191 basis points in July 2012 when the five-year yield set its previous record low. The spread exceeded 300 basis points in late 2010. To nudge the curve higher, the Fed could just stop buying long-term debt, but given the market’s breakdown in March and the shaky economic recovery, it’s understandably loath to signal any sort of tapering.So if the Fed can’t buy less, then the Treasury can just issue more. It achieves the same goal. “The U.S. Treasury was aggressive yet again in growing coupon issuance,” Jon Hill, vice president of U.S. rates strategy at BMO Capital Markets, wrote in a note after the announcement. “The latest auction performance has clearly increased confidence inside the U.S. Treasury that sharp increases in auction sizes will be met with strong demand.” Jim Vogel at FHN Financial said the department moved “from baby steps to giant in coupon auction sizes” relative to the previous quarter.The Fed, by contrast, has done the opposite. Its balance sheet grew by almost $3 trillion from March through June, but has since held steady around $7 trillion for several weeks. Financial markets are humming again, and Powell seems content to move slowly on rolling out additional easing measures like yield-curve control and enhanced forward guidance, particularly given that traders are already acting as if those policies are in place.Supply alone will only go so far — in fact, the yield curve steepened to an almost two-week high on Wednesday, but then quickly pared that move. Ultimately, even tens of billions of dollars in additional debt is just a drop in the bucket. Still, the policy actions in the past week indicate that Powell and Mnuchin are both eyeing the Treasury market and will use their tools to push it and pull it until interest rates are where they want them. This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Brian Chappatta is a Bloomberg Opinion columnist covering debt markets. He previously covered bonds for Bloomberg News. He is also a CFA charterholder.For more articles like this, please visit us at now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

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