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(Bloomberg) -- Palantir Technologies Inc., the Silicon Valley data company backed by Peter Thiel, raised 54 billion yen ($500 million) from Japan’s Sompo Japan Nipponkoa Holdings Inc. in what’s set to be one of the last investments before the stock is traded publicly.The cash lessens the need for Palantir to raise capital through an initial public offering. The company has been considering a direct listing of its shares on an exchange as an option, which would allow Palantir to bypass a roadshow and other formalities of an IPO, though it would not bring in new funds, people familiar with the matter have said.The decision on how and when to go public ultimately rests with Palantir’s board, which is led by Thiel. The company is preparing to confidentially file paperwork with U.S. regulators for the stock to begin trading in the fall, Bloomberg reported last week. Those plans could change, though.Founded in 2003, Palantir sells software to government agencies and companies for managing and analyzing their data. The Palo Alto, California-based company has faced criticism for working with U.S. immigration officials and police agencies accused of using the tools to discriminate and surveil. Palantir has also won some accolades for helping the U.S. military find terrorists and aiding companies like Merck KGaA in the search for new drugs.Last year, Palantir and the insurance company Sompo established a Japanese joint venture, each with a 50% stake. Japan’s Fujitsu Ltd. said last week it was investing $50 million in the U.S. company. Palantir told investors earlier this year it expects to break even globally on $1 billion in revenue in 2020.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.
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Asian markets advanced, enjoying the afterglow of an upbeat session on Wall Street, which jumped 3.2%. There are some signs that a tentative economic recovery is underway with the ZEW release in Germany, due this morning, expected to point to an improvement in economic sentiment and current conditions. Crude oil futures are also caught up in the slipstream, scaling two-month highs on hopes of economic recovery and signs that producers appear to be following through with planned production cuts.
European shares have opened 1.8% higher, S&P500 is tipped to rise and Chinese shares have seized on signs of house price recovery and promises of more central bank stimulus to post their best gain in six trading days. All six European countries have lifted short-selling bans imposed during the selloff. Clearly, rather than look at reported data and company earnings, people are focusing squarely on what lies ahead beyond the second quarter – betting on resumption of economic activity, a pick-up in manufacturing, trade and driving.
The views expressed are her own.) The World Health Organization's emergencies expert Mike Ryan has said it: "This virus may never go away." Yes, Fed chairman Jerome Powell ruled out negative interest rates but his suggestion that the Fed's firepower may not be sufficient to avert deep damage has spooked markets. Wall Street's three major indexes closed lower for the second day in a row after Powell spoke but there were other, possibly bigger, sources of concern too, not least the risk of a Trade War II – more belligerent tweets from President Donald Trump on China.
German healthcare and chemicals company Merck KGaA flagged that a slight decline in operating earnings was on the cards this year as the coronavirus pandemic could place a significant burden on the global economy. Earnings before interest, taxes, depreciation and amortisation (EBITDA), adjusted for one-off items, would likely be in a range of 4.35 billion euros ($4.70 billion) to 4.85 billion euros, compared with 4.39 billion last year, it said on Thursday.
The views expressed are her own.) "You will get business failures on a grand scale," was the warning last night from St Louis Federal Reserve President James Bullard. Expect his boss, Fed Chairman Jerome Powell, to repeat that message tonight. Fed funds futures are pricing in rates of about a basis point below zero by April 2021.
News of fresh clusters in China and South Korea and the R-rate crawling back above the 1 threshold in Germany cast some doubt over hopes of a swift V-shaped recovery. European equities got a sombre lead from Asia where Hong Kong slipped 1.4% while indexes in Japan and South Korea also suffered. The dollar is clinging to recent gains, also benefiting from Fed officials downplaying the prospect of following the ECB and BoJ into negative rates, while fixed income markets in Europe hovered broadly flat ahead of bond sales in German and the Netherlands.
Friday’s numbers showed the U.S. economy lost 20.5 million jobs in April, the steepest plunge in payrolls since the Great Depression, with the monthly unemployment rate surging to 14.7%. Economists say the true extent of unemployment may be far more than the headline figures, stocks are gaining on the belief on Monday that the gradual easing of coronavirus restrictions in major economies will ensure a strong recovery starting in the final quarter of 2020 and continuing into 2021. Asian markets are a sea of green with an index of regional shares up 1%.
The views expressed are his own.) Stronger than-expected Chinese export numbers might boost speculation that the Asian giant's economy can recover quickly and come to the aid of global growth. Another warning on the world economic outlook came from the Bank of England which said the coronavirus crisis could cause the biggest economic slump in 300 years. Markets are also wary of developments in Turkey where the lira has fallen to a record low of 7.25 against the U.S. dollar.
The views expressed are her own.) Disney is planning to open its Shanghai theme park on May 11 - good news for a company that suffered a Q1 earnings drop of $1.4 billion. It will be one of the many businesses pinning hopes on China to lead the global recovery in demand for goods and services. Elsewhere on the newswires though, we have economic recession, weak company earnings, Sino-U.S. tensions and a mounting coronavirus death toll.
A late bounce on Wall Street over optimism that New York could come out of its lockdown by mid-May and crude oil futures staging a recovery saw concerns over tensions between Washington and Beijing fade into the background on Tuesday. The U.S. daily coronavirus death toll coming in below 1,000 for the first time in over a month thanks to a drop in New York numbers spurred risk appetite, with U.S. and euro zone bond benchmark yields grinding higher and the dollar index snapping a two-day winning streak. Many won't notice if the judges, as expected, don't stand in the way of the ECB bond buying, which amounts to nearly 3 trillion euros with another 1 trillion on the cards.
Optimism over the re-opening of economies and the slowing of COVID-19 infections rates has been strangled by Donald Trump. Secretary of State Mike Pompeo added his voice to that of his boss in saying the novel coronavirus was likely manufactured in a lab in Wuhan. President Trump said tariffs would be "the ultimate punishment" for China, threatening to rekindle an 18-month long trade war that ended only in January.
FACTBOX-Latest on the worldwide spread of the new coronavirus After April finished with a whimper on stock markets, the new month has come in similarly weak. Threatening to make a bad situation worse is President Donald Trump, who has weighed in with a threat to impose new trade tariffs on China in retaliation for coronavirus. With the U.S. election campaign likely to get into full swing in coming months, Trump might up his anti-China rhetoric -- he says he was confident the virus originated in a Chinese lab.
Pfizer aims to make 10-20 million doses of a coronavirus vaccine it is developing with Germany's BioNtech by the end of 2020 for possible emergency use depending on trial results, the U.S. drugmaker's vaccines head said on Thursday. "Of course we need to see and wait to see how the vaccine's efficacy and safety is demonstrated, hopefully in the coming months," Nanette Cocero, the global head of Pfizer Vaccines, said on a conference call.
MSCI's index of world stocks are set for their best month ever and the S&P500 looks likely to post its best monthly gain since 1974. World stocks have added another 0.3% after yesterday’s scintillating session, which was driven by news that Gilead's Remdesivir trials had shown improvement for COVID-19 patients. Wall Street futures are pointing upward.
The global stocks rally is losing steam in Europe after some Asian markets enjoyed the afterglow of healthy 1.5% overnight gains on Wall Street on news that some states could soon emerge from lockdown, though fresh oil woes are capping enthusiasm. U.S. crude futures dropped by another 20% after Monday's 25% tumble to trade at just over $10 per barrel. Currency markets were little changed, apart from petro-currencies coming under pressure, with markets in wait-and-see mode before the U.S. Federal Reserve meets on Wednesday and the European Central Bank gathers on Thursday.
Emerging markets are starting the week brightly, with MSCI's EM equity index up 1.6%. Most emerging currencies gained against the weaker dollar, with South Africa's rand rising 1.1%, on news South Africa is seeking $5 billion from multilateral lenders, including the International Monetary Fund, to fight the virus.
Italian PM Giuseppe Conte hailed "great progress" after they summit ended but markets seem less sure. On stock markets, European share indexes are down 1%-2% following on from weakness in Asian shares, U.S. futures and last night's Wall Street losses that were spurred by doubts about progress in the development of drugs to treat COVID-19.
It's an event-packed day with flash PMIs in much of the developed world, U.S. weekly jobless claims, a Congress vote on a $500 billion stimulus and a Eurogroup meeting to discuss joint financing of debt to help pandemic-hit nations. US earnings Blackstone, Honeywell, AllianceBernstein, Xerox, Invesco, Domino’s, Amazon, Intel,
The great oil collapse continues, but are stock markets starting to shrug that off? MSCI's world stocks are flatlining near two-week lows and Asian shares have reversed early losses. U.S. futures are actually pointing higher following Tuesday's 3% fall on Wall Street.
The shock of sub-zero oil prices is still reverberating across world markets. U.S. crude futures are back in negative territory after briefly rising to around $1.40 a barrel. With COVID-19 related lockdowns in most countries likely to be extended or at least maintained in some form, physical demand for crude should remain low.
MERCK Kommanditgesellschaft auf Aktien (ETR:MRK) has had a great run on the share market with its stock up by a...