Here’s what you need to know about the impact of Covid-19 to navigate the markets today.
• President Donald Trump said Friday that McKesson would partner with the US government to deliver a coronavirus vaccine when one is approved. Speaking at a press conference at the White House, Trump said the joint effort was being undertaken under federal government Warp Speed operation, which aims to send doses of Covid-19 vaccines to the American public. McKesson shares were about 3% in the last trading share. Just before Trump mentioned the company, shares rose about 1.7%.
• A meeting between US Trade Representative Robert Lighthizer, US Treasury Secretary Steven Mnuchin and Chinese Deputy Prime Minister Liu He to review the US-China trade agreement was delayed, according to an exclusive Reuters report. The meeting was scheduled to take place via video conference on August 15th.
• Runway rental, a start of clothing reconciliation, has decided not to reopen its stores, said company president Anushka Salinas during a CNBC interview.
• Stein Mart is closing all its stores in the wake of the bankruptcy of the seller. Here is the complete list of stores that hold liquidation sales.
• The Competition Bureau in Canada is investigating Amazon.com
for his conduct in that country, saying “there is no end to wrongdoing at this time,” but also inviting input from the public.
• U.S. retail sales rose 1.2% in July from June, which was below the 2% consensus estimate among analysts surveyed by FactSet. The modest gain followed successive increases of 8.4% in June and 18% in May, after falling 15% in April.
• The UK Government will purchase another 90 million doses of Covid-19 vaccine, including 60 million from Novavax and 30 million from Janssen Phaceutica, a Johnson & Johnson unit.
The UK has now made a deal to buy 340 million doses of coronavirus vaccines. Here is a summary of the latest developments in antiviral drugs and vaccines.
• The European Commission announced an agreement to purchase 300 million doses of a Covid-19 vaccine by AstraZeneca,
with an opportunity to buy 100 million more once the vaccine proves to be safe and effective.
• European stocks fell after the United Kingdom added France to its quarantine list and China National Bureau of Statistics reported mixed news for July, including a 4.8% increase in industrial production from a year earlier and a 1.1% drop in sales with retail.
• Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, suggested that schools keep as many classes outside as possible., that school buses keep their windows open, and that students wear face masks, during a Facebook Live chat with Rhode Island Governor Gina Raimondo.
• Fauci also said that herd immunity is not feasible for Covid-19, because trying to reach it instead of following safety procedures while waiting for a vaccine would lead to a “large” number of deaths. During an interview with actor Matthew McConaughey on Instagram, Fauci also discussed tracking contacts and the island’s smaller nations’ success in eradicating the coronavirus.
• A federal judge ruled that a lawsuit by a group of hair salons and restaurant owners in Kansas and Missouri to make an insurance company pay for lost revenue due to the pandemic could move forward. Plaintiffs argued that their claims should be covered by the “all risks” policy that does not exclude losses caused by a virus. In other cases, judges have dismissed insurance claims for business interruptions because they only cover losses resulting from “direct physical loss or damage”.