Tencent Music Entertainment Slips 9% On Chinese Crackdown On Tech Cos.

Tempest Therapeutics Gains 13%

Shares of micro-cap Tempest Therapeutics Inc. (TPST) are currently gaining over 13% on Tuesday morning despite no stock-related statement from the clinical stage oncology company.

TPST is currently trading at $12.70, up $1.48 or 13.19%, on the Nasdaq. The stock has traded between $10.61 and $41.55 in the 52 week period.

Last week, Tempest closed its acquisition of Millendo Therapeutics Inc. in an all-stock deal. The combined company plan to focus on Tempest’s oncology pipeline of small molecule therapeutics, including TPST-1495 and TPST-1120, to address a wide range of tumors.

Tempest stockholders collectively own 81% of the outstanding shares of the combined company and Millendo stockholders own 19% of the outstanding shares.

Oman asks IMF technical assistance for debt strategy, fiscal framework – IMF

FILE PHOTO: The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. REUTERS/Yuri Gripas

DUBAI (Reuters) – Oman has asked the International Monetary Fund to provide technical assistance to help the country develop a medium-term debt strategy and strengthen its fiscal framework, the IMF said.

The Gulf state, one of the weakest financially in the region, has been hit hard by the twin shock of lower oil prices and the coronavirus crisis last year.

Tuya Down 12%

Tuya Inc. (TUYA) shares are sliding more than 12 percent on Tuesday morning trade, in search of a new support since July 2. There were no corporate statement from the company today that could influence the stock movement.

Currently, shares are at $22.05, down 12 percent from the previous close of $25.05. For the 52-week period, the shares have traded in a range of $15.70-$26.65 on average volume of 853,384.

Highway Holdings Gains 9%; Continues Uptick

Highway Holdings Ltd (HIHO) shares are rising more than 9 percent on Tuesday morning trade, continuing an upward momentum since July 2. There were no corporate announcements to impact the stock today.

Currently, shares are at $4.18, up 9.13 percent from the previous close of $3.83 on a volume of 379,803. The shares have traded in a range of $2.21-$5.82 on average volume of 30,658 for the last 52 week period.

European Economics Preview: Germany Factory Orders, Economic Confidence Due

Factory orders and economic confidence survey results from Germany are due on Monday, headlining a light day for the European economic news.

At 2.00 am ET, Destatis is slated to issue Germany’s factory orders data for May. Economists forecast orders to grow 1.0 percent on month, reversing a 0.2 percent fall in April.

At 3.00 am ET, Spain’s INE publishes monthly industrial production data for May. Production is forecast to advance 22.1 percent on year, following a 48.2 percent rise in April.

Half an hour later, IHS Markit releases Germany’s construction Purchasing Managers’ survey results.

At 4.30 am ET, UK CIPS/Markit construction PMI data is due. The PMI is seen falling to 63.8 in June from 64.2 in the previous month.

At 5.00 am ET, Germany’s ZEW economic confidence survey results are due. Economists forecast the index to drop to 75.4 in July from 79.8 in the previous month.

In the meantime, Eurozone retail sales data is due. Retail turnover is expected to grow 4.4 percent on month in May, reversing a 3.1 percent fall in April.

Herald morning quiz: July 7

Test your brains with the Herald’s morning quiz. Be sure to check back on nzherald.co.nz at 3pm for the afternoon quiz.

To challenge yourself with more quizzes, CLICK HERE.

Pentagon cancels $10B JEDI cloud contract involving Amazon, Microsoft

After years of legal wrangling, the Department of Defense has canceled its cloud-computing contract with Microsoft that could have been worth $10 billion citing tech advances and different needs than when the contract was first offered.

Instead, the Pentagon will now offer deals to Microsoft and Amazon — the only companies cleared to meet the military’s security requirements — for individual contracts for specific needs.

The Jedi Cloud can be thought of as the military’s classified version of Apple’s iCloud where information could be stored securely and shared across the military’s computer system. It was mired in controversy as Microsoft beat out Amazon for the deal.

“With the shifting technology environment, it has become clear that the JEDI Cloud contract, which has long been delayed, no longer meets the requirements to fill the DoD’s capability gaps,” the Pentagon said in a statement.

This is a developing story. Please check back for updates.

Tencent Music Entertainment Slips 9% On Chinese Crackdown On Tech Cos.

Shares of Tencent Music Entertainment Group (TME), an online music entertainment platform in China, are slipping nearly 9% on Tuesday morning, hurt largely by the news that China has widened its crackdown on several U.S.-listed Chinese tech companies.

TME is currently trading at $13.83, down $1.30 or 8.59%, on the Nasdaq.

Tencent Music Entertainment operates online music entertainment platforms that provides music streaming, online karaoke, and live streaming services in China. It offers QQ Music, Kugou Music, and Kuwo Music.

China’s cybersecurity regulator on Monday instructed online apps stores to remove Didi Chuxing’s ride-hailing app. The Cyberspace Administration of China on Monday said the Didi app had been illegally collecting and using personal data. The CAC had last week announced plans to investigate Didi’s operations.

The CAC has also halted new user registrations at Full Truck Alliance Co. and Kanzhun Ltd.’s online platforms as it probes the companies as well.