Gold Prices Edge Higher On Virus Worries
Gold prices firmed above the key $1,800 an ounce level on Monday as rising U.S.-China tensions and economic uncertainty over the impact of surging coronavirus cases helped spur safe-haven demand for the precious metal.
Spot gold rose 0.6 percent to $1,809.40 per ounce, while U.S. gold futures were up 0.7 percent at $1,813.55.
The World Health Organization has reported another record increase in global coronavirus cases over a 24-hour period, at over 230,000.
According to the UN health agency, the United States topped the list, with more than 66,000 cases recorded, with Florida surpassing the 15,000 mark of new cases on Sunday.
The dollar’s slide continued despite a strong rebound in U.S. Treasury yields and amid growing tensions between Washington and Beijing.
“The relationship with China has been severely damaged. I don’t think about it now,” U.S. President Donald Trump told reporters on Friday from Air Force One when asked about the second phase trade deal.
The relationship between the two countries has been severely damaged with Beijing’s handling of the coronavirus outbreak.
The Chinese government today announced sanctions against U.S. officials, including the Republican senators Marco Rubio and Ted Cruz, in response to Washington’s sanctions against senior Chinese officials.
Bill Ackman-backed blank check firm raises IPO size to $4 billion
July 13 (Reuters) – Pershing Square Tontine Holdings Ltd, the blank check company backed by billionaire investor Bill Ackman, on Monday increased the size of its initial public offering to $4 billion from $3 billion. (Reporting by C Nivedita; Editing by Sriraj Kalluvila)
With NHL season resuming, some fans say the lure of parties will be strong: ‘I can’t say no to a good time’
As hockey fans gear up for a truncated season to begin next month, some in Canada’s two “hub cities” say the temptation to celebrate — and flout physical distancing guidelines — may prove too great.
Stock Alert: Maxim Integrated Hits New 52-week High On Acquisition By Analog Devices
Shares of Maxim Integrated Products, Inc. (MXIM) are climbing more than 12 percent or $7.97 in Monday’s morning trade at $72.06, after earlier touching a new 52-week high of $72.84.
Monday, semiconductor makers Analog Devices, Inc. (ADI) and Maxim said they have entered into a definitive agreement under which ADI will acquire Maxim in an all-stock transaction that values the combined enterprise at over $68 billion. The transaction is expected to close in the summer of 2021.
Separately, San Jose, California-based Maxim also said it now expects net revenue for the fourth quarter to be about $545 million, compared to its prior guidance range of $480 million to $540 million. On average, analysts polled by Thomson Reuters have a consensus revenue estimate of $511.23 million for the quarter. Analysts’ estimates typically exclude special items.
Maxim has traded in a range of $41.93 to $72.84 in the past 52 weeks.
Global Record In Daily Coronavirus Cases
Sunday, the World Health Organization reported the highest global surge in coronaviru cases in a day.
With more than 230,000 confirmed cases recorded in the last 24 hours, the worldwide total reached 12.9 million cases since the outbreak began.
With 60,719 new infections, more than one fourth of the global cases were reported in the United States, the world’s worst affected country.
Brazil is the second worst-affected, while India remained in third place with alarming rise in cases and deaths.
Mexico surpassed Italy as the country where the fourth-most COVID deaths occurred.
Most new cases emerged in the Americas, followed by South East Asia.
The alarming pattern of daily increase was seen over the last three days. Global death toll from coronavirus crossed 561,000, as per WHO data.
In COVID-19 related news in other parts of the world, nail bars, beauty salons, spas, and tattoo parlors reopened in England Monday.
Bolivia’s Economy Minister tested positive for coronavirus.
Finland lifted travel restrictions for 17 more European countries and 11 nations outside the continent.
Outbreaks continue to worsen in the Balkans.
As Romania is recording around 500 new cases every day, many other European countries, including Austria, Greece and Hungary, have banned Romanians from entering their soil.
In the wake of a fresh surge in cases, Kosovo put a hold on public events and religious gatherings.
Stock Alert: BeiGene Hits New High
Shares of Chinese biotechnology company BeiGene, Ltd. (BGNE) are climbing more than 8% Monday morning to hit a new high of $215.85.
Sunday, the company priced the previously announced share offering of about 145.84 million shares at $14.2308 per share or $185 per American Depository share, which is 5.6% lower than its closing price on Friday.
The net proceeds of about $2.07 billion is intended to be used for working capital and general purposes.
The offering is expected to close by July 15, 2020.
BeiGene’s blood cancer therapy, Brukinsa (Zanubrutinib) had won the FDA approval in November last year and became the first Chinese cancer treatment approved by the FDA.
Watch live: The World Health Organization holds a press briefing on the coronavirus pandemic
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The World Health Organization is holding a briefing Monday on the coronavirus pandemic, which has infected more than 12.91 million people worldwide and killed at least 569,128, according to data compiled by Johns Hopkins University.
WHO’s top official warned world leaders last week that the pandemic “is not under control” and is getting worse.
“The pandemic is still accelerating,” WHO Director-General Tedros Adhanom Ghebreyesus said Thursday. “The total number of cases has doubled in the last six weeks.”
In the U.S., Covid-19 cases continued to hit record levels over the weekend with Florida reporting on Sunday more than 15,000 new cases, shattering the daily record reported by any single state.
Read CNBC’s live updates to see the latest news on the Covid -19 outbreak.