Chinese Vaccine Maker CanSino Expects to Turn Profit
China's CanSino says its polio vaccine, developed with funding from the Bill & Melinda Gates Foundation, will help it turn a profit in the coming months. CEO Xuefeng Yu says 2024 was a challenging year for the industry. But he expects recent R&D investments to pay off, especially in Southeast Asia, the Middle East, and Latin America. He spoke exclusively on "Bloomberg: The China Show." (Source: Bloomberg)
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Yahoo
an hour ago
- Yahoo
Wall Street's Momentum Machine Faces a Middle East Stress Test
(Bloomberg) — It's the kind of geopolitical flashpoint that might once have triggered a full-blown market meltdown: Israeli warplanes struck Iranian nuclear sites, Tehran vowed revenge — then followed through. Oil spiked. Shuttered NY College Has Alumni Fighting Over Its Future Trump's Military Parade Has Washington Bracing for Tanks and Weaponry NYC Renters Brace for Price Hikes After Broker-Fee Ban Do World's Fairs Still Matter? As Part of a $45 Billion Push, ICE Prepares for a Vast Expansion of Detention Space Yet in a year where crises have come in waves, traders from London to New York opted to hold their breath rather than flee en masse. Yes — gold climbed, stocks slid and bonds seesawed, but there was no big stampede. The S&P 500 finished the week down modestly and remains less than 3% below its record high. Crude gave back some of its early gains. That relative calm — for now — followed a familiar playbook: Markets are shocked, prices stumble, then the habitual dip-buyers swoop in. It's a routine that has been all but cemented after months of crises that never quite landed. That got fresh impetus this week when readings on inflation and consumer sentiment came in better than estimated. The airstrikes disrupted this trading pattern Friday, without shattering it. And in the end, another Wall Street phenomenon proved equally important in salvaging the week: momentum. From risk premiums in corporate bonds to crypto and stock-market breadth, trends have stayed largely positive — evidence that money managers remain concerned that missing market rebounds this year is a bigger risk than succumbing to the dip. Now, attention turns to the weekend. With fresh escalation underway, markets are bracing for signals from the Middle East and Washington that could shape next week's mood — and test how durable the rally reflex really is. 'This has been a year where fading bad news paid off, and the FOMO theme has been growing louder,' said Max Gokhman, deputy chief investment officer at Franklin Templeton Investment Solutions. 'When that momentum becomes blind euphoria it can cause bulls to hit a brick wall at full speed, but we aren't there yet.' Of course, anxiety abounds, as it has throughout a turbulent year. Israel warned its attacks may go on for weeks, while Iran has vowed to respond forcefully. Retail buying is also slowing, money is edging into cash and gold, and bonds offered little comfort: the 10-year yield ended higher on Friday, a reminder that traditional havens are no sure thing as fiscal clouds gather. And the kicker: President Donald Trump has promised sweeping tariffs within two weeks, a potential supply-side disruption that could collide with an oil market already on edge. 'If the stock market can muscle through this, that will only increase the FOMO. It may well engender the perception that the rally is 'bullet proof,'' said Michael Purves, founder and CEO of Tallbacken Capital Advisors. 'This increases the ultimate downside risk.' By the Friday close, commodities ended up bearing the brunt of the pressure from the ongoing conflict, with oil climbing about 8% and gold testing a record high. The S&P 500 ended the week just 0.4% lower and 10-year Treasuries traded down about 10 basis points. The Cboe Volatility Index, or VIX, ended the week just above 20 as measures for bonds and currencies closed lower. One factor in the relative resilience may come from the sheer volume of shocks investors have already absorbed in 2025 — from inflation and bond convulsions to tariffs and geopolitics. While each has caused brief selloffs, the snapbacks have been fast enough to sharpen, not dull, the momentum impulse among investors. A Societe Generale SA index tracking cross-asset momentum has this month staged one of its sharpest reversals on record, with nine of 11 components emitting bullish signals. Trends derived across fixed income, equities and currencies were all flashing green when the conflict broke out. Price action like that is hard for Wall Street's risk traders to ignore, according to SocGen's Manish Kabra. 'We look at the VIX and MOVE indexes, they're showing an element of complacency in there that's a bit surprising because of all these events that occurred,' said Phillip Colmar, global strategist at MRB Partners. 'If we hadn't gone through the April fiasco, I think that the markets would be nervous right now and more negative.' Indeed, buoyant positioning is extreme enough to give some Wall Street naysayers pause. Fear of missing out has driven extreme readings in the exchange-trade funds universe, among other places, with high-beta ETFs drawing significantly more inflows than low-beta counterparts, according to Bloomberg Intelligence's Athanasios Psarofagis. 'Just as there was overreaction to the downside from the initial tariff news, the rebound appears a bit too hopeful in our view,' said Nathan Thooft at Manulife Investment Management in Boston, which oversees $160 billion. 'There are still a number of uncertainties that could lead to higher market volatility in the coming months. With that said, we do believe worse-case scenarios regarding tariffs are off the table.' Building a case that the Trump trade war is poised to launch the US into a recession anytime soon has gotten harder amid a parade of positive economic reports. Data this week showed both consumer and producer inflation was lower than forecast in May. On Friday, the University of Michigan said its preliminary consumer sentiment index rose, topping all expectations in a Bloomberg survey of economists. 'A steady stream of favorable, or at least neutral, headlines may keep the 'buy the dip' party going,' said Michael Bailey, director of research at FBB Capital Partners. 'The barely noticeable rise in the VIX today suggests that investors view the Israel-Iran conflict as a fairly contained geopolitical event, helping to keep the new bull market alive.' American Mid: Hampton Inn's Good-Enough Formula for World Domination The Spying Scandal Rocking the World of HR Software New Grads Join Worst Entry-Level Job Market in Years As Companies Abandon Climate Pledges, Is There a Silver Lining? US Tariffs Threaten to Derail Vietnam's Historic Industrial Boom ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
2 hours ago
- Yahoo
'Recession risks alive' as Canada's manufacturing numbers suffer under Trump tariff regime
The dampening effect of Donald Trump's tariffs on manufacturing and wholesale sales in Canada is leading economists to warn that growth forecasts are in jeopardy and, even worse, that the numbers could portend the start of a recession. Manufacturing and wholesale sales, excluding petroleum, dropped 2.8 per cent and 2.3 per cent, respectively, in April from March, according to Statistics Canada data released on Friday. Analysts surveyed by Bloomberg had expected manufacturing sales to drop two per cent and wholesale sales to fall 0.9 per cent. 'Feedback from respondents highlighted the impact of the recent tariffs imposed by the United States on Canada's manufacturing sector,' Statistics Canada said in a press release. Manufacturers said they were experiencing price increases as well as rising costs for raw materials, shipping and labour. One-third said demand for their products had changed. Trump's tariffs include 25 per cent duties on goods that are non-compliant with the Canada-U.S.-Mexico Agreement, 25 per cent on foreign-made vehicles and 50 per cent on steel and aluminum. Economists said the sales data put gross domestic product (GDP) forecasts in the crosshairs. 'The implications for April and second-quarter GDP are squarely negative and recession risks are alive and well,' David Rosenberg, economist and founder of Rosenberg Research & Associates Inc., said in a note. Andrew Grantham, an economist at CIBC Capital Markets, said the data suggests that GDP growth for April will be downgraded from a 'surprisingly positive' first estimate of 0.1 per cent, and could be the prelude for second-quarter growth 'tracking flat.' First-quarter GDP growth came in at 2.2 per cent, well ahead of estimates for 1.7 per cent. On the manufacturing front, petroleum and coal, vehicle sales and primary metals, such as aluminum, contributed the most to April's decline. Excluding petroleum and coal, manufacturing sales fell 1.8 per cent in April from March and are down 2.7 per cent year over year. 'Adding insult to injury was the 6.8 per cent month-over-month contraction in new manufacturing orders,' Rosenberg said. Orders have fallen in two of the past three months, he said, adding that orders for 'big-ticket durable goods' shrivelled 10.5 per cent in April, 'the sharpest slippage in nearly three years.' Rosenberg said this data is 'key because new orders are, after all, a leading indicator and the mother's milk for future demand.' On the wholesale front, sales fell in six of the seven subsections, accounting for 81.6 per cent of the total. Motor vehicles and parts led the decrease in April, falling 6.5 per cent, a U-turn from March, Statistics Canada said. As the tariff war got underway, Ontario and Quebec were singled out as being among the provinces most vulnerable to Trump's tariffs, something the latest manufacturing and wholesale data supported. Ontario manufacturing sales dropped 2.4 per cent in April, or $31 billion, representing the largest dollar decline since March 2024. Quebec's contracted the second-most in dollar-terms, down $17.5 billion, the fourth straight monthly drop. Ontario also recorded the largest decrease in wholesale sales in dollar terms as the sector contracted $910 million — a decrease of 2.1 per cent. Gary Shapiro: The United States and Canada need each other. Let's make up Don't assume further rate cuts from the Bank of Canada, Poloz warns Rosenberg said the data further questions the Bank of Canada's recent decision to hold interest rates for a second consecutive time at 2.75 per cent at its June 4 announcement. 'How the Bank of Canada can just sit on the sidelines as a casual observer is a good question as the disinflationary output gap widens further,' he said. • Email: gmvsuhanic@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
2 hours ago
- Bloomberg
Stocks Sink, Oil Jumps as Mideast Tensions Build
Bloomberg Television brings you the latest news and analysis leading up to the final minutes and seconds before and after the closing bell on Wall Street. Today's guests are John Bolton, Former US Ambassador, Rebecca Babin, CIBC Private Wealth Group, Stephen Trent, Citi, Bill Curtin, Hogan Lovells, Jess Menton, Bloomberg News, Jason Pride, Glenmede, Christopher Cain, Bloomberg Intelligence, Callie Cox, Ritzholtz Wealth Mgmt, Joe Cirincione, Center for International Policy, Andrew Kline, Park Lane, James Jeffrey, Former US Ambassador to Iraq & Turkey, Wendy Benjaminson, Bloomberg News. (Source: Bloomberg)
