FT News Briefing Tuesday, May 14
May 14, 2019
The trade war with China causes US stocks to tumble, marking a significant market shift. Uber's IPO disappoints, losing over 10% on its second day. Bayer faces a hefty court ruling exceeding $2 billion due to cancer claims linked to its weedkiller. Meanwhile, a lawsuit involving 44 states accuses major generic drugmakers of fixing prices on over 100 medications, raising urgent questions about drug pricing transparency. Discontent grows among American patients over rising prescription costs, coupled with significant Brexit negotiations unfolding in the UK.
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Trade War Impact
- U.S. stocks experienced their biggest one-day drop in months due to escalating trade tensions with China.
- Investors sought safer assets like government debt amid the uncertainty.
Uber's Struggles
- Uber's share value dropped significantly in its second day of trading, falling below its IPO price.
- This poor performance raises concerns for other anticipated large listings like WeWork and Slack.
Bayer's Roundup Woes
- Bayer faces significant legal and financial challenges following a $2 billion judgment in a Roundup cancer case.
- This is the third such ruling against Bayer, impacting its share price and investor confidence.