FT News Briefing Moderna vaccine trial pleases investors, EBITDAC backlash, Huawei sanctions
May 19, 2020
Investors are feeling optimistic due to encouraging results from a US Covid-19 vaccine trial, hinting at a potential economic recovery. Meanwhile, Chinese self-driving car startups are racing ahead, while US competitors are lagging. Bond investors express frustration over companies reporting 'earnings before coronavirus,' a growing trend. Additionally, recent US sanctions are tightening their grip on Huawei, threatening its chip production and raising questions about its future in the international market.
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Market Optimism
- Global stock markets rose due to easing lockdowns in Europe and positive vaccine news.
- Moderna's potential vaccine and Germany's shallower recession fueled investor optimism.
Moderna Vaccine Trial
- Moderna's vaccine trial shows positive antibody responses in participants, similar to recovered patients.
- It's a small, early trial, so larger studies are needed to assess real-world efficacy.
Chinese Robo-Taxi Advancements
- While Waymo paused its robo-taxi project, Chinese startups like AutoX expanded.
- AutoX launched a large data center and robo-taxi fleet in Shanghai, gaining ground.