FT News Briefing Tuesday, August 27
Aug 27, 2019
Drugmakers may settle thousands of opioid claims following a significant ruling against Johnson & Johnson. Meanwhile, President Trump reveals China's interest in resuming trade talks, potentially easing tensions. Hedge funds are feeling the pinch as Argentina's market struggles, with losses exceeding 16% for one firm in August. Additionally, Brazilian businesses face backlash over the Amazon rainforest fires, raising concerns about international relations and the future of agribusiness amid environmental pressures.
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J&J Opioid Case Impact
- Johnson & Johnson's opioid crisis lawsuit is a landmark case, even though the $572 million penalty is less than Oklahoma sought.
- This case might pressure other opioid makers to settle, given J&J's smaller market share in Oklahoma.
Trade War Optimism
- US stocks rebounded after Trump expressed optimism about a trade deal with China, claiming they want to restart talks.
- This followed a week of escalating trade tensions, with both countries imposing new tariffs.
Argentina's Impact on Hedge Fund
- Autonomy Capital, an emerging markets hedge fund, lost over 16% since early August due to Argentina's market meltdown.
- The fund's founder, Robert Gibbons, views the sell-off as an opportunity.