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Yahoo BusinessFeb 17, 2020
Europe Stocks Gain on China Lift; Gold, Yen Slip: Markets Wrap
(Bloomberg) -- European stocks rose on Monday after Chinese shares advanced along with the yuan as investors took encouragement from the Asian country's pledges to support the world's second-biggest economy in the face of the coronavirus outbreak. The yen and gold both slipped.Gains in the Stoxx Europe 600 Index were led by automakers and telecoms shares. U.S. equity-index futures climbed, though Wall Street was shut for a holiday and Treasuries weren't trading. European bonds were mixed, while the euro ticked higher after closing on Friday at its lowest since early 2017. The dollar steadied against a basket of its biggest peers.China's benchmark CSI 300 Index has recouped its losses since trading resumed from the Lunar New Year break, after the central bank this weekend unveiled plans to reduce corporate taxes and fees. The momentum failed to buoy most Asian markets, however. Stocks dipped in Seoul and Sydney, while Japan's Topix Index dropped after data showed the country's economy shrank the most in five years in the last quarter.Investors in risk assets began the week on the front foot after China's central bank also said it will let banks run up more non-performing loans. Bloomberg Economics estimated the country's economy ran at just 40% to 50% capacity in the past week, underscoring the short-term damage done by the coronavirus-linked shutdowns of large swathes of the country. Cathay Pacific Airways Ltd., which counts on China and Hong Kong for about half its revenue, gave a "significant" profit warn

MarketWatch MarketPulseFeb 14, 2020
Cannabis shares rally premarket as Canopy's better-than-expected quarter boosts sentiment
U.S.-listed shares of Canadian cannabis companies rallied in premarket trade Friday, after a better-than-expected earnings report from market leader Canopy Growth Corp. bolstered hopes for the beaten-down sector. Canopy reported a narrower-than-expected fiscal third-quarter loss and revenue that rose above forecasts, amid strength in business-to-consumer sales. The report comes a day after Aurora Cannabis reported a more than C$1 billion loss for its latest quarter. MKM analyst Bill Kirk said Canopy's report was a beacon of hope for the sector and should boost sentiment. "We had expected only small improvements from the prior quarter, but Canopy is showing a meaningful progression," Kirk wrote in a note to clients. Still, the path to profitability remains unclear and Kirk is waiting for the earnings call for details on Cannabis 2.0, the second phase of Canadian legalization that allows derivatives, including edibles and beverages. "We doubt early 2.0 sales will be a significant contributor given the lack of activity observed at production facilities two weeks before 2.0 legalization," he wrote. "We continue to rate WEED shares Neutral." Canopy's U.S.-listed shares rose 18% premarket. Aurora was up 7%, Cronos rose 6%, Tilray was up 7%, Aphria was up 8% and Organigram was up 6%. The ETFMG Alternative Harvest ETF has fallen 54% in the last 12 months, while the S&P 500 has gained 23%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


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