Markets

BENGALURU: Global funds recommended cutting equity holdings in July to the lowest in four years and suggested keeping bond allocations unchanged from June, amid worries the coronavirus pandemic is hobbling a nascent economy recovery, a Reuters poll of showed. Some business activity has picked up ...

Drugmaker AbbVie Inc reported a loss in the second quarter on Friday, as comparable sales from wrinkle treatment Botox, acquired as part of its US$63 billion Allergan Plc deal, slumped due to the impact of the COVID-19 pandemic.

The U.S. government will pay US$2.1 billion to Sanofi SA and GlaxoSmithKline Plc for COVID-19 vaccines to cover 50 million people and to underwrite the drug makers' testing and manufacturing, the companies said on Friday.

Investors are increasingly preparing for the risk of a contested U.S. presidential election come the fall, worried that an ugly political situation will create volatility across markets.

Exxon Mobil Corp reported its second-straight quarterly loss, as its oil and gas producing unit was hurt by a plunge in prices, while its refining businesses was hit by a fall in demand due to the COVID-19 pandemic.

Image sharing company Pinterest Inc beat Wall Street estimates for second-quarter revenue on Friday, as more users turned to its platform for content to keep them entertained while under coronavirus lockdowns.

British Airways owner IAG plans to raise 2.75 billion euros (US$3.27 billion/£2.48 billion) from shareholders to repair the coronavirus-sized hole in its finances and brace for a more chaotic future.

Chevron Corp posted a quarterly net loss on Friday, as the second largest U.S. oil producer took charges of US$5.2 billion due to a collapse in oil prices due to the coronavirus pandemic and as related lockdowns decimated fuel demand.

Investment bank Lazard Ltd on Friday reported an 8per cent fall in second-quarter adjusted earnings per share, a smaller drop than analysts had expected, as the slowdown in corporate dealmaking due to the COVID-19 pandemic weighed.

Sportswear maker Under Armour Inc beat analysts' estimates for quarterly revenue on Friday, as consumers shopped more online during the coronavirus lockdowns, sending its shares up about 8per cent in premarket trading.