Market News

China retail sales fell for a fourth straight month as shops, restaurants and other crowded places closed during the pandemic. Meanwhile, the industrial production data improved in last month.

The luxury jewellery maker Tiffany & Co (NYSE: TIF) released its first-quarter 2020 results on June 9. The company worldwide net sales declined by 45% due to the retail stores closed across the global markets over COVID-19 lockdowns. The New York-based company shut down two of their stores during the quarter and It currently operates a total of 324 locations.

The e-commerce pet-care retailer Chewy Inc. (NYSE: CHWY) reported better-than-expected revenue for the first quarter. Chewy sales boosted recently after a decrease in shopping trips to the physical stores as many consumers opt for home delivery in this pandemic.

During the weekend, the OPEC led by Saudi Arabia and other key oil producers has agreed to extend the 9.7 mbpd deal to the end of July, instead of reducing it to 7.7 million bpd widely projected by experts. On Monday Oil prices reversed from the earlier gains after Saudi Arabia said at a press conference that those extra reductions will last just one month as planned, wouldn’t continue with additional, deeper curbs after June.

Warner Music Group (NASDAQ: WMG) went public on Wednesday and began selling its stock at $25 a share on NASDAQ, the stock climbed 20% to $30.53 on yesterday closing. This is the largest initial public offering in the U.S. this year. The company had initially announced IPO plans in February before postponing them over the coronavirus pandemic, still considered a risk factor to the company’s business. The company sold 77 million shares and raised $1.925 billion via Initial public offering (IPO).