Welcome to another edition of Under60 Daily - a brief rundown of the top happenings in the business world, curated by hand to exclude the clutter and ensure you get up to speed in under a minute.
[Markets] US stocks rally as investor confidence rises amid hopes of a coronavirus vaccine. The S&P 500 is now close to matching the all-time high it set in February 2020. Simultaneously, US Treasuries faced selling pressure.
[Sovereign Debt] Lebanon’s debt restructuring plans have been put on hold amid the resignation of the Lebanese Government. Lebanon defaulted on $30 billion of foreign currency bonds in March. The same bonds are currently trading at 17.5 cents on the dollar.
Over60: Yahoo Finance
[Restructuring] Netherlands bHased ABN Amro will close down its non-European corporate banking operations and will no longer provide trade and commodity finance.
[Markets] US electric car maker Tesla announces its first-ever stock split on a 5-for-1 basis. The stock will trade on an adjusted basis on August 28th.
[Economy] Official data released showed that the UK GDP contracted by 20.4% quarter on quarter, suffering from a more significant slump than any of its European peers in Q2 2020.
Over60: The Guardian
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