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] The S&P 500 closed at its highest level ever on 18 August, completing a 126 trading day recovery from lows recorded in February and March 2020. The turnaround was fueled by unprecedented government stimulus and optimism among investors about the mitigation of COVID-19. Over60: WSJ
[Earnings - Logistics] Maersk, the world's biggest container shipping company, posts an operating profit of $1.7 billion in Q2 2020, a 25% increase compared to the same time last year. Over60: FT, Business Insider
[International Trade] China launches a year-long anti-dumping investigation against Australian winemakers, placing exports worth $1.2 billion at risk. China is the largest market for Australia's wine exports. Over60: FT, Reuters
[Earnings - Retail] Home Depot reports sales of $38.1 billion, seeing net earnings rise by 23.4% in Q2 2020 due to the increased demand for DIY tasks. Target also posted it’s all-time biggest sales surge, with an 80% increase in profits in Q2 2020, driven by e-commerce transactions.
[M&A] Johnson & Johnson agrees to purchase biotechnology company Momenta Pharmaceuticals for $6.5 billion in an all stock deal. The announcement saw a surge in the share prices of the firm, which targets rare immune-mediated diseases.
[Leadership] Roberto Azevêdo, the WTO’s sixth director-general will transition to PepsiCo where among other projects, he will work on increasing diversity in the company’s workforce.
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