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Source: Reuters Insider

Description: Investors set to continue clinging on to recovery and vaccine
hopes even as economic data point to a deep recession. Boeing is set to
announce job cuts this week, says a union. Tesla cuts the prices of some of
its vehicles to lure consumers coming out of lockdown. Plus, HBO MAX joins the
streaming fight to capture quarantine viewers.
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Video Transcript:

Good morning. I’m Angeline Ong and this is your US Morning Call. Wall
Street looking a little wobbly as the euphoria prompted by vaccine hopes
fades. Investors on Tuesday also chose to focus on the reopening economies
rather than the macroeconomic data pointing at a deep recession. 

Having a constant sort of drumbeat of good news, kind, of out of the world of
coronavirus is great, unless you look close, and if you look close, we’re
unfortunately setting global records for new cases. If you look close,
we’ve lost 100,000 of our fellow citizens’ lives and 41 million of
their jobs, right? And the problem with things like that is when the tide goes
out you can sort of see what the destruction is.

Perhaps that’s why the S&P 500 on Tuesday failed to hold above the key
psychological level of 3,000 points. Now, look out for the Beige Book due out
later today as well. That could move sentiment and any news whatsoever about
any progress on a potential vaccine. Now, in corporate news, Boeing looks set
to announce job cuts this week. The company had already warned back in April
that it plans to shed 10% of its worldwide workforce of 160,000 employees, say
people close to the matter. A union spokesperson told Reuters that
they’ve been informed by Boeing that details will come this Friday. LATAM
Airlines Group has become the world’s biggest carrier so far to seek
emergency reorganization due to the coronavirus outbreak. The carrier, also
the continent’s largest, filed for US bankruptcy protection after similar
bankruptcy by the region’s second biggest airline Avianca Holdings.
Unlike Avianca though, Chile’s LATAM is profitmaking. LATAM said it would
continue to fly through its bankruptcy restructuring. And good news for those
wanting to own a Tesla - prices are coming down by as much 6% in North America
and in China by around 4% for the Model X and Model S. This is to boost demand
now that some consumers are coming out of lockdown. HBO MAX streaming service
launches today. AT&T Warner Media division is entering an already crowded
streaming market. And while consumers are spending more time at home, in many
cases, they’ve got less to spend. And that’s your Morning Call.
I’m Angeline Ong and this is Reuters