European Economics Preview: Germany Industrial Output Data Due

Industrial production from Germany and investor confidence from euro area are due on Monday, headlining a light day for the European economic news.

At 2.00 am ET, Destatis is slated to issue Germany’s industrial production data for April. Output is expected to fall 16 percent on a monthly basis in April, bigger than the 9.2 percent decrease seen in March.

In the meantime, industrial production figures from Norway and Denmark are due.

At 3.00 am ET, industrial output and foreign trade figures are due from the Czech Republic. Economists forecast production to decrease 25 percent on a yearly basis in April, following a 10.8 percent fall in March.

At 4.30 am ET, Eurozone Sentix investor confidence data is due. The sentiment index is seen at -22.5 in June versus -41.8 in the previous month.

Method Man launches socially conscious cannabis brand TICAL

Rapper and actor Method Man has launched a cannabis brand that aims to spark conversations about racial injustice.

The Wu-Tang Clan veteran has dubbed his line of pot TICAL, an acronym for “Taking Into Consideration All Lives” that’s also the title of his 1994 debut solo album.

Method Man, whose legal name is Clifford Smith, plans to use the business in his activism for marijuana legalization and against racism in law enforcement. TICAL’s first three cannabis strains — named “Cake,” “Gelato” and “Crusher” — will go on sale Friday at four black-owned dispensaries in California.

“Personally, it is essential that we use our brand to help bring awareness to the social, systemic and economic injustice in communities that have struggled with oppressive mass incarceration and racially-biased policing procedures,” he said in a statement.

TICAL is developing its own strains through a partnership with California-based grower Clone Guy Industries, according to a press release. The brand said it will focus on meeting high health standards amid the coronavirus pandemic.

The green venture is the latest celebrity-backed pot brand to launch as more US states legalize the drug. Rapper Snoop Dogg, singer Willie Nelson and comedian Tommy Chong have all endorsed their own lines of cannabis flowers, edibles and other products.

Stock Alert: PVH Drops 5% As Sales At Reopened Stores Not Encouraging

Shares of apparel manufacturer PVH Corp. (PVH) are falling more than 7% Friday morning at $48.86. It has traded in the range of $28.40- $108.06 in the past one year.

Yesterday, while reporting its first-quarter results, the company said sales for the reopened stores for the second quarter-to-date are running down approximately 25% globally compared to the prior-year period. The company expects Covid-19 to have more pronounced impact in the second quarter.

In the first-quarter revenue decreased 43% year-over-year to $1.344 billion, as most of the company’s brick and mortar stores and its wholesale customers’ stores were closed fore nearly 6 weeks.

PVH reported loss of $3.03 per share in the quarter, missing the average estimate of analysts polled by Thomson Reuters at $1.67 loss per share.

By mid-June, PVH expects to reopen more than 85% of its stores.

Stock Alert: PVH Drops 5% As Sales At Reopened Stores Not Encouraging

Shares of apparel manufacturer PVH Corp. (PVH) are falling more than 7% Friday morning at $48.86. It has traded in the range of $28.40- $108.06 in the past one year.

Yesterday, while reporting its first-quarter results, the company said sales for the reopened stores for the second quarter-to-date are running down approximately 25% globally compared to the prior-year period. The company expects Covid-19 to have more pronounced impact in the second quarter.

In the first-quarter revenue decreased 43% year-over-year to $1.344 billion, as most of the company’s brick and mortar stores and its wholesale customers’ stores were closed fore nearly 6 weeks.

PVH reported loss of $3.03 per share in the quarter, missing the average estimate of analysts polled by Thomson Reuters at $1.67 loss per share.

By mid-June, PVH expects to reopen more than 85% of its stores.

Stock Alert: DICK’S Sporting Jumps 6%

Shares of DICK’S Sporting Goods, Inc. (DKS) are rising more than 6% Friday morning after the company announced the reinstatement of its dividend program.

On June 10, the company’s Board declared a quarterly dividend of $0.3125 per share on the Company’s Common Stock and Class B Common Stock to be payable on June 30, to stockholders of record on June 22, 2020. The company may also resume opportunistic share repurchases under its current authorizations.

In the first quarter, following temporary store closures due to Covid-19, the company had taken many cost-cutting initiatives including salary reduction, furloughing workforce, suspension of its dividend program, and share repurchases, among other measures, to cushion its cash position.

DICK’S stock is currently trading at $38.34. It has trad3ed in the range of $13.46- $49.80 in the last 52-weeks.

Have we ‘turned the tide’ on COVID-19? And the power of protest

On this edition of the Sky News Daily podcast with Sophy Ridge, we examine the government’s handling of coronavirus as figures show Britain’s economy slumped by a quarter during lockdown.

We are joined by Sky’s Ashish Joshi and economics correspondent for The Spectator, Kate Andrews.

Plus, sociologist Dr Lisa McKenzie discusses the impact of recent and historical protests.

COVID-19 in Brazil: Copacabana beach filled with symbolic graves

Activists turned Brazil’s most iconic tourist spot into a mock cemetery to memorialise those who died of COVID-19.

Brazil’s death toll from the coronavirus has officially passed 40,000.

And with more than 800,000 confirmed cases, it is the worst-hit country in Latin America.

Now, the iconic beach of Copacabana in Rio de Janeiro has become the latest battleground amid growing tensions over the government’s response.

Al Jazeera’s Alessandro Rampietti reports.