Unilever and Pernod Ricard prove more resilient than investors had expected, and South Korea’s first recession in nearly two decades may be mercifully short. Catch up with the latest financial insights from Breakingviews here:
15% to the year ending in June, instead of 20%, due to strong supermarket sales and cost-cutting. Investors who claim to be looking ahead nonetheless celebrated. Unilever shares jumped almost 8% on Thursday morning, while Pernod Ricard was up 2.5%.
Companies have left room for surprises by suspending their usual guidance about performance in recent months. Still, the pandemic has exposed the vulnerabilities in $150 billion Unilever’s portfolio: Chief Executive Alan Jope oversaw an almost 2% drop in underlying revenue in . Continued uncertainty about the pace of any recovery also means a celebratory Cornetto or a glass of Perrier-Jouët may be premature. . Iatrophobia is a fear of seeing the doctor. The relatively rare anxiety disorder moved into the mainstream on Thursday as Roche said its second-quarter salesas patients avoided eye doctors and diagnostic tests.
The $245 billion company reckons the worst is over. Patients have started returning to hospitals in June and July, allowing Roche to maintain its full-year. But a second wave of the coronavirus could resuscitate the damaging trend. The company’s shares fell nearly 3% on Thursday morning. Drug companies have largely benefitted from the pandemic, but as long as the fear of Covid-19 stalks hospital hallways, earnings will be vulnerable.
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