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China data portends more punishment for bruised stock markets

World stock markets should fall further on Monday after a record contraction in China’s manufacturing and service sectors because of the coronavirus outbreak, illustrating the massive potential economic impacts of the epidemic for the rest of the globe. The outbreak has already caused massive disruptions in industry, led U.S. equities to suffer their worst weekly selloff since the financial crisis and knocked trillions off the market value of global stocks. The first proper glimpse of how much economic damage the outbreak has inflicted so far came from China, the world’s second-largest economy where the epidemic began. …read more […]

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Humbled Saudis May Yet Clinch OPEC+ Deal as Virus Crisis Worsens

(Bloomberg) — Saudi Arabia has so far been thwarted by Russia in its push to shore up oil markets against the coronavirus. But when they meet next week, the humbled kingdom may yet clinch victory.Ever since it became clear the outbreak was savaging energy demand in China — and oil prices everywhere — Riyadh has been pushing for swift production cuts to compensate. Russia, the most important partner in the producers’ coalition, rebuffed those entreaties, underscoring the dominant role that President Vladimir Putin has played since forging an alliance with the Saudis three years ago.“They’re sitting in very different places …read more […]

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Pompeo Says U.S. Reviewing Options to Aid Turkey: Syria Update

(Bloomberg) — Turkey threatened to release a new wave of refugees toward Europe after western allies were cool to its calls for assistance in the wake of the deadliest day so far for Turkish forces in Syria.The statement, by President Recep Tayyip Erdogan’s communications director, came shortly after a European Union spokesman said it had received no information from Turkey on a change in its policy on migrants.The latest escalation came after 33 Turkish troops were killed and dozens more wounded in airstrikes in northwestern Syria Thursday, triggering a retaliatory strike against Syrian government forces. Russia, which backs Syrian President …read more […]

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Elliott targets Twitter, seeking CEO Dorsey's removal - sources

Twitter is one of the few U.S. technology companies headed, but not controlled, by one of its founders. It has given shareholders equal voting rights, making Dorsey, who owns only about 2% of the company, vulnerable to a challenge from an activist investor such as Elliott. Twitter shares fell last year when the company disclosed that its platform experienced glitches that hindered its ability to target ads and share data with partners. …read more […]

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China Manufacturing Plunges, Trump Ready for Worst: Virus Update

(Bloomberg) — China’s factory activity fell to the weakest level on record after weeks of closures caused by the coronavirus outbreak, while the number of cases in South Korea continued to soar.California had its second infection from an unknown origin. The U.S. raised its travel advisory for virus-hit Italy. Federal Reserve Chairman Jerome Powell said the U.S. central bank is prepared to cut interest rates.As U.S. equities suffered their worst week since the financial crisis, President Donald Trump said his administration is prepared for “the worst.” Acting White House Chief of Staff Mick Mulvaney said school closures in the U.S. …read more […]