Oil prices fell for a third session on Wednesday to be down about 17% so far this week as the outlook for fuel demand darkened amid travel and social lockdowns triggered by the coronavirus epidemic.
Global stock futures and Asian shares tumbled in choppy trade on Wednesday, as worries about the coronavirus pandemic eclipsed hopes broad policy support would combat the economic fallout from the outbreak.
Global airlines are fast running out of cash after cutting capacity by 90% or even grounding entire fleets due to the broad travel restrictions to contain the spread of the coronavirus, calling into question the survival of several firms.
(Bloomberg) — King Dollar is creating a new headache for virus-battered economies globally, with emerging markets especially vulnerable as they try to cope with collapsing currencies and plunging demand.Investors are fleeing emerging markets in record numbers and piling into the safe-haven greenback, with two emergency interest-rate cuts this month by the Federal Reserve doing nothing to diminish the dollar’s appeal.With the dollar more integrated into the world economy than ever before, its gains are an added stress for businesses and governments as they brace for soaring costs on their dollar debt. The dilemma for emerging market central banks is that …read more […]
SoftBank Group Corp shares fell as much as 11.6% on Wednesday, with its market capitalization dipping below the value of its domestic telco, as uncertainty grows over its management of a portfolio of unproven startups.
(Bloomberg) — U.S. stock futures slid, hitting exchange-enforced bands that prevent further losses, as investors assess the Trump administration’s beefed up policy response to the coronavirus.Contracts on the S&P 500, Nasdaq 100 and Dow Jones Industrial Average all reached the so-called limit down level established each day by the Chicago Mercantile Exchange. Futures on the S&P 500 lost as much as 3.7% to 2,393.5, while dropping 4.4% for the Nasdaq 100 and falling 3.9% for the Dow Jones Industrial Average. Treasury Secretary Steven Mnuchin warned the coronavirus could send U.S. unemployment up to 20% without government intervention. The underlying S&P …read more […]
Tesla Inc cannot continue to operate its main U.S. vehicle plant normally as its San Francisco Bay Area home began a three-week lockdown on Tuesday to slow the spread of coronavirus, a county sheriff’s office spokesman said.
U.S. stock futures and several Asian shares fell in choppy trade on Wednesday, as worries about the coronavirus pandemic eclipsed hopes broad policy support would combat the economic fallout of the outbreak.
Oil and gas companies around the world are planning to slash spending in the face of a plunge in oil prices caused by the spread of the coronavirus and a push by Saudi Arabia and Russia to flood the market with supply. [O/R]
(Bloomberg) — Hong Kong’s equity traders haven’t been this nervous over Tencent Holdings Ltd.’s earnings in more than a decade.They’ve been buying derivatives to protect against losses, with bearish puts now costing the most in four years relative to bullish contracts. With the Internet giant reporting fourth-quarter results after Wednesday’s close, the options market is now pricing in a massive 7.1% move either way for the shares when trading reopens. That would be the biggest move since at least 2009, according to data compiled by Bloomberg.The company, one of the largest stocks in the Hang Seng Index, is projected to …read more […]
(Bloomberg) — Hong Kong’s equity traders haven’t been this nervous over Tencent Holdings Ltd.’s earnings in more than a decade.They’ve been buying derivatives to protect against losses, with bearish puts now costing the most in four years relative to bullish contracts. With the Internet giant reporting fourth-quarter results after Wednesday’s close, the options market is now pricing in a massive 7.1% move either way for the shares when trading reopens. That would be the biggest move since at least 2009, according to data compiled by Bloomberg.The company, one of the largest stocks in the Hang Seng Index, is projected to …read more […]
Oil prices steadied on Wednesday after slipping to new four-year lows, sapped by fears for fuel demand and the global economy amid travel and social lockdowns triggered by the coronavirus epidemic.
Shares in Japan’s Fujifilm Holdings Corp surged 15% on Wednesday morning after a Chinese official said the company’s Avigan anti-flu drug appeared to help coronavirus patients recover.
HSBC Holdings PLC has appointed Noel Quinn as chief executive officer, handing the insider and interim boss the reins of Europe’s biggest bank and ending months of speculation an external candidate could get the role.
The Detroit Three automakers and United Auto Workers agreed on Tuesday to curtail production at U.S. factories and limit the number of workers on the job at one time to prevent the spread of the coronavirus among roughly 150,000 factory employees.
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