Month: March 2020

(Bloomberg) — Investors in China have found an unlikely new hiding place from the chaos engulfing financial markets.The price of steel reinforcement bar, the somewhat unglamorous but ubiquitous commodity used to strengthen concrete, has risen almost 5% over the past month in Shanghai. Over the same period, gold — the traditional haven amid turmoil — has dropped more than 5% as investors sell to cover losses in other markets.Rebar’s unexpected ascent as a financial sanctuary comes as Chinese investors bet that Beijing is going to embark on a massive bout of stimulus to help prop up the country’s economy in …read more […]

Tesla’s sole U.S. auto factory in Alameda county employs more than 10,000 workers and had annualized production of slightly over 415,000 units by the fourth quarter. The county is one of six covered by a ‘shelter in place’ order from regional authorities that limits activity, travel and business functions to only the most essential, and advises people to stay home except for the most crucial reasons. Tesla and Alameda County officials did not immediately respond to Reuters requests for comment. …read more […]

(Bloomberg) — Tesla Inc. Chief Executive Officer Elon Musk told employees to come to work only if they are comfortable doing so, signaling that the company’s auto plant in Fremont, California, will likely stay open amid growing concern over the coronavirus outbreak.“First, I’d like to be super clear that if you feel the slightest bit ill or even uncomfortable, please do not feel obligated to come to work,” Musk wrote to staff in an email seen by Bloomberg News. “I will personally be at work, but that’s just me. Totally ok if you want to stay home for any reason.”Tesla …read more […]

(Bloomberg) — U.S. futures advanced and the yen slid in volatile trading after the biggest plunge in Wall Street stocks since 1987. Asia-Pacific shares ranged from a further drop in South Korea to gains in Australia.Japan’s share benchmark swung from a loss of 3% to a gain of more than 3%. Australia jumped. Hong Kong and China fluctuated. S&P 500 and Nasdaq futures reached their limit-up. The S&P 500 Index sank 12% Monday, erasing its gain for 2019, after President Donald Trump warned of a possible recession, with economic disruption from the coronavirus potentially extending into summer. Treasury yields rose …read more […]

Oil rose more than $1 on Tuesday as bargain hunters emerged after recent sharp falls due to the coronavirus pandemic and the price war between Saudi Arabia and Russia, but fears of a recession still dragged on the market. Brent crude was up by 1.8%, or 55 cents, to $30.60 a barrel by 0410 GMT, after hitting a high of $31.25. U.S. West Texas Intermediate (WTI) crude rose 3.7%, or $1.06, to $29.76, having come off a high of $30.21. …read more […]