Oil prices fell for the second straight day on Thursday amid a broad decline in global markets after the United States banned travel from Europe following the World Health Organization’s decision to declare the coronavirus outbreak a pandemic.
Having initially brushed off the potential impact from coronavirus-linked claims, global insurers are waking up to the prospect of a double whammy – a sharp rise in payouts at a time of big investment losses.
(Bloomberg) — For weeks, investors have been pleading for governments to shore up a global economy ravaged by the coronavirus. But after the biggest wave of stimulus announcements since the outbreak began, fear is mounting the efforts might not provide the salvation markets are looking for.Emergency measures in the U.K., Italy and Australia, along with a commitment from Germany’s Angela Merkel to do “whatever is necessary,” were met with fresh waves of selling in stocks, putting the MSCI All-Country World Index on the brink of a bear market. The gloom veered toward panic after President Donald Trump announced an underwhelming …read more […]
Financial markets reeled on Thursday as stocks dived and oil slumped after U.S. President Donald Trump took the dramatic step of banning travel from Europe to stem the spread of coronavirus, threatening more disruptions to trade and the world economy.
Auto sales in China plunged 79% in February, marking their biggest ever monthly decline, with demand pummeled by the coronavirus outbreak.
Investor worries about corporate credit are heating up as the coronavirus spreads, with the prices of bond funds taking a hit, companies starting to draw on credit lines and some market watchers warning of the possibility that investors pull out of products.
(Bloomberg) — The Indian rupee slid to near a record low and equities headed for a bear market as continued worries over the economic impact from the coronavirus sparked a broad selloff in risk assets globally.The rupee weakened as much as 1% to 74.3387 per dollar on Thursday to near its record low of 74.4825, a level last seen in October 2018. Sovereign bonds declined and the S&P BSE Sensex gauge of equities plunged as much as 7.6%, the steepest drop since January 2009.The rupee is Asia’s worst-performing currency this month and stocks are down almost 20% from the January …read more […]
Bank of Japan Governor Haruhiko Kuroda said the central bank was ready to respond with further steps to support the economy, after a meeting with Prime Minister Shinzo Abe on Thursday.
Financial markets reeled on Thursday as stocks dived and oil slumped after U.S. President Donald Trump took the dramatic step of banning travel from Europe to reduce the impact of the coronavirus, threatening more disruptions to trade and the world economy.
Chinese airlines reported a total loss of 20.96 billion yuan ($3 billion) in February as the coronavirus epidemic spread and hit travel demand, the aviation regulator said on Thursday.
Bank of Japan Governor Haruhiko Kuroda said on Thursday that the central bank was dealing with the coronavirus’s impact on the economy and that he was ready to respond with further steps without hesitation.
Washington state’s House of Representatives passed a measure on Wednesday night that removes a key tax break for Boeing Co and other aerospace firms, in a bid to head off possible European tariffs on U.S. goods and ease a transatlantic trade dispute over aircraft subsidies.
Washington state’s House of Representatives passed a measure on Wednesday night that removes a key tax break for Boeing Co and other aerospace firms, in a bid to head off possible European tariffs on U.S. goods and ease a transatlantic trade dispute over aircraft subsidies. “This measure is important to protect our state’s economy,” House Democratic Majority Leader Pat Sullivan said by phone. “We don’t want tariffs levied by the European Union on the aerospace industry but also on other key industries in the state like wine and agricultural products.” …read more […]
Oil prices sank again on Thursday along with the broader market after the United States banned travel from Europe following a World Health Organization declaration that the coronavirus outbreak is now a pandemic.
The new U.S. ban on foreign citizens entering the country if they have traveled to Europe in recent weeks will heap more pressure on airlines already reeling from the coronavirus pandemic, hitting European carriers the hardest, analysts said.
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