Month: March 2020

(Bloomberg) — Oil plummeted after President Donald Trump said the U.S. would suspend all travel from Europe for the next 30 days to try and contain the coronavirus, pummeling fuel demand even further.Futures in London fell as much as 7% after being up shortly before Trump began a highly anticipated address on the White House’s response to the virus. The president also called on Congress to pass immediate payroll tax relief, but he stopped short of offering a detailed economic rescue package. The briefing failed to soothe broader markets, with the global stock rout deepening.Crude is down more than 25% …read more […]

(Bloomberg) — A combination of President Donald Trump’s unprecedented travel restrictions between the U.S. and Europe and underwhelming stimulus measures sparked a fresh exodus from risk assets in global financial markets Thursday.The rush to gauge the impact on the global economy and corporate earnings, a sense of disappointment at the lack of detail in the U.S. stimulus package and an impression that Washington has fallen behind the curve in its virus response occupied the minds of market participants.Here is a sample of their views:No EndgameStephen Innes, global chief markets strategist at AxiCorp“By criticizing Europe and not announcing stricter domestic travel …read more […]

(Bloomberg) — President Donald Trump suspended all travel from Europe, excluding the U.K., as the World Health Organization declared the coronavirus outbreak a pandemic.Oscar-winning actor Tom Hanks said he and his wife have the pathogen, which a top infectious-disease specialist said is 10 times more deadly than the seasonal flu. The National Basketball Association canceled all games until further notice, and officials across the globe took steps to discourage or ban large gatherings as cases neared 125,000.The global stock rout deepened as Trump stopped short of offering a detailed rescue package, even as Australia and the U.K. unveiled stimulus measures.Key …read more […]

Coronavirus is probably the 1 concern in investors’ minds right now. It should be. On February 27th we publish an article with the title “Recession is Imminent: We Need A Travel Ban NOW”. We predicted that a US recession is imminent and US stocks will go down by at least 20% in the next 3-6 […] …read more […]

Global shares crumbled on Thursday after U.S. President Donald Trump said the United States will suspend all travel from Europe as he unveiled measures to contain the coronavirus epidemic that has extracted a heavy human and economic toll worldwide. U.S. S&P500 futures more than 3%, a day after the S&P 500 lost 4.89%, putting the index in a bear market territory, defined as a 20% fall from a recent top. MSCI’s broadest index of Asia-Pacific shares outside Japan dropped 2% to its lowest level since early 2019, while Japan’s Nikkei lost 3.3%. …read more […]

Icahn, who held a roughly 2.5% stake in Occidental as of end-2019, has previously criticized its $38 billion deal for rival Anadarko Petroleum as a misplaced bet on oil prices rising, and has promised a proxy fight to win control of the company. …read more […]

(Bloomberg) — President Donald Trump said he will significantly restrict travel from Europe to the U.S. for the next 30 days, the most far-reaching measure yet in the administration’s efforts to combat the spread of coronavirus.Trump, speaking Wednesday evening from the Oval Office, said the restrictions, which won’t apply to the U.K., will go into effect Friday at midnight. He blamed the European Union for not curbing travel from China in the early days of the outbreak, and credited his own measures with having limited the number of cases in the U.S.“The European Union failed to take the same precautions …read more […]