Oil prices turned negative on Monday, erasing gains made after major producers agreed record global output cuts, pressured by concerns that the cuts will not be sufficient to head off oversupply as the coronavirus pandemic hammers demand.
Should the U.S. build self-quarantine facilities for coronavirus patients with mild symptoms? WSJ’s Gerald F. Seib answers the question from a reader and explains what it means to self-quarantine at home. Photo: Lauren Young/Reuters …read more […]
Crypto exchange Binance has rolled out trading in bitcoin options, over a month after The Block first broke the story.The post Binance launches bitcoin options trading on mobile apps appeared first on The Block. …read more […]
Major meat companies in the United States and Canada have closed plants temporarily due to cases of the new coronavirus and concerns about its spread.
(Bloomberg) — Apple Inc. is preparing a redesign of its top-tier iPhones, borrowing cues from the latest iPads, as part of a major fall refresh that will see 5G added to as many as four new handset models and the release of two key new accessories, according to people familiar with the plans.This year’s successors to the iPhone 11 Pro and iPhone 11 Pro Max will be joined by two lower-end models to replace the iPhone 11. At least the two high-end devices will have flat stainless steel edges instead of the current curved design as well as more sharply …read more […]
(Bloomberg) — U.S. stocks are unlikely to make fresh lows thanks to the “do whatever it takes” approach of policy makers, according to Goldman Sachs Group Inc.A combination of unprecedented policy support and a flattening viral curve has “dramatically” cut risks to both markets and the American economy, strategists including David Kostin wrote in a note Monday. If the U.S. doesn’t have a second surge in infections after the economy reopens, equity markets are unlikely to make new lows, they said.“The Fed and Congress have precluded the prospect of a complete economic collapse,” the strategists wrote. “These policy actions mean …read more […]
Oil prices rose on Monday after major producers finally agreed their biggest-ever output cut, but gains were capped amid concern that it won’t be enough to head off oversupply with the coronavirus pandemic hammering demand.
Global equities weakened on Monday as investors braced for more indications of economic damage from the coronavirus pandemic while oil prices rose in choppy trade following a landmark deal by OPEC and its allies to cut output.
U.S. drugmaker Pfizer Inc. (PFE) finalized a plan to develop a coronavirus vaccine in partnership with German drugmaker BioNTech SE (BNTX) with the target of jointly producing millions of vaccines by the end of 2020.Under the terms of the partnership, Pfizer will pay BioNTech $185 million upfront to develop the vaccine including an equity investment of about $113 million, with additional payments if certain milestones are achieved that could take its total investment to nearly $750 million, the two companies said in a joint statement.They plan to start clinical trials of the vaccine as early as the end of this …read more […]
(Bloomberg) — Seventy coronavirus vaccines are in development globally, with three already being tested in human trials, the World Health Organization said.The number of people infected worldwide reached 1.85 million, while death toll topped the 114,000-mark.The northeastern Chinese city of Harbin tightened rules to curb the spread of coronavirus by extending quarantine periods for certain visitors to 28 days. China reported 108 more cases April 12, mostly imported.Parts of the U.S. may be ready in May to ease emergency measures. U.K. Prime Minister Boris Johnson praised doctors for saving his life.Key Developments70 coronavirus vaccines in development globallyCoronavirus Tracker: Global cases …read more […]
(Bloomberg) — India’s most ambitious attempt to influence how foreigners trade its currency slipped through with little fanfare two weeks ago.On a day when the Reserve Bank of India executed an emergency rate cut and pledged $50 billion of liquidity, it also opened the way for local banks to trade non-deliverable forwards, a currency derivative often blamed as a tool for speculators.The policy shift opens a new front for the RBI to manage volatility in the rupee, which plumbed to a record low during the coronavirus outbreak. The central bank, with foreign reserves worth about $475 billion, is taking a …read more […]
Amazon said it would have to relegate all new online grocery customers to a wait list starting Monday while working on adding capacity each week. In recent weeks, it increased the number of Whole Foods stores offering grocery pickup to more than 150 locations, up from 80 previously. Amazon also plans to shorten some Whole Foods stores’ hours for the public so its employees can more quickly fulfill online grocery orders, the company said. …read more […]
Oil prices jumped more than $1 a barrel on Monday after major producers finally agreed their biggest-ever output cut, but gains were capped amid concern that it won’t be enough to head off oversupply with the coronavirus pandemic hammering demand.
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