Month: April 2020

(Bloomberg) — American stocks, up 25% in three weeks, ran into turbulence on the eve of earnings season, with futures on benchmark indexes falling in holiday-thinned trading.June contracts on the S&P 500 slid as much as 2.2%, erasing a gain of 1.4% and paring last week’s 12% rally, the biggest since the 1970s. The decline came even as the world’s top oil producers agreed to cut global petroleum output by nearly a 10th, putting an end to a price war between Saudi Arabia and Russia. Stock futures fell 0.9% as of 7:04 p.m. in New York. West Texas Intermediate crude …read more […]

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(Bloomberg) — Stocks looked set to for a mixed start to the week as investors mulled a slowdown in new coronavirus cases and readied for the start of earnings season. Oil futures swung after a historic deal to cut output.U.S. equity futures declined in early Asia trading and Japanese contracts retreated. Many markets remained closed for holidays. The euro steadied after France, Germany, Italy and Spain reported a slowdown in new cases. Canada’s dollar opened higher after OPEC+ agreed to cut 9.7 million barrels a day from global crude output — just below the initial plan of 10 million. The …read more […]

(Bloomberg) — Oil declined after an initial jump as an historic deal among the world’s top producers to cut global output by nearly a 10th failed to revive prices that have been pummeled by the coronavirus.Futures in New York rose as much as 9% but quickly reversed those gains as markets opened following a three-day break. The OPEC+ alliance agreed to a plan to slash production by 9.7 million barrels a day starting in May, ending a price war between Saudi Arabia and Russia. The producer group reached a deal following days of intense negotiations after Mexico declined to endorse …read more […]

Stock futures fell Sunday evening at the end a holiday weekend in the U.S., declining after last week’s rally sent the S&P 500 to its best weekly gain since 1974. …read more […]

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(Bloomberg Opinion) — After four days of high drama, low farce and long periods of tedium, the OPEC+ group of countries, led by Saudi Arabia and Russia, finally agreed to a record cut in their oil production in response to the coronavirus-triggered collapse in demand. But the deal will come under pressure when the world becomes a more normal place again.The drama was provided by Mexico refusing to accept its allotted cut. The farce followed when the country’s oil minister left the virtual OPEC+ meeting to hold separate talks with her U.S. and Canadian counterparts, while the other energy ministers …read more […]

The majority of a small group of coronavirus patients showed their condition improve after treatment with remdesivir, an experimental drug being developed by Gilead Sciences Inc. (GILD), according to a study published in the The New England Journal of Medicine.The study is based on results from a cohort analysis of 53 patients hospitalized with severe COVID-19 symptoms in the U.S. and around the world, who were treated with the investigational antiviral remdesivir on an individual compassionate use basis. About two-thirds of the patients showed improvement in oxygen support and 17 of 30 of those treated who were on ventilators were …read more […]

OPEC, Russia and other oil producing nations agreed on Sunday to cut output by a record 9.7 million barrels per day for May-June, representing around 10% of global supply, to support oil prices amid the pandemic, according to sources. The agreement, could put a floor on oil prices and provide a psychological boost for equity investors, since talks had hit roadblocks late last week. If it was a bigger cut “then you would’ve seen oil prices strengthen to $30 very quickly and that would be helpful for equity markets but we didn’t get that,” said Peter Cardillo, chief …read more […]