President Donald Trump, who excoriated General Motors Co on Friday and invoked emergency powers to compel the production of badly needed ventilators to tackle the coronavirus pandemic, has abruptly shifted gears to praise the automaker.
We hate to say this but, we told you so. On February 27th we published an article with the title Recession is Imminent: We Need A Travel Ban NOW and predicted a US recession when the S&P 500 Index was trading at the 3150 level. We also told you to short the market and buy […] …read more […]
Toyota Motor Corp said on Monday that it would extend a suspension at all of its factories in Europe with the exception of Russia until further notice, with a restart expected no earlier than April 20.
Asian shares slid on Monday and oil prices took another tumble as fears mounted that the global shutdown for the coronavirus could last for months, doing untold harm to economies despite central banks’ best efforts. “We continue to mark down 1H20 global GDP forecasts as our assessment of both the global pandemic’s reach and the damage related to necessary containment policies has increased,” said JPMorgan economist Bruce Kasman. E-Mini futures for the S&P 500 skidded 1.2% right from the bell, and Japan’s Nikkei 3.7%. …read more […]
(Bloomberg) — SoftBank Group Corp. fell as much as 10% after a satellite operator it invested in filed for bankruptcy, ceding some gains from an unprecedented plan to sell assets and buy back shares.OneWeb made the filing late Friday U.S. time after raising about $3.3 billion in debt and equity financing from shareholders including SoftBank, Airbus SE and Qualcomm Inc. since its inception. At least $1 billion of that came from SoftBank, which said it first invested in December 2016 and declined to give a total amount.It is the latest blow to SoftBank founder Masayoshi Son, who last week unveiled …read more […]
Asian shares slid on Monday and oil prices took another tumble as fears mounted that the global shutdown for the coronavirus could last for months, doing untold harm to economies.
(Bloomberg) — Insurers the world over have been walloped by evaporating investment returns, but those in South Korea have been hit particularly hard. Just consider this: The nation’s second-largest life insurer became a penny stock this month.Hanwha Life Insurance Co. has fallen 66% over the past year, and its shares touched the equivalent of about 71 cents on March 23. Its price-to-book value is just 0.1 times, a fraction the 0.8 average for European insurers or 0.9 among U.S. counterparts, according to data compiled by Bloomberg.The latest slump in markets, which has seen the South Korean won tumble — casting …read more […]
Stocks were poised to extend losses Monday as the coronavirus pandemic deepened over the weekend, with the U.S. death toll escalating. …read more […]
President Trump on Sunday said he was extending the administration’s social-distancing guidelines for another 30 days through the end of April, after saying for days that he was hoping to open up the country in the coming weeks. …read more […]
(Bloomberg) — Crude dropped to its lowest in 17 years as virus lockdowns cascaded through the world’s largest economies, leaving the market overwhelmed by cratering demand and an unmanageable surplus.Futures in London fell as much as 7.6% to their lowest since November 2002 while also slumping in New York to trade below $20 a barrel. Physical oil markets are struggling to store fuel, hit by a double whammy of coronavirus restrictions eroding demand while Saudi Arabia and Russia dig in their heels over a damaging war for market share.The kingdom said on Friday that it hadn’t had any contact with …read more […]
Asian share markets looked set for a rocky start on Monday as U.S. stock futures took an early spill amid fears the global shutdown for the coronavirus could last for months, doing untold harm to economies.
Asian share markets looked set for a rocky start on Monday as U.S. stock futures took an early spill amid fears the global shutdown for the coronavirus could last for months, doing untold harm to economies. Rodrigo Catril, a senior FX strategist at NAB, said the main question for markets was whether all the stimulus would be enough to help the global economy withstand the shock. “To answer this question, one needs to know the magnitude of the containment measures and for how long they will be implemented,” he added. …read more […]
(Bloomberg) — U.S. stock futures fell, rolling back more of last week’s surge, as traders reacted to weekend news that included U.S. coronavirus cases topping 132,000 and warnings that U.K. lockdowns could last six months.Contacts on the S&P 500 expiring in June fell 2% to 2,472 as of 6:59 p.m. in New York, paring a drop that exceeded 3% in the first minutes. Friday’s session had a turbulent end, with the cash market tumbling about 3% in the last half hour. The S&P 500 still managed to end the week with a 10% gain, its biggest in 11 years, boosted …read more […]
(Bloomberg) — U.S. equity futures declined and the yen edged higher as investors kicked off the week with renewed caution amid the ongoing rise in coronavirus infections. Oil slid.Asian stocks looked set for losses after selling ramped up late Friday on Wall Street. The top U.S. infectious disease expert said deaths may reach 200,000 and President Donald Trump said he was extending virus guidelines to April 30. In Europe, Spain recorded its most daily deaths so far, though fatalities in Italy declined for a second day. The Aussie was lower after the country limited public gatherings to just two people. …read more […]
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