Oil prices fell below $30 a barrel on Monday as the worldwide coronavirus outbreak worsened over the weekend, exacerbating fears that government lockdowns to contain the spread of the disease would spark a global recession.
A group representing major U.S. airlines said the industry needs $50 billion in grants and loans to survive the dramatic falloff in travel demand from the coronavirus outbreak.
Federal Reserve Chair Jerome Powell’s message in announcing a barrage of monetary policy and liquidity actions was clear: The U.S. central bank will use all the tools at its disposal to keep credit flowing through the U.S. and global financial system.
LATAM Airlines Group, the continent’s largest carrier, said on Monday it is canceling 90% of its international flights, in light of the coronavirus outbreak.
Developing nations’ oil and gas income will fall by 50% to 85% this year to a more than two-decade low if current market conditions persist, the International Energy Agency and OPEC said in a rare joint statement on Monday, citing recent IEA analysis.
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Two of Germany’s largest banks have temporarily shut hundreds of branches, while Italian lenders have shortened opening hours as they grapple with staff shortages and the spread of coronavirus.
Ariel Investments Vice Chairman Charlie Bobrinskoy joins On The Move to discuss how the markets are responding to the coronavirus outbreak and why he is optimistic there will be a turn around in a month. …read more […]
Disney is under scrutiny from investors with its stock under pressure as theme parks close and high-profile movie releases face delays. Bernie McTernan, Rosenblatt Securities Vice President, joins On The Move to discuss what Disney can do to turn things around in the midst of this pandemic. …read more […]
The economy is headed for a deep decline due to the coronavirus, says Deutsche Bank chief economist Torsten Slok, a leading economist. …read more […]
BlackRock thinks the current market declines look eerily similar to how stocks reacted to Lehman Brothers’ bankruptcy. …read more […]
According to Reuters, the White House is exploring the draft a new aid package for airlines, which may include loans. Yahoo Finance’s Adam Shapiro breaks down the latest news. …read more […]
The stock market turmoil continues as investors assess the economic fallout from the coronavirus. …read more […]
Oil prices fell below $30 a barrel on Monday as the worldwide coronavirus outbreak worsened over the weekend, leading governments and businesses to shut down as the global economy appeared to be headed toward certain recession.
Markets reeled on Monday, with stocks on Wall Street and the price of Brent crude tumbling more than 10%, as the Federal Reserve’s second emergency rate cut in as many weeks to blunt the economic impact of the coronavirus failed to calm fears of a prolonged recession.
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