U.S. stock index futures tumbled to open trading on Sunday, hitting their daily down limit, after the Federal Reserve took drastic action to cushion the economic blow from the escalating coronavirus.
Stock markets and the dollar fell heavily on Monday, after emergency rate cuts in the United States and New Zealand failed to allay fears about the coronavirus’ economic shock.
The U.S. Federal Reserve slashed rates back to near zero, restarted bond buying and joined with other central banks to ensure liquidity in dollar lending to help put a floor under a rapidly disintegrating global economy during the coronavirus pandemic.
The biggest U.S. banks will stop buying back their own shares, and will instead use that capital to lend to individuals and businesses affected by the coronavirus, an industry trade group said on Sunday.
(Bloomberg) — The U.S. is preparing to start buying as much as 77 million barrels of oil for its emergency stockpiles within the next two weeks, an effort by President Donald Trump to support the domestic industry and boost reserves at cheap prices.While purchases of U.S. crude may begin swiftly, deliveries into the four sites that make up the country’s Strategic Petroleum Reserve could take months to complete, a senior Energy Department official said Sunday, asking not to be named before formal announcements. Pipeline and port capacity constraints could figure into the timing, the official said.The quick purchase plans are …read more […]
Mar.15 — President Donald Trump speaks at a press briefing about the Federal Reserve’s decision to slash interest rates to near zero in a fresh bid to save the U.S. economy from the fallout of the coronavirus. …read more […]
Goldman Sachs Group Inc has downgraded its U.S. growth forecast for the first and second quarters in the wake of the economic fallout from the coronavirus outbreak.
U.S. stock futures fell to their offshore trading limit within half an hour from opening on Monday even as the U.S. Federal Reserve led the world’s central banks in taking bold easing steps to cushion the impact of the coronavirus on economies.
(Bloomberg) — Oil’s spectacular collapse deepened in early Asian trade on Monday as investors weighed measures by governments and central banks to help shore up the global economy against the unprecedented demand shock from the fast-spreading coronavirus.Futures in London fell as much as 6% after plunging by a quarter last week — the market’s biggest weekly drop since 2008. Travel restrictions across the globe tightened further over the weekend in efforts to contain the spread of the virus, with the U.S. extending its travel ban to include Britain and Ireland. Australia said anyone entering the country must self-isolate for two …read more […]
Automakers General Motors , Ford Motor Co and Fiat Chrysler Automobiles (FCA) are forming a coronavirus task force along with the United Auto Workers (UAW) union to improve protections for their employees and limit the spread of the highly contagious virus.
(Bloomberg) — U.S. stock futures tumbled, wiping out half of the furious last-hour rally Friday and tripping exchange trading curbs, as investors worried that emergency measures by the Federal Reserve will fall short of cushioning the coronavirus’s blows to the economy.Contracts on the S&P 500, whose violent swings have now triggered limits in five of the past six sessions, dropped 4.8% to 2,555.50 as of 6:50 p.m. in New York. While the triggering of limit-down circuit breakers arrests big drops, it also leaves traders in the dark as to the full extent of losses. Last week, investors had to wait …read more […]
Stocks were headed for a drop after the Fed surprised markets by cutting interest rates to zero to fight the coronavirus’s impact on the economy. …read more […]
Markets were set for another chaotic session on Monday after many of the world’s major central banks joined in an emergency round of policy easing aimed at cushioning the impact of the coronavirus on economies.
Markets were set for another chaotic session on Monday after many of the world’s major central banks joined in an emergency round of policy easing aimed at cushioning the impact of the coronavirus on economies. The U.S. Federal Reserve cut rates to a target range of 0% to 0.25% and said it would expand its balance sheet by at least $700 billion in coming weeks. Five other central banks also cut pricing on their swap lines to make it easier to provide dollars to their financial institutions facing stress in credit markets. …read more […]
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