Investor worries about corporate credit are heating up as the coronavirus spreads, with the prices of bond funds taking a hit, companies starting to draw on credit lines and some market watchers warning of the possibility that investors pull out of products.
(Bloomberg) — The Indian rupee slid to near a record low and equities headed for a bear market as continued worries over the economic impact from the coronavirus sparked a broad selloff in risk assets globally.The rupee weakened as much as 1% to 74.3387 per dollar on Thursday to near its record low of 74.4825, a level last seen in October 2018. Sovereign bonds declined and the S&P BSE Sensex gauge of equities plunged as much as 7.6%, the steepest drop since January 2009.The rupee is Asia’s worst-performing currency this month and stocks are down almost 20% from the January …read more […]
Bank of Japan Governor Haruhiko Kuroda said the central bank was ready to respond with further steps to support the economy, after a meeting with Prime Minister Shinzo Abe on Thursday.
Financial markets reeled on Thursday as stocks dived and oil slumped after U.S. President Donald Trump took the dramatic step of banning travel from Europe to reduce the impact of the coronavirus, threatening more disruptions to trade and the world economy.
Chinese airlines reported a total loss of 20.96 billion yuan ($3 billion) in February as the coronavirus epidemic spread and hit travel demand, the aviation regulator said on Thursday.
Bank of Japan Governor Haruhiko Kuroda said on Thursday that the central bank was dealing with the coronavirus’s impact on the economy and that he was ready to respond with further steps without hesitation.
Washington state’s House of Representatives passed a measure on Wednesday night that removes a key tax break for Boeing Co and other aerospace firms, in a bid to head off possible European tariffs on U.S. goods and ease a transatlantic trade dispute over aircraft subsidies.
Washington state’s House of Representatives passed a measure on Wednesday night that removes a key tax break for Boeing Co and other aerospace firms, in a bid to head off possible European tariffs on U.S. goods and ease a transatlantic trade dispute over aircraft subsidies. “This measure is important to protect our state’s economy,” House Democratic Majority Leader Pat Sullivan said by phone. “We don’t want tariffs levied by the European Union on the aerospace industry but also on other key industries in the state like wine and agricultural products.” …read more […]
Oil prices sank again on Thursday along with the broader market after the United States banned travel from Europe following a World Health Organization declaration that the coronavirus outbreak is now a pandemic.
The new U.S. ban on foreign citizens entering the country if they have traveled to Europe in recent weeks will heap more pressure on airlines already reeling from the coronavirus pandemic, hitting European carriers the hardest, analysts said.
A United States travel ban on European visitors will hit U.S. airlines, their employees, and travelers “extremely hard”, trade group Airlines for America said on Wednesday.
(Bloomberg) — Oil plummeted after President Donald Trump said the U.S. would suspend all travel from Europe for the next 30 days to try and contain the coronavirus, pummeling fuel demand even further.Futures in London fell as much as 7% after being up shortly before Trump began a highly anticipated address on the White House’s response to the virus. The president also called on Congress to pass immediate payroll tax relief, but he stopped short of offering a detailed economic rescue package. The briefing failed to soothe broader markets, with the global stock rout deepening.Crude is down more than 25% …read more […]
Canada’s Bombardier Inc said late Wednesday Chief Executive Officer Alain Bellemare would step down and be replaced by former company executive and Hydro-Quebec CEO Eric Martel.
(Bloomberg) — A combination of President Donald Trump’s unprecedented travel restrictions between the U.S. and Europe and underwhelming stimulus measures sparked a fresh exodus from risk assets in global financial markets Thursday.The rush to gauge the impact on the global economy and corporate earnings, a sense of disappointment at the lack of detail in the U.S. stimulus package and an impression that Washington has fallen behind the curve in its virus response occupied the minds of market participants.Here is a sample of their views:No EndgameStephen Innes, global chief markets strategist at AxiCorp“By criticizing Europe and not announcing stricter domestic travel …read more […]
The United States will give individuals, and small and mid-sized businesses a three-month tax holiday to try to fight the economic impact of the novel coronavirus, President Donald Trump said Wednesday night.
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