Business & Finance News
U.S. stock index futures declined more than 1% on Monday after a strong rally last week, with investors bracing for the earnings season for further evidence of the coronavirus-led damage to Corporate America.
Benchmark Brent oil prices turned negative on Monday, erasing gains made after major producers agreed record global output cuts, pressured by concerns that the cuts will not be sufficient to reduce a glut as the coronavirus pandemic hammers demand.
The Kremlin said on Monday that the global oil output deal clinched by OPEC and non-OPEC countries had helped stop oil markets sliding into chaos and would help support a more or less stable oil price dynamic.
Oil prices turned negative on Monday, erasing gains made after major producers agreed record global output cuts, pressured by concerns that the cuts will not be sufficient to head off oversupply as the coronavirus pandemic hammers demand.
Major meat companies in the United States and Canada have closed plants temporarily due to cases of the new coronavirus and concerns about its spread.
Oil prices rose on Monday after major producers finally agreed their biggest-ever output cut, but gains were capped amid concern that it won’t be enough to head off oversupply with the coronavirus pandemic hammering demand.
Global equities weakened on Monday as investors braced for more indications of economic damage from the coronavirus pandemic while oil prices rose in choppy trade following a landmark deal by OPEC and its allies to cut output.
Oil prices jumped more than $1 a barrel on Monday after major producers finally agreed their biggest-ever output cut, but gains were capped amid concern that it won’t be enough to head off oversupply with the coronavirus pandemic hammering demand.
The agreement by the Organization of the Petroleum Exporting Countries (OPEC) and its allies to cut output failed to reach the reduction levels expected by the market, leading to oil prices remaining stagnant, the head of the Japanese petroleum industry said.
Goldman Sachs said on Sunday that the deal between major oil producers to cut output by nearly 10 million barrels per day is ‘historic yet insufficient,’ adding that no deal would be enough to offset the sharp drop in demand already occurring.
Global shares fell on Monday as investors braced for more signs of economic damage from the coronavirus pandemic although a landmark deal by OPEC and its allies to slash output helped oil prices climb in volatile trade.
Oil prices jumped more than $1 a barrel on Monday after major producers finally agreed their biggest-ever output cut, but gains were capped amid concern that it won’t be enough to head off oversupply with the coronavirus pandemic hammering demand.
Kia Motors Corp told its labour union in South Korea that it wants to suspend operations at three of its domestic factories as the coronavirus outbreak weighs on exports to Europe and the United States, a union official said on Monday.
Kia Motors told its labour union in South Korea that it wants to suspend operations at three of its factories in the country as the coronavirus oubreak weighs on exports to Europe and the United States, a union official said on Monday.
Oil prices and U.S. stock futures dipped in early Monday trade as a landmark agreement by OPEC and its allies to slash output by a record amount failed to give investors any cause for lasting optimism about the economic outlook.
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