Business & Finance News
NEW YORK – Citigroup Inc is splitting its staff in Buffalo, New York, to ensure it can keep its operations humming as the coronavirus spreads across the state, according to a source familiar with the plans.
Asian shares were set for a pounding on Monday as investors fled to bonds to hedge the economic shock of the coronavirus, and oil plunged more than 20% after Saudi Arabia slashed its official selling price.
The price of futures contracts for the S&P 500 index, a Wall Street benchmark, fell more than 4% on Sunday as off-hours trading for U.S. equity markets resumed, a sign that investors fear the toll from the fast-spreading coronavirus will deepen.
Automakers across the world face the possibility of extended supply chain disruptions as factories in China stutter back to life after closures due to the coronavirus outbreak.
Oil futures suffered their biggest daily loss since 1991 on Sunday after Saudi Arabia slashed its official selling price (OSP) and announced plans to raise crude production significantly, signaling the start of a price war.
Asian share markets were set for a beating on Monday as investors fled to bonds to hedge the economic shock of the coronavirus, and oil plunged more than 20% after Saudi Arabia slashed its official selling price.
The price of futures contracts for the S&P 500 index fell more than 4% on Sunday as trading for U.S. equity markets resumed, a sign that investors fear the toll from the fast-spreading coronavirus will deepen.
Pacific Investment Management Co (PIMCO), one of the world’s largest investment firms, told clients on Sunday the coronavirus outbreak is likely to cause a relatively mild and short recession though tight credit markets could worsen the downturn.
As the coronavirus spreads in the financial hub of New York, financial firms – led by the Securities Industry and Financial Markets Association (SIFMA)– have triggered their contingency plans and are taking other precautions. As of Sunday, here is the state of play:
The words “bear market” and “recession” are being used with increasing frequency as investors try to assess how badly the coronavirus outbreak will damage global growth and to what extent it could further weigh on asset prices.
Brazilian and U.S. governments signed on Sunday an agreement for development of defense projects that may give the South American country access to financing.
IKEA, the world’s biggest furniture brand, is reopening nine of its stores in China this weekend, a company spokeswoman said.
IKEA, the world’s biggest furniture brand, is reopening nine of its stores in China this weekend, a company spokeswoman said.
Shares of Saudi state oil company Aramco fell below their initial public offering (IPO) price on Sunday for the first time since they began trading in December after the OPEC oil supply cut pact with Russia fell apart on Friday.
Shares of Saudi Aramco fell below their initial public offering (IPO) price on Sunday for the first time since they began trading in December after the OPEC oil supply cut pact with Russia fell apart on Friday.
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