Business & Finance News
Asian shares struggled to find their footing on Wednesday and bonds held stunning gains, as an emergency rate cut from the U.S. Federal Reserve seemed to stoke rather than soothe fears over the coronavirus’ widening global economic fallout.
A team of ICBC Standard bankers celebrated in London last June after closing its first major U.S. refinery deal and gaining a foothold in the biggest energy market in the world.
Oil prices jumped 1.5% on Wednesday on hopes that major producers have made progress towards sealing an agreement to implement deeper output cuts aimed at offsetting the slump in demand caused by the global coronavirus outbreak.
Asian shares struggled to find footing on Wednesday and bonds held stunning gains, as an emergency rate cut from the U.S. Federal Reserve seemed to stoke rather than soothe fears over the coronavirus’ widening global economic fallout.
As companies in China gradually restart business following the extended Lunar New Year break, investors are fretting over the financial impact of the coronavirus outbreak that has squeezed cash flow and hammered revenues in many sectors.
Online retailer Amazon.com Inc said on Tuesday an employee in the United States tested positive for the coronavirus.
Oil prices rose more than 1% on Wednesday on expectations that major producers have moved closer to an agreement to enact deeper output cuts aimed at offsetting the slump in demand caused by the coronavirus outbreak.
SoftBank-backed startup CloudMinds has been blocked from sharing U.S.-origin technology with its China business, documents showed, illustrating how increased U.S. government restrictions are creating new headaches for tech firms and their investors.
Asian shares wobbled on Wednesday and bonds held gains, as an emergency rate cut from the U.S. Federal Reserve did little to soothe investor fears over the coronavirus’s widening fallout.
Hong Kong-based Bank of East Asia said on Wednesday it would carry out a comprehensive review of its portfolio of businesses and assets with the support of activist investor Elliott Management.
Asian shares were poised to drop on Wednesday and bonds soared, after an emergency rate cut from the U.S. Federal Reserve was unable to quell investor fears over the coronavirus’s widening fallout.
SoftBank Group Corp Chief Executive Masayoshi Son held his first “pre-IPO summit” for the Japanese conglomerate’s portfolio companies on Tuesday, introducing them to Wall Street investors who could be backing their stock market debuts.
The U.S. Federal Reserve cut interest rates on Tuesday in a bid to shield the world’s largest economy from the impact of the coronavirus, but the emergency move failed to comfort U.S. financial markets roiled by worries about a deeper, lasting slowdown.
Wall Street stepped up preparations to deal with the impact of the coronavirus on Tuesday, testing backup plans and asking employees to work from home, as a New Yorker tested positive for the virus, bringing the prospect of the spread of the infection closer to home.
Nordstrom Inc forecast a 2020 profit largely below market expectations on Tuesday, after the upscale apparel retailer missed estimates for fourth-quarter revenue, sending its shares down nearly 8% in after-market trading.
Copyright 1997-2019 Wall Street Reporter / Octagon Media Corp.
