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Top news and what to watch in the markets on Thursday, April 30, 2020. …read more […]

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Royal Dutch Shell cut its dividend for the first time since World War Two on Thursday as the energy company retrenched in the face of an unprecedented drop in oil demand due to the coronavirus pandemic. Shell also suspended the next tranche of its share buyback programme and said it was reducing oil and gas output by nearly a quarter after its net profit almost halved in the first three months of 2020. Shell’s shares in London had slumped 7% by 0753 GMT, sharply underperforming rival BP which was down 2.2%. …read more […]

Royal Dutch Shell slashes its quarterly dividend by two-thirds amid the global oil price shock. …read more […]

Investors are betting that an experimental anti-viral drug could help countries emerge from lockdowns. …read more […]

(Bloomberg) — Royal Dutch Shell Plc cut its dividend for the first time since the Second World War as the oil slump triggered by the coronavirus pandemic reshapes the energy industry.The surprise move is the latest illustration of how the global spread of the deadly disease is causing the biggest upheaval for generations. Energy consumption is undergoing a historic plunge, as is GDP growth in many countries. The global economy that emerges from the other side of the crisis may look very different, with lasting changes to patterns of fuel demand.This is a big moment in the history of Shell …read more […]

Royal Dutch Shell cut its dividend for the first time in 80 years and suspended the next tranche of its share buyback programme on Thursday following the collapse in global oil demand due to the coronavirus pandemic. “Given the continued deterioration in the macroeconomic outlook and the significant mid and long-term uncertainty, we are taking further prudent steps to bolster our resilience, underpin the strength of our balance sheet and support the long-term value creation of Shell,” Chief Executive Ben van Beurden said in a statement. Starting in the first quarter, Shell will reduce its quarterly dividend …read more […]

Concerns over leaks compelled the top U.S. infectious disease official to reveal data on Gilead Sciences Inc’s experimental drug remdesivir, the first in a scientifically rigorous clincial trial to show benefit in treating COVID-19. The dramatic announcement by Dr Anthony Fauci in the Oval Office on Wednesday prompted concerns among scientists that the Trump administration was raising hopes about a coronavirus treatment before sharing the full data with researchers. As a cautionary example of inflating the potential value of a therapy, some pointed to President Donald Trump’s repeated endorsements of malaria drug hydroxychloroquine as a treatment, with no …read more […]

Nokia Oyj on Thursday reported a 2% fall in first-quarter revenue that missed analysts’ estimates, as it took a hit of about 200 million euros to its topline largely because the COVID-19 pandemic disrupted supply in China. It, however, eked out a small profit backed by good demand for its new 5G telecoms equipment. Nokia reported January-March revenues of 4.9 billion euros ($5.33 billion), missing the 5.1 billion euro consensus figure, according to Refinitiv data. …read more […]

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Massive stockpiling of gold by investors spooked by the coronavirus outbreak offset a collapse in jewellery production to keep global demand for the metal stable in the first three tumultuous months of 2020, the World Gold Council said on Thursday. “This is the biggest change to the market that I can remember,” said John Reade, the WGC’s chief market strategist. Over January-March, exchange traded funds (ETFs) storing gold on behalf of investors mainly in the United States and Europe added a whopping 298 tonnes worth some $16 billion to their hoard, the WGC said in its latest quarterly …read more […]

Asian stocks rose to a fresh seven-week high on Thursday, lifted by encouraging early results from a COVID-19 treatment trial, though bonds and currencies held cautious ranges ahead of a European Central Bank meeting later in the day. The news rallied Wall Street on Wednesday and lifted MSCI’s broadest index of Asia-Pacific shares, excluding Japan, by 0.8% to its highest since mid-March. Japan’s Nikkei, returning from a holiday on Wednesday, jumped 2.5% to a seven-week high as well, catching up on the week’s gains. …read more […]

New clinical data on Gilead Sciences Inc’s experimental antiviral drug remdesivir has raised hopes it might be an effective treatment for the novel coronavirus that has infected more than 3 million people and killed over 225,000 worldwide. On Wednesday, partial data from three different trials of the drug were released, creating both excitement and confusion. Much analysis and more studies are needed to understand which COVID-19 patients are most likely to benefit from the drug if it is deemed effective, under what circumstance it should be given, and whether it has any impact on the death rate. …read more […]