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U.S. Equity Futures Climb; Treasuries Hold Steady: Markets Wrap

February 25, 2020 admin Comments Off on U.S. Equity Futures Climb; Treasuries Hold Steady: Markets Wrap

(Bloomberg) — U.S. equity futures rose on Tuesday while European shares fluctuated as the selloff that wiped out this year’s gains in global stocks showed signs of easing. Treasuries were steady and the dollar slipped.Contracts on all three major U.S. indexes rose, though they pared early gains that suggested American markets are poised to claw back just a fraction of Monday’s slump. Declines in carmakers and banks dragged the Stoxx Europe 600 index lower after a modest advance at the open. Ten-year Treasury yields held near record lows, while European bonds were mixed. Crude oil steadied after Monday’s near-4% drop.Japanese …read more […]

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A Global Pandemic Could Cost $1 Trillion

February 25, 2020 admin Comments Off on A Global Pandemic Could Cost $1 Trillion

(Bloomberg) — The ghastly prospect that the coronavirus outbreak could become the first truly disruptive pandemic of the globalization era is renewing doubts over the stability of the world economy.With the death toll approaching 3,000, over 80,000 cases officially recorded and an outbreak in Italy now shutting down the richest chunk of its economy, some economists are beginning to war game what an untethered outbreak could mean for global growth.Those at Oxford Economics Ltd. reckon an international health crisis could be enough to wipe more than $1 trillion from global gross domestic product. That would be the economic price tag …read more […]

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Global Cases Top 80,000; Korean Infections Jump: Virus Update

February 25, 2020 admin Comments Off on Global Cases Top 80,000; Korean Infections Jump: Virus Update

(Bloomberg) — The spread of the coronavirus outbreak to regions from Italy to Iran sparked concerns about a pandemic, with the number of cases worldwide topping 80,000.Global stocks tumbled after Italy reported at least six deaths and more than 200 confirmed cases. The U.S. Centers for Disease Control and Prevention warned Americans to avoid non-essential travel to South Korea. The North Asian nation reported another 60 cases, bringing its total number of infections to 893.China’s death toll rose to 2,663, an increase of 71. Total coronavirus cases on the mainland climbed to 77,658 as Hubei province reported 499 additional infections.While …read more […]

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Oil bounces as investors hunt bargains; virus fears cap gains

February 25, 2020 admin Comments Off on Oil bounces as investors hunt bargains; virus fears cap gains

Oil rose on Tuesday as investors snapped up bargains after crude benchmarks dropped almost 4% in the previous session, but fears that the spreading coronavirus could wreak far greater economic damage than initially thought capped gains. U.S. crude futures climbed 22 cents, or 0.4%, to $51.65, recovering from a 3.7% drop in the previous session. “WTI has regained some ground as investors looked for bargains and as the (U.S.) benchmark slipped neared a key support level of $50 per barrel,” said Satoru Yoshida, a commodity analyst with Rakuten Securities. …read more […]

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Hong Kong Stocks Trade Near Lowest Versus World Since 2004

February 25, 2020 admin Comments Off on Hong Kong Stocks Trade Near Lowest Versus World Since 2004

(Bloomberg) — Hong Kong stock investors are the worst off in 16 years relative to the rest of the world as concerns mount over the impact of the coronavirus on an economy already reeling from last year’s protests.The Hang Seng Index is near its lowest level relative to the MSCI All Country World Index since 2004, even after Monday’s brutal sell-off in the U.S. The Hong Kong gauge has also decoupled from mainland equities, falling to a three-year low relative to the CSI 300 Index.Hong Kong already faced a gloomy outlook before the coronavirus emerged, as months of political unrest …read more […]

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U.S. Stock Index Futures Gain on Possible Dip-Buying, New Drugs

February 25, 2020 admin Comments Off on U.S. Stock Index Futures Gain on Possible Dip-Buying, New Drugs

(Bloomberg) — U.S. stock-index futures rose on Tuesday in Asia as some investors deemed that Monday’s equity rout brought prices to attractive levels.S&P 500 Index futures contracts expiring in March rose 1% as of 10:22 a.m. in Tokyo, while contracts climbed 0.8% for the Dow Jones Industrial Average and advanced 1.2% for the Nasdaq 100.Overnight, U.S. equities slumped amid growing concerns that the novel coronavirus is spreading more widely outside China. All three main U.S. stock benchmarks fell more than 3%, with the S&P 500 dropping the most since February 2018. Japan’s stock market also slid Tuesday morning.“U.S. futures are …read more […]

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Expedia Begins Layoffs Targeting 12 Percent of Its Workforce

February 25, 2020 admin Comments Off on Expedia Begins Layoffs Targeting 12 Percent of Its Workforce

After less than three months of focusing on the day to day operations of Expedia Group, chairman Barry Diller and vice chairman Peter Kern took their first overt steps in reshaping the company with plans to lay off 12 percent of its workforce. Expedia Group’s leadership sent an email Monday to employees globally saying it […] …read more […]