Asian shares and Wall Street futures fell on Wednesday in the first trading session of the quarter as the coronavirus pandemic and the prospect of a global recession tore through investor confidence.
KKR & Co. has shelved a process to sell Singapore-based Goodpack, an intermediate bulk container maker, after the coronavirus outbreak impacted valuations for the proposed deal, multiple sources with knowledge of the matter said on Wednesday.
(Bloomberg) — President Donald Trump said the U.S. would meet with Saudi Arabia and Russia with the goal of staunching an historic plunge in oil prices.Trump, speaking at the White House Tuesday, said he’s raised the issue with Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman. “They’re going to get together and we’re all going to get together and we’re going to see what we can do,” he said. “The two countries are discussing it. And I am joining at the appropriate time, if need be.”If it happens, it would be the first meeting between Saudi Arabia …read more […]
Apple more than doubled its donation to China’s efforts to fight COVID-19 to over 50 million yuan ($7 million), CEO Tim Cook posted on Weibo on Wednesday, weeks after the iPhone maker said it had opened all its 42 stores in one of its largest markets.
Factory activity contracted sharply across most of Asia in March as the coronavirus pandemic paralyzed economic activity across the globe, with sharp falls in export power-houses Japan and South Korea overshadowing a modest improvement in China.
The dollar was a touch firmer on Wednesday, buoyed by its safe-haven status with the world staring at what is likely to be one of the worst economic contractions for decades as it locks down to fight the coronavirus pandemic.
(Bloomberg) — U.S. stock futures declined as investors assessed worsening American coronavirus figures as a new quarter begins. Asian shares traded mixed.Futures on the S&P 500 Index slid more than 1.5% after President Donald Trump warned of a “painful” two weeks ahead, with the country grappling to get the outbreak under control. Cases in New York state surged by 9,000. Stocks in Japan pared losses, while Australia’s outperformed. Hong Kong shares had a modest retreat even as two of the city’s largest lenders, Standard Chartered Plc and HSBC Holdings Plc, both suspended dividend payments because of the virus. In China, …read more […]
Global crude oil prices slid further on Wednesday, following their biggest-ever quarterly and monthly losses, as a bigger-than-expected rise in U.S. inventories and a widening rift within OPEC heightened oversupply fears.
The Trump administration plans to lease out space for energy companies to store oil in the nation’s Strategic Petroleum Reserve, after a previous effort to buy millions of barrels for the emergency stockpile was canceled over a lack of funding, according to two people briefed on the matter. The new plan could help the United States deal with a growing glut of crude oil that risks overwhelming commercial storage tanks and sending world energy prices deeper into a tailspin as the coronavirus pandemic slashes demand for fuel. The plan is a change of tack from the initial scheme, …read more […]
Britain’s top banks said on Tuesday they would suspend dividend payments after pressure from the regulator, saving their capital as a buffer against expected losses from the economic fallout from the coronavirus.
(Bloomberg) — Oil is entering a period of unparalleled demand destruction this month that promises to transform the industry for years to come.Daily consumption will plummet by 15 million to 22 million barrels in April from a year earlier, according to estimates from some of the world’s most influential energy analysts. The crash has already led to refiners slashing processing, drillers halting output and storage tanks swelling across the world.“This will likely be a game-changer for the industry,” Goldman Sachs Group Inc. analysts including Jeffrey Currie and Damien Courvalin said in a March 30 note. “It is impossible to shut …read more […]
Fiat Chrysler did not mention any possible delay in the merger process with France’s PSA during a call with unions on Tuesday, metal workers’ union FIOM said.
The Trump administration plans to lease out space for energy companies to store oil in the nation’s Strategic Petroleum Reserve, after a previous effort to buy millions of barrels for the emergency stockpile was canceled over a lack of funding, according to two people briefed on the matter.
Risk currencies looked fragile and the yen firmed on Wednesday, the first day of a quarter that looks set to see the worst economic contractions for decades in many countries as they scramble to tackle the coronavirus epidemic.
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