Crude oil benchmarks opened the month mixed on Wednesday, following their biggest-ever quarterly and monthly losses, overshadowed by fears of global oversupply as data showed a bigger-than-expected rise in inventories in the United States.
U.S. crude inventories rose by 10.5 million barrels last week, far exceeding forecasts for a 4 million barrel build-up, data from industry group the American Petroleum Institute showed. Wednesday’s opening session left oil prices marooned near their lowest levels since 2002 amid the global coronavirus crisis that has brought worldwide economic slowdown and slashed oil demand. Crude futures ended the quarter down nearly 70% after record losses in March. …read more […]
(Bloomberg) — The coronavirus pandemic has frozen the Chinese gold market, torpedoing demand at a time when investors elsewhere in the world are clamoring for the safety of bullion.China is the biggest buyer of gold bars, coins and jewelry, but the national shutdown to contain the virus has emptied malls, while the premium charged to buy the metal in China has evaporated. It leaves the industry staring down a long road to recovery, even as Beijing tries to jump-start broader consumption with a campaign to get shoppers out and about.The market’s struggles in China may present a headwind for prices, …read more […]
Bond investor and DoubleLine Capital Chief Executive Jeffrey Gundlach said on Tuesday he believes the coronavirus sell-off is not over yet and that the lows stocks hit in March will be surpassed in April due to uncertainty over the outbreak.
Asian shares faced another leg lower on Wednesday as the coronavirus sharply slows global growth, leading a gauge of world stocks to post its biggest quarterly decline in more than a decade and oil prices to trade near lows last seen in 2002.
The U.S. Department of Energy plans to announce as soon as Wednesday it will allow oil companies to lease space in the Strategic Petroleum Reserve (SPR), as it tries to comply with President Trump’s directive to fill the facility to capacity, two industry sources said.
The U.S. Department of Energy plans to announce as soon as Wednesday it will allow oil companies to lease space in the emergency oil reserve, as it seeks to comply with President Donald Trump’s directive to fill the facility to capacity, two industry sources said. The Strategic Petroleum Reserve, or SPR, has the capacity to take another 77 million barrels of oil, a little less than the country uses in four days. Trump ordered the Department of Energy, or DOE, on March 13 to take advantage of low oil prices and fill the reserve “to the top”, in …read more […]
U.S. pension funds that delayed rebalancing their portfolios are likely to pump about $400 billion into stocks over the next two quarters, analysts at JP Morgan said, providing a potential boost to equity markets battered by the coronavirus pandemic.
U.S. President Donald Trump said on Tuesday he would join Saudi Arabia and Russia, if need be, for talks about the sharp fall in oil prices resulting from a price war between the two countries.
U.S. printer maker Xerox Holdings Corp walked away from its $35 billion hostile cash-and-stock bid for HP Inc on Tuesday, after the coronavirus outbreak weighed on its campaign to take over the PC and printing equipment manufacturer.
Macy’s Inc will be removed from the benchmark S&P 500 stock index , the S&P Dow Jones Indices said on Tuesday, as coronavirus-induced store closures compound the retail sector’s struggles with a shift to online shopping.
An independent group of workers at Whole Foods Market called on colleagues to phone in sick to the grocer’s stores on Tuesday to protest what they say is a lack of adequate compensation and protections from the coronavirus.
Zoom Video Communications Inc’s average user numbers in March were nearly three times that of its nearest rival Microsoft Corp’s Teams, according to research firm Apptopia, as the cornonavirus-driven stay-at-home lifted demand for video conferencing platforms.
Thanks to a socially distant world, the amount of people video chatting on platforms like Zoom and Skype is skyrocketing.
I’ve written about Zoom right here on Trade of the Day – as a great play during these times.
And today I’m starting a new initiative to stay connected with you via this new video format. I call it Trade Talk Tuesdays.
In today’s segment, I reveal my top quarantine play that nobody is talking about. This stock is going to see a massive increase in sales in the next “hoarding phase” – and I’m not talking about toilet paper.
Right now, it’s an …read more […]
Copyright 1997-2019 Wall Street Reporter / Octagon Media Corp.
