Month: May 2020

Toyota Motor Corp plans to slash production in North America by nearly a third through October due to the coronavirus crisis and expects it will take some time for output to return to normal, a person familiar with the matter said.

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Oil prices were mixed on Monday, supported by Saudi Arabia’s move to reduce output by 1 million barrels per day (bpd) on top of reductions agreed under an OPEC+ pact, but pressured by fears of a second wave of coronavirus infections.

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Under Armour Inc forecast on Monday a 50% to 60% drop in second-quarter revenue as most of its stores remained closed because of the COVID-19 pandemic, sending the athletic apparel maker’s shares down about 11%.

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A jump in coronavirus cases in South Korea and Germany rattled investors and sent global equities lower on Monday, while safe- haven assets including the dollar and U.S. Treasuries edged higher.

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U.S. Treasury Secretary Steven Mnuchin said on Monday he sees no need for the country to buy back debt and that he plans to borrow money long-term to lock in low interest rates, as the coronavirus pandemic rocks the economy.

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Hawkish voices have emerged in China seeking a reevaluation of its Phase 1 trade deal with the United States, with some advisers urging fresh talks, a state-controlled tabloid said, citing sources close to the Chinese government.

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U.S. hotel operator Marriott missed already lowered estimates for first-quarter profit by a huge margin on Monday, as bookings plunged due to coronavirus-led lockdowns that kept a quarter of its hotels closed.

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Toyota Motor Corp plans to slash North American production by nearly a third through October and expects it will take some time for output to return to normal, according to a person familiar with the matter.

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U.S. stocks opened lower on Monday after last week’s rally as investors worried about a second wave of coronavirus infections with the reopening of several economies.

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Wall Street’s main indexes were set to fall at the open on Monday after last week’s rally, as investors worried about a second wave of coronavirus infections with the reopening of several economies.

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