Oil prices slid nearly $1 a barrel on Monday as concern over a persistent glut and economic gloom caused by the coronavirus pandemic combined to cancel out support from supply cuts at some of the world’s top producers.
(Bloomberg) — The deadly coronavirus outbreak has been met with a wide-ranging response from China’s policy makers seeking to cushion the economy, support financial markets and bolster investor confidence. Here’s a look at some of the steps taken, along with market reaction.Sunday, May 10STRONGER POLICIES: The People’s Bank of China said the country faces unprecedented economic challenges from the coronavirus pandemic and it will resort to “more powerful” policies to counter the hit to growth. The phrase “will avoid excess liquidity flooding the economy” was missing from the policy outlook section of its quarterly monetary policy implementation report. It was …read more […]
Asian shares followed Wall Street higher on Monday as investors looked ahead to more countries restarting their economies, even as some reported an unwelcome pick up in new coronavirus cases.
Asian shares followed Wall Street higher on Monday as investors looked ahead to more countries restarting their economies, even as some reported an unwelcome pick up in new coronavirus cases. Japan’s Nikkei added 0.7% and South Korean stocks 0.3%. Wall Street had rallied on Friday after the April payrolls report proved dire but not quite as awful as analysts’ worst fears. …read more […]
Chesapeake Energy Corp said it would prepay a total of $25 million in incentive compensation to 21 top executives to ensure they are motivated, even as it prepares to file for bankruptcy protection to tackle its nearly $9 billion debt pile.
Posted by OFX AUD – Australian Dollar The Australian Dollar rallied on Friday by 0.55% as commodity currencies were driven higher by a recovery in risk sentiment to close the week. Opening just below 65 US cents following a strong surge on Thursday from lows of 0.6378, the local currency reached intraday … Continue reading “Australian dollar holding gains above 65 US cents”The post Australian dollar holding gains above 65 US cents appeared first on . …read more […]
Investors seem to be increasingly convinced that markets have hit a bottom, but are they right? …read more […]
(Bloomberg) — Commodities investors will zero in this week on the patchwork of moves around the globe to ease the anti-virus lockdowns that have crippled economies and sapped demand. Raw materials may get a lift as the shackles are loosened from the U.S. and Australia to France and the U.K., with copper and crude likely to be especially keyed to evidence of a revival in activity.In energy, there’ll be earnings from behemoth Saudi Aramco, as well as monthly market snapshots from OPEC and the International Energy Agency. Metals investors get insights from Alcoa Corp. and Rio Tinto Group as top …read more […]
(Bloomberg) — Avianca Holdings SA, one of the biggest carriers in Latin America, filed for Chapter 11 bankruptcy after travel bans across the region forced the Colombian airline to ground its fleet.Avianca, which counts United Airlines Holdings Inc. and Kingsland Holdings as stakeholders, filed for protection from its creditors in the Southern District of New York, according to court papers. It listed as much as $10 billion in liabilities and the same amount in assets. The company said it will not make bond payments due Monday.The carrier grounded planes in late March after governments across Latin America sealed borders to …read more […]
May.10 — Vice President Mike Pence is self-isolating away from the White House following his press secretary’s diagnosis of Covid-19 on Friday, according to three people familiar with the situation. Yvonne Man reports on “Bloomberg Daybreak: Australia.” …read more […]
The aviation watchdog says it could take action if plane companies don’t give customers their money back. …read more […]
(Bloomberg) — Oil eased in Asia after two weeks of gains, with escalating production cuts around the world starting to reduce the glut hanging over the market.Futures in New York fell 1.4%, after climbing 25% last week. Qatar Petroleum cut its official selling prices for April crude sales by 51%, the official Qatar News Agency reported, setting both grades at the lowest in more than twenty years. Oil prices have tumbled around 60% this year as Covid-19 lockdowns caused the biggest demand shock in a generation.Economic restrictions are starting to be eased around the world, offering some hope that a …read more […]
Oil prices opened about 1% lower on Sunday as a persistent glut continued to weigh on prices and the coronavirus pandemic eroded global oil demand even as some governments began to ease lockdowns.
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