Oil falls 3% as Saudi, UAE plan for higher output capacity
Oil prices fell on Wednesday after Saudi Arabia and the United Arab Emirates announced plans to boost production capacity and the coronavirus fed worries about demand.
UAE joins Saudi in opening oil taps as row with Russia hits crude prices
The United Arab Emirates joined Saudi Arabia on Wednesday in promising to raise oil output to a record high in April, as the two Gulf Arab oil producers in OPEC took a united stand in a standoff with Russia that has hammered global crude prices.
S&P 500 bull market will soon end: Goldman Sachs
Goldman Sachs said on Wednesday the S&P 500 bull market, the longest on record, is likely to end soon, forecasting a 28% slump from its February peak as the fast-spreading coronavirus is seen taking a toll on corporate profits.
Telefonica, TIM plan joint bid for Oi’s mobile business in Brazil
Shares in Telefonica Brasil SA and TIM Participações SA rose in the morning trading as both companies said they are planning a joint offer to buy the mobile unit of bankrupt Brazilian carrier Oi SA .
Oil falls $1 as price war escalates with Saudi plan for higher output capacity
Oil prices fell on Wednesday, giving up earlier gains, pressured by Saudi Arabia’s plans to boost oil production capacity for the first time in more than a decade and weakened demand due to the spread of the coronavirus.
Stock futures fall as investors seek stimulus to combat virus spread
U.S. stock index futures were down 2% on Wednesday after strong gains in the previous session, with investors growing frustrated about the lack of details on fiscal stimulus floated by President Donald Trump to combat the coronavirus epidemic.
U.S. farmers still dependent on trade aid after China deal
As U.S. President Donald Trump touted the signing of a U.S.-China trade deal in January, he told cash-strapped farmers they would soon need bigger tractors and “a little more land” to meet additional Chinese demand for U.S. agricultural goods.
BoE’s Carney: No reason why UK economy should be hit as badly as 2008
There is no reason why the coronavirus outbreak should damage Britain’s economy as badly as the financial crisis did in 2008, Bank of England Governor Mark Carney said on Wednesday.
Adidas sees $1.1 billion coronavirus hit to China sales, Puma warns on profit
German sportswear makers Adidas and Puma warned on Wednesday of a major decline in sales in China due to the coronavirus and said while there were early signs of improvement there the impact had spread to other markets.
Disney annual meeting likely to address executive pay and coronavirus impact
Executive compensation and coronavirus are likely to be the focus of investor questions at Walt Disney Co’s annual meeting on Wednesday – the first to feature the company’s new chief executive officer, Bob Chapek.
