Oil plunges about 30% after Saudi Arabia slashes prices, opens taps
Oil fell by the most since 1991 on Monday after Saudi Arabia started a price war with Russia by slashing its selling prices and pledging to unleash its pent-up supply onto a market reeling from falling demand because of the coronavirus outbreak.
Boeing proposal to avoid MAX wiring shift does not win U.S. support
Boeing Co’s proposal to leave wiring bundles in place on the grounded 737 MAX has not won the backing of U.S. aviation regulators, a person briefed on the matter told Reuters.
Citigroup splits Buffalo, NY, trading staff as coronavirus precaution
NEW YORK – Citigroup Inc is splitting its staff in Buffalo, New York, to ensure it can keep its operations humming as the coronavirus spreads across the state, according to a source familiar with the plans.
Asian shares slammed in panicked trade, oil prices crash
Asian shares were set for a pounding on Monday as investors fled to bonds to hedge the economic shock of the coronavirus, and oil plunged more than 20% after Saudi Arabia slashed its official selling price.
U.S. stock futures tumble 4% on coronavirus fears in pre-market trade
The price of futures contracts for the S&P 500 index, a Wall Street benchmark, fell more than 4% on Sunday as off-hours trading for U.S. equity markets resumed, a sign that investors fear the toll from the fast-spreading coronavirus will deepen.
As one of China’s ‘Detroits’ reopens, world’s automakers worry about disruptions
Automakers across the world face the possibility of extended supply chain disruptions as factories in China stutter back to life after closures due to the coronavirus outbreak.
Oil plunges over 20% after Saudi Arabia slashes prices on OPEC deal collapse
Oil futures suffered their biggest daily loss since 1991 on Sunday after Saudi Arabia slashed its official selling price (OSP) and announced plans to raise crude production significantly, signaling the start of a price war.
PIMCO sees mild recession due to virus but tight credit poses risk
Pacific Investment Management Co (PIMCO), one of the world’s largest investment firms, told clients on Sunday the coronavirus outbreak is likely to cause a relatively mild and short recession though tight credit markets could worsen the downturn.
Wall Street coronavirus contingency plans – the state of play
As the coronavirus spreads in the financial hub of New York, financial firms – led by the Securities Industry and Financial Markets Association (SIFMA)– have triggered their contingency plans and are taking other precautions. As of Sunday, here is the state of play:
Investor fears rise over recession, bear market as coronavirus spreads in U.S.
The words “bear market” and “recession” are being used with increasing frequency as investors try to assess how badly the coronavirus outbreak will damage global growth and to what extent it could further weigh on asset prices.
