Oil falls on coronavirus fears despite Fed rate cut and hopes for OPEC+ output cut
Oil prices fell in a volatile session on Tuesday, succumbing to fears that the coronavirus would take a heavy toll on energy demand even after the Federal Reserve cut U.S. interest rates and OPEC and allied producers considered more output cuts to supp…
Gold jumps, stocks trade erratically after Fed’s rate cut
Global equity markets seesawed erratically in volatile trade and gold prices rose more than 3% on Tuesday after the Federal Reserve cut interest rates in an emergency move to shield the U.S. economy from the impact of the coronavirus.
OPEC+ panel considered oil output cut of 600,000-1 mln bpd: sources
A technical committee of OPEC and its allies considered a cut in oil production of 600,000 to 1 million barrels per day (bpd), and recommended a reduction in output of at least 600,000 bpd, two sources said.
Fed makes emergency rate cut as coronavirus spreads
The U.S. Federal Reserve cut interest rates on Tuesday in a bid to shield the world’s largest economy from the impact of the coronavirus, though Fed Chair Jerome Powell suggested the threat to the economy would not soon abate.
Fidelity 2019 profit rose 10% on strong flows into index and money-market funds
Fidelity Investments said on Tuesday operating profit in 2019 climbed 10% to $6.9 billion as investors pushed their cash into money-market and passively managed products while pulling billions of dollars from actively managed stock funds.
GM to tout its electric vehicles to investors swooning over Tesla
General Motors Co executives on Wednesday will tackle one of their toughest tasks: Persuading investors that a Detroit automaker can catch up with Elon Musk and Tesla Inc as vehicles go electric.
Fed’s emergency rate cut spooks Wall Street
Wall Street tumbled in a volatile session on Tuesday after the Federal Reserve’s surprise half percentage-point cut in interest rates raised alarm over the magnitude of the coronavirus impact on the economy.
UPS says coronavirus outbreak to hurt first-quarter results
(Reporting by Ankit Ajmera in Bengaluru; Editing by Saumyadeb Chakrabarty)
U.S. Supreme Court leans toward SEC’s power to recover ill-gotten gains
U.S. Supreme Court justices on Tuesday appeared inclined to back the Securities and Exchange Commission’s power to use federal courts to force defendants to surrender profits obtained through fraud as part of enforcement of investor-protection laws.
U.S. sues Mallinckrodt, accuses drugmaker of defrauding Medicaid
The United States sued a unit of the drugmaker Mallinckrodt Plc on Tuesday, accusing it of defrauding Medicaid out of hundreds of millions of dollars as a result of “meteoric” price increases for its biggest-selling drug, Acthar Gel.
