Oil prices tumble as coronavirus recession looms March 27, 2020 Oil prices have tumbled as coronavirus containment measures dent demand and the virus spreads rapidly in the US, the world’s biggest economy. Brent crude was down four per cent this afternoon at $27.50 per barrel. US crude was five per cent lower at $21.47 per barrel. Prices were on track for their fifth weekly drop [...]
US stocks fall as coronavirus fears return March 27, 2020 US stocks have opened lower following one of Wall Street’s best three-day runs in history as economic concerns about the coronavirus outbreak once again weighed on investors’ minds. The S&P 500 index was down 3.6 per cent in early trading, the Dow Jones was four per cent lower and the Nasdaq had fallen 3.7 per [...]
Coronavirus dividend cuts produce £4.4bn hit to investor portfolios March 27, 2020 With more UK firms announcing coronavirus-fuelled dividend cuts this week, the total loss of investor income so far this year is now £4.4bn. The pace of dividend cuts is accelerating as coronavirus wreaks havoc on world economies. In March 116 companies have suspended their dividends totalling £4.2bn, according to investment fund AJ Bell. That compares [...]
Asian stocks climb after Wall Street’s record rise on $2 trillion US stimulus March 27, 2020 Asian stocks climbed again today as traders bet on even more economic stimulus to tackle the fallout from the coronavirus outbreak. Japan’s Nikkei index surged 3.9 per cent overnight while Hong Kong’s Hang Seng index also climbed 0.6 per cent. MSCI’s broadest range of Asia-Pacific shares outside Japan gained 3.3 per cent. Asian stocks posted [...]
Coronavirus: US stocks shake off dire unemployment data March 26, 2020 US stocks shook off awful unemployment data this afternoon to climb higher as traders pinned their hopes on a $2 trillion economic stimulus package. The Nasdaq rose 3.5 per cent by 4.30pm, while the Dow Jones climbed a whopping 4.9 per cent. The S&P 500 posted a large rise of 4.3 per cent. Yesterday the [...]
Coronavirus: New York and London slip up in financial centres ranking March 26, 2020 The world’s leading financial centres saw their ratings tumble in an annual survey today as the global coronavirus pandemic saw investors flee for the relative stability of western Europe. New York and London kept their top two positions in the Global Financial Centres Index list, which measures the competitiveness of the world’s financial centres. But [...]
Coronavirus: FTSE 100 falls ahead of US unemployment figures March 26, 2020 The FTSE 100 has fallen in early trading after two consecutive days of gains as investors await what is set to be dire US jobs data and an interest rate decision by the Bank of England. Britain’s main stock index was down 2.8 per cent at 5,530 points. It had climbed five per cent yesterday [...]
US investor Bill Ackman unwinds hedges and bets on stock market March 25, 2020 US hedge fund manager Bill Ackman said today that he has cashed in $2.6bn in credit market hedges and reinvested the money in the stock market after turning “increasingly positive” on equity markets. Ackman’s Pershing Square Capital Management took out the hedges – credit protection on investment grade and high yield credit indices – at [...]
Cash-poor UK firms lobby for looser rules on stock offerings March 25, 2020 Advisers to cash-strapped British firms are lobbying regulators to loosen rules governing new stock offerings, in the hope it could make it easier for struggling companies to raise funds. An industry body representing investment banks is asking the Financial Conduct Authority (FCA) to increase the maximum allowed discount for equity sales on the London Stock [...]
What’s happening to the AUD/GBP exchange rate? March 25, 2020 | City Talk A quick look at the performance of the Australian dollar in the FX market during the global pandemic The Australian dollar has been under pressure all year; as a commodity-based currency, it was among the first to struggle due to the impact of the coronavirus. Now, as the countries implement various forms of lock-down and [...]