Japanese Prime Minister Shinzo Abe on Tuesday declared a state of emergency to fight new coronavirus infections in major population centres and unveiled a stimulus package he described as among the world's biggest to soften the economic blow.Abe announced the state of emergency targeting the capital Tokyo and six other prefectures - accounting for about 44% of Japan's population - for a period of about one month.
Oil prices fell on Monday, after Saudi Arabia and Russia delayed a meeting to discuss output cuts that could help reduce global oversupply as the coronavirus pandemic pummels demand.Brent crude fell more than $3 when Asian markets opened but recovered some ground with traders hopeful that a deal between the top producers was still within reach.
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Goldman Sachs said on Thursday it expected the U.S. jobless claims to jump to a record 6 million for March 22-28 week as lockdowns of cities would mean there is even less likelihood of hiring than during a recession.According to a Reuters survey of economists, initial claims for state unemployment benefits probably climbed to a seasonally adjusted 3.5 million for the week ended March 28. Estimates in the survey were as high as 5.25 million.
The world's biggest oil and gas companies are cutting spending this year following a collapse in oil prices driven by a slump in demand because of the coronavirus crisis and a price war between top exporters Saudi Arabia and Russia.Cuts already announced by eight major oil companies, including Saudi Aramco (SE:2222) and Royal Dutch Shell (LON:RDSa), come to a combined $28 billion, or a drop of 20% from their initial spending plans of $142 billion.
Crude oil fell sharply on Monday, with U.S. crude briefly dropping below $20 and Brent hitting its lowest level in 18 years, on heightened fears that the global coronavirus shutdown could last months and demand for fuel could evaporate further.
Amid the raging global pandemic, slumping oil price and liquidity crisis, the US Federal Reserve has been doing its utmost to save the market. But what investors may be most concerned about is this: has US stocks bottomed out?In terms of valuation, US stocks have fallen to a low level after successive slumps. S&P500 estimated price-to-earning ratio is 13.9, down from 16 of a week ago and the lowest since 1990。 This,though not a record low, is already less than most historical data.Overall, market evaluation of various sectors’ stock performances are getting more reasonable, with several sectors such as industry, finance and real-estate underpriced and showing more potentials for investment. Though investors may not be able to precisely pinpoint the lowest extreme, but the current US stock indices are clearly at a relatively low range. And with the Federal Reserve again applying zero-interest-rate and resuming QE, global central banks also follow suit in announcing new easing policies, creating an extremely favorable policy environment.With the market valuation near a historical extreme, overly-panic is not a good choice now. Investors should remain positive and remember to “Be fearful when others are greedy, and greedy when others are fearful”.
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Investment banks are dusting off models from the 2008 financial crisis to gauge the right time to buy back into stock markets that have plunged 30% from their February record highs because of the coronvirus crisis.That inflection point is not easy to model when the virus is still spreading rapidly across Europe and the United States.
Over the past two weeks, employees at JPMorgan Chase, Morgan Stanley, Barclays and BlackRock have all reported confirmed cases among their New York-area staff. Wells Fargo and Goldman Sachs have reported that some employees were confirmed to have the virus at offices in San Francisco and Salt Lake City, Utah.
Those pining for a bottom to the gut-wrenching stock market selloff may be disappointed to learn that mega one-day rallies like the historic one witnessed on Tuesday are typically not the start of a durable recovery.All the same, data suggest investors should treat the rally in stocks with caution.Of the twenty past instances when the S&P rallied 8% or more on a single day, thirteen of them took place when stocks were in the embrace of a bear market.
The Philippine central bank will cut lenders’ reserve requirement ratio by 200 basis points, Governor Benjamin Diokno said, a day after announcing a plan to buy 300 billion pesos ($5.86 billion) worth of government debt.The cut, which will bring big banks’ required reserve ratio to 12%, will take effect on March 30, he said.
With shares on Bursa Malaysia slumping further last week amid continued fears and uncertainty over the Covid-19 pandemic, analysts concurred that the market is grossly oversold.
Volatility in financial markets across geographies and asset classes is at record highs as the relentless spread of the coronavirus outbreak threatens to derail global economic growth, analysts at U.S. stock market index operator S&P Global said.The company, which runs Wall Street's Dow Jones (DJI) and S&P 500 (SPX) indexes, said the only comparison for the past month's sell-off on equity and other markets historically was the 2008 financial crash.
IG Group revenue jumps nearly a third as coronavirus drives volatilityIG’s revenue in the third quarter was 29 per cent higher than in the same period last year, at £139.8m.
Coronavirus uncertainty muddies views on buying opportunities for plunging stocks
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