Kotor Baju

Selasa, 10 Maret 2020

Dow futures point to opening bounce of 1,000 points after Trump floats payroll tax cut - msnNOW

Stock futures rallied back early Tuesday morning after the S&P 500′s worst day since the financial crisis as investors cheered potential stimulative measures to stem the economic downturn from the coronavirus.

Around 8:25 a.m. ET Tuesday, futures on the Dow Jones Industrial Average indicated an opening surge of 861 points on Tuesday. S&P 500 futures and Nasdaq 100 futures also pointed to a sharply higher open for the two indexes on Tuesday. S&P 500 futures were up 5% earlier in the session, reaching their upside limit.

Load Error

President Donald Trump floated on Monday the idea of “a payroll tax cut or relief” to offset the negative impact from the coronavirus. The potential tax incentives come on top of an $8.3 billion spending package Trump signed last month.

However, administration officials told CNBC that the White House is not close to rolling out specific proposals to deal with a coronavirus-induced economic slowdown. Stock futures pared gains on the news.

The market suffered a historic sell-off in the previous session, with the Dow and the S&P 500 plunging 7.8% and 7.6%, respectively, both posting their worst day since 2008. The Dow’s 2,013-point drop was also the biggest-ever point drop for the 30-stock average.

The deep stock rout put the record-long bull market in jeopardy. With Monday’s drop, the S&P 500 is 19% below its intraday all-time high of 3,393.52 from Feb.19. The benchmark would fall into bear market territory if it slumps 20% from its peak or more.

“We have repriced across the board,” said Gregory Faranello, head of U.S. rates trading at AmeriVet Securities. “Things have simply moved a lot. And we are not suggesting this move is over, yet comparisons to prior periods in time given the magnitude of the moves is understood but may be misleading.”

Oil prices move higher

Meanwhile, oil prices saw some respite early Tuesday. As of 7 a.m. Tuesday, U.S. West Texas Intermediate crude futures were up 8.8% at $33.84 per barrel. International benchmark Brent crude futures added 8.4% at $37.23 per barrel.

That came after a shocking all-out oil price war roiled markets already on edge about the economic fallout from the fast-spreading coronavirus. Oil posted its worst day since 1991, with the WTI plunging more than 24% Monday, after Saudi Arabia slashed crude selling prices for April following the collapse in OPEC talks.

“The double-whammy of the continued problems from the coronavirus and the new oil price-war induced by the Saudis has caused stock markets around the globe to fall out of bed,” Matthew Maley, chief market strategist at Miller Tabak, said in a note Monday.

Monday’s monster sell-off triggered a key market circuit breaker that resulted in a 15-minute pause in trading early in the session.

Investors sought out on Monday safer assets amid additional fears that the coronavirus will disrupt global supply chains and tip the economy into a recession. The yield on the benchmark 10-year Treasury note dropped below 0.5% for the first time ever, while the 30-year rate breached 1%. At one point early Monday, the 10-year slid to 0.318%.

Treasury yields rebounded on Tuesday, with the 10-year rate hovering above 0.7% while the 2-year yield traded at 0.48%. The 30-year bond yield climbed back above 1% to trade at 1.232%.

—CNBC’s Eustance Huang and Peter Schacknow contributed to this report.

Let's block ads! (Why?)

https://news.google.com/__i/rss/rd/articles/CBMikwFodHRwczovL3d3dy5tc24uY29tL2VuLXVzL21vbmV5L21hcmtldHMvZG93LWZ1dHVyZXMtcG9pbnQtdG8tb3BlbmluZy1ib3VuY2Utb2YtbW9yZS10aGFuLTEwMDAtcG9pbnRzLWFmdGVyLXRydW1wLWZsb2F0cy1wYXlyb2xsLXRheC1jdXQvYXItQkIxMExKUXPSAQA?oc=5

2020-03-10 12:00:00Z
52780657047309

Dow futures point to opening surge of more than 1,100 points after Trump floats payroll tax cut - NBC News

Stock futures rallied early Tuesday morning after the S&P 500′s worst day since the financial crisis.

Around 6:15 a.m. ET Tuesday, futures on the Dow Jones Industrial Average indicated an opening surged of more than 1,100 points. S&P 500 futures and Nasdaq-100 futures also pointed to a sharply higher open for the two indexes on Tuesday.

Stock futures erased big losses and turned positive after President Donald Trump floated the idea of “a payroll tax cut or relief” to offset the negative impact from the coronavirus. The potential tax incentives come on top of an $8.3 billion spending package Trump signed last month.

The market suffered a historic sell-off in the previous session, with the Dow and the S&P 500 plunging 7.8 percent and 7.6, respectively, both posting their worst day since 2008. The Dow’s 2,013-point drop was also the biggest point drop for the 30-stock average ever.

The deep stock rout is putting the record-long bull market in jeopardy. With Monday’s drop, the S&P 500 is 19 percent below its intraday all-time high of 3,393.52 from Feb.19. The benchmark would fall into bear market territory if it slumps 20 percent from its peak or more.

Oil prices move higher

Meanwhile, oil prices saw some respite early Tuesday. As of 5 a.m. Tuesday, U.S. West Texas Intermediate crude futures were up 3 percent at $35.33 per barrel. International benchmark Brent crude futures added 3 percent at $32.11 per barrel.

That came after a shocking all-out oil price war roiled markets already on edge about the economic fallout from the fast-spreading coronavirus. Oil posted its worst day since 1991, with the WTI plunging more than 24 percent Monday, after Saudi Arabia slashed crude selling prices for April following the collapse in OPEC talks.

Monday’s monster sell-off triggered a key market circuit breaker that resulted in a 15-minute pause in trading early in the session.

Investors continued to seek safer assets amid additional fears that the coronavirus will disrupt global supply chains and tip the economy into a recession. The yield on the benchmark 10-year Treasury note dropped below 0.5 percent for the first time ever, while the 30-year rate breached 1 percent. At one point early Monday, the 10-year slid to 0.318 percent.

Let's block ads! (Why?)

https://news.google.com/__i/rss/rd/articles/CBMiaGh0dHA6Ly93d3cubmJjbmV3cy5jb20vbmV3cy91cy1uZXdzL2Rvdy1mdXR1cmVzLXBvaW50LW9wZW5pbmctc3VyZ2UtbW9yZS05MDAtcG9pbnRzLWFmdGVyLXRydW1wLW4xMTUzODIx0gEsaHR0cHM6Ly93d3cubmJjbmV3cy5jb20vbmV3cy9hbXAvbmNuYTExNTM4MjE?oc=5

2020-03-10 10:30:38Z
52780655579270

Saudi Arabia Escalates Price War With Huge Oil Output Hike - Bloomberg

[unable to retrieve full-text content]

Saudi Arabia Escalates Price War With Huge Oil Output Hike Bloomberg
Why oil prices are crashing and what it means CNN
Goldman Sachs: Prepare For $20 Oil Nasdaq
Why Oil Is A Great Buy Opportunity Forbes
Editorial: We've entered the coronavirus economy Los Angeles Times
View Full Coverage on Google News

https://news.google.com/__i/rss/rd/articles/CBMic2h0dHBzOi8vd3d3LmJsb29tYmVyZy5jb20vbmV3cy9hcnRpY2xlcy8yMDIwLTAzLTEwL3NhdWRpLWFyYWJpYS1lc2NhbGF0ZXMtcHJpY2Utd2FyLXdpdGgtbWFzc2l2ZS1oaWtlLXRvLW9pbC1zdXBwbHnSAXdodHRwczovL3d3dy5ibG9vbWJlcmcuY29tL2FtcC9uZXdzL2FydGljbGVzLzIwMjAtMDMtMTAvc2F1ZGktYXJhYmlhLWVzY2FsYXRlcy1wcmljZS13YXItd2l0aC1tYXNzaXZlLWhpa2UtdG8tb2lsLXN1cHBseQ?oc=5

2020-03-10 11:32:01Z
52780654173862

Stock futures rise as Trump signals 'economic policies' ahead to stop financial market mayhem - Fox Business

President Trump speaks on how the U.S. is handling the coronavirus outbreak economically speaking during a briefing at the White House.

U.S. stock futures are looking to bounce back from the worst one-day point drop ever.

Futures were pointing toward more losses until President Trump's comments during an update with the coronavirus task force, quickly turned things aorund.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

The major futures indexes are indicated a gain of 4.5 percent, or about 1,000 Dow points, when Wall Street opens on Tuesday.

"We are taking care of the American public," Trump promised, noting he and his team are evaluating a number of options to do just that.

Those include a potential payroll tax cut, a backstop for hourly wage earners so nobody will "miss a paycheck" and ongoing conversations with hard-hit industries including the airlines and hotels. He also discussed working with the Small Business Administration on a loan program for those impacted.

Trump said he will talk more about those economic policies on Tuesday which "will be major," he promised.

WALL ST. CEOS SUMMONED TO WHITE HOUSE AMID STOCK CARNAGE

On Monday, the Dow, along with the S&P 500 and Nasdaq Composite lost over 7 percent apiece. The extreme selling was a combination of more cases of the coronavirus as well as a price war on oil between Saudi Arabia and Russia.

Ticker	Security	Last	Change	Change %
I:DJI	DOW JONES AVERAGES	23851.02	-2,013.76	-7.79%
SP500	S&P 500	2746.56	-225.81	-7.60%
I:COMP	NASDAQ COMPOSITE INDEX	7950.675746	-624.94	-7.29%

Oil, which tumbled an unprecedented 30 percent plus during the Monday session, also rebounded slightly. The U.S. benchmark, West Texas Intermediate, hugged the $33 per barrel level, while Brent, the global benchmark, hovered around the $36 per barrel level.

In Asian markets on Tuesday, Japan's Nikkei traded higher by 0.9 percent, Hong Kong's Hang Seng gained 1.4 percent and China's Shanghai Composite added 1.8 percent.

In Europe, London's FTSE added 3.9 percent, Germany's DAX gained 3.6 percent and France's CAC was higher by 4.2 percent.

CLICK HERE TO READ MORE ON FOX BUSINESS

Let's block ads! (Why?)

https://news.google.com/__i/rss/rd/articles/CBMiPGh0dHBzOi8vd3d3LmZveGJ1c2luZXNzLmNvbS9tYXJrZXRzL3N0b2NrLWZ1dHVyZXMtdHVybmFyb3VuZNIBAA?oc=5

2020-03-10 10:27:46Z
52780655579270

Saudi Arabia Escalates Price War With Huge Oil Output Hike - Bloomberg

[unable to retrieve full-text content]

Saudi Arabia Escalates Price War With Huge Oil Output Hike Bloomberg
Calm returns to markets after share turmoil BBC News
Iran hit hardest as oil price war, cornavirus cripples nation Fox News
Some Industrial Companies Could Suffer From Lower Oil Prices Barron's
Why Oil Is A Great Buy Opportunity Forbes
View Full Coverage on Google News

Stock Markets Rise After Worst Wall Street Rout in Years - The New York Times

Here’s what you need to know:

The departure hall of Tokyo's Haneda Airport on Tuesday. — Credit...Philip Fong/Agence France-Presse — Getty Images

Global shares rise, but investors remain skittish.

Investors moved back into the markets on Tuesday, one day after the coronavirus and a battle among the world’s biggest oil producers shook the global financial scene.

European stocks opened higher, led by a rise of more than 2 percent in London. Asian markets finished higher as well.

Futures markets indicated that Wall Street would follow the trend.

The gains did not make up for the global plunge in markets on Monday. Wall Street posted its worst performance in over a decade. In Asia and Europe on Monday, some of the biggest financial exchanges flirted with, or crossed into, bear market territory.

Markets still showed plenty of signs of nervousness on Tuesday. Yields on U.S. government debt rose slightly but remained close to record lows. The price of gold fell slightly on futures markets.

Still, investors also suggested that on Tuesday they were expecting government support amid signs of a worsening outbreak in the United States and the near-certainty of a recession in Europe.

In London, the FTSE 100 index rose 1.1 percent in early morning trading, as did France’s CAC 40. Germany’s DAX rose 0.7 percent.

Shares ended the day higher in the Asia-Pacific region. Australian shares were the big gainers, with the S&P/ASX 200 index rising 3.1 percent.

The rest of the region rose more modestly. In Tokyo, the Nikkei 225 index spent the morning lower but ended 0.9 percent higher.

In China, the Shanghai Composite Index rose 1.7 percent. Hong Kong rose 1.4 percent. Stocks in Seoul, South Korea, were up 0.4 percent.

The price of oil, which had slumped by a quarter on Monday, rose nearly 7 percent on Tuesday, with futures tracking the price of Brent crude trading at about $36.70 a barrel.

South Korea puts limits on short sellers after its market slump.

South Korean officials on Tuesday moved to protect domestic companies one day after a brutal sell-off.

The government said it would tighten a rule banning the short sale of stocks that meet certain daily trading criteria over the next three months. The move was “in response to the expanded market volatility of late,” said Hong Nam-ki, South Korea’s finance minister.

Some of the country’s most valuable companies lost billions of dollars on Monday. Its market inched closer to bear territory, which is when stocks fall by 20 percent from a recent high.

Short sellers borrow the stock of a company to sell in the hopes that they can buy it back at a lower price and pocket the difference. Free market proponents argue that it is a crucial part of a healthy market. But the act is often blamed for making a market downturn worse.

Other countries have taken similar measures after dramatic moves in the market. Chinese regulators took action during a stock market rout in 2015, while European policymakers put limits on several markets to stem losses from a downward spiral in 2011. Most famously, the United States banned the short selling of financial stocks at the height of the 2008 financial crisis, when some of the country’s biggest financial institutions began to fail.

China’s ‘lazy economy’ booms amid the outbreak.

With hundreds of millions of people in China cooped up at home for nearly two months now, demand for small appliances has surged as a new class of involuntary shut-ins channel their boredom into cooking and cleaning.

Sales of air fryers — which use circulating hot air to cook food quickly, offering a healthy alternative to deep-frying — soared more than seven times year-on-year, according to data in February from Suning, a major retailer in China. Sales of self-heating lunchboxes surged as well.

Households have also gone on cleaning sprees. Home sterilizing equipment surged, of course, but so did sales of vacuum cleaners, according to Suning.

In China, the trend is called the “lazy economy,” referring to devices and products bought by urbanites who want to save time and energy on household chores. But laziness most likely has little to do with it now, as Chinese people learn new ways to cook and take care of their homes. Travel restrictions and virtual quarantines give them little else to do.

Oil shock ripples through the global financial system.

Markets in the United States plummeted on Monday as a panic that began in the oil market set off a chain reaction that rumbled across the world, adding to concerns about the global economy.

It was Wall Street’s worst day in more than a decade. The S&P 500, already down 12 percent from its late February high, fell more than 7 percent on Monday. The sudden drop tripped automatic “circuit breakers,” halting trading for 15 minutes — a rare occurrence meant to prevent stocks from crashing.

The plunge was the biggest in the United States since December 2008, when investors were still reeling from the collapse of Lehman Brothers and the housing crisis that dragged the economy into a recession. It put the index close to 20 percent below its record high, a drop that would have ended the bull market for stocks that began exactly 11 years ago.

Outbreak arrives on Wall Street as hedge fund employee tests positive.

In what appears to be the first publicly confirmed case of the outbreak hitting New York’s financial-services industry, an employee at Point72, the hedge fund run by Steven A. Cohen, has tested positive for the novel coronavirus.

The employee, whose name has not been made public, is based at Point72’s Hudson Yards location on Manhattan’s west side, and works on the building’s 14th floor, in a part of the company known as the back office, where accounting and other support work is done, said a company official. Suspecting he or she might have been infected, the person self-quarantined about a week ago, the official said, and has not been in the office since.

In the interest of safety, other workers based on the 14th floor have been asked to work at home for the next two weeks, the Point72 official said, and both the affected floor and other company office space is being deep-cleaned in the interim.

“We are taking the COVID-19 situation seriously,” the company said in a statement Monday evening. Moreover, the statement added, “We have extensive business continuity plans in place to ensure the Firm can continue to operate.” The positive result was earlier reported by The Wall Street Journal.

Disney’s Asia parks remain closed. In the United States, it’s business as usual.

With the State Department advising against traveling on cruise ships because of the coronavirus and an increasing number of conventions and festivals canceled, Disney’s theme parks in Florida and California on Monday started their high-volume spring-break season as usual: gridlocked.

But the coronavirus continued to cause major problems for Disney overseas. The company’s Asian theme park operation — four parks in China and Japan that together attract 51.2 million visitors annually — has been closed, and Disney expects its China parks to remain shuttered until the end of March.

The Shanghai property began a “phased reopening” on Monday by allowing guests to enter a shopping and dining area outside the park gates. Tokyo Disneyland and Tokyo Disney Sea are scheduled to reopen next Monday.

Disney Cruise Line, which operates four ships that can carry 13,400 people at any given time, remains open.

A Disney spokeswoman declined to comment on Monday.

Since Feb. 4, Disney’s stock price has declined 27 percent, to about $106. The S&P 500 has fallen about 10 percent over that period.

S.E.C. advises employees in Washington to work from home.

The Securities and Exchange Commission, in response to a potential coronavirus case, on Monday required a part of its staff to stay away from the agency’s Washington headquarters and advised all other employees there to work from home as well, a person briefed on the matter said.

An email that the agency sent to workers said the requirement applied to those on the ninth floor of the headquarters, the person confirmed. The email said a doctor had told an S.E.C. employee with respiratory symptoms earlier that they could be caused by the coronavirus. The move was reported earlier by The Washington Post.

As bookings fall, Qantas says it will reduce service over six months.

Australia’s Qantas Group said on Monday that it would cut service by almost a quarter over the next six months because of a “sudden and significant drop” in bookings. The carrier also announced pay cuts for its board and executive team.

“We expect lower demand to continue for the next several months, so rather than taking a piecemeal approach we’re cutting capacity out to mid-September,” Alan Joyce, Qantas’s chief executive, said in a statement.

Airlines around the world have been announcing similar moves in recent days as the coronavirus’s rapid spread has contributed to a steep drop-off in global flight demand.

Qantas will reduce service to Asia by 31 percent, while flights to the United States will be cut 19 percent. The airline also withdrew its earnings guidance for the fiscal year that ends in June.

To cut costs, the airline also said that it would cancel a planned share buyback, eliminate management bonuses for the fiscal year, reduce board and executive management pay by 30 percent and offer paid and unpaid leave. It also said that Mr. Joyce would not take a salary.

Reporting and research were contributed by Alexandra Stevenson, Kate Kelly, Matthew Goldstein, Brooks Barnes and Niraj Chokshi.

Let's block ads! (Why?)

https://news.google.com/__i/rss/rd/articles/CBMiQ2h0dHBzOi8vd3d3Lm55dGltZXMuY29tLzIwMjAvMDMvMTAvYnVzaW5lc3Mvc3RvY2stbWFya2V0LXRvZGF5Lmh0bWzSAUdodHRwczovL3d3dy5ueXRpbWVzLmNvbS8yMDIwLzAzLzEwL2J1c2luZXNzL3N0b2NrLW1hcmtldC10b2RheS5hbXAuaHRtbA?oc=5

2020-03-10 09:29:58Z
52780656736280

Oil and stock futures rise after historic rout - Financial Times

Global markets have recovered some of their heavy losses as investors bet policymakers would launch new stimulus measures to soften the economic blow from the global coronavirus outbreak.

European stocks gained at the open on Tuesday as a measure of calm returned following a chaotic trading day which saw a wave of selling spread around the world as a collapse in the price of oil compounded economic concerns surrounding the spread of the coronavirus.

London’s FTSE 100 gained 1.1 per cent after falling 7.7 per cent in the previous session in its largest daily fall since the height of the 2008-09 financial crisis. Germany’s Dax rose 0.9 per cent, and France’s Cac 40 was 1.3 per cent higher.

S&P 500 futures tipped the US benchmark to rise 2.5 per cent when trading begins later in the day, which would partially reverse a 7.6 per cent fall in the index on Monday — its biggest single-day plunge since the global financial crisis.

The fading sense of panic on Tuesday prompted investors to sell havens, which have rallied furiously in recent weeks. The 10-year US Treasury yield jumped 15 basis points (0.15 percentage points) to 0.6475 per cent, after having dived below the 0.5 per cent threshold for the first time on Monday. The 30-year Treasury yield rose 13 bps to back above 1 per cent. Bond prices fall as yields rise.

Those moves followed a promise by President Donald Trump of a “major” economic relief package to reduce the negative impact from the Covid-19 outbreak, including a possible payroll tax cut.

Brent crude, the international oil benchmark, rebounded 5 per cent to $36 a barrel on Tuesday, while the US marker West Texas Intermediate rose to $33. In Monday’s rout, oil plunged by a quarter in its sharpest one-day drop since the 1991 Gulf war.

In China, the CSI 300 stock index closed 2.1 per cent higher after President Xi Jinping made his first visit to Wuhan, the city at the centre of the country’s outbreak, in a signal that the Communist party believed it had brought the epidemic under control.

“You’ve got a thin semblance of sanity in the market today, but we are talking very thin indeed,” said one Tokyo-based broker. “There are some stabilisers out there — the low oil price is actually not bad for some of these big Asian economies — but there is nothing in the news that makes anything look remotely settled.”

Japan’s Topix closed up 1.3 per cent after falling 5.6 per cent a day earlier.

Other Asian equity markets swung higher. Australia’s S&P/ASX stock index 200 closed up 3.1 per cent, while Hong Kong’s Hang Seng rose 1.4 per cent.

Ken Cheung, chief Asian FX strategist at Mizuho, said Mr Xi’s visit to Wuhan had buoyed markets as had Mr Trump’s pledge of stimulus measures. But he warned that the recovery in markets “should prove to be shortlived” if governments did not follow through on their promises.

Analysts were sceptical that Brent could hold on to Tuesday’s gains given Saudi Arabia’s plan to increase oil output. Citigroup said the global benchmark “looks like it will fall below $30 a barrel, with no clear end in sight for a new price range”.

In Japan, stocks staged one of their biggest intraday recoveries in decades on Tuesday as the yen fell sharply against the dollar and hedge funds and retail investors stampeded to cover short positions.

The yen weakened as much as 2 per cent to ¥104.52 per dollar, past the ¥103 level that is seen as an important threshold for the currency.

After shedding almost 4 per cent of its value in a bleak morning session that defied the buoyancy of oil markets and US futures, Japan’s Topix began a sharp reversal through the afternoon to close higher.

The total reversal of 6.23 per cent was described by traders in Tokyo as “astonishing” given the absence of positive news on the coronavirus and a growing scepticism over the effectiveness of government stimulus measures expected to be announced in Tokyo later on Tuesday.

Traders and brokers said the day’s move had clearly exposed the type of investor that had been driving moves in recent days.

“The same very fast money that was driving the market down was now very rapidly covering short positions on the dollar and Japanese equities. In Japan’s case, the CTAs and the leveraged exchange traded funds so loved by Japanese retail investors were in full force,” said one Tokyo based dealer, referring to commodities trading advisers, a type of hedge fund.

Let's block ads! (Why?)

https://news.google.com/__i/rss/rd/articles/CBMiP2h0dHBzOi8vd3d3LmZ0LmNvbS9jb250ZW50Lzc0OTE1MGJjLTYyNzEtMTFlYS1iM2YzLWZlNDY4MGVhNjhiNdIBP2h0dHBzOi8vYW1wLmZ0LmNvbS9jb250ZW50Lzc0OTE1MGJjLTYyNzEtMTFlYS1iM2YzLWZlNDY4MGVhNjhiNQ?oc=5

2020-03-10 08:11:20Z
CAIiECQUC_anA8ZqAP6qMCQ-kpgqGAgEKg8IACoHCAow-4fWBzD4z0gw_fCpBg