UNSEEN: Oil Below Zero
2020-04-20 14:51 • bloomberg.com

Of all the wild, unprecedented swings in financial markets since the coronavirus pandemic broke out, none has been more jaw-dropping than Monday’s collapse in a key segment of U.S. oil trading.

The price on the futures contract for West Texas crude that is due to expire Tuesday fell into negative territory -- minus $37.63 a barrel. That’s right, sellers were actually paying buyers to take the stuff off their hands. The reason: with the pandemic bringing the economy to a standstill, there is so much unused oil sloshing around that American energy companies have run out of room to store it. And if there’s no place to put the oil, no one wants a crude contract that is about to come due.


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Struggling U.S. airlines finally have a deal in principle with the Trump administration to get a share of $25 billion in federal coronavirus relief that they were supposed to get last week.

The payroll support payments will keep pilots, flight attendants, mechanics, gate agents and other employees on airline payrolls through September.

In a statement, Treasury Secretary Steve Mnuchin said the department will work with the airlines to finalize the deals "and disperse the funds as quickly as possible."

President Trump praised the deals in his daily coronavirus briefing, saying the agreements will help support the airlines and their workers while protecting taxpayers.

"Our airlines are now in good shape, and they will get over a very tough period of time that was not caused by them," Trump said.


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With their sales hammered by the coronavirus outbreak, car makers Fiat Chrysler (FCHA.MI) and Peugeot’s owner PSA (PEUP.PA) have postponed their shareholder meetings and are looking at ways to boost cash reserves ahead of their planned merger.

The two car makers have turned to their banks to secure much needed cash, and Fiat Chrysler (FCA) is looking at debt guarantees that ..


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Reaction as UK PM Johnson moved to intensive care
2020-04-06 15:48 • reuters.com

ROYAL REACTION
Buckingham Palace said Queen Elizabeth had been kept informed by Downing Street.

EMMANUEL MACRON, FRENCH PRESIDENT
“All my support for Boris Johnson, his family and the British people at this difficult time. I wish him to overcome this ordeal quickly.”

IVANKA TRUMP, ADVISER TO HER FATHER U.S. PRESIDENT TRUMP:


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JPMorgan Chase & Co’s top boss, Jamie Dimon (JPM.N), on Monday said he sees a “bad recession” in 2020, and that the largest U.S. bank could suspend its dividend if the coronavirus crisis deepens.


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Argentina freezes payments, Fitch downgrades
2020-04-06 15:37 • reuters.com

Ratings agency Fitch downgraded Argentina on Monday after its bond prices popped higher and country risk spreads tightened as the government announced a plan to temporarily suspend payments on debt denominated in dollars but subject to Argentine law.

The move by the government to ease what it has called an unsustainable financial burden was met favorably by markets.


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Gold will continue to outperform silver
2020-04-06 15:21 • kitco.com

Easing panic sentiment in financial markets is helping to boost silver prices above a critical psychological level of $15 an ounce, but one market analyst is not expecting the precious metal to outperform gold in the near-term.

Tom Brady, executive director of the J.P. Morgan Center for Commodities at the University of Colorado Denver Business School, said in a report for Murenbeeld & Associates, that safe-haven demand will continue to support gold prices while weak industrial demand will weigh on silver.


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Africa is crying out for debt relief to weather a perfect storm of coronavirus, plummeting oil and commodity prices, mounting budget deficits and weaker currencies.

But delivering the relief that would allow governments to pump resources into creaking healthcare systems and shield economies against the fallout from the pandemic is a tall order.

When the International Monetary Fund (IMF) and World Bank launched their


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Doubts about the fate of the U.S. economy in the face of the coronavirus hammered Wall Street again on Friday, halting its best three-day bounce in almost a century as the number of cases across the country skyrocketed. 

The United States surpassed China as the nation with the most number of COVID-19 cases, putting more pressure on lawmakers to flood the country with cash to support businesses and families.

“We have still not fully understood the degree of the economic impact,” said Massud Ghaussy, senior


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LONDON (Reuters) - European stocks fell on Friday, halting their biggest ever three-day rally in a sign investors were focusing once more on the spread of the coronavirus pandemic despite hopes for further stimulus measures to combat its economic impact.

The pan-European STOXX 600 index was down almost 3.6% by midday in London.


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The $2.2 trillion coronavirus relief package marks the largest rescue package in American history. President Trump announced Wednesday that it includes $300 million in direct payments to individuals to alleviate at least a little of the financial pain caused by the deliberate near-standstill of the U.S. economy. 


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In a surprising turnabout, drugmaker Gilead Sciences asked the Food and Drug administration on Wednesday to rescind orphan status for remdesivir, the company's experimental coronavirus treatment.

The agency granted this status to remdesivir on Monday, prompting a backlash from public health and consumer advocates. Orphan drug designation is intended to spur development of drugs for rare diseases by bestowing drugmakers with tax breaks, FDA fee waivers and seven years without generic competitors.


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The Kremlin's spokesperson has suggested that no one should interfere in Russia and Saudi Arabia relations as an oil price dispute continues roiling global markets. Dmitry Peskov told reporters Friday that relations between Moscow and Riyadh remain strong despite the disagreement, which he claimed was not a price war.

 


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Who would control the military's response if the coronavirus pandemic causes civil unrest? Arkansas National Guard and Arkansas State Police members participate in a training exercise as part of Operation Phalanx, held at Little Rock Air Force Base, Arkansas, March 30-31, 2019. The joint exercise specially trained service members on techniques used in responding to a civil disturbance.


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Very informative
05-03 04:23 by Liam
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