Written by Gary
All three major U.S. stock indexes notched record closing highs today as the coronavirus could be lifted investor optimism (SPY +0.6%). China says fewer new coronavirus cases.
The Market in Perspective
Here are the headlines moving the markets. | |
Indexes hit record highs as virus fears easeAll three major U.S. stock indexes notched record closing highs on Wednesday as news the coronavirus could be running out of steam lifted investor optimism. | |
Juul bought ad space on kids’ websites, including Cartoon Network: lawsuitE-cigarette maker Juul Labs Inc bought online advertisements on teen-focused websites for Nickelodeon, Cartoon Network and Seventeen magazine after it launched its product in 2015, according to a lawsuit filed on Wednesday by the Massachusetts attorney general’s office. | |
Stocks gain as China says fewer new coronavirus casesGlobal equity markets scaled fresh highs on Wednesday after China reported the lowest number of new coronavirus cases in two weeks, boosting hopes the epidemic will be contained and driving up the price of commodities sensitive to Chinese demand. | |
Oil rises over 3% as demand worries ease amid fewer new coronavirus casesOil prices rose over 3% on Wednesday as China reported its lowest daily number of new coronavirus cases since late January, stoking investor hopes that fuel demand in the world’s second-largest oil consumer may begin to recover. | |
Mobile World Congress called off over coronavirus fearsThe Mobile World Congress (MWC), the annual telecoms industry gathering that draws more than 100,000 visitors to Barcelona, was cancelled on Wednesday after a mass exodus by exhibitors due to fears over the coronavirus outbreak. | |
Fed Chair Powell: ‘no reason’ rising wages, job gains can’t continueFederal Reserve Chair Jerome Powell on Wednesday reiterated his confidence in the U.S. economic outlook, even as he said he expected some drag “soon” from China’s new coronavirus epidemic and called out the threat from income inequality and an expanding federal debt. | |
Wells Fargo ends forced arbitration for sexual harassment claimsWells Fargo & Co on Wednesday ended its forced arbitration policy for employee sexual harassment claims, opening the lender to potential lawsuits in the future. | |
Nestle bets on shark tank, startups and students to boost innovationFood giant Nestle has set up new structures to turn innovative ideas from outside and inside the company into new products, its technology head told journalists on Wednesday ahead of the publication of the group’s full-year results. | |
U.S. judge drops some charges against Theranos’s Holmes, leaves wire fraudA federal judge late on Tuesday dismissed some charges against Theranos Inc founder Elizabeth Holmes, but let stand wire fraud charges accusing her and an associate of misleading patients about the abilities of her company’s blood tests. | |
Another Day, Another Record High For Stocks And Deaths From Covid-19Another Day, Another Record High For Stocks And Deaths From Covid-19 As one ‘scientist’ noted this morning, “we cannot contain an epidemic with wishful thinking,” but that hasn’t stopped the world’s investors from Buying the F**king Meltup once again… | |
China Again Refuses American Researchers Amid Growing Skepticism Of Beijing’s Containment EffortsChina Again Refuses American Researchers Amid Growing Skepticism Of Beijing’s Containment Efforts Summary: The Sun reports first case confirmed in London, bringing UK total to 9 UK hospital confirms worker found to be infected treated ‘small number’ of patients Russia releases two Chinese nationals who recovered from virus China Grand Prix likely to be cancelled Couple onboard ‘Diamond Princess’ tell CNBC situation is “frankly terrifying”. AFP publishes report exposing worsening shortages of food and supplies in Wuhan Cruise ship rejected by four countries allowed to dock in Cambodia Rumors of 10k in Wuhan not included in official count of cases NYT follows WSJ in exploring problems with Chinese testing kits Global Times says US should restart travel to China US officials complain about China still denying American help First ship-to-shore infection occurs in Japan from ‘Diamond Princess’ State Department lets non-essential personnel and their families leave Hong Kong because of outbreak * * * Update (1515ET):Â What are they hiding? Well, isn’t it obvious? Yesterday, Dr. Tedros revealed at a WHO press conference that China had finally agreed to allow a team of international experts to study the outbreak on the mainland. This ended weeks of Beijing steadfastly refusing any international aid as more than a thousand people died in Hubei’s overwhelmed hospitals. Now, US health officials are complaining that Beijing is still blocking them from visiting China by refusing to allow Americans to join the … | |
Carnival Fears Shuttering All Asia Operations Till End April, Cites “Material Impact” From Covid-19Carnival Fears Shuttering All Asia Operations Till End April, Cites “Material Impact” From Covid-19 The leading cruise ship operator in Asia, Carnival Corporation & plc, reported Wednesday that if it was forced to suspend all cruise operations from ports in China and across Asia until the end of April due to the Covid-19 outbreak, then it would realize a severe financial impact. Carnival warned that suspending cruise operations in Asia for a considerable amount of time could have a severe material impact on financials and lead to earnings revisions for the year. Â
The cruise line noted Covid-19 outbreak could impact its global bookings will further affect the company’s financial performance. The company will provide an update on disruption with its 1Q20 earnings release in late March. There could be a deployment of contingency plans to mitigate the impact of disruption if seen in Asia. So, the big dilemma Carnival and other cruises ship operators have at the moment, is that closing operations in Asia to prevent further transmission of the virus would damage shareholder value. Protecting profits and shareholder value is more important than human safety. This is exp … | |
NSC Chief O’Brien Confirms Staffer Bloodbath After Vindmans ExpelledNSC Chief O’Brien Confirms Staffer Bloodbath After Vindmans Expelled National Security Adviser told a room full of Atlantic Council attendees on Tuesday that significant cuts were under way at the leak-prone White House National Security Council, confirming a Monday report in the Washington Examiner that up to 70 positions would be cut.
While O’Brien pitched it as a return to “a manageable size,” he didn’t mention what the Examiner reported – namely, that most of the cuts would be Obama-era holdovers such as anti-Trump impeachment witness Lt. Col. Alexander Vindman, 44, and his twin brother Yevgeny, who were fired from the NSC last week and escorted out of the White House by security. | |
Can India become an alternative for virus-hit China? CEA thinks soCan India become an alternative for virus-hit China? CEA thinks so”Virus outbreak in China provides a good opportunity to India to follow an export-driven model,” CEA said. | |
YES Bank gets a nod from four investorsYES Bank gets a nod from four investorsYES Bank is in discussions with these investors on the commercial terms, including pricing. | |
How MFIs are coping with defaults in AssamHow MFIs are coping with defaults in Assam MFIs are moving to daily reporting of loan data to credit information cos to prevent defaults. | |
January 2020 Sea Container Export and Import Counts In Contraction Year-over-YearWritten by Steven Hansen The container counts for the Ports of Los Angeles and Long Beach shows export and import container counts in contraction – but the rolling averages are showing a clear improvement. | |
Here’s why Whiting Petroleum’s stock plummeted toward a record lowShares of Whiting Petroleum Corp. plunged in volatile trading toward a record low, after a Debtwire report that the oil-and-gas company had engaged with advisers in an effort to find ways to refinance the large amount of debt coming due over the next year. | |
Bond Report: Treasury yields move higher with stocks as worries of coronavirus easeU.S. Treasury yields rise Wednesday as hopes that a slowdown in the cases of COVID-19 weighs on haven demand, amid a global stock rally. | |
Health insurer stocks surge as Bernie Sanders’ primary win seen boosting Trump’s chancesShares of health insurers charged higher Wednesday, as Bernie Sanders’ victory in the New Hampshire primary was seen as increasing the odds that President Trump will be re-elected, which Wall Street views as a positive for insurers, as well as the broader stock market. |
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