Written by Gary
US stock indexes dropped sharply today after attempting a rebound in the previous session (SPY -4.3%). A minor support level is being tested.
Here is the current market situation from CNN Money | |
 | North and South American markets are sharply lower today with shares in Brazil off the most. The Bovespa is down 5.10% while U.S.’s S&P 500 is off 3.49% and Mexico’s IPC is lower by 1.40%. |
What Is Moving the Markets
| Here are the headlines moving the markets. | |
| Telefonica, TIM plan joint bid for Oi’s mobile business in BrazilShares in Telefonica Brasil SA and TIM Participações SA rose in the morning trading as both companies said they are planning a joint offer to buy the mobile unit of bankrupt Brazilian carrier Oi SA . |
| Boeing plans full drawdown of $13.8 billion loan: Bloomberg NewsBoeing Co is planning a full drawdown of a $13.8 billion loan as early as Friday, as the U.S. based plane-maker struggles with worldwide travel disruptions from the coronavirus, Bloomberg reported on Wednesday, citing unnamed sources. |
| Adidas sees $1.1 billion coronavirus hit to China sales, Puma warns on profitGerman sportswear makers Adidas and Puma warned on Wednesday of a major decline in sales in China due to the coronavirus and said while there were early signs of improvement there the impact had spread to other markets. |
| UAE joins Saudi in opening oil taps as row with Russia slams crude pricesThe United Arab Emirates followed Saudi Arabia on Wednesday in promising to raise oil output to a record high in April, as the two OPEC producers raised the stakes in a standoff with Russia that has hammered global crude prices. |
| Oil falls as Saudi, UAE plan for higher output capacityOil prices fell on Wednesday after Saudi Arabia and the United Arab Emirates announced plans to boost production capacity and OPEC and the U.S. Energy Information Administration (EIA) cut oil demand forecasts because of the coronavirus outbreak. |
| Exclusive: U.S. SEC steps up scrutiny of private debt ‘financial games’The top U.S. securities regulator has increased its scrutiny of private funds that make higher-risk loans over the last two years, according to a Reuters review of SEC actions and industry and regulatory sources — just as fears of a global recession hit the booming private credit market. |
| Explainer: Coronavirus fears hit the market hard. How much did ordinary Americans lose?The deep declines in the U.S. stock market over coronavirus fears the last three weeks have left a dent in retirement portfolios and brokerage accounts, costing on average each person in the United States around $16,000 as of Monday’s close before a rebound Tuesday erased some of those losses. |
| Wall Street tumbles on lack of stimulus detailsU.S. stock indexes dropped sharply on Wednesday after attempting a rebound in the previous session, on skepticism around President Donald Trump’s stimulus plan to combat the coronavirus outbreak. |
| Stock rebound runs out of steam despite emergency BoE cutThe rebound in stocks ran out of steam on Wednesday despite the Bank of England joining other central banks in cutting interest rates, as investors weighed up whether coordinated monetary and fiscal stimulus could counter the shock from coronavirus. |
| Bernie Press Conference At 1 P.M. To Discuss ‘Future Of His Campaign’Bernie Press Conference At 1 P.M. To Discuss ‘Future Of His Campaign’ Sen. Bernie Sanders (I-VT) will appear at 1 p.m. on Wednesday to shed light on the future of his campaign for the Democratic presidential nomination, just one day after suffering a serious blow in a round of state primaries that propelled former Vice President Joe Biden into a decisive lead. |
| “Fallen Angel” Day Arrives: $140 Billion In Energy Debt At Risk Of Imminent Downgrade To Junk“Fallen Angel” Day Arrives: $140 Billion In Energy Debt At Risk Of Imminent Downgrade To Junk Back in November of 2017, this website was the first to suggest that a flood of “fallen angels”, or the lowest, BBB-rated investment grade bonds that are downgraded to junk, will be the event that triggers the next corporate debt crisis. In “Hunting Angels: What The World’s Most Bearish Hedge Fund Will Short Next”, we quoted from the IMF’s Oct 2017 “Global Financial Stability Report” which issued an ominous warning:
Following this article, the topic of a tsunami in “fallen angel” credits took on greate … |
| US House Covid-19 Economic Relief Bill To be Announced Wednesday With Floor Vote ThursdayUS House Covid-19 Economic Relief Bill To be Announced Wednesday With Floor Vote Thursday The US House of Representatives is expected to announce an economic relief package for Americans hurt by the impact of the Covid-19 outbreak. The announcement could be seen as soon as Wednesday afternoon, with a floor vote on Thursday. Democrats are expected to include “insurance, paid sick leave, and family and medical leave in the bill,” reported Reuters.
House Majority Leader Steny Hoyer, Maryland Democrat, said President Trump’s tax cut proposal is a “non-starter” and would be excluded in the legislation.
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| Harvey Weinstein Gets 23 Years In Prison For Sex CrimesHarvey Weinstein Gets 23 Years In Prison For Sex Crimes Disgraced movie mogul Harvey Weinstein was sentenced to 23 years in prison on Wednesday for sexually assaulting two women. |
| LIC customers could become collateral damage in Yes’ messLIC customers could become collateral damage in Yes’ messLIC sees about 30% of its yearly business in the month of March; which is most crucial given tax implication. |
| Airtel has paid AGR dues in full: Sunil MittalAirtel has paid AGR dues in full: Sunil MittalDoT asked telcos to pay balance dues “without delay” and submit detailed bifurcation of payments |
| Malaysia wants to fix palm oil spat with IndiaMalaysia wants to fix palm oil spat with IndiaIndia set curbs in retaliation for comments by then PM, Mahathir Mohamad, criticising Delhi’s Kashmir policy. |
| Market Extra: These levels are key as Dow, S&P 500 slide toward bear market territoryMajor stock indexes trade near levels that would mark the start of a bear market. Here’s what it would take to end an 11-year bull run. |
| Key Words: Warren Buffett on the ‘one-two punch’ market panic: It took me 89 years to experience something like thisThe Berkshire Hathaway boss put the recent market plunge into perspective in an interview this week on Yahoo Finance. |
| The Tell: Coronavirus stock selloff will ‘soon end’ bull market, says Goldman ” sees S&P 500 falling another 15%An 11-year bull market for U.S. stocks, the longest in history, will run out of road as the global COVID-19 epidemic weighs on corporate earnings, Goldman Sachs’s top equity strategist warns in a Wednesday note. |
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