Written by Gary
The US economy shed 701,000 jobs, Benchmark Brent crude oil futures rose as high as $33.37 (SPY -2.0%). The coronavirus outbreak has shuttered businesses and factories, confirming a recession is underway.
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 4.69% while Mexico’s IPC is off 2.64% and U.S.’s S&P 500 is lower by 1.48%. |
What Is Moving the Markets
| Here are the headlines moving the markets. | |
| Brent crude rises above $32 on hopes of oil output dealBenchmark Brent crude oil futures rose as high as $33.37 a barrel on Friday on rising hopes of a new global deal to cut global crude supply. |
| OPEC+ debates biggest ever cut as virus destroys oil demandOPEC and allies are working on a deal for an unprecedented production cut equivalent to around 10% of global supply, an OPEC source said after U.S. President Donald Trump called on oil nations to stop the oil rout caused by the coronavirus pandemic. |
| Deep OPEC+ cuts won’t be enough to prevent oil inventory build: IEA headDeep oil output cuts by OPEC and other producing nations would not be enough to prevent a huge build in global crude inventories in the second quarter as measures to contain the coronavirus lead to “unprecedented” demand loss, the head of the International Energy Agency, Fatih Birol, said. |
| Ford CEO Hackett’s salary fell to $17.4 million in 2019Ford Motor Co said on Friday Chief Executive Officer Jim Hackett’s total compensation fell to $17.4 million in 2019 from $17.8 million in 2018. |
| Wall Street opens lower as record jobs growth endsWall Street’s main indexes opened lower on Friday as the novel coronavirus brought the longest U.S. employment expansion on record to an abrupt end. |
| Leasing company Avolon cancels order for 75 Boeing MAX jets, 4 Airbus A330sAircraft lessor Avolon on Friday announced the cancellation of an order for 75 Boeing 737 MAX planes that were due to be delivered by 2023, saying it was adjusting its order book to the disruption caused by the coronavirus pandemic. |
| U.S. small banks have processed more than 700 small business relief loans for $2.5 million: MnuchinU.S. Treasury Secretary Steven Mnuchin said on Friday that community banks have processed hundreds of small-business loans aimed at shoring up the economy during the global coronavirus pandemic, and sounded a positive note about a new program that lenders have greeted with skepticism. |
| Dollar rises again on safe-haven bids; shrugs off poor U.S. jobs numberThe dollar resumed its climb against major currencies on Friday as investors took refuge in safety bids amid worsening economic fallout from the coronavirus pandemic. |
| Coronavirus sinks U.S. payrolls, more pain awaitsThe U.S. economy shed 701,000 jobs in March, abruptly ending a historic 113 straight months of employment growth as stringent measures to control the novel coronavirus outbreak shuttered businesses and factories, confirming a recession is underway. |
| Grocer Dean & DeLuca Has Filed For Bankruptcy, Hopes To Eventually Re-Open Shuttered StoresGrocer Dean & DeLuca Has Filed For Bankruptcy, Hopes To Eventually Re-Open Shuttered Stores Today in bankruptcy news that isn’t related to the coronavirus, Dean & DeLuca, the grocery chain that closed its New York stores last year, has officially filed for bankruptcy in Manhattan and now hopes to re-open some of its stores. The chain had been open for more than four decades and was one of the first grocers to introduce Americans to numerous international gourmets. Amidst a rising tide of other “fancy” international grocers popping up in Manhattan, the chain lost its spot at the top and eventually fell victim to lackluster sales. The chain is seeking to restructure its debt under Chapter 11 and eventually re-open its stores. The newly filed bankruptcy petition shows that the store tried to negotiate its debt outside of bankruptcy but was unsuccessful. The chain ceased its operations in mid 2019 after running out of cash, according to Bloomberg. |
| This Is What Economic Collapse Looks LikeThis Is What Economic Collapse Looks Like Authored by Michael Snyder via The Economic Collapse blog, Approximately ten million Americans have filed new claims for unemployment benefits over the past two weeks. To put that in perspective, the all-time record for a single week before this coronavirus pandemic hit was just 695,000. So needless to say, 6.6 million claims in a single week puts us in uncharted territory. Just check out these charts… |
| Watch: SpaceX’s Latest Starship Test Vehicle Implodes, Crumbles To The Ground, During Cryogenic TestingWatch: SpaceX’s Latest Starship Test Vehicle Implodes, Crumbles To The Ground, During Cryogenic Testing Yet another SpaceX experiment has gone “up in smoke”. Just a month after the company’s SN1 Starship had an unplanned “incident” on the launch pad during testing, the company’s SN3 Starship test vehicle was seen crumbling like a cardboard paper towel roll wrapped in aluminum foil on the launch pad in Boca Chica, Texas yesterday. |
| Cuomo Warns “More People Are Going To Die” As New York Case Total Tops 100k: Live UpdatesCuomo Warns “More People Are Going To Die” As New York Case Total Tops 100k: Live Updates Summary: US nonfarm payrolls was an unmitigated disaster. Russia reports drop in cases after extending quarantine NY COVID-19 cases top 100k Bolsonaro urges country to “go back to work” as Brazil’s governors say opposite Brazil says first COVID-19 case and death in South American happened 1 month earlier Beijing says more than half of foreign diplomats identified as close contacts of COVID-19 patients Japan sees resurgence of cases continue UK reports biggest daily jump in deaths Thousands of small business owners excluded from ‘Paycheck Protection Program’ Spain, Germany report encouraging deceleration in new cases Singapore launches strict 14-day lockdown to fight virus resurgence Trump slams 3M on twitter 400M in loans doled out Bank of America becomes first big bank to issue loans via the plan Mnuchin confirms ‘Paycheck Protection Plan’ is a go Tokyo mayor warns about resurgence of cases on CNN *Â Â Â *Â Â Â * Update (11:50ET): As thousands of small and medium sized business owners find out that they aren’t eligible for the ‘Paycheck Protection Program’ bailouts, Mnuchin has opted to continue tweeting dollar amount updates to show that loans are indeed being processed. |
| Asking 1.3 bn to turn their lights off. Here’s how it’s possibleAsking 1.3 bn to turn their lights off. Here’s how it’s possibleThe PM has asked people to switch off lights at 9 PM on Sunday night and express solidarity in times of lockdown. |
| A lot depends on India’s next Covid moveA lot depends on India’s next Covid moveIndia’s coronavirus response is top of mind for investors both domestic and overseas. |
| India has a new problem: Reverse migrationIndia has a new problem: Reverse migrationThe sudden displacement of migrant labour would have far-reaching impact on the Indian economy. |
| 27 March 2020 ECRI’s WLI Growth Rate At Levels Not Seen Since The Great Recession
ECRI’s WLI Growth Index which forecasts economic growth six months forward again declined significantly, moving deeper into contraction, and is now at a level not seen since the Great Recession. |
| Market Snapshot: Stocks lower after grim jobs report shows coronavirus clobbering the economyStocks are lower Friday after the release of the monthly U.S. employment report that showed massive job losses in March, even before the full extent of the economic devastation from the coronavirus pandemic was fully realized. |
| NewsWatch: The U.S. officially lost 701,000 jobs in March, but in reality millions vanishedThe U.S. lost 701,000 jobs in March, the government’s employment official scorecard showed, but the real losses were much greater: At least 10 million jobs and counting as the coronavirus bore down on the economy. |
| Politicians ban reusable grocery bags for spreading coronavirus ” what’s the science say?The Plastics Industry Association asked the Department of Health and Human Services to make a national pronouncement supporting single-use plastics and advocating against reusable grocery bags, claiming they will worsen the pandemic. |
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