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HONG KONG, China (AFP) — A rally in equities and oil ran out of steam Wednesday as the deadly coronavirus outbreak continues its rapid global spread and investors nervously await a US relief plan. Markets showed signs of some much-needed stability at the start of trade following two days of wild gyrations, thanks to a pledge by US President Donald Trump to unveil measures to counter the effects of the disease on the world’s biggest […]
SINGAPORE (AFP) — Oil prices surged more than six percent in Asian trade Tuesday following heavy losses a day earlier after top exporter Saudi Arabia began a price war with Russia. West Texas Intermediate was trading up 6.1 percent at more than $33 a barrel while Brent crude advanced 6.6 percent to over $36 a barrel. Prices had plunged by almost a third Monday, the biggest drop since the 1991 Gulf War, after Riyadh […]
HONG KONG, China (AFP) — Equity markets collapsed Monday as the rapidly spreading coronavirus fans fears over the global economy, while a crash in oil prices added to the panic with energy firms taking a hammering and wiping hundreds of billions off valuations. As the deadly disease claims more lives around the world, dealers are fleeing out of riskier assets and into safe havens, sending gold and the yen surging and pushing US Treasury yields […]
SINGAPORE, Singapore (AFP) — Oil plunged about 20 percent Monday after top exporter Saudi Arabia made deep price cuts following a failure by OPEC and its allies to strike a deal to support energy markets. The two main contracts were both down about 20 percent in morning Asian trade, with West Texas Intermediate sliding to around $32 a barrel and Brent crude to some $36 a barrel. Bloomberg News reported on Sunday that Saudi Arabia […]
LONDON, United Kingdom (AFP) — World oil prices, already slumping on coronavirus fears, extended losses to more than 5.0 percent Friday on reports Russia wants to delay deeper output cuts recommended by its OPEC allies. In London morning deals, Brent North Sea crude dived to $47.02 per barrel, the lowest levels since July 2017. WTI tumbled to $43.28 — the lowest since late 2018. Prices recovered some of the losses, although Brent was still down […]
WASHINGTON, United States (AFP) — Reusable cups are in vogue for reducing waste but are no longer welcome at Starbucks cafes over fears of the coronavirus, the coffee chain announced. “We are pausing the use of personal cups and ‘for here’ ware in our stores,” executive vice president Rossann Williams said in a statement Wednesday, adding that Starbucks would honor their 10-cent discounts for customers who arrive with their own cup even if they won’t […]
HONG KONG, China (AFP) — Asian equities tumbled Friday as analysts warned the volatility that has characterized markets during the coronavirus crisis is likely to continue for some time. While governments and central banks have unleashed or prepare to roll out stimulus measures, the rapid spread of the disease and rising death toll are putting a greater strain on economies and stoking concerns of a worldwide recession. And with no end seemingly in sight — […]
WASHINGTON, United States (AFP) — The World Bank unveiled a $12 billion aid package on Tuesday that will provide fast-track funds to help countries combat the coronavirus outbreak. “The goal is to provide fast, effective action that responds to country needs,” World Bank President David Malpass told reporters. He said it is critical to “recognize the extra burden on poor countries” least equipped in the struggle to prevent the spread of the COVID-19 virus. The […]
by Richard LEIN PARIS, France (AFP) — Group of Seven finance ministers and central bank chiefs were set to hold coronavirus talks Tuesday as concern mounts the epidemic could imperil the health of the global economy. US Treasury Secretary Steven Mnuchin and Federal Reserve Chairman Jerome Powell “will lead a call with their G7 counterparts” on Tuesday, the department confirmed in a statement late on Monday. Governments have been scrambling to respond to the outbreak […]
HONG KONG, China (AFP) — Most Asian markets rose for a second day Tuesday following a blockbuster surge on Wall Street fuelled by hopes for a concerted global response to the coronavirus. Pledges of action from central banks around the world and a planned conference call between Group of Seven financial chiefs provided a much-needed boost to markets after last week’s hammering. The positive sentiment filtered through to oil markets, where dealers are betting on […]
by Céline CORNU MILAN, Italy (AFP) — Italy’s economy performed woefully in 2019 and is set to do even worse this year due to the coronavirus, with the threat of recession looming large, experts said Monday. “In the best scenario for Italy, we expect zero growth (in 2020) with a negative first quarter followed by a slow recovery,” OECD chief economist Laurence Boone said. The economy expanded last year by just 0.3 percent — its […]
by Benoît PELEGRIN LONDON, United Kingdom (AFP) — The OPEC club of oil-producing countries meets Thursday in Vienna as they weigh how to react to a sharp drop in global oil demand due to the outbreak of the new coronavirus. The extraordinary two-day meeting will see OPEC, led by Saudi Arabia, and its allies in the so-called OPEC+ group — foremost among them Russia — discuss how to halt the sharp fall in oil prices […]
