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MANILA, Philippines (AFP) — The Philippines suspended trade on its local stock exchange Tuesday, becoming the first country to close its financial market over coronavirus fears. President Rodrigo Duterte on Monday ordered most of the 55 million people on the main island of Luzon, which includes the capital Manila, to stay at home for the next month after social distancing measures failed to keep people away from one another. Philippine Stock Exchange President Ramon Monzon […]
SINGAPORE, Singapore (AFP) — Oil rebounded Tuesday as investors bought at bargain levels after prices plunged to four-year lows as governments worldwide ramped up measures to contain the spread of the deadly coronavirus. Analysts said, however, that any recovery in oil prices is likely to be shortlived as travel restrictions and other tough measures rolled out to fight the virus sap demand amid a production glut and price war. US benchmark West Texas Intermediate (WTI) […]
HONG KONG, China (AFP) — Asian markets opened in freefall on Friday, extending a global rout that saw bourses experience their worst day in decades on fears of a recession caused by the coronavirus pandemic. Tokyo’s benchmark Nikkei index nosedived more than seven percent shortly after the open, with markets around the region plummeting after a historically bad trading day in the US and Europe. The Nikkei 225 index dropped 7.12 percent or 1,322.15 points […]
SINGAPORE, Singapore (AFP) — Oil prices plunged about six percent Thursday after US President Donald Trump announced a 30-day ban on all travel from Europe to the United States over the coronavirus pandemic. West Texas Intermediate slipped 6.2 percent to $31 a barrel while Brent crude was off 5.8 percent at under $34 a barrel. Both contracts extended heavy losses from a day earlier, which came after Saudi Arabia and Gulf partner the UAE stepped […]
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 […]
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 […]
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 — […]
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 […]
HONG KONG, China (AFP) — Most Asian markets rose Monday as bargain-buyers moved in following last week’s global rout, but investors continue to fret over the economic fallout from the new coronavirus as the worldwide death toll rises. After equities suffered their worst week since the financial crisis more than a decade ago, central banks began to flag support measures, with Federal Reserve boss Jerome Powell hinting at a fresh interest rate cut at the […]
TOKYO, Japan (AFP) — Tokyo shares tumbled on Friday, extending losses to a fifth day and tracking a global retreat fanned by worries over the economic impact of the coronavirus outbreak. The benchmark Nikkei 225 dropped 3.67 percent, or 805.27 points, to 21,142.96 — leaving it down 9.59 percent in a holiday-shortened week. The broader Topix index lost 3.65 percent, or 57.19 points, to 1,510.87 to close with the weekly loss of 9.74 percent. European […]
