(Bloomberg) -- European stocks fluctuated with S&P 500 futures as investors weighed stimulus measures against the accelerating virus spread in the U.S. and Brazil.The Stoxx Europe 600 Index swung from gains to losses on below-average volume. Facebook Inc. fell in pre-market trading more companies halted social media spending. The dollar slipped against its major peers. The yield on Treasury five-year notes traded closer to a record low. Poland’s zloty rose after presidential election results triggered a run-off.Investors began the week studying conflicting signals, as virus deaths surpassed 500,000 globally. With U.K. households amassing savings at a record level and paying down debt in May, Prime Minister Boris Johnson promised a wave of investment in infrastructure and skills.“The recovery is going to be much slower and much more uneven than most people believe,” David Hunt, president and chief executive officer of PGIM Inc., said on Bloomberg TV. “Markets are priced for a...
Shale oil and natural gas company Chesapeake Energy Corporation (CHK) on Sunday filed for bankruptcy protection proceedings to eliminate its $7 billion debt load and strengthen its balance sheet.The U.S. oil and gas producer said it filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas to facilitate a “comprehensive balance sheet restructuring”.Chesapeake has been grappling with the financial fallout of the oil and gas prices collapse, as the economic downturn tied to the coronavirus impact curtails energy demand.As part of a restructuring agreement, the company has secured $925 million in debtor-in-possession financing from certain lenders under its revolving credit facility, which will be available upon court approval.The financing package will provide Chesapeake with the capital necessary to fund its operations during the court-supervised Chapter 11 reorganization proceedings, it said. In addition, certain lenders under the company's revolving credit facility have also agreed to the...
(Bloomberg) -- Oil fell further after last week’s slide on fears that the resurgence of the coronavirus around the world will derail a fragile recovery in fuel demand.Futures fell toward $38 a barrel in New York after losing 3.2% last week. Deaths from the pandemic topped half a million globally, cases rose past 10 million and a United Nations agency reported the most infections for a single day. A surge in infections across the southern and western U.S. is causing states including Texas to reinstate measures to halt its spread.After rebounding rapidly from its plunge below zero in April on supply cuts and recovering demand, crude has fallen in two of the last three weeks. Stockpiles in the U.S. are at record highs, worldwide consumption is still a long way off pre-virus levels and many refiners are struggling with low margins. Oil for recent delivery is trading at a discount to...
Texas was one of the last states to shut down and the earliest to reopen. Now local health-care workers urge the community to be vigilant as Texas hospitalizations reach records. Photo: AP...
The Financial Conduct Authority said on Monday Wirecard was addressing the British watchdog's concerns but its restrictions on the collapsed German payments company's services would remain for now. Several UK fintech firms have been forced to suspend services following the FCA's restrictions on Wirecard. The FCA its teams have been working with Wirecard, and other international and UK authorities, over the weekend....
Consumer goods giant, Unilever (UL) and telecom company, Verizon (VZ) said June 26 that they would halt advertisements on Facebook (FB) and Instagram.Facebook’s stock dropped 8% by market close on Friday as more advertisers moved to boycott the popular social media site, citing its ongoing problems of hate speech and racism.“We’re pausing our advertising until Facebook can create an acceptable solution that makes us comfortable and is consistent with what we’ve done with YouTube and other partners,” Verizon’s chief media officer John Nitti told CNBC.Verizon plans to pull its ads for the month of July while Unilever plans to not advertise on Facebook and Instagram for 6 months.“Continuing to advertise on these platforms at this time would not add value to people and society. We will be monitoring ongoing, and will revisit our current position if necessary,” Unilever told The Verge.Following this, Facebook announced a range of new policy changes on Friday...
Jun.29 -- Goodbody Stockbrockers Aviation Analyst Nuala McMahon spoke about the challenges ahead for flag carrier airlines, such as Lufthansa, without the cost base to compete with low-cost carriers such as easyJet. She spoke to "Bloomberg Markets: European Open," on June 25th, ahead of Lufthansa's Extraordinary General Meeting, where shareholders approved a bailout package from the German government to keep the airline afloat....
