We hate to say this but, we told you so. On February 27th we published an article with the title Recession is Imminent: We Need A Travel Ban NOW and predicted a US recession when the S&P 500 Index was trading at the 3150 level. We also told you to short the market and buy […]...
We hate to say this but, we told you so. On February 27th we published an article with the title Recession is Imminent: We Need A Travel Ban NOW and predicted a US recession when the S&P 500 Index was trading at the 3150 level. We also told you to short the market and buy […]...
(Bloomberg) -- U.S. equity futures declined and stocks opened lower in the Asia, indicating the risk-off move that’s hit markets at the start of this month may have further to run. The dollar climbed.S&P 500 futures retreated more than 1.5% after global stocks posted a more than 2% slide on Friday, while shares in Sydney and Seoul opened lower. China’s yuan extended Friday’s slide amid concern tensions with the U.S. are increasing. The Australian dollar slipped along with the pound and euro, while Australian bonds nudged higher. Trading volumes may be light due to holidays in China and Japan, and Treasuries won’t trade until the London open. Treasury futures climbed and oil began the week on the back foot.The more than 10% rally in world shares in April is being tested as investors assess efforts from countries starting to ease lockdown restrictions against fears of a second wave of infections and...
President Trump didn't impose bans on European travelers, including those from coronavirus-ravaged Italy, until mid-March. That, along with events such as Mardi Gras, and returning cruisers from nine Nile River cruises in February and early March, contributed to the rapid spread of Covid-19 in the United States. The U.S. Centers for Disease Control and Prevention […]...
(Bloomberg) -- U.S. stock-index futures slid, extending Friday’s sell-off as investor sentiment cooled at the start of May following a recent rally. Contracts on the S&P 500 Index were down 1.7% as of 8:41 a.m. in Tokyo. Futures fell 1.7% on the Nasdaq 100 Index and 1.4% on the Dow Jones Industrial Average. Oil futures also declined as investors continued to cut their exposure to nearer-term contracts.Political tensions between the U.S. and China flared up over the origin of the coronavirus. U.S. Secretary of State Michael Pompeo said “enormous evidence” shows the outbreak began in a laboratory in Wuhan, China, but didn’t provide any proof for his claims. Global coronavirus cases are near 3.5 million, with deaths topping 246,000. The pace of new U.S. cases slowed for a third day and New York added the fewest new deaths in more than a month.The S&P 500 Index fell 2.8% to close at...
(Bloomberg) -- Warren Buffett’s Berkshire Hathaway Inc. dumped its stakes in the four largest U.S. airlines but the billionaire investor remains deeply exposed to the collapse in air travel.Berkshire still owns all of Precision Castparts Corp., a supplier of aerospace parts that’s bracing for lean times as Boeing Co. and Airbus SE cut jetliner production. Berkshire bought Precision Castparts in 2016 in a transaction valued at $37.2 billion, making it one of Buffett’s biggest deals.Now the maker of jet-engine blades and aircraft structural components is facing a double whammy as the coronavirus pandemic all but erases demand for flights, prompting airlines to park jets and slash schedules. That means less need for replacement parts and a big drop in aircraft purchasing. With carriers predicting that flying won’t return to 2019 levels for as long as three years, aerospace suppliers are hunkering down for a protracted slump.“The current downturn is quite different...
