Airlines including United have parked jets and slashed flight schedules as demand has virtually vanished due to the pandemic, forcing them to suspend growth plans and shift their focus to saving cash. Chicago-based United said it had $9.6 billion in liquidity as of April 29, up from $7.2 billion at the end of March, and that its cash burn would range between $40 million and $45 million per day in the second quarter. United is set to receive $5 billion in payroll aid under the Coronavirus Aid, Relief, and Economic Security (CARES) Act and will likely decide in the third quarter whether to tap a $4.5 billion loan under the same package....
U.S. gold futures gained 0.1% to $1,695.00. Millions more Americans filed claims for unemployment benefits last week, lifting the number of applications to 30.3 million since March 21, data showed, amid a record collapse in consumer spending in March....
(Bloomberg) -- Gold headed for its largest weekly decline in seven weeks as European nations, including the U.K., offered cautious signals they’ve passed through the peak of the coronavirus outbreak and as U.S. cases rose at the slowest pace this month.U.K. Prime Minister Boris Johnson said the country was through the worst of the virus and pledged to deliver plans to lift the lockdown, while Italy, France and Germany all also outlined proposals to gradually ease restrictions. The European Central Bank stepped up its response to the coronavirus crisis by cutting funding costs for banks, but refrained from boosting its bond-buying program.“Demand for safe haven assets took a further dive” after Johnson’s virus comments Thursday in the U.K., Australia & New Zealand Banking Group Ltd. economist Kishti Sen said Friday in a note. Asian trading was limited Friday, with much of the region out on holidays.Spot gold was steady at $1,687.29...
(Bloomberg) -- U.S. futures slid along with Japanese and Australian shares, and the dollar climbed, after sobering comments from Amazon and Apple about the impact of the coronavirus.Amazon.com warned of a possible second-quarter loss, while Apple omitted an earnings forecast for the first time in more than a decade. While global stocks posted their best month since 2011 in April -- spurred by a slowdown in coronavirus infections and massive stimulus initiatives -- earnings announcements and economic data are serving a reminder of lasting pain. The dollar halted a four-day slide and Treasuries recouped some recent losses amid the risk-off tone Friday. Trading was limited by holidays across much of the Asian region, and most of Europe will also be shut.Strong results from Microsoft Corp., Facebook Inc. and Tesla Inc. had limited losses on the tech-heavy Nasdaq gauges on Thursday. The S&P 500 Index posted its best month since 1987.Investors continue...
Oil slipped to around $26 a barrel on Friday as weak demand due to the coronavirus crisis and excess supply pressured the market, even as OPEC and its allies began a record output cut. The global oil benchmark, Brent crude, has collapsed 60 percent in 2020 and reached a 21-year low last month as the coronavirus pandemic squeezed demand and OPEC and other producers pumped at will before reaching a new supply cut deal which began on Friday. Brent for July fell 46 cents, or 1.7%, to $26.02 at 0825 GMT....
Oil prices rose on Friday, extending the previous session's gains, as major producers began output cuts to offset a slump in fuel demand triggered by the coronavirus pandemic while data showed U.S. crude inventories grew less than expected. U.S. crude for June delivery rose 34 cents, or 1.8%, to $19.18 a barrel, having gained 25% in the previous session. Reflecting the output cuts agreed between OPEC and other major producers like Russia, a grouping known as OPEC+, the imbalance between oil supply and demand is to set to be halved to 13.6 million barrels per day (bpd) in May, and drop further to 6.1 million bpd in June, according to Rystad Energy....
