(Bloomberg) -- European equity futures sank, while Asian stocks slipped along with U.S. contracts, as investors weighed signs of progress in the fight against the coronavirus versus mounting data showing the severity of the impact on economies.Euro Stoxx 50 futures were about 2% lower. Equities fell from Tokyo to Shanghai, though Asian volumes remained subdued. Futures on the S&P 500 retreated after the index erased a 1.6% gain Thursday to end little changed. Global stocks have snapped two weeks of gains this week as optimism about slowing infection rates in some locations faded in face of poor economic data. Treasuries added to recent gains, while oil prices continued to mend after their early-week collapse.“There is a long list of pretty jaw-dropping data, just in the last 24 hours,” Nerida Cole, managing director at Dixon Advisory, said on Bloomberg TV. “Market pricing is certainly on the optimistic side -- that it will...
French drugmaker Sanofi confirmed its 2020 outlook on Friday after posting stronger first-quarter results led by its specialty care unit and demand for its medicines to treat pain and fever in the light of the new coronavirus outbreak. Sanofi said around half of growth in sales and profits was attributable to the coronavirus pandemic adding it expected this effect to fade in the second quarter....
Oil prices jumped again on Friday, gaining more ground as producers like Kuwait said they would move to cut output and as the United States approved another package to cope with the economic disruption caused by the coronavirus outbreak. Brent crude was up $1.07, or 5%, at $22.40 by 0432 GMT, after having climbed 5% on Thursday. U.S. oil gained $1.12, or nearly 7%, at $17.62 a barrel, having surged 20% in the previous session....
(Bloomberg) -- Hertz Global Holdings Inc. brought in restructuring advisers to rework the rental-car company’s debt amid a bleak outlook for business trips and vacations.Management is seeking advice from restructuring bankers at Moelis & Co. on ways to boost liquidity and avoid filing for Chapter 11 bankruptcy, according to people familiar with the situation.One of the options that has been under discussion with bankers is raising cash by issuing new debt, Bloomberg previously reported. The maneuver would need an amendment to a secured debt facility, the people said, asking not to be identified while discussing a private matter. The situation remains fluid and plans could change, depending on market conditions and federal support.A representative for Hertz, based in Estero, Florida, declined to comment. Andrea Hurst, a spokeswoman for Moelis, declined to comment. Hertz has $1 billion in liquidity and no significant corporate debt maturities until June 2021, according a March 26...
The head of the United Auto Workers union on Thursday said it was "too soon and too risky" to reopen auto plants and Michigan's economy in early May, citing insufficient scientific data and coronavirus testing to assure workplaces are safe. The warning from UAW President Rory Gamble on Thursday afternoon came as General Motors Co , Ford Motor Co and Toyota Motor Corp took new steps toward reopening North American vehicle manufacturing operations in an environment where consumer demand is uncertain and worker safety paramount....
Hertz Global Holdings Inc is working with debt restructuring advisers to explore options for shoring up its finances after the coronavirus pandemic killed demand for car rentals, people familiar with the matter said on Thursday. The Estero, Florida-based company, whose largest shareholder is billionaire investor Carl Icahn, is reeling from the impact of the pandemic on global travel. Hertz has enlisted restructuring experts at law firm White & Case LLP and investment bank Moelis & Co to help it address a cash crunch that has made its $17 billion debt pile potentially unsustainable, the sources said....
