(Bloomberg) -- Gold headed for a weekly advance on expectations there’ll be more stimulus measures to boost virus-hit economies, with RBC Capital Markets predicting allocations to bullion will increase, at least for now.“The combination of low rates, massive stimulus, and high uncertainty point toward gold allocations rising regardless of whether equity markets improve materially,” though that may not coincide with higher prices, analysts led by Helima Croft said in a note.Bullion held steady on Friday, trading near the highest in more than seven years as the pandemic triggers an unprecedented wave of stimulus from governments and central banks. With the global economy likely to suffer its worst downturn since the Great Depression this year, investors are seeking a haven from market turmoil pouring into exchange-traded funds backed by gold.RBC said it would buy bullion on pull-backs, at least until there’s enough momentum to begin to see an unwinding of global “whatever...
(Bloomberg) -- U.S. President Donald Trump’s comments on injecting bleach to kill the coronavirus sparked concern among experts who called it a ‘ridiculous concept’ that would damage the lungs. British Prime Minister Boris Johnson is ‘raring to go,’ but will follow doctors’ advice on returning to work.Russia reported the most new cases since April 19 and Germany had its worst day in nearly a week, after Chancellor Angela Merkel said the country is ‘far from being out of the woods.’ New cases in Singapore dropped below 1,000 for the first time in five days.Earlier, Europe’s leaders inched toward an agreement on rebuilding plans, while U.S. lawmakers overwhelmingly passed a $484 billion aid bill, replenishing funding to aid small businesses and provide support for hospitals and virus testing.Key DevelopmentsVirus Tracker: Cases top 2.7 million; deaths exceed 190,000Europe grapples with lockdowns as cases drop and economies reelMnuchin asks for equity stakes in exchange...
(Bloomberg) -- European stocks dropped as the region’s leaders struggled to finalize a long-term plan for cushioning the economic blow from the coronavirus. U.S. equity futures and Asian shares slipped while Treasuries and the dollar gained.Energy and banking shares dragged the Stoxx Europe 600 Index lower after European leaders signed off on a 540 billion-euro ($580 billion) plan tackling the immediate fallout from the pandemic, but failed to come up with a longer-term rebuilding program. Italian government bonds fell. Underscoring the challenges, data showed German business confidence fell to record low while virus cases in the region’s biggest economy rose by the most in nearly a week.Futures on the three main American equity gauges pointed to losses at the open on Wall Street, while stocks from Tokyo to Shanghai retreated. Oil reversed gains to trade at about $16 a barrel in New York, after collapsing earlier this week.A global stock rally...
(Bloomberg) -- Russia reported the most new cases since April 19 and Germany had its worst day in nearly a week, after Chancellor Angela Merkel said the country is “far from being out of the woods.” New cases in Singapore dropped below 1,000 for the first time in five days.Europe’s leaders inched toward an agreement on rebuilding plans, while U.S. lawmakers overwhelmingly passed a $484 billion aid bill, replenishing funding to aid small businesses and provide support for hospitals and virus testing.U.K. retail sales plunged and German business confidence extended its slump, though consumers stocking up on frozen food and medicine provided a short-term boost for Nestle SA and Sanofi SA. Gilead Sciences Inc. shares sank after a summary of a Chinese trial of its closely watched virus treatment appeared to show that it was a failure.Key DevelopmentsVirus Tracker: Cases top 2.7 million; deaths exceed 190,000Trump’s idea to bleach lungs to...
