Millions of Christians around the world celebrated Easter in solitude on Sunday, forced to socially distance as the coronavirus pandemic continues, while technology enabled many to worship virtually. Photo: Steven Senne/Associated Press...
Oil prices jumped more than $1 a barrel on Monday after major producers finally agreed their biggest-ever output cut, but gains were capped amid concern that it won't be enough to head off oversupply with the coronavirus pandemic hammering demand. After four days of wrangling, the Organization of the Petroleum Exporting Countries (OPEC), Russia and other producers, a group known as OPEC+, agreed on Sunday to cut output by 9.7 million barrels per day (bpd) to support oil prices, sources said, representing around 10% of global supply. U.S. West Texas Intermediate (WTI) crude futures were up $1.39, or 6.1%, to $24.15 a barrel, after hitting a high of $24.74....
(Bloomberg) -- India’s most ambitious attempt to influence how foreigners trade its currency slipped through with little fanfare two weeks ago.On a day when the Reserve Bank of India executed an emergency rate cut and pledged $50 billion of liquidity, it also opened the way for local banks to trade non-deliverable forwards, a currency derivative often blamed as a tool for speculators.The policy shift opens a new front for the RBI to manage volatility in the rupee, which plumbed to a record low during the coronavirus outbreak. The central bank, with foreign reserves worth about $475 billion, is taking a markedly different approach to peers like Malaysia and Indonesia, which have sought to lure offshore trading and hedging activities back within their borders.This will help the RBI take “necessary action in managing volatility in both onshore and offshore markets through appropriate steps, including intervention through Indian banks,” said B. Prasanna, group...
(Bloomberg) -- Global stocks started the week on the back foot as investors readied for the start of earnings season amid unprecedented uncertainty over the corporate impact of the coronavirus pandemic. Oil prices climbed in volatile trading after a historic deal to cut output.U.S. equity futures declined in early Asia trading, while shares retreated in Japan and South Korea. Many markets remained closed for the Easter holiday. The dollar dipped after OPEC+ agreed to cut 9.7 million barrels a day from global crude output -- just below the initial plan of 10 million. The yen ticked higher and Australian dollar slipped. Treasuries were little changed. The euro steadied after France, Germany, Italy and Spain reported a slowdown in new coronavirus cases. With earnings season kicking off in earnest this week, investors will be hoping to get a better sense of how bad the hit to global profits could be as the...
(Bloomberg) -- Oil pushed higher after swinging wildly in early trading as investors weighed whether an historic deal by the world’s biggest producers to cut output would be enough to steady a market pummeled by the coronavirus.Futures in London rose as much as 8% but quickly erased much of those gains as markets opened following a three-day break. The OPEC+ alliance agreed to a plan to slash production by 9.7 million barrels a day starting in May, ending a price war between Saudi Arabia and Russia. The producer group reached a deal following days of intense negotiations after Mexico declined to endorse the original agreement reached Thursday.The U.S., Brazil and Canada will contribute another 3.7 million barrels on paper as their production declines, and other Group of 20 nations will cut an additional 1.3 million. The G-20 numbers don’t represent real voluntary cuts, but rather reflect the impact that low prices...
(Bloomberg) -- Oil edged higher after swinging wildly in early trading as investors weighed whether an historic deal by the world’s biggest producers to cut output would be enough to steady a market pummeled by the coronavirus.Futures in London rose as much as 8% but quickly erased those gains as markets opened following a three-day break. The OPEC+ alliance agreed to a plan to slash production by 9.7 million barrels a day starting in May, ending a price war between Saudi Arabia and Russia. The producer group reached a deal following days of intense negotiations after Mexico declined to endorse the original agreement reached Thursday.The U.S., Brazil and Canada will contribute another 3.7 million barrels on paper as their production declines, and other Group of 20 nations will cut an additional 1.3 million. The G-20 numbers don’t represent real voluntary cuts, but rather reflect the impact that low prices have already...
