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 […]...
Ford Motor Co. is recalling an estimated 2,871 of its Ford E-350 and E-3450 full-size vans, due to damage to the fuel pump circuit in the wiring harness, which could result in an unexpected engine stall. ...
(Bloomberg) -- From Russia’s northeastern coast of Sakhalin to the Permian basin in the U.S., oil is going cheap as sellers slash prices in a desperate attempt to attract buyers.Refiners across the world have made deep cuts to crude-processing rates due to slumping consumption and a growing fuel glut, leaving producers struggling to find buyers for their cargoes. Sellers, meanwhile, are aggressively dropping the price of their oil while they tussle for the remnants of demand, with the prospect of forced output cuts looming as global storage swells.In recent days, benchmark crude prices have rallied in the financial markets, primarily due to speculation that the world’s largest producers might reach some sort of truce to halt the price war. However, gloom persists in the physical markets, where actual barrels of oil are bought and sold, with crude still trading well below benchmark levels.For example, the spot differential for Russia’s Sokol was...
(Bloomberg) -- Gold surged, with futures leading the way higher to hit the highest level in more than seven years, as investors weighed the widening economic fall-out from the coronavirus pandemic and the prospects of more stimulus in top economies.Bullion is in demand, with JPMorgan Chase & Co.’s Jamie Dimon saying the disease will lead to a major major downturn. The jump came even as risk assets posted gains on signs the outbreak may be leveling off. Amid the rally, the spread between gold futures and spot prices ballooned once again.“Even though hopes are rising of a slowdown in the pandemic, enough doubt exists to see safe-haven assets in strong demand,” Australia & New Zealand Banking Group Ltd. said in a note. “The tone was set by JP Morgan CEO, Jamie Dimon, who said the outbreak could cause a bad recession.”Futures rallied as much as 2.9% to $1,742.60 an ounce, the...
Miami-Dade County, Fla., fleet staff continue to service Solid Waste and Police vehicles while purchasing fuel more often and stocking up on extra parts. ...
(Bloomberg) -- About $25 billion of oil and gas deals are hanging in the balance following crude’s historic collapse, potentially doing further harm to the finances of companies already battered by the slump.Companies including Occidental Petroleum Corp., BP Plc and Exxon Mobil Corp. are relying on asset sales started last year to bolster their finances. But many deals look less attractive now with oil near $30 a barrel and a bleak outlook for the global economy, according to consultant Wood Mackenzie Ltd.As oil companies around the world scramble to protect their finances by boosting credit lines, slashing spending and suspending buybacks, those leaning too heavily on asset sales may need to find other measures.“I think they’re going to be extremely difficult to execute in the near term,” said Greig Aitken, director of M&A research at WoodMac. “It’s borderline impossible for the next few months.”Valuations have been hit hard by the slump....
