(Bloomberg) -- When Saudi Arabia kicked off its oil-price war and triggered the worst crude crash in a generation, U.S. President Donald Trump lauded the ensuing decline in pump prices, saying it would be “like a tax cut” for Americans.Weeks later, the crisis remains a low priority for the president, who has continually expressed his satisfaction with cheap gasoline and whose agenda has been consumed by the coronavirus pandemic itself, according to people familiar with the situation. While Secretary of State Mike Pompeo on Wednesday took the strongest action yet to calm the market -- pressing Saudi Arabia to dial back its production surge -- the kingdom has shown no signs of slowing down.Now, with thousands of oil jobs hanging in the balance and the U.S. shale industry in upheaval, any action by Trump himself may be too little, too late. Oil’s downturn has rapidly devolved from a simple case of...
(Bloomberg) -- European stocks and U.S. equity futures slipped on Friday as investors caught their breath following the first three-day rally in global shares since mid-February. Treasuries climbed and the dollar edged higher.The Stoxx Europe 600 Index was led lower by banks and miners after the region’s leaders struggled to agree on a concrete strategy to contain the fallout from the deadly coronavirus on Thursday, leaving key details to be ironed out in the coming weeks. S&P 500 futures retreated after the underlying index surged more than 6% Thursday. The U.S. has overtaken China for the most virus cases worldwide, fueled by a large jump in infections in New York.Asian equities mostly rose, though shares in Australia slumped. WTI crude oil looked set to snap a four-week slide. The pound fluctuated as it headed for its best week since 2009.The recent revival of risk appetite looks sure to be tested by...
(Bloomberg) -- U.S. equity futures dropped after the first three-day rally in American stocks since mid-February, while Treasuries advanced as investors take stock of strengthening stimulus efforts across the globe.S&P 500 futures retreated after the index surged over 6% Thursday. European contracts fluctuated. The dollar headed for its biggest weekly fall since 2009, with central banks sharply boosting the provision of greenbacks. Asia-Pacific equities had a mixed showing, ranging from a 4%-plus jump in Tokyo to an over 4% slide in Sydney. India’s bonds and currency jumped after monetary policy makers slashed rates in an emergency move. The yen strengthened.The Reserve Bank of India Friday became the latest to act decisively in the effort to forestall a sudden stop in credit as economic shutdowns hobble businesses. The RBI cut the benchmark rate three quarters of a percentage point and, among other measures, reduced the amount lenders must hold in reserve. Ten-year...
BEIJING/TOKYO (Reuters) - U.S. electric carmaker Tesla Inc plans to slash on-site staff at its Nevada battery plant by around 75% due to the coronavirus pandemic, the local county manager said on Thursday. The move comes after its Japanese battery partner Panasonic Corp said it would scale down operations at the Nevada factory this week before closing it for 14 days. The factory produces electric motors and battery packs for Tesla's popular Model 3 sedans....
(Bloomberg) -- Only the old hands at the Coffeyville oil refinery could remember anything like the prices posted this month. The small Kansas plant in the heart of rural America was offering just $1.75 a barrel for Wyoming sweet crude.With more than two billion people on virus lockdown from India to California, energy demand has plunged. In corners of the U.S., Canada, Russia and China, oil prices at the well-head are collapsing under the weight of an unprecedented glut.And with it, the industry is bracing for something that last happened on this scale 35 years ago: producers shutting down their wells as pumping crude makes no economic sense.“I have never seen anything like this in the markets,” said Torbjorn Tornqvist, the co-founder of Gunvor Group Ltd., a large commodity trading house. “We’ve never seen anything even close to today.”The oil market -- hit by the double blow of a demand slump...
