Trump: Some states may reopen tomorrow President Trump says states will reopen at different times and argues sports will be enjoyed via television until coronavirus is completely gone. U.S. equity markets were off to the races Friday morning after a COVID-19 treatment showed promising results and President Trump laid out […]
Read moreHedge Fund Hotshots Suffer Humbling Losses in Coronavirus Chaos
Some of the hedge fund industry’s biggest names made history in March — for all the wrong reasons. Firms run by Ray Dalio, Michael Hintze, Adam Levinson and others suffered their worst-ever losses last month, with some funds down as much as 40% as the coronavirus pandemic battered global markets. […]
Read moreCantor to Cut Hundreds of Jobs in Break From Wall Street Pledge
Cantor Fitzgerald is shrinking its workforce, breaking with firms across Wall Street that vowed not to lay off employees during a pandemic that’s unleashed the worst unemployment crisis in decades. The private financial services firm run by Howard Lutnick plans to cut hundreds of jobs across divisions as he seeks […]
Read moreCrude Oil Futures Settle Flat
Crude oil prices retreated after early gains on Thursday as concerns about outlook for energy demand continued to weigh. The early uptick was on hopes the U.S. oil producers will scale down production in coming months following inventories surging the most on record. West Texas Intermediate Crude oil futures for […]
Read moreSeafood Market Craters After Restaurants Are Shuttered Worldwide
Sign up here for our daily coronavirus newsletter on what you need to know, and subscribe to our Covid-19 podcast for the latest news and analysis. Just one kilogram of freshly caught squid a day was almost enough to live on for Thai fishermen like Wisut Boonnak. Now the catch […]
Read moreGold Futures Snap 4-day Winning Run, Settle Sharply Lower
Gold futures fell on Wednesday, snapping a four-day winning streak and recording their lowest close in a week, as a stronger dollar and margin requirements prompted traders to cut down positions in the safe-haven asset. The dollar strengthened against peers as virus worries intensified and crude oil prices plunged to […]
Read moreBank of America joins rivals with $3.6B buffer from coronavirus loan defaults
Deferring mortgage, rental payments ‘buys us a housing crisis’: National Housing Conference CEO National Housing Conference CEO David Dworkin discusses Americans skipping mortgage and rental payments and projects the future of housing post-coronavirus. Bank of America joined rivals JPMorgan Chase and Wells Fargo in strengthening its buffer against coronavirus-related costs, […]
Read moreWells Fargo profit decimated as coronavirus boosts loan-loss provisions
Wells Fargo & Co. on Tuesday reported a plunge in first-quarter profit as the U.S. bank set aside billions of dollars to cover potential loan-losses from the coronavirus pandemic. The U.S. government has poured trillions of dollars into financial markets and launched stimulus programs to support individuals and small businesses […]
Read morePlant shutdown fuels food supply concerns
A version of this story first appeared in CNN Business’ Before the Bell newsletter. Not a subscriber? You can sign up right here. London (CNN Business)Earnings season kicks off this week with reports from big US banks. JPMorgan Chase and Wells Fargo are up first on Tuesday, with Bank of […]
Read moreChina Weighs Merging Its Biggest Brokers to Take on Wall Street
China has started the process of potentially merging its two biggest brokerage firms to create a company that can better compete with the global investment banks as the country opens up its financial markets, according to people familiar with the matter. Citic Securities Co. and CSC Financial Co., along with […]
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