U.S. crude prices settled about 3% lower on Tuesday after data showing domestic stockpiles didn't rise as high as had been expected given tightening storage, despite pledges to cut production from May 1.
As low crude oil prices leave U.S. producers struggling to eke out profits, investors will focus on production hedges and cost-cuts to determine winners from losers as first quarter earnings roll out in coming days.
Uber Technologies Inc's Chief Technology Officer Thuan Pham has resigned, effective May 16, the ride-hailing company said in a regulatory filing https://bit.ly/2SiLDZB on Tuesday.
Starbucks Corp said on Tuesday it sees sales in China, the company's biggest growth market, recovering by the end of September, following a massive drop in same-store sales in the current quarter on fallout from the coronavirus pandemic, which forced Starbucks to close stores around the globe.
Ford Motor Co said on Tuesday its second-quarter loss would more than double to over $5 billion from $2 billion in the first quarter due to the impact of the coronavirus pandemic, but added it had enough money despite the crisis to last the rest of 2020.
Samsung Electronics Co Ltd said on Wednesday it expected its profit to decline in the current quarter, as strength in the chip business would be offset by a sales slump in smartphones and TVs.
Asian equities made cautious gains in early trade on Wednesday following mixed U.S. corporate earnings while oil prices looked set for more wild swings as storage concerns capped optimism about easing coronavirus lockdowns.
Samsung Electronics Co Ltd said on Wednesday it expected profit to decline in the current quarter due to a coronavirus-related slump in sales of smartphones and TVs, although the chip business would remain solid.
Asian shares were cautiously higher on Wednesday as investors paused ahead of the U.S. Federal Reserve's policy decision while oil prices jumped on hopes demand will pick up as many countries lift some of the coronavirus-related restrictions.
"That's not saying anything bad about Google or the large cap growth stocks ... but they just don't have the upside potential that some of these other laggard areas do," Morgan Stanley's Mike Wilson said.
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Boeing Co is working with investment banks on a multibillion-dollar bond-fueled financing package, aiming to shore up its balance sheet amid a sharp travel downturn from the pandemic, three people familiar with the matter said on Tuesday.
Asian shares rose for a third session on the trot on Wednesday as investors took heart from easing coronavirus lockdowns in some parts of the world while oil prices jumped on hopes demand will pick up.
Brazil's Embraer SA on Monday said it had begun an arbitration process against Boeing Co , after the U.S. planemaker abruptly canceled a $4.2 billion deal over the weekend that was years in the making.