JPMorgan Chase & Co's profit plunged by more than two-thirds in the first quarter as the largest U.S. bank put aside nearly $7 billion in reserves to protect it from a wave of potential loan defaults in the months ahead.
Wall Street rose more than 2% on Tuesday on signs some economies would ease strict coronavirus-induced lockdowns, with investors also looking at quarterly earnings from JPMorgan and Johnson & Johnson for clues on the business hit from the outbreak.
U.S. import prices dropped by the most in more than five years in March amid declines in the costs of petroleum products and a range of other goods, pointing to import deflation that could deepen amid the coronavirus pandemic.
Professional investors are heading for the sidelines while demanding that companies stop using their cash to buy back stocks and instead improve their balance sheets.
The global economy is expected to shrink by 3.0% during 2020 in a stunning coronavirus-driven collapse of activity that will mark the steepest downturn since the Great Depression of the 1930s, the International Monetary Fund said on Tuesday.
Group of Seven (G7) finance officials on Tuesday vowed to continue to act as needed to combat the coronavirus pandemic and stabilize the global economy, and threw their support behind a push to provide temporary debt relief to the poorest countries.
Texas energy regulators are scheduled on Tuesday to hear from dozens of energy executives on an initiative calling for the state to mandate an output cut to stem the sharpest oil price drop in decades.
An unprecedented deal by oil producers to curb supply to match demand hollowed out by the coronavirus pandemic is set to depend partly on purchases by consumer countries for their strategic stocks on a scale not before seen.
U.S. House Speaker Nancy Pelosi on Tuesday rejected Senate Majority Leader Mitch McConnell's proposed emergency spending plan to help small businesses cope with the coronavirus outbreak, saying it did not do enough to help hospitals or state and local governments.
Mexico's president has incurred a debt with President Donald Trump by accepting U.S. help to end a standoff over global oil cuts, triggering concern the American president will in return make the country pay on issues like migration and security.
Bank of Japan Governor Haruhiko Kuroda said on Tuesday he explained to his G7 counterparts that the central bank would not hesitate easing monetary policy further depending on how the coronavirus pandemic affects the country's economy.
Amazon has been ordered to limit French deliveries to essential goods only within 24 hours to allow for a deeper assessment of coronavirus risks at its sites in the country, trade union Sud said on Tuesday.
G7 finance leaders agreed on Tuesday on the need to provide financial and technical assistance to emerging economies battling with the fallout from the coronavirus pandemic, Japanese Finance Minister Taro Aso said.
Beating the first quarter's market crash took some extreme strategies, such as moving nearly everything to cash, or going very short. Now, fund managers who prevailed during the worst start to a year for U.S. stocks are betting on recession-resilient companies to take them to the next leg.
The top U.S. infectious disease expert Anthony Fauci said on Tuesday that a May 1 target date for reopening the economy was "a bit overly optimistic," citing a lack of critical testing and tracing procedures.