The U.S. Federal Reserve on Tuesday acted to ensure companies can continue paying workers and buying supplies through the coronavirus epidemic, as top officials scrambled through the day to broaden efforts to blunt the economic fallout from the health crisis.
The S&P 500 rose 6% on Tuesday, clawing back a significant portion of Monday's steep losses, as the Federal Reserve and the White House took further steps to boost liquidity and stem damage from the coronavirus outbreak that has gripped the global economy.
The U.S. Federal Reserve moved again late on Tuesday to broaden the flow of credit in response to the coronavirus epidemic, saying it would offer short-term loans to the two dozen Wall Street primary dealers who are important conduits for the sale of a broad range of bonds and other financial assets.
Credit Suisse sharply lowered its forecast for Mexican economic growth this year and now expects a 4.0% contraction, citing "significant downside risks," according to a note sent to the bank's clients on Tuesday.
The U.S. Federal Reserve moved Tuesday to ensure the flow of credit to U.S. companies, banks and even local governments amid a nationwide scramble for ways to blunt the economic fallout from the coronavirus crisis.
Gold, the dollar and global equity markets rose on Tuesday after the Federal Reserve said it would buy short-term corporate debt directly from companies to help relieve credit markets under strain from the economic impact of the coronavirus epidemic.
U.S. Treasury Secretary Steven Mnuchin on Tuesday said he approved the creation of a new primary dealer credit facility to ease credit market disruptions caused by the coronavirus epidemic, resurrecting the second 2008 financial crisis-era backstop in less than a day.
Virgin Australia Holdings Ltd said on Wednesday it would suspend all international flying from March 30 to June 14 and cut its domestic capacity in half because of government travel restrictions and lower demand because of the coronavirus.
Latin American airlines need prompt government aid or many of them could go out of business as the global coronavirus outbreak forces widespread flight cancellations, the chief of regional airline association ALTA said on Tuesday.
As the coronavirus outbreak and global growth worries cause global stock markets to sink, stock exchanges are tweaking trading rules to protect their markets from intense volatility and speculative trading.
FYI | Hiten Shah | March 2020 Remote work is talked about so much and we’re quickly reaching a tipping point. It’s going to change the way every type of business operates. Whether a company is fully distributed (remote), co-located in one office or distributed across multiple offices, the way that work gets done will
Boeing Co on Tuesday called for a $60 billion lifeline for the struggling U.S. aerospace manufacturing industry, which faces huge losses from the coronavirus pandemic.
U.S. package delivery company FedEx Corp suspended its 2020 profit outlook on Tuesday, citing the "significant impact" of the coronavirus, and said it would cut costs due to the uncertainty wrought by the pandemic.
H&M is temporarily closing all its 460 stores in Germany, its number one market for sales, and all 590 in its second largest market the United States, due to the coronavirus outbreak.
British supermarket group Sainsbury's is to restrict customer purchases to combat panic buying, close its in-store cafes and counters and beef-up online services to get it through the coronavirus crisis, it said on Wednesday.