Thursday, 27 Feb 2020

Business

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Tesco completes China exit with $357 million stake sale

LONDON (Reuters) – Britain’s biggest retailer Tesco (TSCO.L) has completed its exit from China with the 275 million pound ($357 million) sale of its joint venture stake to state-run partner China Resources Holdings (CRH). Having struggled to crack the Chinese market, Tesco established the Gain Land venture with CRH in 2014, combining the British group’s […]

Coronavirus sparks deepest S&P 500 drop since early 2018

SAN FRANCISCO (Reuters) – The S&P 500 suffered its worst day in two years on Monday as a surge in coronavirus cases outside China rattled investors already worried about valuations following recent record highs. The S&P 500’s 3.35% slump was the leading U.S. stock index’s deepest one-day loss since February 2018, when Wall Street was […]

Stocks tumble, oil falls, gold spikes as virus fears grip markets

NEW YORK (Reuters) – Stocks across the globe fell by the most since mid-2016 on Monday and oil prices tumbled as a jump in coronavirus cases outside of China drove investors to the perceived safety of gold and government bonds on fears of the impact on the global economy. Spot gold prices rose for a […]

Markets bet Fed is pushed to cut rates in coronavirus response

(Reuters) – Financial markets on Monday ratcheted up bets the U.S. Federal Reserve will be pressed to cut interest rates to cushion a feared hit to economic growth from the spread of the coronavirus. U.S. interest rates futures surged to their highest levels since last fall as evidence the virus was spreading further outside its […]

Bank of America names new French investment banking boss: memo

LONDON (Reuters) – Bank of America (BAC.N) has appointed Jérôme Morisseau as its head of investment banking for France as it seeks to bolster its Paris franchise and win more business from large French clients, a memo seen by Reuters said. The U.S. bank has also named veteran French banker Stéphane Courbon as chairman of […]

Health insurer shares pummeled by Sanders surge, virus worries

NEW YORK (Reuters) – As concerns over the spreading coronavirus outbreak hammered U.S. stocks, one corner of the market was confronted with another potentially game-changing prospect: a Bernie Sanders nomination. The S&P 500 managed healthcare index of health insurance stocks .SPLRCHMO tumbled over 7% early Monday afternoon, compared to a 3.5% fall for the overall […]

Wall Street sinks as pandemic fears rattle investors

New York (Reuters) – The Dow Jones Industrials was on track for its biggest daily decline in two years and the S&P 500 fell more than 3% on Monday, as investors fled riskier assets as fears about the global economic impact of the coronavirus intensified after a surge in cases outside China. Several countries including […]

Exclusive: Hedge fund Third Point targets British insurer Prudential: sources

NEW YORK (Reuters) – Hedge fund Third Point LLC has amassed more than a $2 billion stake in Prudential Plc (PRU.L) and plans to push Britain’s biggest insurer to split into two companies, people familiar with the matter said on Monday. Third Point’s demands could lead to a major shake-up at Prudential, only a few […]

Buffett calls coronavirus outbreak 'scary,' but says he won't be selling stocks

(Reuters) – Warren Buffett, the billionaire chairman of Berkshire Hathaway Inc (BRKa.N), on Monday called the coronavirus outbreak “scary stuff” but said stocks remain a good long-term investment and that he won’t sell stocks despite the threat of a pandemic. Speaking on CNBC, Buffett said investors with a 10- to 20-year time horizon and focused […]

Oil prices skid on demand concerns as virus spreads globally

SINGAPORE (Reuters) – Oil prices tumbled nearly 3% towards a one-week low on Monday as the rapid spread of the coronavirus in several countries outside China left investors fretting about a hit to demand. Global shares also extended losses as concerns about the impact of the new virus grew, with the number of infections jumping […]