World stocks drift lower as second wave virus fears mount
Global stocks drifted lower on Thursday as an increase in new coronavirus cases in some U.S. states and China crushed hopes of a swift world economic comeback from the pandemic.
Global stocks drifted lower on Thursday as an increase in new coronavirus cases in some U.S. states and China crushed hopes of a swift world economic comeback from the pandemic.
Wells Fargo & Co said on Thursday its investment adviser Wells Fargo Investment Institute will sell its feeder fund platform to fintech firm iCapital Network for an undisclosed amount.
Gen Z money pros are quick to roll with the times financially, which is typical of a generation that has already lived through the Great Recession and seen lots of stock market turmoil.
Colgate-Palmolive on Thursday said it was working to review and evolve its Chinese toothpaste brand, Darlie, the latest in a string of brand reassessments amid a U.S. debate on racial inequality.
Wirecard's auditor has refused to sign off its 2019 accounts over a missing $2.1 billion, sending its shares down more than 60% as the German payments firm warned the delay could cause billions in loans to be called in as early as Friday.
U.S. stocks fell at the open on Thursday as an uptick in COVID-19 infections in the United States threatened to upend bets of a swift economic recovery, with data showing weekly jobless claims remained elevated amid a second wave of layoffs.
Billions of euros of loans to Wirecard could be called in as early as Friday after the German payments company said its auditor had refused to sign off on its 2019 accounts, knocking more than half the value off its shares on Thursday.
U.S. investors have ramped up investments in growth funds over the past few months on expectations of higher returns and safety, while they dumped value funds despite cheaper prices after this year's pandemic-linked selloff.
Oil prices ticked up on Thursday after U.S. oil product stocks shrank, providing bulls with ammunition ahead of a meeting between OPEC producers and their allies to discuss their future output strategy.
U.S. private equity firm KKR said on Thursday it had reached an agreement to buy Dutch vacation parks firm Roompot from French private equity firm PAI Partners.
A defacto lockdown in the United States has lasted longer than expected despite a rollback in some restrictions on mobility, pointing to a deeper-than-expected contraction in gross domestic product in the second quarter, the IMF said on Thursday.
Prudential sold a minority stake in its U.S. business, Jackson, to Apollo Global-backed Athene Holding for $500 million, the insurer said on Thursday, in the first phase of its plan to create an independent U.S. business.
The S&P 500 and Dow retreated on Thursday as an uptick in coronavirus infections in parts of the United States threatened to upend bets of a swift economic recovery, with data showing weekly jobless claims remained elevated.
Oil prices were broadly stable on Thursday after dipping in and out of positive territory as bulls took their cue from shrinking U.S. oil product stocks and bears looked at rising crude stocks and new coronavirus cases.
The number of Americans filing for unemployment benefits fell last week, but the pace of decline appears to have stalled amid a second wave of layoffs as companies battle weak demand and fractured supply chains, supporting views that the economy faces a long and difficult recovery from the COVID-19 recession.