Crude oil futures rise, but support seen weak
U.S. crude oil futures climbed nearly 3% on Tuesday in light trading as the Trump administration launched an effort to work with Saudi Arabia to stabilise oil prices.
U.S. crude oil futures climbed nearly 3% on Tuesday in light trading as the Trump administration launched an effort to work with Saudi Arabia to stabilise oil prices.
Luxury retailer Neiman Marcus Group Inc is in talks with lenders to file for bankruptcy as it struggles to ease its $4.3 billion debt load, Bloomberg reported on Monday, citing people familiar with the matter.
Asian stocks were set to rally on Tuesday as the U.S. Federal Reserve's sweeping pledge to spend whatever it took to stabilize the financial system eased debt market pressures, even if it could not offset the immediate economic hit of the coronavirus.
North American meat processors said on Monday they would pay extra money to farmers and slaughterhouse workers as the companies scramble to meet surging demand from consumers unnerved by the spread of the new coronavirus.
Mondelez International Inc on Monday said it would increase hourly wage by $2 and pay a $125 weekly bonus for its sales representatives as it rushes to meet a surge in demand for its packaged food due to the coronavirus outbreak.
Democratic U.S. lawmakers on Monday proposed giving struggling U.S. airlines and contractors $40 billion in cash grants that would not have to be paid back but require significant new environmental, labor and other conditions.
Wells Fargo & Co will join other large U.S. banks in paying out special compensation to front-line employees, according to a memo seen by Reuters.
Asian stocks rallied on Tuesday as the U.S. Federal Reserve's sweeping pledge to spend whatever it took to stabilize the financial system eased debt market pressures, even if it could not offset the immediate economic hit of the coronavirus.
U.S. Treasury Secretary Steven Mnuchin said on Monday that Republican and Democratic senators and Trump administration negotiators were nearing a deal on a coronavirus stimulus bill.
The dollar eased on Tuesday but remained near a three-year high against a basket of currencies as investors sought the world's main funding and settlement currency ahead of a sharp anticipated fall in cashflow.
The pandemic is taking its toll on aerospace manufacturing, as Boeing Co announced it would halt production of most widebody jets and Airbus SE restarted only partial output after a four-day shutdown as suppliers cut jobs.
Asian stocks rebounded sharply on Tuesday as the U.S. Federal Reserve's promise of bottomless dollar funding eased painful strains in financial markets, even if it could not soften the immediate economic hit of the coronavirus.
SoftBank Group Corp stock jumped 20% on Tuesday, extending a run that began a day earlier when the Japanese tech investor announced up to $41 billion in asset sales and a record share buyback to shore up its collapsing share price.
Oil prices rose on Tuesday on hopes that the United States will reach a deal soon on a $2 trillion coronavirus aid package which could blunt the economic impact of the outbreak and in turn support oil demand.
The dollar slipped on Tuesday on signs tight funding conditions are easing slightly after the U.S. Federal Reserve pulled out all stops to supply much needed greenback liquidity.