The U.S. Consumer Financial Protection Bureau (CFPB) said on Monday it charged Fifth Third Bank, National Association, for creating fake client deposit and credit-card accounts and transferring clients' funds to those accounts without consent, citing an abuse of fair lending and savings laws.
The United States on Monday accused "state actors" for manipulating global oil markets, saying their actions contributed to a big drop in oil prices but adding that American energy suppliers were well placed to withstand the volatility.
While no U.S. airlines have requested a bailout to date, the head of Hawaiian Airline said on Monday that it was difficult to predict what would happen in the weeks and months ahead for the industry as travelers cancel flights amid coronavirus uncertainty.
A U.S. regulatory body on Monday said it would temporarily waive some of its rules in order to allow thousands of traders to operate from home as the coronavirus spreads in New York.
Fears about the rapidly spreading coronavirus and its impact on the global economy, which deepened on Monday with the collapse of oil prices, have evaporated over $5 trillion of the S&P 500's market value in recent weeks.
The Maldives has curbed movement on several resort islands, authorities said on Sunday, after the country reported its first two cases of coronavirus.
Shares of Saudi state oil company Aramco fell below their initial public offering (IPO) price on Sunday for the first time since they began trading in December after the OPEC oil supply cut pact with Russia fell apart on Friday.
IKEA, the world's biggest furniture brand, is reopening nine of its stores in China this weekend, a company spokeswoman said.
The words "bear market" and "recession" are being used with increasing frequency as investors try to assess how badly the coronavirus outbreak will damage global growth and to what extent it could further weigh on asset prices.
Brazilian and U.S. governments signed on Sunday an agreement for development of defense projects that may give the South American country access to financing.
Pacific Investment Management Co (PIMCO), one of the world's largest investment firms, told clients on Sunday the coronavirus outbreak is likely to cause a relatively mild and short recession though tight credit markets could worsen the downturn.
As the coronavirus spreads in the financial hub of New York, financial firms – led by the Securities Industry and Financial Markets Association (SIFMA)– have triggered their contingency plans and are taking other precautions. As of Sunday, here is the state of play:
Asian share markets were set for a beating on Monday as investors fled to bonds to hedge the economic shock of the coronavirus, and oil plunged more than 20% after Saudi Arabia slashed its official selling price.
Oil futures dropped more than 20% on Sunday to their lowest since 2016 after Saudi Arabia slashed its official selling price (OSP), signaling the start of a price war after OPEC talks with Russia failed to produce an agreement on production cuts.
The price of futures contracts for the S&P 500 index fell more than 4% on Sunday as trading for U.S. equity markets resumed, a sign that investors fear the toll from the fast-spreading coronavirus will deepen.