The Federal Reserve's next policy decision in two weeks' time will be driven by the latest news on how the coronavirus is affecting the economy, Cleveland Federal Reserve Bank President Loretta Mester said on Tuesday after an emergency rate cut.
The U.S. Federal Reserve cut interest rates on Tuesday in a bid to shield the world's largest economy from the impact of the coronavirus, but the emergency move failed to comfort U.S. financial markets roiled by fears of a deep and lasting slowdown.
The coronavirus outbreak has muddied the outlook for the U.S. economy and could weigh on growth in the first half of this year, Cleveland Federal Reserve Bank President Loretta Mester said in London on Tuesday.
Wall Street tumbled in a volatile session on Tuesday after the U.S. Federal Reserve surprised investors with a half percentage-point cut in interest rates, amplifying fears about the magnitude of the coronavirus' impact on the economy.
Global equity markets slid on Tuesday and the yield on 10-year U.S. Treasuries fell below 1% for the first time after the Federal Reserve cut interest rates to shield the U.S. economy from the impact of the fast-spreading coronavirus.
JPMorgan Chase & Co is asking thousands of U.S. employees to spend a day working from home in the coming weeks to test its contingency plans should the coronavirus spread, sources familiar with the plan told Reuters.
Nordstrom Inc forecast a 2020 profit largely below market expectations on Tuesday, after the upscale apparel retailer missed estimates for fourth-quarter revenue, sending its shares down 9% in after-market trading.
Germany's Lufthansa threw its weight behind a proposed $4.2 billion takeover of Embraer's commercial aircraft activities by Boeing , saying it would preserve a level playing field.
Finnish network equipment maker Nokia will cut up to 148 jobs in Finland in 2020 excluding its 5G development operations, it said on Tuesday evening.
U.S. package delivery companies United Parcel Service Inc and FedEx Corp warned on Tuesday that the coronavirus outbreak could disrupt shipment of goods in affected countries and possibly weigh on their first-quarter results.
A panel of OPEC and its allies recommended cutting oil output by an extra 1 million barrels per day (bpd) on Tuesday signaling that Russia and Saudi Arabia were moving closer to a deal to prop up prices which have been hit by the coronavirus outbreak.
The coronavirus outbreak muddied the outlook for U.S. economy and could weigh on growth in the first half of this year, Cleveland Federal Reserve Bank President Loretta Mester said in London Tuesday.
Wall Street tumbled in a volatile session on Tuesday after the Federal Reserve surprised investors with a half percentage-point cut in interest rates, amplifying fears about the magnitude of the coronavirus' impact on the economy.
The European Central Bank is ready to support the economy in the face of the coronavirus outbreak, but governments with budget leeway also need to help, ECB policymaker Francois Villeroy de Galhau said in a Dutch newspaper interview released on Tuesday.
Chemical giant Saudi Basic Industries Corporation (SABIC) said on Tuesday that it had raised its stake in Swiss chemicals maker Clariant to 31.5% from 25%.