Wednesday, December 2

Month: April 2020

U.S

U.S. coronavirus outbreak soon to be deadlier than any flu since 1967

By Administrator_India Capital Sands U.S. deaths from the novel coronavirus topped 60,000 on Wednesday and the outbreak will soon be deadlier than any flu season since 1967. America's worst flu season in recent years was in 2017-2018 when more than 61,000 people died, according to the U.S. Centers for Disease Control and Preventihere. The only deadlier flu seasons were in 1967 when about 100,000 Americans died, 1957 when 116,000 died and the Spanish flu of 1918 when 675,000 died, according to the CDC. The United States has the world’s highest coronavirus death toll and a daily average of 2,000 people died in April of the highly contagious respiratory illness COVID-19, according to a Reuters tally. The first U.S. death was recorded on Feb. 29 but recent testing in California...
U.S

U.S. coronavirus deaths surpass Vietnam War toll as Florida governor meets Trump

By Administrator_India Capital Sands The U.S. coronavirus death toll reached a grim milestone on Tuesday, surpassing the number of American lives lost in the Vietnam War, as Florida’s governor met with President Donald Trump to discuss easing shutdowns aimed at curbing the pandemic. Florida Governor Ron DeSantis is weighing whether to join other states moving to relax workplace restrictions and stay-at-home orders that have battered the U.S. economy even though health experts credit the measures with slowing the contagion. The meeting at the White House came as Florida announced its highest single-day death toll from the coronavirus and two days before Florida’s stay-at-home order is due to expire. Despite a high proportion of elderly residents, who are especially vulnerabl...
International

Asian shares fall on fresh rout in crude prices

By Administrator_India Capital Sands Asian shares and U.S. stock futures dipped into the red on Tuesday, erasing earlier gains as a renewed decline in oil prices overshadowed optimism about the easing of coronavirus-related restrictions seen globally. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.3%. Shares in China fell 0.7% and South Korean shares  fell 0.22%. Oil futures slumped after the largest U.S. oil exchange-traded fund said it would sell all its front-month crude contracts to avoid further losses as prices collapse. Some investors are hoping the worst may be over for the world economy as more countries allow businesses to re-open, but others see reasons to remain cautious, especially as a coronavirus vaccine has yet to be developed. ...
UK

UK PM Johnson, on the mend after COVID-19, faces lockdown conundrum

By Administrator_India Capital Sands Prime Minister Boris Johnson faces the biggest conundrum of his premiership as he recuperates from COVID-19: how to lift a lockdown that is destroying swathes of the British economy without triggering a deadly second wave of the outbreak. Johnson, 55, is on the mend at his country residence after spending three nights in intensive care at a London hospital earlier this month with COVID-19 complications. He later said he owed his life to the hospital staff. But as speculation mounts that the prime minister is preparing to return to work, Johnson is under pressure to explain just how and when the world’s fifth largest economy will exit the crippling lockdown. “He sounded incredible,” U.S. President Donald Trump said on Thursday of how John...
Global

Asian shares fall on coronavirus drug, economic damage concerns

By Administrator_India Capital Sands Asian shares and U.S. stock futures fell on Friday, spurred by doubts about progress in the development of drugs to treat COVID-19 and new evidence of U.S. economic damage caused by the coronavirus pandemic. MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.4%. U.S. stock futures, the S&P 500 e-minis, were down 0.72%. Shares in China, where the coronavirus first emerged late last year, fell 0.25%. The S&P 500 and the Nasdaq turned negative at the close on Thursday after a report that Gilead Sciences Inc’s antiviral drug remdesivier had failed to help severely ill COVID-19 patients in its first clinical trial. Gilead said the findings were inconclusive because the study conducted in China was terminated earl...
International

Record U.S. jobless claims wipe out post-Great Recession employment gains

By Administrator_India Capital Sands A record 26 million Americans likely sought unemployment benefits over the last five weeks, confirming that all the jobs created during the longest employment boom in U.S. history were wiped out in about a month as the novel coronavirus savages the economy. Thursday’s weekly jobless claims report from the Labor Department will add to a growing pile of increasingly bleak economic data. It will come amid rising protests against nationwide lockdowns to control the spread of COVID-19, the potentially lethal respiratory illness caused by the virus. President Donald Trump, who is seeking a second term in the White House in November’s general election, has been anxious to restart the paralyzed economy. Trump on Wednesday applauded steps taken by a...
Oil

Indian refineries scale back output as virus chokes demand

By Administrator_India Capital Sands India’s crude processing in March fell 5.7% from a year earlier, its biggest drop since September, as the coronavirus crisis and travel restrictions to curb its spread dented fuel demand and forced refineries to cut output. Refiners processed about 21.20 million tonnes, or 5.01 million barrels per day (bpd), of oil last month, provisional government data showed on Wednesday. That was lower than the 5.32 million bpd processed in February and in March 2019. Crude production also declined 5.5% in March from a year earlier to around 2.70 million tonnes or 0.64 million bpd. Many refineries have curbed output with fuel demand hammered by travel restrictions as the pandemic forced people to stay home and stalled economic activity. India on M...
Commodity Broker, Oil

Oil prices recover ground after market turmoil fuels price plunge

By Administrator_India Capital Sands Oil prices found some respite on Wednesday as U.S. oil futures rose more than 20% and Brent prices steadied after a two-day price plunge, as markets struggle with a massive crude glut amid the coronavirus outbreak. After falling into negative territory for the first time in history amid record trading volumes, U.S. crude futures rose 20% as contracts for May delivery expired and the June contract became the front month. West Texas Intermediate was up $2.05, or 18%, at $13.62 a barrel by 0034 GMT. Brent crude, which settled down 24% in the previous session, was up 4 cents at $19.37 a barrel after rising more than $1 earlier. “Global markets are struggling mightily with a temporary but overwhelming demand drop due to the coronavirus pan...
European Union

EU may need $1.7 trillion post-coronavirus package

By Administrator_India Capital Sands An economic support package being readied to help the European Union recover from the coronavirus crisis may need be to worth around 1.6 trillion euros ($1.7 trillion), the EU's industry chief Thierry Breton said on Tuesday. The European Commissioner for Internal Market and Services told French TV station BFM TV he was working on plans around that type of figure with Economics Commissioner Paolo Gentiloni. That would represent some 10% of EU GDP, Breton said. Member states disagree over the technical aspects of how to finance such a plan, and national leaders are expected to defer a final decision on it when they meet by videolink on Thursday, diplomats and officials told Reuters on Tuesday. There are also differences over how big suc...
International

Crude Awakening Hits Wall Street Amid Historic Slump in Oil

By Administrator_India Capital Sands Wall Street ended the session near the lows of the day, led by a slide in energy as oil prices slipped into negative territory for the first time ever, as many fret over storage capacity constraints at a time when the Covid-19 pandemic has hit demand. The Dow fell 2.4%, or 594 points, the S&P 500 slipped 1.8% and the Nasdaq Composite lost 1%. Energy stocks led the broader market lower, paced by a decline in the price of oil for delivery in May, which settled below zero for the first ever, amid weaker demand and fast-paced selling by speculators scrambling to sell long positions to avoid owning tacking physical delivery. “Cushing is landlocked and stocks look likely to be full within 3 weeks,” said Chris Midgley at S&P Global Plat...