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MarketWatchApr 09, 2020
Market Extra: How the Fed plans to keep credit, a crux of the American economy, flowing to U.S. consumers during the pandemic
The Federal Reserve is beef up a crisis-era lending facility to keep the credit flowing amid the coronavirus crisis, but will it work?

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Fed balance sheet increases to record $6.13 trillion - Yahoo Finance (Google Business News)

NYTimes BusinessApr 09, 2020
OPEC Talks to Cut Oil Production Disappoint Traders: Live Updates
Live updates on stock market and business news during the coronavirus outbreak.

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OPEC deal to curb oil production held up by Mexico: report (MarketWatch MarketPulse)

Yahoo BusinessApr 09, 2020
Even OPEC 's Deep Cuts Couldn't Keep Oil Markets From Plunging
(Bloomberg) -- Some of the world's largest oil producers are finalizing a deal that would take an unprecedented 10 million barrels a day of crude off the market in an bid to resuscitate prices pummeled by the coronavirus pandemic.The market's crashing anyway.A marathon OPEC video conference that's still ongoing after eight hours has so far yielded an end to Saudi Arabia's price war with Russia, established the contours of an historic supply-curb agreement, and laid the foundation for an even broader global accord to trim production. Yet futures in New York ended the day 9% lower while crude in London closed down 4%.Oil's seemingly unstoppable collapse underscores just how dramatically demand has deteriorated as the virus ravages world economies and brings modern life to a standstill. More than two-thirds of the world's population is in lockdown -- not driving, flying or otherwise burning fuel. Consumption is falling faster than anyone predicted, with demand losses seen reaching 35 million barrels a day by some estimates. Against that backdrop, an agreement to eliminate 10% of global crude supply -- while extraordinary -- isn't a panacea.The stakes could not be higher: OPEC 's ability to correct the worst market rout in nearly two decades could bend the fortunes of energy players across the globe, from petro-states and Big Oil to traders and oilfield workers. Billions of dollars in spending and countless industry jobs are at risk as prices tumble, triggering shale bankruptcies and shutting oil fields

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Calpers Forfeited a $1 Billion Payday by Scrapping Market Hedge (Yahoo Business)

MarketWatchApr 09, 2020
Coronavirus update: 1.54 million cases worldwide, 93,425 deaths and millions of Americans seek jobless benefits
The number of Americans seeking jobless benefits soared again on Thursday, in the latest sign of how the coronavirus that causes COVID-19 is impacting all sectors of the economy, as companies are forced to furlough and lay off workers

Yahoo BusinessApr 09, 2020
Saudi-Russia Oil Deal Under Threat as Mexico Walks Out of OPEC Talks
(Bloomberg) -- An agreement between Saudi Arabia and Russia for record oil-production cuts was endangered late on Thursday as Mexico refused to participate in the curbs and left the meeting without approving the deal.Ministers will continue to discuss ways to secure the Latin American country's approval on Friday, delegates said. The situation, which came after more than 9 hours of talks via video link, cast doubt over a global effort to revive the oil market from a debilitating coronavirus-induced slump.Earlier on Thursday, OPEC had tentatively agreed to cut production by about 10 million barrels a day in May and June, delegates said. Saudi Arabia and Russia, the biggest producers in the group, would each take output down to about 8.5 million a day, with all members agreeing to cut supply by 23%, one delegate said.Attention should have turned on Friday to the Group of 20 energy ministers meeting. A contribution from major producers including the U.S. and Canada -- possibly as much as 5 million barrels a day of further supply reductions -- could boost efforts to revive prices after the initial OPEC agreement failed to push crude higher on Thursday.The dogged refusal of Mexico's Energy Secretary Rocio Nahle Garcia to accept the production level proposed for her country as part of the deal upended that schedule.Political PressureThe unexpected setback doesn't change the urgent need for the Organization of Petroleum Exporting Countries and its allies to reduce production. Oil's spectacular pri

MarketWatchApr 09, 2020
Key Words: Fed should pay every American more, let hedge funds and billionaires ‘get wiped out,' says Social Capital CEO
Is the Fed's massive coronavirus stimulus package helping the ultra-rich at the expense of ordinary American workers? That's what Chamath Palihapitiya, chief executive of venture capital firm Social Capital, argued Thursday.

RELATED ARTICLES
Markets higher as fed unveils $2.3 trillion funding plan (Yahoo Business)

Yahoo BusinessApr 09, 2020
Stock market news live updates: Stocks rally, S&P posts best week in 46 years after Fed rides to the rescue with new stimulus
Stocks cut earlier losses from the overnight session and opened higher Thursday after the Federal Reserve unexpectedly unleashed a new multi-trillion-dollar stimulus plan to support businesses during the coronavirus pandemic.


Yahoo BusinessApr 09, 2020
Jim Chanos Says Tesla Should Trade Like a Carmaker, Not Tech Company
(Bloomberg) -- Short seller Jim Chanos predicted Tesla Inc. will lose money again this year and believes investors will eventually trade the stock more like a carmaker than a tech company."It has to lay people off like a car company, not like a Silicon Valley software company," Chanos, the president of Kynikos Associates, said of Tesla on Bloomberg Television. "It has manufacturing plants like a car company. It's got a lot of debt like a car company. So investors can try, can convince themselves all they want, that this is a software company or this is some leading-edge technology company. Sadly, the numbers belie that."Read more on Chanos being ‘outraged' private equity giants want aidChanos has been publicly short Tesla for several years. When the electric-car maker was in the process of merging with SolarCity Corp. in September 2016, he said the combined company would be a "walking insolvency." As Chief Executive Officer Elon Musk was struggling to ramp up production of the Model 3 sedan in late 2017, Chanos predicted Tesla was "headed for a brick wall."Musk acknowledged almost a year later that Tesla had narrowly avoided insolvency, though the company is now on much firmer footing. It's selling the Model 3 in volumes no other automaker has seen with an electric vehicle, and two quarters of profit sent the shares soaring from late last year through mid February.While the spread of the coronavirus wiped out a fair amount of gains, the stock is still up 37% this year and 125% since Oct. 23, whe

MarketWatch Breaking NewsApr 09, 2020
Stocks will revisit their coronavirus crash lows, Mark Hulbert says. Here's when
Stocks will revisit their coronavirus crash lows, Mark Hulbert says. Here's when
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