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MarketWatchFeb 25, 2020
Europe Markets: European stocks edge lower after Monday's pounding over spreading virus
European stocks drifted lower in volatile trade Tuesday as markets failed to set a floor after the pounding it took over the spread of the coronavirus in Italy and in South Korea.

Yahoo BusinessFeb 24, 2020
Hong Kong Stocks Trade Near Lowest Versus World Since 2004
(Bloomberg) -- Hong Kong stock investors are the worst off in 16 years relative to the rest of the world as concerns mount over the impact of the coronavirus on an economy already reeling from last year's protests.The Hang Seng Index is near its lowest level relative to the MSCI All Country World Index since 2004, even after Monday's brutal sell-off in the U.S. The Hong Kong gauge has also decoupled from mainland equities, falling to a three-year low relative to the CSI 300 Index.Hong Kong already faced a gloomy outlook before the coronavirus emerged, as months of political unrest pushed the city's economy into recession. Tourism has disappeared and retail is suffering, while concern over the impact of the virus on Chinese earnings is also weighing on mainland companies traded in the city."Hong Kong has a rather unbalanced economy, which relies heavily on sectors like retail and tourism that will be hit hard by the virus due to less mainland visitors," said Ronald Wan, chief executive of Partners Capital International Ltd. "It's a market with high risk at the moment."The Hang Seng Index rose 0.1% as of 9:42 a.m. Tuesday while the CSI 300 index dropped 0.7%.City officials aren't offering much optimism to investors. Paul Chan, the city's financial secretary, wrote last week that Hong Kong is facing "tsunami-like" shocks and may incur a record budget deficit in the next fiscal year, with coronavirus impacts being felt beyond retail, restaurants and tourism.Hong Kong, restrained by a currency peg to the U.S. dolla

MarketWatch MarketPulseFeb 24, 2020
Expedia to slash about 3,000 jobs in cost-cutting move: report
Expedia Group Inc. will cut about 3,000 jobs, including around 500 at its Seattle headquarters, to reduce costs, Geekwire reported Monday. Geekwire obtained an internal email from Expedia announcing the layoffs, which add up to about 12% of its workforce. "We have been pursuing growth in an unhealthy and undisciplined way," the Expedia email said, according to Geekwire. "Today, we are announcing our intent to reduce and eliminate certain projects, activities, teams, and roles to streamline and focus our organization." In its quarterly earnings report earlier this month, Expedia said it expects between $300 million and $500 million in run-rate cost savings across its business this year, though it did not mention layoffs. Expedia shares were hammered Monday, falling 6.5%, but the job cuts do not appear related to coronavirus worries, although last week the online travel site said it expects a $30 million to $40 million impact on adjusted first-quarter EBITDA as a result of the outbreak.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



MarketWatch MarketPulseFeb 24, 2020
U.S. oil prices settle down nearly 4% as coronavirus outbreak spreads
Oil futures settled lower on Monday, with U.S. prices losing almost 4% as the market continued to fret over the impact of coronavirus on energy demand. "It could be a bloodbath for oil in the short-term as the risks of a global pandemic will cripple travel and trade," said Edward Moya, senior market analyst at Oanda, in a market update. He said U.S. benchmark crude futures may trade in the mid-$40s by the end of the week "if the number of cases continue to spread across Europe and the Middle East." April West Texas Intermediate oil fell $1.95, or nearly 3.7%, to settle at $51.43 barrel on the New York Mercantile Exchange.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


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