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MarketWatch MarketPulseApr 09, 2020
OPEC deal to curb oil production held up by Mexico: report
Mexico is holding up a deal by the world's largest oil producers, including Saudi Arabia and Russia, to curb production, Bloomberg News reported late Thursday. A tentative agreement to cut 10 million barrels a day in May and June was reportedly reached by the OPEC nations earlier in the day, apparently ending a months-long price war, but Bloomberg reported Mexican officials refused to go along with the proposed cuts to its production, and walked out of marathon videoconference negotiations. Delegates told Bloomberg they hope to convince Mexico in further talks Friday. The proposed deal required all parties to cut production by 23%, Bloomberg said. Crude prices sank Thursday after investors worried the deal wouldn't be enough to offset a sharp drop in demand due to coronavirus-related shutdowns around the world.

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.



Yahoo BusinessApr 09, 2020
Calpers Forfeited a $1 Billion Payday by Scrapping Market Hedge
(Bloomberg) -- Three years ago, America's largest pension fund made an unusual investment. It bought so-called tail-risk protection, a kind of insurance against financial catastrophe. In a market meltdown like the one sparked by the coronavirus, the strategy promised a massive payout -- more than $1 billion.If only the California Public Employees Retirement System had stuck with the plan. Instead, Calpers, as the fund is known, removed one of its two hedges against a bear market just weeks before the viral outbreak sent stocks reeling, according to people familiar with its decision.The timing couldn't have been worse. The fund had incurred hundreds of millions of dollars in premium-like costs for those investments. Then it missed out on a bonanza when disaster finally struck.Softening the blow, Calpers held on to the second hedge long enough to make several hundred million dollars, one of the people said.Ben Meng, chief investment officer of Calpers, said the fund terminated the hedges because they were costly and other risk-management tools are more effective, cheaper and better suited to an asset manager of its size."At times like this, we need to strongly resist ‘resulting bias' -- looking at recent results and then using those results to judge the merits of a decision," Meng said in a statement. "We are a long-term investor. For the size and complexity of our portfolio, we need to think differently."Calpers had been warned about the perils of shifting strategy. At an August 2019 meeting of its

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.


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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Mark Hulbert: Stocks will revisit their coronavirus crash low, and here's when to expect it (MarketWatch)
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