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Yahoo BusinessFeb 27, 2020
Stocks Extend Losses, Bond Yields Hit Record Lows: Markets Wrap
(Bloomberg) -- The worldwide stock sell-off extended on Thursday, putting a global benchmark on course for the lowest close since October as investors continue to fret the spread of the coronavirus. Most government bonds added to gains, sending yields to unprecedented lows.The MSCI All-Country World Index fell for a sixth straight day, with Japan's benchmark gauge leading declines among major indexes. Futures on the S&P 500 dropped as much as 1.6% but recovered most of those losses. Having closed flat on Wednesday the Stoxx Europe 600 slumped in a broad-based retreat, with Anheuser-Busch InBev NV among the worst performers after a dismal forecast. Several large companies on the benchmark, including HSBC Holdings Plc, are today trading without the right to dividends, potentially exacerbating declines.Safer assets continued to be in demand, and the yen strengthened as yields on 10-year U.S. and Australian government bonds hit fresh record lows. Oil sank further.U.S. health authorities on Wednesday said they found the first case of coronavirus that does not have ties to a known outbreak. In South Korea, the number of cases rose above 1,500; the U.S. urged travelers to reconsider any trips to the country. On the corporate-news front, Microsoft Corp. joined those warning that the virus is impacting its supply chain.Global shares are down more than 7% from the peak reached earlier this month."Even with that retracement and multiple derating, we're still at cycle highs," George Boubouras, head of resear

Yahoo BusinessFeb 27, 2020
S&P 500 Futures Drop on U.S. Virus Case Without Outbreak Ties
(Bloomberg) -- U.S. stock index futures slid after American health authorities said they've identified the first case of coronavirus that doesn't have known ties to an existing outbreak.March contracts on the S&P 500 Index were down 1.4% as of 2:35 p.m. in Tokyo, after the U.S. Centers for Disease Control and Prevention said the patient doesn't appear to have traveled to China or been exposed to another known case of the virus. Contracts also dropped after a speech by President Donald Trump failed to assuage investors' concerns of the novel coronavirus derailing global growth. Euro Stoxx 50 futures declined 2.7%."President Trump's press conference was certainly intended to be a confidence builder but I don't believe it will have much impact on stocks," said Kristina Hooper, chief global market strategist at Invesco. "The drop in futures illustrates that words from politicians are meaningless. I believe it will take assurances from the Fed to send futures in the opposite direction."Trump sought to calm markets after one of the worst stretches for American stocks in almost five years. The underlying index is mired in a five-day losing streak that wiped out more than $2 trillion in value from American equities.The U.S. urged travelers to reconsider trips to South Korea as the country's number of cases rose to more than 1,500. New infections were diagnosed in countries from Pakistan to Brazil. Saudi Arabia halted religious visits that include stops in Mecca and Medina."Investors will be looking at tod

Yahoo BusinessFeb 26, 2020
Ford COO Sees 2009 Crisis Flashback on Faces of Colleagues
(Bloomberg) -- Ford Motor Co.'s recently appointed chief operating officer sees the struggling automaker operating with the same sense of urgency and crisis that kept the company out of bankruptcy a decade ago."Everyone at Ford knows the situation we're in," Jim Farley, who becomes COO on March 1, said Wednesday at a Wolfe Research conference in New York. "I can see it on the faces of my colleagues and it takes me back to about 10 years ago. I've seen the look before."Ford lost $14.8 billion in 2008, the most in its then 105-year history, but was the only automaker in Detroit to avoid the bailouts and bankruptcies that befell General Motors and Chrysler a year later. The tables have turned recently as Ford let its product lineup lapse, posted a string of dismal earnings results and botched the launch of its redesigned Explorer sport utility vehicle. Its stock closed Tuesday at the lowest in more than a decade.Farley contends Ford functions best when its back is against the wall."When I see Ford at its best was in '08, coronavirus, Thai floods, earthquake in Japan," Farley said, recounting the current and previous calamities the company has faced. "When there was a threat, the team comes together, decisions get made quickly at the right level. It's very natural."The promotion of Farley, 57, was announced earlier this month along with the early retirement of Joe Hinrichs, the other president of the company.Immediate FixFarley said he is focused on fixing Ford's problems, accelerating Chief Executive Officer Ji
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