- The USDCHF has rebounded higher in the New York session as dollar buying is the theme. The pair bottomed today at a lower trendline (see red numbered circles). Holding that level got the ball rolling. The momentum increased after breaking a swing area at the 0.96837 to 0.96904 area (see yellow area) and the 200 hour moving average (green line currently at 0.96837).
Global oil prices rebounded to more than $30 a barrel for the first time in almost a month on Thursday after Saudi Arabia and Russia signalled a possible truce in the price war which triggered the fastest oil market collapse in decades.
The price of Brent crude leapt by 30% after the US president, Donald Trump, fanned hopes of a new deal between Riyadh and Moscow to help stabilise the oil market after Washington’s intervention.
Oil prices fell to 18-year lows of $23 a barrel earlier this week as Russia and Saudi Arabia prepared to wrestle for a greater share of the market by increasing production despite falling energy demand because of the Covid-19 pandemic.
Trump tweeted on Thursday that he had spoken to Saudi crown prince Mohammed bin Salman and expected Riyadh and Moscow to cut output by as much as 15m barrels a day.
The president initially said the oil production cut should beabout 10m barrels a day, before raising the figure...
BRUSSELS (Reuters) - Twitter took down thousands of accounts linked to Egypt, Honduras, Indonesia, Saudi Arabia and Serbia on Thursday for either taking directions from the governments or promoting pro-government content.
Twitter and other social media companies are under pressure to clean up misinformation and hateful content on their platforms, while abuse related to the coronavirus outbreak has also increased scrutiny of their actions.
Twitter said it removed the accounts because they violated its policies and were a targeted attempt to undermine the public conversation.
It took down 2,541 accounts in the Egypt-based El Fagr network because it created fake accounts to amplify messages critical of Iran, Qatar, and Turkey.
“Information we gained externally indicates it was taking direction from the Egyptian government,” Twitter said.
The company removed...
HAMBURG (Reuters) - The bosses of Volkswagen (VOWG_p.DE), BMW (BMWG.DE) and Daimler (DAIGn.DE) held a crisis call with German Chancellor Angela Merkel on Wednesday to discuss how to get production restarted, Germany’s Handelsblatt newspaper reported on Thursday.
Carmakers have halted production at some sites as governments around the world have imposed lockdowns on their populations in response to the coronavirus outbreak.
Volkswagen Chief Executive Herbert Diess last week said the carmaker might have to cut jobs if the pandemic is not brought under control as it is still spending about 2 billion euros ($2.18 billion) a week.
Handelsblatt cited participants in the call as saying carmakers were particularly concerned about the supply chain.
A Volkswagen source told Reuters the carmakers discussed the situation in the industry and how production could be started...
ONE OF THE trickier tasks for epidemiologists studying the coronavirus pandemic is determining just how prevalent it is. According to Johns Hopkins University, there are now 886,000 confirmed cases of covid-19 around the world, or roughly one case for every 9,000 people. But these numbers reflect not only how many people are known to have contracted the illness, but how many are being tested for it. This varies widely from country to country. Germany is testing 500,000 of its citizens each week. Britain, which is limiting tests to those with severe symptoms, is managing just one-tenth as many.
A new paper by a group of 62 scientists attempts to shed light on the matter using some clever statistics. The study, which was overseen by Neil Ferguson and Samir Bhatt of Imperial College London, looked at data for 11 countries in western Europe. To arrive at accurate estimates for the likely prevalence of the virus in each country, the researchers’ epidemiological model...
JPMorgan Chase & Co. Chief Executive James Dimon returned to work this week, a month after undergoing emergency heart surgery.
In a memo to employees, Mr. Dimon thanked Co-Presidents Daniel Pinto and Gordon Smith for running the bank in his absence. He is working remotely, along with most of the bank’s executives, as the coronavirus pandemic sweeps through New York City.
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SAN FRANCISCO/WASHINGTON/LONDON (Reuters) - Hackers working in the interests of the Iranian government have attempted to break into the personal email accounts of staff at the World Health Organization during the coronavirus outbreak, four people with knowledge of the matter told Reuters.
For years, the country’s public pension plans have faced a yawning gap between what they owe and what they can pay.
From the State of California’s public employees’ retirement plan, with more than 1.6 million participants, to tiny funds for employees of local mosquito-control programs in Illinois, public pensions are the time bomb of government finance.
Now the coronavirus pandemic has it ticking faster.
Already chronically underfunded, pension programs have taken huge hits to their investment portfolios over the past month as the markets collapsed. The outbreak has also triggered widespread job losses and business closures that threaten to wipe out state and local tax revenues.
That one-two punch has staggered these funds, most of which are required by law to keep sending checks every month to about 11 million Americans.
- Haelim Anderson and Adam Copeland During moments of heightened economic uncertainty, authorities often need to decide on how much information to disclose. For example, during crisis periods, we often observe regulators limiting access to bank?level information with the goal of restoring the public's confidence in banks. Thus, information management often plays a central role in ending financial crises. Despite the perceived importance of managing information about individual banks during a financial crisis, we are not aware of any empirical work that quantifies the effect of such policies. In this blog post, we highlight results from our recent working paper, demonstrating that in a crisis, a policy of suppressing information about banks' balance sheets has a significant and positive effect on deposits. Why Might Withholding Information about Banks Be Helpful? During normal times, regulators have long recognized that disclosure is an important tool that helps...
- Just had a great conversation with [Russian oil minister Alexander Novak]. While we normally compete, we agreed that COVID19 requires unprecedented level of int'l cooperation. Discussed 10mbpd out of global supply. Look forward to speaking with Saudi Prince Abdulaziz bin Salman soon.
U.S. corporate bonds are being downgraded at breakneck speeds, highlighting the threat posed to companies’ balance sheets by the coronavirus crisis.
The pace of downgrades over the last two weeks was the fastest on record in one major corporate-bond index going back to 2002, according to BofA Global Research.
The index, known as the ICE BofAML...
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