Daily Archive: March 1, 2020

U.S. stocks tumble 11% in worst week since the financial crisis, TSX flirts with correction territory

The spread of the coronavirus rattled global financial markets, sending U.S. stocks to their worst week since the financial crisis more than a decade ago. Demand spiked for safe assets from Treasuries to the yen.

The S&P 500 plunged 11 per cent in the five days and the Dow Jones Industrial Average careened to the lowest since June, wiping out almost US$3 trillion in value from American equities. Treausires surged, pushing yields on the 10- and 30-year notes to record lows during the period. Oil plunged toward US$45 a barrel in its biggest weekly rout since 2008.

“Investors are selling stocks first and asking questions later,” Keith Lerner, SunTrust’s chief market strategist, wrote in a note. “We are seeing signs of pure liquidation. ‘Get me out at any cost’ seems to be the prevailing mood. There is little doubt the coronavirus will continue to weigh on the global economy, and

Read More

American Airlines suspending flights to Milan after U.S. travel warning By Reuters

By David Shepardson

WASHINGTON (Reuters) – American Airlines Inc (O:) will suspend all U.S. flights to Milan, the airline said late on Saturday, just hours after the U.S. State Department said it was raising its travel warning for parts of Italy due to the coronavirus outbreak.

Italy is experiencing Europe’s worst outbreak of the infectious disease, with more than 1,100 confirmed cases and 29 deaths. The country’s outbreak emerged last week about 40 miles (60 km) from Milan, Italy’s financial capital in the country’s north.

American said it will suspend flights to and from Milan, from New York-John F. Kennedy International Airport and Miami through April 24, citing a reduction in demand.

On Saturday, the Trump administration raised its travel advisory alert to “Level 4 – Do Not Travel” to Lombardy and Veneto in Italy “due to the level of community transmission of the virus and imposition of local quarantine

Read More

One way the wealthy hope to avoid coronavirus? Private jets

Growing fear over coronavirus is battering commercial airline stocks, but private jet operators are seeing a spike in demand as well-heeled travelers look to minimize their public exposure and find alternatives to suspended flights.

“There’s undoubtedly been a rise in demand for short-notice, on-demand charter,” said Adam Twidell, chief executive officer of jet charter provider PrivateFly. “We’ve had a very significant number of inquiries, for group evacuations, and from corporates and individuals.”

Requests have included a decontamination team looking for transport within Asia and a family traveling to Bali from Hong Kong who wanted to avoid exposure to other people on a commercial flight. Charter company Victor recently had a film studio ask about flying 50 people to Los Angeles from Tokyo to limit interaction with other travelers.

Such inquiries are becoming more common after the virus, which first emerged in Central China in December, has since spread to … Read More