Daily Archive: March 15, 2020

‘We will get through this’: Some of Canada’s biggest money managers on what to make of the market spiral

As investors try to make sense of one of the swiftest downward spirals in market history, some of Canada’s biggest money managers are advising clients to hold their nerve.

On Thursday, the S&P/TSX Composite Index plunged 12.3 per cent in the biggest one-day percentage drop since May 1, 1940 as investors assessed the likelihood of a global recession because of the coronavirus pandemic. The loonie has weakened almost 6 per cent this year against the greenback and government bond yields have plumbed record lows.

The stock index has tumbled 30 per cent in three weeks since its Feb. 20 peak, battered by concerns on the virus and plunging oil prices. That’s about twice the 15 per cent slump in the three weeks after Lehman Brothers Holdings Inc. collapsed during the 2008 financial crisis.

Before the market opened on Thursday, Bloomberg gathered with three top investors to discuss where we go

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U.S. airlines start cutting flights due to UK, Ireland restrictions By Reuters

© Reuters. A Delta Air Lines Boeing 737 plane sits at the gate at LAX airport in Los Angeles

By David Shepardson and Tracy Rucinski

WASHINGTON/CHICAGO (Reuters) – United Airlines Co (O:) said late Saturday it would begin cutting flights to the United Kingdom after Washington expanded travel restrictions to Britain and Ireland, and Southwest Airlines (N:) moved toward flight cuts as the coronavirus outbreak sapped demand.

Delta Airlines Inc (N:) also said it planned to start cutting flights to the United Kingdom.

Southwest, one of the few U.S. airlines still flying a full schedule, said it was “seriously considering” cutting flights.

While airlines scrambled to stem losses and protect jobs, U.S. Treasury Secretary Steven Mnuchin said the government would “immediately” start working with Congress to support the airline and cruise industries, both hard hit by the spiraling crisis.

U.S. Vice President Mike Pence said restrictions on the UK and

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Coronavirus press conference: Stocks rise for Walgreens, Target and Becton Dickinson

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