Daily Archive: March 18, 2020

U.S. plans to keep markets open, but considering shorter trading hours

The Trump administration plans to keep U.S. stock markets open despite volatility, though trading hours may be shortened, Treasury Secretary Steven Mnuchin said.

“We absolutely believe in keeping the markets open,” Mnuchin said at a Tuesday news conference at the White House. “Americans need to know they have access to their money.”

Mnuchin said he has spoken to banks and the New York Stock Exchange, and they agree on the need to keep markets operating.

Wild swings in equity markets and thousands in the financial industry working from home have led to questions about whether stock exchanges should remain open. But top regulators and executives of exchange firms have come out in favour of keeping markets open.

U.S. indexes climbed on Tuesday, a day after declines triggered circuit breakers that halted trading before the major indexes plunged to their biggest drop since 1987.

Jim Toes, chief executive officer of the

Read More

Asian Stocks Mixed as Volatility Continues  By Investing.com

© Reuters.

Investing.com – Asian markets were mixed on Wednesday morning, struggling to raly in the face of continued volatility on Wall Street and buoyed by positive export data from Japan. 

 

In Japan, provisional data released by the Ministry of Finance on Wednesday showed a 1% drop in exports year-on-year, less than the 4.3% predicted by analysts.  

The rose 1.83% by 11:30 PM ET (3:30 GMT) whilst neighbouring South Korea’s KOSPI idown by 0.48%. 

 

Hong Kong’s rose 0.79% as markets opened, then shortened the gain to 0.13. China’s flattened to 0.85% after an initial loss of  0.34%  and the Shenzhen Component gained 1.10%. 

 

Australia’s reversed its gains yesterday by losing 4.93%. 

 

Stock markets continue to see saw but may find some support from fiscal stimulus being deployed by central banks.  

 

In the 

Read More

How much will coronavirus hurt the economy? These new estimates are terrifying

Subscribe to Fortune’s Outbreak newsletter for a daily roundup of stories on the coronavirus outbreak and its impact on global business.

Things are bad. But according to upcoming economic data estimates, they could get a lot worse.

While markets have sold off at record levels (the S&P 500 was down around 30% from its high as of Monday), the rapid decline into a bear market hasn’t left much time for economic data to play into it. To those like Matt Miskin, co-chief investment strategist at John Hancock Investment Management, “It’s going to get dire before we start getting better.”

In fact, following widespread closures of bars, restaurants, and the dislocation of other business activities and supply chains, stats like jobs data for March are still forthcoming—and the estimates are sobering.

Former Trump administration economist Kevin Hassett warned Monday that the U.S. could see up to 1 million jobs lost in … Read More