Daily Archive: May 15, 2020

Oil extends gains amid signs of China demand pickup, global supply overhang fading By Reuters

© Reuters. FILE PHOTO: A TORC Oil & Gas pump jack near Granum

By Aaron Sheldrick

TOKYO (Reuters) – Oil prices rose on Friday, extending day-earlier gains, as data showed demand for crude picking up in China after the easing of curbs to stem the coronavirus outbreak, boosting hopes that the global supply overhang may start to fade.

was up 39 cents, or 1.3% at $31.52 a barrel by 0333 GMT, after rising nearly 7% on Thursday. The global benchmark is heading for a 1.8% gain on the week after rising for the previous two weeks.

West Texas Intermediate (WTI) oil was up 19 cents, or 0.7%, at $27.75 a barrel, having jumped 9% in the previous session. WTI is heading for a third weekly increase, up more than 12%.

Amid supply cuts by the Organization of the Petroleum Exporting Countries (OPEC) and other major producers, bright spots are also

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‘Stocks are overvalued’: Wall Street heavyweights sound the alarm about markets

The biggest names in finance are coming around to a view that seemed unlikely a few weeks ago: Stocks are vastly overvalued.

Legendary investors Stan Druckenmiller and David Tepper were the latest to weigh in after a historic market rebound, saying the risk-reward of holding shares is the worst they’ve encountered in years. Druckenmiller on Tuesday called a V-shaped recovery — the idea the economy will quickly snap back as the coronavirus pandemic eases — a “fantasy.” Tepper said Wednesday that next to 1999, equities are overvalued the most he’s ever seen.

It’s a notion catching on among Wall Street money managers. And it’s coming as investors start to suspect that the Federal Reserve’s support, as well as US$3 trillion in Treasury stimulus, may not be enough to compensate for soaring unemployment, a wave of bankruptcies and no end in sight to the pandemic. Managers including Bill Miller, Paul Singer

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The NYSE trading floor will partially reopen after Memorial Day

The New York Stock Exchange will partially reopen its normally crowded trading floor later this month after closing it in late March due to the coronavirus.

Stacey Cunningham, president of the NYSE, said Thursday the trading floor will reopen to a subset of brokers the day after the Memorial Day holiday.

The brokers that are allowed to return will have to wear protective masks and follow social-distancing requirements, Cunningham said in a commentary published in The Wall Street Journal.

Employees of large companies that normally crowd the NYSE trading floor as they oversee the action will largely continue to work remotely, as they have been since March 23, when the NYSE shifted to all-electronic trading as a precautionary step after two people tested positive for COVID-19.

Several thousand brokers and others used to crowd the trading floor of the NYSE as recently as the 1990s. But in the years since, … Read More