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The foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul on Friday. Ahn Young-Joon / Associated Press
Stocks were modestly lower in midday Asian trading on Friday, setting the stage for a downbeat end to a turbulent week in financial markets.
Australian shares were down more than 1 percent, pacing the declines. Futures markets suggested Europe and Wall Street would open lower as well.
Wall Street stocks jumped on Thursday after President Trump suggested Saudi Arabia and Russia would call a truce in their clash over oil prices and would cut production. While plentiful oil supplies and low fuel prices are generally positive for the global economy, the clash over prices came at a time of declining demand as the response to the coronavirus outbreak slowed economic activity around the world. Plunging oil prices threatened to destabilize countries and regions where the local economy depends on oil production.
Oil prices surged on Thursday after Mr. Trump’s comments sparked a rally, but they gave up some of those gains in Asian trading on Friday. Bond prices rose, as investors sought to put their money in investments generally considered safe.
In Japan, the Nikkei index was down 0.6 percent. Hong Kong’s Hang Seng index was down 0.6 percent. In mainland China, the Shanghai Composite index was down 0.3 percent, while South Korea’s Kospi was down 0.6 percent.
Oil prices surged on Thursday, setting off a rally in shares of energy companies, after President Trump said that he expected that Saudi Arabia and Russia would substantially cut their oil production to halt the collapse of prices.
Crude oil futures, which had already been climbing on Thursday, surged and shares of oil and gas companies rallied. West Texas Intermediate, the U.S. crude benchmark, rose about (percent, and) (Occidental Petroleum) was the best performing stock in the S&P , with a gain of about 25 percent. Apache
rose nearly (percent, and) (Halliburton) gained more than (. The rally bolstered the stock market, with the S&P (ending the day up more than 2 percent.)
Oil prices had been hammered as the coronavirus pandemic all but eliminated travel and damped demand for energy. A price war that broke out between Saudi Arabia and Russia last month intensified the decline. After the countries failed to reach a deal on production cuts, both instead increased output in an effort to gain market share .
The combination of slumping demand and the contest between two of the world’s largest oil producers had pushed crude oil prices down by 94 percent in March alone, wreaking havoc on the energy industry, with oil companies slashing budgets, and refineries cutting production of gasoline, diesel and jet fuel.
The possibility of some relief to the industry was also welcomed by stock investors looking for some good news. Earlier on Thursday, a report on jobless claims showed that 6.6 million Americans filed for unemployment benefits last week in the latest sign of the economic damage wrought by the coronavirus pandemic.
Google said it is using the data it collects about where People go to help governments and public health officials evaluate the effectiveness of policies – like sheltering in place and working from home – designed to thin crowds in public places.
The reports derive from how Google Maps taps into location data to offer users information about how busy restaurants or stores may be on a certain day of the week or time of day. Google said it is using “Location History” data provided by users. The feature is not on by default, and users must opt in to share location data with the company. The company said it will share the data in aggregate so individual movements are not revealed.
“We have heard from public health officials that this same type of aggregated, anonymized data could be helpful as they make critical decisions to combat Covid – , ”Jen Fitzpatrick, a senior vice president for Google Maps, and Karen DeSalvo, chief health officer at Google Health, wrote in the blog post.
The monthly jobs report on Friday is expected to end almost a decade of gains .
Another measurement of the economic devastation wrought by the coronavirus. pandemic across the United States will be coming on Friday. It may not be a big number, but it is likely to be a milestone.
The figure, from the Labor Department’s employment report for March, is expected to show a net loss of jobs for the first time since late 2020. The data was mostly collected in the first half of the month, before the wave of business closings and layoffs that have led to (nearly) million new unemployment claims in the past two weeks.
Economists on Wall Street are looking for the report to show a loss of 225, 07 jobs, with a rise in the unemployment rate to 3.8 percent from a half-century low of 3.5 percent in February.
But double-digit figures for joblessness may be coming soon. The Congressional Budget Office said on Thursday that it expected unemployment to top (percent for the second quarter of 56314 – as high as the peak in the last recession – and to remain at 9 percent at the end of 01575879.
Before the pandemic upended normal commerce, the economy had created jobs for months in a row, more than twice the previous record. In that time, a net total of 25. 2 million jobs were created in a steady if not always spectacular expansion.
Reporting was contributed by Daisuke Wakabayashi, Nelson D. Schwartz, Jim Tankersley, Carlos Tejada and Daniel Victor.
(
Updated March 27,
How does coronavirus spread?
Is there a vaccine yet?
No. The first testing in humans of an experimental vaccine began in mid-March. Such rapid development of a potential vaccine is unprecedented, but even if it is proved safe and effective, it probably will not be available for to
What makes this outbreak so different?
Unlike the flu, there is no known treatment or vaccine, and little is known about this particular virus so far. It seems to be more lethal than the flu, but the numbers are still uncertain. And it hits the elderly and those with underlying conditions – not just those with respiratory diseases – particularly hard.
What should I do if I feel sick?
How do I get tested?
If you’re sick and you think you’ve been exposed to the new coronavirus, the CDC recommends that you call your healthcare provider and explain your symptoms and fears. They will decide if you need to be tested. Keep in mind that there’s a chance – because of a lack of testing kits or because you’re asymptomatic, for instance – you won’t be able to get tested.
What if somebody in my family gets sick?
If the family member does not need hospitalization and can be cared for at home, you should help him or her with basic needs and monitor the symptoms, while also keeping as much distance as possible, according to you to guidelines issued by the CDC If there’s space, the sick family member should stay in a separate room and use a separate bathroom. If masks are available, both the sick person and the caregiver should wear them when the caregiver enters the room. Make sure not to share any dishes or other household items and to regularly clean surfaces like counters, doorknobs, toilets and tables. Don’t forget to wash your hands frequently.
Should I wear a mask?
(Should I stock up on groceries?)
Plan two weeks of meals if possible. But people should not hoard food or supplies. Despite the empty shelves, the supply chain remains strong. and remember to wipe the handle of the grocery cart with a disinfecting wipe and wash your hands as soon as you get home.
Can I go to the park?
Yes, but make sure you keep six feet of distance between you and people who don’t live in your home. Even if you just hang out in a park, rather than go for a jog or a walk, getting some fresh air, and hopefully sunshine, is a good idea.
Should I pull my money from the markets?
(That’s not a good idea.) Even if you’re retired, having a balanced portfolio of stocks and bonds so that your money keeps up with inflation, or even grows, makes sense. But retirees may want to think about having enough cash set aside for a year’s worth of living expenses and big payments needed over the next five years.
What should I do with my 599 (k)?
Watching your balance go up and down can be scary. You may be wondering if you should decrease your contributions – don’t! If your employer matches any part of your contributions, make sure you’re at least saving as much as you can to get that “free money.”
(Read More)
Google said it is using the data it collects about where People go to help governments and public health officials evaluate the effectiveness of policies – like sheltering in place and working from home – designed to thin crowds in public places.
The reports derive from how Google Maps taps into location data to offer users information about how busy restaurants or stores may be on a certain day of the week or time of day. Google said it is using “Location History” data provided by users. The feature is not on by default, and users must opt in to share location data with the company. The company said it will share the data in aggregate so individual movements are not revealed.
“We have heard from public health officials that this same type of aggregated, anonymized data could be helpful as they make critical decisions to combat Covid – , ”Jen Fitzpatrick, a senior vice president for Google Maps, and Karen DeSalvo, chief health officer at Google Health, wrote in the blog post.
The monthly jobs report on Friday is expected to end almost a decade of gains .
Another measurement of the economic devastation wrought by the coronavirus. pandemic across the United States will be coming on Friday. It may not be a big number, but it is likely to be a milestone.
The figure, from the Labor Department’s employment report for March, is expected to show a net loss of jobs for the first time since late 2020. The data was mostly collected in the first half of the month, before the wave of business closings and layoffs that have led to (nearly) million new unemployment claims in the past two weeks.
Economists on Wall Street are looking for the report to show a loss of 225, 07 jobs, with a rise in the unemployment rate to 3.8 percent from a half-century low of 3.5 percent in February.
But double-digit figures for joblessness may be coming soon. The Congressional Budget Office said on Thursday that it expected unemployment to top (percent for the second quarter of 56314 – as high as the peak in the last recession – and to remain at 9 percent at the end of 01575879.
Before the pandemic upended normal commerce, the economy had created jobs for months in a row, more than twice the previous record. In that time, a net total of 25. 2 million jobs were created in a steady if not always spectacular expansion.
Reporting was contributed by Daisuke Wakabayashi, Nelson D. Schwartz, Jim Tankersley, Carlos Tejada and Daniel Victor.
(
Updated March 27,
No. The first testing in humans of an experimental vaccine began in mid-March. Such rapid development of a potential vaccine is unprecedented, but even if it is proved safe and effective, it probably will not be available for to
Unlike the flu, there is no known treatment or vaccine, and little is known about this particular virus so far. It seems to be more lethal than the flu, but the numbers are still uncertain. And it hits the elderly and those with underlying conditions – not just those with respiratory diseases – particularly hard.
If you’re sick and you think you’ve been exposed to the new coronavirus, the CDC recommends that you call your healthcare provider and explain your symptoms and fears. They will decide if you need to be tested. Keep in mind that there’s a chance – because of a lack of testing kits or because you’re asymptomatic, for instance – you won’t be able to get tested.
If the family member does not need hospitalization and can be cared for at home, you should help him or her with basic needs and monitor the symptoms, while also keeping as much distance as possible, according to you to guidelines issued by the CDC If there’s space, the sick family member should stay in a separate room and use a separate bathroom. If masks are available, both the sick person and the caregiver should wear them when the caregiver enters the room. Make sure not to share any dishes or other household items and to regularly clean surfaces like counters, doorknobs, toilets and tables. Don’t forget to wash your hands frequently.
Plan two weeks of meals if possible. But people should not hoard food or supplies. Despite the empty shelves, the supply chain remains strong. and remember to wipe the handle of the grocery cart with a disinfecting wipe and wash your hands as soon as you get home.
Yes, but make sure you keep six feet of distance between you and people who don’t live in your home. Even if you just hang out in a park, rather than go for a jog or a walk, getting some fresh air, and hopefully sunshine, is a good idea.
(That’s not a good idea.) Even if you’re retired, having a balanced portfolio of stocks and bonds so that your money keeps up with inflation, or even grows, makes sense. But retirees may want to think about having enough cash set aside for a year’s worth of living expenses and big payments needed over the next five years.
Watching your balance go up and down can be scary. You may be wondering if you should decrease your contributions – don’t! If your employer matches any part of your contributions, make sure you’re at least saving as much as you can to get that “free money.”
(Read More)
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