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What's News: Business & Finance -- WSJ

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05/23/2020 | 02:48 am

China's scrapping of its GDP target serves as a blunt reminder of the magnitude of the many risks that loom over the country's economy.

Argentina defaulted on sovereign debt for the ninth time in its history, as it grapples with a new cycle of economic woes exacerbated by the pandemic.

Hertz, one of the nation's largest car-rental companies, filed for bankruptcy protection, saddled with about $19 billion in debt.

A shortage of parts from Mexico is hampering GM's plans to quickly ramp up production of high-profit pickup trucks, underscoring the auto industry's halting restart.

The S&P 500 and Dow industrials gained 3.2% and 3.3%, respectively, for the week, while the Nasdaq climbed 3.4%.

The gap between the price of an actual physical barrel of oil and futures prices has narrowed sharplya sign oil markets are returning to relative normality.

Deere said the pandemic will intensify a yearslong slump in agricultural equipment sales, as farmers further reduce spending.

 

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