News Highlights: Top Global Markets News of the Day
|06/24/2020 | 01:16pm|
IMF Downgrades Already-Glum Economic Outlook Due to Coronavirus
Economists at the International Monetary Fund now say the global economy will contract even more sharply than they expected in estimates released in April, which called for the steepest recession since the Great Depression.
U.S. Stocks Drop as Coronavirus Infections Surge
Several states reported new daily records of infections, adding to concerns about a second wave of cases around the world that could lead to renewed restrictions on business activity.
Tariffs on European Food Could Expand Under New U.S. Proposal
The Trump administration is considering expanding and raising tariffs on $7.5 billion of food imports from the European Union and U.K., part of a long-running dispute that faults European countries for subsidizing aircraft manufacturer Airbus.
Coronavirus Upended a Corporate Borrowing Binge
The pandemic hit U.S. businesses at a bad time. Companies had loaded up on debt after years of low interest rates, buyouts and increasingly lax lending standards.
Soybean Prices Rally as China Ramps Up Buying
China has ramped up its purchases of U.S. soybeans recently, sparking a rebound in prices and making the crop profitable again for U.S. farmers after the coronavirus pandemic had slammed demand.
U.S. Crude-Oil Inventories and Production Increase
Crude-oil stockpiles rose by 1.4 million barrels, reaching a record-high for the third straight week, and U.S. oil production rebounded from a tropical storm-caused decline, government data showed.
'Massive' Forgery Helped Hide $3 Billion Hole in Energy Trader's Books
A distressed energy-trading company overstated its assets by more than $3 billion using "routine and pervasive" forgery, while its founder oversaw years of disastrous bets on oil derivatives, a report filed with a Singapore court said.
Free Trades, Jackpot Dreams Lure Small Investors to Options
Coronavirus-fueled stock-market swings are creating opportunities as Robinhood and other brokers offer rock-bottom commissions.
Coronavirus Cases Surge in U.S.
America's coronavirus death toll topped 121,000, about a quarter of the global tally, as the total number of infections world-wide surpassed 9.2 million and India reported another single-day record with 15,968 new confirmed cases.
U.S.-China Tensions Leave Germany Squirming in the Middle
Germany is struggling to pick sides in the escalating dispute between the U.S. and China over issues ranging from trade to human rights, amid mounting American pressure and Beijing's authoritarian drift.