News Highlights: Top Global Markets News of the Day

06/24/2020 | 03:16pm
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.

Fed's Evans: Recovery Will Take Time, Expects Coronavirus-Related Setbacks 

The Chicago Fed leader says more may be needed from monetary and fiscal policy.

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.

Governors Take New Actions as Coronavirus Cases Surge 

Governors took new measures to stop the pandemic from spreading in their states as daily coronavirus cases surged in some parts of the U.S. after lockdowns intended to stem the spread of the virus were lifted.


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