News Highlights : Top Global Markets News of the Day
|06/29/2020 | 09:16 pm|
Fed Chairman Says Economy Faces 'New Challenges' from Virus
Federal Reserve Chairman Jerome Powell said the reopening of the U.S. economy has happened sooner than expected, but cautioned that the uptick in coronavirus infections poses challenges.
Fed Opens Lending Program for New Issuance of Corporate Debt
The central bank opened its $500 billion lending program to support issuance of new debt by large corporations, the last of nine emergency programs it is running to backstop lending markets reeling from the pandemic.
U.S. Stocks Rise to Start the Week
The Dow industrials climbed more than 500 points as investors weighed the rise in coronavirus infections with the likelihood of future lockdowns and the continuation of easy monetary policy.
Governments Roll Back Coronavirus Trade Barriers
Governments around the world have already repealed more than a third of the export bans on medical products and other restrictions put in place as a response to the coronavirus, the World Trade Organization said.
Deals Resume in Sale of Risky Loan Funds
Sales of new collateralized-loan obligations, or CLOs, have rebounded sharply over the past six weeks as debt investors resume their reach for higher-yielding, riskier debt.
U.S. Pending Home Sales Rebound in May
The number of houses going under contract rebounded sharply in May after two previous months of declines, a sign homebuyers returned to the market as coronavirus-related lockdowns began to ease.
Supreme Court Orders Restructuring of Consumer-Finance Watchdog
The Supreme Court ordered changes to a government consumer-finance watchdog created in the wake of the 2008 financial crisis, capping a 10-year battle over the agency by ruling its structure was unconstitutional because the director held too much unchecked power.
U.S. Coronavirus Cases Surge Amid Strains on Hospitals
Cases of the new coronavirus continued to surge over the weekend in the U.S., while parts of the country pulled back reopenings, and some faced strains on hospital and testing capacity.
Battery Metal Lithium Left Behind as Commodities Rebound
Lithium has been left for dust during the rebound in commodity prices, but it could be poised to benefit from stimulus packages that aim to reduce greenhouse-gas emissions.
Banks Have No Idea Who's Creditworthy Anymore
Lenders have pulled back sharply on lending to U.S. consumers during the coronavirus crisis. One reason: They can't tell who is creditworthy anymore.