HONG KONG (Reuters) – The Hong Kong Monetary Authority (HKMA) lowered its base rate charged through the overnight discount window by 50 basis points to 1.5% on Wednesday, hours after the U.S. Federal Reserve delivered a rate cut of the same margin. Hong Kong’s monetary...
Financial
Lender CAF approves $300 million in credit to help Latin American countries hit by coronavirus
BOGOTA (Reuters) – Latin American development bank CAF has approved a credit line worth $300 million to manage emergencies related to coronavirus in its member countries, it said on Tuesday. CAF made the announcement shortly after Chile and Argentina confirmed their first cases of the...
World Bank announces up to $12 billion in immediate funds for coronavirus
WASHINGTON (Reuters) – The World Bank on Tuesday announced an initial $12 billion in immediate funds to assist countries grappling with the health and economic impacts of the coronavirus outbreak that has spread quickly from China to over 60 countries. World Bank President David Malpass...
Tornadoes wreak havoc on Tennessee, leaving at least 22 dead
© Reuters. Billy Wallace hugs his dad Bill after a tornado ripped through Bill’s neighborhood destroying his home in Mt. Juliet By Timothy Ghianni NASHVILLE (Reuters) – A cluster of powerful tornadoes ravaged Nashville and other parts of Tennessee on Tuesday, killing at least 22...
Fed virus-driven cut may test new approach to inflation
By Howard Schneider and Jonnelle Marte WASHINGTON (Reuters) – U.S. Federal Reserve officials have slashed interest rates half a percentage point because of the coronavirus. They may keep that lower rate in place even if the risks to the economy from the virus pass in...
U.S. cuts rates over coronavirus economic impact as more countries report illnesses
© Reuters. A man wearing a mask walks near office buildings in Beijing By Andrea Shalal and Tetsushi Kajimoto WASHINGTON/TOKY0 (Reuters) – As the new coronavirus spreads in South Korea, Europe and the United States, the U.S. Federal Reserve cut interest rates on Tuesday in...
U.S. Supreme Court leans toward SEC’s power to recover ill-gotten gains
© Reuters. FILE PHOTO: Supreme Court Building By Andrew Chung and Lawrence Hurley WASHINGTON (Reuters) – U.S. Supreme Court justices on Tuesday appeared inclined to back the Securities and Exchange Commission’s power to use federal courts to force defendants to surrender profits obtained through fraud...
Fed rate cut soothes, then spooks virus-weary investors
By Rodrigo Campos NEW YORK (Reuters) – Investors had mixed reactions to Tuesday’s surprise 50 basis-point rate cut from the Federal Reserve, helping fuel a day of swings in stocks and other assets. The U.S. central bank cut interest rates in a bid to shield...
Breaking: U.S. 10-Year Treasury Yield Dips Below 1%
© Reuters. Investing.com – The yield on the benchmark 10-year Treasury Note fell below 1% for the first time ever Tuesday, following the surprise FOMC interest rate cut and sharp afternoon selling in stocks. After dipping below 1%, the was at 1.009% as money moved...
Mexico FX to stay on defensive with U.S. election campaign, coronavirus in focus: Reuters poll
© Reuters. FILE PHOTO: A board displaying exchange rates for Mexican peso and U.S. dollar is pictured at a currency exchange shop in Mexico City By Gabriel Burin BUENOS AIRES (Reuters) – Mexico’s peso is seen vulnerable to further slumps with the U.S. election campaign...
WHO Urges Containment; Second Case in New York: Virus Update
(Bloomberg) — A Westchester County man has tested positive for the coronavirus, New York Governor Andrew Cuomo said. The U.S. Federal Reserve delivered an emergency interest-rate cut, and the Group of Seven finance chiefs pledged to use all policy tools to support the global economy....
Mnuchin says high-tax states like New York, California should consider lowering taxes
© Reuters. FILE PHOTO: U.S. Treasury Secretary Steven Mnuchin testifies before a Senate Finance Committee WASHINGTON (Reuters) – States with high tax rates like New York and California should consider lowering their taxes, U.S. Treasury Secretary Steven Mnuchin told lawmakers on Tuesday, when challenged about...
ECB ready to support economy, but governments must help, Villeroy says
PARIS (Reuters) – The European Central Bank is ready to support the economy in the face of the coronavirus outbreak, but governments with budget leeway also need to help, ECB policymaker Francois Villeroy de Galhau said in a Dutch newspaper interview released on Tuesday. Villeroy,...
Tornadoes rip Tennessee, leaving at least 19 dead, many missing
© Reuters. Rescue workers escort Shirley Wallace for medical attention from her Barrett Drive home after a tornado in Mt. Juliet By Timothy Ghianni NASHVILLE (Reuters) – At least 19 people were killed early on Tuesday after powerful tornadoes ripped through Nashville and other parts...
German conservatives quarrel over stimulus package to counter coronavirus
BERLIN (Reuters) – Chancellor Angela Merkel’s conservatives are split over whether Germany should unleash a fiscal stimulus package now to counter any impact of the coronavirus on Europe’s largest economy. Shrinking exports held back German economic activity in the fourth quarter of last year, showing...
Mnuchin says high-tax states like NY, Calif. should consider lowering taxes
© Reuters. FILE PHOTO: U.S. Treasury Secretary Steven Mnuchin testifies before a Senate Finance Committee WASHINGTON (Reuters) – States with high tax rates like New York and California should consider lowering their taxes, U.S. Treasury Secretary Steven Mnuchin told lawmakers on Tuesday, when challenged about...
Fed slashes rates in emergency move to combat coronavirus risks
© Reuters. U.S. Federal Reserve Chairman Jerome Powell speaks in Washington WASHINGTON (Reuters) – The U.S. Federal Reserve cut interest rates on Tuesday in an emergency move designed to shield the world’s largest economy from the impact of the coronavirus. It was the Fed’s first emergency...
World Bank plans financial and technical aid package to help with coronavirus
WASHINGTON (Reuters) – The World Bank said it would announce a package of financial and technical support later on Tuesday to assist with the health and economic impacts of the global coronavirus outbreak. World Bank President David Malpass and Muhammad Pate, the bank’s global director...
Trump Already Says Fed Rate Cut Is Not Enough
© Reuters. By Kim Khan Investing.com – President Donald Trump said Tuesday he wants more monetary easing from the Federal Reserve, even after the central bank made an emergency move to cut interest rates by 50 basis points. Trump stressed that the Fed had to...
Fed slashes rates in emergency move to thwart coronavirus outbreak risks
© Reuters. FILE PHOTO: Jerome Powell holds a news conference in Washington WASHINGTON (Reuters) – The U.S. Federal Reserve cut interest rates on Tuesday in an emergency move designed to shield the world’s largest economy from the impact of the coronavirus. It was the Fed’s...
U.S. not considering suspending tariffs on China in response to coronavirus: Mnuchin
WASHINGTON (Reuters) – U.S. Treasury Secretary Steven Mnuchin on Tuesday said the United States was not considering lowering tariffs on goods from China in response to the fast-spreading coronavirus, but would look at all options as the situation evolved. “We’re not considering that at the...
U.S. cuts rates as G7 pledges all appropriate tools to beat coronavirus
By Takahiko Wada and Andrea Shalal TOKYO/WASHINGTON (Reuters) – The U.S. Federal Reserve cut interest rates on Tuesday in an emergency move designed to shield the world’s largest economy from the impact of the coronavirus as Group of Seven finance officials pledged all appropriate policy...
Federal Reserve Cuts Rates by 0.5% in Surprise Move to Combat Coronavirus
© Reuters. By Geoffrey Smith Investing.com — The Federal Reserve announced an emergency cut of 50 basis points in its key interest rate to protect the economy against what it called the “evolving risks” of the coronavirus outbreak. “The fundamentals of the U.S. economy remain...
In an emergency move, Federal Reserve cuts interest rates to battle coronavirus
© Reuters. FILE PHOTO: Jerome Powell holds a news conference in Washington WASHINGTON (Reuters) – The U.S. Federal Reserve cut interest rates on Tuesday in an emergency move designed to shield the world’s largest economy from the impact of the coronavirus. In a statement, the...
Canadian PM opens door to possible aid for firms hit by virus
OTTAWA (Reuters) – The Canadian government is open to the idea of helping firms which are suffering economic damage from a coronavirus outbreak, Prime Minister Justin Trudeau said on Tuesday, but did not give details. “There will be impacts on Canadian businesses, on entrepreneurs, and...
India’s Central Bank Governor Sees Room to Lower Rates
(Bloomberg) — Reserve Bank of India Governor Shaktikanta Das reiterated there’s room to cut interest rates amid new risks to economic growth from the spread of the coronavirus. Inflation, which had kept the central bank from cutting interest rates since December, is expected to moderate,...
G-7 Pledges to Fight Virus Risks, Stops Short of Specific Action
G-7 Pledges to Fight Virus Risks, Stops Short of Specific Action (Bloomberg) — Group of Seven finance chiefs said they’re ready to act to shelter their economies from the spreading coronavirus, though they stopped short of spelling out what specific measures they would put into...
Watch Now: Here’s What’s Moving Markets – March 3 (Video)
Investing.com – Our Senior Analyst Jesse Cohen gives us his top five things to know in financial markets on Tuesday, March 3, including: – G7 Call + Statement – Coronavirus Updates – Market Rebound Continues – Target (NYSE:), Nordstrom (NYSE:) Report Earnings – Super Tuesday...
Top 5 Things to Know in the Market on Tuesday, March 3rd
© Reuters. By Geoffrey Smith Investing.com — The G7 is holding a conference call about the coronavirus, while the global rebound in risk assets continues, without being fully convincing. Oil gains sharply as ‘OPEC+’ ministers descend on Vienna to discuss further output cuts – and...
World finance officials to consider how to cushion economies against coronavirus
BEIJING (Reuters) – G7 finance officials will on Tuesday discuss ways to bolster their economies against the impact of the spreading coronavirus outbreak, but are not expected to specifically call for new spending or coordinated interest rate cuts, a G7 official said. Finance ministers and...