Asian shares were poised to drop on Wednesday and bonds soared, after an emergency rate cut from the U.S. Federal Reserve was unable to quell investor fears over the coronavirus's widening fallout.
The U.S. Federal Reserve cut interest rates on Tuesday in a bid to shield the world's largest economy from the impact of the coronavirus, but the emergency move failed to comfort U.S. financial markets roiled by worries about a deeper, lasting slowdown.
Berkshire Hathaway Inc , the conglomerate run Warren Buffett, said it will hold its annual shareholder meeting on May 2 despite the coronavirus outbreak, but may curtail some of the surrounding events.
U.S. Federal Reserve officials have slashed interest rates half a percentage point because of the coronavirus.
The global oil benchmark ended Tuesday slightly lower under pressure from falling equities, but the losses were contained slightly as top producers considered more output cuts to support prices and the Federal Reserve cut U.S. interest rates to support the economy.
Bank stocks sold off in unison on Tuesday on concerns lower rates would hit lending margins.
Office management platform Eden said on Tuesday it has acquired shared workplace operator WeWork's Managed by Q for an undisclosed sum.
The Federal Reserve's next policy decision in two weeks' time will be driven by the latest news on how the coronavirus is affecting the economy, Cleveland Federal Reserve Bank President Loretta Mester said on Tuesday after an emergency rate cut.
The U.S. Federal Reserve cut interest rates on Tuesday in a bid to shield the world's largest economy from the impact of the coronavirus, but the emergency move failed to comfort U.S. financial markets roiled by fears of a deep and lasting slowdown.
The coronavirus outbreak has muddied the outlook for the U.S. economy and could weigh on growth in the first half of this year, Cleveland Federal Reserve Bank President Loretta Mester said in London on Tuesday.
Wall Street tumbled in a volatile session on Tuesday after the U.S. Federal Reserve surprised investors with a half percentage-point cut in interest rates, amplifying fears about the magnitude of the coronavirus' impact on the economy.
Global equity markets slid on Tuesday and the yield on 10-year U.S. Treasuries fell below 1% for the first time after the Federal Reserve cut interest rates to shield the U.S. economy from the impact of the fast-spreading coronavirus.
JPMorgan Chase & Co is asking thousands of U.S. employees to spend a day working from home in the coming weeks to test its contingency plans should the coronavirus spread, sources familiar with the plan told Reuters.
Nordstrom Inc forecast a 2020 profit largely below market expectations on Tuesday, after the upscale apparel retailer missed estimates for fourth-quarter revenue, sending its shares down 9% in after-market trading.
Germany's Lufthansa threw its weight behind a proposed $4.2 billion takeover of Embraer's commercial aircraft activities by Boeing , saying it would preserve a level playing field.