Sabtu, 15 Februari 2020

Delta Airlines CEO Says Passengers Should Get Permission To Recline Seats - The Daily Wire

Have airline companies become so fattened within their ivory tower of monopoly rule that CEOs can no longer grasp the meaning of customer service? The latest reaction from Delta’s top brass Ed Bastian regarding the viral story about a rude American Eagle passenger slugging the reclined seat in front of him indicates that may be so.

Earlier this week, a 45-second video clip went viral on social media, showing a man passive-aggressively punching a woman’s reclined seat ahead of him while aboard an American Eagle flight, picking up millions of views and thousands of retweets.

The clip intensely divided the internet, with some people sympathizing with the man, believing that the woman had acted rudely by reclining her seat in the first place, given that the person behind her was in the final row. Others believed the man mishandled the situation and should have raised his discomfort with the flight attendant instead of acting so aggressively. Weighing in on the situation Friday was none other than Delta Airlines CEO Ed Bastian, who said that passengers should now learn to ask permission before reclining in their (bought and paid for) seats.

“I think customers have the right to recline,” Bastian said on CNBC’s “Squawk Box.” “I think the proper thing to do is if you’re going to recline into somebody that you ask if it’s okay first and then you do it.”

Bastian added that he never reclines, believing it unbecoming of a man in his position to do so.

“I never recline, because I don’t think it’s something as CEO I should be doing,” Bastian said. “I never say anything if someone reclines into me.”

People on social media roundly mocked Ed Bastian’s suggestion that passengers now have some unwritten duty to ask to recline their seats from now on.

“Guys: the blame for lack of cabin/reclining seat-related comfort is the airlines. Not your fellow passengers. Blaming them is like blaming the steerage passengers on the Titanic,” tweeted Clare Jeffery of Mother Jones.

“Dear Delta CEO, if you put a recliner on a seat, people should be able to use it (and not have it slam into the person behind them). If you don’t want people to recline, don’t include it, but if you include an amenity, nobody should have to ask another passenger’s permission,” tweeted entrepreneur Carol Roth. 

“No, this a cop-out by Delta. I expect my fellow travellers to extend that minute extension of the seat for comfort and health reasons. I don’t get angry at them, I get angry at Delta, and other airlines, for outfitting their aircraft as if we are cattle,” said one Twitter user. 

People were especially incensed over the fact that airlines have done nothing to fit their planes with spacious accommodations. In fact, as noted by the New York Post, airlines have been looking into efficient methods of further tightening their already tight seating spaces in the hopes of cramming more butts into the seats:

In October, it was revealed that FAA researchers were recruiting volunteers for a study into whether tighter space on planes decreased passenger safety.

However, prior to news of the study, the FAA ruled that shrinking seats did not impact consumer safety — which prompted a federal judge to respond, “That makes no sense.”

In 2017, researchers at NYU and Cardozo School of Law published a study that examined whether fighting over reclining seats could be prevented by charging passengers to recline.

Let's block ads! (Why?)


https://news.google.com/__i/rss/rd/articles/CBMiaGh0dHBzOi8vd3d3LmRhaWx5d2lyZS5jb20vbmV3cy9kZWx0YS1haXJsaW5lcy1jZW8tc2F5cy1wYXNzZW5nZXJzLXNob3VsZC1nZXQtcGVybWlzc2lvbi10by1yZWNsaW5lLXNlYXRz0gEA?oc=5

2020-02-15 04:58:46Z
52780609195563

Jumat, 14 Februari 2020

I’m 53, have $1.4 million in my 401(k), $150,000 in savings and my home is paid off. Can I afford to retire? - MarketWatch

Hello Catey,

I am a 53-year-old woman who is looking to retire within the next 18 months. I currently have a home that is paid for, which I plan to use as a home base. Outside of that home, my assets are $150,000 in cash savings and $1.4 million in my 401(k). I plan to travel most of the year outside of the U.S. for the first three years of my retirement.

I hope to have a blog documenting travel/living in various places as a single mature woman. Whenever I am in the U.S., I plan to work jobs that provide a small income with insurance to offset my expenses until reaching Social Security eligibility. I am setting a budget of $30,000 annually for the first five years of my retirement, which should leave me roughly one year to work if I don’t wish to pay a penalty for early withdrawal.

Do I have enough to retire and live the life I’m dreaming of?

Best,
S.D.

Dear S.D.,

As soon as I read your question, I knew I’d want to answer it, as there’s a raging debate about exactly how much people need to retire. Remember when financial guru Suze Orman threw out the figure $5 million and the internet went nuts?

Whatever the number or calculation, one thing is clear: The old $1 million benchmark isn’t going to work for plenty of people.

You, of course, have significantly more than $1 million — but you also hope to retire pretty early. So I turned to experts to get their thoughts on whether you “have enough to retire and live the life [you’re] dreaming of.”

Here’s what they told me:

“From a math perspective, yes, you can live the life you are dreaming of,” says Mitchell Hockenbury, a certified financial planner at 1440 Financial Partners in Kansas City, Mo. — but with a major caveat: “I say math perspective because life isn’t always so clean.”

So, the math could work for you, assuming, among other things, that you have smartly invested your 401(k) funds, have saved that $150,000 in a safe spot, and can truly live on about $30,000 a year, according to the experts.

Hockenbury lays it out like this: The $150,000 in savings could indeed give you the money to live on $30,000 a year for five years, as you desire; once you spend that, you will be 58, and could work for a year and then begin withdrawing from your 401(k) without penalty.

“Presumably, you want to do so until you can take Social Security and then reduce the amount you are pulling from the 401(k). Let’s say the 401(k) maintains the current value of $1.4 million (just to be conservative). The rule of thumb is you can pull 4% as a safe withdrawal rate — that equals $56,000 pretax. Take out the taxes and it puts you ahead of your $30,000 [a year] spending target,” explains Hockenbury. “So the math works, but we are not looking at risk, or adjustments to lifestyle.”

Even if you withdraw 3% — which Corbin Blackwell, a financial planner at Betterment for Business, says may be prudent, since your retirement may be longer than 30 years — the math can work. “If you use an even more conservative 3% withdrawal rate, you should be able to safely withdraw $46,500 from your $1,550,000 retirement nest egg [this was adjusted for investment growth] each year. This should be plenty (net of taxes) to cover your $30,000-a-year spending budget in retirement. Once your Social Security benefits kick in, you have even more wiggle room. For example, if you receive the average Social Security benefit of $18,036 a year starting at age 67, more than half of your spending will be covered by fixed income,” he explains, concluding: “While it’s tricky to predict the future, and everyone’s retirement looks different, you’re in a solid financial position.”

Of course, even though the math works, life might not work out quite as well — and you could need more than $30,000 a year to live on, especially if you have a major expense that hurts your bottom line.

Hockenbury says you should think about these, and other, questions when determining whether you can really live the life you are hoping to: Is there anyone you might need to support? How will you afford things like a long-term-care event, health insurance or medical issues? How did you calculate your $30,000-a-year living costs (for example, do they include all of the previous considerations) and will this amount work not only when you are traveling but also when you return to the states to live? This guide from investment firm BlackRock can help you figure out how much it might truly cost to live in retirement, highlighting everything from taxes to pricey one-off expenses to ongoing bills. Plus, you should meet with a financial adviser to make sure your funds are invested smartly, and that there are not other issues you have overlooked that you should factor in.

Bottom line: Figuring out whether you have enough to retire involves a far more in-depth process than simply crunching numbers. Hire a pro to walk you through it, and, when in doubt, keep saving. As certified financial planner Bobbi Rebell once told me: “No one ever complained they had too much money in retirement.”

Read on: I’m 69, worth $5 million and want great health care and a good climate, and I refuse to move to California — where should I retire?

Plus: I’ll retire at 62 with $1.2 million and want to live in an affordable, safe place near the beach — where should I look?

Let's block ads! (Why?)


https://news.google.com/__i/rss/rd/articles/CBMijgFodHRwczovL3d3dy5tYXJrZXR3YXRjaC5jb20vc3RvcnkvaW0tNTMtaGF2ZS0xNC1taWxsaW9uLWluLW15LTQwMWstMTUwMDAwLWluLXNhdmluZ3MtYW5kLW15LWhvbWUtaXMtcGFpZC1vZmYtY2FuLWktYWZmb3JkLXRvLXJldGlyZS0yMDIwLTAyLTE00gFPaHR0cHM6Ly93d3cubWFya2V0d2F0Y2guY29tL2FtcC9zdG9yeS9ndWlkLzUwRDBFMjE0LTRFOEYtMTFFQS1BNjQ3LTdENjQ1OUNEQ0QxNw?oc=5

2020-02-14 16:33:00Z
52780609333995

Canopy’s stock roars higher after better-than-expected earnings, sparks broad rally in cannabis sector - MarketWatch

Canopy Growth stock roared higher Friday and sparked a broad rally among cannabis stocks, after a better-than-expected earnings report bolstered sentiment on the beaten-down sector.

The report is a “beacon of hope” for the sector, said MKM analyst Bill Kirk.

Canopy shares CGC, +13.40% WEED, +12.25%  rocketed 18% in morning trading, putting them on track for their biggest gain in 18 months, after the company posted a narrower-than-expected fiscal third-quarter loss and revenue that rose above forecasts, amid strength in business-to-consumer sales. The company reported a net loss of C$124.2 million ($93.8 million), or 35 cents a share, after net income of C$74.9 million, or a loss of 38 cents on a per-share basis. That beat the FactSet consensus for a loss of 52 cents a share.

Net revenue rose 49% to C$123.76 million ($93.46 million), above the FactSet consensus of C$105.0 million. Recreational business-to-business cannabis sales fell 11% to C$53.5 million, as a 42% increase in dry cannabis sales was offset by an 86% drop in oil and softgels.

See: Cannabis experts are hoping 2020 will be the year that New York finally legalizes weed

Recreational business-to-consumer cannabis sales increased 32% to C$15.2 million, as dry cannabis sales grew 24% and oil and softgels jumped 183%. Canadian medical cannabis sales fell 7% to C$14.8 million and international medical sales rose nearly sevenfold (up 593%) to C$18.7 million.

“We had expected only small improvements from the prior quarter, but Canopy is showing a meaningful progression,” Kirk wrote in a note to clients.

Read now: From cash to ash: Pot companies have just months to live on average, study finds

Still, the company’s path to profitability remains unclear and Kirk is waiting for the earnings call for details on Cannabis 2.0, the second phase of Canadian legalization that allows derivatives, including edibles and beverages.

“We doubt early 2.0 sales will be a significant contributor given the lack of activity observed at production facilities two weeks before 2.0 legalization,” he wrote. “We continue to rate WEED shares neutral.”

On the company’s earnings call with analysts, new Chief Executive David Klein said he has started a full review of the company’s footprint to help define a path to profitability. The executive, who came to Canopy from its biggest shareholder Constellation Brands Inc. STZ, +1.26%  , said the company will take the first steps to right-size the business in the next 90 days.

“[W]e need to align our resources and investments with the size and growth rate of the market as it exists today,” Klein said, according to a FactSet transcript.

Aurora Cannabis shares ACB, +3.20% ACB, +1.53%  rose 5%, a day after the company reported a more than C$1 billion quarterly loss. That news was widely expected, however, after Aurora unveiled a major overhaul of its management and operations last week. The company’s new interim Chief Executive Michael Singer is now tasked with turning the company around, instilling a culture of discipline and driving it to profitability, said Ladenburg Thalmann analyst Glenn Matson.

Read now: People want cheap weed, and Aurora Cannabis is paying the price

“We continue to view the near-term revenue challenge as an industry problem that will correct itself in the next few quarters,” Matson wrote in a note. The analyst continues to rate the stock a buy, although he lowered his price target to $3 from $4.

“Now that Aurora has right sized its business, we think concerns about the solvency of the company should subside. While it may take the remainder of F20 (June) for investors to regain confidence in the company, we expect that this will occur over time,” he wrote.

Other Canadian licensed producers were swept up in the positive wave, with Tilray TLRY, +4.90%  up 8%, Cronos CRON, +4.51% CRON, +3.73%  gaining 7% and OrganiGram OGI, +3.96%  up 9%. Aphria APHA, +3.61% APHA, +3.65%  gained 6% and Hexo HEXO, +14.96% HEXO, +13.10%  was up 3%.

CannTrust Holdings Inc.’s stock CTST, +4.31% TRST, +2.80%  rose 8%, after it said it plans to submit documents to regulators that detail how it has fixed the issues at its Niagara, Ontario facility and in support of the reinstatement of its license there. The company said that it plans to finish efforts to fix a second site at Vaughan, Ontario in the second quarter of 2020. CannTrust was growing pot illegally at the Niagara facility, and the Vaughan facility was not compliant with standards, regulators have alleged.

U.S. cannabis stocks also got a boost after Cantor Fitzgerald initiated coverage of 10 U.S. multistate operators (MSOs), saying they are attractively valued with solid fundamentals.

“The current regulatory environment in key large U.S. “restricted” states (in terms of limited licenses granted) provides a unique opportunity for U.S. MSOs to build out assets with a limited pool of competitors and be in a position of strength (scale, financial) when full legalization comes,” analyst Pablo Zuanic wrote in a note to clients. “The boom and bust seen in Canadian stocks has, unwarrantedly, dragged down U.S. MSOs also and masked strong underlying growth trends.”

Zuanic initiated coverage of Cresco Labs Inc. CRLBF, +3.53% CL, +3.59%  and Trulieve Cannabis Corp. TCNNF, +2.98%  with overweight ratings, assigned neutral ratings to Acreage Holdings Inc. ACRGF, +9.90%, AYR Strategies Inc. AYRSF, +3.71%, Curaleaf Holdings Inc. CURLF, +2.63% CURA, +2.60%  , Green Thumb Industries Inc. GTBIF, +1.80%, Harvest Health & Recreation Inc. HRVSF, +4.47%  , HARV, +4.97%  iAnthus Capital Holdings Inc. ITHUF, +2.43% and MedMen Enterprises Inc. MMNFF, +3.45%, and rated Green Growth Brands Inc. GGBXF, +11.71% at underweight.

Trulieve has “best-in-class financials, 50% share in Florida (one of the fastest-growing med markets in the U.S.), superior execution (it outsells Curaleaf by 5 times in Florida with 1.5 times more stores) and seeks to grow in other states,” the analyst wrote. “On fundamentals, we like both Cresco Labs and Green Thumb (neutral), but think the former offers, for a lower valuation, a more attractive state mix, more depth over breadth (so IL and PA do not get diluted), and higher margins.”

The ETFMG Alternative Harvest ETF MJ, +2.73%  was up 5%, with 14 of its 25 components trading higher. The Horizons Marijuana Life Sciences ETF HMMJ, +3.90%  was up 7%, with 45 of its 54 components gaining.

The S&P 500 SPX, +0.14%  was flat and the Dow Jones Industrial Average DJIA, -0.02% was down 0.1%.

Cannabis Watch: For all of MarketWatch’s coverage of cannabis companies: Click here

Let's block ads! (Why?)


https://news.google.com/__i/rss/rd/articles/CBMiiAFodHRwczovL3d3dy5tYXJrZXR3YXRjaC5jb20vc3RvcnkvY2Fub3B5LXJvYXJzLWhpZ2hlci1hZnRlci1iZXR0ZXItdGhhbi1leHBlY3RlZC1lYXJuaW5ncy1hbmQtc3BhcmtzLXJhbGx5LWluLWNhbm5hYmlzLXNlY3Rvci0yMDIwLTAyLTE00gFPaHR0cHM6Ly93d3cubWFya2V0d2F0Y2guY29tL2FtcC9zdG9yeS9ndWlkL0IzMzQ5NjhFLTRGMzUtMTFFQS04MzNDLUEzMjYxQjExMEEyMg?oc=5

2020-02-14 15:49:00Z
CAIiELZEPIQ-t3iecj1-OBJ9Z8IqGAgEKg8IACoHCAowjujJATDXzBUwiJS0AQ

Delta Air Lines CEO announces the carrier will go 'fully carbon neutral' next month - CNBC

Delta Air Lines CEO Ed Bastian told CNBC on Friday the company is going "fully carbon neutral" starting March 1.

"It's a big challenge and it's a big commitment," Bastian said on "Squawk Box."

Delta is committing at least $1 billion over the next decade to reduce environmental impact,  focusing on clean technological investments for engines and carbon removal, he added.

"There's no greater challenge that I know of that we need to be investing in and innovating in as environmental sustainability," he said.

The company, which has made environmentally conscious moves in the past, will still rely on jet fuel.

"We will continue to use jet fuel for as far as the eye can see," Bastian said. "We'll be investing in technologies to reduce the impact of jet fuel, But I don't ever see a future where we'll eliminate jet fuel from our footprint."

Though Bastian stressed the company won't rely on carbon-offset programs, though it has purchased some in the past.

"Carbon offsets are not the solution, we need to be investing in projects that make a difference," he said. "That's not really helping our planet."

Airlines account for roughly 2% of global carbon dioxide emissions, and many have set plans to achieve carbon-neutral growth from 2020. Delta's announcement on Friday is the largest such commitment.

Delta's move comes at a time when many companies are reducing their environmental footprint to combat climate change.

In January, Microsoft unveiled an ambitious green plan aimed at making the company "carbon negative" this decade. By 2050, the company hopes to have removed as much carbon dioxide from the atmosphere that it's emitted since being founded in 1975.

Also in January, BlackRock co-founder and chief Larry Fink jump-started the discussion about how climate change is shifting the investing landscape.

In his annual letter to the world's biggest companies, Fink said: "Climate change has become a defining factor in companies' long-term prospects" and "awareness is rapidly changing."

BlackRock, with more than $7 trillion in assets under management, will put "sustainability at the center of our investment approach," from portfolio construction to launching new investment products that screen fossil fuels, Fink wrote.

ESG investing, which takes environmental, social and corporate governance issues into account, is sweeping Wall Street as younger investors want to put their money into companies they can believe in.

— Reuters contributed to this report.

Let's block ads! (Why?)


https://news.google.com/__i/rss/rd/articles/CBMiaGh0dHBzOi8vd3d3LmNuYmMuY29tLzIwMjAvMDIvMTQvZGVsdGEtYWlyLWxpbmVzLWNlby1jYXJyaWVyLXdpbGwtZ28tZnVsbHktY2FyYm9uLW5ldXRyYWwtbmV4dC1tb250aC5odG1s0gFsaHR0cHM6Ly93d3cuY25iYy5jb20vYW1wLzIwMjAvMDIvMTQvZGVsdGEtYWlyLWxpbmVzLWNlby1jYXJyaWVyLXdpbGwtZ28tZnVsbHktY2FyYm9uLW5ldXRyYWwtbmV4dC1tb250aC5odG1s?oc=5

2020-02-14 12:27:00Z
52780609195563

U.S. Equity Futures Edge Up Amid Virus Scrutiny: Markets Wrap - Yahoo Finance

U.S. Equity Futures Edge Up Amid Virus Scrutiny: Markets Wrap

(Bloomberg) -- U.S. equity futures nudged higher on Friday while European stocks rose and shares in Asia were mixed as traders sorted through contrasting data from China on how quickly the coronavirus is spreading. Treasuries advanced.

Contracts for all three main American gauges gradually edged up, with chipmaker Nvidia Corp. and travel giant Expedia Group Inc. jumping in the premarket after making strong forecasts. Tesla Inc. slipped after pricing a stock offering. The Stoxx Europe 600 Index turned higher on gains by real estate and utility shares.

Major Asian equity markets climbed except for those in Tokyo and Mumbai. Oil continued its rebound, pushing above $52 a barrel in New York. The euro steadied near a 2017 low after data showed the region’s economy grew a scant 0.1% in the fourth quarter, matching forecasts. The dollar was steady.

While Beijing reported a smaller increase in virus cases in the epicenter of Hubei versus the previous day, they were still bigger than before the counting methodology was changed. That clouded the picture of how the pandemic is being curbed, in a week that’s been marred by Chinese airlines putting workers on leave and firms such as drugmaker AstraZeneca Plc warning of a tougher outlook because of the novel disease.

Nonetheless, stocks globally are headed for a second successive week of gains as investors anticipate a possible V-shaped economic recovery from the virus, even as the effects continue to be felt. E-commerce giant Alibaba Group warned that the disease is having a fundamental impact on China’s economy, and nearly 86,000 domestic and international flights in and out of China were canceled Jan. 23-Feb. 11, or 34% of scheduled services.

“The difficulty with trading these things is timing -- and right here, right now, we are not through the woods yet with the coronavirus,” said Kyle Rodda, market analyst at IG Markets Ltd. “You look for those signals to suggest that effectively we are looking at that kind of V-shaped recovery that is still potentially on the cards.”

Hubei reported almost 5,000 new cases, a day after confirming nearly 15,000. The death toll in China was at 1,380, lowered by more than 100 to account for some double-counting. Earlier, the World Health Organization said a surge in diagnoses didn’t necessarily indicate a spike in infections, which had helped to lift risk appetite.

Elsewhere, havens including gold and the yen were steady.

These are the main moves in markets:

Stocks

Futures on the S&P 500 Index gained 0.2% as of 12:15 p.m. London time.Nasdaq 100 Index futures jumped 0.3%.The Stoxx Europe 600 Index rose 0.2%.The MSCI Asia Pacific Index dipped 0.1%.The MSCI World Index was little changed.

Currencies

The Bloomberg Dollar Spot Index was little changed.The euro declined 0.1% to $1.0834.The Japanese yen was little changed at 109.81 per dollar.South Africa’s rand strengthened 0.7% to 14.8584 per dollar.

Bonds

The yield on 10-year Treasuries fell three basis points to 1.59%.Germany’s 10-year yield dipped two basis points to -0.40%.Britain’s 10-year yield fell three basis points to 0.623%.Japan’s 10-year yield climbed one basis point to -0.027%.

Commodities

West Texas Intermediate crude rose 1.4% to $52.16 a barrel.Gold strengthened 0.1% to $1,576.80 an ounce.LME aluminum declined 0.9% to $1,732 per metric ton.Iron ore dipped 0.6% to $85.55 per metric ton.

--With assistance from Adam Haigh.

To contact the reporter on this story: Todd White in Madrid at twhite2@bloomberg.net

To contact the editor responsible for this story: Sam Potter at spotter33@bloomberg.net

For more articles like this, please visit us at bloomberg.com

Subscribe now to stay ahead with the most trusted business news source.

©2020 Bloomberg L.P.

Let's block ads! (Why?)


https://news.google.com/__i/rss/rd/articles/CBMiR2h0dHBzOi8vZmluYW5jZS55YWhvby5jb20vbmV3cy91LXN0b2NrLWZ1dHVyZXMtZGlwLWZyZXNoLTIzNTEyODIzMS5odG1s0gFPaHR0cHM6Ly9maW5hbmNlLnlhaG9vLmNvbS9hbXBodG1sL25ld3MvdS1zdG9jay1mdXR1cmVzLWRpcC1mcmVzaC0yMzUxMjgyMzEuaHRtbA?oc=5

2020-02-14 12:20:00Z
52780607463205

Tesla prices its secondary offering at $767 a share, raising $2 billion - CNBC

Elon Musk, chief executive officer of Tesla Inc., speaks during a ceremony at the company's Gigafactory in Shanghai, China, on Tuesday, Jan. 7, 2020.

Qilai Shen | Bloomberg | Getty Images

This is breaking news. Please check back for updates.

Tesla priced its secondary common stock offering at $767 a share,  raising more than $2 billion, the company said on Friday. The move will likely largely be seen as a success since that is only a slight discount to its previous closing price.

The company said on Friday it will sell 2.65 million shares at that price, which is a 4.6% discount to its Thursday close. CEO Elon Musk will buy $10 million and Oracle billionaire Larry Ellison will purchase $1 million worth in the offering, the company said.

The shares fell just 1.6% in premarket trading Friday, one day after the stock jumped nearly 5% on news of the offering, a surprise move higher that showed the high demand for the Musk-driven stock. The shares are up 92% this year alone through Thursday, raising questions that it is a bubble being driven by market factors. 

Goldman Sachs and Morgan Stanley were the lead underwriters, who have the option to buy an additional 397,500 shares in the offering.

Let's block ads! (Why?)


https://news.google.com/__i/rss/rd/articles/CBMiV2h0dHBzOi8vd3d3LmNuYmMuY29tLzIwMjAvMDIvMTQvdGVzbGEtcHJpY2VzLWl0cy1zZWNvbmRhcnktb2ZmZXJpbmctYXQtNzY3LWEtc2hhcmUuaHRtbNIBW2h0dHBzOi8vd3d3LmNuYmMuY29tL2FtcC8yMDIwLzAyLzE0L3Rlc2xhLXByaWNlcy1pdHMtc2Vjb25kYXJ5LW9mZmVyaW5nLWF0LTc2Ny1hLXNoYXJlLmh0bWw?oc=5

2020-02-14 11:45:00Z
52780605155077

U.S. Equity Futures Edge Up Amid Virus Scrutiny: Markets Wrap - Yahoo Finance

(Bloomberg) -- U.S. equity futures nudged higher with European stocks on Friday while shares in Asia were mixed as traders sorted through contrasting data from China on how quickly the coronavirus is spreading. Treasuries advanced.

Contracts on the three main American stock gauges drifted higher and the Stoxx Europe 600 Index fluctuated before moving up as rising real estate companies offset a drop in chemical makers. Major Asian equity markets all climbed except for those in Tokyo and Mumbai. China’s yuan continued to trade stronger than 7 per dollar. Oil rose to around $52 a barrel in New York. The euro steadied near a two-and-a-half-year low after data showed the region’s economy grew a scant 0.1% in the fourth quarter, matching forecasts.

Beijing reported a smaller increase in cases in the virus’s epicenter of Hubei than for the previous day, though still bigger than before the counting methodology was changed. That created a somewhat clouded picture of success in curbing the pandemic in a week that’s been marred by Chinese airlines putting workers on leave and firms such as drugmaker AstraZeneca Plc warning of a tougher outlook because of the novel disease.

Nonetheless, stocks globally are headed for a second successive week of gains as investors anticipate a possible V-shaped economic recovery from the virus, even as the effects continue to be felt. E-commerce giant Alibaba Group warned that the disease is having a fundamental impact on China’s economy, and nearly 86,000 domestic and international flights in and out of China were canceled Jan. 23-Feb. 11, or 34% of scheduled services.

“The difficulty with trading these things is timing -- and right here, right now, we are not through the woods yet with the coronavirus,” said Kyle Rodda, market analyst at IG Markets Ltd. “You look for those signals to suggest that effectively we are looking at that kind of V-shaped recovery that is still potentially on the cards.”

Hubei reported almost 5,000 new cases, a day after confirming nearly 15,000. The death toll in China was at 1,380, lowered by more than 100 to account for some double-counting. Earlier, the World Health Organization said a surge in diagnoses didn’t necessarily indicate a spike in infections, which had helped to lift risk appetite.

Meantime, the Federal Reserve Bank of New York said it will shrink its repurchase-agreement operations more than analysts expected. The yield curve flattened.

These are the main moves in markets:

Stocks

Futures on the S&P 500 Index rose 0.1% as of 10:34 a.m. London time.Nasdaq 100 Index futures increased 0.3%.The Stoxx Europe 600 Index edged up 0.1%.The MSCI Asia Pacific Index dipped 0.1%.The MSCI World Index was little changed.

Currencies

The Bloomberg Dollar Spot Index was steady.The euro was little changed at $1.0846.The Japanese yen was steady at 109.81 per dollar.South Africa’s rand strengthened 0.7% to 14.8533 per dollar.

Bonds

The yield on 10-year Treasuries declined two basis points to 1.59%.Germany’s 10-year yield dipped one basis point to -0.40%.Britain’s 10-year yield declined three basis points to 0.624%.Japan’s 10-year yield climbed one basis point to -0.027%.

Commodities

West Texas Intermediate crude rose 1.1% to $52 a barrel.Gold was little changed at $1,576.29 an ounce.LME aluminum declined 0.7% to $1,736 per metric ton.Iron ore dipped 0.2% to $85.85 per metric ton.

--With assistance from Adam Haigh.

To contact the reporter on this story: Todd White in Madrid at twhite2@bloomberg.net

To contact the editor responsible for this story: Sam Potter at spotter33@bloomberg.net

For more articles like this, please visit us at bloomberg.com

Subscribe now to stay ahead with the most trusted business news source.

©2020 Bloomberg L.P.

Let's block ads! (Why?)


https://news.google.com/__i/rss/rd/articles/CBMiR2h0dHBzOi8vZmluYW5jZS55YWhvby5jb20vbmV3cy91LXN0b2NrLWZ1dHVyZXMtZGlwLWZyZXNoLTIzNTEyODIzMS5odG1s0gFPaHR0cHM6Ly9maW5hbmNlLnlhaG9vLmNvbS9hbXBodG1sL25ld3MvdS1zdG9jay1mdXR1cmVzLWRpcC1mcmVzaC0yMzUxMjgyMzEuaHRtbA?oc=5

2020-02-14 10:38:00Z
52780607463205