Staff members work at the assemble plant of FAW-Volkswagen Automobile in Chengdu, southwest China’s Sichuan Province, Feb. 19, 2020. Liu Kun | Xinhua via Getty Images BEIJING — Chinese businesses are getting back to work just as many parts of the world are shutting down, and that could add a second jolt to the world’s second-largest economy.
Finance
Main Street may be more resilient than Wall Street during the coronavirus crisis. Former Office of Management and Budget director David Stockman warns the pandemic is exposing risky speculation and shaky market fundamentals. “Wall Street is toast,” he told CNBC’s “Trading Nation” on Thursday. “It’s going to end as a financial crisis because the illusion
Yellow Dog Productions The economic fallout from the coronavirus is driving more Americans to seek unemployment benefits. However, the nation’s main financial backstop for laid-off workers is deficient — which could leave many Americans, especially gig workers, in a precarious situation, according to some experts. The $100 billion aid package President Trump signed into law on Wednesday,
Investor Ray Dalio said the coronavirus outbreak will cost U.S. corporations up to $4 trillion. “What’s happening has not happened in our lifetime before … What we have is a crisis,” Dalio said on Thursday on CNBC’s “Squawk Box.“There will also be individuals who have very big losses… There’s a need for the government to
US Federal Reserve Chair Jerome Powell speaks at a “Fed Listens” event in Washington, DC, on October 4, 2019. Eric Baradat | AFP | Getty Images The Federal Reserve took another page out of its 2008 crisis-era playbook late Wednesday evening, invoking its emergency authority to create a backstop for prime money market mutual funds.
Bill Miller Scott Mlyn | CNBC Investor Bill Miller said during Wednesday’s violent market dive that the current climate is one of the best buying opportunities of his lifetime. “I think this is an exceptional buying opportunity,” Miller, chairman and chief investment officer of Miller Value Partners, said on CNBC’s “The Exchange” on Wednesday. “I
Take a look at some of the biggest movers in the premarket: Boeing (BA) – Boeing is seeking access to $60 billion in public and private liquidity for the U.S. aerospace industry. Boeing has already told the government it cannot meet its liquidity needs under current market conditions. Tesla (TSLA) – Tesla was ordered to halt production
Revolut, one of Europe’s biggest fintech (financial technology) firms, has launched a “money management” product for children, which can be monitored by parents via the app. The online-only bank, which currently has more than 10 million users worldwide, announced Wednesday it was launching Revolut Junior, an app aimed at kids between the ages of 7
Brendan McDermid | Reuters Investors glued to their screens as stocks tumble day after day. Central banks around the world injecting trillions of dollars into the financial system. Talk of bailing out out entire industries. For people who have been around long enough, the upheaval in markets being caused by the global covid-19 pandemic reminds
Take a look at some of the biggest movers in the premarket: Regeneron Pharmaceuticals (REGN) – The biotech company said it aims to have a potential drug for COVID-19 ready for clinical trials by early summer, earlier than previously expected. The drug is designed to both treat and prevent COVID-19. Pfizer (PFE), BioNTech (BNTX) –