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US stocks continue downward spiral as virus fears shock markets in WORST WEEK since 2008 meltdown

2 hours ago NAMEX Comments Off on US stocks continue downward spiral as virus fears shock markets in WORST WEEK since 2008 meltdown
All three major US market indices continued their free-fall amid growing panic over the COVID-19 outbreak, each seeing their worst week since the global financial crisis in 2008. The Dow Jones Industrial average dropped more than 350 points after trading closed on Friday, falling by over 1.3 percent and capping off a week of dramatic Read More

Oil prices sink to lowest in over a year, biggest weekly drop since 2016

2 hours ago NAMEX Comments Off on Oil prices sink to lowest in over a year, biggest weekly drop since 2016
NEW YORK (Reuters) – Oil prices slumped for a sixth day in a row on Friday to their lowest in more than a year, causing futures to drop by the most in a week since 2016, as the spread of coronavirus stoked fears that a slowing global economy would hit energy demand. FILE PHOTO: A Read More

U.S. financial regulators expected to discuss coronavirus Wednesday: sources

3 hours ago NAMEX Comments Off on U.S. financial regulators expected to discuss coronavirus Wednesday: sources
WASHINGTON (Reuters) – Top U.S. regulatory officials are expected to discuss the market and economic implications of a potential coronavirus pandemic at an upcoming meeting of their systemic threat panel, three sources told Reuters. The Financial Stability Oversight Council is scheduled to hold a deputy-level meeting ON Wednesday, and while the meeting was planned before Read More

WRAPUP 3-Cooling consumer spending, inflation put spotlight on Fed amid coronavirus

3 hours ago NAMEX Comments Off on WRAPUP 3-Cooling consumer spending, inflation put spotlight on Fed amid coronavirus
WASHINGTON (Reuters) – U.S. consumer spending slowed in January and could lose further momentum as the fast-spreading coronavirus outbreak, which has sparked a stock market sell-off and revived fears of a recession, causes households to tighten their purse strings. FILE PHOTO: A vendor counts money at his photograph stand at Times Square in New York Read More

As stocks plunge on coronavirus, hedge funds can brag: ‘we’re down less!’

3 hours ago NAMEX Comments Off on As stocks plunge on coronavirus, hedge funds can brag: ‘we’re down less!’
NEW YORK (Reuters) – This week’s stock market plunge on coronavirus worries has given hedge fund managers a rare opportunity to brag that they are performing better than traditional stock market funds during a time of market stress. Analyst reports on Friday showed global long-short equity hedge funds lost less money than traditional stock market portfolios, Read More

‘Risk is very high,’ warns WHO, as coronavirus wipes $6 trillion off markets

4 hours ago NAMEX Comments Off on ‘Risk is very high,’ warns WHO, as coronavirus wipes $6 trillion off markets
GENEVA/BEIJING (Reuters) – The coronavirus spread further on Friday, with cases reported for the first time in six countries across three continents, battering markets and leading the World Health Organization (WHO) to raise its impact risk alert to “very high.” Hopes that the epidemic that started in China late last year would be over in Read More

Ex-Barclays bankers cleared over 2008 Qatar fees in blow to UK fraud office

5 hours ago NAMEX Comments Off on Ex-Barclays bankers cleared over 2008 Qatar fees in blow to UK fraud office
LONDON (Reuters) – Three former Barclays (BARC.L) executives were unanimously acquitted on Friday of charges they helped funnel 322 million pounds ($418 million) in secret fees to Qatar in return for rescue financing during the credit crisis. A jury at London’s Old Bailey criminal court cleared Roger Jenkins, Tom Kalaris and Richard Boath of fraud Read More

Explainer: How U.S. markets will function if coronavirus breaks out in NYC

5 hours ago NAMEX Comments Off on Explainer: How U.S. markets will function if coronavirus breaks out in NYC
NEW YORK (Reuters) – If an outbreak of coronavirus hits New York, it could cause more sharp selling of stocks, but markets would likely continue to function even if the floor of the New York Stock Exchange had to close. FILE PHOTO: A trader works on the floor of the New York Stock Exchange shortly Read More

CNN’s coronavirus coverage criticized: ‘Trump Derangement Syndrome strikes again’

7 hours ago NAMEX Comments Off on CNN’s coronavirus coverage criticized: ‘Trump Derangement Syndrome strikes again’
As coronavirus concerns sweep the nation and make news across the globe, liberal CNN has is being criticized for placing blame for its spread onPresident Trump and politicizing the alarming illness. TRUMP SCOLDS CNN’S JIM ACOSTA IN INDIA: ‘YOU OUGHT TO BE ASHAMED OF YOURSELF’ CNN’s website on Friday declared in its top story that Trump is hoping Read More

GLOBAL MARKETS-Coronavirus crash wipes $5 trillion off world stocks

7 hours ago NAMEX Comments Off on GLOBAL MARKETS-Coronavirus crash wipes $5 trillion off world stocks
* MSCI ACWI down nearly 10%, S&P500 in correction in just 6 days * U.S. yield curve firmly inverted, investors fear recession * Fed rate cut next month seen probable * European shares fall 3%-5% * Graphic: World FX rates in 2020 tmsnrt.rs/2egbfVh * Asian stock markets: tmsnrt.rs/2zpUAr4 By Marc Jones LONDON, Feb 28 (Reuters) Read More