Wall St. sees biggest weekly slump since 2008 crisis

Wall St. sees biggest weekly slump since 2008 crisis

Stocks fell for a seventh straight session and suffered their largest weekly drop since the financial crisis but ended Friday above their lows after Federal Reserve Chairman Jerome Powell issued a statement. Conway G.
Reuters Business
Week ahead: more market turmoil or Fed to the rescue?

Week ahead: more market turmoil or Fed to the rescue?

After the biggest weekly drop for stocks since the financial crisis, investors in the coming week are looking to see if the market will rebound or add to losses and what will the catalyst be for either move. Conway G. Gittens has the look ahead.
Reuters Business
Fed: “will act as appropriate” on coronavirus impact

Fed: “will act as appropriate” on coronavirus impact

Fed Chair Jerome Powell’s statement Friday signals that the central bank will cut interest rates in March to support the economy, says RegentAtlantic’s Andy Kapyrin.
Reuters Business
Coronavirus spread wipes trillions off markets

Coronavirus spread wipes trillions off markets

As the world prepares for a feared coronavirus pandemic, more new countries reported their first cases; many originating from Italy and Iran.
Reuters Business
Dow drops more than 1000 points

Dow drops more than 1000 points

Wall Street dropped sharply Friday morning as the rapidly spreading coronavirus outbreak raised fears of a global recession.
Reuters Business
Switzerland bans all big events as virus fears mount

Switzerland bans all big events as virus fears mount

Switzerland has banned all events likely to attract more than 1,000 people as it battles to contain the coronavirus. The Geneva Car Show and Swiss football matches are an early casualty.
Reuters Business
Tokyo Disneyland to close through mid-March

Tokyo Disneyland to close through mid-March

Tokyo Disneyland will be closed from Saturday to March 15 due to concerns about coronavirus infections spreading in Japan. As Fred Katayama reports, that leaves all of
Reuters Business
Ex-Barclays bankers cleared over Qatar fees in blow to UK fraud office

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

Three former Barclays executives were acquitted in London on Friday of charges they helped funnel 322 million pounds ($418 million) in secret fees to Qatar during the credit crisis, in return for rescue funding. Ciara Lee reports
Reuters Business
Revival gives Rolls-Royce confidence despite coronavirus

Revival gives Rolls-Royce confidence despite coronavirus

Rolls-Royce has got to grips with a long-running engine problem and enjoyed a strong end to 2019, leaving it well placed to cope with any disruption caused by the coronavirus outbreak, it said on Friday. Ciara Lee reports
Reuters Business
European airlines sound alarm over coronavirus impact

European airlines sound alarm over coronavirus impact

British Airways owner IAG, EasyJet and Finnair all sounded the alarm over the coronavirus on Friday.
Reuters Business
Coronavirus crash wipes $5 trillion off world stocks

Coronavirus crash wipes $5 trillion off world stocks

Coronavirus panic sent world share markets crashing again on Friday, compounding their worst week since the 2008 global financial crisis and bringing the wipeout in value terms to $5 trillion. Ciara Lee reports
Reuters Business
Hyundai shuts down factory due to infected worker

Hyundai shuts down factory due to infected worker

South Korean automaker Hyundai's shares have fallen more than 5% after the company announced it would shut down a factory where one worker tested positive for the coronavirus.
Reuters Business
Beyond Meat triples sales but earnings disappoint

Beyond Meat triples sales but earnings disappoint

Beyond Meat said on Thursday that fourth-quarter sales tripled, but shares fell 7% in after-hours trading as the company missed earnings expectations and announced that its Executive Chairman will resign. Lisa Bernhard has more.
Reuters Business
Is new Disney CEO Bob Chapek up to the task?

Is new Disney CEO Bob Chapek up to the task?

A potential pandemic and the challenge of figuring out the future of entertainment greeted Bob Chapek as he took over this week as Chief Executive Officer of The Walt Disney Company. Lisa Bernhard has more.
Reuters Business
Fed's "trick" is over: investment officer

Fed's "trick" is over: investment officer

Historically low Treasury yields and political pressure could push the Fed to lower rates but it would be unlikely to help stocks much, says Global X’s Jon Maier.
Reuters Business
Wall St. extends plunge as coronavirus spreads

Wall St. extends plunge as coronavirus spreads

U.S. stocks tumbled for a sixth consecutive session as the rapid spread of coronavirus fueled global economic growth fears. Conway G.
Reuters Business
J.C. Penney sees sales falling in 2020

J.C. Penney sees sales falling in 2020

J.C. Penney's quarterly profit and revenue slid but beat estimates. As Fred Katayama reports, the department store chain sees sales continuing to fall in 2020.
Reuters Business
UK on collision course with EU over trade talks mandate

UK on collision course with EU over trade talks mandate

The UK government has unveiled a tough negotiating mandate for trade talks with the European Union, saying it will walk away with no deal at the end of the transition period In December if "good progress" is not made by June.
Reuters Business
Best Buy bucks holiday sales trend

Best Buy bucks holiday sales trend

Strong sales of mobile phones, tablets and headphones helped Best Buy post quarterly profit and sales that beat expectations. As Fred Katayama reports, its investment in its e-commerce operations is paying off.
Reuters Business
Carrefour turns around after $1.1 bln savings drive

Carrefour turns around after $1.1 bln savings drive

French retailer Carrefour says profits are on the up and a turnaround in progress after it hit a target of $1.1 billion in cost savings.
Reuters Business
UK judge throws out Heathrow expansion plan

UK judge throws out Heathrow expansion plan

Heathrow Airport’s $18bln plan for a new runway is in doubt after a UK judge said it didn’t comply with the country’s commitments on climate change.
Reuters Business
World scrambles to curb fast-spreading coronavirus

World scrambles to curb fast-spreading coronavirus

Governments boosted measures on Thursday to battle the coronavirus epidemic as the number of infections outside China, the source of the outbreak, for the first time surpassed those appearing inside the country.
Reuters Business
Oil prices keep falling as virus fears weigh

Oil prices keep falling as virus fears weigh

Oil prices fell for a fifth day on Thursday, hitting their lowest since early 2019, as the coronavirus outbreak raised growing fears for global growth. Ciara Lee reports
Reuters Business
European stocks slide again on pandemic fears

European stocks slide again on pandemic fears

European shares fell again on Thursday, with travel stocks taking the biggest knock, as a jump in new coronavirus cases outside of China deepened fears of a pandemic that could dent global growth. Ciara Lee reports
Reuters Business
Dow suffers 5-day dive on coronavirus fears

Dow suffers 5-day dive on coronavirus fears

Most of the U.S. stock market fell for a fifth straight session Wednesday, though the Nasdaq ended higher, as the latest coronavirus headlines kept investors on edge. Conway G.
Reuters Business
Markets haven’t bottomed yet: advisor

Markets haven’t bottomed yet: advisor

Payne Capital Management president Ryan Payne says he still senses complacency among his clients amid the coronavirus scare. That, he says, is a sign markets will still head lower.
Reuters Business
Wall Street bounces after virus-driven selloff

Wall Street bounces after virus-driven selloff

U.S. stocks attempted a recovery on Wednesday after a rocky start to the week that shaved off more than 6% from the main indexes on growth concerns stemming from a global spread of the coronavirus.
Reuters Business
Beyond Meat shares sizzle on Starbucks deal

Beyond Meat shares sizzle on Starbucks deal

Starbucks will start selling a Beyond Meat plant-based breakfast sandwich next week in Canada. As Fred Katayama reports, it marks the first time the world's biggest coffee chain will offer an imitation meat product.
Reuters Business
Panasonic to end solar partnership with Tesla

Panasonic to end solar partnership with Tesla

Panasonic said it'll exit solar cell production at Tesla's New York plant. As Fred Katayama reports, it's another sign of a fraying relationship with the electric vehicle maker.
Reuters Business
Diageo warns coronavirus could dent 2020 profit by $260 million

Diageo warns coronavirus could dent 2020 profit by $260 million

The parent company of drinks brands that include Guinness and Smirnoff vodka is bracing itself for a drop in profits of up to $260 million because of the coronavirus.
Reuters Business
Tin vino veritas: SA start-up taps canned wine trend

Tin vino veritas: SA start-up taps canned wine trend

Uncanny's red and white wines in a can are the first to be certified by South Africa's Wine and Spirit Board - now it wants to make a splash in the global wine industry which is expected to be worth $400 billion by the end of 2023.
Reuters Business
Shares tumble again as pandemic fears deepen

Shares tumble again as pandemic fears deepen

European shares tumbled again on Wednesday after U.S. authorities said a coronavirus pandemic was now inevitable.
Reuters Business
Lie-flat in economy class? Air New Zealand unveils flying bunk beds

Lie-flat in economy class? Air New Zealand unveils flying bunk beds

Air New Zealand may have come up with a way to cram lie-flat beds into economy class, revealing plans for a triple-decker sleep pod.
Reuters Business
Peugeot group profits jump ahead of Fiat merger

Peugeot group profits jump ahead of Fiat merger

Earnings at Peugeot owner PSA Group jumped thanks to sales of pricier SUVs, cheering investors ahead of its merger with Fiat Chrysler.
Reuters Business
Walt Disney's Bob Iger steps down as CEO

Walt Disney's Bob Iger steps down as CEO

Walt Disney Co's Robert Iger will step down as chief executive officer, handing the reins to Disney Parks head Bob Chapek, the company said on Tuesday, ending years of speculation on who will take over Hollywood's most powerful studio. Jillian Kitche
Reuters Business
Wall St slump deepens on U.S. coronavirus warning

Wall St slump deepens on U.S. coronavirus warning

Stocks tumbled for a fourth straight session and bond yields set historic lows after the CDC warned the coronavirus is likely to break-out in the U.S. Conway G. Gittens has the full market reaction.
Reuters Business
Virus spawns deglobalization fears: strategist

Virus spawns deglobalization fears: strategist

Multivariate strategist Max Wolff says stocks still have not factored in deglobalization risk that could be further exacerbated by the coronavirus outbreak.
Reuters Business
CDC warns U.S. on coronavirus; stock losses deepen

CDC warns U.S. on coronavirus; stock losses deepen

The U.S. Centers for Disease Control and Prevention on Tuesday alerted Americans to prepare for the possible spead of the coronavirus to the U.S., sparking another sharp drop on Wall Street. Conway G. Gittens has more.
Reuters Business
Strong housing market boosts Home Depot sales

Strong housing market boosts Home Depot sales

Home Depot benefited from a solid U.S. housing market and higher job growth, helping the home improvement retailer beat sales and profit estimates.
Reuters Business
Amazon launches cashier-less supermarket

Amazon launches cashier-less supermarket

Amazon.com is opening Amazon Go Grocery in Seattle Tuesday, a cashier-less store that's four times larger than its first cashier-free store, Amazon Go.
Reuters Business
Tesco completes China exit with $357 mln stake sale

Tesco completes China exit with $357 mln stake sale

Britain's biggest retailer Tesco has completed its exit from China with the 275 million pound ($357 million) sale of its joint venture stake to state-run partner China Resources Holdings. Ciara Lee reports
Reuters Business
Champs League absence empties Man Utd coffers

Champs League absence empties Man Utd coffers

Earnings at English soccer giant Manchester United have taken another tumble due to the club’s absence from the Champions League. Ciara Lee reports
Reuters Business
Shell-shocked: SA's lobster catchers suffer coronavirus fallout

Shell-shocked: SA's lobster catchers suffer coronavirus fallout

Lobster catchers on South Africa's West Coast have become unexpected victims of the coronavirus epidemic, after China halted imports of seafood in a bid to contain the outbreak.
Reuters Business
Falling exports bring German economy to standstill in fourth quarter

Falling exports bring German economy to standstill in fourth quarter

Shrinking exports held back German economic activity in the fourth quarter of last year, detailed data showed on Tuesday, confirming that Europe's largest economy was stagnating even before the coronavirus outbreak began. Ciara Lee reports
Reuters Business
John Deere hopes to break ground in Africa through tractor-hailing tech

John Deere hopes to break ground in Africa through tractor-hailing tech

The world's leading farm equipment manufacturer is teaming up with the "Uber of tractors", hoping to boost sales on the African continent.
Reuters Business
Digital bank Revolut hits $5.5 billion valuation

Digital bank Revolut hits $5.5 billion valuation

Digital banking app Revolut is worth $5.5 billion after its latest fundraising round, confirming it as one of the most valuable names in financial technology.
Reuters Business
Early gains fade for European shares as virus fears weigh

Early gains fade for European shares as virus fears weigh

European shares edged lower on Tuesday after recording their worst losses since June 2016 in the previous session, with trading still dominated by concern that the coronavirus outbreak is spreading fast outside China. Ciara Lee reports
Reuters Business
Wall Street plunges as coronavirus spreads

Wall Street plunges as coronavirus spreads

The S&P 500 and the Dow Jones Industrial Average on Monday suffered their biggest one-day percentage losses in two years after a surge in coronavirus cases outside China fanned worries about the global economic impact of a potential pandemic.
Reuters Business