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Global markets continue Wall Street’s strong start.

Stock markets around the world on Tuesday maintained Wall Street’s Monday rally amid continued signs that the coronavirus outbreak may be peaking in a number of hard-hit places.

Major European markets opened significantly higher after Asian markets picked up steam later in their trading day. Futures markets were predicting a robust opening when trading begins in the .

The global economy still faces daunting challenges before it can get back on track. But the two-day rally was fueled in part by signs of progress in the fight against the coronavirus outbreak in the United States and Europe.

Other markets signaled improved investor confidence as well. U.S. Treasury bond prices fell, signaling sharper appetite for riskier investments. Oil prices rose too on hopes that Russia and Saudi Arabia could reach a price war truce.

In Japan, the Nikkei 225 index ended 2 percent higher. Hong Kong’s Hang Seng index was up 2.1 percent. In mainland China, the Shanghai Composite index was up 2.1 percent. South Korea’s Kospi rose 1.8 percent.

In London, the FTSE 100 index was up 3.2 percent in early trading. France’s CAC 40 index was up 3.5 percent, while the DAX index in rose 4.4 percent early.

The cruise industry scrambles to survive.

Cruise ship companies have virtually no revenue. They have become symbols of deadly contagion. And despite assurances from Trump, they were left out of the $2 trillion stimulus package passed last month.


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The Carnival Corporation, which serves nearly 11.5 million travelers a year, or roughly 50 percent of the global cruise market, is at the center of the crisis. Over the last couple of months, the company has had highly publicized outbreaks on several of its ships, including the Diamond Princess and the Zaandam, which has been trying to unload sick passengers in Florida.

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Since the beginning of the year, the company’s share price has plummeted more than 80 percent, though it rose to $10.21 a share on Monday after Saudi Arabia’s state investment fund said it had acquired an 8 percent stake in the company. And last week, Carnival, which has already drawn on bank credit lines, began an attempt to raise $6 billion by selling stock, bonds and other securities. It was selling some of those bonds with a suggested 12.5 percent interest payment to investors, a strikingly high figure.

Carnival’s chief executive, Arnold Donald, said in interview that the sale would generate enough cash for the company to survive without revenue for the rest of the year and into 2021.

“If you run out of cash, you lose the company, and we can’t live with that,” Mr. Donald said. “So we want to make sure we’re prepared for an extreme case.”

The high interest rate on the debt deal “is absolutely going to be a challenge to us,” he said. “It’s not fun to be floating equity at the share price it is.”

The two major cruise lines besides Carnival — Royal Caribbean and Norwegian Cruises — are also looking for cash. Norwegian has tapped an existing $1.55 billion credit line. In March, Royal Caribbean secured a $2.2 billion loan, using its ships as collateral — an unusual step for a cruise line.

Wall Street began the week with a big rally.

Stocks rallied on Monday as investors seized on signals that the coronavirus outbreak may be peaking in some of the world’s worst-hit places.

The number of new confirmed deaths and infections is slowing in parts of Europe, and the number of deaths in New York has been steady for two days. In Italy and Spain, the total number of patients continues to climb, but the rate of new infections is no longer rising.

Wall Street analysts have been closely tracking the growth path of infections, with some spotlighting recent news as an indication that the outbreak could be near a peak in the United States. Analysts highlighted the tentative deceleration of infections in New York as a good sign for other virus hot spots in the country, as well as for stock market sentiment.

“This does not mean that the all clear is immediate, nor does it mean that the U.S. economy will quickly recover. But the light at the end of the tunnel is starting to emerge,” Dan Clifton, a at Strategas Research Partners, a financial and economic consulting firm, wrote in a note.

The optimism drove U.S. shares sharply higher. The S&P 500 rose 7 percent, its biggest gain since March 24, when it climbed more than 9 percent.

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Still, there was a strong defensive tilt to trading. The utilities sector — typically an area dominated by risk-averse investors — was one of the best performing in the S&P 500, with a gain of almost 8 percent.

That suggests investors still see plenty of reason to be cautious.

Catch up: Here’s what else is happening.

Reporting was contributed by David Yaffe-Bellany, Carlos Tejada, and Austin Ramzy.

  • Updated April 4, 2020

    • Should I wear a mask?

      The C.D.C. has recommended that all Americans wear cloth masks if they go out in public. This is a shift in federal guidance reflecting new concerns that the coronavirus is being spread by infected people who have no symptoms. Until now, the C.D.C., like the W.H.O., has advised that ordinary people don’t need to wear masks unless they are sick and coughing. Part of the reason was to preserve medical-grade masks for health care workers who desperately need them at a time when they are in continuously short supply. Masks don’t replace hand washing and social distancing.

    • What should I do if I feel sick?

      If you’ve been exposed to the coronavirus or think you have, and have a fever or symptoms like a cough or difficulty breathing, call a doctor. They should give you advice on whether you should be tested, how to get tested, and how to seek medical treatment without potentially infecting or exposing others.

    • How does coronavirus spread?

      It seems to spread very easily from person to person, especially in homes, hospitals and other confined spaces. The pathogen can be carried on tiny respiratory droplets that fall as they are coughed or sneezed out. It may also be transmitted when we touch a contaminated surface and then touch our face.

    • What makes this outbreak so different?

      Unlike the flu, there is no known treatment or vaccine, and little is known about this particular virus so far. It seems to be more lethal than the flu, but the numbers are still uncertain. And it hits the elderly and those with underlying conditions — not just those with respiratory diseases — particularly hard.

    • What if somebody in my family gets sick?

      If the family member doesn’t need hospitalization and can be cared for at home, you should help him or her with basic needs and monitor the symptoms, while also keeping as much distance as possible, according to guidelines issued by the C.D.C. If there’s space, the sick family member should stay in a separate room and use a separate bathroom. If masks are available, both the sick person and the caregiver should wear them when the caregiver enters the room. Make sure not to share any dishes or other household items and to regularly clean surfaces like counters, doorknobs, toilets and tables. Don’t forget to wash your hands frequently.

    • Should I stock up on groceries?

      Plan two weeks of meals if possible. But people should not hoard food or supplies. Despite the empty shelves, the supply chain remains strong. And remember to wipe the handle of the grocery cart with a disinfecting wipe and wash your hands as soon as you get home.

    • Should I pull my money from the markets?

      That’s not a good idea. Even if you’re retired, having a balanced portfolio of stocks and bonds so that your money keeps up with inflation, or even grows, makes sense. But retirees may want to think about having enough cash set aside for a year’s worth of living expenses and big payments needed over the next five years.

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