Business News
                                                                    

Feb 21, 2020 07:47AM

U.S. Stocks Fall, Gold Rallies on Bid for Safety: Markets Wrap

(Bloomberg) -- U.S. stocks sank, gold surged and Treasury yields fell as investors took a defensive stance amid renewed concern about the economic impact of the coronavirus as it spreads outside of China.Chipmakers led losses as the S&P 500 Index headed for its first weekly decline since January after equities in Korea and Hong Kong dropped more than 1% on Friday. The Stoxx Europe 600 Index slumped, with automakers among the worst performers. The yield on 30-year Treasuries headed to a record low as manufacturing data in Australia and Japan added to worries about slower growth.Investors were put on alert this week by a spike in infections outside China and a slew of fresh warnings by companies over the potential impact on business. Those reignited appetite for haven assets and reversed stock gains that had sent the S&P 500 Index to a record high on Wednesday.?It may be a much longer road,? Dan Farley, chief investment officer of the investment solutions group at State Street Global Advisors, told Bloomberg TV in Sydney. ?We have to be very mindful that this is not an easily solvable issue and the impact on consumer demand for a number of different sectors is going to be something that we need to be watching out for.?Elsewhere, crude oil fell after hitting the highest in almost four weeks. The yen edged higher, recouping some if its biggest two-day decline since 2017. The dollar was little changed following a four-day winning streak. The euro strengthened after data showed economic activity in the common-currency area sped up unexpectedly.Here are some key events coming up:Group of 20 finance ministers and central bank chiefs are due to meet Feb. 22-23 in Riyadh, Saudi Arabia, and are expected to discuss efforts to support growth amid the coronavirus threat.These are the main moves in markets:StocksThe S&P 500 Index dropped 0.9% at 9:46 a.m. New York time.The Stoxx Europe 600 Index fell 0.3%.The MSCI Asia Pacific Index fell 0.6%.CurrenciesThe Bloomberg Dollar Spot Index was little changed.The euro edged up 0.2% to $1.0808.The British pound advanced 0.4% to $1.2934.The Japanese yen strengthened 0.2% to 111.93 per dollar.BondsThe yield on 10-year Treasuries declined three basis points to 1.49%.Germany?s 10-year yield rose one basis point to -0.44%.Britain?s 10-year yield was little changed at 0.58%.CommoditiesWest Texas Intermediate crude sank 1.5% to $52.96 a barrel.Gold strengthened 1.3% to $1,640.21 an ounce.\--With assistance from Michael G. Wilson and Robert Brand.To contact the reporters on this story: Constantine Courcoulas in Athens at ccourcoulas1@bloomberg.net;Brendan Walsh in Austin at bwalsh8@bloomberg.netTo contact the editors responsible for this story: Christopher Anstey at canstey@bloomberg.net, Brendan Walsh, Todd WhiteFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

Feb 21, 2020 07:45AM

China's Construction Industry Databook Forecast 2023 with Coverage of 40+ Market Segments in Residential, Commercial, Industrial, Institutional and Infrastructure Construction

The "China Construction Industry Databook Series - Market Size & Forecast (2014 - 2023) by Value and Volume across 40+ Market Segments in Residential, Commercial, Industrial, Institutional and Infrastructure Construction, - Updated in Q3, 2019" report has been added to ResearchAndMarkets.com's offering.

Feb 21, 2020 07:43AM

Daimler Braces for Higher Mercedes-Benz Diesel Costs in Germany

(Bloomberg) -- Daimler AG warned of a further crackdown on Mercedes-Benz diesel vehicles in Germany and boosted provisions for legal and regulatory costs that already crimped profit last year.The country?s motor industry watchdog, KBA, is likely to rule that other vehicles made by the luxury brand were also ?equipped with impermissible defeat devices,? Daimler said Friday in its annual report, referring to banned software designed to bypass emissions tests.Daimler has temporarily halted delivery and registration of some models, according to the report. It boosted total provisions to 30.7 billion euros ($33.2 billion) from 23 billion euros, with potential liability and regulatory costs more than doubling to 4.9 billion euros. The shares fell as much as 2.3% in Frankfurt trading.The German manufacturer also said complying with stricter emissions rules in some countries will be difficult.The carmaker?s move indicates trouble ahead for its diesel cars. Daimler took a massive earnings hit in 2019 and slashed its payout to investors to the lowest level since the financial crisis, blaming an 870 million euro fine by German prosecutors and costs related to reducing diesel-car emissions. The penalty coincided with record spending to boost its electric-car lineup and expand software operations. Daimler is also putting aside 2 billion euros for restructuring costs.Facing PenaltiesChief Executive Officer Ola Kallenius has acknowledged in recent months that meeting Europe?s tougher emission targets will be a challenge in the next two years because consumers may not move away from choosing combustion engines fast enough.Under the bloc?s rules, carmakers face penalties if the average of the total passenger vehicles they sell exceeds a level of CO2 emissions. Mercedes-Benz, which makes large-cylinder gas and diesel guzzlers in addition to battery-run models, plans to make use of so-called super credit incentives on electric and plug-in hybrid models to lower its average.Daimler?s supervisory board has created a six-member special committee to focus on legal affairs ?against the backdrop of the complexity of the emissions- and antitrust related proceedings,? it said in the report.CoronavirusThe automaker could face a total of more than 1.5 billion euros in fines in 2020 and 2021 for missing European CO2 limits, according to BloombergNEF estimates. To avoid such penalties, electric vehicles sales must account for about 10% of total deliveries in the region by 2021, compared with about 2.8% last year.The company?s average fleet emission in Europe was 137 grams in 2019, well above the 95 grams per kilometer stipulated by the rules that start taking effect this year and gradually get tougher by the end of 2021.Daimler also flagged potential economic disruption from the outbreak of the coronavirus in its largest market, China. Risks ?may not only affect the development of unit sales, but may also lead to significant adverse effects on production, the procurement market and the supply chain,? Daimler said in the report. Last week, CEO Kallenius said it was too early to quantify the financial fallout.(Adds detail on higher provisions in third paragraph)To contact the reporters on this story: Christoph Rauwald in Frankfurt at crauwald@bloomberg.net;Karin Matussek in Berlin at kmatussek@bloomberg.netTo contact the editors responsible for this story: Anthony Palazzo at apalazzo@bloomberg.net, Tara Patel, Anne PollakFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

Feb 21, 2020 07:43AM

Take Five: "Our currency, your problem" - all over again

The U.S. currency has rocketed to a near three-year high versus the euro , a 10-month high against the yen and an 11-year peak versus the Aussie. The United States has the highest bond yields among developed nations and its companies keep beating earnings forecasts. President Donald Trump has been oddly silent on the subject but it's probably a matter of time before he accuses rivals of devaluing their currencies to aid exports.

Feb 21, 2020 07:43AM

Take Five: "Our currency, your problem" - all over again

The U.S. currency has rocketed to a near three-year high versus the euro , a 10-month high against the yen and an 11-year peak versus the Aussie. The United States has the highest bond yields among developed nations and its companies keep beating earnings forecasts. President Donald Trump has been oddly silent on the subject but it's probably a matter of time before he accuses rivals of devaluing their currencies to aid exports.

Feb 20, 2020 02:55PM

Lawmakers Are Warned That Russia Is Meddling to Re-elect Trump - The New York Times

1. Lawmakers Are Warned That Russia Is Meddling to Re-elect Trump  The New York Times
2. Russia is looking to help Trump win in 2020, election security official told lawmakers  CNN
3. Senior intelligence official told lawmakers that Russia wants to see Trump reelected  The Washington Post
4. Why the Trump-Russia intelligence report doesn't quite add up  Washington Examiner
5. Happy Hour Roundup  The Washington Post
6. View Full Coverage on Google News

Feb 21, 2020 05:12AM

U.S., Afghanistan And Taliban Announce 7-Day 'Reduction In Violence' - NPR

1. U.S., Afghanistan And Taliban Announce 7-Day 'Reduction In Violence'  NPR
2. Seven-day reduction in violence in Afghanistan to begin, US announces  CNN
3. The Taliban's lies in the New York Times  Washington Examiner
4. New York Times publishes Taliban propaganda  Washington Examiner
5. Afghanistan war: US and Afghan Taliban to start partial truce  BBC News
6. View Full Coverage on Google News

Feb 21, 2020 06:00AM

Over 500 cases of coronavirus reported in Chinese prisons - New York Post

1. Over 500 cases of coronavirus reported in Chinese prisons  New York Post
2. Coronavirus outbreak in Chinese prisons, South Korea cases exceed 200  CNBC
3. Virus Epidemic Enters New Phase as Cases Outside China Climb  Bloomberg
4. Why Did the Coronavirus Outbreak Start in China?  The New York Times
5. The world in grips of an epidemic more dangerous than coronavirus  Al Jazeera English
6. View Full Coverage on Google News

Feb 20, 2020 07:54PM

Warren proposes contract to free women from Bloomberg confidentiality agreements - CNN

1. Warren proposes contract to free women from Bloomberg confidentiality agreements  CNN
2. Who Is Most Offended by Stop-and-Frisk?  National Review
3. Did Mike Bloomberg survive his first debate?  CBS This Morning
4. I Was the Judge in the Stop-and-Frisk Case. I Don?t Think Bloomberg Is Racist.  The New York Times
5. Warren soars, Bloomberg flops in knives-out debate  The Boston Globe
6. View Full Coverage on Google News

Feb 20, 2020 08:00PM

Dana White speaks at Donald Trump rally in Colorado: 'We gotta win this election again' - MMA Junkie

1. Dana White speaks at Donald Trump rally in Colorado: 'We gotta win this election again'  MMA Junkie
2. Colorado police make 8 arrests outside Trump rally venue after protesters block traffic  Fox News
3. Trump slams Democratic rivals during Colorado Springs rally  CBS News
4. 8 people arrested outside Trump rally in Colorado for 'obstructed traffic' | TheHill  The Hill
5. Hundreds camp out overnight ahead of Trump rally in Colorado  Fox News
6. View Full Coverage on Google News

Feb 21, 2020 05:52AM

First class stamps to rise 6p to 76p

The Royal Mail is increasing the cost of postage again, with first-class stamps rising 6p to 76p

Feb 21, 2020 01:27AM

Coronavirus: Car sales in China fall 92% in February

Car dealerships remain closed and buyers stay away as the coronavirus outbreak takes its toll on sales.

Feb 21, 2020 03:15AM

Storm Dennis: 'My business was flooded twice in two days'

Business owners describe how they have been left counting the cost of the floods caused by Storm Dennis.

Feb 20, 2020 05:05PM

Turning billions of £20 notes into compost

Around two billion paper £20 notes will be replaced with polymer notes in the next few months.

Feb 20, 2020 07:53PM

Coronavirus outbreak to cost airlines almost $30bn

Airline industry body IATA predicts global air travel demand will fall for the first time since 2009.