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9 March 2020
Marketing Team
World markets dropped sharply on fears the Covid-19 virus would cause disruption and global slowdown, possibly recession. The MSCI World Index declined 8.6% over February 2020 to 2,141.12.
China quarantined the City of Wuhan in central China and closed its airspace to international flights to contain the Covid-19 virus.
Glencore reported net loss of $404m but held its dividend at 20 cents despite adjusted EPS of 18 cents. The board said current commodity prices were weak.
Crude oil slumped $6 per barrel over February as Chinese demand dropped 20% as a result of the extended Lunar New Year holiday and the economic slowdown prompted by the Covid-19 virus.
Chancellor Rishi Sunak said he would stick to the March 11th date for the UK Budget.
Venice Carnival, the Geneva Motor Show, ITB Berlin and the Mobile World Congress Barcelona were all cancelled due to concern over the virus spread at large gatherings.
Third Point LLC run by Dan Loeb has acquired 5% of Prudential plc and urged its board to split up PruAsia from its US annuities business, Jackson National.
NMC Healthcare Chairman BR Shetty resigned, and its shares were suspended at NMC’s request following a series of corporate governance, accounting failures.
HSBC said 35,000 jobs (15% of its workforce) will go by 2023 part of a plan to recover profitability hurt by low global interest rates.