Explainer: Euro zone mulls package to support economy against coronavirus

BRUSSELS (Reuters) – With the euro zone economy in need of help during the coronavirus epidemic, officials have until April 9 to design a package that satisfies members with completely opposing views: those calling for joint debt issuance and those fiercely against it. Mutualising debt has always been a red line for Germany, the Netherlands, Finland and Austria, but France, […]

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Singapore banks may see worst-case hit of 14-18% on revenue over consumer loan relief: Jefferies

SINGAPORE (THE BUSINESS TIMES) – In a worst-case scenario, Singapore banks may see a 14 to 18 per cent hit to their revenue in 2020 following the latest coronavirus relief measures for consumers, said Jefferies Research in a report on Wednesday (April 1). The Monetary Authority of Singapore (MAS) on Tuesday announced measures that showed how financial institutions should allow […]

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UK banks scrap dividends on coronavirus fears, pressure on bonuses

LONDON (Reuters) – Britain’s top banks said on Tuesday they would suspend dividend payments after pressure from the regulator, saving their capital as a buffer against expected losses from the economic fallout from the coronavirus. Barclays (BARC.L), HSBC (HSBA.L), Lloyds Banking Group (LLOY.L), Royal Bank of Scotland (RBS.L), Standard Chartered (STAN.L) and the British arm of Spain’s Santander (SAN.MC) all […]

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IMF says ECB, ESM support key to strong EU coronavirus response

WASHINGTON (Reuters) – The International Monetary Fund said on Monday the relaxation of the euro zone’s fiscal rules and support from the European Central Bank and the European Stability Mechanism is critical to a strong regional response to the coronavirus pandemic. “The determination of euro area leaders to do what it takes to stabilize the euro should not be underestimated,” […]

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Wall Street set to open higher as investors weigh stimulus against shutdown

(Reuters) – Wall Street was set to open slightly higher on Monday as President Donald Trump followed last week’s massive fiscal stimulus by extending his stay-at-home guidelines, leaving investors guessing at their economic impact. The S&P 500 .SPX posted its biggest weekly percentage gain in over a decade last week, while the Dow Jones .DJI its best since 1938, thanks […]

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Oil plunges to 2002 lows, shares sink again

LONDON/SYDNEY (Reuters) – Oil took another eyewatering 8% tumble on Monday and world shares buckled again as fears mounted that the global coronavirus shutdown could last for months. There were some bright spots, with Australian equities posting a standout jump as the government launched a super-sized support programme, but that was about it. Japan’s Nikkei had led the rest of […]

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Asia shares suffer virus chills, central banks offer what they can

SYDNEY (Reuters) – Asian shares slid on Monday and oil prices took another tumble as fears mounted that the global shutdown for the coronavirus could last for months, doing untold harm to economies despite central banks’ best efforts. “We continue to mark down 1H20 global GDP forecasts as our assessment of both the global pandemic’s reach and the damage related […]

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