Stocks Tumble as Efforts to Contain Pandemic Ramp Up: Live Updates

This is what you need to know:.

  • Wall Street shares fell Wednesday, wiping out all remaining gains for October, while European stocks hit their lowest level in months as investors worried about what steps governments might take to control the new wave of a coronavirus pandemic.
  • On Wednesday, the S&P 500 declined 3.53%, the largest one-day decline since the 11th quarter. June. The Stoxx Europe 600 index fell 3% to its lowest level since May. In the UK, the FTSE 100 also fell by more than 2 percent, the lowest level since April.
  • France and Germany faced greater challenges in containing the virus after local efforts failed. In the United States, Newark, the largest city in New Jersey, has imposed a curfew and again imposed some restrictions on meetings to tackle the outbreak of the epidemic in that city, while other local authorities are considering similar measures.
  • Oil prices fell by more than 5% and energy stocks were among the worst of the S&P 500.
  • Large technology companies, which have a major influence on the direction of stock market indices, have also experienced a sharp decline. Apple and Microsoft have reduced their sales by more than 4% and Google, Alphabet’s parent company, has reduced its sales by more than 5%.
  • Boeing shares fell after the company announced a loss for the fourth quarter and warned of further layoffs, while Mastercard shares fell after the company announced disappointing sales and profits and disruptions due to a travel pandemic affecting the high cost of cross-border payments.
  • Wall Street merchants were on the brink of collapse just before the presidential election and legislators could not agree on what economists called the most important plan to support the economy and non-working Americans.
  • The hope that the Democrats in Congress and the White House will be able to make a big change before the elections on March 3 has been awakened. The U.S. government’s agreement on spending in November helped boost the S&P 500 earlier this month, but given the stagnation of these negotiations and a new peak in coronavirals, the U.S. economy remains on the brink of the pandemic without an encouraging flow of federal dollars to support small businesses and consumer spending.
  • Given the drop on Wednesday, the S&P 500 is now more than 7% below its October peak.
  • They made sure everyone set the prices in the best scenarios, said William Delviche, an investment strategist at Baird, a financial firm from Milwaukee. And all of a sudden it doesn’t come out.
  • French President Emmanuelle Macron has set up a new national blockade, which will begin Thursday evening and last at least until 1 January. December remains in effect. Two-thirds of the population already live in areas where the curfew is set at 9 p.m., but the number of cases continues to increase.
  • In Germany, Chancellor Angela Merkel and the heads of government of the Länder agreed on Wednesday to close restaurants, bars and sports halls from Monday to the end of November. Schools, kindergartens and shops remain open.
  • In Italy, demonstrations were organised in response to the monthly increase in restrictions, including the closure of bars and restaurants at 6pm.
  • The continued spread of the virus and the adoption of new measures threaten to slow or reverse the decline in European growth in recent months and slow down the pace of economic recovery, Mark Haefele, Chief Investment Officer at UBS Global Wealth Management, wrote to customers this week.

Christopher F. Schuetze contributed to the report.

The supply of crude oil is growing faster than some analysts had predicted, while U.S. producers are increasing their production…. Nick Oxford/Reuters.

Oil prices fell on Wednesday as the fungal disease epidemic in Europe and the United States threatened a further recovery in demand for oil and even a further drop in consumption.

The fact that the supply of crude oil is growing faster than some analysts had predicted is also contributing to traders’ concerns. American manufacturers increased production, and Libya, where the fight against production reduction took several months, suddenly increased production.

Supply is higher than people expect and demand is increasing, says Bhushan Bahri, CEO of research firm IHS Markit.

The price of West Texas Intermediate Crude Oil, a U.S. standard, fell about 5.7% to $37.33 a barrel, its lowest level since June. Brent crude oil, the international benchmark, dropped 5.2% to $39.06 a barrel.

Until recently, crude oil prices remained unchanged after recovering from their low point in April, when some futures prices fell into the negative range. Today, however, there is renewed concern about market fundamentals. The potential of the new restrictions to combat the growing number of cases of the coronavirus in countries such as France and Germany could lead to a drop in oil consumption of around 10%, analysts at the Norwegian consulting firm Rystad Energy said Wednesday.

Moreover, the upcoming US presidential election on March 3 will have a major impact on the economy. November to volatility and uncertainty, according to analysts. A victory for Joseph R. For example, Biden Jr. could eventually lead to stricter regulation of the oil industry in the United States, while President Trump is likely to step back if he stays in the White House.

In the three months to the end of September, Ford made $2.4 billion.

In the three months to the end of September, Ford made 2.4 billion dollars… A loan… David Zalubovsky/Associated Press…

Ford Motor reported a significant jump in profits in the third quarter after a year of restructuring and a recovery in sales volume after the pandemic led to the closure of dealers and factories for about two months this spring.

In the three months to September, the automaker earned $2.4 billion compared to $425 million in the same period last year. While the company was losing money abroad, the company was doing well in North America and the credit department.

However, the company stated that it expects to break-even or record a loss of up to $500 million in the fourth quarter, before interest and taxes. Ford said it will be affected by higher costs and lower production if it introduces a completely redesigned F-150 pickup, the new Bronco and the Mustang Mach-E electric sports car.

Fiat Chrysler said Wednesday that it made €1.2 billion ($1.4 billion), a small loss from a year ago when sales of lucrative trucks and sports cars rebounded after a sharp decline in the spring.

Turnover fell by 6% to EUR 25.8 billion. Fiat Chrysler has agreed to merge with the French company Peugeot to become the fourth largest car manufacturer in the world.

Although the economy has recovered significantly since the spring, it remains far from pre-pandemic levels.

New York buyers in July. Although the economy has recovered significantly since the spring, it is still a long way from pre-pandemic levels. Hiroko Masuikae/The New York Times

The Department of Commerce will release its first assessment of third-quarter economic growth on Thursday, showing that the economy grew fastest since it began establishing reliable records after World War II.

However, this does not mean that the economy has recovered from the collapse earlier this year, and it is important to know why.

Ben Kasselman of the New York Times destroyed the most important elements of the report before its publication on Thursday. These are some of the main factors to be taken into account:

  • The figures will undoubtedly show the economic recovery. Economists surveyed by FactSet estimate that gross domestic product – the broadest range of goods and services produced in the U.S. – grew by about 7 percent during the second quarter, or 30 percent year-over-year.
  • There’s no point in considering Thursday’s report in isolation. Indeed, record growth in the third quarter reflected a similar decline in the second quarter, when business disruptions and housing orders led to a 9% decline in GDP. Strong growth was inevitable when the economy began to open up again.
  • The economy is still in the hole. While gross domestic product fell by 9 percent in the second quarter and grew by about 7 percent in the third quarter, the economy barely returned to its starting point. The sharp drop in output in the second quarter means that growth in the third quarter is measured on a weaker basis, while the economy is still 3 to 4 percent lower than before the pandemic. (By comparison, the economy contracted by 4% during the Great Recession ten years ago).
  • The annual figures are even more misleading. US gross domestic product is generally expressed on an annual basis, i.e. it indicates how much production would have increased or decreased if that percentage had been maintained throughout the year. But in times of rapid change, annual figures can be confusing.

For example, gross data stocks decreased by 31.4% year-on-year in the second quarter. To avoid confusion, The Times plans to focus on simple, cost-effective percentage changes in both the second and fourth quarters of last year before the pandemic begins. (We explained this decision before the second quarterly report in July).

If the sale is approved by Tiffany & Company, it will put an end to a growing legal battle between a luxury jeweler and his buyer, LVMH Moët Hennessy Louis Vuitton.

If the sale is approved by Tiffany & Company, it will put an end to a growing legal battle between a luxury jeweler and his buyer, LVMH Moët Hennessy Louis Vuitton.

Tiffany & Company is close to an agreement to bring the sale price to the French conglomerate LVMH Moët Hennessy Louis Vuitton, three people with knowledge of the negotiations said Wednesday. Any agreement would put an end to the dispute between the companies and seal one of the world’s largest luxury boutiques.

Tiffany and LVMH discussed a revised price of $131.50 per share versus $135, the company said. This will result in a turnover of almost $16 billion, about $400 million less than before.

Director Tiffany is scheduled to meet later on Wednesday to vote on the motion, one of them said. If they accept it, it will settle an increasingly violent legal dispute against the American jeweler.

LVMH has agreed to acquire Tiffany in November 2019 and plans to transfer the company’s diamond rings and crimson and blue egg cartons to the stable of the brand of which Louis Vuitton, Dior and Givenchy are part. With this acquisition LVMH can strengthen its position in the United States, according to the CEOs at the time, and open up Tiffany to more customers in Europe and China. This step also promised Bernard Arnault, President and CEO of LVMH, the status of a leading trader in the luxury sector.

But the French luxury giant became increasingly nervous about this largest store so far, when the pandemic devastated the retail sector. Six months before July, Tiffany’s sales fell by nearly 40% and the company recorded a loss of more than $30 million. The shares of the company were far below the transaction price because investors doubted LVMH’s determination to take over the company.

The deadline for closing the transaction was extended by three months in August, after which LVMH threatened to abandon the acquisition in September, accusing Tiffany of poor financial results and breaching the acquisition agreement. Moreover, and unusually, LVMH stated that the French Government had asked it to suspend the takeover because of the trade dispute between the United States and France.

Tiffany sued LVMH in Delaware to force the company to close the deal. After further legal disputes over the pilot scheme, the trial is scheduled for early January. Maybe you don’t need this.

News of a possible revision of the agreement was previously published in the Wall Street Journal.

Boeing is facing grounding crises and pandemics.

Boeing 737 Max ground support aircraft in the Boeing field in Seattle in July. Boeing handles landings and pandemic crises. A loan… Lindsay Wasson/Raiter.

Boeing said Wednesday that it plans to cut 7,000 additional jobs by the end of next year, based on a much larger reduction announced in the spring. In total, the company expects to have approximately 130,000 employees by the end of 2021, almost 19% less than at the beginning of this year.

As we adapt to the marketplace, our departments and functions make prudent employee decisions to prioritize natural turnover and stability to reduce the impact on our employees and our business, said Dave Calhoun, President and CEO of Boeing, in his address to employees on Wednesday.

News of the cuts came when Boeing announced a loss of $466 million three months before September, with revenues of more than $14 billion. Commercial aviation revenues decreased by about 56% compared to the same quarter last year, when Boeing tackled the 737 Max pandemic crisis and landed in March 2019 after 346 people died in two fatal plane crashes.

Max could return to heaven in the coming months after making significant progress with global regulators. Boeing said that, in preparation for recertification, it carried out some 1,400 test and inspection flights on the aircraft, the workhorse of its fleet.

This year Max’s order backlog decreased by more than 1,000 orders due to cancellations and stricter reporting, which negates the reduction in the likelihood of an order being executed. In total, the company owns more than 4,300 commercial aircraft worth $313 billion.

Boeing said it would probably take about three years before the airline’s passenger traffic was restored in 2019. According to the road safety authority, pedestrian traffic at federal airport checkpoints on Tuesday fell by approximately 66% compared to the same period last year.


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On Wednesday, the leaders of Facebook, Twitter and Google testified in front of the senators about freedom of speech and online censorship. CreditCreditCredit… Greg Nash’s pool photo

For more than two decades, Internet companies have been protected from liability for most messages posted by their users under a law called Section 230 of the Decency in Communications Act. Today, this shield – and the way in which internet companies moderate the content of their sites – is being challenged by legislators on both sides of the separation of power.

On Wednesday, the leaders of Google, Facebook and Twitter testified before a Senate committee about their mitigation practices.

The hearing, which was led by the Commerce, Science and Senate Transportation Committee, was a retreat for Congress by Google’s Sundar Pichai, Facebook’s Mark Zuckerberg and Twitter’s Jack Dorsey. But less than a week before the election, on the 3rd. On 11 November, the Heads of State and Government were put under extra pressure to tackle disinformation without unfairly influencing the election process.

  • On Wednesday, UPS announced its third quarter revenue of $21.2 billion, up from 16 percent of total revenue for the same period last year. During the pandemic, many Americans still shop online rather than in stores, and retailers rely on home delivery to get their purchases to customers. The company earned $2 billion this quarter, up 11.8% from last year. Our results were supported by continued strong foreign demand from Asia and the growth of small and medium-sized businesses, said Carol Tomé, President and CEO of UPS.
  • On Tuesday, Microsoft announced the most profitable quarter in its history, as the pandemic accelerated the shift from jobs and schools to online services. Revenues for the quarter ending September were $37.2 billion, up 12% from a year earlier, while profits increased 30% to $13.9 billion. Revenues from Microsoft Azure, the leading cloud computing platform, increased 48% in the quarter, as large enterprises and other organizations accelerated their commitments to purchase additional cloud computing services in the future and orders, net of currency movements, increased 18%.
  • On Tuesday, 3M announced sales of $8.4 billion for the third quarter, an increase of 4.5% during the same period last year. Demand for cleaning and do-it-yourself products contributed to the growth in domestic sales of 3M and compensated for lower sales of products such as office supplies, which are in high demand as the pandemic continues to keep employees at home. 3M increased the production of N95 masks in response to the lack of personal protective equipment for healthcare workers during the pandemic.

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