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Stocks crumble as China virus toll mounts, safe havens in demand

SYDNEY (Reuters) - Asian stocks extended a global selloff on Tuesday as China took more drastic steps to combat a deadly new coronavirus, while bonds shone on expectations central banks would need to keep stimulus flowing to offset the likely economic drag. As the death toll reached 106 in China, some health experts questioned whether Beijing can contain

Oil falls for sixth day as China virus raises global growth, demand concerns

TOKYO (Reuters) - Oil futures fell for a sixth session on Tuesday as the spread of a new virus in China and several countries raised concerns about a hit to economic growth and oil demand. Brent crude LCOc1 was down 37 cents, or 0.6%, to $58.95 at around 0348 GMT, after touching a three-month low on Monday at $58.50, as the virus outbreak triggered

Wall Street tumbles as virus fuels economic worry

NEW YORK (Reuters) - U.S. stocks suffered their worst day in over three months on Monday as China extended the Lunar New Year holiday due to a virus outbreak, fueling worries about the economic impact of containment efforts in the world’s second largest economy. The benchmark S&P 500 suffered its worst weekly performance since September last week as

GM to invest $2.2 billion at Detroit factory to make electric trucks, SUVs

(Reuters) - General Motors Co will invest $2.2 billion in its Detroit-Hamtramck assembly plant to build electric trucks and sport utility vehicles, a move that would create 2,200 jobs, the No.1 U.S. automaker said on Monday. The company said its first electric truck will be a pickup, whose production will begin late next year and will be followed by

Mexico's America Movil fined by regulator; calls it 'illegal and disproportionate'

MEXICO CITY (Reuters) - America Movil, the telecoms giant controlled by the family of Mexican billionaire Carlos Slim, said on Monday that one of its subsidiaries had been fined 1.3 billion pesos ($69.53 million) by Mexico’s telecoms regulator. The company decried the fine. The regulator, the Federal Telecommunications Institute (IFT), said in a statement

Whirlpool forecasts 2020 largely above estimates as profit beats

(Reuters) - Whirlpool Corp ( WHR.N ) beat analysts’ estimates for quarterly earnings and forecast 2020 profit largely above expectations on Monday, as the appliances maker raised prices and reined in expenses to cushion the impact of higher production costs. The owner of brands such as KitchenAid and Maytag increased prices twice in 2019 as U.S. tariffs

EU Ban on US Chicken and 'Hormone-Treated Beef' Should Be Revisited - US Agriculture Secretary

Speaking with reporters on Monday, US Agriculture Secretary Sonny said that the EU ban on US chicken and hormone-treated beef needs to be revisited as part of ongoing trade negotiations between the two blocs, the AFP reports. Perdue went on to say that he understood “there is a challenge” which EU governments face in convincing their populations that

Boeing secures financing commitments for over $12 billion: source

(Reuters) - Boeing Co ( BA.N ) has secured financing commitments for more than $12 billion from over a dozen banks, a source familiar with the matter said on Monday, as financial pressures mount due to a production halt on its 737 MAX aircraft. The financing deal was not closed and not yet finalized, the source added. Boeing declined to comment. Earlier

'Buy the dip,' one stock options signal says

NEW YORK (Reuters) - As concerns over the spread of the coronavirus rattle stocks, a corner of the options market is signaling that the current selloff may be short-lived. The term structure between first-month futures VXc1 and second- VXc2 and third-month VXc3 futures on the Cboe Volatility Index .VIX inverted for the first time since early October

Mattress company Casper's value could fall by 40pc amid 'unicorn fatigue'

A pioneer of the increasingly crowded market for online mattress sellers has said it could be worth 40pc less than previously thought as investors’ appetite for loss-making “unicorn” start-ups wanes. US company Casper Sleep, one of the best-known “bed in a box” start-ups, said on Monday that it planned to go public at between $17 and $19 a share, commanding