LONDON - European stock markets sank on Friday, erasing meagre gains for the week, as more companies flagged a hit to business from the coronavirus pandemic while oil prices extended their previous day’s gains on hopes of a global supply cut.
A number of firms flagged a hit to business from the pandemic, foreshadowing a deeper earnings recession ahead of the reporting season. The amount cited by Trump would represent an unprecedented cut equal to 10% to 15% of global supply, in output per day terms, a common unit of measurement. More evidence of the damage from widespread stay-at-home orders to contain the spread of coronavirus emerged in the United States, with an unprecedented number of workers - 6.6 million - filing jobless claims.
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Mnuchin says small business rescue loans launch Friday, despite lender confusionU.S. Treasury Secretary Steven Mnuchin said he was pressing ahead with the Friday launch of a $349 billion coronavirus rescue loan program for small businesses, after conceding to bank demands to fix aspects of the program that they said could cause participating lenders legal and financial risks. That’s not going to happen says the 4 banks! Funny how in the US provided loans are paying staff they will be forgiven. Here they have no interest limits. Banks first people irrelevant just as always.
Source: Reuters - 🏆 2. / 97 Read more »
Lenders call on Washington for more clarity on small business rescue program a day before launch FridayLenders are still waiting on final rules from the U.S. government to help get its $350 billion rescue lending programs off the ground on Friday to shore up small businesses battered by the coronavirus pandemic. Dad says that Unemployment rate increased only in states affected by coronavirus, like NY, WA, NJ or FL but the rest of the states are doing well. Taco Bell’s, McDonald’s & other fast food restaurants are still open
Source: MarketWatch - 🏆 3. / 97 Read more »