Oil, shares slip on doubts over Saudi-Russia deal
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.
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Georgia governor announces state-wide shelter-in-place to go into effect FridayThe novel coronavirus pandemic continues to impact countries worldwide, particularly in Europe and the US. Follow here for live updates.
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Florida stay-at-home order goes into effect on FridayThe novel coronavirus pandemic continues to impact countries worldwide, particularly in Europe and the US. Follow here for live updates.
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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.
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