Asian stocks are falling as the Wall Streets rally fades.
On Friday, stocks were slightly down in the Asian noon session, paving the way for a turbulent week’s bearish end in the financial markets.
Australian stocks fell more than 1%, keeping pace with the downturn. Futures markets suggested that Europe and Wall Street would also open lower.
Wall Street stocks surged Thursday after President Trump suggested that Saudi Arabia and Russia are calling for a truce in their confrontation over oil prices and cut production. While the abundant oil reserves and low fuel prices are generally positive for the world economy, the price shock came at a time of declining demand as the response to the coronavirus epidemic slowed the economic activity in the world. Falling oil prices threatened to destabilize the countries and regions where the local economy depends on oil production.
Oil prices jumped Thursday after comments by Trumps sparked a recovery, but they gave up some of those gains in Asian trade on Friday. Bond prices have risen as investors seek to invest their money in investments generally considered to be safe.
In Japan, the Nikkei 225 index lost 0.6%. The Hong Kong Hang Seng index fell 0.6%. In mainland China, the Shanghai composite index fell 0.3%, while South Korea’s Kospi lost 0.6%.
Oil prices surged Thursday, triggering a rebound in energy company stocks, after President Trump said he expected Saudi Arabia and Russia to cut oil production significantly to stop the collapse in prices.
Crude oil futures, which had already climbed Thursday, jumped and stocks of oil and gas companies rallied. West Texas Intermediate, the US benchmark for crude, rose by about 25%, and Occidental Petroleum was the top performer in the S&P 500, gaining around 19%. Apache increased by almost 17%, and Halliburton earned more than 13 percent.
The rally supported the stock market, with the S&P 500 ending the day up over 2%.
Oil prices were hammered as the coronavirus pandemic virtually eliminated travel and dampened demand for energy. A price war that broke out last month between Saudi Arabia and Russia has intensified the decline. After the countries failed to reach an agreement on production cuts, the two instead increased production in an effort to gain market share.
The combination of declining demand and competition between two of the world’s largest oil producers had reduced crude oil prices by 55% in March alone, wreaking havoc on the energy sector, companies oil companies cutting budgets and refineries cutting gasoline and diesel production and jet fuel.
The possibility of some relief for the industry has also been welcomed by stock market investors looking for good news. Earlier Thursday, a report on unemployment claims showed that 6.6 million Americans had filed for unemployment benefits last week in the latest sign of economic damage caused by the coronavirus pandemic.
Google will provide user location data for virus tracking.
Google said it uses the data it collects on where people go to help governments and public health officials assess the effectiveness of policies such as on-site accommodation and work at homes designed to reduce crowds in public places.
In a blog post Friday morning, Google said it publishes so-called mobility reports for 131 countries on the aggregated and anonymized location database of Google Maps users to show recent changes in travel patterns. There are also regional distributions. In the United States, Google will detail the data for the 50 states and counties of these states.
Reports come from the way Google Maps uses location data to provide users with information about restaurant or store traffic on a certain day of the week or at a certain time. Google said it uses location history data provided by users. The feature is not enabled by default and users must agree to share location data with the company. The company said it would share the data globally so that individual movements are not revealed.
We’ve heard from public health officials that the same type of aggregated, anonymized data could be useful as they make critical decisions to fight Covid-19, Jen Fitzpatrick, senior vice president of Google Maps, and Karen DeSalvo, head of health at Google Health, wrote in the blog.
Friday’s monthly employment report is expected to end nearly a decade of gains.
Another measure of the economic devastation caused by the coronavirus pandemic in the United States will be released on Friday. It may not be many, but it will likely be a milestone.
The figure, taken from the Labor Departments employment report for March, is expected to show a net loss of jobs for the first time since the end of 2010. Data was mainly collected in the first half of the month, before the wave of business closings and layoffs. which have led to nearly 10 million new jobless claims in the past two weeks.
Wall Street economists want the report to show the loss of 100,000 jobs, with the unemployment rate rising to 3.8% from a half-century low of 3.5% in February.
But double-digit unemployment figures may soon arrive. The Congress Budget Office said Thursday that it expected unemployment to reach 10% in the second quarter of 2020, as high as the peak of the last recession, and that it would remain at 9% by the end of 2021.
Before the pandemic disrupted normal trade, the economy had created jobs for 113 consecutive months, more than double the previous record. During this period, a net total of 22.2 million jobs were created in a steady, if not always spectacular, expansion.
The reports were provided by Daisuke Wakabayashi, Nelson D. Schwartz, Jim Tankersley, Carlos Tejada and Daniel Victor.
What Are The Main Benefits Of Comparing Car Insurance Quotes Online
LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos
to request, modification Contact us at Here or [email protected]
- Pack in the Polls: Baseball rankings in the top 25 in five major preseason polls
- Dell announces 6,650 layoffs, or 5% of its global workforce
- Women’s Tennis 2023 Recruiting Class ranked 22nd best in the country
- Putin promised me he wouldn’t kill Zelenskiy, says former Israeli PM | Ukraine
- Earthquake in Turkey and Syria: Thousands of people were killed by earthquakes felt in other parts of the Middle East | world News
- What you need to know about egg shortages and misinformation
- Here’s Your Brain on Sound
- DWL Preseason Notebook: February 7
- A healthy lifestyle may reduce women’s long-term risk of COVID by 49% – Harvard Gazette
- HIV testing: ‘A home test can help remove stigma’
- CNN has access to a NATO exercise that simulates war with Russia
- More than 1,000 people confirmed dead after massive earthquake hits Turkey and Syria – BBC News