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Stock Markets in Asia Show Cautious Gains: Live Updates Stock Markets in Asia Show Cautious Gains: Live Updates
(32 minutes later)
Asian markets rose on Monday as investors looked to signs that the outbreak is peaking in some of the world’s worst-hit places.Asian markets rose on Monday as investors looked to signs that the outbreak is peaking in some of the world’s worst-hit places.
Markets in Japan and South Korea were trading more than 2 percent higher by midday, though other indexes in the region rose more modestly. Futures markets were predicting Europe and Wall Street would open higher as well.Markets in Japan and South Korea were trading more than 2 percent higher by midday, though other indexes in the region rose more modestly. Futures markets were predicting Europe and Wall Street would open higher as well.
The coronavirus shows little sign of letting up globally, but investors took their cue from officials in some places suggesting their outbreaks could peak. Gov. Andrew M. Cuomo of New York said on Saturday the outbreak there could reach its worst point in coming days. Other officials in the United States suggested the outbreak was peaking in some places even as it flared in others.The coronavirus shows little sign of letting up globally, but investors took their cue from officials in some places suggesting their outbreaks could peak. Gov. Andrew M. Cuomo of New York said on Saturday the outbreak there could reach its worst point in coming days. Other officials in the United States suggested the outbreak was peaking in some places even as it flared in others.
Other markets showed improvement, though investor optimism was restrained. U.S. Treasury bond prices fell in Asian trading, as did futures for gold, another traditional investment safe haven. But the price of oil, which generally rises on good economic news, fell amid a continuing spat over supplies between Russia and Saudi Arabia.Other markets showed improvement, though investor optimism was restrained. U.S. Treasury bond prices fell in Asian trading, as did futures for gold, another traditional investment safe haven. But the price of oil, which generally rises on good economic news, fell amid a continuing spat over supplies between Russia and Saudi Arabia.
In Japan, the Nikkei 225 index was 2.6 percent higher by midday. South Korea’s Kospi index rose 2.4 percent. In Hong Kong, the Hang Seng index was up 1.2 percent. Taiwan’s Taiex was up 0.9 percent.In Japan, the Nikkei 225 index was 2.6 percent higher by midday. South Korea’s Kospi index rose 2.4 percent. In Hong Kong, the Hang Seng index was up 1.2 percent. Taiwan’s Taiex was up 0.9 percent.
As Saudi Arabia and Russia squabbled over who is to blame for the collapse in oil prices in the coronavirus outbreak, the two countries were set to meet with other major oil producers on Monday in an effort to ease turmoil across the energy markets. But the meeting is now off.As Saudi Arabia and Russia squabbled over who is to blame for the collapse in oil prices in the coronavirus outbreak, the two countries were set to meet with other major oil producers on Monday in an effort to ease turmoil across the energy markets. But the meeting is now off.
The meeting between the Organization of the Petroleum Exporting Countries, Russia and other oil producers was never officially announced but was widely reported on Friday, and its cancellation, confirmed by two OPEC delegates, could affect the markets worldwide when trading resumes on Monday.The meeting between the Organization of the Petroleum Exporting Countries, Russia and other oil producers was never officially announced but was widely reported on Friday, and its cancellation, confirmed by two OPEC delegates, could affect the markets worldwide when trading resumes on Monday.
Owing to the coronavirus epidemic, demand for oil has dropped precipitously. Led by Saudi Arabia, OPEC had proposed a deal that would trim oil production, but Russia declined to go along with it. More recently, the Saudis increased production while offering discounts to customers.Owing to the coronavirus epidemic, demand for oil has dropped precipitously. Led by Saudi Arabia, OPEC had proposed a deal that would trim oil production, but Russia declined to go along with it. More recently, the Saudis increased production while offering discounts to customers.
On Friday, President Vladimir V. Putin of Russia said Saudi Arabia was at least partly to blame for the price drop, while the Saudis blamed Russia. The two OPEC delegates indicated that further talks were needed before the two sides could agree to a meeting.On Friday, President Vladimir V. Putin of Russia said Saudi Arabia was at least partly to blame for the price drop, while the Saudis blamed Russia. The two OPEC delegates indicated that further talks were needed before the two sides could agree to a meeting.
What’s it like to launch a new digital product in the midst of a pandemic?
Two veteran business leaders are about to find out.
The coronavirus is spreading, but Jeffrey Katzenberg and Meg Whitman have stuck with a Monday start date for Quibi, a short-form video app for smartphones that they hope will attract millions of subscribers.
The two have a combined 80 years of experience in leadership roles at some of the nation’s top companies. But they have spent nearly two years in start-up mode, prodding investors to kick in nearly $1.8 billion and bringing aboard producers and stars like Jennifer Lopez, LeBron James, Chance the Rapper, Idris Elba, Chrissy Teigen and more. Now Mr. Katzenberg and Ms. Whitman are ready to unveil their venture.
“This is either going to be a massive home run or a massive swing and miss,” said Michael Goodman, a media analyst at Strategy Analytics.
Quibi, a portmanteau of “quick bites,” will offer movies, reality shows and news programs made for the smartphone, with no installment lasting more than 10 minutes. Its offerings fall into three main categories: movies that will be released in chapters; documentaries and unscripted reality shows; and quick-hit news and sports reports from NBC, BBC, ESPN and others. Fifty shows will be available Monday.
There is, however, the question of how much people are willing to spend on streaming at a time when nearly 10 million people are out of work. Quibi (rhymes with “libby”) announced last month that it would be free for its first three months. After that, the cost will be $5 a month with ads and $8 without.
Congress has earmarked $454 billion for Federal Reserve programs that are meant to keep credit flowing to businesses, states and local governments — money that could help it to fend off a worst-case scenario for the United States economy.Congress has earmarked $454 billion for Federal Reserve programs that are meant to keep credit flowing to businesses, states and local governments — money that could help it to fend off a worst-case scenario for the United States economy.
During troubled times, the Fed can lend more or less directly to companies and governments using its emergency authorities. Treasury Secretary Steven Mnuchin must sign off on the programs, and the Treasury Department backstops the programs with a layer of financing meant to absorb losses.During troubled times, the Fed can lend more or less directly to companies and governments using its emergency authorities. Treasury Secretary Steven Mnuchin must sign off on the programs, and the Treasury Department backstops the programs with a layer of financing meant to absorb losses.
The central bank’s actions so far, taken when the Treasury had far less money to provide backup, offer a rough outline of how it might use the new appropriation.The central bank’s actions so far, taken when the Treasury had far less money to provide backup, offer a rough outline of how it might use the new appropriation.
For individuals: Indirectly. The Fed is rolling out one lending program that gives eligible companies cheap loans in exchange for asset-backed securities — basically, bundles of debt — built on newly issued credit card debt, student loans, auto loans and the like. By creating a big incentive, the program should make loans available and cheaper for consumers.For individuals: Indirectly. The Fed is rolling out one lending program that gives eligible companies cheap loans in exchange for asset-backed securities — basically, bundles of debt — built on newly issued credit card debt, student loans, auto loans and the like. By creating a big incentive, the program should make loans available and cheaper for consumers.
For small businesses: The main support for small business is coming from the Small Business Administration, but the Fed is also taking bundles of business-related loans as collateral for loans, which could help smaller companies access financing. And the central bank’s Main Street Business Lending Program, so far scantly detailed, should help businesses that are too big to qualify for small business loans but too small to have easy access to capital markets.For small businesses: The main support for small business is coming from the Small Business Administration, but the Fed is also taking bundles of business-related loans as collateral for loans, which could help smaller companies access financing. And the central bank’s Main Street Business Lending Program, so far scantly detailed, should help businesses that are too big to qualify for small business loans but too small to have easy access to capital markets.
For big businesses: The Fed has unveiled several programs to help. One will support a type of short-term funding known as commercial paper, and another will buy company debt secondhand. A third program will buy newly issued debt or make direct loans to corporations.For big businesses: The Fed has unveiled several programs to help. One will support a type of short-term funding known as commercial paper, and another will buy company debt secondhand. A third program will buy newly issued debt or make direct loans to corporations.
For local governments: The Fed has unveiled programs to help municipal bond markets by allowing banks to use some types of local debt as collateral to access loans. But officials have stopped short of buying local debt outright, and many lawmakers are urging them to think bigger.For local governments: The Fed has unveiled programs to help municipal bond markets by allowing banks to use some types of local debt as collateral to access loans. But officials have stopped short of buying local debt outright, and many lawmakers are urging them to think bigger.
Jeanna Smialek, Stanley Reed, Carlos Tejada and Daniel Victor contributed to this report.Jeanna Smialek, Stanley Reed, Carlos Tejada and Daniel Victor contributed to this report.