Major global stock markets up … Economists expect a surge in jobless claims … Macy’s removed from S&P 500
BEIJING (AP) – Major global stock markets and U.S. futures rose today following a rocky start to the day after a White House warning that as many as 240,000 Americans might die of the coronavirus sent Wall Street tumbling. London and Frankfurt opened higher. Shanghai gained 1.7%, Seoul added 2.3% and Hong Kong also rose after spending the day swinging between gains and losses. Tokyo sank 1.4% and Sydney also declined.
UNDATED (AP) – The hardest-hit U.S. stocks have included banks, utilities and other dividend payers. Economists expect the next batch of U.S. jobless claims, out today, to blow past last week’s total of nearly 3.3 million initial claims. That was quintuple the prior record. Mizuho Bank says in a report that “The number of unemployed is set to surge and 1H growth will be heavily affected.”
UNDATED (AP) – Department store icon Macy’s has lost 74% so far this year. So much of its stock value has vanished that it was removed from S&P 500 index of big U.S. companies on Monday. It is being moved to the small-stock index.
THE HAGUE, Netherlands (AP) – Dutch Prime Minister Mark Rutte (RUH’-tuh) has proposed a multibillion-euro European Union fund to help countries in the 27-nation bloc whose healthcare systems have been hardest-hit by the coronavirus outbreak. The proposed fund follows harsh criticism of the Dutch from southern European nations over the country’s opposition to an issuance of joint European debt and comments attributed to the Dutch finance minister about Spain’s ability to fund its medical response to the virus.
TOKYO (AP) – Japanese technology company SoftBank Group Corp. has called off its offering of up to $3 billion worth of shares in office-space rental venture WeWork, though it remains committed to its $5 billion bailout of the financially troubled company. SoftBank says the main loser in the offer’s failure is WeWork founder Adam Neumann, who quit the company last year, but owns about half the shares that were up for offer.