Global shares extend losses…Some non-essential businesses re-open in GA…Electric car subsidies in China won’t extend to Tesla
TOKYO (AP) – Global shares extended losses today as hopes faded for a quick turnaround for the global coronavirus pandemic. France’s CAC 40 dropped 1.9% in early trading, while Germany’s DAX fell 1.8%. Britain’s FTSE 100 shed 1.5%. In Asia, Japan’s benchmark Nikkei 225 closed 0.9% lower, South Korea’s Kospi lost 1.3%, Hong Kong’s Hang Seng fell 0.6% and the Shanghai Composite lost 1.1%. U.S. shares are poised for losses, with Dow futures down 0.3% and S&P futures down 0.4%.
WASHINGTON (AP) – The Federal Reserve says it will report information on several of its economic support programs on a monthly basis. The Fed says that it will supply the names and details about participants in programs that are supported by the $2 trillion rescue program passed by Congress. The rescue effort has come under criticism after disclosures that some major publicly traded companies had obtained forgivable loans from the government’s Paycheck Protection Program, which then ran out of money, leaving many small and mid-size companies unable to obtain the loans.
ATLANTA (AP) – Georgia Gov. Brian Kemp is allowing businesses such as barber shops, nail salons, gyms, tattoo parlors, bowling alleys and massage therapists to reopen today. The governor is also allowing elective medical procedures to resume today. Restaurants will be limited to 10 customers per 500 square feet and all employees must wear face coverings. Gyms users must wipe down equipment and ushers in movie theaters must enforce social distancing.
BEIJING (AP) – China is promising more subsidies to shore up plunging electric vehicle sales amid the coronavirus pandemic but set limits that exclude Tesla’s made-in-China model. The Finance Ministry says subsidies and tax breaks that were due to end this year will be extended by two years in response to “unfavorable factors” including the virus. Beijing has spent billions of dollars subsidizing electrics.
áATHENS, GREECE (AP) – Fitch ratings agency has revised its outlook on Greece’s credit rating, reducing it from positive to stable amid the financial impact the coronavirus measures are taking on the country’s economy. The move means it is less likely that Fitch might upgrade Greece’s rating, which it last did in January. Greece has been gradually emerging from a decade-long financial crisis that wiped out a quarter of its economy.