Global shares mixed … Tesla-Bay Area dispute may be resolved … British economy shrinks 2%
BANGKOK (AP) – Global shares were mixed today after Wall Street on Tuesday fell to its biggest loss since the start of the month on worries about the downside of reopening the economy from coronavirus shutdowns too soon. Stocks retreated today in London, Tokyo and Paris, but reversed early losses in Shanghai. Gloomy economic indicators pulled European shares lower in early trading. But Wall Street looks set for a rebound, with S&P futures up 0.2% and Dow futures up 0.3%.
DETROIT (AP) – It appears the dispute between Tesla and San Francisco Bay Area authorities over the reopening of a factory in the face of coronavirus shutdown orders is coming to an end. The Alameda County Health Department says the Fremont, California, plant will be able to go beyond basic operations this week and start making vehicles this coming Monday – as long as it delivers on worker safety precautions that it agreed to.
LONDON (AP) – Official figures show the British economy shrank by 2% in the first quarter of the year from the previous three-month period as restrictions on economic activity were ramped up ahead of the coronavirus lockdown towards the end of March. The decline is the biggest since the global financial crisis in 2008 and the first indication of the coronavirus’ growing impact on the economy ahead of the British lockdown on March 23. In March alone, the British economy shrank by 5.8%.
TOKYO (AP) – Japanese electronics and entertainment company Sony Corp. is reporting a dive in quarterly profit as the coronavirus pandemic delayed music and movie releases and disrupted product supply chains. Tokyo-based Sony reports that its January-March profit crashed 86% to $118 million. The spread of COVID-19 has crimped consumer spending, shut movie theaters, canceled events and sent share prices tumbling – all damaging for a company with sprawling businesses like Sony. Quarterly sales and operating revenue fell a combined 18%.
COPENHAGEN, Denmark (AP) – The world’s biggest shipping company, Denmark’s A.P. Moller-Maersk (mersk), expects its transport volumes to drop by up to 25% in the second quarter as the world economy slides toward recession. Its CEO says the group is “strongly positioned to weather the storm” but that the COVID-19 crisis has had “a significant impact” on its activities. First quarter results show revenue edged down to $9.6 billion from $9.5 billion for the same period last year.