U.S. light vehicle sales in March fall 27% on month as virus outbreak intensifies By Reuters


© Reuters. FILE PHOTO: Automobiles are shown for sale at a car dealership in Carlsbad, California

(Reuters) – Light vehicle sales in the United States fell nearly 27% in March compared with a month earlier, data released by an automotive research group showed on Wednesday, as the coronavirus outbreak intensified and shuttered dealerships across much of the country.

Last month, 992,392 light vehicles were sold, down from about 1.4 million in February, according to Wards Intelligence.

The seasonally adjusted annualized rate for U.S. cars and light trucks sales was estimated at 11.4 million units, down from 16.8 million units in February, Wards Intelligence said.

Moody’s Investors Service said on Friday that U.S. light vehicle sales would fall at least 15% in 2020 as the ratings agency sharply cut its 2020 outlook for global auto sales, with Western Europe expected to take the biggest hit.

The development comes as the United States is looking at an increasing number of deaths from the coronavirus outbreak, with Reuters’ tally showing more than 4,500 deaths and over 200,000 infections.

President Donald Trump and his top healthcare advisers urged Americans to follow strict social distancing measures ahead of a “tough two weeks” that could see at least 100,000 deaths from the coronavirus.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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Germany and the Netherlands seem to fight off the virus better than most — here’s why


The Netherlands and Germany both showed glimmers of hope in the battle to combat the coronavirus on Wednesday, while the number of cases in New York rose rapidly.

Data from Germany show just 0.4% of people who tested positive for the virus have died from it, much less than the 9.5% in Italy and 4.3% in France. In the Netherlands growth in transmissions of the virus have slowed significantly.

Giving evidence in front of the Dutch Parliament, Jaap van Dissel, head of the Netherlands National Institute of Health, said: “The exponential growth of the outbreak has in all probability been brought to a halt,” with the infection only being passed on at a rate of one infected person to one other person.

If proven, this would be a significant achievement. In some countries, the average spread from one infected person has been to as many as five or more people. In the U.S., the state of New York had 5,146 new cases confirmed on Wednesday, and more than 30,000 have tested positive.

Read : Letter from locked-down Italy: the Cuban, Russian and Chinese efforts to assist Lombardy

The low death rate in Germany has confounded experts, and it could be due to several causes. The possible explanation is that doctors aggressively screened citizens who were either fit or early on in the sickness at the time they took the test, at a rate not seen in other countries, which only had the resources to test the very sick. This has skewed the comparison with other countries, because those who were fit when tested and had caught the virus were more likely to suffer from a mild case and survive.

Germany also was more effective than most countries at tracking and tracing the contacts of infected patients before the spread took hold, effectively containing it better than other countries.

Read : Nearly two weeks into its lockdown, Spain longs for the coronavirus to loosen its deadly grip

Another, more random, theory is that the first Germans to contract the virus caught it mixing with other nationalities while skiing, which suggested that they were fit and active, and perhaps less likely to succumb to the disease.



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Geely’s Volvo Cars warns virus outbreak to hit 2020 earnings By Reuters


© Reuters. A Volvo logo is seen on a rim displayed at a Volvo showroom in Mexico City

STOCKHOLM (Reuters) – Sweden’s Volvo Car Group, owned by China’s Geely, scaled back its guidance for the full year, warning that sales, earnings and cash flow in the first half of 2020 would decline from a year ago as the coronavirus pandemic weighed on its business.

The Gothenburg-based carmaker, which Geely acquired from Ford Motor Co (N:) in 2010, had said only last month it expected to grow sales and profit this year, but that was before the coronavirus spread rapidly through Europe and North America.

“The weakening market and production disruptions will impact the first half year results negatively as sales, profit and cash flow are expected to be lower than last year’s and it will be challenging to recover the impact during the remainder of the year,” it said in a statement.

Volvo said it had temporarily closed its manufacturing plants in Europe and the United States and reduced working hours for its office employees in an effort to limited the long-term fallout from the pandemic on its business.

“As the outbreak has spread globally, Volvo Cars has seen negative effects on its business from a weakening market and production disruptions, which are expected to continue as the situation evolves,” it added.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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AMC Theatres furloughs CEO, corporate employees due to virus By Reuters


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© Reuters. The AMC Theatres in the Georgetown neighborhood is closed due to a global outbreak of coronavirus disease (COVID-19), in Washington

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LOS ANGELES (Reuters) – AMC Entertainment Holdings Inc (N:), the world’s largest theater operator, has placed its chief executive and all of its corporate employees on furlough to preserve cash during the coronavirus outbreak, a company spokesman said on Wednesday.

AMC’s 1,000 theaters around the world were closed last week to help prevent the novel coronavirus from spreading.

“This leaves AMC with no revenue, and substantial fixed costs that continue,” AMC spokesman Ryan Noonan said.

The furloughs apply to Chief Executive Adam Aron and other employees at the company’s headquarters in Leawood, Kansas. Some workers will see reduced hours and reduced pay, while others will be cut to no hours and no pay.

The step was “absolutely necessary to preserve cash and to ensure that AMC can reopen our doors once this health crisis has dissipated,” Noonan said.

Movie theaters have gone dark worldwide and some operators are worried they will not be able to reopen if the shutdown extends for months. The National Association of Theatre Owners has called on the U.S. Congress and the Trump administration to provide emergency relief.

AMC’s furloughs will extend for the “hopefully short period of time” that all of its theaters are closed, Noonan said. Employees will retain health benefits during that time.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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Futures fall after bumper session as virus threat rages on By Reuters


© Reuters. Traders work on the floor of the NYSE in New York

By Uday Sampath Kumar and Medha Singh

(Reuters) – U.S. stock index futures fell on Wednesday after a strong rebound in the previous session, as an imminent $2 trillion rescue package failed to completely allay investor concerns over the economic threat from the coronavirus pandemic.

After the White House and Senators agreed to the deal to aid businesses and millions of Americans hit by the health crisis, futures briefly surged but soon reversed course as traders said much of the stimulus had been priced into financial markets.

On Tuesday, the Dow Jones () had soared over 11% in its best day since 1933, while the S&P 500 () jumped 9.4%, recouping about $1.8 trillion in market value.

“It’s too early to be positive,” said Andrea Cicione, head of strategy at TS Lombard.

“We still haven’t seen evidence that things are improving in terms of contagion. We also haven’t fully appreciated how far this recession will go.”

The benchmark S&P 500 was nearly $8 trillion below its mid February high, and investors expect more violent swings. Wall Street’s fear gauge (), which nudged lower following reports of the Senate agreeing on the stimulus package, was up 4.3 points at 66.01.

The Senate will vote on the bill later on Wednesday and the House of Representatives is expected to follow soon after.

Airlines, hotels and cruise operators, among the hardest hit U.S. sectors, were some of the biggest gainers in premarket trading.

American Airlines (O:), Carnival Corp (N:) MGM Resorts (N:) and Norwegian Cruise Line Holdings (N:) jumped between 15% and 23%.

Nike Inc (N:) rose 9% after the sportswear giant beat quarterly revenue estimates and said sales in China were rebounding, helped by online orders.

Boeing Co (N:) continued its rally, jumping nearly 15% as sources said the planemaker planned to restart 737 MAX production by May, ending a months-long halt triggered by a safety ban.

At 07:13 a.m. EDT, were down 70 points, or 0.34%, S&P 500 e-minis were down 30.75 points, or 1.26% and were down 70.75 points, or 0.94%.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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