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05.04.2020

U.S. Banks Defend Dividend Payments During Pandemic: FT

NEW YORK CITY (dpa-AFX) - America's biggest banks to defend their plans to continue paying dividends in submissions their annual capital plans to the Federal Reserve on Monday, the Financial Times reported on Sunday, citing people familiar with the situation.The report specified that the Europe's regulators want lenders to drop shareholder payouts while they dealt with the coronavirus pandemic but American counterparts hold firm. The report stated that US banks' annual capital plans are expected to include proposals to continue paying dividends, reinforcing comments from prominent bank chief executives in recent days.The bankers, including Goldman Sachs boss David Solomon, Morgan Stanley boss James Gorman and Citigroup chief Mike Corbat, argued that they had the means to continue paying dividends and that cutting them would be 'destabilising to investors'.Copyright RTT News/dpa-AFX
04.04.2020

Dean Foods Gets U.S. Bankruptcy Court Approval For Sale Of Its Assets

WASHINGTON (dpa-AFX) - Dean Foods Co. said that the U.S. Bankruptcy Court for the Southern District of Texas has approved the sale of a substantial portion of its business operations to Dairy Farmers of America for $433 million. It includes the sale of the assets, rights, interests and properties relating to 44 of the company's fluid and frozen facilities.The court also approved the sale of the assets, rights, interests, and properties relating to eight additional facilities, two distribution branches and certain other assets to Prairie Farms Dairy for $75 million in cash and the sale of Dean Foods' facility in Miami, Florida to Mana Saves McArthur, LLC for $16.5 million.The court also approved Producers Dairy Foods' purchase of Dean Foods' Reno, Nevada facility for $3.7 million and its purchase of the 'Berkeley Farms' trademark and related intellectual property for $3 million. In addition, the sale of the company's Uncle Matt's business to Harmoni, Inc. for $7.25 million has been approved, as well as the sale of Dean Foods' Meadow Gold Hawaii operations as an ongoing business to Industrial Realty Group, LLC for $25.5 million.The company expects to complete all transactions by early May.In November 2019, Dean Foods filed for Chapter 11 bankruptcy protection.Copyright RTT News/dpa-AFX
04.04.2020

Deutsche Lufthansa CFO Ulrik Svensson To Resign

COLOGNE (dpa-AFX) - Deutsche Lufthansa AG (DLAKF, DLAKY) said Saturday that its chief financial officer Ulrik Svensson will resign from the company for health reasons. He will terminate his Executive Board activities with effect from April 6, 2020.Lufthansa said its supervisory board will discuss and decide on a succession solution as soon as possible.Ulrik Svensson has been a board member of the Executive Board and chief financial officer of Deutsche Lufthansa since 1 January 2017.In 1989, he became regional controller for Esselte Office in Stockholm, Sweden.Between 1992 and 2000 Ulrik worked in the telecom sector for Stenbeck Group with the two companies Millicom International Cellular and Société Européenne de Communication based in Luxembourg. From 2000 to 2003 he was Chief Financial Officer for Esselte. He has temporarily been appointed as Chief Executive Officer of the Group. Esselte had its headquarters in the United Kingdom.In 2003, Ulrik Svensson transferred to Swiss International Air Lines as member of the board and Chief Financial Officer. From 2006 to 2016, Ulrik Svensson was Chief Executive Officer of Melker Schörling AB and in this role responsible for the six listed companies within the investment company, namely Hexagon, AAK, ASSA ABLOY, Securitas, Hexpol and Loomis.Copyright RTT News/dpa-AFX
04.04.2020

Delta Warns Of Q2 Revenue; Berkshire Cuts Delta, Southwest Stakes

ATLANTA (dpa-AFX) - Delta Air Lines Inc. (DAL) expects its revenue for the second quarter to be down 90 percent. The second quarter will be even more difficult than the first as the Covid-19 pandemic continues to evolve.The airline continues to see its passenger volumes and revenues drop. Last Saturday it had about 38,000 customers flying, compared to normal late-March Saturday of 600,000.The company said it knows it still haven't seen the bottom, even as it is burning more than $60 million in cash every day. In April, the airline's schedule will be at least 80 percent smaller than originally planned, with 115,000 flights cancelled.'I wish I could predict this would end soon, but the reality is we simply don't know how long it will take before the virus is contained and customers are ready to fly again,' Delta Chief Executive Officer Ed Bastian told employees.Meanwhile, Warren Buffett's Berkshire Hathaway disclosed in a regulatory filing that it cut its Southwest Airlines holding by 4% and its Delta Air Lines stake by 18%.Copyright RTT News/dpa-AFX
04.04.2020

Ex-BCE Chairman Thomas Charles O'Neill Passes Away

OTTAWA (dpa-AFX) - Bell announced the death of former BCE Inc. and Bell Canada Chair Thomas Charles O'Neill. O'Neill retired from the BCE Board in April 2016 after serving as a Director from 2003 and as Chair from 2009. He formerly served as CEO and Chair of PricewaterhouseCoopers Consulting and retired as Chair of Scotiabank in 2019.He was a former Chair of St. Michael's Hospital, a member of the Advisory Board of Queen's University School of Business and a Fellow of the Institute of Corporate Directors.Copyright RTT News/dpa-AFX
03.04.2020

Lowe's Temporarily Increasing Hourly Wages

NORTH WILKESBORO (dpa-AFX) - Lowe's (LOW) is temporarily increasing wages of its employees. The latest move by the hardware retailer is to help its employees cope with the economical effects caused by the ongoing COVID-19 pandemic.The company has hiked salary by $2 per hour for all full-time, part-time, and seasonal hourly associates, who work at retail stores, contact centers and supply-chain facilities. The raise will be in effect for April.'We are continually working on ways to protect and support our associates and our customers during this time when we are all adjusting how we work and live,' said Marvin Ellison, Lowe's president and CEO. 'I'm announcing these new operational changes as we continue to keep the health and well-being of our associates and customers top of mind, especially as they look to us now more than ever for essential products, services and support.'The retailer will also be closing all stores at 7 p.m. daily to ensure additional time to replenish essential products and thoroughly clean and sanitize stores daily.Previously, the company had announced $80 million in special payments to hourly associates that was paid on March 31. The payment amount was $300 for full-time associates and $150 for part-time and seasonal associates.Copyright RTT News/dpa-AFX
03.04.2020

Lockheed Martin Extends Awards Of Up To $500 To Certain Employees

BETHESDA (dpa-AFX) - Lockheed Martin said it is extending awards of up to $500 to its employees who are regularly required to work at, or travel to, a designated the company facility or customer site during the COVID-19 crisis.The company is committed to continue hiring during this crisis and have added close to 1,000 new employees over the past two weeks in addition to advertising for 5,000 open positions.The company said that, to continue supporting the small businesses and supply chain that power U.S. defense industrial base, it is increasing its previous commitment of $53 million in accelerated payments by another $53 million, totaling more than $106 million.The company is committing to donate $2 million in urgently needed personal protective equipment items.In addition, the company has donated personal protective equipment or PPE for urgent need at local hospitals and have also initiated limited PPE and medical device production (face shields). The company is also providing engineering support for select initiatives to accelerate production of PPE equipment.Copyright RTT News/dpa-AFX
03.04.2020

Raytheon Technologies Corp. Begins Trading On NYSE

WALTHAM (dpa-AFX) - Raytheon Technologies Corp. (RTX) announced the completion of the merger deal between Raytheon Company and United Technologies Corp. This follows the completion by United Technologies Corp. of its spin-offs of Carrier and Otis businesses. United Technologies' name has changed to Raytheon Technologies Corporation, and its shares will begin trading immediately on the NYSE under the ticker, RTX. Raytheon Technologies' executive leadership team is comprised of Tom Kennedy, Executive Chairman, Greg Hayes, Chief Executive Officer, and Toby O'Brien, Chief Financial Officer.Copyright RTT News/dpa-AFX
03.04.2020

Cummins To Cut Salary, Reduce Working Hours Amid COVID-19

WASHINGTON (dpa-AFX) - Providing an update on the actions taken in response to the impact of coronavirus (COVID-19), Cummins Inc. (CMI) announced Friday it is taking temporary actions to lower costs in response to lower demand and customer shutdowns in several countries.The actions include a reduction of 50 percent in the salary of the CEO, a reduction of 25 percent in Director compensation and a reduction in salary for all other employees in the U.S. of between 10 and 25 percent and a reduction in working hours.The company will also take similar actions outside the U.S. based on local regulations and collective bargaining obligations. These reductions in pay are intended to be a temporary measure. It will reassess the program at the end of the second quarter.Copyright RTT News/dpa-AFX
03.04.2020

Constellation Brands Sees FY Beer Sales Growth To Be 7%-8%

WASHINGTON (dpa-AFX) - Constellation Brands Inc. (STZ) said that it expects beer sales growth for fiscal year 2021 to be 7%-8% including the impact of the Ballast Point divestiture and annual organic net sales growth of 8%-10%.In Wine and Spirits segment, the company expects net sales and operating income for fiscal year 2021 to be down about 30% to 35%, respectively; It retained Power Brand portfolio.Fiscal 2021 earnings per share guidance is unavailable at this time due to potential impacts on the business from COVID-19. However, the company sets forth management's pre-COVID-19 business expectations for fiscal 2021 compared to fiscal 2020 actual results.The company declared a quarterly cash dividend of $0.75 per share of Class A Common Stock and $0.68 per share of Class B Common Stock, payable on May 19, 2020, to stockholders of record as of the close of business on May 5, 2020.Copyright RTT News/dpa-AFX
03.04.2020

Troubling Jobs Data Leads To Lower Close On Wall Street

WASHINGTON (dpa-AFX) - Stocks moved sharply lower over the course of the trading session on Friday, adding to the steep loss posted in the previous session.The major averages ended the session firmly in negative territory but off their worst levels of the day. The Dow tumbled 360.91 points or 1.7 percent to 21,052.53, the Nasdaq plunged by 114.23 points or 1.5 percent to 7,373.08 and the S&P 500 slumped 38.25 points or 1.5 percent to 2,488.65.For the week, the Dow plummeted by 2.7 percent, the Nasdaq tumbled by 1.7 percent and the S&P 500 nosedived by 2.1 percent.The weakness on Wall Street came after a report from the Labor Department showed employment in the U.S. fell much more than expected in the month of March.The report said employment plunged by 701,000 jobs in March after jumping by an upwardly revised 275,000 jobs in February.Economists had expected employment to slump by 100,000 jobs compared to the addition of 273,000 jobs originally reported for the previous month.With the much bigger than expected drop in employment, the unemployment rate surged up to 4.4 percent in March from 3.5 percent in February. The unemployment rate had been expected to climb to 3.8 percent.Banking stocks showed a substantial move to the downside on the day, dragging the KBW Bank Index down by 3.4 percent.Significant weakness was also visible among housing stocks, as reflected by the 3.4 percent nosedive by the Philadelphia Housing Sector Index.Steel, oil service and computer hardware stocks also saw considerable weakness on the day, moving lower along with most of the other major sectors.In overseas trading, stock markets across the Asia-Pacific region turned in a lackluster performance during trading on Friday. Japan's Nikkei 225 Index closed just above the unchanged line, while Hong Kong's Hang Seng Index dipped by 0.2 percent.Meanwhile, the major European markets all moved to the downside on the day. While the German DAX Index fell by 0.5 percent, the U.K.'s FTSE 100 Index and the French CAC 40 Index plunged by 1.2 percent and 1.6 percent, respectively.In the bond, treasuries moved higher after ending the previous session little changed. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 4 basis points at 0.587 percent.Copyright RTT News/dpa-AFX
03.04.2020

Swiss Market Settles Modestly Lower After Choppy Session

BRUSSELS (dpa-AFX) - The Switzerland stock market ended modestly lower on Friday after a choppy ride that saw stocks swinging between gains and losses right through the session.Worries about surging number of new cases due to coronavirus infection almost across the globe, and dismal U.S. jobs data and euro zone business activity reports raised fears of a deep recession and rendered the mood bearish.The benchmark SMI ended down 28.52 points, or 0.31%, at 9,242.44, after scaling a low of 9,219.10 and a high of 9,309.87 intraday.On Thursday, the index ended with a gain of 101.98 points, or 1.11%, at 9,270.96.Zurich Insurance Group shares plunged 9%. Swatch Group ended lower by about 3%. Geberit, Adecco, Swiss Life Holding, Richemont, UBS Group and ABB lost 1.4 to 2.6%. Credit Suisse ended lower by 1.1%.Lonza Group rallied 2.7%. Alcon ended 1.7% up. Sika, Nestle and Novartis ended higher by 1 to 1.4%. Novartis announced plans to initiate a Phase III clinical trial in collaboration with Incyte to evaluate the use of Jakavi for treating a severe immune overreaction called cytokine storm in coronavirus patients.In the midcap section, AMS tanked more than 11%. Dufry ended 9% down. Sonova, Straumann Holding, Helvetia and Temenos Group lost 3 to 4.2%. BB Biotech climbed up 2.8%. Logitech, Schindler Holding and Julius Baer gained 1 to 1.7%.Among the other major markets in Europe, the U.K. and France ended sharply lower with their benchmarks FTSE 100 and CAC 40 sliding by 1.18% and 1.57%, respectively. Germany's DAX declined 0.57%. The pan European Stoxx 600 ended 0.97% down.Copyright RTT News/dpa-AFX
03.04.2020

European Stocks Close Lower On Recession Fears

BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - Mounting fears about an imminent deep recession due to surging new coronavirus cases across the globe, and a sharp contraction in euro zone business activity in the month of March pushed European stocks down to a weak close on Friday.Data from the U.S. Labor Department showing a much bigger than expected drop in employment in the month of March added to the woes.Among the major markets, Germany and Switzerland saw some modest buying, with the latter even managing a few brief spells in positive territory. Markets in the U.K. and France were weak right through the day.The pan European Stoxx 600 ended 0.97% down. The U.K.'s FTSE 100 ended lower by 1.18%, France's CAC 40 declined 1.57%, Germany's DAX shed 0.47% and Switzerland's SMI edged down 0.31%.Austria, Belgium, Czech Republic, Finland, Ireland, Italy, Netherlands, Portugal, Sweden and Ukraine ended notably lower. Denmark, Poland and Russia closed higher, while Greece, Iceland, Norway, Spain and Turkey ended flat.In the German market, Thyssenkrupp ended more than 7% down. Adidas declined 4.4%. Munich Ruckevers, HeidelbergCement, Daimler and E.ON lost 2.5 to 3.4%. Deutsche Bank, Allianz and BASF also declined sharply.Fresenius moved up by about 4%, while Merck, Infineon Technologies and Fresenius Medical Care gained 1.2 to 2%.In France, Unibail Rodamco, Societe Generale, Total, Safran, Dassault Systemes Group and AXA ended lower by 5 to 8.2%. BNP Paribas, Veolia, Capgemini, Credit Agricole, Renault and STMicroElectronics also ended sharply lower. On the other hand, Carrefour, Publicis Groupe, Sanofi, Air Liquide and Technip ended with strong gains.In the U.K. market, Legal & General tumbled 11%. Rolls-Royce Holdings, Whitbread, Pearson, Barratt Developments, M&G, Smiths and TUI lost 6 to 10%.BP, Royal Dutch Shell, Anglo American, Glencore and EasyJet also ended sharply lower, while Hikma Pharmaceutical, Morrison Supermarkets, Bunzi, Relx, J Sainsbury and Ocado Group gained 3 to 5%.The euro area private sector logged its biggest monthly fall on record in March as the coronavirus disease, or covid-19, pandemic impacted heavily on economic activity, final data from IHS Markit showed Friday.The final composite output index fell sharply to 29.7 in March from 51.6 in February. This was also weaker than the flash estimate of 31.4.Both services and manufacturing sectors recorded notable declines in output in March. Manufacturers posted the sharpest fall in production since April 2009. At the same time, services activity declined at a record pace.The final services Purchasing Managers' Index plunged to a record low of 26.4 from 52.6 a month ago. The reading was also below the preliminary estimate of 28.4.The UK service sector registered its steepest downturn in more than two decades in March due to business shutdowns and order cancellation in response to the coronavirus, or covid-19, pandemic.The services Purchasing Managers' Index fell to 34.5 in March from 53.2 in February, survey data from IHS Markit and Chartered Institute of Procurement & Supply showed Friday. This was also below the flash reading of 35.7.The score exceeded the previous record low seen at the height of the global financial crisis and suggested the fastest downturn since the survey began in July 1996.the Labor Department showed employment in the U.S. fell much more than expected in the month of March.The report said employment plunged by 701,000 jobs in March after jumping by an upwardly revised 275,000 jobs in February.Economists had expected employment to slump by 100,000 jobs compared to the addition of 273,000 jobs originally reported for the previous month.With the much bigger than expected drop in employment, the unemployment rate surged up to 4.4% in March from 3.5% in February. The unemployment rate had been expected to climb to 3.8%.Copyright RTT News/dpa-AFX
03.04.2020

U.S. Stocks Move Sharply Lower On Troubling Jobs Data

WASHINGTON (dpa-AFX) - After ending the previous session mostly higher, stocks have moved back to the downside during trading on Friday.In recent trading, the major averages have fallen to new lows for the session. The Dow is down 388.27 points or 1.8 percent at 21,025.17, the Nasdaq is down 120.77 points or 1.6 percent at 7,366.54 and the S&P 500 is down 43.70 points or 1.7 percent at 2,483.20.The weakness on Wall Street comes after a report from the Labor Department showed employment in the U.S. fell much more than expected in the month of March.The report said employment plunged by 701,000 jobs in March after jumping by an upwardly revised 275,000 jobs in February.Economists had expected employment to slump by 100,000 jobs compared to the addition of 273,000 jobs originally reported for the previous month.With the much bigger than expected drop in employment, the unemployment rate surged up to 4.4 percent in March from 3.5 percent in February. The unemployment rate had been expected to climb to 3.8 percent.Oil stocks are pulling back sharply following the rally seen in the previous session, with the NYSE Arca Oil Index plunging by 3.8 percent.Significant weakness is also visible among steel stocks, as reflected by 3.2 percent slump by the NYSE Arca Steel Index.Tobacco, housing, and utilities stocks are also seeing considerable weakness, moving lower along with most of the other major sectors.In overseas trading, stock markets across the Asia-Pacific region turned in a lackluster performance during trading on Friday. Japan's Nikkei 225 Index closed just above the unchanged line, while Hong Kong's Hang Seng Index dipped by 0.2 percent.Meanwhile, the major European markets have all moved to the downside on the day. While the German DAX Index has fallen by 0.5 percent, the French CAC 40 Index and the U.K.'s FTSE 100 Index are both down by 1.4 percent.In the bond, treasuries have moved higher after ending the previous session little changed. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 4.8 basis points at 0.579 percent.Copyright RTT News/dpa-AFX
03.04.2020

U.S. Stocks May Open Lower On Disappointing Jobs Data

WASHINGTON (dpa-AFX) - Stocks are likely to move to the downside in early trading on Friday, giving back ground after ending the previous session mostly higher. The major index futures are currently pointing to a lower open for the market, with the Dow futures down by 93 points.The downward momentum on Wall Street comes after a report from the Labor Department showed employment in the U.S. fell much more than expected in the month of March.The report said employment plunged by 701,000 jobs in March after jumping by an upwardly revised 275,000 jobs in February.Economists had expected employment to slump by 100,000 jobs compared to the addition of 273,000 jobs originally reported for the previous month.With the much bigger than expected drop in employment, the unemployment rate surged up to 4.4 percent in March from 3.5 percent in February. The unemployment rate had been expected to climb to 3.8 percent.Shortly after the start of trading, the Institute for Supply Management is scheduled to release its report on service sector activity in the month of March.The ISM's non-manufacturing index is expected to tumble to 44.0 in March after climbing to 57.3 in February, with a reading below 50 indicating a contraction in service sector activity.Stocks fluctuated over the course of the trading day on Thursday before finish the day significantly higher. With the upward move on the day, the major averages partly offset the steep losses posted in the previous session.The major averages moved to the upside going into the close, ending the day firmly in positive territory. The Dow surged up 469.93 points or 2.2 percent to 21,413.44, the Nasdaq jumped 126.73 points or 1.7 percent to 7,487.31 and the S&P 500 spiked 56.40 points or 2.3 percent to 2,526.90.In overseas trading, stock markets across the Asia-Pacific region turned in a lackluster performance during trading on Friday. Japan's Nikkei 225 Index closed just above the unchanged line, while Hong Kong's Hang Seng Index dipped by 0.2 percent.Meanwhile, the major European markets have all moved to the downside on the day. While the German DAX Index has edged down by 0.1 percent, the French CAC 40 Index and the U.K.'s FTSE 100 Index are both down by 0.9 percent.In commodities trading, crude oil futures are surging up $2.88 to $28.20 a barrel after skyrocketing $5.01 to $25.32 a barrel on Thursday. Meanwhile, after spiking $46.30 to $1,637.70 an ounce in the previous session, gold futures are climbing $5.80 to $1,643.50 an ounce. On the currency front, the U.S. dollar is trading at 108.46 yen versus the 107.91 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.0788 compared to yesterday's $1.0858.Copyright RTT News/dpa-AFX
03.04.2020

Wall Street Might Open Moderately Lower

BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - Investors are much worried as coronavirus cases around the world soared past one million, and the U.S. has reported more than 245,500 cases, with more than 6,000 deaths. Initial signs from the U.S. Futures Index suggest that Wall Street might open moderately lower. Asian shares finished mostly lower, while European shares are trading down. The monthly employment report, the Markit Economics' PMI Services Index for March as well as Institute for Supply Management's Non-Manufacturing Index for March are the major economic announcements on Friday. As of 8.10 am ET, the Dow futures were losing 76.00 points, the S&P 500 futures were down 6.25 points and the Nasdaq 100 futures were sliding 21.50 points.The U.S. major averages ended Thursday firmly in positive territory. The Dow surged up 469.93 points or 2.2 percent to 21,413.44, the Nasdaq jumped 126.73 points or 1.7 percent to 7,487.31 and the S&P 500 spiked 56.40 points or 2.3 percent to 2,526.90.On the economic front, the Labor Department's Employment Situation for March will be published at 8.30 am ET. The consensus for non-farm payrolls is for a decline of 150,000, while it was up 273,000 in the prior month. The Markit Economics' PMI Services Index for March will be issued at 9.45 am ET. The consensus is for 39.1, while it was up 49.4 in the prior year. Institute for Supply Management's Non-Manufacturing Index for March will be released at 10.00 am ET.Baker-Hughes Rig Count for the week will be revealed at 1.00 pm ET. In the prior week, the North American Rig Count was 782, while U.S. Rig Count was 728. Asian stocks ended broadly lower on Friday. Chinese shares ended lower amid fear of a potential second wave of infections in the country. The benchmark Shanghai Composite index slid 0.6 percent to 2,763.99. Hong Kong's Hang Seng index declined 0.19 percent to close at 23,236.11.Japanese shares ended flat with a positive bias. The Nikkei average finished marginally higher at 17,820.19. The broader Topix index closed 0.36 percent lower at 1,325.13. Australian markets ended sharply lower for the day. The benchmark S&P/ASX200 fell 86.80 points, or 1.68 percent, to 5,067.50, while the broader All Ordinaires index ended down 81.80 points, or 1.58 percent, at 5,106.90.European shares are trading mostly lower. Among the major indexes in the region, the CAC 40 Index of France is down 27.10 points or 0.64 percent. The German DAX is progressing 40.80 points or 0.47 percent, the U.K. FTSE 100 Index is sliding 26.70 points or 0.43 percent. The Swiss Market Index is up 22.78 points or 0.25 percent.The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is up 0.045 percent.Copyright RTT News/dpa-AFX
03.04.2020

European Shares Slide On Recession Worries

BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - European stocks were moving lower on Friday as global coronavirus cases topped one million and grim eurozone purchasing manager data rekindled recession concerns. The IHS Markit eurozone services purchasing managers index slumped to a reading of 26.4 in March from 52.6 in February, the worst-ever reading in the history of the series, as the covid-19 pandemic and associated measures taken to contain the outbreak through Europe weighed heavily on business performance.A survey of business leaders showed that U.K. manufacturing output and new orders have declined at the fastest rate in eight years in March, due to the pandemic.The pan European Stoxx 600 slid 0.9 percent to 309.31 after rising 0.4 percent on Thursday. The German DAX gave up 0.7 percent, France's CAC 40 index declined 1.2 percent and the U.K.'s FTSE 100 was down 1.3 percent. Insurer Aviva fell 4.6 percent, Prudential slumped 6 percent and Legal & General Group lost as much as 10 percent after the EU regulator asked insurers and reinsurers to temporarily suspend dividends and share buybacks. Zurich Insurance Group fell over 9 percent and Munich Re tumbled 3.2 percent. Lender BNP Paribas lost about 5 percent after cancelling its 2019 dividend. Banco Santander lost 3.3 percent after scrapping its final dividend for 2019.Information services provider Ascential declined 7.4 percent after scrapping its 2019 dividend and saying it was commercially not viable to run the Cannes Lions Festival this year.Sainsbury rose over 1 percent. The supermarket chain said it will start to remove the customer purchasing limits from Sunday. Previously, the retailer imposed the limits as a response to increased demand during the coronavirus pandemic.BAE Systems was down 2.6 percent. The defense firm will defer its dividend as it sees significant disruptions from the virus outbreak.Swedish clothing retailer Hennes & Mauritz AB surged 4.3 percent. The company reported that its first-quarter profit after tax more than doubled to 1.92 billion Swedish kronor from last year's 803 million kronor. Looking ahead, the company said the second quarter will naturally be very negatively impacted by the corona situation and will therefore be loss-making.Energy stocks such as BP Plc and Total SA were moving lower despite oil extending overnight gains in choppy trade on hopes for a Saudi-Russia deal that U.S. President Donald Trump said he had brokered.Sanofi advanced 3.1 percent. Regeneron Pharmaceuticals, Inc. and Sanofi have announced detailed positive results from a pivotal Phase 3 trial evaluating Dupixent (dupilumab). Deutsche EuroShop AG fell over 1 percent. The real estate investment company withdrew its outlook for 2020 and said it is not possible to estimate the further course of events or economic impact for 2020.Copyright RTT News/dpa-AFX
03.04.2020

FTSE 100 On Track For Weekly Loss

BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - U.K. stocks fell sharply on Friday and remained on track for their fifth weekly decline in six as coronavirus cases continued to rise and a survey of business leaders showed that U.K. manufacturing output and new orders have declined at the fastest rate in eight years in March, due to the pandemic.The benchmark FTSE 100 was down 65 points, or 1.2 percent, at 5,412 after gaining half a percent the previous day.Insurer Aviva fell 4.6 percent, Prudential slumped 6 percent and Legal & General Group lost as much as 10 percent after the EU regulator asked insurers and reinsurers to temporarily suspend dividends and share buybacks.Information services provider Ascential declined 7.4 percent after scrapping its 2019 dividend and saying it was commercially not viable to run the Cannes Lions Festival this year.Associated British Foods fell over 2 percent. The company said George Weston, Chief Executive, and John Bason, Finance Director, have requested that their base pay be reduced temporarily by 50 percent. Ryanair Holdings edged down slightly after its group traffic for the month of March declined 48 percent.Sainsbury rose over 1 percent. The supermarket chain said it will start to remove the customer purchasing limits from Sunday. Previously, the retailer imposed the limits as a response to increased demand during the coronavirus pandemic.BAE Systems was down 2.6 percent. The defense firm will defer its dividend as it sees significant disruptions from the virus outbreak.Copyright RTT News/dpa-AFX
03.04.2020

CAC 40 Slides As US Death Toll Tops 6000

BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - French stocks fell on Friday after the latest data showed at least 6,058 people in the U.S. have died from the coronavirus disease. The U.S. has 245,540 cases as of midnight ET Friday morning and more than 9,100 recoveries. New York has reported over 90,000 positive cases of COVID-19 so far. The benchmark CAC 40 was down 44 points, or 1.04 percent, at 4,178 after closing up 0.3 percent the previous day. Total SA shares fell over 3 percent despite oil extending overnight gains in choppy trade on hopes for a Saudi-Russia deal that U.S. President Donald Trump said he had brokered.Sanofi advanced 1.7 percent. Regeneron Pharmaceuticals, Inc. and Sanofi have announced detailed positive results from a pivotal Phase 3 trial evaluating Dupixent (dupilumab). Lender BNP Paribas lost about 4 percent after cancelling its 2019 dividend.Hospitality group Accor rose 0.4 percent. The company said it would cancel its planned dividend payout against 2019 earnings due to the coronavirus health crisis, which will see it shutter two thirds of its hotels in the coming weeks. Electric utility EDF traded slightly higher after cancelling payment of its final dividend. On the economic front, the euro area private sector logged its biggest monthly fall on record in March as the coronavirus pandemic impacted heavily on economic activity, final data from IHS Markit showed.The final composite output index fell sharply to 29.7 in March from 51.6 in February. This was also weaker than the flash estimate of 31.4.Both services and manufacturing sectors recorded notable declines in output in March. Manufacturers posted the sharpest fall in production since April 2009. At the same time, services activity declined at a record pace.Copyright RTT News/dpa-AFX
03.04.2020

DAX Falls In Cautious Trade

BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - German stocks were moving lower on Friday amid looming fears of a global recession as global coronavirus cases surpassed one million. The number of coronavirus deaths topped 50,000 around the world, with the U.S. reporting the highest daily death toll of any country so far at nearly 1,200.Spain reported a record one-day number of deaths, 950, bringing its overall toll to about 10,000. Italy recorded 760 more deaths for a total of 13,900.Fitch Ratings expects a deep global recession this year, with the fall in 2020 GDP on par with the global financial crisis.According to the latest update of its Global Economic Outlook, World economic activity will decline 1.9 percent in 2020.The rating agency expects US GDP to fall by 3.3 percent, the euro area by 4.2 percent and the UK to drop 3.9 percent this year.The benchmark DAX was down 63 points, or 0.66 percent, at 9,507 after closing 0.3 percent higher in the previous session. Deutsche EuroShop AG fell 2 percent. The real estate investment company withdrew its outlook for 2020 and said it is not possible to estimate the further course of events or economic impact for 2020.Copyright RTT News/dpa-AFX
03.04.2020

US TSY 43D TO MATURE MAY 21

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03.04.2020

US TSY 43D FED ADD-ON AMT $0

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03.04.2020

US TSY 119D FED ADD-ON AMT $8.971 BLN

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03.04.2020

US TSY 119D TO MATURE AUG 06

Copyright RTT News/dpa-AFX
03.04.2020
03.04.2020

Dollar Stays Strong For 3rd Straight Day

WASHINGTON (dpa-AFX) - The U.S. dollar reigned over its peers on Friday, gaining for a third straight day, despite dismal monthly jobs data.The dollar's safe-haven appeal tilted the scale in its favour and most of the major currencies were notably down against it despite recovering a good portion of ground they had lost earlier in the day.Mounting worries about surging coronavirus infections across the globe and weak economic data out of Europe supported the dollar's uptick.According to the new tally from Johns Hopkins University, more than a million people have been diagnosed with the novel coronavirus across the world. The dollar index rose to 100.85 around noon, and later eased to 100.64, still up nearly 0.5% from previous close.Against the Euro, the dollar strengthened to 1.0774 before giving up some gains as it eased to 1.0811, still well off previous session's close of $1.0857. The euro area private sector logged its biggest monthly fall on record in March as the coronavirus disease, or covid-19, pandemic impacted heavily on economic activity, final data from IHS Markit showed Friday.The final composite output index fell sharply to 29.7 in March from 51.6 in February. This was also weaker than the flash estimate of 31.4.Both services and manufacturing sectors recorded notable declines in output in March.The pound sterling was weak as well against the dollar. After dropping to $1.2205, the sterling recovered to $1.2276, compared with yesterday's close of $1.2395. The UK service sector registered its steepest downturn in more than two decades in March due to business shutdowns and order cancellation in response to the coronavirus, or covid-19, pandemic.Against the Yen, the dollar firmed up with each unit fetching 108.45 yen, about 0.52% more than a session earlier.The loonie was weaker by at 1.4171 a dollar. Swiss franc and the Aussie weakened to 0.9769 and 1.6700, respectively, against the dollar.The report from the Labor Department said employment plunged by 701,000 jobs in March after jumping by an upwardly revised 275,000 jobs in February.Economists had expected employment to slump by 100,000 jobs compared to the addition of 273,000 jobs originally reported for the previous month.With the much bigger than expected drop in employment, the unemployment rate surged up to 4.4% in March from 3.5% in February. The unemployment rate had been expected to climb to 3.8%.Copyright RTT News/dpa-AFX
03.04.2020

U.S. Dollar Higher Amid Coronavirus Fears

CANBERA (dpa-AFX) - The U.S. dollar firmed against its major counterparts in the European session on Friday, as investors sought safe-haven assets following grim Eurozone business survey, as well as continued COVID-19 concerns after virus cases exceeded one million.The IHS Markit eurozone services purchasing managers index slumped to a reading of 26.4 in March from 52.6 in February, the worst-ever reading in the history of the series, as the covid-19 pandemic and associated measures taken to contain the outbreak through Europe weighed heavily on business performance.The number of confirmed coronavirus cases crossed the 1 million mark globally with a death toll of 53,030, according to the new tally from Johns Hopkins University.Around 1,015,403 people have been diagnosed with the novel coronavirus across the world.Investors didn't react to the disappointing U.S. jobs data for March.Data from the Labor Department showed that the U.S. employment fell much more than expected in the month of March.The report said employment plunged by 701,000 jobs in March after jumping by an upwardly revised 275,000 jobs in February.Economists had expected employment to slump by 100,000 jobs compared to the addition of 273,000 jobs originally reported for the previous month.With the much bigger than expected drop in employment, the unemployment rate surged up to 4.4 percent in March from 3.5 percent in February. The unemployment rate had been expected to climb to 3.8 percent.The currency rose in the Asian session as the rapid rise in the coronavirus cases world-wide dampened risk sentiment.The greenback advanced to a 3-day high of 1.2243 against the pound from yesterday's closing value of 1.2392. The greenback is seen finding resistance around the 1.21 mark.Survey data from IHS Markit and Chartered Institute of Procurement & Supply showed that the UK service sector registered its steepest downturn in more than two decades in March due to business shutdowns and order cancellation in response to the coronavirus, or covid-19, pandemic.The services Purchasing Managers' Index fell to 34.5 in March from 53.2 in February. This was also below the flash reading of 35.7 The greenback approached 1.0775 against the euro, its strongest since March 25. The pair had closed Thursday's deals at 1.0855. Next key resistance for the greenback is likely seen around the 1.05 level. Final data from IHS Markit showed that the euro area private sector logged its biggest monthly fall on record in March as the coronavirus disease, or covid-19, pandemic impacted heavily on economic activity.The final composite output index fell sharply to 29.7 in March from 51.6 in February. This was also weaker than the flash estimate of 31.4.The greenback was up against the yen at a 3-day high of 108.68. The pair was worth 107.86 when it ended deals on Thursday. The greenback is likely to face resistance around the 110.00 region, if it gains again.The latest survey from Jibun Bank showed that Japanese services sector continued to contract in March, and at a much steeper rate, with a services PMI score of 33.8.That's down sharply from 46.8 in February, and it moves further beneath the boom-or-bust line of 50 that separates expansion from contraction.The greenback climbed the most since March 25 against the franc, at 0.9796. At Thursday's close, the pair was valued at 0.9734. Should the greenback strengthens further, it is likely to test resistance around the 1.00 region. The greenback moved up to 8-day highs of 0.5843 against the kiwi and 0.5980 against the aussie, from Thursday's closing values of 0.5913 and 0.6058, respectively. The greenback is poised to challenge resistance around 0.58 against the kiwi and 0.55 against the aussie.In contrast, the greenback pared gains to 1.4123 against the loonie, from a high of 1.4224 hit at 6:15 am ET. The greenback was trading at 1.4136 per loonie at yesterday's close. The greenback may seek support around the 1.33 region.Copyright RTT News/dpa-AFX
03.04.2020

Dollar Ticks Up Following U.S. Jobs Data

BRUSSELS (dpa-AFX) - Following the release of U.S. nonfarm payrolls data for March at 8:30 am ET Friday, the greenback edged up against its major counterparts.The greenback was trading at 108.50 against the yen, 0.9781 against the franc, 1.2256 against the pound and 1.0780 against the euro around 8:31 am ET.Copyright RTT News/dpa-AFX
03.04.2020

Dollar Rises Vs Most Majors Ahead Of U.S. Jobs Data

BRUSSELS (dpa-AFX) - At 8:30 am ET Friday, the Labor Department will release U.S. nonfarm payrolls data for March.Ahead of the data, the greenback traded mixed against its major counterparts. While the currency held steady against the pound, it advanced against the rest of major rivals.The greenback was worth 108.46 against the yen, 0.9774 against the franc, 1.2281 against the pound and 1.0792 against the euro as of 8:25 am ET.Copyright RTT News/dpa-AFX
03.04.2020

Pound Falls Sharply As U.K. Services PMI Shrinks To Record Low

BRUSSELS (dpa-AFX) - The pound moved down against its major counterparts in the European session on Friday, as coronavirus cases exceeded one million worldwide and U.K. service sector activity slumped in March amid business shutdowns and order cancellations in response to the coronavirus pandemic. Survey data from IHS Markit/CIPS showed that the U.K. services PMI fell to 34.5 in March from 53.2 in February. This was also weaker than the flash estimate of 35.7.This reading was the lowest since the survey began in July 1996. The composite output index dropped to 36.0 in March from 53.0 in February. The flash score was 37.1.Weak Eurozone purchasing manager data rekindled recession concerns.The IHS Markit eurozone services purchasing managers index slumped to a reading of 26.4 in March from 52.6 in February, the worst-ever reading in the history of the series, as the covid-19 pandemic and associated measures taken to contain the outbreak through Europe weighed heavily on business performance.The pound fell to 132.95 against the yen, from a high of 134.09 set at 7:00 pm ET. The next likely support for the pound is seen around the 127.00 level.The latest survey from Jibun Bank showed that the services sector in Japan continued to contract in March, and at a much steeper rate, with a services PMI score of 33.8.That's down sharply from 46.8 in February, and it moves further beneath the boom-or-bust line of 50 that separates expansion from contraction.The pound reached as low as 1.2262 against the greenback, representing a 3-day fall. This followed a high of 1.2403 hit at 5:45 pm ET. The pound may challenge support around the 1.19 level.The U.K. currency depreciated to 1.1982 against the franc and 0.8803 against the euro, after rising to 1.2080 and 0.8740, respectively in previous deals. The pound is poised to test support around 1.15 against the franc and 0.90 against the euro.Looking ahead, U.S. jobs data and ISM services PMI for March are scheduled for release in the New York session.Copyright RTT News/dpa-AFX
03.04.2020

Euro Little Changed After Eurozone Retail Sales

BRUSSELS (dpa-AFX) - At 5.00 am ET Friday, Eurostat has issued euro area retail sales for February. The euro changed little against its major rivals after the data.The euro was trading at 1.0798 against the greenback, 116.97 against the yen, 1.0550 against the franc and 0.8779 against the pound around 5:01 am ET.Copyright RTT News/dpa-AFX
03.04.2020

Euro Mixed Ahead Of Eurozone Retail Sales

BRUSSELS (dpa-AFX) - At 5.00 am ET Friday, Eurostat is scheduled to issue euro area retail sales for February. Economists forecast sales to grow 0.1 percent on month, slower than the 0.6 percent rise in January.Ahead of the data, the euro traded mixed against its major rivals. While the euro rose against the pound, it held steady against the rest of major rivals. The euro was worth 1.0798 against the greenback, 116.89 against the yen, 1.0533 against the franc and 0.8787 against the pound as of 4:55 am ET.Copyright RTT News/dpa-AFX
03.04.2020

Pound Little Changed After U.K. PMI Data

BRUSSELS (dpa-AFX) - At 4.30 am ET Friday, UK final PMI data has been released. The pound changed little against its major rivals after the data.The pound was trading at 1.2328 against the greenback, 133.36 against the yen, 1.2043 against the franc and 0.8759 against the euro around 4:31 am ET.Copyright RTT News/dpa-AFX
03.04.2020

Pound Mixed Ahead Of U.K. PMI Data

BRUSSELS (dpa-AFX) - At 4.30 am ET Friday, UK final PMI data is due. The final composite PMI is expected to drop to 36.2 from the flash score of 37.1.Ahead of the data, the pound traded mixed against its major rivals. While the pound fell against the greenback and the yen, it held steady against the euro and the franc. The pound was worth 1.2337 against the greenback, 133.45 against the yen, 1.2046 against the franc and 0.8755 against the euro as of 4:25 am ET.Copyright RTT News/dpa-AFX
03.04.2020

Euro Little Changed After Eurozone PMI

BRUSSELS (dpa-AFX) - At 4.00 am ET Friday, IHS Markit has published euro area final PMI data. The euro changed little against its major rivals after the dataThe euro was trading at 1.0788 against the greenback, 116.76 against the yen, 1.0547 against the franc and 0.8746 against the pound around 4:01 am ET.Copyright RTT News/dpa-AFX

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