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Mini-bull, tired bear, or something in-between

Investors could be forgiven for doing a double-take: Wait, we’re back in a bull market? The Dow Jones Industrial Average’s surge of over 20% from its coronavirus-induced recent low this week, by one definition used on Wall Street, suggests a new bull market. The surge came on hopes a $2 trillion (1.64 trillion pounds) stimulus measure would flood the country with cash in a bid to counter the economic impact of the intensifying pandemic. But that definition should be treated with a large piece of caution. The very definition of ...

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Dashboard of emerging markets’ external vulnerability

Already struggling with coronavirus-induced slowdowns, emerging market economies are facing further pressure from a rallying dollar, which has inflated borrowing costs for businesses and prompted foreign money to leave their stock markets. Emerging market countries that depend on their commodity exports have also been hit by a fall in crude oil prices this year. Against a basket of other currencies, the dollar =USD hit a 3-year high of 102.99 last week. However, it has dropped about 2% so far this week. Countries with lower foreign reserves or higher current account ...

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‘Maximum bearish’: funds in record rush to cash in past week

Investors rushed into cash and out of bonds at a record pace over the past week as the coronavirus pandemic caused mayhem in markets, BofA said on Friday, though it noted a key positioning signal at “maximum bearish” could signal a big rally ahead. BofA’s weekly fund flows data based on figures from EPFR Global showed a record $234.6 billion (191.7 billion pounds) had made their way into cash funds in the week to Wednesday while another record of $109 billion was registered in redemptions from bond funds. The bank ...

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How multi-strategy funds are faring as coronavirus slashes returns

Just one of the world’s biggest multi-strategy funds available to retail investors is in the black for the year after coronavirus panic saw markets fall across the board, data from Morningstar showed. Multi-strategy funds vary in remit, but generally have a much wider range of assets to choose from when investing, something that in theory is meant to allow them to weather a downturn. Markets have been roiled in recent weeks as fears grew that efforts to contain the coronavirus, including telling people to stay at home, could precipitate a ...

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European shares fall as investors take stock of spreading virus

European stocks fell on Friday, halting their biggest ever three-day rally in a sign investors were focusing once more on the spread of the coronavirus pandemic despite hopes for further stimulus measures to combat its economic impact. The pan-European STOXX 600 index was down almost 2% in early deals. The benchmark index has recovered almost 17% since hitting its lowest since 2013 on March 16, but remains more than 26% below last month’s all-time high in a rout that has erased more than $3 trillion from the value of European ...

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Dollar on track for biggest weekly fall in a decade

The dollar was on track for its biggest weekly decline in more than a decade on Friday, as trillions of dollars worth of stimulus efforts by governments and central banks helped temper a rout in global markets triggered by the coronavirus pandemic. The dollar had been riding high in March amid a drive for dollars by investors trying to get their hands on the world’s most liquid currency, and one considered a safe haven. But big government spending pledges, including a $2.2 trillion U.S. package, and co-ordinated efforts by central ...

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MARKET SNAPSHOT FOR 26/03/20

NASDAQ-Adv: 2720 Dec: 588 NYSE-Adv: 3519 Dec: 584 (Source: Nasdaq)

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Dollar drops as U.S. jobless claims surge

The dollar dropped to a one-week low against a basket of currencies on Thursday after data showed an unprecedented surge in Americans filing for unemployment benefits, as businesses across the country shut down in an attempt to stem the spread of the coronavirus. The number of Americans filing claims for unemployment benefits shot to record of more than 3 million last week. The jobless blowout was announced shortly after Federal Reserve Chairman Jerome Powell said that the U.S. economy “may well be in recession” but progress in controlling the spread ...

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Diana Shipping Inc. Announces time charter contract for M/V P. S. Palios with C Transport

Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels, today announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with C Transport Maritime Ltd., Bermuda, for one of its Capesize dry bulk vessels, the m/v P. S. Palios, for a period of about thirteen (13) months to maximum fifteen (15) months. The gross charter rate is US$6,000 per day for the first thirty five (35) days of the charter period and US$12,050 per day for the balance period ...

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Investors look to 2008 for guidance on when to jump back in

Investment banks are dusting off models from the 2008 financial crisis to gauge the right time to buy back into stock markets that have plunged 30% from their February record highs because of the coronavirus crisis. That inflection point is not easy to model when the virus is still spreading rapidly across Europe and the United States. But the U.S. government’s $2 trillion in fiscal stimulus, coming on top of unprecedented measures from the U.S. Federal Reserve and other central banks on Tuesday triggered one of the sharpest global equity ...

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Global Stocks Slide Ahead of U.S. Jobless Claims Data

Stocks slipped Thursday as investors await fresh data on U.S. unemployment claims for cues on the economic disruption caused by the coronavirus pandemic, which has forced a shutdown of wide swaths of the country. Futures tied to the S&P 500 fell 1.5%, signaling an end to two days of gains in U.S. stocks. The pan-continental Stoxx Europe 600 declined 1.7%. The outbreak continues to spread in the U.S., where more than 60,000 people have been infected, leaving lawmakers struggling with the economic consequences of the pandemic. The country now trails ...

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World stocks slip as U.S. jobs angst outweighs record stimulus

World share markets fell on Thursday as nerves over jobs data likely to lay bare the economic carnage from the coronavirus pandemic outweighed a $2 trillion (1.69 trillion pounds) U.S. stimulus package. The U.S. Senate on Wednesday backed the massive bill aimed at helping jobless workers and industries reeling from the virus, with the package heading for the House of Representatives for vote on Friday. Yet already questions flew over whether the bill would do enough to soften the disease’s economic hammer blow, with investors bracing for jobs data forecast ...

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Dollar rally fades ahead of U.S. jobless claims

The dollar fell against the yen and the euro on Thursday, ahead of U.S. data that is expected to show a surge in unemployment benefit claims as firms lay off workers due to the rapid spread of the coronavirus. The pound extended declines against the euro and the dollar due to worries that Britain is ill-prepared for a spiralling number of coronavirus cases, as healthcare systems in Italy and Spain are already being overwhelmed. The Australian and New Zealand dollars, both of which are closely linked to the global commodity ...

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TEN Ltd. Reports Profits for Fourth Quarter and Year End 2019 and Declares Dividend of $0.05 per Common Share

TEN, Ltd. (TEN) (TNP) (the “Company”) reports results (unaudited) for the fourth quarter and the year ended December 31, 2019. 2019 YEAR RESULTS In 2019, TEN produced profits of $42.7 million before non-cash impairment charges and positive net income of $15.1 million, a $76 million turnaround from 2018. Such improvement in profitability was primarily due to the very strong freight market that arose in the fourth quarter of the year, and still the case today, and resulted in voyage revenues reaching $597.5 million. Operating income reached $113.5 million compared to ...

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A falling yen may not be the economic cure Japan seeks

Fallout from the coronavirus outbreak may finally lift the curse of the safe-haven yen for Japan but policymakers fear fiscal laxity could lead to a currency free-fall eventually, undermining efforts to cushion the economy from the pandemic. The yen, which investors typically snap up as a safe haven in times of financial market stress, fell nearly 10% against the dollar this month, as pandemic fears spurred a stampede into the refuge of the world’s most powerful currency. For Japanese policymakers who have repeatedly fought in recent decades to tamp down ...

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