Bloomberg One of the biggest Texas shale explorers warned it will halt all drilling if the state imposes Opec-style production caps, raising the stakes in a debate over a contentious proposal to arrest free-falling oil prices. The stark pronouncement from Diamondback Energy Inc’s finance chief stunned observers of the virtual hearing by the Texas Railroad Commission, which oversees oil output ...

Bloomberg The pain felt by Big Oil from the coronavirus-led plunge in demand may derail global efforts to cut pollution, the International Energy Agency (IEA) said. The slowdown and falling prices “undermines the ability of the oil industry to develop some of the technologies needed for clean energy transitions around the world,” said the Paris-based agency. The industry has repeatedly ...

Bloomberg Stocks in Europe edged lower while American equity-index futures retreated as investors scoured corporate earnings to gauge the impact of the coronavirus outbreak. The dollar ticked higher and Treasuries rose. The Stoxx Europe 600 index declined for the first time in five trading days. ASML Holding NV, a crucial supplier to Samsung Electronics Co., reported a 40% drop in ...

Bloomberg India stocks rose, with the benchmark gauge set to close in bull territory, ahead of earnings reports that may give some insight into the outlook for companies under lockdown in the world’s second-most populous country. The S&P BSE Sensex advanced 2.5% to 31,450.11 as of 10:06 am in Mumbai, while the NSE Nifty 50 Index climbed by the same ...

Bloomberg With Bitcoin trading below $7,000, technical indicators show it’s nearing a key inflection point. Based on its drop over the past week, the biggest cryptocurrency is drifting in a narrow trading band, with support at $6,500 on the downside and strong resistance at $7,000 on any potential increases. However, the GTI Vera Convergence Divergence Indicator, which measures up and ...

Bloomberg China’s central bank injected medium-term funding into the financial system on Wednesday and cut the cost of the funds as expected, bolstering measures aimed at countering the economic fallout from the coronavirus pandemic. The People’s Bank of China offered 100 billion yuan ($14 billion) via the one-year medium-term lending facility, cutting the rate to 2.95% from 3.15%. The reduction ...

Bloomberg More than one in ten mortgage borrowers in the UK have taken a payment holiday, less than a month after banks offered relief to those affected by the coronavirus pandemic. About 1.2 million customers were granted a mortgage holiday between March 17 and April 8, according to lobby group UK Finance. Banks trebled the number of breaks they gave ...

Bloomberg South Africa’s central bank unexpectedly cut its benchmark interest rate to a record low to support an economy that’s projected to slump even deeper into recession after the government extended a nationwide lockdown in response to the coronavirus. The repurchase rate was reduced to 4.25% from 5.25%, the South African Reserve Bank said in an emailed statement. The decision ...

Bloomberg JPMorgan Chase & Co. said first-quarter profit tumbled 69% to the lowest in more than six years as credit costs surged, giving investors a first glimpse at the extent of the damage Covid-19 is wreaking on bank results. The company set aside $8.29 billion for bad loans, the biggest provision in at least a decade and more than double ...

Bloomberg Credit Suisse Group AG shareholders should reject the bank’s compensation plan over proposed payments to former executives in the wake of a corporate spying scandal, a top shareholder adviser said. Investors should be concerned about lack of disclosure of overall compensation for former Chief Operating Officer Pierre-Olivier Bouee, who was blamed for the spying and fired in December, Glass ...