Bloomberg Indonesian stocks slumped on Tuesday, triggering a trading halt for the third time in a week. The Jakarta Composite Index ended the day down 5% to its lowest level since January 2016. A total of $356 million in equity value changed hands as of the time of the market suspension , Laksono Widodo, director of trading and membership at ...

Bloomberg Japanese banks tapped into the Federal Reserve’s revamped swap lines, taking up a total of about $32 billion in the first operation since the US central bank lowered rates on Sunday. Lenders from the Asian nation borrowed about $30.3 billion for 84 days at 0.370% in the swap coordinated by The Bank of Japan. They borrowed about $2.05 billion ...

Bloomberg Chinese banks face an unprecedented drop in profits this year as bad loans surge because of the coronavirus outbreak, according to UBS Group AG. In a severe downside case, China’s banking industry could see bad debt jump to 5.2 trillion yuan in 2020, UBS analysts led by May Yan said. The estimate is based on an assumption that China’s ...

Bloomberg JPMorgan Chase & Co. and Citigroup Inc. told employees if they can work from home to begin doing so this week, escalating efforts to prevent the deadly coronavirus from spreading among staff. Australia’s Macquarie Group Ltd. has gone further, telling the vast majority of its staff globally to work from home. Citigroup’s directive, which applies to employees in the ...

Bloomberg The Indonesian rupiah dropped to its weakest since the emerging market rout of 2018, as a sell-off in the nation’s bonds and stocks show little signs of abating with a worsening coronavirus pandemic. The currency slipped as much as 1.5% to 15,160 per dollar on Tuesday, the lowest since November 2018. The benchmark 10-year bond yield surged 17 basis ...

Bloomberg US banks may be downgraded by Moody’s Investors Service in wake of Federal Reserve’s rate cut and as the worldwide coronavirus pandemic rattles markets. The outlook for lenders was changed to negative from stable, Moody’s said. Moody’s cited “the growing strain on banks’ operating environment and asset risk from the coronavirus disruption of economic and business activity.” Major US ...

Bloomberg Andrew Bailey knows a few things about crises, which should put him good stead when he took the helm of the Bank of England as it tries to stave off recession triggered by the coronavirus pandemic. The 60-year-old is already in the heart of the action. Just hours before he officially started, he was part of a coordinated move ...

Bloomberg Scott Kirby, the president of United Airlines Holdings Inc, described a “dire scenario” in which monthly sales would plunge 70% until the start of June, then 60% that month and 40% in July and August. That outlook, it soon became clear, was too optimistic with the coronavirus pandemic destroying virtually all demand for travel. Airlines and their labour unions ...

Bloomberg Qantas Airways Ltd is cutting almost all overseas flights and more than half its domestic schedule as the coronavirus outbreak paralyses travel worldwide. International capacity will be cut by about 90% until at least the end of May, the Australian airline said in a statement. Domestic capacity will fall 60% over the same period. Government travel bans, quarantines and ...

Bloomberg Air Canada fell as much as 38%, its biggest one-day drop since going public, after prime minister Justin Trudeau said the country would close its borders to all foreign travellers except Americans. The Montreal-based company became the latest airline to withdraw financial forecasts and cut capacity as the Covid-19 pandemic plunges the global industry into unchartered territory. The stock, ...