March, 2020

• 2 March

  Biden looks for momentum from South Carolina win

  

  Bloomberg Joe Biden is looking to use a blowout win in South Carolina to paint the Democratic primary contest as a clear choice between his traditional centrism and Bernie Sanders’s democratic socialism. In multiple television interviews on Sunday, the former vice president touted his success with South Carolina’s diverse electorate and portrayed Sanders as a risky choice who’d lose key ...

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• 2 March

  Pompeo offers no details on Trump-Taliban meeting

  Bloomberg Secretary of State Mike Pompeo says he doesn’t know when or where President Donald Trump’s meeting with the Taliban would take place. “They have an enormous amount of American blood on their hands,” Pompeo said on CBS’s “Face the Nation” on Sunday. “We’re going to see if the Taliban are prepared to live up to the commitments they made.” ...

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• 2 March

  Stocks advance on central bank hopes; oil rebounds

  

  Bloomberg The worst stock rout since the global financial crisis showed signs of easing on Monday amid optimism that central banks will help cushion markets from the impact of the coronavirus. Crude oil rebounded. The Stoxx Europe 600 Index jumped, with 17 of 19 industry sectors in the green, and futures for all three main American indexes advanced in the ...

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• 2 March

  China stock traders are making big bet on fiscal stimulus

  

  Bloomberg China’s biggest stock rally in months signals investors are counting on Beijing to loosen the purse strings after data showed a collapse in economic activity. Old-economy stocks led the charge on Monday, helping the CSI 300 Index close 3.3% higher for its biggest gain since May last year. A gauge of industrial shares rose 5.5%, the best day since ...

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• 2 March

  Fed ready to cut rates despite doubt they can offset virus

  

  Bloomberg The Federal Reserve is now prepared to reduce interest rates this month even though it recognizes monetary policy cannot completely shelter a US economy increasingly threatened by the coronavirus. Fed Chairman Jerome Powell opened the door to a rate-cut at the Fed’s March 17-18 meeting by issuing a rare statement pledging to “act as appropriate” to support the economy. ...

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• 2 March

  China regulators give relief to shield trillions of yuan in bad debt

  

  Bloomberg China’s financial regulators will allow the nation’s lenders to delay recognising bad loans from smaller businesses reeling from the deadly coronavirus outbreak, giving temporary reprieve to trillions of yuan of debt. Qualified small- and medium-sized businesses nationwide with principal or interest due between January 25 and June 30 can apply for a delay to the end of the second ...

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• 2 March

  BOJ, BOE pledge to ensure stability amid virus fears

  

  Bloomberg Global central bankers from Japan to the UK pledged action aimed at stabilising financial markets rattled by the spreading coronavirus as pressure builds on them to ease monetary policy to safeguard their economies. In an emergency statement on Monday, the Bank of Japan (BOJ) said it would “strive to provide ample liquidity and ensure stability in financial markets.” The ...

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• 2 March

  Indonesia to add to $6bn spend to stem currency, bond rout

  

  Bloomberg After spending more than $6 billion to stem the exodus of foreign investors from Indonesian assets last month, Bank Indonesia has signaled it’s ready to splurge more to defend the nation’s battered currency and bonds. The central bank offered to buy sovereign bonds worth 2 trillion rupiah ($140 million) from the secondary market on Monday after the yield on ...

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• 2 March

  RBA is all-but certain to cut key rate, money markets show

  

  Bloomberg Australia’s central bank is all-but certain to cut interest rates on Tuesday, money markets show, after a key manufacturing gauge in top trading partner China slumped. Traders are pricing in a 25 basis-point cut by Reserve Bank Governor Philip Lowe and his board as a done deal and see a slight chance of a 50 basis-point reduction. At the ...

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• 2 March

  Barclays activist opposes CEO’s nomination to the board

  Bloomberg Barclays Plc’s board should remove its boss Jes Staley from the board of directors following the disclosure of his ties with deceased financier and offender Jeffrey Epstein, according to its top shareholder. Edward Bramson’s Sherborne Investors Management LP said in a letter on Monday it “strongly recommends” the board led by Chairman Nigel Higgins “rescind their unanimous recommendation to ...

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