Some U.S. wealth advisers tell clients to stay put as markets fall

03/23/2020

NEW YORK (Reuters) – The deepest U.S. stock market sell-off since the 2008 financial crisis is prompting some financial advisers to tell wealthy clients to hold steady or even increase their equity exposure if they have at least 10 years until retirement. Remaining fully invested […]

Citigroup to give some employees $1000 as coronavirus spreads

03/23/2020

(Reuters) – Citigroup Inc (C.N) will provide more than 75,000 employees globally with a special compensation award to help ease the financial burden of the coronavirus pandemic, Chief Executive Michael Corbat told staff in a memo seen by Reuters. In the United States, $1,000 will […]

Historic Fed boost fails to stop Wall Street's virus driven sell-off

03/23/2020

(Reuters) – Wall Street’s slide deepened on Monday as the rapidly spreading coronavirus forced more U.S. states into lockdown, overshadowing unprecedented moves by the U.S. Federal Reserve to shore up credit across the economy. After recently cutting interest rates to near zero, the Fed will […]

Fed aims 'bazooka' to backstop coronavirus-hit economy

03/23/2020

(Reuters) – The U.S. Federal Reserve on Monday rolled out an extraordinary array of programs to backstop an economy reeling from sweeping restrictions on people and businesses that scientists say are needed to limit the spread of the coronavirus. For the first time the Fed […]

Rout resumes as more nations self-isolate against virus

03/23/2020

LONDON/SYDNEY/HONG KONG (Reuters) – Financial markets around the world took another hammering on Monday as a rising tide of national coronavirus lockdowns threatened to overwhelm policymakers’ frantic efforts to cushion what is likely to be a deep global recession. European stocks dived 4.5% as they […]

Shell lowers 2020 capex, suspends share buyback

03/23/2020

(Reuters) – Oil major Shell lowered capital expenditure for 2020 by about $5 billion on Monday and suspended the next tranche of its share buyback plan, as the company tries to weather a hit from the recent oil price crash. The company said it would […]