Markets
Americans again file by the millions for unemployment benefits
Data for the prior week was revised down to show 2.687 million claims filed instead of the previously reported 2.981 million. Continuing claims (which lag behind initial jobless claims data by one week) are anticipated to total 23.5 million for the week ending May 9, after a record 22.83 million in the previous week. [Full Article...]
Rental Car Giant Hertz Files For Bankruptcy Protection
Bankruptcy Court after the pandemic caused an abrupt decline in its revenue and future bookings. Hertz has around $19 billion (R340 billion) in debt, which includes roughly $4.3 billion in corporate bonds and loans as well as $14.4 billion of debt backed by the company's fleet of vehicles, and lenders had asked the company for upfront payment on some of those obligations but couldn't get it to a... [Full Article...]
Hong Kong: No double standard in safeguarding national security
China on Friday introduced the draft of a controversial national security law in Hong Kong in its parliament to tighten Beijing's control over the former British colony, in what could be the biggest blow to the territory's autonomy and personal freedoms since 1997 when it came under the Chinese rule. [Full Article...]
U.S. oil price turns negative for first time in history
Oil extended gains in Asian trade Friday on signs that producers are already cutting output and rising US-Iran tensions, recovering from unprecedented lows triggered by the coronavirus pandemic. USA oil prices crashed to the negative territory for the first time in history on Monday, fueled by pandemic-related demand shock and oversupply fears. [Full Article...]
DeSantis Erupts Over Media’s Prediction of Florida Catastrophe — BEASTMODE
While the Republican governor emphasized that children are much less likely to face serious consequences from COVID-19, the state now has a growing number of children with " multisystem inflammatory syndrome in children ", or MIS-C. The new order , issued late Wednesday, came after the Democrat governor had faced questions from lawmakers in both parties who expressed concerns that non-infected re... [Full Article...]
Target stores to be closed or rebranded as Kmart, Wesfarmers announces
The Target retail brand is set to nearly vanish in Australia, with parent company Wesfarmers announcing that up to 167 Target stores would either be re-branded to Kmart or closed down entirely. Amid the store closures, Wesfarmers will invest in the company's digital platforms as continues to see strong growth in online sales across Kmart Group. [Full Article...]
Using U.S. jobless claims as economic gauge becomes trickier
The U.S. labor market experienced another wave of first-time unemployment claims last week, indicating layoffs are continuing at a high rate even though some states are reopening their economies. Differences in how frequently people claim continued benefits in states are yet another reason why it's become more hard to get a precise read on week-to-week changes in the labor market at the state ... [Full Article...]
Friday's Stock Market Open: US Equities Fall On Mounting US-Chinese Tensions
The S&P 500 is down 275.33 points, or 8.5%. Trade relations between US and China are also under scrutiny as President Donald Trump appears to be taking a more hardline stance against Beijing ahead of his re-election bid in November. Spot gold added 0.5% and US gold futures settled up 0.8% at $1,735.50 an ounce. USA crude fell 67 cents to settle at $33.25 a barrel, paring about half earlier los... [Full Article...]