US Stock markets on Tuesday closed on the positive driven by comments from Federal Reserve boss Jerome Powell that the economy was looking at the start of a recovery period while citing recent jobs report and retail sales data. He further noted that the unemployment rate will likely drop significantly as more people return to work the figures would stay well below the February figures.
At the end of the trading session, the Dow Jones rose 2.04% higher, the Nasdaq 100 went up 1.76% while the S&P 500 was up 1.90%.
Energy markets fell on early trading on Wednesday following news that crude stockpiles rose in the week ending June 10. According to Bloomberg, data from the American Petroleum Institute (API), showed that crude stocks rose by 3.9 million barrels last week compared to the previous seven-day period, marking the second consecutive weekly growth.
Beijing Halts 70% Flights
According to China’s Global Times, about 70% of flights to and from Beijing Capital International Airport were halted on Wednesday. A total of 1,255 flights will be affected following the Authority’s decision to increase the COVID19 emergency response to level 2, after finding infection clusters in Beijing.
Tesla Signs Battery Deal with Panasonic
Automaker Tesla has signed the signing of an agreement with Japanese electronics company Panasonic on manufacture and supply of lithium-ion battery cells at its Gigafactory in Nevada. The deal was signed last week and took effect on April 1, 2020, according to Reuters.
Hilton to cut 22% of workforce
According to the Wall Street Journal, Hilton Worldwide Holdings Inc. will cut approximately 2,100 corporate jobs, a 22% reduction of its corporate workforce. The company says this will allow the group to reduce costs” as it struggles with the plummeting demand caused by the coronavirus pandemic.
Volvo to cut 4,100 corporate jobs in 2020
Swedish vehicle and construction equipment manufacturer Volvo Group will cut its workforce by 4,100 white-collar workers by the end of 2020 to counteract the negative effects of the crisis caused by the COVID-19 pandemic, it said in a statement on Tuesday.
Aramco confirms $69.1B SABIC acquisition
Saudi Aramco has confirmed it has successfully finalized the acquisition of 70% of shares in Saudi Basic Industries Corporation (SABIC) from the Public Investment Fund at $69.1 billion and $5.9 billion in vendor loan charges to the PIF.
Facebook Users to Turn off Political Ads
Facebook says it plans to give its users an option to turn off political ads on its platforms. According to USA Today, the tech firm will create the Voting Information Center that aims to provide social network users with “authoritative information, including how and when to vote, as well as details about voter registration, voting by mail and information about early voting.”
SoftBank to sell $20B stake in T-Mobile
According to CNBC, SoftBank is planning to sell about two-thirds of its stake in T-Mobile US in a deal worth around $20 billion. According to media reports, Deutsche Telekom, which owns a 43% stake in T-Mobile, is expected to purchase the stake as it wants to keep control over its subsidiary.
