US Market Open
Major US stocks opened Tuesday’s trading on a higher note after the Fed announced on Monday it was creating a facility to allow small businesses to access term financing during the virus outbreak.
UK PM Health
UK Cabinet Office Minister Michael Gove said on Tuesday that PM Boris Johnson was still in the intensive care after his COVID-19 condition worsened 10 days after testing positive. Gove added that a statement would be issued if his health worsens.
Oil
Russia said it will participate in the upcoming videoconference meeting of OPEC+ members on April 9 that seeks to negotiate a three-month-long reduction in oil output. According to Bloomberg, the deal would run from May to the end of July 2020.
Following the announcement, oil prices rose on hopes the participants will agree to cut production. West Texas Intermediate (WTI) for May gained 3% to $27 per barrel while Brent for June rose by more than 2.5%.
Corporate Announcement
Meanwhile, commercial real estate company WeWork on Tuesday filed a lawsuit accusing Japanese global tech investor SoftBank Group of breaching its obligations under the Master Transaction Agreement (MTA) by failing to complete the $3 Billion contemplated tender offer.
SoftBank on 2nd April pulled out of a $3 billion deal to buy WeWork shares it entered into last year saying the buyout was subject to a number of conditions, which were not met by 1st April 2020, when the deal was expected to close.
According to media reports, automaker Nissan Motors will lay off about 10,000 of its staff at its US-based plants amid the COVI19 shutdown. According to Nikkei Asian Review, the figure accounts for nearly its entire workforce in the US.
