U.S. Futures Extend Slide While WTI Oil Crashes: Markets Wrap
“U.S. equity futures slid alongside European and Asian stocks on Monday as investors grappled with everything from the spread of the coronavirus to oil’s collapse and the next raft of corporate earnings. The dollar gained. Contracts on the S&P 500 extended their decline through the European session as the drop in West Texas oil accelerated. A big part of that slump is because the May futures contract expires on Tuesday, but crude has been under immense pressure as demand disappears and a glut develops. The price cratered on Monday, taking it below $12 a barrel to the lowest level in well over two decades.”
Britain’s Star Stock Pickers Nurse Record Losses From Virus
“The U.K.’s most famous stock pickers are suffering record losses amid the coronavirus crisis. The biggest fund managers saw their steepest drop in assets ever in the first quarter, losing as much as 43%, according to data compiled by Bloomberg and Morningstar Inc. Seven of the top 10 actively managed equity funds had record losses as the pandemic tore through markets, including those managed by Terry Smith, Nick Train and Invesco Ltd.’s Mark Barnett.”
China Mobile Lost Almost 4 Million Subscribers in First Quarter
“On the surface, Hong Kong leader Carrie Lam appears to have had a few pretty good months: Her government has managed to contain the coronavirus outbreak, during which street protests have mostly disappeared. Yet her bosses in Beijing don’t appear convinced that will help their allies during Legislative Council elections set for September. A spate of arrests and stern official edicts over the past few weeks amount to an offensive that looks designed to ensure China gets its way no matter what happens at the ballot box.”
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