Asia stocks sink, Dow confirms bear market after US bans Europe travel on virus

first_imgTokyo’s benchmark Nikkei was down 5.42 percent or 1,051.88 points to 18,364.18, while the broader Topix was down 5.06 percent or 70.15 points to 1,314.97 in the hour after Trump’s address.Australia’s ASX was down 5.4 percent, while Hong Kong tumbled three percent at the open. Read also: To buy it or not: Retail investors are torn amid volatile stock marketThe news also sent the yen higher, with the safe haven currency gaining as uncertainty continues. The dollar fetched 103.63 yen by 0130 GMT, from 104.57 yen in early Asian trade. Stock markets tumbled Thursday after US President Donald Trump announced a 30-day ban on travel to the United States from Europe over the coronavirus.Asian markets were already a sea of red at the open, with traders taking their lead from a global rout as the World Health Organization declared the spread of the new virus was officially a pandemic.But Trump’s announcement of the 30-day ban, which excludes Britain, caused further selling, despite a series of measures intended to ease the financial pain of the outbreak, which has paralysed travel and hit businesses around the world. “Trump travel ban: sell, sell, sell is being heard across dealing rooms in Asia,” wrote Stephen Innes, global chief markets strategist at AxiCorp.”Travel restrictions equal slower global economic activity, so if you need any more coaxing to sell… after a massively negative signal from overnight trading in US markets, it just fell in your lap,” he added.The losses followed another brutal session on the US markets, with wave after wave of bad news, including Hilton withdrawing its earnings forecast and Boeing saying it would suspend most hiring and overtime pay.The coronavirus outbreak has left virtually no sector untouched, though travel and tourism have been particularly hard-hit as countries institute travel bans and quarantine requirements.’Markets crying out’The Dow Jones Industrial Index plunged around 1,465 points, or 5.9 percent, to 23,553.22 on Wednesday, in a bruising session that left the index more than 20 percent below its peak, making it a bear market.Leading stock markets in Europe also retreated, including the FTSE 100 which dropped 1.4 percent despite the Bank of England slashing its key interest rate to a record low and the government pledging $39 billion of fiscal stimulus.Analysts said markets were struggling under the weight of twin crises: the burgeoning coronavirus outbreak and an oil price war.Read also: Disappearing act: Market braces for volatile March after $2.4b vanishes in a weekOil prices also fell sharply after Trump’s comments, plunging more than five percent.The oil market was already under pressure after Saudi Arabia and Gulf partner UAE stepped up a price war with plans to flood the global markets.The move is the latest escalation of a fight among oil producers after Russia balked at an OPEC-backed plan to cut production in response to lost demand from the coronavirus.”The virus itself continues to spread in Europe and the US, meaning more extensive containment measures are likely, which will weigh further on global growth,” said Tapas Strickland, senior analyst at National Australia Bank.”Markets are crying out for a co-ordinated response to COVID-19 headwinds and a lack of concrete US policy action is rattling markets,” he said.Trump’s address included several measures intended to ease the financial burden particularly for small business, including payroll tax relief and deferred tax payments.But the measures did not appear to be enough to convince investors, though Innes said the stepped up US action could herald “an avalanche of global fiscal action across the board” that might cheer markets eventually.Topics :last_img read more

Wednesday people roundup

first_imgSpence Johnson – Will Mayne has been promoted to director. He studied Economics at the University of Cambridge and management at the Judge Business School before running a team of analysts at Informa. Since joining Spence Johnson, he has worked on a wide variety of strategic projects across European institutional.Newton Investment Management – Julian Lyne has been appointed global head of distribution. He was previously head of business development and global consultant relationships at Newton. He joined the company in the summer of 2014 from F&C Investments, where he was head of institutional business.BNY Mellon – Richard Gill has been appointed head of BNY’s Markets business in the EMEA region. Gill has worked at BNY Mellon for more than 20, years and his previous roles include co-head of FX Trading and chief FX Dealer. Meanwhile, Ileana Sodani is to lead the Asset Servicing Relationship Development business in the EMEA. She formerly held the position of chief relationship officer of Pershing’s EMEA business.bfinance – Peter Hobbs is joining as managing director of private markets. Hobbs recently left MSCI, where he was head of real estate research. Hobbs was previously head of global research at Deutsche Bank’s real estate investment management business RREEF, before joining MSCI in 2010.UBS Asset Management – Asher Garnett has joined as director of UK business development for the global real estate business of UBS. Garnett joins from BlackRock, where he spent the past five years. Prior to this, he spent four years on CMBS at Bank of America. Pension Protection Fund, West Midlands Pension Fund, Financial Conduct Authority, Redington, Willis Towers Watson, Spence Johnson, Newton Investment Management, BNY Mellon, bfinance, UBS Asset ManagementPension Protection Fund – Leanne Clements has joined the UK’s PPF as responsible investment manager. Clements was most recently responsible investment officer at West Midlands Pension Fund. She held a similar position at the London Pensions Fund Authority and has also worked at Pensions and Investment Research Consultants (PIRC), a proxy voting and engagement firm. Ebba Schmidt, who was the responsible investment manager at the PPF and implemented its responsible investment strategy, died last year.Financial Conduct Authority (FCA) – Acting chief executive Tracey McDermott is to leave the FCA on 1 July. In January, she decided in early December 2015 to withdraw from the process to appoint the permanent chief executive but would continue as acting CEO until a permanent replacement was in post. Andrew Bailey was appointed as the new chief executive on 26 January and is due to take up the position this summer.Redington – Jinesh Patel has been appointed vice-president of the DC & Financial Well-being Consulting Practice. He joins from Willis Towers Watson, where he provided defined contribution consultancy advice. Before then, he worked at HSBC.last_img read more

Shohei Ohtani pitches in Angels’ intrasquad game, looks rusty

first_imgOhtani was limited to designated hitter duties in 2019 after he returned from Tommy John surgery in May. For Ohtani the pitcher, Tuesday’s atmosphere was his most game-like since the Sept. 2018 start that put half of his unparalleled two-way career on hold.Ohtani began facing live hitters in May. Angels manager Joe Maddon cautioned against expecting any pitcher to replicate his typical mid-season form in a practice environment. Angels’ Shohei Ohtani spending downtime working in outfield Angels’ poor pitching spoils an Albert Pujols milestone For example, Ohtani was allowed to continue pitching to Anthony Rendon after hitting him in the backside with a pitch in the third inning. A portable screen behind catcher Jason Castro prevented runners from advancing on what might normally be wild pitches. When Ohtani reached his pitch limit for the first inning in the middle of an Albert Pujols plate appearance, the inning simply ended.“I’m glad to get through my pitches that I was supposed to pitch without any physical problems,” he said through an interpreter. “I’m very satisfied.”Ohtani said he threw all his pitches, among approximately 50 in all. Now he’ll take “three or four more days to recover” before getting back on a mound.Related Articles Angels offense breaks out to split doubleheader with Astros Jose Suarez’s rocky start sinks Angels in loss to Astros center_img “There’s nothing to be concerned about, or alarmed” with Ohtani, Maddon said. “He just did not have good rhythm with his delivery.”Sign up for Home Turf and get exclusive stories every SoCal sports fan must read, sent daily. Subscribe here.TESTING CONCERNSMonday, the firm contracted to Major League Baseball for coronavirus testing didn’t arrive to collect the necessary samples from Angels employees, and a team-wide morning workout became an optional afternoon workout.Getting tested wasn’t an issue for the Angels on Tuesday. For at least one player, however, Monday’s no-show raised major concerns.“Someone has dropped the ball somewhere in Major League Baseball’s office and it’s putting our best players at risk,” pitcher Ryan Buchter told MLB Network Radio on SiriusXM. “It’s putting all of us at risk.”The Angels aren’t alone in grappling with testing issues. Tuesday, the San Francisco Giants announced they were canceling their workouts because they had not received the result of tests administered Saturday. The Nationals cancelled their workout Monday because they still had not received the results from Friday’s tests.“Our staff here with Anaheim is doing a tremendous job,” Buchter said. “Our trainers are, I’m sure, overworked and just getting the crap beat out of them. Our front office is putting out a good message and they’re trying to keep everybody upbeat. The coaches are taking every measure possible, you know, walking around with constant gloves on masks. Really covering themselves carrying sanitizer. Everybody seems to be doing their part. And then we come to where MLB has really dropped the ball in the testing process.”ABSENT ANGELSAdd pitchers Jose Suarez and Patrick Sandoval, and two-way player Jared Walsh, to the list of Angels who are not participating in summer camp activities. Maddon could not say why they are absent.Teams are prohibited from giving information about coronavirus-related absences without the player’s consent. Players also could be missing simply because they haven’t yet received results.Maddon didn’t provide an update about pitcher Julio Teheran, who has been absent from the outset of camp. He was placed on the 10-day injured list Monday along with pitchers Jose Suarez and Dillon Peters, and second baseman Luis Rengifo. None of their injuries were disclosed. The same is true of Matt Thaiss, who wasn’t on the field again Tuesday but has not been placed on the injured list.“I have not heard anything,” Maddon said of Teheran, who was expected to begin the season in the Angels’ rotation. “I have not heard from him specifically and I have not heard from the medical group either. For me, there’s been no contact.”ALSOLeft-hander Andrew Heaney, who is scheduled to start Opening Day in Oakland on July 24, pitched four intrasquad innings. Brian Goodwin hit a ball over the yellow right field stripe for a two-run home run, the only runs on Heaney’s ledger. … Jo Adell, the consensus top prospect in the Angels’ organization, saw time in center field and rapped out what would have been an infield single in his first plate appearance. … Dylan Bundy and Griffin Canning will be the opposing pitchers in a six-inning intrasquad game Wednesday. … Every player present for the Angels’ reserve camp at Long Beach State’s Blair Field was invited to the intrasquad game. … The Angels signed Werner Blakely, their fourth-round pick in the June amateur draft. The high school shortstop from Michigan received a $900,000 signing bonus, according to MLB.com’s Jim Callis. All four of their draft picks are now under contract. ANAHEIM – The old normal was the new normal at Angel Stadium for an afternoon.Shohei Ohtani threw three innings in the Angels’ first intrasquad game of summer camp. The stands were empty, save a section in left field full of printed-out fan headshots. The public-address system played music on a continuous loop. The home plate umpire was Tim Buss, the Angels’ quality assurance coach.Only the players and uniforms looked as they normally do, but such is baseball at the moment. For the Angels, seeing Ohtani pitch would have to suffice.Throwing exclusively from the stretch, Ohtani was predictably rusty. He faced 10 batters and walked seven of them. Ohtani agreed his command was off, but it’s hard to measure how much since some normal rules weren’t enforced. Angels’ Mike Trout working on his defense, thanks to Twitter Newsroom GuidelinesNews TipsContact UsReport an Errorlast_img read more