Exchange & Stocks
Trading on the New York Stock Exchange has been halted temporarily for the second time in a week after the S&P fell 7%, according to news reports.
When the index falls by 7%, a so-called circuit breaker is triggered, in which trading is halted for 15 minutes.
The stoppage on Thursday morning came after a speech by President Donald Trump on Wednesday night did little to calm market worries about the economic damage from the coronavirus outbreak, which the World Health Organization is now calling a pandemic. Before stocks opened, the futures contracts for the major indices had fallen 5% to their limit-down levels, also resulting in a halt in trade.
As of Wednesday, the Dow Jones Industrial Average was down by slightly more than 20% from the record highs earlier this year, meaning the index had officially entered bear-market territory.
A large group of winners of the recent parliamentary elections in Iran praised Leader of the Islamic Revolution Ayatollah Seyed Ali Khamenei for naming the new Iranian year the year of ‘surge in production’, and vowed to do their utmost to attain that goal.
Crude futures rose by 10pc today after US president Donald Trump suggested that Saudi Arabia and Russia may be close to "a deal" to alleviate the oil price collapse.
Utilisation rates at India's largest LNG receiving terminal, the 17.5mn t/yr Dahej facility, are expected to dip further next week after they fell below 50pc this week from around 70pc at the end of last week. Rates have fallen as gas consumption has taken a sharp hit following the Indian government's restrictions on business and industrial activity and road travel to halt the spread of the coronavirus.
The U.S. International Trade Commission (ITC) has started a preliminary anti-dumping investigation in regards to the imports of common alloy aluminium sheet from 18 countries, including Germany, Oman, Bahrain, Serbia, Croatia, Romania, Turkey and Slovenia.
It has been a major development as the first biggest layoff warning call involving a production plant due to the COVID-19 epidemic. The management of the plant declared almost all of its 302 employees would be laid off.
Spain has exempted much of its metals, chemicals, cement and other large power-consuming industries from the halt in non-essential economic activity decreed in the country from 30 March, although they will still have to cut output.