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  economist.com America’s banks have too much cash Mar 16th 2021 2 minutes More is sometimes enough America’s banks have too much cash Abundant liquidity is meant to help markets. It might soon cause trouble WHEN BOND markets seized up in the spring of 2020 the problem was a shortage of cash. A global dash for dollars caused bond yields, which move inversely to prices, to spike. It sent the greenback soaring in currency markets. And it caused trading in Treasuries, usually the world’s most liquid market, almost to dry up . Today the opposite problem looms: a surfeit of money. It stems from the Federal Reserve’s response to the crisis last year. The central bank calmed markets by buying enormous quantities of bonds with newly created cash, and has since continued its purchases, at a current pace of at least $120bn per month. The newfound abundance of dollars is causing headaches for banks and investors

  bbc.com Covid pandemic: Biden eyes 4 July as ‘Independence Day’ from virus BBC News 6-7 minutes media captionBiden promises vaccine access to all adults by May President Joe Biden has said he is hopeful that America can "mark independence" from Covid-19 on 4 July if people get vaccinated. In his first primetime address as president, Mr Biden said he would order states to make all adults eligible for vaccinations by 1 May. Current measures prioritise people by age or health condition. Mr Biden was speaking exactly a year to the day after the outbreak was classified a global pandemic. Half a million Americans have since died - more than the death toll from World War One, World War Two, and the Vietnam War combined. Schools have been closed, businesses shuttered and people kept apart. Last year many Americans were forced to forgo the elaborate parades, fireworks displays and parties that featur

  Evelyn Cheng 6-8 minutes - Source: CNBC China’s Minister of Commerce Zhong Shan speaks during a press conference at State Council Information Office in Beijing on May 18, 2020. Nicolas Asfouri | AFP | Getty Images BEIJING — The Chinese government is stepping up pressure on foreign businesses not to run afoul of Beijing, as the White House continues to target some of the Asian giant’s largest technology companies.  China’s Ministry of Commerce released long-awaited provisions on its so-called “unreliable entity list” over the weekend. The vaguely worded document mirrors the U.S. Commerce Department’s entity list that restricts named companies from accessing items originating in the U.S.  “Beijing will likely name at least one US company to the (unreliable entity list) between now and year-end – possibly even in coming days – but will use this tool in a targeted fashion, particularly in its early stages,” Michael Hirson, pract

Silvia Amaro 4minutes - Source: CNBC French Finance and Economy Minister Bruno Le Maire (L) greets US Treasury Secretary of State Steven Mnuchin. ERIC PIERMONT The United States has shocked Europe by pulling out of negotiations over an international digital tax and threatened to retaliate if the region moves ahead with plans on its own. A number of European countries were hoping to impose taxes on digital companies above a certain revenue threshold, which would hit mainly U.S. tech firms given their size. However, according to the Financial Times, in a letter to France, Italy, Spain and the U.K., the U.S. said international talks had reached an impasse and there wasn’t even room for an interim deal. The move effectively ends any chance of a deal soon. An official working for one of the ministries, who didn’t want to be named due to the sensitivity of the issue, confirmed to CNBC Wednesday the existence of the letter, add

4-5 minutes - Source: BBC Image copyright Reuters The New York Stock Exchange (NYSE) is set to reopen its trading floor on Tuesday after a two-month closure due to the coronavirus pandemic. But the exchange is likely to look and feel very different as new rules come into effect. The NYSE is one of the few bourses to still feature floor trade - most have shifted to fully-electronic trading. New York City has been hit hard by the outbreak with some 200,000 cases and more than 20,000 deaths. Under the new measures only a quarter of the normal number of traders will be allowed to return to work. Traders must also avoid public transport, wear masks and follow strict social distancing rules, with newly fitted transparent barriers to keep people apart. They will also

Yun Li 3minutes - Source: CNBC Wall Street and much of the Financial District stands empty as the coronavirus keeps financial markets and businesses mostly closed on April 20, 2020 in New York City. Spencer Platt | Getty Images Stock futures rose in early morning trading Tuesday as investors remained focused on the reopening of the U.S. economy. Futures on the Dow Jones Industrial Average climbed 240 points, implying a Tuesday opening gain of around 173 points. S&P 500 and Nasdaq futures also pointed to a positive Tuesday start for the two indexes. Investors weighed fears of a second wave of coronavirus cases against efforts to reopen businesses and loosen restrictions. California governor Gavin Newsom said Monday some of the state’s retailers will be allowed to offer curb-side pickup starting Friday.  Meanwhile, New York Gov. Andrew Cuomo said that the daily number of hospitalizations and new deaths are declining,

Yun Li,Fred Imbert 4-5 minutes - Source: CNBC Stock futures fell early Monday morning as traders weighed the reopening of the economy along with brewing tensions between China and the U.S. Dow Jones Industrial Average futures  fell 300 points, or 1.2%, pointing to an opening decline of more than 290 points.  S&P 500  futures lost 1%. Nasdaq-100 futures fell 0.8%. Warren Buffett   said his Berkshire Hathaway  sold all of its airline holdings because of the coronavirus outbreak. While the legendary investor was optimistic over the long term about the outlook for America, the move shows his concern that the pandemic has changed certain industries permanently and could be a sign that other investors are too optimistic about the economy returning to normal quickly. Airline shares were the biggest losers in the S&P 500 in the premarket. Delta, United Airlines, American Airlines and Southwest Airlines all lost more than 10%, wh

Thomas Franck 3-4 minutes - Source: CNBC Futures contracts tied to the major U.S. stock indexes were higher in the overnight session Wednesday evening after both Facebook and Microsoft issued better-than-expected revenue projections in their earnings reports. Dow Jones Industrial Average futures  rose 116 points, implying an opening gain of around 155 points.  S&P 500 and Nasdaq-100 futures  also pointed to Thursday opening gains. Both Facebook and Microsoft equity climbed in after-hours trading Wednesday evening after each reported promising revenue figures despite the global coronavirus outbreak . Facebook soared more than 10% in the overnight session after it reported that, after an initial “significant” pullback in advertising revenues in March thanks to Covid-19, it’s seen sales stabilize in the first three weeks of April . It reported first-quarter per-share earnings of $1.71 and revenues of $17.74 billion. Microsoft r

Yun Li 3-4 minutes - Source: CNBC Stock futures rose in early morning trading on Wednesday as investors looked for guidance from the Federal Reserve on the future path of interest rates with a gradual reopening of the economy in sight. Futures on the Dow Jones Industrial Average  traded 144 points higher, implying a Wednesday opening gain of 193 points. S&P 500  and Nasdaq futures also pointed to Wednesday opening gains for the two indexes. All eyes will be on the Fed’s monetary policy decision at 2 p.m. ET Wednesday. Investors will look to the central bank’s statement and chairman Jerome Powell’s virtual press conference for clues about how long interest rates will stay near zero as the economy seeks to emerge from coronarivirus crisis. “It doesn’t look like the Fed will raise interest rates beyond 0% until well-past the pandemic, which we think might be around 2023,” said Jim Caron, head of global macro strategies at Morgan

Maggie Fitzgerald 4-5 minutes - Source: CNBC U.S. stock futures were higher on Tuesday, as oil prices continued to fall after plunging in the previous session. At around 4:40 a.m. ET, Dow futures were up 117 points, indicating a positive open of more than 89 points. S&P 500 and Nasdaq futures both pointed to modest gains at Tuesday’s open. The moves came as oil prices continued to sell-off. U.S. West Texas Intermediate  crude for June delivery plunged almost 20% to $10.27 per barrel following a more than 24% decline on Monday. The international benchmark Brent crude futures contract also shed 4.4% to $19.07 per barrel. Oil prices have come under pressure in recent weeks as concerns mount over declining storage capacity. But a partial reopening of the economy — in Alaska, Georgia, South Carolina, Tennessee, Texas and others — had earlier boosted investor sentiment, with certain U.S. businesses poised to benefit from the first wav

Fred Imbert 4-5 minutes - Source: CNBC Charging Bull Statue is seen at the Financial District in New York City, United States on March 29, 2020. Tayfun Coskun | Anadolu Agency | Getty Images Stocks futures were higher in early Monday morning trade, as oil prices fell, while investors assessed the possibility of re-opening the global economy after the coronavirus outbreak. Dow Jones Industrial Average futures were up 177 points, implying a Monday opening gain of around 168 points. S&P 500 and Nasdaq 100 futures also pointed to a higher Monday open for the two indexes. West Texas Intermediate futures were down more than 10% at $15.18 per barrel. Wall Street’s coming off its first weekly decline in three as a record plunge in oil prices sent investors for a wild ride. Both the Dow and S&P 500 fell over 1% last week while the Nasdaq Composite dipped 0.2%. New York Gov. Andrew Cuomo said Sunday the state plans to re-open its economy in phase

Thomas Franck 3minutes - Source: CNBC A passenger wears a protective mask at the Wall Street subway station in New York, on Monday, March 30, 2020. Michael Nagle | Bloomberg via Getty Images U.S. stock futures were up in early morning trade Thursday as investors took a breather after the turbulence of the prior three regular sessions. Dow Jones Industrial Average futures  were up 105 points, implying an opening gain of about 100 points.  S&P 500 and Nasdaq futures also pointed to a positive Thursday open for the two indexes. The overnight moves followed a bounce in U.S. equities during normal trading hours on Wednesday that helped pare the S&P 500′s 4.8% slide over Monday and Tuesday. The  Dow Jones Industrial Average  rose 456.94 points, or 1.99%, to 23,475.82 during Wednesday’s session. The  S&P 500  gained 2.29% to 2,799.31 while the  Nasdaq Composite  closed 2.8% higher at 8,495.38. Violent fluctuations in

Maggie Fitzgerald 3-4 minutes - Source: CNBC U.S. stock futures pointed to gains at the open on Wednesday, following recent weakness in markets aggravated by oil’s massive decline. At around 4:10 a.m., Dow futures rose 220 points, indicating a gain of about 242 points at the open. Futures for the S&P 500 and Nasdaq-100 also pointed to modest opening gains for the two indexes on Wednesday. The West Texas Intermediate contract for June, however, remained in negative territory as it fell around 1% to $11.46 per barrel. Helping sentiment, Senate Republicans and Democrats passed on Tuesday  evening a $484 billion coronavirus relief package for small businesses, hospitals and testing. The House could approve the bill as early as Thursday. On Tuesday, the Dow Jones Industrial Average lost about 630 points, bringing its weekly decline to more than 1,000 points. The 30-stock index was dragged down by Merck & Co., which lost 5.5

Yun Li 4-5 minutes - Source: CNBC Stock futures pointed to big losses for a second day on Tuesday as oil prices continued their  unprecedented wipeout . Futures on the Dow Jones Industrial Average dropped more than 450 points and indicated a loss at the open of more than 500 points. S&P 500 futures lost 1.5%. Nasdaq futures also pointed to a lower open. Traders were focused on the strange happenings with oil futures once again, which raised concern about deep losses for the energy industry hitting the U.S. economy even further. On Monday, the May contract for oil futures expiring Tuesday fell to zero and then went to an actual negative price, meaning producers would pay for someone to take the oil off their hands. The bizarre move has to do with the fact that because of the coroanvirus shutdowns, big buyers of oil like refineries don't need any more oil because their tanks are nearly filled. That May contract remained deep in negative price territory

Fred Imbert 3-4 minutes - Source: CNBC A man wears a protective mask as he walks on Wall Street during the coronavirus outbreak in New York City, New York, U.S., March 13, 2020. Lucas Jackson | Reuters U.S. stock futures traded lower early Monday morning as investors weighed the latest coronavirus news along with a sharp decline in U.S. crude prices . Dow Jones Industrial Average futures  fell 137 points, pointing to a Monday opening drop of around 107 points. S&P 500 and Nasdaq 100 futures also pointed to a lower Monday open for the two indexes. Stock futures followed the decline of U.S. oil prices. The May contract for  West Texas Intermediate  plunged about 19% to $14.79 per barrel on weak demand outlook and storage capacity issues . WTI’s June contract slid over 6% to $23.43 per barrel. The market was coming off its first back-to-back weekly gains in more than two months. Stocks got a jolt after a report last week said

Thomas Franck 4-6 minutes - Source: CNBC Futures contracts tied to the major U.S. stock indexes recovered earlier losses and pointed to opening gains ahead of key jobless claims data. In early Thursday morning trading,  Dow Jones Industrial Average futures  rose 227 points, implying an opening gain of about 228 points.  S&P 500 and Nasdaq futures also pointed to higher opens Thursday. Earlier, Dow futures had fallen more than 100 points. The overnight moves followed a slump during the regular trading session on Wednesday as gloomy economic data and anemic bank earnings fueled concerns over the coronavirus’s impact on the U.S. economy . The  Dow Jones Industrial Average  dropped 445.41 points, or 1.9%, to 23,504.35 during Wednesday’s session. The  S&P 500  slid 2.2% to 2,783.36 while the  Nasdaq Composite  closed 1.4% lower at 8,393.18. Central to Thursday’s session will be the Labor Department’s report on last week’s ini

Maggie Fitzgerald 4minutes - Source: CNBC U.S. stock futures in early morning trade pointed to a largely unchanged open on Wednesday, continuing a volatile week for stocks gripped by the coronavirus shutdown . At around 4:20 a.m. ET, Dow futures were 41 points higher, indicating an implied opening drop of about 11 points on Wednesday. S&P 500 and Nasdaq futures also pointed to a largely flat open. On Tuesday , the Dow Jones Industrial Average fell 26 points or 0.1%, giving up a 900-point surge earlier in the day. The S&P 500 also registered a slight decline, falling 0.2%, having been up more than 3%. The Nasdaq Composite closed the day down 0.3% following a 3% rally. “As [Tuesday’s] stock market shows, volatility is likely to remain for some time,” said Jim Paulsen, chief investment strategist at the Leuthold Group.  Some investors believed equities were getting ahead of the reality where coronavirus shutdowns ar