Financial and business news from Bulgaria

U.S. stock indexes saw a decline from 5 -6% against the background of the coronavirus crisis

Key U.S. indexes saw a drop of between 5 and 6 percent in trading closed on the New York Stock Exchange yesterday, BTA quoted agencies as saying.
The U.S. Dow Johns Industrial Index lost 1333.34 points (6.28 percent) and made up 19904.04 points. The Standard & Poor's 500 index, which includes the 500 largest companies on the U.S. market, dropped 130.85 points (5.17 percent), to the 2398.34 points tick. The Nasdaq e-exchange index dropped 344.94 points (4.70 percent), to a level of 6989.84 points.

During the day, the Dow Johns slipped enough to wipe out its entire rise during the era of President Donald Trump, but finally the index climbed to just above that level, DPA notes.

The price of Brent crude oil also slipped, by about 9 percent, to 26 dollars per barrel.

The series of days of declines this week make real the possibility that this week will prove to be the worst for the markets since 2008, DPA notes.

At the same time, New York Stock Exchange chief Stacey Cunningham announced that starting Monday the exchange will switch entirely to e-commerce as a preventive measure against the spread of the coronavirus.

The J.P. Morgan Chase bank, in turn, will temporarily close about 1,000 branches in the US, again in connection with the coronavirus, CNN Television reported. It's about 20 percent of the branches.

"J.P. Morgan Chase, whose headquarters is in New York, is the largest by assets bank in the United States and has a network of 4976 branches with 257,000 employees.

In France, the governor of its central bank, Francois Vilrois de Gallo, expressed confidence in an interview with the Eco business edition that French banks would be able to cope with the current economic storm caused by the coronavirus outbreak and therefore do not need nationalisation despite recent collapse in their share price, Reuters reported.

On Tuesday, French Finance Minister Bruno Le Mer said the government was ready to inject capital into strategic enterprises and even nationalise them, if necessary, in view of the negative consequences of the epidemic on financial markets.

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Administrator • 2020-03-05 15:30:07