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Wall Street dazed and confused after worst day since 1987

first_imgDrops of 10 percent in the Dow Jones Industrial Average and 9.5 percent in the S&P 500 were the worst for both since 1987. On Oct. 19, 1987, now known as “Black Monday,” the Dow crashed 22.6 percent in its biggest ever-single day decline.Wall Street’s most recent selloff comes as countries around the world grapple with how to contain the fast-moving coronavirus and its economic effects.Read also: Time-out: IDX halts trading as shares plunge 5% The velocity and depth of the drop has shocked investors accustomed to a decade of gains on Wall Street that were interrupted by only a handful of corrections.“Fear of missing out has turned into fear of the unknown,” lamented John McClain, fixed income portfolio manager at Diamond Hill Capital Management, in Columbus, Ohio. “We haven’t seen a situation like this before.”S&P 500 bear market: Bear or almost bear markets since 1966 on average have declined 31 percent before recovering. (Reuters/Refinitiv Datastream/Yardeni Research/LPL Financial).Usage: 0 (Reuters/Refinitiv Datastream/Yardeni Research/LPL Financial)The S&P 500’s rout has left it trading at under 16 times expected earnings, its lowest level since early 2019, according to Refinitiv Datastream. But that figure offers little confidence because earnings estimates for companies are likely to fall as corporations provide more details about how badly they have been hurt by the virus that broke out in China late last year and has now spread across the globe.“With a recession all but guaranteed at this point and the S&P 500 entering bear market territory today, one question worth asking is, how much is priced in?,” Bespoke Investment Group wrote in a research note.Reflecting that uncertainty, the Cboe Volatility Index , known as Wall Street’s “fear gauge,” jumped on Thursday in its biggest-ever one-day surge.“This is not an economic problem – there are ramifications of it that are economic – but the problem is this virus and the panic it is causing,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York. “Is the panic overdone? I would say it is definitely overdone, but that doesn’t stop people from being freaked out.”That panic spread beyond stocks, with demand for dollars via the currency derivative market surging to its highest level for years in a sign that coronavirus-induced economic stress is starting to manifest itself in a broad scramble for greenback funding.Among the victims of Wall Street’s implosion is US President Donald Trump, who touted a stunning run-up in the stock market as evidence of his success in the White House. Most of those gains have now evaporated.The Trump slump: S&P rout puts Trump further behind Obama at the same time into their presidencies. (Reuters/Refinitiv Datastream).Usage: 0 (Reuters/Refinitiv Datastream)Investors are also becoming increasingly concerned that the coronavirus outbreak will hit US corporate cash flow if it keeps workers at home or prevents companies from paying employees. Bond funds have taken a hit and companies including Boeing are drawing on credit lines.Traders expect the Federal Reserve to cut interest rates again aggressively at its policy meeting next week to counter the coronavirus. That followed the Fed’s surprise 50 basis rate cut last week, which failed to stabilize markets.“We have to see coordinated fiscal and monetary policy, as well as government,” said McClain. “People need to know there’s a plan in place. This isn’t Twitter. You have got to have details.” As trading ended on Thursday in Wall Street’s worst day for three decades, shell-shocked investors had no idea how much further the market was likely to fall as the coronavirus pandemic spread fear of a global recession.A 16-day drop of almost 27 percent in the S&P 500 has left portfolios in tatters. The suspension of professional sports games, canceled conventions and half-empty restaurants has raised fears – not about whether the longest US economic expansion on record is ending – but about how deep a now presumed recession will be.“This was worse than any day in 2008. It was worse than Sept. 11. I started in 1993 and this was the most panicked market I’ve ever seen,” said Christopher Stanton, chief investment officer at Sunrise Capital Partners LLC in San Diego. “People are just trading on conjectures stacked on additional conjectures.”center_img Topics :last_img read more

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Youri Tielemans leaving transfer options open amid links to Arsenal & Manchester United

first_img Coral BarryTuesday 30 Apr 2019 10:05 amShare this article via facebookShare this article via twitterShare this article via messengerShare this with Share this article via emailShare this article via flipboardCopy link372Shares Youri Tielemans leaving transfer options open amid links to Arsenal & Manchester United Comment Arsenal and United want Tielemans (Picture: Getty)Youri Tielemans insists he is leaving his options open ahead of a potential permanent transfer to the Premier League this summer.The Leicester City star is on loan from Monaco and has caught the attention of several rival clubs, including Arsenal, Manchester United and Tottenham.Brendan Rodgers and Leicester are desperate to keep hold of the midfielder, who is valued at around £40million, but Tielemans revealed after his star performance against Arsenal he was yet to decide on his future.He said: ‘I’m feeling the love. When you score and you hear your name with the crowd singing ‘sign him up’ it’s fantastic to play in that atmosphere.ADVERTISEMENT Monaco value Tielemans at around £40m (Picture: Getty)Tielemans’ comments will peak the interest of Arsenal, Spurs and United, who are all being tipped for a summer move for the 21-year-old.The Daily Star claim the English trio are ready to pounce for Tielemans as Leicester’s concern about missing out on the Belgian grows with each passing game.Tielemans scored in Leicester’s impressive 3-0 victory over Arsenal, putting a bullet header past Bernd Leno to put the Foxes in front in the second half. Advertisement Advertisement Emery: I don’t agree with the first yellow cardTo view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video Play VideoLoaded: 0%0:00Progress: 0%PlayMuteCurrent Time 0:00/Duration Time 6:59FullscreenEmery: I don’t agree with the first yellow cardhttps://metro.co.uk/video/emery-dont-agree-yellow-card-1914580/This is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window. Arsenal got a taste of Teilemans’ talents at the weekend (Picture: Getty)‘As for my future, we’ll see at the end of the season.AdvertisementAdvertisement‘I am just enjoying everything here and we’ll see after the next two games.‘I’m doing my very best to play at a high level and I will keep going until the end of the season and finish the two games on a high.’last_img read more

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Semi-rural lifestyle luring buyers away from the city

first_img1 Retire Court, Alice RiverSEMI-RURAL living is becoming more popular in Townsville with many buyers choosing acreage over inner-city convenience.House hunters are wanting the privacy of acreage plus room for a shed or pool and place to store a boat or camper trailer. 1 Retire Court, Alice RiverMr Dank is selling 1 Retire Court, Alice River and said it offers everything buyers want from a semirural lifestyle.He said the home would appeal to people wanting to upgrade who were searching for their second or third home.The four bedroom, two bathroom, five car home will go to auction on February 20.It’s set on a huge 4,11 sqm block and has a 18m by 9m fully powered shed, vegetable garden, fruit trees, fire-pit, pizza oven and chicken coup. 1 Retire Court, Alice RiverIt comes after Alice River, known for it’s large lots and community feel, was aimed the most popular suburbs for families in Townsville in a survey by Aussie Home Loans.Explore Property Townsville director Dean Dank said semirural properties had huge appeal for families with children.“In the suburbs you get properties where your neighbour’s house in only 1.5m away and the yard is no bigger than a postage stamp,” he said.“If people have a family then want space outside for their kids.More from news01:21Buyer demand explodes in Townsville’s 2019 flood-affected suburbs12 Sep 202001:21‘Giant surge’ in new home sales lifts Townsville property market10 Sep 2020“Lots of people have boats, caravans and camper trailer and in smaller lots you just don’t have room for that kind of stuff.“It’s a good lifestyle in places like Alice River and the kids can get out and about.”center_img 1 Retire Court, Alice RiverInside there is plenty of room for a family to spread out.1 Retire Court, Alice River will be open for inspection today from 12.15pm-12.45pm and Monday 5.45pm-6.30pm.For more information call Mr Dank on 0412 036 276.last_img read more

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​Canadian, US courts reach settlement over £2.1bn Nortel deficit

first_imgCourts in the US and Canada have ruled that the underfunded UK pension fund for Nortel is entitled to a share of $7.3bn (€6.4bn) in residual assets, six years after the Canadian telecoms firm collapsed.The ruling, passed down jointly by the Delaware Bankruptcy Court in the US and the Supreme Court of Ontario, saw both judges accept the argument put forward by the trustee of the UK pension fund that assets should be divided on a pro rata basis.The ruling brings to a close a protracted dispute that began in 2010 when the UK Pensions Regulator lodged a claim for up to £2.1bn (€2.9bn) to resolve the deficit in the UK fund.John Tillman, lead insolvency partner on the cross-border case, said he was delighted both judges had accepted the call for a pro rata approach put forward by the UK trustee. “Our objective throughout has been to try to ensure the 33,000 remaining members of the UK pension scheme receive a fair share of the proceeds that are to be distributed from the worldwide insolvency process,” he said. Consultancy PwC speculated that the ruling in favour of a pro rata approach could see a precedent set for future international insolvencies.Jonathon Land, pensions partner at PwC, argued that the ruling saw pensioners “treated fairly”.“Despite opposition from the bondholders who were looking to receive interest on their original claim, we are pleased to see the judges in both Canada and the US ruled that our approach to allocation was the most appropriate.”The ruling comes six months after Nortel’s trustees secured £340m to fund the deficit in a case supported by the Pension Protection Fund.last_img read more

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Govt cash to help hospice better assist terminally ill

first_imgBay of Plenty Times 10 June 2015The Waipuna Hospice is set to receive a boost in government funding but the organisation is running at capacity.Patient numbers have increased 13.6 per cent in the past year and new referrals have jumped 15.5 per cent.Health Minister Jonathan Coleman said an extra $2.8 million was being pumped into Bay of Plenty hospice services over the next four years, with Waipuna Hospice and Hospice Eastern Bay of Plenty benefiting from the cash injection.“The extra funding means the teams at these hospices will be able to better support terminally ill people at home and in aged-care facilities,” Dr Coleman said.But Waipuna Hospice chief executive Richard Thurlow said it had been concerned “for many years now in how sustainable the service will be into the future”, and had been told the funding for each hospice would be calculated based on population.“We, as yet, don’t have an exact figure.”It was likely a proportion of the funding would be used for areas of the service that were under pressure, Dr Thurlow said.By the numbers¦In 2013, more than 15,000 people received care and support from hospice services throughout New Zealand.¦Hospice staff made over 145,000 home visits nationally.¦Just over 20 per cent of people using hospice services were aged under 60 and three-quarters had a cancer-related disease.http://www.nzherald.co.nz/bay-of-plenty-times/news/article.cfm?c_id=1503343&objectid=11463038last_img read more

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Wes Gillman

first_imgCongratulations to Wes Gillman on being named Franklin County’s new head football coach!  Wes is the first FC graduate to be named their head coach.  Wes graduated in 1996 after leading Franklin County to the state championship game as their quarterback in 1995.  Wes went to Butler and graduated with a degree in pharmacy.  He worked in the family business for a few years before changing careers, becoming a science teacher and coach.According to the Brookville Democrat, the first coaching job for Wes was at Oldenburg Academy.  He was hired in 2013 to develop their football program.  He stayed 4 years.  Oldenburg was not able to provide a home field or good practice facility, so Wes took an assistant job at Franklin County High School.  It was understood that he would take over their program when Kirk Kennedy retired.  Little did Wes know that was going to be so soon.Wes developed a winning program at OA in just a few short years.  With the established program and tradition at Franklin County, he should be quite successful.  Good luck, Wes!last_img read more

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Merkel Road progress report

first_imgBatesville, In. —  Crews from Cincinnati-based Paul H. Rohe Company have enjoyed reasonable weather on Merkel Road project in Batesville this season. Workers have been stymied by poor weather conditions, utility conflicts and unforeseen conditions.Crews have widened and installed underdrain on the north side. On the south end, crews are completing the stormwater system, underdrains and base course.When the project is complete it will allow improved access to one of the only type structures along I-74 between Indianapolis and Cincinnati.The shell building is about 54,000-square-feet and can be expandable up to 200,000-square-feet. Additionally, the site has ample parking capacity for trucks, trailers and cars.last_img read more

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Bridge overpasses in Decatur County to open tomorrow

first_imgDecatur and Dearborn Counties—The bridges over I-74 on C.R. 420 W. and C.R. 100 W. in Decatur County are expected to reopen by end of day on Friday, July 19, following bridge deck overlay projects that began in May.Lane closures will be in effect at both bridges in the coming weeks while crews complete approach milling and paving, and installation of permanent pavement markings.Work began on St. Peter’s Road over I-74 in Dearborn County earlier this month and is expected to be completed by October 31, 2019.All three bridges are part of a $1 million bridge rehabilitation project that was awarded to Rohe Asphalt earlier this year.last_img read more

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This week in Indiana history

first_imgmap from WikipediaVersailles, IN— In this week in history, in 1863 the Civil War came to Indiana when over 2,000 Confederate soldiers under the command of John Hunt Morgan crossed the Ohio River from Kentucky into Corydon. Known as “Morgan’s Raiders,” they overwhelmed about 400 members of the Indiana militia and plundered their way through several towns, including Salem, Vernon, Dupont, and Versailles.Fearing an attack on the state capital, Governor Oliver P. Morton ordered five regiments of Union soldiers to guard the Indiana Statehouse. The Confederates escaped into Ohio where they were captured about three weeks laterlast_img read more

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Heaslip: Better needed versus Wales

first_img “It was a big shock to us about Paul, we watched line-outs at seven o’clock on Saturday night with him. “Paul had given us really good direction during the week, so we had the knowledge and then we had to bring the physicality and intensity, and we managed to do that. “It’s a big shame to lose a character like Paul, a great leader and an inspiration. “But credit to Dan [Tuohy] who had a great game, and will give Joe a good headache.” Ireland boss Schmidt expects O’Connell to recover in time to face Wales next weekend. “The day probably didn’t start too well: I had a phone call at eight o’clock to say that Paul O’Connell had a chest infection and hadn’t had much sleep. “I had no idea before that: he was fine on Saturday night, I was talking to him then and he was pretty chipper. “The doctor had been to see him at 4.30 on Sunday morning. “There’s no way he could have played a Test match after not sleeping. “I’d be really surprised if he’s not [back for the Wales match]. “He should be back by Tuesday, for training, and hopefully he can train fully on Thursday. I would be really confident of that.” Scotland dominated possession and territory in the first half until a searing Johnny Sexton break swung the momentum. Captain Heaslip had a try ruled out for a foot in touch from that break, before Trimble nipped in moments later. The hosts took total control after the break, even if Scotland wilted too easily. Hailing the performances of brothers Rob and Dave Kearney, Schmidt said it was a “relief” to ride out the loss of O’Connell. “It’s a real relief to me that we’ve got through the game and got a win on the board,” he said. “The try for Andrew Trimble was fantastic because it came at the right time. “We’d really been under the pump, with them having two thirds of territory and possession. “Rob Kearney’s try capped off a really good game for him, and his brother impressed there too.” Naivety cost Scotland any chance of victory, according to head coach Scott Johnson. “We may have to go to some dark places and bring some torches; we may have to do that,” said Johnson. “There’s a naivety that will get there by having some time in the saddle. “This is where it’s my job to see a silver lining. “There’s inexperience in that backline, they are still growing as lads. They don’t understand they are doing the hard bits quite easily, but it’s the finishing off. “They were up against some wily customers who have been about around the block a bit.” Wing Sean Maitland suffered concussion, and will be assessed again on Monday, Johnson confirmed. “He came off with concussion, and he’s found he’s got about three other ailments, so we’ll tick them off as we go along,” said Johnson. Leinster loose-forward Heaslip, Andrew Trimble and Rob Kearney claimed the tries as Ireland saw off Scotland 28-6 in the RBS 6 Nations opener in Dublin on Sunday. Number eight Heaslip admitted it was a “big shock” to discover captain Paul O’Connell had contracted a chest infection during the course of Saturday night. Ireland must make “huge improvements” to have any chance of beating Wales on Saturday, according to stand-in skipper Jamie Heaslip. Ireland boss Joe Schmidt only found out about O’Connell’s illness seven hours before kick-off against Scotland. The Munster lock called upon Ireland’s team doctor at 4.30am on Sunday, having been completely fine on Saturday night. Dan Tuohy stepped into the starting line-up, while Ireland had to call Rhys Ruddock to jet back into Dublin to act as 24th man. Despite Ireland’s three-try win, Heaslip conceded head coach Schmidt had ripped into his men after the final whistle. “Huge improvements will be needed for next week,” said 61-cap Heaslip. “Joe had a couple of choice words for us in the changing rooms afterwards, and I’m sure there will be more on Monday night. “Our poor analysts will be working on that and won’t see the Super Bowl! “It will be a huge challenge to go up against a team that’s won this championship two years in a row. Press Associationlast_img read more

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