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NEW YORK CITY: As the world braces for a second wave of infections from the coronavirus, stocks are priced for a booming global economy, bonds point to a protracted downturn and currency volatility is rising.
SYDNEY: Investors shunning record-low yields should consider buying distressed debt and Australian semi-government bonds that are likely to benefit from ultra-loose monetary policy, according to Pacific Investment Management Co (Pimo).
ZURICH: Zurich Insurance Group AG may have to pay out as much as US$750mil this year due to the coronavirus as it grapples with rising claims and volatile markets that have already triggered profit warnings at rivals.
DALLAS: Neiman Marcus Group Inc is closing in on a deal with lenders led by Pacific Investment Management Co that would slash the department-store chain’s debt load by more than half in exchange for control of the company, according to people with knowledge of the matter.
BENGALURU: The global economy is already in a recession as the hit to economic activity from the coronavirus pandemic has become more widespread, according to economists polled by Reuters amid a raft of central bank stimulus actions this week.
SINGAPORE: Gold retreated in volatile trading after turmoil in the oil market, the spread of the coronavirus, sinking equities, and expectations of easier monetary policy pushed prices above US$1,700 an ounce.
WHILE the international drama of coronavirus disease (Covid-19) is playing out, local politics is not lacking in action.
FRANKFURT: Allianz SE, the German insurer that owns bond giant Pacific Investment Management Co., stopped four consecutive quarters of bleeding assets at its European investment management unit as it beat analysts profit estimates for the year.