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S&P downgrades Mexico’s debt on coronavirus impact S&P Global has downgraded Mexico’s sovereign debt because of the economic impact of coronavirus and the oil price shock. The rating remains investment grade, but the outlook is negative. The ratings agency said foreign currency debt was downgraded to BBB from BBB+ and local currency debt to BBB+ from A-. BBB- is the agency’s lowest investment-grade rating.
US Navy hospital ship to reach New York weeks ahead of schedule Donald Trump said a US Navy hospital ship would reach New York on Monday, weeks ahead of schedule. The USNS Comfort has been drafted into the nationwide fight against coronavirus and will take hundreds of patients who do not have the disease to free up sorely stretched bed capacity in New York City.
EU imposes two-week deadline to come up with joint fiscal response EU leaders have given themselves a two-week deadline to come up with a joint fiscal response to coronavirus, saying that the plans “should take into account the unprecedented nature of the Covid-19 shock”.
Brazil’s coronavirus cases approach 3,000 The number of confirmed cases of Covid-19 in Brazil jumped to 2,915 on Thursday as Jair Bolsonaro faced a growing backlash over his handling of the pandemic. The rightwing president has labelled as a “crime” the actions of some state governors and mayors who shut down public venues and non-essential businesses to slow the coronavirus outbreak.
Mexico reporting sharply lower number of cases versus US border states Mexico is reporting a dramatically lower number of cases than neighbouring states on the other side of the US border, underscoring fears that a low level of testing may mean the true number of cases is higher.
Safran scraps dividend and withdraws guidance Safran has scrapped its dividend, withdrawn its guidance for this year and put in place a new €3bn credit line as the French jet engine maker seeks to restore order to its balance sheet amidst the ongoing impact of the coronavirus.The scrapping of the dividend will save Safran, which is the third-largest aerospace supplier in the world, some €1bn in cash.
Wall Street rallies again amid optimism for fiscal stimulus US stocks completed their best three-day stretch since the 1930s after the US Senate unanimously approved a $2tn economic stimulus package aimed at countering the impact of the coronavirus outbreak.
The S&P 500 advanced 6.2 per cent as utilities, real estate and health care led the charge higher. The Dow Jones Industrial Average climbed out of its bear market, with a gain of 6.4 per cent bringing the blue-chip gauge more than 20 per cent above its recent low. The Nasdaq Composite jumped 5.6 per cent.
Beyond Meat gets the chop by Goldman analysts Goldman Sachs downgraded plant-based meat group Beyond Meat from neutral to sell, cutting its target price by almost 70 per cent to $39 a share from $129.The bank’s analysts said that with over half of its sales in the foodservice sector, the plant-based meat substitute company was among those directly impacted by the coronavirus outbreak across the companies they covered.