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Cnn in panic mode9/5/2023 ![]() It’s this bad: The Centre for Aviation, a consultancy based in Sydney, warned Monday that most airlines in the world could be bankrupt by May without “coordinated government and industry action.” (UAL), which said Sunday that it would slash its flight schedule by 50% for the next two months and seek deep cost savings from its unions, fell more than 15% in premarket trading. What’s happening: Shares of airlines are plummeting again on Monday as citizens around the world are instructed to hunker down at home, and as countries like the United States and Germany impose new restrictions on movement.Īir France KLM’s stock plunged more than 17% on Monday, while British Airways owner IAG shares fell nearly 23%. “Precision is difficult in a volatile market with daily price swings of 5%,” he wrote.Ĭalls to bail out global airlines are getting louderĪirlines are dramatically slashing their flight schedules and looking for ways to cut costs - signs of an industry in crisis as more countries impose border controls and demand for flights has all but disappeared. ![]() But chief US equity strategist David Kostin acknowledged that it’s tricky to identify a floor in the current environment. Goldman Sachs told clients in a recent note that it thinks the S&P 500 could still fall another 26% from its current level, down 41% from its all-time high reached last month. “It’s becoming evident that the major central banks across the globe are using all their available tools to prevent a crisis, but it seems the fear of the pandemic is taking control of investors,” Hussein Sayed, chief market strategist at FXTM, a currency broker, told clients Monday.Īs restrictions and lockdowns spread from Los Angeles to Paris, market strategists are reevaluating their predictions for how bad it might get before a recovery kicks in. Understanding the reaction: Instead of reassuring investors that central banks can and will provide material support, the action has instead convinced traders that they are staring down the barrel of a severe economic and financial shock. The last time the Fed cut rates all the way to the bottom was during the global financial crisis just over a decade ago. The central bank slashed rates to close to zero at an emergency meeting, and said it would purchase another $700 billion worth of Treasury bonds and mortgage-backed securities. S&P 500 futures slumped 4.8%, while Nasdaq futures shed 4.5%.įed fears: Investors ditched stocks despite a massive intervention by the US Federal Reserve on Sunday. Dow futures were last down 1,041 points, or about 4.5%. US markets are poised to suffer heavy losses. (UKX) fell more than 6% in early trading, while France’s CAC 40 The latest: Markets were battered across Asia, with Australia’s benchmark index crashing nearly 10% in its worst day on record. In fact, it seems to have made matters worse. Not a subscriber? You can sign up right here.ĭramatic action from the US Federal Reserve to cushion the blow from the coronavirus pandemic isn’t helping to calm global markets on Monday. So what does it all mean? First, for Spitzer, Parker and Morgan, it means they should look at their jobs as temporary - with only the potential of full-time employment.A version of this story first appeared in CNN Business’ Before the Bell newsletter. That, essentially, is the challenge he'll face at CNN. It's no mean feat to have taken what used to be called CNN Headline News - which simply regurgitated the day's headlines every 20 minutes - and turn it into something. As one knock on CNN is that its non-partisan stance makes it bland, Jautz would seem an obvious choice to spice the place up. Whatever you think of Nancy Grace (and Glenn Beck, who had an HLN show before he went to Fox News), they, and a few other prominent hires, have given HLN a personality - and ratings that occasionally beat CNN. although he will only have the title of executive vp - is Ken Jautz, who had been heading up CNN's crime-and-celebrities sister network, HLN. It seems even more peculiar when one considers that the replacement had been sitting in CNN's offices all along. Why entrust your new primetime to someone you were about to deep-six? show in the slot long held by Larry King after King leaves in December. 4 America's Got Talent judge Piers Morgan will start his new 9 p.m. show featuring former New York governor Eliot Spitzer and conservative columnist Kathleen Parker is set to launch on Oct. His dismissal comes only weeks before the beginning of his high-profile revamping of CNN's primetime - the new 8 p.m. president Jonathan Klein couldn't have been more peculiar. Fox News and MSNBC for years, the timing of the firing of CNN U.S. Despite the fact that his network's ratings have been languishing vs.
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