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“That might be bad.”
Another day, another warning from health officials about the Corona virus. Yesterday, the Centers for Disease Control and Prevention said that Americans should prepare for a broader disease outbreak in the United States, which would lead to other heavy selling to the market.
It is a matter of when, not if, Nancy Messonnier, director of the National Center for Immunization and Respiratory Diseases, said the Coruna virus would spread. “We ask the American public to prepare to expect this to be bad,” she said. “The disorder in everyday life can be severe.”
Officials are preparing to protect the economyWith Fed Vice President Richard Clararda warning that turmoil now concentrated in China “could spill over into the rest of the global economy”. He said it was too early to speculate on the possible effects of the disease outbreak, indicating that the Federal Reserve was not yet ready to act.
• Traders are betting that the Federal Reserve will cut interest rates sooner rather than later Futures markets implicitly 30% chance of a reduction at the Central Bank meeting in March, 60% in April, and almost certainty that interest rates will fall by the summer.
• Reduced bond yields Destructive bank shares, As investors expect lenders to struggle to make profits if interest rates remain low.
The White House presented mixed messagesAnd WaPo mentioned President Trump is angry at the stock market sliding after the CDC warning.
• Alex Azar, Minister of Health and Human Services: “We cannot close the United States with a virus, and we need to be realistic about it.”
• Larry Kudlow, White House Chief Economist: “I contained this. I will not say tight, but I am very close to airtight.”
It’s like another rocky day on the market, With Asian and European stocks surging in red and American futures contracts without a clear direction. Muhammad al-Arian of Allianz does not think it is wise.Buy a dip“Just yet, but with more companies telling employees about that staying at home, The share price of Video Conferencing Company Zoom has increased by 5 percent in the past two days.
Keep up to date with the latest developments All day long with the New York Times Live briefing and interactive map.
DealBook Briefing was written today by Andrew Ross Sorkin in New York, Michael J. de La Merced and Jason Carian in London.
The democratic debate is descending into chaos
Last night’s discussion was “an ugly sight of bluffing hands and loud voices,” according to reports The New York Times team was in Charleston, South Carolina. The last struggle on the stage between the candidates before the primaries this weekend in the state and the reward for “Big Tuesday” next week.
Bernie Sanders took hotter, With rivals first in the national polls No time wasted Take snapshots at the Vermont Senator. Matt Fellenheimer of the New York Times and Sydney Ember took the scene in their post-discussion analysis:
He was never surprised, was never completely smooth, and when it was done, he wasn’t necessarily looking for anything less favorable than it was.
As Mr. Sanders moved to expand and strengthen his grip on the Democratic primary, he simultaneously reinforced the reservations that many in the party still had about him and his bare status of political authority and dangers: his unwavering worldview – and just how unlikely he was to adapt to anyone’s definition Another ability to vote.
Mike Bloomberg tried to recover From the debut incomplete discussion last week, dispatch More embarrassing questions About his treatment of women and his use of nondisclosure agreements. In the afternoon before the debate, Bloomberg sent L. In me. A memo to the employees declared New measures To strengthen the company’s policies against harassment and discrimination.
Bob steps down, Bob climbs
Disney CEE Bob Iger created a major perversion plot yesterday when he announced that he would He immediately resigned after 15 years and became a CEO focusing on the company’s creative operations. Hollywood and Wall Street are not sure what to do with the news.
His chosen successor as C.E.O, Bob Chapek, was a surprise. Mr. Chapek is Disney veteran Who currently oversees the company park empire. He is not an attractive character like Mr. Iger, but he is steeped in Disney culture and operations. The analysts seemed to support the option: “Michael Shabank, an analyst, is very good, not losing thought,” Brooks Barnes told The New York Times.
Mr. Iger is leaving Great shoes to fill. As C.E.O, he made four acquisitions that turned Disney into a media giant: Pixar, Marvel, Lucasfilm and most of Century 21 Fox. During his tenure, Disney’s market cap earned $ 175 billion.
Mr. Iger is still the president, Because Mr Chapek will report to him until the end of next year. Mr. Iger doesn’t take cut wages, as well Felix Salmon points from Axios“Disney now has two men named Bob who makes a C.E.O. salary.” Suddenly the move has a lot The media Watchers Speculation On whether any large shoes will drop. And former Mr. Eiger Flirt with the presidential run Add intrigue to this step.
Inner dish: Many believe Kevin Meyer, Mr. Eiger M. The lieutenant who oversaw the Disney Plus broadcast service was the apparent heir. The question now is whether Mr. Meyer will be overwhelmed, given that he appears to have lost the caliphate contest.
Tesla’s autopilot may have been wrong in a fatal crash
After a long-term investigation into a California plane crash in 2018 in which the driver died, the National Transportation Safety Board adopted several conclusions and recommendations at a hearing in Washington yesterday.
It’s grim for TeslaNiraj Chokshi of the New York Times, along with the Federal Safety Agency, concluded that Autopilot failed to keep the driver’s car in the lane, that the collision avoidance program failed to detect the highway barrier, and that the driver was likely distracting him due to a game on his phone.
“It is time to stop enabling drivers in any partial motor vehicle to pretend they have driverless cars” N.T.S.B. Chairman of the Board, Robert Somowalt. His agency and others are investigating more than a dozen accidents that the autopilot may have played a role in.
JPMorgan will acquire “innovation” through acquisitions
On the day of the bank’s investor in New York, Jimmy Damon said he will do so now Follow deals more aggressively, Thanks to a more flexible position of regulators on the size of banks.
“They give more green light.” Mr. Damon said. “When it comes to mergers and acquisitions, we have to be very creative,” he added, noting increased competition from technology companies such as Alipay, Apple, Amazon, Facebook, Google and WeChat. Morgan Stanley’s attempt to acquire e-commerce last week also supported the idea that banks believe that caution after the crisis between the authorities will not be an obstacle to concluding deals as they were in the recent past.
Another bank purchase will most likely not workAs Mr. Dimon has suggested, his comments will surely encourage the stadiums of high-tech companies looking to buy the largest bank in America.
• Wall Street analysts believe that HP’s final defense against the Xerox bid is to buy Xerox. (Barron)
• European Union. Regulators are said to be taking a closer-than-expected look at the $ 27 billion London Stock Exchange deal to buy Refinitiv. (FT)
Activist Edward Bramson urged Barclays to end the “turmoil cycle”. (Bloomberg)
Politics and politics
• A new rule issued by the National Council on Labor Relations reduces the responsibility of parent companies for violations of concessionaires or contractors. (The New York Times)
Children these days: A senior official in the White House staff office is a senior college. (Political)
• Brexit Adventure inside Mark Carney. (Bloomberg)
• Keith Block resigned from his post as a participant in C.E.O. From Salesforce after 18 months, leaving Mark Benioff as the sole leader of the software company. (WSJ)
• How Washington fell into chaos at 5G. (Political)
From Iran to India, governments have adopted a new way to stop protests, dominate elections and censorship speech: cut off internet access. (WSJ)
The best that remains
• What happened to students in the college admission fraud scandal? (The New York Times)
• Mallinckrodt Pharmaceuticals, the largest public opiate manufacturer in the United States, has agreed to pay $ 1.6 billion to settle thousands of claims. (The New York Times)
• A major adjustment is taking place among European bank heads, but councils say there is a shallow group of candidates to choose from. (FT)
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