FT News Briefing Tuesday, February 25
Feb 25, 2020
Global markets faced turmoil as new coronavirus cases sparked fears of a deeper outbreak. U.S. energy stocks are lagging behind the broader market, highlighting economic instability. In a landmark legal victory, Harvey Weinstein was convicted, furthering the Me Too movement's influence. Meanwhile, HP announced a massive buyback amid discussions with Xerox, signaling strategic corporate maneuvering. This episode reveals the intertwined nature of legal proceedings and market fluctuations, offering a compelling look at current affairs.
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Global Stocks Tumble on Coronavirus Fears
- Global stocks had their worst day in two years due to new coronavirus cases outside China.
- Safe haven assets like U.S. treasuries performed well amid fears of spreading outbreak.
US Energy Stocks at Historic Low
- U.S. energy stocks are underperforming the S&P 500 by the biggest margin since 1941.
- This is due to record production, slowing demand growth, and climate change concerns.
Weinstein Found Guilty
- Harvey Weinstein was found guilty of sex crimes, including rape, but acquitted of the most serious charges.
- The New York jury's decision is considered a landmark moment for the MeToo movement.