|Day's range||24,045.18 - 24,308.69|
|52-week range||21,139.26 - 30,280.12|
Some headlines are focusing on China’s recovery from the impact of the coronavirus, while others are following the tightening of restrictions as countries in the region continue to report new coronavirus cases and deaths.
(Bloomberg) -- Stocks closed lower in volatile trading as investors debated whether the spread of the coronavirus may be slowing in several major economies. Oil sank and bonds retreated.The S&P 500 Index fell 0.2% after surging as much as 3.5%. The benchmark briefly met the time-honored definition for the start of a bull market after climbing 20% from its March 23 low. The Stoxx Europe 600 Index advanced after the rate of new infections slowed in France and in Italy, the original epicenter of the continent’s outbreak.“We’re going to continue to be very volatile, and you’re going to see this roller coaster continue,” said Chris Gaffney, president of world markets at TIAA. “We will see a test of the bottoms again.”New York’s rate of new coronavirus infections tapered for a third straight day, stoking optimism that the pandemic may finally be approaching a peak in the state where it has hit hardest.Oil sank to the weakest level since the start of the month as investors weighed whether the world’s biggest producers will be able to strike a deal that cuts enough output to offset an unprecedented demand loss from the coronavirus outbreak.“With the volatility being so wild lately, it doesn’t take much for the buyers to pull-in their horns,” said Matt Maley, equity strategist at Miller Tabak & Co. “When oil rolled over, stock buyers got a little nervous.”Elsewhere, the MSCI Asia Pacific Index rose more than 2% after adding nearly 3% a day earlier. Chinese stocks climbed and the yuan strengthened in the wake of further targeted stimulus by policy makers as Shanghai reopened after a long weekend. China said it didn’t have any new deaths for the first time since the pandemic emerged.These are some of the main moves in markets:For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Japanese Prime Minister Shinzo Abe on Tuesday unveiled plans for a stimulus package. Australian shares reversed course to end lower on Tuesday after the central bank’s cautious commentary on the country’s near-term economic fortunes.
(Bloomberg) -- The recent historic sell-off in the stock market is creating opportunities for Hong Kong-listed companies to go private, and keeping their bankers busy.Battered by the coronavirus outbreak and nine months of pro-democracy protests, the city’s benchmark Hang Seng Index plummeted 16% in the worst start of a year since 2001.The sell-off dragged the index below its book value in mid-March, a level seen only three times before in data compiled by Bloomberg going back to 1993. That means traders are pricing firms’ assets at less than their stated worth, which makes it easier for majority owners to buy out other shareholders at bargain-basement prices.Bankers said the dynamic is driving an increase in take-private conversations. Announced take-private and buyout offers for Hong Kong companies surged to $7.3 billion this year, data compiled by Bloomberg shows.“Certainly there’s more time spent on take-private dialogues now,” said Kerwin Clayton, co-head of M&A for Asia Pacific at JPMorgan Chase & Co. “Valuation is likely a component of why we’re seeing an uptick.”Out of the SpotlightAlthough cheap stocks make the timing attractive, the underlying reasons for making a move are complex.Some companies facing tough times may want to carry out deep restructuring in a private context, staying away from public scrutiny.Century-old, family-run Hong Kong company Li & Fung Ltd. announced a take-private offer March 20, after several difficult years for its main sourcing business due to the rise of e-commerce and more recently the U.S.-China trade war.A consortium of the Fung family and private equity-backed GLP Pte Ltd., a logistics warehouse operator and investor, offered HK$7.22 billion ($930 million), or HK$1.25 per share, to take the company private. Li & Fung’s share price closed at HK$1.07 on Monday, compared with its historic high of HK$21.3 during the firm’s heyday in 2011.Other companies choose privatization to unlock what they see as value not recognized by the market in their current form.Hong Kong billionaire Peter Woo and his family, the largest shareholder in Wheelock & Co., proposed to take the property developer private in a cash-and-stock deal, which includes offering one share each of Wharf Real Estate Investment Co. and Wharf Holdings Ltd. to Wheelock investors.Wheelock cited the “historical holding company discount of the company’s stake in Wharf REIC and Wharf,” referring to a perception that investors punish holding companies with lower share prices than the sum of their assets should be worth.Morgan Stanley expects there will be more privatization offers in Hong Kong, particularly in sectors such as property and consumer retail.“Some Hong Kong companies were not being valued at a level that they should be,” said Dieter Turowski, chairman of Morgan Stanley investment banking for Asia Pacific. “That’s an important contributing factor and way more important today than a few months ago as valuations have become quite cheap.”Along with companies themselves, global private equity firms are expected to play a part in these situations, as they’re currently sitting on a record-high $388 billion war chest to deploy in Asia, according to a Bain & Co. report.“It’s usually an owner-driven initiative but increasingly private equity firms are playing an important role,” said Turowski. “A take-private of an undervalued company and potentially teaming up with the major shareholder is a very good way of putting money to work.”Power PlayOne factor powering an increase in privatization offers is especially industry specific. Some renewable energy companies backed by China’s government are finding Hong Kong’s market unwelcoming, and their parents are pulling the plug.State-owned China General Nuclear Power Corp. announced on Feb. 28 a proposal to privatize and delist its renewable energy unit CGN New Energy Holdings Co., following a similar move from China Huaneng Group Co. in taking its Hong Kong-listed arm Huaneng Renewables Corp. private.Huaneng said in a filing in November that the renewable energy unit has not been able to raise additional funds in the equity markets since August 2018. As its price-to-book ratio fell to below one, it ceased to serve the purpose of providing a viable source of funding so no longer justified staying public, the company said.These state-backed units retreating from Hong Kong exchange may seek to be re-packaged and re-list on the mainland in search of higher valuations. Huadian Fuxin Energy Corp. and China Datang Corp Renewable Power Co., could become the next take-private targets, according to Alvin Ngan, a strategist at Zhongtai Financial International Ltd.“To maintain a listing status is expensive and not rewarding especially if it’s hard to raise money,” said Castor Pang, head of research at Core Pacific-Yamaichi International Hong Kong. “When shares are trading far below book value, many SOEs will be enticed to consider a take-private.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
A daily overview of the top business, market, and economic stories to watch in the UK, Europe, and abroad.
(Bloomberg) -- HSBC Holdings Plc’s dividend suspension threatens to cost the lender some of its core investor appeal in Hong Kong.Payouts have been an important reason to own HSBC shares in the city. Its stock price has lagged the Hang Seng Index by more than 600 percentage points since 1986, the earliest available Bloomberg-compiled data from when a unified Hong Kong exchange commenced. But including dividends, HSBC’s total return is more than double the Hong Kong benchmark’s in the period.Shareholders have started mobilizing. A group on Facebook Inc., called the HSBC Shareholders Alliance was recently established to call for legal action against the halted payouts. The group has contacted more than 3,000, or about 2%, of the lender’s shareholders and is demanding a scrip dividend in place of the canceled cash distribution, it said Monday afternoon. A scrip gives investors the option to receive dividends in the form of equity.The stock was a market darling as recently as 2017, thanks to prospects for higher borrowing costs from the U.S. to Asia that makes lending a more profitable business. The monetary-policy environment has flipped, with central banks around the world slashing key lending rates to cushion the economic shocks triggered by the coronavirus.HSBC’s yield has been constantly higher than Hang Seng members as a whole. But it will be zero this year after the bank and peers said they won’t make dividend payments in the face of U.K. regulatory pressure. HSBC Chief Executive Noel Quinn expressed regret last week to shareholders about the suspension. Shares closed 2.8% higher Monday in Hong Kong, rebounding from an 11-year low.Here are some charts further illustrating how views have changed on HSBC.Options marketEven after a 17% slump last week, the most since 2009, investors want to protect against further losses. Bearish HSBC options remain near their most expensive level in a decade versus bullish ones.Analyst recommendationAnalysts’ average rating on HSBC shares was lowered by the most last week since 2009. The stock has 11 sell ratings from analysts tracked by Bloomberg, easily the most among the 50 members of the Hang Seng.Sliding down the tableHSBC ended 2019 with the Hang Seng’s sixth-highest market value. But with the stock’s 36% slump to start this year, the bank is now worth less than HK$800 billion ($103 billion), below Bank of China Ltd., PetroChina Co. and AIA Group Ltd.Mainland supportTo be sure, HSBC shares are still favored by mainland-based investors. As the stock posted its biggest daily drop in Hong Kong since 2009 at 9.5% on April 1, mainland traders bought a net HK$434 million of shares through exchange links between the city and Shanghai. The connection has been closed since then due to a holiday and will reopen Tuesday. Sizable purchases last month pushed mainland investors’ ownership of HSBC shares to the highest in at least three years, according to data compiled by Bloomberg.(Updates stock price and adds CEO comment in fifth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
The Australian share market finished lower on Thursday with most of the selling pressure coming from weakness in the major banks. Traders said the sell-off was fueled by comments from the International Monetary Fund (IMF), calling for governments to enact wartime measures to fight the coronavirus pandemic.
(Bloomberg) -- U.S. stocks sank, bulging the Dow Jones Industrial Average’s loss in the quarter to a level not seen since 1987 as the pandemic almost certainly plunged the American economy into recession.The blue-chip index tumbled 23% in the three months, closing the session with a 1.8% drop. The S&P 500 fared little better, even after a furious, weeklong 17% rally that halted Tuesday. The Nasdaq 100 fell least among major indexes, as dip-buyers targeted the cash-rich tech megacaps that make up its core. The Russell 2000 plunged 31% in the quarter, the most in data going back to 1979.There was almost nowhere to hide for Dow investors, as all but one of the 30 members ended lower for the year. Boeing plunged 54%, while Chevron and Exxon sank at least 39% after oil suffered its worst quarterly beatdown on record. Microsoft fared best, ending higher by 0.01%.Risk assets around the world tumbled in the period as governments instituted unprecedented shutdowns in large swaths of the global economy to combat the spread of the deadly coronavirus. Massive government spending and monetary stimulus lifted U.S. stocks from a rout that reached 33%, but the hit to GDP is shaping up to be monumental, with Goldman Sachs now forecasting a 34% contraction in the second quarter before a sharp rebound.As March ends, here are some of the major quarterly moves:The record bull market in U.S. stocks turned into a bear market on March 12, 11 years and three days after the last one ended.Bloomberg’s dollar index surged 5%, most since 2016, even after tumbling more than 3% since March 23.The Cboe Volatility Index averaged 57 in March, triple the mean in the prior decade.European shares plunged more than 20% for the worst three months since 2002. Spain lost 30%.West Texas oil lost 67%, the worst quarter on record.The 10-year Treasury yield hit 1.94% on Jan. 20. It fell to 0.31% by March 9 and is just above 0.67% now.Gold topped $1,700 in early March before plunging $200 an ounce. It’s on track for a sixth quarterly gain.China’s Shanghai Composite lost 10%, while Tokyo’s Topix fell almost 20% in its worst three months since 2008.Copper fell 23% and nickel lost 19%, both most since 2011.The pound fell more than 6%, while the yen was virtually flat versus the dollar.South Africa’s rand had its worst quarter since 2001 and Mexico’s peso fell the most since 1995.On Tuesday, investors focused on signs that Congress could deliver a fourth round of stimulus as the virus spreads deeper in the country. President Donald Trump is reportedly seeking a $2 trillion infrastructure package. Treasuries edged higher, while the dollar fell and crude pushed back above $20 a barrel.Investors are at a crossroads, questioning whether extraordinary stimulus by countries and central banks can counter further retrenchment of firms and consumers as the outbreak spreads.New York City, which is emerging as the new epicenter of the pandemic, reported a 16% increase in deaths in six hours. Italy and the Netherlands are considering extending lockdowns, and Spain’s 849 deaths were the most in one day for the country.“The recent market movements do reflect efforts to factor in what has happened on the pandemic control side of things and the stimulus measures,” Cameron Brandt, director of research at EPFR, said by phone. “It’s almost certain that we’ll continue to see volatility.”In Europe, the Stoxx 600 rose and a measure of corporate-credit stress eased. Equities were mixed in Asia, where China had stronger-than-anticipated manufacturing data. The dollar rose versus the euro.In China, the official purchasing managers’ index rose to 52.0 this month. That’s up from a record low of 35.7 in February and above the 50 mark which signals improving conditions. Still, the country’s bureau of statistics cautioned that the single-month data didn’t necessarily mean that economy has returned to normal level amid continuing coronavirus concerns.These are the main moves in markets:StocksThe S&P 500 Index fell 1.6% as of 4 p.m. New York time.The Nasdaq 100 Index dropped 1%.The Stoxx Europe 600 Index added 1.7%.The MSCI Asia Pacific Index gained 0.3%.CurrenciesThe Bloomberg Dollar Spot Index fell 0.2%.The euro declined 0.2% to $1.1026.The British pound was little changed at $1.2417.The Japanese yen gained 0.2% to 107.56 per dollar.BondsThe yield on 10-year Treasuries declined five basis points to 0.68%.Germany’s 10-year yield climbed by two basis points to -0.47%.CommoditiesGold sank 3.1% to $1,591.60 an ounce.West Texas Intermediate crude increased 0.9% to $20.28 a barrel.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Australian shares finished lower on Tuesday after giving back earlier gains. Early in the session, the Aussie market extended its gains from the previous session, helped by quarter-end balancing and on measures to slow the spread of the coronavirus outbreak and contain its economic impact.
Prime Minister Shinzo Abe on Saturday said his government will compile Japan’s “boldest ever” package of economic measures to address the impact of the new coronavirus.
Despite last week’s impressive gains, there are still some skeptics calling for renewed selling pressure on the Nikkei 225 Index after a rise in domestic coronavirus cases stoked worries of tougher domestic restrictions for social distancing.
Japan may be betting on a recovery in China, but there is still nothing to suggest the Chinese economy has turned a major corner.
Apple is preparing the ground to possibly delay the launch of its first 5G iPhones as the coronavirus pandemic threatens global demand and disrupts the company’s product development schedule, sources familiar with the matter have told the Nikkei Asian Review.
There are multiple reports that White House officials reached a deal with Senate leaders on a massive stimulus bill intended to cushion the economic blow of the coronavirus outbreak. “We have a deal,” White House official Eric Ueland told reporters, according to Reuters.
(Bloomberg) -- U.S. stocks had the best day in almost a dozen years as investors rediscovered their appetite for risk with Congress closing in on an unprecedented spending bill to prop up the slumping economy. The dollar halted a 10-day winning streak.The S&P 500 rebounded from the lowest level since 2016, notching a third straight Tuesday turnaround -- and the biggest one-day gain since October 2008 -- after starting the week with a rout. The Dow Jones Industrial Average rose more than 11% to clock its biggest advance since 1933.Lawmakers are negotiating the final sticking points in a roughly $2 trillion stimulus bill to help the U.S. economy get through the coronavirus pandemic, and House Speaker Nancy Pelosi said she was hopeful a deal could be reached today.“U.S. equities are responding to the possibility of this gargantuan fiscal stimulus package and some certainty in the political situation,” Stephen Dover, head of equities at Franklin Templeton, said in a phone interview.The Stoxx Europe 600 Index also surged, led by health-care and industrial companies, even as data began to show the extent of economic damage to the region from the coronavirus pandemic. Benchmarks across Asia jumped, with Korea’s index soaring almost 9% after the government announced measures to stabilize markets.The dollar slumped against developed and emerging currencies alike, in a tentative sign of reduced stress after the greenback’s steepest appreciation since the global financial crisis and longest winning streak since 2012. European bonds tracked Treasuries lower.About $26 trillion has evaporated from equity markets since mid-February, and investors have been left sifting the wreckage and weigh the chances of a lasting rebound. On the one hand, Wall Street has begun to argue that liquidations are nearing an end with real-money investors like pension funds ready to step in, and there are signs of improvement in some of world’s regions that were hardest-hit by the virus. On the other, the number of infections globally continues to accelerate and many of the largest economies are grinding to a halt.Tuesday’s gain in risk assets follows an unprecedented move by the Federal Reserve to backstop large swaths of the financial system. Still, key gauges of U.S. manufacturing and services in March fell the most on record, suggesting the deep toll the pandemic has already taken.“Sentiment has improved, but to call it a turning point is too strong a word for now,” said James McCormick, global head of desk strategy at NatWest Markets. “It is more of a tug-of-war. Policy bazooka is in place, but will be fighting against very weak data and still worrying trends on Covid-19 data. We are more neutral on risk assets now.”Elsewhere, emerging-market stocks jumped alongside their currencies. Gold extended recent a recent surge and industrial metals rallied.Here are the moves across major assets:StocksThe S&P 500 Index gained 9.4% as of 4 p.m. New York time.The Stoxx Europe 600 Index increased 8.4%.The MSCI Asia Pacific Index surged 4.9%.CurrenciesThe Bloomberg Dollar Spot Index sank 0.7%.The euro increased 0.4% to $1.0772.The British pound climbed 1.7% to $1.1743.The Japanese yen slipped 0.3% to 111.51 per dollar.BondsThe yield on 10-year Treasuries increased six basis points to 0.85%.Germany’s 10-year yield advanced five basis points to -0.322%.Britain’s 10-year yield rose five basis points to 0.479%.CommoditiesGold increased 4.6% to $1,625.32 an ounce.West Texas Intermediate crude gained 2.3% to $23.89 a barrel.(A prior version of this story corrected the level of the S&P 500 in the bullet points.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
A daily overview of the top business, market, and economic stories to watch in the UK, Europe, and abroad.
Japan’s share benchmark Nikkei climbed nearly 7% to its highest level in 1-1/2 weeks on Tuesday, outperforming regional peers, supported by hopes of buying by the Bank of Japan (BOJ) and public pension funds.
A daily overview of the top business, market, and economic stories to watch in the UK, Europe, and abroad.
(Bloomberg) -- China’s more than 130 brokerages, who have a $21 trillion market to trade and make deals in, aren’t very good at making money.Their return on equity last year was just about half of Wall Street’s powerhouses, who are now preparing to rush in as the world’s second-largest economy opens its financial market fully to foreign banks. Of the some 80 sectors in Shanghai’s benchmark index, the industry ranks near the bottom, far, far below the more than 30% in returns China’s distillers make, for example.The scant returns are a result of fierce competition among the firms, a conservative approach to riskier ventures and a distaste for leverage. The financial opening this year will likely provide a jolt to the industry, forcing consolidation and winnowing out of those that can’t compete.“Those who have a core competitiveness and are better positioned to seek higher returns from managing risk will get a bigger slice of the pie,” said Liu Yiqian, general manager of the innovation and development division in Shanghai Securities. “We might see 7 to 10 top brokers dominate the market.”At the top of the pyramid sits Citic Securities Co., which last year reported a return on equity of 7.8%. It’s expected to take a big role in any consolidation and has already been making moves by buying rival Guangzhou Securities Co. and a number of others over the past years.Authorities in Beijing want more concentration in the industry, calling for the creation of “aircraft-carrier sized” brokerages that can compete with the likes of Goldman Sachs Group Inc. as the markets open. Together, China’s brokers have assets that are equal to what Goldman sits on by itself.Speculation over a consolidation, and ample liquidity from China, has kept sector’s shares buoyant even though it has recently been dragged down by the market rout. A Bloomberg index of Chinese brokers trading in Hong Kong has slid 24% so far this year, about the same as the benchmark Hang Seng Index. The sector is trading at an average price to earning ratio of 9.34 times, compared with 8.88 for the Hang Seng.“We want to yield higher return on equity to give the best returns to our shareholders, but also to do it within our risk management capability,” said Yang Minghui, Citic’s president, at a press briefing on Friday. “It will be challenging, but we are very inspired to improve our ability in designing products, investment and trading services, as well as risk management. “Yang said the firm doesn’t have any acquisition plans “at the moment.”The bulk of the firms have largely been involved in less capital demanding business such as trading and underwriting after three decades of development. Their mom-and-pop approach has struggled amid an exodus of retail investors. Now they face the challenge of building out a broader menu of investment banking services, such as market making and prime brokering.“The trillion-yuan trading volume every day should have brought securities firms a bonanza, but after rounds of price wars the margins are actually very low,” said Dong Chen, deputy president of Changchun-based Northeast Securities Co.Underwriting fees and commissions are tight. Share sales in China also face a lengthy reviewing process and are subject to an unofficial valuation cap of 23 times of earnings, leaving brokers little room to differentiate their services other than cutting prices to win mandates.Read more: What China’s Trying to Achieve With a New Tech Bourse: QuickTakeThe weighted average gross spread, a key measure on the profitability of IPOs, is about a fourth in China of what banks make in the U.S. The commission rate in China slid to just below 3 basis points, or 0.03 percentage point, in the middle of last year, from 8 basis points in 2013. Online brokers, such as Eastmoney, charge fees below 2 basis points.While competition is largely to blame for the margin pressure that’s hurting returns, their conservative approach to borrowing is also holding brokerages back.“Compared to Wall Street banks Chinese brokers borrow far less, and they don’t leverage that much money to more capital-intensive businesses that generate higher returns,” said Wang Jian, chief analyst at Guosen Securities Co. As competition heats up, some brokers might ratchet up leverage and expand into new areas such as derivatives and market making, he said.(Updates shares in seventh paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Some of the weakness in the Asia-Pacific region was attributed to the gap-lower opening in the United States after a massive funding package to combat the impact of coronavirus did not get enough votes in a key Senate procedural vote Sunday evening.
(Bloomberg) -- U.S. stocks dropped to cap the worst week for equities since the global financial crisis amid dire warnings about the economic effects of the coronavirus pandemic and as governments stepped up efforts to keep people at home.The S&P 500 Index tumbled to its lowest in three years, ending the week down 15% as the European Union said the recession this year may be as bad as 2009, and Goldman Sachs warned the U.S. economy may shrink 24% on an annualized basis in the second quarter. Oil sank as governments around the world imposed restrictions on movement to slow the disease’s spread, bringing its weekly decline to 29%. The 10-year Treasury yield fell back below 1%. The dollar was little changed after vaulting more than 8% in the previous eight sessions as the Federal Reserve coordinated action with global central banks to beef up dollar liquidity swap line arrangements. Gold edged higher.“This is not a market that is going to all of a sudden heal itself,” Marvin Loh, senior global macro strategist at State Street Global Markets, said by phone.Investors are weighing a faster pace of coronavirus infections against flickers of optimism that have followed extraordinary government actions to protect the global economy, from plans for stimulus and cash handouts to nationalizing companies. Hedge funds, stock exchanges, banks and even brick-and-mortar businesses in the U.S. are lobbying Washington policy makers not to shut markets.Still, the World Health Organization said that the pace of infections is speeding up. Cases doubled to 200,000 in the 12 days through Thursday, but just one day later the tally already was almost halfway to 300,000.U.S. stock trading volumes surged to about 60% above the average in the midst of a phenomenon known as quadruple witching caused by expiring options and futures contracts.In the latest virus developments,Global deaths top more than 10,000, according to Johns Hopkins University; Italy reported 627 deaths, the most in one dayGovernor Andrew Cuomo ordered New Yorkers to stay at home for the foreseeable future following a similar move by CaliforniaThe European Central Bank provided capital relief measures to banksAir France-KLM and Airbus SE are poised to tap French government-backed loansSwitzerland announced a 32 billion franc ($32.6 billion) economic support packageThe German government wants to set up a rescue fund for companies hit by coronavirus worth about 500 billion euros.These are the main moves in markets:StocksThe S&P 500 Index fell 4.4% at 4 p.m. New York time; the Nasdaq Composite slid 3.8%.The Stoxx Europe 600 Index rose 1.8%.The MSCI Asia Pacific Index surged 2.5%.CurrenciesThe Bloomberg Dollar Spot Index rose 0.1%.The euro weakened 0.3% to $1.0665.The British pound climbed 0.8% to $1.1574.The Japanese yen slipped 0.5% to 111.23 per dollar.BondsThe yield on 10-year Treasuries dropped 23 basis points to 0.91%.Germany’s 10-year yield fell 13 basis points to -0.33%.Britain’s 10-year yield decreased 16 basis points to 0.55%.CommoditiesGold gained 0.9% to $1,484.98 an ounce.West Texas Intermediate crude fell 11% to $22.43 a barrel.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.