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Dow enters bear market as pandemic declared

Investors fret over the level of economic stimulus Washington is likely to provide




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Wall Street has best day in decade as stimulus nears

S&P 500 closes more than 9% higher as investors cheer Fed backstops and political progress




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Few precedents for grim US jobless numbers

Economists look back to the Great Depression for clues on the scale of the economic crisis




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Battle between insurers and US business has just begun

Sector faces existential moment as Trump wades into debate over Covid-19 claims




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Markets should beware this morally hazardous approach to policymaking

Central banks repeatedly set the stage for the next boom and bust cycle, fuelled by growing debt




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Free markets must be protected through the pandemic

Sensible and targeted state intervention can help capitalism to thrive post-crisis




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Best of this week’s opinion

Our columnists’ thoughts on corporate and global debt, and economists’ Covid-19 approach




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Maybe Elon Musk won’t save me after all

My love affair with the Tesla chief can’t survive the pandemic




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Lockdown wines: the best reds to order from home

Great value can be unearthed in some of the cheapest wines from impeccable producers




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Equalise front-line doctors’ death benefits, says BMA

Some families of medics who die in service will receive higher payouts than others under current rules




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Robert Morgenthau, Manhattan district attorney, 1919-2019

He became the scourge of the Mob and white-collar crime in New York




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Cokie Roberts, political journalist, 1943-2019

A trailblazer who broke the glass ceiling in Washington




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Mulberry creative chief Johnny Coca to depart

British handbag maker’s value has plummeted 85% in past two years as turnround plan stalls




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Pets at Home sales benefit from surge in demand

Essential retailer says coronavirus uncertainty means it will not give guidance for year ahead




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LVMH and L’Oréal upbeat on recovery

Luxury and beauty bellwethers predict gradual rebound once coronavirus shutdowns end




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Royal Philips predicts intensive care beds must double globally 

Healthcare tech group chief calls estimate to deal with coronavirus ‘conservative’ as it boosts medical equipment production




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Toilet roll mania boosts sales of Andrex maker Kimberly-Clark   

Retailers are still replenishing stocks after panic buying ahead of coronavirus lockdowns




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Kimberly-Clark: wiping the floor

Personal care group boosted by stockpiling frenzy ahead of lockdown




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Adidas says lockdown recovery will be ‘gradual rather than instant’

Sportswear maker warns sales could drop as much as 40% in second quarter




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Michael Hintze’s hedge fund hit hard by credit bets

Billionaire CQS trader hurt by exposure to default-ridden energy sector




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This market was in trouble long before the virus hit

Harsher medicine this time round would put asset prices on a better long-term footing




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Euro 2020 football tournament set to be postponed

Organisers expected to delay flagship event in order to let European domestic leagues finish




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Wall St urges caution as bulls rush into recovery bets

S&P up 23% from March nadir on back of state coronavirus action — but more falls possible, warn analysts




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US stocks rise on hopes outbreak could be nearing peak

Asia-Pacific indices broadly higher after S&P 500 closes up 3.4%




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A chasm between Wall Street and economic winter

Mike Mackenzie’s daily analysis of what’s moving global markets




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Bloomberg fined €5m over report of fake news release

French regulator says agency failed to verify false story that sent Vinci shares down 18%




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3D-printed houses could become concrete reality

The technology has significant potential to shake up the construction sector




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Balfour Beatty: a constructive attitude

Should the UK deliver its promises, infrastructure contractors will be in for a bonanza




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How Beijing reframed the virus response narrative

Arguments for authoritarianism and against democracy will be made with increased boldness




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Lagardère fends off Amber Capital’s bid to replace board

Activist investor sought to take control of strategy at French group led by Arnaud Lagardère




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Liberty Global and Telefónica agree £31bn deal to merge UK groups

Combination of O2 and Virgin Media set to transform British telecoms market




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Liberty Global and Telefónica dial up changes in ‘deal of decade’

O2 and Virgin Media’s £31bn merger is one of the biggest examples of virtual dealmaking during pandemic




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Hedge fund bear takes aim at central banker ‘fruit loops’

Horseman Capital’s Russell Clark has sold his holdings in government bonds




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Treasury market sends bearish signals as stocks rise

Two- and five-year yields hit record lows as futures investors anticipate negative rates




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Investors make big bets on silver closing giant gap with gold

For some analysts the industrial metal looks cheap, even given the Covid-19 slowdown




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Why US mortgage rates should be even lower

Uncertainty over loan forbearance prevents savings being passed on




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Looking beyond the Brexit gloom

Mike Mackenzie’s daily analysis of what’s moving global markets




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The smart money has already been made on NMC Health

The holes in the investment case were there, but not many were looking




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Yield-crazed investors should be wary of Hipgnosis

Music royalties specialist has done well in a strong market for alt investment trusts




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Tobacco stocks should be doing better out of enforced isolation

The default product of anxious idleness has been sidelined during pandemic




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Mexico’s Grupo Lala chief to join JAB beverages arm

Mauricio Leyva to advise German family company on expanding beverages arm




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Vale launches New York front in bitter battle with Beny Steinmetz

Brazilian group alleges tycoon’s family-controlled mining arm fraudulently funnelled $500m into Manhattan real estate




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Why I won’t be taking up a savings challenge

Putting aside £100 a week is just a pipe dream — and what would it achieve anyway?




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Have Isas become too complex?

Advisers warn the widening landscape is confusing investors and preventing people from saving




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Coronavirus: AIG chief warns virus could be industry’s largest catastrophe loss — as it happened

Spanish prime minister Pedro Sánchez says no other option remains but to maintain the state of alert

Read more




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IFF-DuPont $26bn deal bets on meatless future

US flavouring group seeks first-mover advantage with purchase of nutrition venture




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Why wearing masks may be the way forward

While scientists disagree about their use, donning a mask can have an important social impact




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US rescue must be transparent, consistent and fast

Taxpayers ought to receive a share of the upside after big business recovers




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From balcony concerts to cyber drinks — the power of ritual in the corona age

Under lockdown, communities are finding new ways to voice their defiance, anger and support




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Disney’s pay furore; Robeco warns of green risk in tech; JPM, McDonald’s face ESG fight

Your guide to the investment and business revolution you can’t afford to ignore