The New York Stock Exchange has partially reopened its trading floor, in a test of whether old habits really will persist even when they serve little purpose. Read the latest pandemic-related financial insights here
Corona Capital is a daily column updated throughout the day by Breakingviews columnists around the world with short, sharp pandemic-related insights.New York Stock Exchange partially reopened its trading floor on Tuesday, having been closed since March 20. The question is why. It’s getting harder to argue the exchange, owned by Intercontinental Exchange, even needs such a thing. Trading didn’t suffer any noticeable glitches while it was closed..
Having a hundred or so masked employees heading back marks another step in America’s cautious return. But it’s also a test of whether the old habits will really pick back up. With large chunks of the economy being run virtually, the NYSE bell will continue to ring, but there will most probably be fewer people there to hear it. Germany’s $9.9 billion Deutsche Lufthansa rescue provides a blueprint for governments looking to strike a hard bargain in bailout negotiations.
Having already cancelled dividends, French insurers may also be asked to hold more capital reserves to offset legal risk, Moody’s says. They’re unlikely to be alone. Lawmakers in New York and Ohio have introduced bills to force payouts. In the United Kingdom, hundreds of companies have joined forces to sue Hiscox for unpaid claims. Axa may merely have opened the floodgates.
Seeing what friends are buying, Venmo-style, has helped build a user base that’s roughly half millennial. Customers active on HSBC’s Hong Kong mobile banking app surpassed 1.1 million as of March, up nearly 40% from a year earlier. These are welcome milestones for HSBC as much as Hong Kong. The city’s fintech efforts have been sluggish, with many online-only banking rivals missing target dates set by the Hong Kong Monetary Authority. Stealing a digital march should help gird HSBC for the competition to come. The numbers are displayed after the closing bell at the New York Stock Exchange in New York, U.S., January 2, 2020.
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