Breaking News from CNBC

In the afternoon of Asian trading hours, international benchmark Brent crude futures dropped 14% to $16.55 per barrel.

Meanwhile, the June contract for West Texas Intermediate shed all of its earlier gains as it fell about 6% to $10.82 per barrel.

Breaking News from CNBC

In the afternoon of Asian trading hours, international benchmark Brent crude futures dropped 14% to $16.55 per barrel.

Meanwhile, the June contract for West Texas Intermediate shed all of its earlier gains as it fell about 6% to $10.82 per barrel.

Azmin already mentioned that the country border will remained closed much longer time even with MCO not extended. Therefore, AAX can't fly for much longer time as long the country border is close...

Breaking News from The Edge

Kenny Yee, the head of research at Rakuten Trade, told The Edge Financial Daily that the Covid-19 impact will not be captured fully in the first quarter of the year.

Nevertheless, he expects overall corporate earnings for financial year 2020 (FY20) to contract in a single-digit range.

In chronological order, Yee opined that earnings for the gaming industry, comprising casino and numbers forecast operators, will be affected the most, followed by the airline, property and banking sectors.

This comes as the unprecedented worldwide shutdown of all of Genting Group’s casinos, following the lockdown orders issued by authorities, have resulted in a synchronous loss of income streams to the group. According to analysts’ estimates, forecast earnings for FY20 for Genting Malaysia Bhd (GenM) has been cut by 32% to 39%.

Breaking News from The Edge

Kenny Yee, the head of research at Rakuten Trade, told The Edge Financial Daily that the Covid-19 impact will not be captured fully in the first quarter of the year.

Nevertheless, he expects overall corporate earnings for financial year 2020 (FY20) to contract in a single-digit range.

In chronological order, Yee opined that earnings for the gaming industry, comprising casino and numbers forecast operators, will be affected the most, followed by the airline, property and banking sectors.

This comes as the unprecedented worldwide shutdown of all of Genting Group’s casinos, following the lockdown orders issued by authorities, have resulted in a synchronous loss of income streams to the group. According to analysts’ estimates, forecast earnings for FY20 for Genting Malaysia Bhd (GenM) has been cut by 32% to 39%.

Breaking News from Bloomberg

Oil extended its slide, falling to the lowest in more than two decades, on concern the world is rapidly running out of places to store crude after output cuts proved insufficient to cope with plunging demand.

WTI for May delivery fell 16% to $15.37 a barrel on the New York Mercantile Exchange as of 9:16 a.m. in Singapore after plummeting 20% last week. It dropped to as low as $14.47, the weakest since March 1999.

Brent for June delivery fell 1.6% to $27.63 a barrel on the ICE Futures Europe exchange after losing 10.8% last week.

Breaking News from Bloomberg

Oil extended its slide, falling to the lowest in more than two decades, on concern the world is rapidly running out of places to store crude after output cuts proved insufficient to cope with plunging demand.

WTI for May delivery fell 16% to $15.37 a barrel on the New York Mercantile Exchange as of 9:16 a.m. in Singapore after plummeting 20% last week. It dropped to as low as $14.47, the weakest since March 1999.

Brent for June delivery fell 1.6% to $27.63 a barrel on the ICE Futures Europe exchange after losing 10.8% last week.

Breaking News from Bloomberg

Oil extended its slide, falling to the lowest in more than two decades, on concern the world is rapidly running out of places to store crude after output cuts proved insufficient to cope with plunging demand.

WTI for May delivery fell 16% to $15.37 a barrel on the New York Mercantile Exchange as of 9:16 a.m. in Singapore after plummeting 20% last week. It dropped to as low as $14.47, the weakest since March 1999.

Brent for June delivery fell 1.6% to $27.63 a barrel on the ICE Futures Europe exchange after losing 10.8% last week.

Breaking News from Bloomberg

Oil extended its slide, falling to the lowest in more than two decades, on concern the world is rapidly running out of places to store crude after output cuts proved insufficient to cope with plunging demand.

WTI for May delivery fell 16% to $15.37 a barrel on the New York Mercantile Exchange as of 9:16 a.m. in Singapore after plummeting 20% last week. It dropped to as low as $14.47, the weakest since March 1999.

Brent for June delivery fell 1.6% to $27.63 a barrel on the ICE Futures Europe exchange after losing 10.8% last week.

Breaking News from Bloomberg

Oil extended its slide, falling to the lowest in more than two decades, on concern the world is rapidly running out of places to store crude after output cuts proved insufficient to cope with plunging demand.

WTI for May delivery fell 16% to $15.37 a barrel on the New York Mercantile Exchange as of 9:16 a.m. in Singapore after plummeting 20% last week. It dropped to as low as $14.47, the weakest since March 1999.

Brent for June delivery fell 1.6% to $27.63 a barrel on the ICE Futures Europe exchange after losing 10.8% last week.

Breaking News from Bloomberg

Oil extended its slide, falling to the lowest in more than two decades, on concern the world is rapidly running out of places to store crude after output cuts proved insufficient to cope with plunging demand.

WTI for May delivery fell 16% to $15.37 a barrel on the New York Mercantile Exchange as of 9:16 a.m. in Singapore after plummeting 20% last week. It dropped to as low as $14.47, the weakest since March 1999.

Brent for June delivery fell 1.6% to $27.63 a barrel on the ICE Futures Europe exchange after losing 10.8% last week.

Breaking News from Bloomberg

Oil extended its slide, falling to the lowest in more than two decades, on concern the world is rapidly running out of places to store crude after output cuts proved insufficient to cope with plunging demand.

WTI for May delivery fell 16% to $15.37 a barrel on the New York Mercantile Exchange as of 9:16 a.m. in Singapore after plummeting 20% last week. It dropped to as low as $14.47, the weakest since March 1999.

Brent for June delivery fell 1.6% to $27.63 a barrel on the ICE Futures Europe exchange after losing 10.8% last week.

Breaking News from Bloomberg

Oil extended its slide, falling to the lowest in more than two decades, on concern the world is rapidly running out of places to store crude after output cuts proved insufficient to cope with plunging demand.

WTI for May delivery fell 16% to $15.37 a barrel on the New York Mercantile Exchange as of 9:16 a.m. in Singapore after plummeting 20% last week. It dropped to as low as $14.47, the weakest since March 1999.

Brent for June delivery fell 1.6% to $27.63 a barrel on the ICE Futures Europe exchange after losing 10.8% last week.

Breaking News from CNBC

Gold fell as much as 2% on Friday after President Donald Trump’s new guidelines to re-open the U.S. economy and encouraging early data related to a potential COVID-19 treatment drove investors towards riskier assets.

Spot gold was down 1.7% at $1,689.22 an ounce, more than $60 lower than the 7-1/2 peak hit earlier this week on concerns over the worst recession in decades.

Breaking News from CNBC

Gold fell as much as 2% on Friday after President Donald Trump’s new guidelines to re-open the U.S. economy and encouraging early data related to a potential COVID-19 treatment drove investors towards riskier assets.

Spot gold was down 1.7% at $1,689.22 an ounce, more than $60 lower than the 7-1/2 peak hit earlier this week on concerns over the worst recession in decades.

Breaking News from CNBC

The International Energy Agency (IEA) on Wednesday forecast a 29 million barrel per day (bpd) dive in April oil demand to levels not seen in 25 years and said no output cut could fully offset the near-term falls facing the market.

Brent crude fell $2.04, or 6.8%, to $27.59 a barrel, giving up an earlier gain.

U.S. West Texas Intermediate crude slid 45 cents, or 2.2%, to $19.67. Earlier in the session WTI dropped to its lowest level since Feb. 2002.

Breaking News from CNBC

The International Energy Agency (IEA) on Wednesday forecast a 29 million barrel per day (bpd) dive in April oil demand to levels not seen in 25 years and said no output cut could fully offset the near-term falls facing the market.

Brent crude fell $2.04, or 6.8%, to $27.59 a barrel, giving up an earlier gain.

U.S. West Texas Intermediate crude slid 45 cents, or 2.2%, to $19.67. Earlier in the session WTI dropped to its lowest level since Feb. 2002.

Breaking News from CNBC

The International Energy Agency (IEA) on Wednesday forecast a 29 million barrel per day (bpd) dive in April oil demand to levels not seen in 25 years and said no output cut could fully offset the near-term falls facing the market.

Brent crude fell $2.04, or 6.8%, to $27.59 a barrel, giving up an earlier gain.

U.S. West Texas Intermediate crude slid 45 cents, or 2.2%, to $19.67. Earlier in the session WTI dropped to its lowest level since Feb. 2002.

Breaking News from CNBC

The International Energy Agency (IEA) on Wednesday forecast a 29 million barrel per day (bpd) dive in April oil demand to levels not seen in 25 years and said no output cut could fully offset the near-term falls facing the market.

Brent crude fell $2.04, or 6.8%, to $27.59 a barrel, giving up an earlier gain.

U.S. West Texas Intermediate crude slid 45 cents, or 2.2%, to $19.67. Earlier in the session WTI dropped to its lowest level since Feb. 2002.

Breaking News from CNBC

The International Energy Agency (IEA) on Wednesday forecast a 29 million barrel per day (bpd) dive in April oil demand to levels not seen in 25 years and said no output cut could fully offset the near-term falls facing the market.

Brent crude fell $2.04, or 6.8%, to $27.59 a barrel, giving up an earlier gain.

U.S. West Texas Intermediate crude slid 45 cents, or 2.2%, to $19.67. Earlier in the session WTI dropped to its lowest level since Feb. 2002.

Breaking News from CNBC

The International Energy Agency (IEA) on Wednesday forecast a 29 million barrel per day (bpd) dive in April oil demand to levels not seen in 25 years and said no output cut could fully offset the near-term falls facing the market.

Brent crude fell $2.04, or 6.8%, to $27.59 a barrel, giving up an earlier gain.

U.S. West Texas Intermediate crude slid 45 cents, or 2.2%, to $19.67. Earlier in the session WTI dropped to its lowest level since Feb. 2002.

Breaking News from CNBC

The International Energy Agency (IEA) on Wednesday forecast a 29 million barrel per day (bpd) dive in April oil demand to levels not seen in 25 years and said no output cut could fully offset the near-term falls facing the market.

Brent crude fell $2.04, or 6.8%, to $27.59 a barrel, giving up an earlier gain.

U.S. West Texas Intermediate crude slid 45 cents, or 2.2%, to $19.67. Earlier in the session WTI dropped to its lowest level since Feb. 2002.

Genting has been shutdown since 18 March 2020 with MCO until 28 April 2020. Genting will likely be shutdown until end of May 2020 and beyond as its business in gambling & leisure are very non-essential.

This will impact the NET PROFIT of Genting VERY NEGATIVELY for FY2020 and maybe FY2021.

I am wondering why Genting stock price still going up despite the VERY NEGATIVE OUTLOOK FOR FY2020 AND MAYBE BEYOND...

Genting has been shutdown since 18 March 2020 with MCO until 28 April 2020. Genting will likely be shutdown until end of May 2020 and beyond as its business in gambling & leisure are very non-essential.

This will impact the NET PROFIT of Genting VERY NEGATIVELY for FY2020 and maybe FY2021.

I am wondering why Genting stock price still going up despite the VERY NEGATIVE OUTLOOK FOR FY2020 AND MAYBE BEYOND...

Breaking News from CNBC

Oil prices shed more than 10% on Tuesday, with investors apparently unconvinced that record supply cuts could soon balance markets pummeled by the coronavirus pandemic, though a predicted plunge in U.S. shale output provided some support.

U.S. West Texas Intermediate crude fell 10.26% to settle at $20.11 per barrel, having dropped 1.5% in the previous session.

Brent futures fell $2.14, or 6.7%, to $29.60 per barrel after settling up 0.8% on Monday.

Breaking News from CNBC

Oil prices shed more than 10% on Tuesday, with investors apparently unconvinced that record supply cuts could soon balance markets pummeled by the coronavirus pandemic, though a predicted plunge in U.S. shale output provided some support.

U.S. West Texas Intermediate crude fell 10.26% to settle at $20.11 per barrel, having dropped 1.5% in the previous session.

Brent futures fell $2.14, or 6.7%, to $29.60 per barrel after settling up 0.8% on Monday.

Breaking News from CNBC

Oil prices shed more than 10% on Tuesday, with investors apparently unconvinced that record supply cuts could soon balance markets pummeled by the coronavirus pandemic, though a predicted plunge in U.S. shale output provided some support.

U.S. West Texas Intermediate crude fell 10.26% to settle at $20.11 per barrel, having dropped 1.5% in the previous session.

Brent futures fell $2.14, or 6.7%, to $29.60 per barrel after settling up 0.8% on Monday.

Breaking News from CNBC

Oil prices shed more than 10% on Tuesday, with investors apparently unconvinced that record supply cuts could soon balance markets pummeled by the coronavirus pandemic, though a predicted plunge in U.S. shale output provided some support.

U.S. West Texas Intermediate crude fell 10.26% to settle at $20.11 per barrel, having dropped 1.5% in the previous session.

Brent futures fell $2.14, or 6.7%, to $29.60 per barrel after settling up 0.8% on Monday.

Breaking News from CNBC

Oil prices shed more than 10% on Tuesday, with investors apparently unconvinced that record supply cuts could soon balance markets pummeled by the coronavirus pandemic, though a predicted plunge in U.S. shale output provided some support.

U.S. West Texas Intermediate crude fell 10.26% to settle at $20.11 per barrel, having dropped 1.5% in the previous session.

Brent futures fell $2.14, or 6.7%, to $29.60 per barrel after settling up 0.8% on Monday.

Breaking News from CNBC

Oil prices shed more than 10% on Tuesday, with investors apparently unconvinced that record supply cuts could soon balance markets pummeled by the coronavirus pandemic, though a predicted plunge in U.S. shale output provided some support.

U.S. West Texas Intermediate crude fell 10.26% to settle at $20.11 per barrel, having dropped 1.5% in the previous session.

Brent futures fell $2.14, or 6.7%, to $29.60 per barrel after settling up 0.8% on Monday.

Breaking News from CNBC

Oil prices shed more than 10% on Tuesday, with investors apparently unconvinced that record supply cuts could soon balance markets pummeled by the coronavirus pandemic, though a predicted plunge in U.S. shale output provided some support.

U.S. West Texas Intermediate crude fell 10.26% to settle at $20.11 per barrel, having dropped 1.5% in the previous session.

Brent futures fell $2.14, or 6.7%, to $29.60 per barrel after settling up 0.8% on Monday.

Breaking News from CNBC

Oil prices shed more than 10% on Tuesday, with investors apparently unconvinced that record supply cuts could soon balance markets pummeled by the coronavirus pandemic, though a predicted plunge in U.S. shale output provided some support.

U.S. West Texas Intermediate crude fell 10.26% to settle at $20.11 per barrel, having dropped 1.5% in the previous session.

Brent futures fell $2.14, or 6.7%, to $29.60 per barrel after settling up 0.8% on Monday.

CGS-CIMB Research has maintained its “Reduce” rating on AirAsia Group Bhd (AAGB) at 81 sen with a lower target price of 60 sen (from 85 sen) and said since its last update on Feb 28, Malaysia has imposed the Movement Control Order and AAGB has cancelled almost all of its flights.

"Few in the industry will be spared. April is also set to be the worst ever month for global jet fuel demand, while industry consultant FGE forecasts American gasoline consumption will plunge by 50% from a year earlier. Energy Aspects Ltd. predicts global benchmark Brent crude may drop to near $10 a barrel, a level not seen in more than two decades."

"Few in the industry will be spared. April is also set to be the worst ever month for global jet fuel demand, while industry consultant FGE forecasts American gasoline consumption will plunge by 50% from a year earlier. Energy Aspects Ltd. predicts global benchmark Brent crude may drop to near $10 a barrel, a level not seen in more than two decades."

"Few in the industry will be spared. April is also set to be the worst ever month for global jet fuel demand, while industry consultant FGE forecasts American gasoline consumption will plunge by 50% from a year earlier. Energy Aspects Ltd. predicts global benchmark Brent crude may drop to near $10 a barrel, a level not seen in more than two decades."

"Few in the industry will be spared. April is also set to be the worst ever month for global jet fuel demand, while industry consultant FGE forecasts American gasoline consumption will plunge by 50% from a year earlier. Energy Aspects Ltd. predicts global benchmark Brent crude may drop to near $10 a barrel, a level not seen in more than two decades."

"Few in the industry will be spared. April is also set to be the worst ever month for global jet fuel demand, while industry consultant FGE forecasts American gasoline consumption will plunge by 50% from a year earlier. Energy Aspects Ltd. predicts global benchmark Brent crude may drop to near $10 a barrel, a level not seen in more than two decades."

"Few in the industry will be spared. April is also set to be the worst ever month for global jet fuel demand, while industry consultant FGE forecasts American gasoline consumption will plunge by 50% from a year earlier. Energy Aspects Ltd. predicts global benchmark Brent crude may drop to near $10 a barrel, a level not seen in more than two decades."

"Few in the industry will be spared. April is also set to be the worst ever month for global jet fuel demand, while industry consultant FGE forecasts American gasoline consumption will plunge by 50% from a year earlier. Energy Aspects Ltd. predicts global benchmark Brent crude may drop to near $10 a barrel, a level not seen in more than two decades."

"Few in the industry will be spared. April is also set to be the worst ever month for global jet fuel demand, while industry consultant FGE forecasts American gasoline consumption will plunge by 50% from a year earlier. Energy Aspects Ltd. predicts global benchmark Brent crude may drop to near $10 a barrel, a level not seen in more than two decades."

Breaking News from Bloomberg

Oil is entering a period of unparalleled demand destruction this month that promises to transform the industry for years to come.

Daily consumption will plummet by 15 million to 22 million barrels in April from a year earlier, according to estimates from some of the world’s most influential energy analysts. The crash has already led to refiners slashing processing, drillers halting output and storage tanks swelling across the world.

The demand slump is being exacerbated by former OPEC+ allies Saudi Arabia and Russia pumping as much crude as they can in a battle for market share, heaping additional pressure on shipping, tanks and pipelines. Goldman sees around 20 million barrels a day flowing into storage in April, while IHS Markit expects the world will run out of space to store oil by the middle of the year.

"Oil price likely to be moving towards USD15/barrel based on the above scenario"

Breaking News from Bloomberg

Oil is entering a period of unparalleled demand destruction this month that promises to transform the industry for years to come.

Daily consumption will plummet by 15 million to 22 million barrels in April from a year earlier, according to estimates from some of the world’s most influential energy analysts. The crash has already led to refiners slashing processing, drillers halting output and storage tanks swelling across the world.

The demand slump is being exacerbated by former OPEC+ allies Saudi Arabia and Russia pumping as much crude as they can in a battle for market share, heaping additional pressure on shipping, tanks and pipelines. Goldman sees around 20 million barrels a day flowing into storage in April, while IHS Markit expects the world will run out of space to store oil by the middle of the year.

"Oil price likely to be moving towards USD15/barrel based on the above scenario"

Breaking News from Bloomberg

Oil is entering a period of unparalleled demand destruction this month that promises to transform the industry for years to come.

Daily consumption will plummet by 15 million to 22 million barrels in April from a year earlier, according to estimates from some of the world’s most influential energy analysts. The crash has already led to refiners slashing processing, drillers halting output and storage tanks swelling across the world.

The demand slump is being exacerbated by former OPEC+ allies Saudi Arabia and Russia pumping as much crude as they can in a battle for market share, heaping additional pressure on shipping, tanks and pipelines. Goldman sees around 20 million barrels a day flowing into storage in April, while IHS Markit expects the world will run out of space to store oil by the middle of the year.

"Oil price likely to be moving towards USD15/barrel based on the above scenario"

Breaking News from Bloomberg

Oil is entering a period of unparalleled demand destruction this month that promises to transform the industry for years to come.

Daily consumption will plummet by 15 million to 22 million barrels in April from a year earlier, according to estimates from some of the world’s most influential energy analysts. The crash has already led to refiners slashing processing, drillers halting output and storage tanks swelling across the world.

The demand slump is being exacerbated by former OPEC+ allies Saudi Arabia and Russia pumping as much crude as they can in a battle for market share, heaping additional pressure on shipping, tanks and pipelines. Goldman sees around 20 million barrels a day flowing into storage in April, while IHS Markit expects the world will run out of space to store oil by the middle of the year.

"Oil price likely to be moving towards USD15/barrel based on the above scenario"

Breaking News from Bloomberg

Oil is entering a period of unparalleled demand destruction this month that promises to transform the industry for years to come.

Daily consumption will plummet by 15 million to 22 million barrels in April from a year earlier, according to estimates from some of the world’s most influential energy analysts. The crash has already led to refiners slashing processing, drillers halting output and storage tanks swelling across the world.

The demand slump is being exacerbated by former OPEC+ allies Saudi Arabia and Russia pumping as much crude as they can in a battle for market share, heaping additional pressure on shipping, tanks and pipelines. Goldman sees around 20 million barrels a day flowing into storage in April, while IHS Markit expects the world will run out of space to store oil by the middle of the year.

"Oil price likely to be moving towards USD15/barrel based on the above scenario"

Breaking News from Bloomberg

Oil is entering a period of unparalleled demand destruction this month that promises to transform the industry for years to come.

Daily consumption will plummet by 15 million to 22 million barrels in April from a year earlier, according to estimates from some of the world’s most influential energy analysts. The crash has already led to refiners slashing processing, drillers halting output and storage tanks swelling across the world.

The demand slump is being exacerbated by former OPEC+ allies Saudi Arabia and Russia pumping as much crude as they can in a battle for market share, heaping additional pressure on shipping, tanks and pipelines. Goldman sees around 20 million barrels a day flowing into storage in April, while IHS Markit expects the world will run out of space to store oil by the middle of the year.

"Oil price likely to be moving towards USD15/barrel based on the above scenario"

Breaking News from Bloomberg

Oil is entering a period of unparalleled demand destruction this month that promises to transform the industry for years to come.

Daily consumption will plummet by 15 million to 22 million barrels in April from a year earlier, according to estimates from some of the world’s most influential energy analysts. The crash has already led to refiners slashing processing, drillers halting output and storage tanks swelling across the world.

The demand slump is being exacerbated by former OPEC+ allies Saudi Arabia and Russia pumping as much crude as they can in a battle for market share, heaping additional pressure on shipping, tanks and pipelines. Goldman sees around 20 million barrels a day flowing into storage in April, while IHS Markit expects the world will run out of space to store oil by the middle of the year.

"Oil price likely to be moving towards USD15/barrel based on the above scenario"

Breaking News from Bloomberg

Oil is entering a period of unparalleled demand destruction this month that promises to transform the industry for years to come.

Daily consumption will plummet by 15 million to 22 million barrels in April from a year earlier, according to estimates from some of the world’s most influential energy analysts. The crash has already led to refiners slashing processing, drillers halting output and storage tanks swelling across the world.

The demand slump is being exacerbated by former OPEC+ allies Saudi Arabia and Russia pumping as much crude as they can in a battle for market share, heaping additional pressure on shipping, tanks and pipelines. Goldman sees around 20 million barrels a day flowing into storage in April, while IHS Markit expects the world will run out of space to store oil by the middle of the year.

"Oil price likely to be moving towards USD15/barrel based on the above scenario"

Breaking News from CNBC

U.S. West Texas Intermediate (WTI) crude futures hit a low of $19.92 in early trading and last traded down 5.2%, or $1.12, at $20.39 a barrel as of 2332 GMT.

Brent futures fell 5.6%, or $1.40, to $23.53 a barrel.