The $6.2 billion-an-hour rise in the value of world stocks since March was dubbed the "mother of all asset bubbles" by BofA analysts last week - and all of a sudden there is a high-pitched hissing sound.
Global equity markets slid on Tuesday as a rally in commodity-related assets gave in to pressure from fears of an over-bought market as investors dumped tech stocks, though remarks by Federal Reserve Chair Jerome Powell helped calm sentiment.
Fears of credit rating downgrades will deter the world's poorest countries from taking advantage of debt relief being offered under the G20 common framework, World Bank chief economist Carmen Reinhart said.
By Reuters Staff
2 Min Read
FILE PHOTO: The logo for Occidental Petroleum is displayed on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., April 30, 2019. REUTERS/Brendan McDermid
(Reuters) - Occidental Petroleum Corp expects its low-carbon business to generate earnings equal to its oil and gas production business in the coming decades, Chief Executive Vicki Hollub told analysts on Tuesday.
Occidental has been an early mover among U.S. oil producers in setting ambitious net-zero emissions goals and last year created a low-carbon group to commercialize pulling carbon dioxide out of the atmosphere through a process known as direct air capture.
Wally Adeyemo, President Joe Biden's nominee as deputy Treasury secretary, on Tuesday said Washington should work with allies to hold China accountable to international rules to ensure a level playing field for companies in the United States and elsewhere.