Afternoon Coffee: Coronavirus rattles markets; Saudi, Russia in oil battle; GE Appliance opens logistics center

Photographee.eu/Adobe Stock

Concern over the coronavirus outbreak continues to roil the stock markets Tuesday, a day after the worst stock performance in 12 years, CNBC reports. The market gained early then fell, but was trending up. Two virus-related developments have a lot of people’s attention: a possible federal stimulus plan to blunt the economic damage, and Italy issuing a nationwide quarantine. Also of interest to the markets is Saudi Arabia’s oil standoff with Russia.

Saudi Arabia to ramp up oil supply, escalates price war

Saudi Arabia announced Tuesday it would increase its oil supply to the market above what it can produce, indicating that it may tap its reserves in a battle with Russia for market share. The Saudi-Russia standoff helped weaken stock markets this week in addition to coronavirus concerns in the market.

Reuters reports: “U.S. Treasury Secretary Steven Mnuchin told Russia’s ambassador to the United States on Monday that energy markets needed to stay ‘orderly’ amid rising concerns that extra supply from Saudi Arabia and Russia could trigger bankruptcies among higher-cost U.S. shale oil producers.”

GE Appliances opens new logistics center in Georgia

GE Appliances, a Haier company, inaugurated its first logistics center in northwest Georgia.

Located near the Appalachian Regional Port, the center will speed up the expansion of the Port of Savannah and its Georgia ports, said the company. The new center, referred to as the Southern Logistics Center, accelerates GE Appliances’ supply chain, enabling the company to provide materials and components to its U.S. manufacturing plants.

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