The Dow Jones Industrial Average (DJIA) plunged 760 points in a brutal free-fall.
The rapid spread of coronavirus outside China has investors fleeing the stock market.
Cebile Capital analysts now see a 25% pullback in stocks.
The U.S. stock suffered a disastrous open, with the Dow Jones Industrial Average (DJIA) down nearly 800 points on Monday morning.
Investors are finally taking the coronavirus seriously as the deadly virus spread rapidly in Italy and South Korea over the weekend. Speaking to CNBC, Sunaina Sinha Haldea of Cebile Capital warned a major stock market correction is now on the cards.
You’re now finally seeing [financial markets] price in the downside scenario of the economic impacts. I think you can see stocks come down 20-25% at this point from where we are today if the economic news and repercussions in the real world continue.
The FTSE Bursa Malaysia KLCI Index had never looked back after emerging from its previous bear market in 2008. Armed with a bevy of “recession-proof” stocks, the benchmark index had defied a litany of threats en route to the record high it set in April 2018.
After 12 years, the world’s longest stock market bull run is finally over. | Source: Yahoo Finance
That’s when the tide turned. Nearly two years later, the index closed 21% below its April 2018 peak, officially ending the world’s longest equity expansion on a day when stock markets around the world are suffering brutal losses.
Malaysia is plagued by a host of peculiar factors, culminating in the abrupt resignation of Prime Minister Mahathir Mohamad. But other pressures that dragged the world’s longest stock market bull run down into bear territory may sound uncomfortably familiar to investors in the West.
Chief among them? The impact of the coronavirus outbreak on the global economy.
Vishnu Varathan, head of economics and strategy at Mizuho Bank Ltd., Singapore stated:
With cases of COVID-19 still rising, it is hard to tell when manufacturing will bottom, potentially setting the stage for prolonged weakness … This is a safe-haven trade – you’re getting rid of risk in your portfolio –
That flight to safe havens is happening at a blistering pace with gold up to $1,700 this morning.
Coronavirus cases spread rapidly in Europe with towns in northern Italy on lockdown. Source: BBC
Dow Jones exodus, recession bells ringing?
The stock market selloff is unnerving, but the biggest warning sign is the bond market. The 30-year Treasury yield hit a record low overnight on high demand.
Even more telling is the 10-year yield. Last week, Bank of America warned that a drop below 1.4% would be a breaking point for potential recession.
Indeed, breaking 1.4% in an on-hold context for the Fed creates a significant inversion of the curve, pushes recession signals higher.
Despite predicting a 25% fall in stocks, Sunaina Sinha Haldea pointed to some buying opportunities around the world.
There are certain geographies that are benefiting from the coronavirus news cycle. India might be one of them, Vietnam is another, as you see supply chain diversification, as you see other economies start to look a little bit better in the light of China weakness, which is not just trade troubles but now real economy troubles and slowdown.
According to her analysis, the most bearish sectors remain travel and leisure.
[Investors will be] staying away and potential shorting leisure, travel, discretionary consumer and so on.
Most job search advice is cookie-cutter. The advice you’re following is almost certainly the same advice other job seekers follow, making you just another candidate following the same script.
In today’s hyper-competitive job market, standing out is critical, a challenge most job seekers struggle with. Instead of relying on generic questions recommended by self-proclaimed career coaches, which often lead to a forgettable interview, ask unique, thought-provoking questions that’ll spark engaging conversations and leave a lasting impression.
Your level of interest in the company and the role.
Contributing to your employer’s success is essential.
You desire a cultural fit.
Here are the top four questions experts recommend candidates ask; hence, they’ve become cliché questions you should avoid asking:
“What are the key responsibilities of this position?”
Most likely, the job description answers this question. Therefore, asking this question indicates you didn’t read the job description. If you require clarification, ask, “How many outbound calls will I be required to make daily?” “What will be my monthly revenue target?”
“What does a typical day look like?”
Although it’s important to understand day-to-day expectations, this question tends to elicit vague responses and rarely leads to a deeper conversation. Don’t focus on what your day will look like; instead, focus on being clear on the results you need to deliver. Nobody I know has ever been fired for not following a “typical day.” However, I know several people who were fired for failing to meet expectations. Before accepting a job offer, ensure you’re capable of meeting the employer’s expectations.
“How would you describe the company culture?”
Asking this question screams, “I read somewhere to ask this question.” There are much better ways to research a company’s culture, such as speaking to current and former employees, reading online reviews and news articles. Furthermore, since your interviewer works for the company, they’re presumably comfortable with the culture. Do you expect your interviewer to give you the brutal truth? “Be careful of Craig; get on his bad side, and he’ll make your life miserable.” “Bob is close to retirement. I give him lots of slack, which the rest of the team needs to pick up.”
Truism: No matter how much due diligence you do, only when you start working for the employer will you experience and, therefore, know their culture firsthand.
“What opportunities are there for professional development?”
When asked this question, I immediately think the candidate cares more about gaining than contributing, a showstopper. Managing your career is your responsibility, not your employer’s.
Cliché questions don’t impress hiring managers, nor will they differentiate you from your competition. To transform your interaction with your interviewer from a Q&A session into a dynamic discussion, ask unique, insightful questions.
Here are my four go-to questions—I have many more—to accomplish this:
“Describe your management style. How will you manage me?”
This question gives your interviewer the opportunity to talk about themselves, which we all love doing. As well, being in sync with my boss is extremely important to me. The management style of who’ll be my boss is a determining factor in whether or not I’ll accept the job.
“What is the one thing I should never do that’ll piss you off and possibly damage our working relationship beyond repair?”
This question also allows me to determine whether I and my to-be boss would be in sync. Sometimes I ask, “What are your pet peeves?”
“When I join the team, what would be the most important contribution you’d want to see from me in the first six months?”
Setting myself up for failure is the last thing I want. As I mentioned, focus on the results you need to produce and timelines. How realistic are the expectations? It’s never about the question; it’s about what you want to know. It’s important to know whether you’ll be able to meet or even exceed your new boss’s expectations.
“If I wanted to sell you on an idea or suggestion, what do you need to know?”
Years ago, a candidate asked me this question. I was impressed he wasn’t looking just to put in time; he was looking for how he could be a contributing employee. Every time I ask this question, it leads to an in-depth discussion.
Other questions I’ve asked:
“What keeps you up at night?”
“If you were to leave this company, who would follow?”
“How do you handle an employee making a mistake?”
“If you were to give a Ted Talk, what topic would you talk about?”
“What are three highly valued skills at [company] that I should master to advance?”
“What are the informal expectations of the role?”
“What is one misconception people have about you [or the company]?”
Your questions reveal a great deal about your motivations, drive to make a meaningful impact on the business, and a chance to morph the questioning into a conversation. Cliché questions don’t lead to meaningful discussions, whereas unique, thought-provoking questions do and, in turn, make you memorable.
Nick Kossovan, a well-seasoned veteran of the corporate landscape, offers “unsweetened” job search advice. You can send Nick your questions to artoffindingwork@gmail.com.
CALGARY – Canadian Natural Resources Ltd. reported a third-quarter profit of $2.27 billion, down from $2.34 billion in the same quarter last year.
The company says the profit amounted to $1.06 per diluted share for the quarter that ended Sept. 30 compared with $1.06 per diluted share a year earlier.
Product sales totalled $10.40 billion, down from $11.76 billion in the same quarter last year.
Daily production for the quarter averaged 1,363,086 barrels of oil equivalent per day, down from 1,393,614 a year ago.
On an adjusted basis, Canadian Natural says it earned 97 cents per diluted share for the quarter, down from an adjusted profit of $1.30 per diluted share in the same quarter last year.
The average analyst estimate had been for a profit of 90 cents per share, according to LSEG Data & Analytics.
This report by The Canadian Press was first published Oct. 31, 2024.
CALGARY – Cenovus Energy Inc. reported its third-quarter profit fell compared with a year as its revenue edged lower.
The company says it earned $820 million or 42 cents per diluted share for the quarter ended Sept. 30, down from $1.86 billion or 97 cents per diluted share a year earlier.
Revenue for the quarter totalled $14.25 billion, down from $14.58 billion in the same quarter last year.
Total upstream production in the quarter amounted to 771,300 barrels of oil equivalent per day, down from 797,000 a year earlier.
Total downstream throughput was 642,900 barrels per day compared with 664,300 in the same quarter last year.
On an adjusted basis, Cenovus says its funds flow amounted to $1.05 per diluted share in its latest quarter, down from adjusted funds flow of $1.81 per diluted share a year earlier.
This report by The Canadian Press was first published Oct. 31, 2024.
