Stock Market Today: Live Updates

March 02, 2020
Business

Mumbai-based Tata Motors said on Sunday that the outbreak affected vehicle production, blaming the disruptions for a one-third drop in sales last month. Other carmakers, like Mahindra and Mahindra, have also said that their supply of parts from China had been crimped.

China accounts for roughly one quarter of India’s imports of automotive components, according to ICRA, an Indian credit rating firm.

Hyundai, the South Korean automaker, temporarily closed plants last month for a similar reason. So far, North American automakers haven’t been affected.

Supply chain disruptions and a manufacturing downturn could add to the economic problems already facing India, which is in its biggest slump in more than a decade.

Here’s what else is happening:

Two Amazon employees in Milan have contracted the coronavirus, the company said. Amazon has indefinitely halted all travel, including trips within the United States.
A major energy conference in Houston was canceled. CERAWeek, run by IHS Markit, had been scheduled for the week of March 9, with executives and experts from over 80 countries attending.
Facebook said in an internal memo that it would no longer allow social visits from non-employees at any of the company’s global offices. And Twitter said in a blog post on Sunday that it would restrict all nonessential business travel.

Reporting was contributed by Stanley Reed, Jeanna Smialek, Liz Alderman, Alan Rappeport, Ana Swanson, Matt Phillips, Matt Goldstein, Jack Ewing, Karen Weise, Kevin Granville, Mike Isaac, Michael Corkery, Alexandra Stevenson, Sapna Maheshwari, Carlos Tejada, Vindu Goel and Karen Singh.

Article source: https://www.nytimes.com/2020/03/02/business/stock-market-today.html