AP Images / Richard Drew

Here’s what you need to know before the markets open.

1. ‘The situation is about to get worse’: Stocks slide as surging US unemployment and coronavirus cases stifle stimulus hopes. “If recovery is not as swift as hoped for, equity markets will suffer another hit.”

2. Billionaire investor Bill Ackman denies sounding the coronavirus alarm to tank markets and help his hedges. “Our hedge had already paid off.”

3. Toyota seeks $9.2 billion credit line from Sumitomo Mitsui, MUFG Bank. The Japanese auto giant wants cash to help cover higher fundraising costs due to the coronavirus pandemic, Reuters reported, citing Kyodo News.

4. Brazil headed for ‘whatever it takes’ QE as coronavirus crash looms. “We’re going to do it. There’s no other way,” one economist said.

5. Tesla will slash on-site staff at Nevada factory by 75% due to virus. The electric-car maker told country officials about the cuts at the facility, which makes electric motors and battery packs for the Model 3.

6. Olympics …continued .
[Source: Business Insider]