global recession. The breadth of the collapse is beginning to appear in the initial trickle of economic data across the world, revealing a cratering of trade, reined-in business investment, cowering consumers and surging unemployment that’s sparing few industries.The hit to demand is visible on the world’s oceans, where a measure of U.S. export volumes in […]
CBA forecasts a 200,000 drop in employment, higher than the median estimate of a 100,000 drop according to a Reuters’ survey of economists – though like most, they expect far worse to come as the data catches up to the damage in the real economy.
“The UK is still a large market for bonds and sterling is still a reserve currency behind the dollar and the euro. And the UK is not different to any other country in needing extra funds to support extra spending. It is not an outlier,” he said.
The IMF managing director said there was still “extraordinary uncertainty” about the depth and duration of a crisis that began in the Chinese city of Wuhan in January. She added that it was already clear that global growth would turn sharply negative in 2020. “In fact, we anticipate the worst economic fallout since the Great […]
Oil prices clawed their way into positive territory on Tuesday as hopes that the world’s biggest producers will agree to cut output outweighed analyst fears that a global recession in the wake of the coronavirus crisis could be deeper than expected.Brent crude was up 83 cents, or 2.5 per cent, at $33.88 a barrel by […]
Fitch Ratings and CRISIL. Fitch Ratings recently slashed India’s growth forecast for FY21 to a 30-year low of 2%; Moody’s, too, revised it to 2.5%, citing further spread of virus and extension of the lockdown period. CRISIL, an S&P Global Ratings’s arm, also revised its reading 170 basis points to 3.5% from 5.2%.Dharmakirti Joshi, the […]
Economists for the Federal Reserve Bank of St. Louis predicted more dismal numbers. Last week, they projected 47 million job losses and an unemployment rate just above 32 percent in an analysis of the situation. Those numbers were worse than the 30 percent unemployment predicted by the bank’s president James Bullard days earlier.
By Michelle F. Davis Jamie Dimon said the coronavirus pandemic will lead to a major economic downturn and stress mirroring the meltdown that nearly brought down the U.S. financial system in 2008. “At a minimum, we assume that it will include a bad recession combined with some kind of financial stress similar to the global […]
“Don’t fight the Fed” is the old adage, but markets seem to be doing their best to do that anyway – a new set of Fed FX swap lines on Tuesday was meant to reassure markets that the U.S. central bank was there to ensure an adequate supply of dollars.
“With 28 million bpd of oversupply in the oil market in April and 21 million bpd in May, the global coordinated production cuts that are really needed may be too large for the producers to accept; perhaps twice as large as the numbers being discussed,” said Rystad Energy’s Bjornar Tonhaugen.