Saturday, 25 July 2020
Thursday, 11 June 2020
Dow plummets 1,862 points, its worst day since March, on cautionary Fed messages and 2nd-wave coronavirus fear
- US stocks tanked on Thursday as cautious commentary from the Federal Reserve and rising coronavirus infection rates prompted investor concern.
- All three major indexes posted their biggest single-day declines since March 16.
- Texas, Florida, Arizona, and California all reported strong upticks in case counts or hospitalizations, increasing fears of a second wave of COVID-19 infections.
- The Federal Reserve said on Wednesday that the pandemic could result in permanent economic damage and an extended period of high unemployment.
- Oil dove as well, with West Texas Intermediate crude trading as much as 11% lower.
- Watch major indexes update live here.
- US equities plummeted on Thursday as investors grew warier of rising coronavirus case counts and mulled cautious commentary from the Federal Reserve. All three major indexes posted their biggest single-day declines since March 16.
- A much-feared second wave of COVID-19 infections is becoming likelier in some states as reopening efforts continue. Texas reported its third straight day of record coronavirus hospitalizations, while Florida notched its worst weekly increase in cases. Arizona and California also revealed spikes in new cases. The surging case counts pushed the US total above 2 million.
- Traders also weighed Fed Chair Jerome Powell's comments on Wednesday; he said the pandemic could result in permanent economic damage and an extended period of high unemployment. He cautioned that, despite May's better-than-expected jobs report, "it's a long road" to a labor-market recovery.
- Still, the Fed signaled a willingness to continue economic stimulus efforts, saying it would leave rates near zero and continue multibillion-dollar bond purchases.
- Here's where US indexes stood at the 4 p.m. ET market close on Thursday:
- S&P 500: 3,002.10, down 5.9%
- Dow Jones industrial average: 25,128.17, down 6.9% (1,862 points)
- Nasdaq composite: 9,492.73, down 5.3%
- Read more: We spoke to 3 financial experts, who broke down why you should buy these 13 ETFs to maximize stock-market returns right now
- The Dow's slump marked its worst day since April, reviving market volatility not seen since the initial upswing from coronavirus-induced lows.
- "We were probably due for a 5% or 10% correction, but obviously I didn't expect that to happen in one day," Randy Frederick, vice president of trading and derivatives at the Schwab Center for Financial Research, told Business Insider.
- He continued: "When you get a day like today, it's one of those times that tends to scare people who don't have a lot of experience in this. So the selling begets more selling, which begets more selling."
- Though surging COVID cases raised fears of a prolonged recession, the White House stamped out the possibility of another nationwide lockdown. Treasury Secretary Steven Mnuchin told CNBC on Thursday "we can't shut down the economy again," adding "you're going to create more damage" with such an action.
- Read more: Renowned strategist Tom Lee nailed the market's 40% surge from its worst-ever crash. Here are 17 clobbered stocks he recommends for superior returns as the recovery gains steam.
- Weekly jobless-claims data released on Thursday backed up Powell's gloomy sentiment. Roughly 1.5 million Americans filed for unemployment insurance last week, the Labor Department said. The reading brought the 12-week total to 44 million. Continuing claims, or the number of Americans receiving unemployment benefits, slid slightly from the previous week, to 20.9 million.
- Some of the day's biggest losers were those that gained the most on reopening hopes. Carnival Cruises, Royal Caribbean, and Norwegian Cruise Line all plunged. Airline stocks including Delta, American, and United slid sharply as well. Gap and Kohl's were among the biggest losers in the retail sector.
- Early moves in the Cboe Volatility Index mirrored the stock market's sharp downturn. The VIX, known as the stock market "fear gauge," spiked as much as 54% Thursday, breaching the 40 threshold for the first time since late April.
- Oil tanked through the session amid the wider risk-off attitude. West Texas Intermediate crude sank as much as 11%, to $35.41 per barrel. Brent crude, the international benchmark, slumped 9.4%, to $37.82, at intraday lows.
- Carmen Reinicke contributed to this report.
Sunday, 8 March 2020
Monday, 2 March 2020
Wednesday, 12 February 2020
Wednesday, February 12, 2020
Economy Shutting Down - 2019 GDP Growth Was 4.3%
This is coming from Bangsar.
The rich peoples' neighborhood.
Which makes it double bad.
The rich peoples' economy in Bangsar is also shutting down.
Well last week I was in Putrajaya.
Putrajaya is also going quiet, maybe another ghost town.
But the makan place (overlooking the lake) was closed - at 9am.
A girl with a few parakeets said they opened at 9am.
It was 9 am but still not opened.
The place looks dead.
I prefer he remain pre-occupied that way because the guy really does not have a clue about what to do with the economy.
Go sit in a dark corner.
Monday, 10 February 2020
#MOATS: Varadkar has clearly lost - it would be absurd for him to continue
Sanders asks for recanvass of 25 Iowa caucus precincts
However, George Galloway is pretty sure that Bernie Sanders will eventually win and become the Democrats' presidential candidate who will go head to head against Donald Trump in November 2020, unless his fellow Democrats stab Bernie in the back and put one of their fellow swamp creatures as the Democrats' presidential candidate.
German & Irish voters make it clear they want real change. Establishment puzzled & fails to understand that the problem is THEM
Shock election results in Germany and Ireland are signs of a political earthquake that rumbles on across Europe and with more polls penned in for this year, the voter upsets will roll on much to the dismay of the establishment.
The political tremors rumble on in Germany after the main governing party lost its leader and future chancellor Annegret Kramp-Karrenbauer amid the self-flagellation of an AfD-assisted win for the CDU in a regional German vote.
Elsewhere, Ireland's general election resulted in the previously unthought of scenario of Sinn Féin (which started its life as the political wing of the paramilitary IRA) topping the poll.
Both incidents are part of a massive seismic shift that has hit politics in the Western world and shows no sign of easing, and while the career politicians and their pals sit around and scratch their heads, puzzling over what went wrong and why they didn't see it, they fail to acknowledge one simple truth that every voter knows.
The problem is them.
Establishment politicians throughout Europe, and even further abroad, have now spent a couple of decades shifting away from fulfilling the roles that we have come to expect of them. We no longer have any real first class statesmen or visionaries with brilliant ideas that fit right in with the new social, technological and global environment.
Instead, we are overloaded with narcissists, media obsessives, intellectual lightweights and poseurs using hollow assurances of a life devoted to public service to disguise the reality that they are more interested in the business of self-service.
And my, what a shock when the emperor's new clothes are revealed!
Ireland's Prime Minister Leo Varadkar has spent his time in office sucking up to the EU in return for tough words on the Irish border and a hardman role in the Brexit withdrawal bill negotiations.
While the telegenic young leader of the EU's youngest nation loved the way this seemed to play out, the folk at home were less impressed. And when the chance came to hit him where it hurts, they seized it, turning to Sinn Fein in their droves, with only the over-65s with longer memories than others of historical troubles sticking with the conventional offerings.
It caught Sinn Féin so much by surprise to win 24% that even they are guilty of playing politics with the same old rules as always. Standing candidates in select areas, using strategic voting, rather than looking to have as many people represented as possible.
Not so the German CDU candidate Thomas Kemmerich in Thuringia, who opted to enlist the support of Alternative for Deutschland in order to win his bid for office.
While the mainstream media continues to brand the AfD as "far right" in an obvious attempt to link it to the Nazis, the party has a massive appeal throughout Germany, particularly in the east.
But what Kemmerich did was branded "unforgivable" by Angela Merkel because it is considered taboo by those in the mainstream to deal with anybody from the "far right", even where those credentials don't really fit.
So here we have a democratically elected politician hounded out of office for refusing to play by the establishment rules. Germany has a problem.
The treatment drips with hypocrisy.
Then again, the German leadership has been accused of having a tin ear ever since Merkel opened the doors to 1 million migrants in 2015, so no one is surprised by this "Mummy knows best" approach.
They don't take into account that voters are far more sophisticated these days.
They are not surprised when genuine politicians with a real connection to the people form alliances or partnerships that will actually help address the concerns of those who elected them.
This is exactly what the modern voter wants. Pragmatic, go-getters. Not someone whose hands are tied because a party machine forbids them from using any sort of initiative.
Look at Matteo Salvini in Italy. He might have been the world's worst coalition partner during his time as interior minister in the short-lived government with partners Five Star Movement (M5S) as he insisted on grabbing the headlines and dominating the national political narrative. But heavens above he was, and remains, popular.
Later this year we have more elections in Europe, which are all capable of throwing the cat among the pigeons.
There are national polls in Cyprus, Croatia, Romania, Slovakia and Lithuania with presidential elections in Poland.
Each of these EU nations has its own internal issues; sluggish economies, endemic corruption, underperforming representatives, take your pick.
Then there are a host of regional elections across Italy and more in Spain, including Catalonia, in which anything could and probably will happen as issues of immigration and the economy cause headaches for the Italians and regional separatism dogs the Spanish.
Rather than accept disruption as the new face of democracy however, the entrenched political establishment will continue to threaten, cajole and coerce those who undermine the way they do things, even if that means upsetting the voters or going against their explicit wishes.
They will do this at their peril.
People expect more in 2020. They might all have their own issues — climate, digital access, transport, housing or the lack of work — but are all agreed on one thing. They will no longer take inaction or excuses from their politicians.
Try those and see what happens.
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