In the trading week ending Thursday, March 9, most major asset classes experienced a significant recovery, particularly driven by U.S. real estate investment trusts (REITs), as indicated by a selection of exchange-traded funds. The sole exception was broadly defined commodities, which continued to decline.
Dr. Fauci expresses ‘cautious optimism’ regarding a slowdown in the U.S. coronavirus outbreak: CNBC
China sees a rise in daily coronavirus cases, reaching a nearly six-week high: Reuters
China restricts the publication of coronavirus research: CNN
Trump seeks to reopen the U.S. economy while governors hold the authority: USA Today
Minneapolis Fed President predicts a ‘long, hard road’ for U.S. economic recovery: CNBC
OPEC, Russia, and the U.S. agree to a cut in oil production: Reuters
Goldman Sachs suggests that U.S. stocks may have reached their lowest point: Bloomberg
U.S. consumer prices dropped 0.5% in March—the largest monthly decline in five years: CNBC
We’ve seen similar situations in the past, only to realize through subsequent developments that they are not as they appear. However, there are signs suggesting that the daily number of COVID-19 fatalities in the U.S. may be on the decline, based on data available through April 12, as reported by Johns Hopkins. It will still take several days before we can begin to perceive this shift with any confidence. In the meantime, we must confront some negative aspects: the peak cumulative fatalities are still not in sight, but if the downward trend in daily counts continues, we may witness a stabilization soon.
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Serve Us All
By Kevin Scott with Greg Shaw
Q&A with the author (Scott) via The Verge
In our latest Vergecast interview, Verge editor-in-chief Nilay Patel speaks with Microsoft Chief Technology Officer, Kevin Scott about his new book “Reprogramming the American Dream.”
Scott discusses how artificial intelligence and machine learning can positively impact rural America in aspects such as employment, education, and public health. One chapter specifically addresses how AI might assist with healthcare and diagnostics—a critical topic in the U.S. currently, especially during the COVID-19 pandemic.
Within the interview, Scott relates the solutions proposed in his book to the ongoing crisis, highlighting how supercomputers at Microsoft, initially utilized for natural language processing, are now aiding in the search for vaccine candidates and treatments for the novel coronavirus.
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In recent weeks, the previously moderate optimism surrounding the U.S. economic outlook has eroded—first gradually, then suddenly. The trigger for this shift has been the coronavirus and the measures put in place to contain its spread. Economist Paul Krugman likens this strategy to an economic “medically induced coma.” Regardless of the terminology, the repercussions are profound, and it remains unclear how the situation will evolve or, more importantly, how recovery will unfold. In this context, let’s examine some recent projections concerning the recession induced by COVID-19 that’s impacting the American economy.
The economic fallout has sparked discussions about the appropriate time to reopen the U.S. economy: WSJ
The Federal Reserve expands its stimulus efforts to sustain the economy and markets: CNBC
The European Union endorses a $540 billion rescue package to combat coronavirus: BBC
IMF Chief states that the global economy is poised for the worst recession since the Great Depression: Reuters
Uncertainty surrounds the OPEC deal on oil production cuts after Mexico’s reluctance: CNBC
Mortgage rates are at record lows, but obtaining new loans remains a challenge: MW
U.S. jobless claims continue to rise: CNBC
U.S. consumer sentiment experiences a sharp drop in April: Bloomberg
At this moment, the most crucial economic indicator is not directly related to traditional economic metrics but revolves around the ongoing health crisis and how it unfolds in the coming days, weeks, and months. The central issue remains the coronavirus data, particularly the timing of its peak. This varies by country; however, a global apex remains the key event to watch. Regrettably, the data is often unreliable, leaving future projections uncertain. Although this may not be the best foundation for analysis, it’s the reality we face. With this in mind, let’s briefly explore the current state of U.S. data.
Sanders has exited the presidential race, leaving Biden as the presumptive Democratic nominee: Vox
New York Governor Cuomo announces that the state is beginning to flatten the coronavirus curve: Newsweek
Is today’s OPEC+ meeting likely to stabilize the overflow in the oil market? CNBC
Electricity usage data provides a real-time gauge for recession measures: NY Times
U.S. jobless claims are projected to surge again in the forthcoming weekly report: CNBC
Scientists warn that the coronavirus may not fade during the summer: NY Times
The IMF and World Bank report a surge in aid requests from the developing world: WSJ
Minutes from the Fed indicate concerns over the coronavirus as of March: Reuters
The Bloomberg Consumer Comfort Index records the largest weekly decline on record: BBG
This year’s decline in stock markets has affected every corner globally; however, China’s equity market has seen the least impact compared to other major regions as of April 7.
The U.S. is navigating an uncertain road towards economic recovery: WSJ
Recent data confirms that the global recession began in March: Bloomberg
The U.S. reported its highest daily number of coronavirus fatalities to date on Tuesday (April 7): BBC
Trump threatens to suspend funding for the World Health Organization: FT
Treasury Secretary Mnuchin seeks an additional $250 billion in aid for small businesses: CNBC
The acting U.S. Navy Secretary has resigned: Politico
The recent increase in oil prices is being monitored ahead of OPEC discussions: CNBC
Twitter founder Jack Dorsey commits $1 billion towards combating the coronavirus: BBC
Prior to the fallout of the coronavirus, U.S. job openings were near 7 million: MW
Small business optimism plummeted sharply in March: NFIB
