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The UK economy is heading for its worst recession in 300 years
- 2020-05-09
- Traiding Idea
The UK economy is heading for its worst recession in 300 years. The Bank of England said in its latest forecast that the UK economy is heading for the worst recession in 300 years due to the spread of the coronavirus. The central bank said the country's economy could shrink by 14 % this year, the biggest annual contraction since a decline of 15% in 1706. The head of the Bank of England, Andrew Bailey, said he would take steps to support the economy amid coronavirus outbreak, but did not announce any new stimulus measures.
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Top Things to Know in the Market on Thursday, May 7th
- 2020-05-07
- Traiding Idea
EU economy will shrink by 7.5 % this year According to the European Commission's disappointing forecast, the Coronavirus pandemic will plunge most European economies into their worst state since the Great Depression. Brussels has had to abandon any hope of growth for both the European Union and the Eurozone and predicted that their economies would shrink by 7.5 percent and 7.75 percent, respectively. This is the worst recession for the Eurozone. Compared to previous estimates, growth projections have fallen by almost 0.9%.
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Top Things to Know in the Market on Wednesday, May 6th
- 2020-05-06
- Traiding Idea
US service sector falls into the biggest contraction since 2009 According to the Institute for Supply Management, last month, while the Coronavirus pandemic brought US economic activity to a halt, the US service sector contracted for the first time in a decade. The ISM nonmanufacturing index fell from 52.5 units in March to 41.8 units in April. This was the worst drop since March 2009, when the index hit 40. The sharp drop in the index in April was driven by the lowest amount of business activity in the service sector since ISM debuted the index in 1997. The sharp fall in new orders also lowered this index.
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Top Things to Know in the Market on Friday, May 1st
- 2020-05-01
- Traiding Idea
Adidas says profits fell more than 90% in the first quarter due to coronavirus store closure Adidas predicts that sales of the company will drop by 40% in the second quarter due to the negative impact of the Coronavirus outbreak. Sales of German sportswear giant fell 19 percent in the first quarter to 4.75 billion euros ($ 5.16 billion) as 70% of the company's stores worldwide were closed due to the Covid-19 pandemic. Adidas' net income for the first quarter was $ 26 billion, down 96 % from a year earlier.
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Top Things to Know in the Market on Thursday, April 30th
- 2020-04-30
- Traiding Idea
US GDP fell 4.8% in the first quarter According to U.S. government data released Wednesday, the gross domestic product fell 4.8 % in the first quarter, the biggest contraction since the financial crisis. Economists had forecast that the US GDP would fall by 3.5% in the first quarter. This was the first negative growth in US GDP since the 1.1 % decline in the first quarter of 2014 and has been unprecedented since the negative growth of 8.4 % in the Q4 of 2008 during the worst of the financial crisis.
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Top Things to Know in the Market on Wednesday, April 29th
- 2020-04-29
- Traiding Idea
unemployment in the united states may be as high as 40 million The jobless rate in the United States due to the Covid-19 outbreak is much higher than what was announced in the official data, as millions of Americans have not been able to file for unemployment insurance. The total number of those who filed for unemployment reached 26 million, After another 4.4 million Americans claims were filed last week. The frustration over the application process is one of the reasons why the official unemployment rate remains below reality, according to the Economic Policy Institute (ERI). The institute said millions of others would have filed for benefits if it had not been for the difficulty of the process, while only half of those who do apply would actually receive benefits.
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Top Things to Know in the Market on Tuesday, April 28th
- 2020-04-28
- Traiding Idea
Dow up 350 pints, retakes 24,000 US equities jumped on Monday, the possibility of reopening the economy boosted investor sentiment for more risky assets. The Dow Jones industrial average gained 358.51 points, or 1.51%, to close at 24,133.78. The S&P500 closed 41.74 points higher, or 1.47%, at 2878.48. The Nasdaq composite surged 95.64 points, or 1.11 %, to 8730.16.
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U.S. crude prices turned negative for the first time in history
- 2020-04-21
- Traiding Idea
The futures contract for US crude fell more than 100% and turned negative for the first time on Monday. The international benchmark, Brent crude, for June delivery settled 8.9% lower at 25.57 per barrel. WTI crude for May delivery settled at negative $ 37.63 per barrel. Meaning producers would pay buyers to take the oil off their hands. One of the reasons behind the fall in US crude oil prices is the imminent expiration of the May futures contract on Tuesday. So those who had the contract had to take the oil, and this was their last chance to get rid of the contract, so they were willing to sell it at any cost, which led to an unprecedented drop in oil prices.
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