US - Economic Data & News 09 (Sep 16 - Jul 20)

Re: US - Economic Data & News 09 (Sep 16 - Dec 20)

Postby behappyalways » Wed Jul 08, 2020 4:05 pm

The number of daily death is starting to climb...


New COVID-19 infections are rising in 42 states, based on a Reuters analysis of the past two weeks

U.S. tops 3 million known infections as coronavirus surges
https://www.reuters.com/article/us-heal ... SKBN2482JQ
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Re: US - Economic Data & News 09 (Sep 16 - Dec 20)

Postby behappyalways » Thu Jul 09, 2020 10:16 pm

Empty Manhattan apartments reach record levels, landlords slash rent
https://www.cnbc.com/2020/07/09/empty-m ... -rent.html


States with severe coronavirus outbreaks should ‘seriously look at shutting down,’ Dr. Fauci says
https://www.cnbc.com/2020/07/09/states- ... -says.html
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Re: US - Economic Data & News 09 (Sep 16 - Dec 20)

Postby behappyalways » Sat Jul 11, 2020 12:59 pm

Amazing 70,000 daily cases yet market is still going up... Simply amazing



U.S. sets record for new COVID cases third day in a row at nearly 69,000
https://www.reuters.com/article/us-heal ... SKBN24B2QI


Goodbye, extra $600: Unemployment benefits won’t exceed former wages in next stimulus bill, Treasury’s Mnuchin says
https://www.marketwatch.com/story/goodb ... ewer_click
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Boredom Strikes! 06 (Jan 17 - Dec 20)

Postby behappyalways » Mon Jul 13, 2020 11:48 am

New York Times: Trump considered selling Puerto Rico following Hurricane Maria, former acting Homeland Security chief says
https://edition.cnn.com/2020/07/12/poli ... index.html
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Re: US - Economic Data & News 09 (Sep 16 - Dec 20)

Postby behappyalways » Tue Jul 14, 2020 4:20 pm

2020.07.12【文茜世界周報】止不住的失控疫情 美新冠確診破300萬人
https://www.youtube.com/watch?v=mMYzUfivbAA


2020.07.12【文茜世界周報】川普堅持學校秋天全復課 棒打科學家與教育界
https://www.youtube.com/watch?v=ZOFxQDxbB7Y


2020.07.12【文茜世界財經周報】史上重大瘟疫 不只重創經濟還衍生社會問題
https://www.youtube.com/watch?v=lBVg0Ues8P4
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Re: US - Economic Data & News 09 (Sep 16 - Dec 20)

Postby behappyalways » Thu Jul 16, 2020 2:25 pm

Americans on COVID-19 jobless benefits spent more than when working, study shows
https://www.reuters.com/article/us-usa- ... SKCN24H0IG
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Re: US - Economic Data & News 09 (Sep 16 - Dec 20)

Postby behappyalways » Fri Jul 17, 2020 8:59 am

Virus surges. Work hours plateau. U.S. may be flattening the wrong curve
https://www.reuters.com/article/us-usa- ... SKCN24H323


More than half of all states - 30 out of 50 - have reported record one-day increases in cases this month. Infections are rising in almost all states, based on a Reuters analysis of cases the past two weeks compared with the prior two weeks.

U.S. coronavirus cases shatter records and rise by 75,000 in single day
https://www.reuters.com/article/us-heal ... SKCN24I014
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Re: US - Economic Data & News 09 (Sep 16 - Dec 20)

Postby behappyalways » Fri Jul 17, 2020 7:44 pm

On eve of bankruptcy, U.S. firms shower execs with bonuses
https://www.reuters.com/article/us-heal ... SKCN24I1EE
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Re: US - Economic Data & News 09 (Sep 16 - Dec 20)

Postby behappyalways » Sun Jul 19, 2020 6:48 pm

America’s economy and the banks

Banks are a window into the economy
Wall Street banks book giant trading profits and giant bad-debt charges

IF YOU WANT a sense of what is happening to America’s economy during one of the most unusual periods in its modern history, a decent place to start is its banks.

Several of the very largest firms, including JPMorgan Chase, Citigroup, Wells Fargo and Goldman Sachs, have just updated investors.

Together they have trillions of dollars of assets and dealings with many of the households and firms hit by the pandemic. The message is that Wall Street is booming even as Main Street is suffering.

When the pandemic struck, markets collapsed but the Federal Reserve started buying up government debt and promised to purchase all sorts of private assets, including corporate debt. Shares and bond prices soared and many companies, facing a shortfall in revenue because of the lockdowns, rushed to raise capital, mainly by issuing new bonds to investors but also by selling shares. In total some $5.4trn has been raised worldwide so far this year.

This has created a windfall on Wall Street (see article). In the second quarter markets revenues at Citibank, Goldman Sachs and JPMorgan were higher than at any time since the global financial crisis, almost doubling over the same period in 2019.

Goldman Sachs, one of the two remaining big stand-alone investment banks, saw revenues jump by 41%. True to form, it wasted no time in handing over more to its staff. Their 35% pay increase meant that its indulgent and long-suffering shareholders saw profits rise by only 2%.

The real world is less reassuring. Under accounting and supervisory rules, bankers have to prepare for expected losses on loans that go sour, by making provisions now. The sums involved are staggering. The four big banks that have reported set aside $30bn, on top of the $20bn they earmarked in the first quarter.

In total, the bad-debt reserves they hold are equivalent to 2-4% of their consumer and corporate loan books. Provisions for bad loans now exceed those set aside at the height of the financial crisis. This dragged overall profits down by 50-70% year on year at the big banking conglomerates. Wells Fargo, which does not have a large Wall Street operation to offset charges for dud loans, recorded its first loss since 2008.

What about the outlook? Few investment-bank bosses expect Wall Street to see such stellar results in the second half of the year. Trading volumes have already fallen back and, now that big businesses have their war chest, they will not need to raise so much new money. But the most striking signal from the banks is just how much depends on whether the virus can be controlled—and what the government does.

Asset prices have been lifted because of the extraordinary, and necessary, interventions made by the Fed to restart activity. Main Street is staying afloat thanks to generous government handouts. It is unprecedented that unemployment has jumped to post-war highs while income and savings are rising.

Half of the consumers who requested deferrals for credit-card and mortgage payments from JPMorgan have kept paying their bills. Whether they will still do so when the government stimulus tapers is another matter. Ominously, Michael Corbat, the boss of Citigroup, admitted that “We are in a completely unpredictable environment.”

That the banks are not sharing the pain in a time of hardship may stick in the craw. But it is better than weak lenders dragging down the rest of the economy, as in the financial crisis. The idea of letting lenders run investment banks no longer looks as risky as it did, given that Wall Street revenues generate profits which can offset Main Street losses.

And America’s banking system sits on a vast capital buffer worth a total of $1.2trn. The message from banks is not reassuring. The state of banks is more so.

Source: The Economist
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Re: US - Economic Data & News 09 (Sep 16 - Dec 20)

Postby behappyalways » Mon Jul 20, 2020 2:23 pm

2020.07.19【文茜世界周報】新冠疫情延燒難遏止 加州政策轉彎重啟封鎖令
https://www.youtube.com/watch?v=DQkS-DB8hxE


2020.07.19【文茜世界周報】全美41州惡化 佛州成新震央 27州暫停復工
https://www.youtube.com/watch?v=91pgtPY_l84


2020.07.19【文茜世界周報】新冠噩夢難醒 紐時專欄:川普偷走了美國人兩年
https://www.youtube.com/watch?v=Y_3XZAdwyJI


2020.07.19【文茜世界周報】佛州確診破30萬 單州確診數超過中法總和
https://www.youtube.com/watch?v=oliqCs_xOdQ
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