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China GDP growth – S&P estimates coronavirus cut 0.7 % from year

Ratings agency S&P on the virus impact on economic growth in China in 2020

The firm estimates coronavirus will lower China’s GDP growth by 0.7% to to 5.0% this year with a peak effect in Q1

  • expect a rebound in GDP to begin in Q3, all lost output recovered by the end of 2021

A subtraction of 0.3% is their estimate for the impact on global GDP growth in 2020

More:

  • New coronavirus a “high” risk to global credit conditions in Asia-Pacific and more particularly China
  • an “elevated” risk for rest of the world given lower infection and fatality rates outside China
  • speed and spread of coronavirus in past two months poses an emergent risk to global economy and credit
  • economic hit from coronavirus (including travel restrictions) to be felt most keenly in sectors exposed to Chinese household-related spending
  • expect a lag in lifting travel restrictions, return of more normal behavior by Chinese consumers, firms and to a lesser extent, Asia-Pacific

Ratings agency S&P on the virus impact on economic growth in China in 2020

The NASDAQ and S&P close at record levels

Give up most of gains. Dow ends unchanged

The NASDAQ and S&P index are closing at record levels. That is the good news. The bad news is the major indices are closing well off the highs for the day.
The final numbers are showing:
  • The S&P index is closing up 5.68 points or 0.17% at 3357.77. The high reached 3375.63. The low extended to 3352.72
  • The the NASDAQ index is closing up 10.552 points or 0.11% at 9638.94. The high reached 9714.738. The low extended to 9617.211
  • The Dow fell -0.48 points to 29276.34. The high reached 29415.39. The low extended to 29210.47.
At the highs, the S&P index was up 0.70%, the NASDAQ index was up 0.90% and the Dow industrial average was up 0.47%.