October 7, 2020 - Page 2 of 2 - Financial Occultist

Speech by Governor Kuroda at the 62nd Annual Meeting of the National Association for Business Economics

Topic is:

COVID-19 and the Global Economy: Impact and Challenges

Headlines via Reuters:

full-fledged recovery of global economy seems much further down the road
downturn of the asian economy has been moderate in comparison with other regions
asian financial markets have been able to weather impact of covid-19 due to build-up of foreign currency reserves, swift and aggressive implementation of fiscal and monetary measures
supply chains in asia have been disrupted due to strict public health measures
domestic demand has been weak in many asian economies, reflecting deterioration in employment and income conditions
recent pandemic has exposed certain vulnerabilities in asian supply chain networks
business reforms triggered by covid-19 are expected to boost productivity in asia in longer term
key for asia to achieving sustainable growth is to work toward realising inclusive, green and digital economy
covid-19 pandemic has highlighted importance of regional, international cooperation in implementing appropriate measures vs economic shocks
fundamental importance of globalization to global economy will not change

Full text is here

China state media report on projections for 360,000 US coronavirus deaths by year end

07-Oct-20 05:16 am

Anirudh Sethi

Xinhua citing a new forecast from the University of Washington

According to the new forecast from the Institute for Health Metrics and Evaluation (IHME) at the University of Washington, COVID-19 deaths in the country would surpass 2,900 a day by Jan. 1, and the total would reach 363,269.
The IHME model projected over 135,900 hospital beds are needed by Jan. 1 to take care of the infected.

I’m not sure if this is an election-related piece from Xinhua. As in trying to influence the election?

Whatever it is, its a sad forecast indeed for the US.

UK coronavirus – PM Johson considering imposing tougher lockdown restrictions

07-Oct-20 05:14 am

Analysis

Anirudh Sethi

UK media (Sun) reporting Boris Johnson is pondering even tougher restrictions

tougher lockdown restrictions for millions of people in the north of England

Due to the continued surge in COVID-19 cases.

Senate leader McConnell says he agrees with Trump decision to pull out of coronavirus relief talks

07-Oct-20 05:13 am

Analysis

Anirudh Sethi

I’ve been highlighting the Senate being implacably opposed to further stimulus for over a month.

McConnell has been unable to get the numbers from his Republican party members to pass a stimulus bill in the Senate. Trump pulling the pin takes the heat off Mr Mc. he can head back to Kentucky now for the election, hand out some opioids from his big pharma pals, take a bit of cash, and count his $.

The look of lurve ….

What a difference a week makes. Crude #oil is up 10% this week.

07-Oct-20 05:05 am

Anirudh Sethi

Overnight : US stocks end sharply lower

07-Oct-20 05:05 am

Anirudh Sethi

Trump bombshell has investors on edge

The US stocks are ending the session sharply lower, but having said that the declines today are less than the gains from yesterday.

A look at the closes shows.

S&P index down -47.66 points or -1.4% to 3360.97. Yesterday the index closed up 6.18 points
NASDAQ index fell -177.88 points or -1.57% to 11154.60. Yesterday the index rose by 257.46 points
Dow industrial average fell -375.80 points or -1.34% to 27772.76. Yesterday the index rose by 465.77 points

Perhaps the market is a bit confused as to what the intentions of Pres. Trump is and whether he is using this is a plow to gain some competitive advantage in negotiations. It is hard to figure out… What we know is that investors are on edge as they decipher the next chapter in this 2020 thriller.