Daily Archive: June 15, 2020

Czech Republic’s number of coronavirus cases rises to more than 10,000 By Reuters

© Reuters. A man gets his temperature taken at Skoda Auto’s factory as employees return to work after the company restarted production following a shutdown last month due to the coronavirus disease (COVID-19) outbreak in Mlada Boleslav

PRAGUE (Reuters) – The number of coronavirus cases rose to more than 10,000 in the Czech Republic, Health Ministry data showed on Monday.

The country of 10.7 million has 10,024 confirmed cases as of the end of Sunday, with 329 deaths and 7,226 recovered.

The daily rise in case numbers has been in the range of 31-74 over the past two weeks.

Czech authorities opened their borders to travel from most European Union countries earlier this month and it has raised the limit for public gatherings to 500 people.

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Stocks rebound as investors focus on buying the dip over virus fears

U.S. stocks rebounded from the biggest rout in 12 weeks as dip-buyers emerged for companies that bore the brunt of Thursday’s selling. The dollar rose.

Real-estate, financial and energy companies led gains in the S&P 500. Cruise operators and airlines that were among the hardest-hit during the rout soared. Earlier Friday, the gauge fell as the World Health Organization said the risk of a second wave of coronavirus is present for any country exiting lockdowns. States and cities might have to resume shutdowns if cases surge dramatically, top officials at the U.S. Centers for Disease Control and Prevention said.

A rally of more than 40 per centthat carried equity benchmarks well off their March lows stumbled this week on pessimism about the pace of recovery following months of lockdown. Arizona and Oklahoma were among U.S. states to report record one-day increases in new coronavirus cases, a month after easing restrictions.

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A ‘sharp but short’ recession: Morgan Stanley economists re-up forecast for V-shaped recovery

The global economy is in a new expansion cycle and output will return to pre-coronavirus crisis levels by the fourth quarter, according to Morgan Stanley economists.

“We have greater confidence in our call for a V-shaped recovery, given recent upside surprises in growth data and policy action,” economists led by Chetan Ahya wrote in a mid-year outlook research note on June 14.

Predicting a “sharp but short” recession, the economists said they expect global GDP growth will trough at -8.6% year on year in the second quarter and recover to 3.0% by the first quarter of 2021.

Morgan Stanley noted three reasons for why the recession will be short:

  • This is not an endogenous shock triggered by huge imbalances
  • Deleveraging pressures will be more moderate
  • Policy support has been decisive, sizable and will be effective in boosting the recovery

Official support isn’t likely to ease anytime soon, with both central banks and … Read More