Daily Archive: June 27, 2020

Coronavirus cases in India cross 500,000 as big cities reel from surge By Reuters

By Devjyot Ghoshal

NEW DELHI (Reuters) – India reported over 17,000 new coronavirus cases over the last 24 hours, pushing the country’s total above 500,000, federal health ministry data showed on Saturday, with infections surging in major cities including the capital New Delhi.

India has the world’s fourth-biggest outbreak of the virus that causes COVID-19, below only the United States, Brazil and Russia in confirmed infections, according to a Reuters tally.

Infections are expected to continue rising steadily in India. Experts advising the federal government say the authorities should now prioritise reducing mortality over containing the spread of the virus.

“Our focus should be on preventing deaths and not really getting bogged down because of the numbers. Numbers are going to increase,” said Dr Manoj Murhekar, a member of India’s main coronavirus task force and director of the National Institute of Epidemiology.

The COV-IND-19 study group, led by Bhramar Mukherjee,

Read More

Stocks close almost 3% lower as coronavirus surge brings back lockdowns in southern states

NEW YORK — Wall Street’s major indexes tumbled on Friday as several U.S. states imposed business restrictions in response to a surge in coronavirus cases.

Several U.S. states that were spared the brunt of the initial coronavirus outbreak or moved early to lift restrictions are seeing a resurgence in new infections. On Friday, Texas and Florida ordered bars to close down again.

“You’re seeing a pretty dramatic increase in cases,” said Kevin Grogan, managing director of investment strategy at Buckingham Strategic Wealth in St. Louis. “If people start feeling again like it’s not safe to eat out or go shopping, that could have a really negative impact on the stock market.”

A Wall Street Journal report that the Phase 1 U.S.-China trade deal could be at risk placed additional pressure on U.S. stocks. According to that report, Chinese officials warned that “meddling” in Hong Kong and Taiwan could lead Beijing

Read More

How low will GDP go? Atlanta Fed projections for Q2 dip below -40%

That’s a big number.

While plenty of economists are busy debating the shape of an eventual economic recovery, there’s still the small matter of the second quarter to get through first. And while everyone agrees U.S. GDP is in for a historic drop, there’s still a wide variety of opinions about just how big that drop will be.

One widely watched gauge is the Atlanta Fed’s GDPNow tracker, a mathematical model that feeds in new economic data as it is released, and tries to factor in how it will move the overall GDP figure for an upcoming quarter. And as of Thursday June 25, the GDPNow’s estimate for second-quarter GDP was a stunning –46.6%.

However by Friday that had improved somewhat, to –39.5%, based on better than expected consumer spending data. The next GDPNow update will be released on Wednesday July 1.

The tracker does come with … Read More