Daily Archive: June 29, 2020

Oil Drop Persists as Virus Cases Hit New High And Threatens Demand By Investing.com

© Reuters.

By Bryan Wong

Investing.com – Oil continued its drop on Monday morning in Asia, following last week’s plummet. Investor worries over demand were amplified after COVID-19 cases surpassed ten million and deaths surpassed half a million as of June 29, according to Johns Hopkins University data.

 dropped 1.86% to $40.17 by 12:59 AM ET (04:59 AM GMT)  and  also slid 2.10% to $37.69. 

The U.S. is seeing a big surge in virus cases with some states hitting an all-time high. Only two states- Connecticut and Rhode Island, reported a decline in new cases compared to last week.

Asia also recorded a stark increase in infections in countries such as Indonesia, Philippines, and India, with India recording its biggest surge in cases over 24 hour period for a second consecutive day. The country recorded 9,906 new cases as of June 29.

Meanwhile, Chinese state-owned oil refining giants including China

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Dave called it: Why Rosenberg saw a downgrade in Canada’s future

On Wednesday, the Fitch credit ratings agency downgraded Canada’s triple-A rating to AA+, citing the “deterioration” of the country’s finances resulting from the fight against COVID-19. The move came as a surprise to some, but David Rosenberg, founder of independent research firm Rosenberg Research & Associates Inc., saw the trouble brewing earlier this year. The following note, outlining his concern that a downgrade might be in the offing, was published in the firm’s Breakfast With Dave Newsletter on April 24, under the headline, ‘Will Canada get a credit downgrade?’

There is a very good chance that the need for more massive federal assistance for the provinces, for households, for the business sector, will trigger a downgrade at some point soon. ‎It may be true that the federal government went into this mess with a seemingly well contained 31 per cent debt-to-GDP ratio, but for the entire economy, at all

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When does the extra $600 in federal unemployment end? What to know before it expires

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The CARES Act passed in March set aside an additional $600 per week in unemployment insurance (UI) as a financial cushion for the tens millions of Americans who would soon lose their jobs during the pandemic.

Americans receive the extra $600 per week in unemployment benefits on top of their state benefits. But that extra $600 benefit recedes at the end of July unless the federal government extends it.

That means millions of Americans are about to take a $600 weekly—$2,400 per month—cut in pay. That financial blow to unemployed American’s finances comes as the unemployment rate sits at 13.3%, and 59% of CEOs tell Fortune they’ve implemented hiring freezes since the onset of the pandemic. Despite an improving economy, it’s still a terrible time … Read More