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

Read More

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

Read More

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

Our mission to help you navigate the new normal is fueled by subscribers. To enjoy unlimited access to our journalism, subscribe today.

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