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Extreme weather has the potential to trigger an economic recession worse than anything else in human history, experts warn. Current financial markets do not account for the risk posed by extreme natural disasters such as floods and droughts, according to a study published in the journal Nature Energy.

“As a result, investors are at risk of a sudden correction and crash which devastates the global economy unless unless action is taken to mitigate its impact. Researchers believe a disaster-induced crash would dwarf the infamous Great Depression and 2008’s Great Recession and be the worst economic meltdown ever.”

https://www.dailymail.co.uk/sciencetech/article-8012119/Extreme-weather-trigger-catastrophic-economic-recession-like-weve-never-seen-before.html


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Shortages of food and fuel could be among the fallout from continuing rail blockades by Indigenous groups and environmental activists protesting against a natural-gas pipeline project on Canada’s west coast, warn the country’s retailers and manufacturers…

“Canada’s largest cargo rail network has been ground to a halt in Ontario and in the west coast Canadian province of British Columbia.”

http://www.xinhuanet.com/english/2020-02/17/c_138792837.htm


“…while the market’s focus is on the issues surrounding a debt relief agreement that is “sustainable”, there is a surprising lack of debate about the fact that [Argentina’s] economy – on its current trajectory – is itself completely unsustainable and headed for a sharp crisis.”

https://www.euromoney.com/article/b1kcxd1ppgm92n/is-argentina-headed-for-the-rocks


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European car sales fell in January, hit by a sluggish global economy, higher car taxes in some EU countries and uncertainty over Britain’s departure from the bloc, the European Auto Industry Association (ACEA) said on Tuesday.

“In January, new car registrations dropped 7.4%…”

https://auto.economictimes.indiatimes.com/news/passenger-vehicle/cars/european-new-car-sales-down-7-4-in-january/74187969


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Once Asia’s fastest-growing major economy, India’s recent downturn has seen the government hit the fiscal panic button.

“Will the coronavirus kill off its rescue effort? …Unfortunately for India’s corporate sector, the coronavirus outbreak is set to damage some of its most indebted businesses.”

https://thediplomat.com/2020/02/coronavirus-deepens-indias-economic-chill/


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The Chinese economy is on course to suffer its worst quarterly performance since the Tiananmen Square protests in 1989 because of the coronavirus outbreak, economists have said.

“Chinese officials cut a key medium-term interest rate yesterday, pumping more liquidity into the system and raising hopes of further stimulus to curb the economic impact of Covid-19…”

https://www.thetimes.co.uk/edition/business/china-slowdown-biggest-in-30-years-mm08x00d2


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HSBC has said it will slash 35,000 jobs over three years as part of a major shake-up after revealing that annual profits plunged 33%.

“The bank also issued a warning over the coronavirus outbreak in Asia, which makes up the bulk of its profits, saying it could have an impact on its performance in 2020.”

https://www.theguardian.com/business/2020/feb/18/hsbc-to-cut-35000-jobs-worldwide-as-profits-plunge-coronavirus


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The [Chinese] factory shutdowns are having knock on effects globally

“…in the UK and elsewhere, consumer-facing industries are extremely dependent on these imports and a delay to just one specialist small component sourced from China could potentially delay production of goods by several months if the country remains unable to go back to work.”

https://www.handyshippingguide.com/shipping-news/how-is-coronavirus-affecting-the-shipping-and-logistics-sectors_12675


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The global supply chain is being disrupted, triggering production stoppages in other industrial centres… The odds are high, and rising, that the coronavirus crisis will last through March, which may be enough to push the global economy into recession.

“There is a significant chance that the crisis will last until summer. The economic disruption may pack enough of a punch to pop the biggest global bubble – centred around the US stock market – in modern history.”

https://www.scmp.com/comment/opinion/article/3050960/luck-may-be-only-thing-standing-between-coronavirus-and-us-stock


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The WTO’s latest forward-looking Goods Trade Barometer [which measures global trade] stood at 95.5, compared with a level of 96.6 in November [before the coronavirus].

“Readings of 100 indicate growth over the next quarter in line with medium-term trends, while [sub-100 denotes contraction].”

https://www.caixinglobal.com/2020-02-18/coronavirus-epidemic-to-deepen-slump-in-global-trade-wto-says-101516747.html


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Finance ministers and central bankers from 20 major economies will gather in Saudi Arabia this weekend to discuss the economic challenges posed by the outbreak.

“The meeting will test how transparent and cooperative the countries can be to tackle a growing health and economic emergency.”

https://www3.nhk.or.jp/nhkworld/en/news/backstories/879/


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