“The pandemic caused a widespread health crisis that has led to an economic crisis that may take longer to recover than anybody has been able to price in.
“We’ve entered the second phase of our pandemic-infused national drama, Barclays Capital analysts say.”
“The ongoing coronavirus pandemic will haunt the US economy for a decade, wiping close to $8tn off economic growth, according to new projections released by the Congressional Budget Office (CBO) on Monday.
“In a letter to lawmakers CBO director Phillip Swagel projected the virus will reduce US economic output by 3% through 2030, a loss of $7.9tn.”
https://www.theguardian.com/business/2020/jun/01/coronavirus-us-economy-impact-wipe-out-8tn
“Cities witnessed another night of protests despite widespread curfews as sporadic unrest continued across the US one week after George Floyd’s death, which autopsies on Monday ruled was a homicide…
“The mood intensified as the night wore on and curfews came into effect, with police using forceful tactics to clear the streets.”
https://www.theguardian.com/us-news/2020/jun/01/george-floyd-protests-monday-curfews-autopsy
“The protest was against police brutality in America but, like a virus, it quickly spread. ‘Fuck the police!’ protesters in London are now chanting.”
https://www.spectator.co.uk/article/america-s-riots-could-be-contagious
“Organisers of anti-racism protests in the UK have accused the police of unfairly targeting black people during the lockdown and called for further demonstrations this week.”
“House prices across the UK fell at the fastest rate since the financial crisis last month, as would-be buyers said they would wait six months before returning to the housing market.”
https://www.theguardian.com/business/2020/jun/02/uk-house-prices-fall-coronavirus-nationwide
“The economic crisis associated with the Covid-19 pandemic is unprecedented in nature and scale. Some EU economies look set to be hit significantly harder than others.
“There is a wide discrepancy in the scale of the fiscal response by EU member states. Important unresolved tensions remain in relation to the EU-level response.”
https://www.ipe.com/reports/euro-zone-a-crisis-like-no-other/10045856.article
“When the European Central Bank reveals its next step on Thursday, its president Christine Lagarde is widely expected to announce a fresh boost to its stimulus efforts to tackle the economic and financial fallout from the coronavirus pandemic…
““It’s become clear that the €750bn PEPP will not be enough,” said Erik Nielsen, chief economist at UniCredit.”
https://www.ft.com/content/3cf499f7-9c17-46c6-bedd-8893f2d56cf7
“Swiss watch exports dropped by 81.3% in April to CHF 328.8 million as production and distribution ground to a halt. The world’s largest market for Swiss watches, Hong Kong, saw imports contract by 83.2% while the United States was down 86%.
“Exports to the United Kingdom all but stopped, with a decline of 96.4%.”
https://usa.watchpro.com/swiss-watch-exports-slump-by-over-81-in-april/
“As Lebanon’s debilitating economic crisis drags on, Lebanese whose living standards have plunged are relying more and more on a growing support system of charities and private initiatives to fend off hunger…
“Last month nearly 100 non-governmental organisations jointly began what they called one of the largest food campaigns ever in the country…”
“A slump in Indian company foreign-currency loans to an 11-year low is raising concerns that weaker borrowers may struggle to refinance a record amount of maturing debt amid the pandemic…
“Adding to the woes, Moody’s Investors Service Monday cut India’s sovereign rating to just one level above junk, citing a prolonged slowdown and rising debt.”
“India’s imports of coal collapsed… in May, as the economic lockdown in the world’s second-biggest importer of the polluting fuel took its toll.
“Imports were estimated at 9.17 million tonnes in May, according to vessel-tracking and port data compiled by Refinitiv, the lowest result since Refinitiv started collating data in January 2015.”
https://www.hellenicshippingnews.com/indias-coal-imports-slump-as-economy-lockdown-bites/
“The six Gulf Cooperation Council (GCC) nations are facing their worst economic crisis in history…
“…amid the double shock of plunging oil prices and the coronavirus pandemic, the Institute of International Finance (IIF) said.”
“Project cancellations, spending cuts, well shut-ins: the problems and dilemmas plaguing onshore oil producers have also spread to offshore…
“Offshore oil accounts for almost a third of the global total. It tends to be costlier to extract than onshore oil…
“For areas such as Brazil and the Gulf of Guinea, project delays and cancellations in offshore projects, which have suddenly become too expensive to develop, would mean economic trouble on top of already weak oil revenues because of international prices.”
https://oilprice.com/Energy/Crude-Oil/Offshore-Oil-Is-On-The-Brink-Of-Collapse.html
“Seadrill fell to a £1.2billion pre-tax loss at the start of the year off the back of heavy impairments for its rigs which are dropping in value.
“Chief executive Anton Dibowitz recognised that a number of Seadrill’s assets are “increasingly unlikely to return to the market and need to be scrapped…””
“The oil industry only has two choices as it reshapes itself after the oil price crash — either become broader energy firms or pursue a narrower specialization in oil and gas, Energy Voice reported, citing a new report from PwC…
““Crisis after crisis, the sector has been able to recover and reinvent itself through innovation. But as the full extent of the damage wrought by COVID-19 becomes apparent, this time looks very different,” according to PwC.”
https://oilprice.com/Energy/Energy-General/Oil-Majors-Face-Another-Impossible-Decision.html
“Orders for container carriers in 2020 will fall to the lowest number for 11 years because of the drop in trade activity and economic uncertainty, according to Lloyd’s List Intelligence.”
“The COVID-19 pandemic is a blow to an already fragile global economic outlook.
“The health crisis, sharp downturn in activity, and turmoil in global financial markets caught emerging market and developing economies at a bad moment. The past decade has seen the largest, fastest, and most broad-based increase in debt in these economies in the past 50 years.”
https://www.imf.org/external/pubs/ft/fandd/2020/06/COVID19-and-debt-in-developing-economies-kose.htm
“The UN’s Food and Agriculture Organisation (FAO) is putting pressure on governments to boost support for farmers in developing countries as COVID continues to threaten their already fragile food systems.”
https://iegpolicy.agribusinessintelligence.informa.com/PL224278/Pandemic-could-cause-more-to-die-from-hunger-than-virus-infection-UN-warns
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