Benefit of having a big civilization with lots of interactions, lots of people meeting people, doing business, creating. Good morning. Good evening, depending on where you are. Thank you for joining us. Senior fellow and Vice President of the Global Economy and development program, and brookings. The Global Economy is in perfect. The pandemic continues disrupting billions of lives, jeopardizing billions. The World Bank Global economic prospects which relates this conversation, its infraction on global gdp in 2020. This is the global recession since world war ii, since 1870. Its informed by an assessment fundamental drivers of a long time ago, a formation. The location of trade but headline Economic Growth number, having its proportionate effect and lower Income Countries, the large. There dominated the ability to adjust to covered religious measures such as confinement. The population in such the pandemic is likely to leave a legacy of inequalities between and within countries, and the
Corporate taxes will rise in the united states. That is the possibility, they will not rise as profoundly as they drop. I think it is not clear whether we can make that case or not at this point. Romaine we are speaking with stephen whiting. Here is where we close on the day. Pretty much a risk on day with all of the major indices, including the russell, getting in on the action. Caroline nasdaq up 2. 2 . You really can see where the commitment is within the sector. Volumes were lower. Just coming off the back of fourth of july. Indeed, about 10 for the dow jones in terms of trading. It is notable that we are seeing such outperformance from the nasdaq come up 16 year to date. Romaine we crossed back above some key technical levels. The 50 day moving average, it had actually been declining toward the middle of the end of last month. The s p 500tocks in that at one point today traded at or above the 52week highs. Most of those are actually record highs. You definitely have some enthusias
The june edition of the World Bank Global economic prospects which relates this conversation, 5 global contraction on global gdp in 2020. It is the deepest global recession since world war ii, and the biggest collapse in income since 1870. Its informed by an assessment fundamental drivers of a long time growth, which will slow capital formation. The dislocation of trade among others. Beyond the headline Economic Growth number, the pandemic is having a disproportionate effect and lower income countries, the large. Dominated by are the sector with limited ability to adjust for covid related measures like confinement. The most vulnerable population in the economy is more exposed. The pandemic is likely to leave a legacy of even wider inequality between and within countries and less the dimension is integrated. It was refreshing to see the report about covid and inequality. As disruptive as the pandemic has been around the world, there is still great uncertainty as to whether we have seen
Fed set 2022 and what the chairman will say and what i assume will be a Virtual Press conference today. Ofncine we will have plenty market action. We will look at the markets every 15 minutes, including what is happening in treasuries. We had the oecd coming out with their economic outlook. That was released about an hour ago, and the oecd, it is a smarter way of doing it, tom. Forecasting the pandemic would cause a Global Economic slump of 6 here, but if there is a second wave, that becomes a seven point 6 slump. It is a good way of visualizing percent comes a 7. 6 slump. By thewas taken aback differentials between the bar charts of europe and the United States. I did not have in my head how much worse the guesstimate is for gdp decline in the europe verses in the u. S. It is a very good report. Francine it is also because of where europe was in the economic cycle. Lets get straight to first word news in new york city with ritika gupta. Ritika good morning. A warning from jeffrey gund
On slowing the spread of the virus. New cases of it on the decline in major hot spots including new york. Dr. Tony fauci saying the death toll in the u. S. Could be 60,000 versus earlier estimates of 240 people dying. Donald trumps Approval Rating hit alltime high for him amid coronavirus pandemic and also showing an overwhelming majority of americans are concerned about a recession. The virtual opec plus meeting which included saudi arabia and russia ending in a tentative agreement to temporarily cut production by about 10 millionbarrels per day. But mexico could derail the plan. Oil declining near the trading session over concerns about the Production Cuts that they wouldnt be deep enough. U. S. Markets are closed today in observance of good friday but yesterday u. S. Stocks rallied, dow, nasdaq, s p all up more than 10 for the week. S p having the best week since 1974. In asia overnight markets were mixed, you can take hang seng and hong kong closed for good friday. European markets