Conversation. This is half an hour. Good afternoon. Welcome to the 547th meeting of the Economic Club of new york in our 113th year. Im mike oneill. This mission is as important today as ever, as we continue to bring people together as a catalyst for conversation and innovation. We proudly stand with all communities seeking inclusion and mutual understanding. A special welcome to guests of our members and members of the Economics Club of chicago and washington, d. C. Weve also been invited to join the web i noor today, as well as the 2020 class of fellows. Before west berth gin, i would like to welcome our Health Care Workers and First Responders to keep us healthy during this time. Dr. Stephen hahn was sworn in on december 17th, 2019. Dr. Hahn is a dedicated clinician. His previous leadership roles, hes carefully balanced executive management can clinical time to serve his oncology patients, his true passion. He served as chair of the Radiation Oncology Department at the university of
Try to broker a deal between the president and the opposition. And the race to the red planet gathers momentum china becomes the latest nation to launch a mission to mars only willing to dispose news of what would have been the the needs of the tokyo lympics thats been put forward a year but this one is turning but the court might tyson is coming out of retirement for an exhibition fight against. The staggering impact of covert 19 on the United States shows no sign of easing new numbers released on thursday highlight the twin tragedies of the corona virus infections across the u. S. Have now topped 4000000 on average thats 2600 people testing positive every hour and the Economic Cost there is just this huge more than 1400000 people claimed Unemployment Benefits in just the past week its the 18th week in a row that the number has topped a 1000000 economists estimate that 25000000 people are now out of a chill. Republicans are preparing to reveal the one trillion dollar coronavirus rescu
At 4. 8 , premuch in line with expectations. 1. 8 , worse than expected. Retail sales are the weakest link in the recovering story in china. Than what the market was expecting. Property investment year to date coming in pretty much at 1. 9 . Versus an estimate of 1 . We also have the jobless rate coming in a tad better at 5. 7 versus 5. 9 . Which was expected by the market. Overall when you look at the economy, it looks like it is adding to signs the economy is picking up momentum. China probably will be reflecting in the rest of the world. Yvonne one of the key disappointments is still the consumption side with retail side still amiss in a negative fringe for a fourth straight months of 120 . About theuestions back half of the year. But the gdp is still the stand out. Take a look at the adjusted quarter on quarter. We are talking double digit growth of 11. 5 . The highest quarter on quarter at least nine years for china. This is how we are seeing things play out in the markets. Seeing
Twitter shares fall after hours on an unprecedented hack on the accounts of prominent u. S. Figures, including elon musk and bill gate. Jack dorsey called it a tough day. Welcome. It may have been a tough day for twitter, but it is also shaping up to be a tough week for tech stocks in general. The nasdaq leadership we have seen falling back a little bit this week. Nonetheless, we did see a little bit of strength come through on the s p 500. Today, we are seeing a little bit more risk off sentiment across assets. Perhaps to do with concerns around the china data, particularly around the retail sales question. Asia, the screen and particularly in chinese equities. The 10year yield is steady. You are seeing the dollar steady after a couple days of weakness. Also perhaps the fact that we are seeing a little bit of softness in crude. It did close that a fourmonth high yesterday, shrugging off plans by opecplus to taper production curves. Lets get to the first word news now. Coronavirus case
For the past two decades, david troop watched the triangle change as neighbors have been priced out. Affordability for housing has gotten worse. And theres a shortage of it. When a local developer announced plans to build market rate apartments on market street. He didnt fight it. Instead, he and his neighbors fought for an affordability component. The neighborhood is pushing for as many affordability units as we can get. Neighbors endured six years of construction only to find out they werent going to be the apartments they expected. Saunder, a Hospitality Company leased and furnished a majority of the units, turning the building into a corporate rental. Neighbors were furious. We were shocked as an organization, and as a neighborhood. It felt like a real betrayal. Then the pandemic hit. Now saunder wants out. In a lawsuit against the developer, the 1. 3 billion company says regulations put in place by the city and the state are crippling saunders ability to make money. The lawsuit si