Markets
US weekly jobless claims seen underscoring deepening economic slump
Economists had forecast around 5 million claims. Other states, such as Colorado, have rolled out similar procedures to process claims in a more timely fashion. The states where unemployment rates are projected to be the highest in the coming months tend to be those that rely on industries that will likely bear the brunt of the economic downturn. [Full Article...]
Oil near 18-year low on demand devastation warning
Saudi Arabia and Russian Federation stressed Thursday mutual commitment to reduce oil production over the next two years, noting that they would also monitor the oil market closely. Oil company ConocoPhillips said on Thursday it will reduce planned North American output by 225,000 bpd, the largest cut so far by a key shale oil producer to deal with the unprecedented drop in demand. [Full Article...]
Coronavirus: UK growth could drop by record 35% by June
The only faintly reassuring thing about the analysis is that it envisages a lockdown lasting a full three months, followed by a further three months of partial restrictions. They will feature at the COBR discussions. But this isn't quite about a direct trade off. On the way out of these measures, the balance is not straightforward. [Full Article...]
China's economy dragged into historic slump due to coronavirus
Economists have long harboured doubts about the accuracy of the official Chinese data, however, suspecting that the numbers are massaged for political reasons. "However, unlike previous easing cycles, when most of the new credit went to finance spending on infrastructure, property and consumer durable goods, this time we expect most of the new credit to be used on financial relief to help enterp... [Full Article...]
RBI launches long-term repo operations worth Rs 50,000 crore to help NBFCs
RBI-regulated markets include, "call/notice/term money", "market repo in government securities", "commercial paper and certificates of deposit", "repo in corporate bonds", "government securities", "foreign currency (FCY)/Indian Rupee (INR) trades" and "Rupee Interest Rate Derivatives". [Full Article...]
Ohio Governor Plans To Gradually Re-Open Businesses Starting May 1
However, officials must reopen industries cautiously, DeWine said. "We all have to continue taking precautions and protecting the most vulnerable Ohioans-seniors and those with pre-existing and chronic health conditions", said DeWine. "Do not underestimate the power of donning your face mask". By Wednesday afternoon in OH, there were 361 coronavirus deaths and 7,791 infections. The State of ... [Full Article...]
COVID-19: Indian Drug Lab Kicks Off Work to Clone Gilead's Remdesivir
In Chicago, COVID-19 coronavirus patients participating in a clinical study of the antiviral medicine remdesivir are experiencing quick recoveries from their respiratory and fever symptoms, STAT reported Thursday . It also hinted at the drug's potential for treating COVID-19, with 68 percent of patients showing improvement, including many on mechanical ventilation. [Full Article...]
Alabama Labor Department launches tool to track unemployment claim status
Despite the nationwide drop, unemployment claims in NY jumped last week to an unadjusted 395,949 from 344,451 the prior week, the feds' report shows. While the 5.2 million claims in the week ended 11 April was down from 6.6 million the previous week, those numbers still eclipse prior records and economists warn that elevated numbers will linger. [Full Article...]