"Unemployment is spiraling toward 20%. Retail sales just dropped the most on record. Global economists predict the worst recession in eight decades. And stock investors have made peace with it all"@SarahPonczek @VildanaHajric t.co/bpfsgwmrVs pic.twitter.com/0sMBOdJIgf
— Jonathan Ferro (@FerroTV) April 15, 2020
Couldn’t agree more with @elerianm that Markets and economists are still too upbeat on coronavirus. No more putting your money in an index fund and forgetting about it. We are in a new era where asset prices will diverge wildly| Financial Times t.co/C9qrrmFb1e
— Rana Foroohar (@RanaForoohar) April 15, 2020
Fed Beige Book: Economy Contracted ‘Sharply & Abruptly’ Due to Covid19
Economic activity has fallen sharply due to measures taken during the coronavirus scare, with leisure and hospitality as well as retail the hardest-hit so far, according to the Federal Reserve’s latest Beige Book report.
Far Worse to Come: Covid 19 Collapse of State and Local Governments
Cutting taxes and eliminating nonessential spending now is the only way state and local governments can stop a coming downward spiral.
Soon P/E=35-40 just bring the first wave of earnings. t.co/pY2xBP78dB
— GregTheAnalyst (@Analyst_G) April 15, 2020
US banks are in big troubles pic.twitter.com/ttW8YwPS15
— A.Urban (@AlessioUrban) April 15, 2020
Bank Traders save profits & maybe themselves in crisis. Traders have been targeted by cost cuts & rules to cut risks. Now their desks are helping to offset steep losses from loans. Top 5 US banks set aside $25bn to cover future losses from defaulted loans. t.co/kGAUrCoBMR pic.twitter.com/UcYG4yzg7M
— Holger Zschaepitz (@Schuldensuehner) April 15, 2020
A FAANG bites back:
GOOGLE TO SLOW HIRING FOR REST OF YEAR, CEO TELLS STAFF@business
— Danielle DiMartino Booth (@DiMartinoBooth) April 15, 2020
So far today, the U.S. has reported more than 2,500 new coronavirus deaths, a daily record t.co/ACTvkkQ0g2
— BNO Newsroom (@BNODesk) April 16, 2020
GRAVITY: anyone who tells you you "couldn't see this coming" obviously has no #process
US Industrial Production Growth was IN A #Recesssion PRE Virus pic.twitter.com/c820txcXBF
— Keith McCullough (@KeithMcCullough) April 15, 2020
Apple unveils a cheaper iphone.. guess what…iphone sales are estimated -58% Y/Y pic.twitter.com/3qeNneqphq
— A.Urban (@AlessioUrban) April 15, 2020
The glass is now officially fully empty. t.co/XLV2ZBKsVm
— GregTheAnalyst (@Analyst_G) April 16, 2020
Nearly $100 billion has been withdrawn from emerging-markets stocks & bonds in less than three months, an unprecedented amount that has analysts concerned about the future for many developing nations: IIF data via @SoberLook pic.twitter.com/mQpAgDJFlA
— Lisa Abramowicz (@lisaabramowicz1) April 15, 2020
WHAT? US weighs paying drillers to leave #oil in ground amid glut. Energy Department plan would pay producers not to produce. Program would help producers reeling from collapse in demand. t.co/93fSUg8qkn pic.twitter.com/J5FJsal9D8
— Holger Zschaepitz (@Schuldensuehner) April 15, 2020
The economic data is even worse than Wall Street feared: ‘The economy is clearly in ruins here’
- Consumer and manufacturing reports for March showed the hit to the economy from the coronavirus was deeper in the early weeks of the shutdown than expected.
- March retail sales fell 8.7%, the most ever in government data, and New York regional manufacturing activity hit an all-time low, declining to a shocking negative 78.2%.
- “The economy is clearly in ruins here,” said Chris Rupkey, chief financial economist at MUFG Union Bank.
— Volatility Quant (@VolatilityQ) April 15, 2020
BREAKING: U.S. industrial production plunges 5.4%, the worst drop since January 1946. Analysts had expected a drop of 3.5%. t.co/xVICT5pzYb pic.twitter.com/jlcKkIGeJY
— CNBC Now (@CNBCnow) April 15, 2020