When global equity markets lost around US$16 trillion of their value in a single month this year, the wealthy found themselves no more protected from financial loss than anyone else. Read More
Investors set to lose nearly US$500B in dividends as equity-income strategy takes a hit — Financial Post
NEW YORK — Oil prices fell more than 1% on Wednesday despite the first decline in U.S. crude inventories since January, as markets were affected by a solemn address from U.S. Federal Reserve chairman warning that economic recovery from the coronavirus pandemic would take many months. Read More
Oil slips more than 1% despite surprise U.S. crude stock drawdown — Financial Post
BRUSSELS — The European Union on Wednesday pushed to reopen internal borders and restart travel, although the prospects of reviving tourism ahead of the summer season were mixed as public fears over health and safety weigh heavily during the coronavirus pandemic. Read More
EU pushes to reopen borders for summer tourism amidst coronavirus — Financial Post
NEW YORK — Stock markets tumbled on Wednesday as fears about a second wave of coronavirus infections and warnings from Federal Reserve Chairman Jerome Powell that the U.S. faces a “significantly worse” recession than any since World War II weighed on investor sentiment and boosted safe-haven bonds. Read More
Equities slide, bonds rise, on Fed warning of prolonged recession — Financial Post
LONDON — The London Stock Exchange on Wednesday formally asked the European Union’s competition officials to approve its $27 billion takeover of data and analytics company Refinitiv. Read More
London Stock Exchange seeks EU approval for $27 billion Refinitiv bid — Financial Post
The biscuits are good, but they’re not THAT good.
Nevertheless, Red Lobster drew big — and, at times, unruly — crowds at its Ross Township, Pa., location over the weekend, according to WPIX. As you can see from this video, which has already racked up more than 2.4 million views, not everybody was in a holiday mood:
As we look for a safe method to reopen the economic, many governors plan to allow barbershops to be the first to open to the public. Could your local barber have the answer to keeping the public safe in the shop already? If your barber has a UV light to disinfect the electric clippers you have already witnessed a possible solution to the COVID 19 pandemic. The old adage “buy how there is blood in the streets” while morbid is true. One man’s salvation is another woman’s next stock purchase.
A side effect of the 2008 financial crisis was that the average taxpayer had to dig deep into her and her children’s pockets to save many financial assets. Given the uneven concentration of financial assets, this rescue mission was in fact a bailout of the rich. At the time, advocates argued that these side effects…
The Wealth Effects of Bailouts: A Quantitative Assessment — Institute for New Economic Thinking
BUENOS AIRES — Argentina remained open to dialog with creditors hours ahead of a Friday afternoon deadline for bondholders to agree to the government’s bond restructuring offer and will reassess after the deadline expires, Economy Minister Martin Guzman said. Read More
Argentina says open to dialog with creditors ahead of debt deadline — Financial Post
Main Street and Wall Street are not usually tied to the same reality. This fact has never been more on display than the recent market movements during the pandemic. As the the jobless claims reach closer to 1929 figures than 2008 figures, the average investor may wonder how the market can rise with double digit unemployment?
SAN FRANCISCO — Millions of U.S. residents were counted as employed in April despite having no job, suggesting April’s true unemployment rate was closer to 20%, much higher than the official 14.7% reported, the Labor Department said Friday. Read More
U.S. jobless rate likely much higher than 14.7%, Labor Dept says — Financial Post
the Java Exchange 