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CORONAVIRUS WEEKLY WRAP
It’s hard to find words to describe the markets and news cycle we’re all living through. While the S&P 500 ended the week up just over 10% off last week’s close, the world — and especially the United States — continues to grapple with a rising tide of anxiety and fear around coronavirus.
Total confirmed cases of coronavirus in the US exploded past 100,000 late on Friday, after surpassing both Italy and China in total case count earlier in the week, making the US the undisputed center of the global pandemic. The total number of dead in the US from the virus exceed 1,500 lives lost, with nearly a quarter of the deaths occurring in New York City alone, according to data from Johns Hopkins University. While these numbers are based on the official data, the underlying outlook remains opaque, with a large percentage of cases almost certainly remaining underreported.
President Trump signed a $2 Trillion Coronavirus Stimulus bill — the largest economic stimulus package in history — after it passed both houses of Congress. The president also ordered GM to start making ventilators under the Defense Production Act to ease the strain of a ventilator shortage in US hospitals. In Britain, Prince Charles and Prime Minister Boris Johnson both tested positive for coronavirus. Meanwhile, oil continued its slump on diminished demand expectations, with international benchmark Brent Crude sliding down over 7% to just above $25 a barrel.
In the days and weeks ahead, Real Vision will continue to stay highly targeted on the financial and economic impact of Coronavirus, as well as providing expanded coverage of the underlying science and potential social impacts of the disease. We will continue to deliver the deep dives and in-depth interviews our subscribers have come to expect — but with enhanced coverage that expands not only the scope of our reporting but the speed and regularity of live coverage, flash updates, and enhanced analysis and surveillance.
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Coronavirus and Real Vision
NEWS YOU CAN’T AFFORD TO MISS
The coronavirus contagion has spread around the world — and the risks of economic and social catastrophe have skyrocketed.
Meanwhile, other financial and economic tail risks are growing. Energy markets have been in a tailspin, circuit breakers halted US equities markets as prices cratered, and bond yields crashed to record lows, signaling dramatic pessimism about the US economic outlook.
We are now witnessing an extraordinary convergence of factors that suggest the worst is yet to come.
It’s no longer business as usual on Wall Street — but what do those risks mean for YOU?