The next financial crisis: A collapse of the mortgage system
Federal Housing Finance Agency Director Mark Calabria, who regulates Fannie Mae and Freddie Mac, the two government-sponsored mortgage giants that prop up about half of the nation’s $11 trillion market, said this week in a Bloomberg TV interview that he was confident that large banks would continue to extend credit to mortgage servicers for the time being but the mortgage system is vulnerable
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Gold prices dropped 6%, the worst single-day decline in seven years
Gold prices fell more than 6% yesterday, the worst one-day decline in seven years as investors’ risk appetite returned, boosting U.S. stocks. Spot gold tumbled as much as 6% to $1,927.30 per ounce, down sharply from Friday’s record intraday high of $2,089.20. On Wednesday morning during Asia hours, spot gold fell further, last trading at $1880.16
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CNBC
Gold shatters all previous records to reach $1943 per ounce
Gold prices broke all previous records on Monday morning as political tensions between China and the US escalated. In the morning of Asian trading hours on Monday, spot gold traded at about $1,931.11 per ounce after earlier trading as high as $1,943.9275 per ounce. Those levels eclipsed the previous record high price set in September 2011. Coronavirus crisis also played a major role in the recent price action
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Delta Airlines posts worst loss since 2008
Delta Air Lines posted its worst loss since 2008, and it warned that bookings are declining as Covid-19 cases rise, forcing the airline to trim its schedule again. The company had planned to add 1,000 flights a day to its August schedule as Delta reported a modest pickup in bookings. The airline said it lost $2.8 billion, excluding special items. Including those items, Delta's net loss came to $5.7 billion
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German GDP posted the sharpest decline since the financial crisis
Official numbers released by Germany show that the economy contracted 2.2% in the first quarter of 2020 as compared to the final three months of 2019. This is the sharpest decline in Germany's GDP since the financial crisis in 2009. Germany began easing its lockdown restrictions in late April, having experienced a considerably lower death rate than other major European countries
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