US risking another COVID-19 wave, Mark Zandi warns
Mark Zandi of Moody's Analytics is getting increasingly worried and said that the states are taking a large gamble by reopening businesses too quickly. "If we get a second wave, it will be a depression," the firm's chief economist told CNBC's "Trading Nation" on Friday. It's a necessary condition for the economy to fully recover," Zandi said.
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China’s exports jumped 7.2% against an estimated 0.2% fall
Dollar-denominated exports in China jumped 7.2% year-on-year, economists at Reuters predicted a fall of 0.2%. In July, China posted a trade surplus of $62.33 billion, beating the $42 billion economists had expected. China’s trade surplus was $46.42 billion in June. Despite the coronavirus pandemic hitting global demand, exports from China have held up as exports in medical supplies jumped in the first half of the year
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Bank of England holds interest rate at 0.1%
In an important announcement on Thursday, the Bank of England held interest rates steady and maintained its existing level of asset purchases, as investors watched for signs that it is anticipating a slower economic recovery. The main lending rate was kept at 0.1%, as the central bank cut rates twice from 0.75% since the beginning of the coronavirus pandemic
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US posted the worst-ever GDP plunge
US posted the worst-ever GDP plunge
US GDP dropped 32.9% in the second quarter, the worst ever posted in the Q2. Economists surveyed by Dow Jones had been looking for a drop of 34.7% but still, it was the worst drop ever, with the closest previously coming in mid-1921. The report comes amid a recession that began in February and pulled first-quarter growth down 5%. On a quarterly basis, the Q2 decline was 1.8%
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