economy Archives - Zxcoachoutlet

German economy may return to pre-crisis levels in early 2022: Finance Minister

October 13, 2020

BERLIN (Reuters) – The latest economic data provide hope that Germany’s economy can return to pre-crisis levels in early 2022, Finance Minister Olaf Scholz said on Tuesday.

a group of police officers riding on the back of a car: FILE PHOTO: VW re-starts Europe's largest car factory after coronavirus shutdown

© Reuters/POOL New
FILE PHOTO: VW re-starts Europe’s largest car factory after coronavirus shutdown

Germany’s rising level of government debt is not a problem because the country can tackle the situation with “good growth”, Scholz told TV station CNBC in an interview.

Scholz rejected concerns that state aid was artificially keeping alive companies that were in financial troubles in the wake of the crisis caused by the coronavirus pandemic.

Olaf Scholz wearing a suit and tie smiling and looking at the camera: German Finance Minister Scholz and Justice Minister Lambrecht hold news conference in Berlin

© Reuters/HANNIBAL HANSCHKE
German Finance Minister Scholz and Justice Minister Lambrecht hold news conference in Berlin

Germany’s government has taken steps such as allowing firms to delay bankruptcy filings until the end of the year, extended from an original deadline of end-September.

Helped by these measures, the number of firms declaring insolvency in Germany

Racism has cost the US economy $16 trillion in the last 20 years

October 12, 2020

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Centuries of discrimination have created a cavernous wealth gap between Black and white Americans.
Today, Black Americans own an estimated one-tenth the wealth of white Americans — $17,150 for Black families compared to $171,000 for white families.
This gap is not only bad for Black people, it’s bad for the US economy, too.
Researchers estimate that the racial wealth gap has cost the US economy $16 trillion since 2000. If the gap closed today, the GDP would see a $5 trillion boost in the next five years.
Read more stories from Business Insider’s “Inside the racial wealth gap” series »

Since the start of slavery, racism has cost Black Americans an estimated $70 trillion. Today, thanks to centuries of discrimination, the racial wealth gap between Black and white Americans is cavernous.

In 2016, the Brookings Institution estimated that Black Americans own about one-tenth the wealth of white Americans — $17,150

Even as the Economy Grew, More Children Lost Health Insurance

October 10, 2020

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The share of children with health coverage in the United States fell for the third consecutive year in 2019, according to census data, after decades of increases.

The decline occurred during a period of economic growth — before the coronavirus pandemic caused broad job losses that might have cost many more Americans their health insurance.

A report Friday by the Georgetown Center for Children and Families found that the ranks of uninsured children grew the most in Texas and Florida, and that Latino children were disproportionately affected. Nationally, the number of children without health insurance rose by 320,000 last year alone, to a total of nearly 4.4 million children, the report found.

“What’s so troubling about this data is we were making so much progress as a country,” said Joan Alker, the center’s executive director and an author of the report. “And now that progress is clearly reversing.”

The picture

Economy faces trouble if stimulus isn’t passed soon: J.P. Morgan

October 8, 2020

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J.P. Morgan Securities’ Colleen O’Callaghan is taking steps to protect portfolios from an economic setback.

O’Callaghan warns the domino effect from coronavirus aid gridlock on Capitol Hill is the biggest risk facing Wall Street right now.

As a result, she’s increasing cash exposure for her ultra-high net worth clients.

“What we’ve been working to do is to reduce some of that equity exposure — sit in cash perhaps for a little bit,” the firm’s managing director and financial advisor told CNBC’s “Trading Nation” on Thursday.

O’Callaghan, who manages more than $3 billion in assets, is one of Barron’s top 20 women financial advisors and is on one of the nation’s top 50 private wealth management teams.

As a long-term investor, O’Callaghan’s goal is to tune out the day-to-day headlines and volatility in the market. But she acknowledges the elephant in the room right now is the stimulus, or lack thereof.

Indicator Suggests Japan’s Economy Stopped Contracting in August | Investing News

October 8, 2020

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TOKYO (Reuters) – Japan’s government upgraded its assessment of the economy on Wednesday for the first time since May 2019 after a key indicator improved for August, pointing to a gradual recovery from the impact of the coronavirus pandemic.

The index of coincident economic indicators, which measures a range of data including factory output, employment and retail sales numbers, rose a preliminary 1.1 points from the previous month to 79.4 in August, the Cabinet Office said on Wednesday.

Based on the index data, the Cabinet Office said that showed economic activity in the world’s third-largest economy had stopped contracting, an upgrade from its previous view that the economy was “worsening” in July.

“There is a possibility that the index will grow further this year as there is room for exports, notably auto shipments, and consumer spending to recover,” said Koya Miyamae, senior economist at SMBC Nikko Securities.

“The economy overall

‘We need to step forward’: Fed leaders call for new focus on race in the economy

October 8, 2020

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The comments from the leading Fed officials were the latest evidence of the central bank’s growing attention to persistent inequality in the economy — a gap that appears to be widening during the coronavirus pandemic. Black and Hispanic workers have been hit harder by the economic fallout from the Covid-19 lockdown than white workers.

The Fed itself has faced criticism for inadvertently exacerbating inequality because its emergency policies are designed to backstop financial markets and allow companies to borrow money. That has boosted the stock market, most of whose value is owned by the wealthiest Americans, even as some major companies have continued to lay off workers. Just 1.2 percent of the value of stocks is held by Black families and 0.5 percent by Hispanic families, according to quarterly Fed data.

The central bank officials Wednesday said that now is the time to face uncomfortable questions about race and

Fed policy makers cite risks to US economy if Congress fails to provide more aid

October 7, 2020

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Federal Reserve officials expressed concern at their most recent meeting that the US economic recovery could falter if Congress fails to approve another round of pandemic relief.

Minutes of the meeting showed that officials believe the economy was growing faster than expected. But they based their forecasts on expectations that Democrats and Republicans would resolve their differences and provide more economic aid, including expanded unemployment benefits and help for small businesses.

The minutes said that “most forecasters were assuming that an additional pandemic-related fiscal package would be approved this year, and noted that, absent a new package, growth could decelerate at a faster-than-expected pace in the fourth quarter.”

The prospects for a new package being passed before the Nov. 3 elections, however, have significantly diminished with President Trump’s decision to end negotiations with Democrats. Trump has instead proposed that Democrats approve individual rescue items, such as money for ailing airlines

Indicator suggests Japan’s economy stopped contracting in August

October 7, 2020

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By Kaori Kaneko

a group of people walking down the street: FILE PHOTO: People wearing protective masks make their way at a business district in Tokyo

© Reuters/Kim Kyung Hoon
FILE PHOTO: People wearing protective masks make their way at a business district in Tokyo

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“There is a possibility that the index will grow further this year as there

Lessons Of Past U.S. Elections: The Economy, Not Outcome, Matters Most To Markets

October 7, 2020

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By Philip Lawlor, head of Global Investment Research

Given all the market anxiety surrounding the upcoming US presidential election, we thought a fact-based, dispassionate look at how markets have behaved in previous election cycles may be useful.

Our findings, which dissected three-month moves in both US stocks and nominal and real Treasury yields following the past five US elections, are shown in the table below. The overwhelming (and hardly surprising) conclusion: the economic backdrop has been a far bigger driver of post-election market performance than the winner or winning party.

Three-month market moves following the past five US presidential elections

Source: FTSE Russell/Refinitiv. Data as of September 30, 2020. Past performance is no guarantee to future results. Please see the end for important disclosures.

In two clear examples, the pullback in equities and Treasury yields following the 2000 and 2008 elections, when different parties won in clean sweeps, was more

World economy faces long, hard climb out of pandemic, IMF chief says

October 6, 2020

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WASHINGTON (Reuters) – The global economy is in “less dire” shape than it was in June but risks crashing again if governments end fiscal and monetary support too soon, fail to control the coronavirus and ignore emerging market debt problems, International Monetary Fund Managing Director Kristalina Georgieva said on Tuesday.

FILE PHOTO: International Monetary Fund (IMF) Managing Director Kristalina Georgieva makes remarks during a closing news conference for the International Monetary Finance Committee (IMFC), during the IMF and World Bank’s 2019 Annual Meetings of finance ministers and bank governors, in Washington, U.S., October 19, 2019. REUTERS/Mike Theiler/File Photo

Georgieva told an online London School of Economics event that the IMF will make a small upward revision to its global economic output forecasts next week, adding: “My key message is this: The global economy is coming back from the depths of this crisis.”

“But this calamity is far from over. All

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