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Premarket stock trading: The reality of catching up with stocks. But what followed was anyone’s guess

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'Catastrophic' one-two punch from coronavirus and Brexit threatens UK
What happened: The S&P 500 plummeted 5.9%, a massive setback that some investors say has passed, with stocks increasingly showing a disconnect from what is happening in the real economy. Every share in the S&P 500 fell except Kroger, according to the Bespoke Investment Group.

The question now is whether an unprecedented intervention by the central bank and other policy makers – with more potential assistance on the road – will be sufficient for stable risk assets, or if they will take other steps.

Some investors think stocks will still fall more given the highly uncertain outlook.

“Recent experience shows that it will become too arrogant because of a stock market decline of this magnitude, which finally seems to reflect some of the increasing weight of bad news in the global economy,” Robert Carnell of ING said in a note to clients Friday.

The sell-off was partly driven by Federal Reserve Chair Jerome Powell’s statement that the US jobs market remained in a very weak position, and that the recovery would be largely determined by programs taken by the virus.

But Carnell noted that Powell really only said what everyone already knew: that the global economy was in a bad place, and that there would not be a quick rebound.

JJ Kinahan, chief market strategist at TD Ameritrade, told me that trading optimism is bound to meet trading reality at some point, bringing the company’s valuation down.

“The reality is when you start to look at numbers, many of these businesses will not open fast enough for the market,” he said.

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In recent weeks, the Federal Reserve’s massive expansion of the balance sheet has given investors confidence to cross back to risk assets. The support hasn’t gone anywhere, and Powell has assured market observers that the central bank will help as long as needed.

More fiscal assistance will also be available. US Treasury Secretary Steven Mnuchin said Thursday that the White House was considering another round of stimulus checks, the Wall Street Journal reported.

But with VIX, a measure of S&P 500 volatility, surging above 40 on Thursday, the highest level since April, the direction of travel for stocks heading into a bleak next week.

“Some investors’ fingers will burn. But others will see this as a buying opportunity,” Carnell said. “After [Thursday’s] adjustments, nobody knows where the market will go. “

One or two blows from Coronavirus and Brexit threaten Britain

The UK is headed for the worst downturn caused by coronaviruses of all major economies. Now concerns are mounting that business could be hit by a second body blow this year – the failure of trade talks with the European Union, my CNN business partner Hanna Ziady reported.

Latest: The economic picture in this country is already terrible. British output shrank a record 20.4% in April compared to the previous month, the government said Friday. The country’s economy is around 25% smaller than in February.

But the situation could worsen further because the country is racing against the deadline to get a trade agreement with the European Union, its biggest single export market, by the end of the year.

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The Organization for Economic Cooperation and Development said this week that it expects the British economy to shrink by 11.5% this year even if a basic free trade agreement with the European Union is reached, and a second wave of infections is avoided.

It was the worst projected contraction among the major economies. And if infections soar again and increasingly stringent social measures are reintroduced, GDP could drop 14%, the OECD said.

On Thursday, the head of the British Industrial Confederation, which represents 190,000 British companies, warned that businesses would not be able to withstand other shocks, with many already struggling to survive.

“The resilience of British business has really come down,” CBI director general Carolyn Fairbairn told the BBC. “Every penny of cash that has been saved, all of the prepared inventory has been used up.”

Corporate America’s calculation of the race gained momentum

Protests around the world against police brutality and systemic racism are pushing companies to make changes to company policy and leadership, with announcements from Silicon Valley to the retail sector and startup world that have accumulated throughout the week.

Some changes: Sephora said it would dedicate 15% of its shelf space to black-owned brands, while Walmart said it would end the practice of locking black hair care products sold in its stores. The Walgreens drugstore chain and CVS Health follow, AP reports.

Even bankrupt stocks surged in the latest market rally

Meanwhile, Audrey Gelman resigned Thursday as CEO of The Wing, a startup that works together for women. Members and workers have spoken in the past about racist incidents and persecution. Officials at the Refinery29 website and media giant Condé Nast also left this week following criticism of the company’s culture.

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And Nike said on Thursday that it would make Juneteenth (June 19) – a celebration of the end of slavery in the United States – a company holiday, joining Twitter, Square and Vox Media.

But so far, Corporate America has avoided talking about police deforestation.

My CNN Business Partner Chauncey Alcorn reached out to a number of Fortune 500 companies that issued public statements supporting the Black Lives Matter movement in recent days, including Amazon, Facebook, Twitter, Bank of America, Chase Bank, Citigroup and Google. Nobody said they supported denudation of the police department.

Next

The University of Michigan consumer sentiment survey for June arrives at 10 am ET.

Coming next week: A string of closely watched economic data for May, including retail and housing sales, begins in the United States.

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5-star hotels lead the way in the restoration of Portuguese tourist sites

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5-star hotels lead the way in the restoration of Portuguese tourist sites

In October, the number of overnight stays in 5-star hotels increased by 15.9% compared to the same month in 2019, which, according to additional information, namely from the DMC (Tourist Inception Agency), is associated with a strong increase in tourism from the United States. states.

Information published today by INE indicates that in October, compared to the same month before the pandemic, the number of overnight stays in tourist establishments in Portugal increased by 6.2%, with the strongest increase in hotels, at 8.2%. in which, therefore, 62.1% is concentrated. overnight stays.

The information shows that 4-star hotels, where the largest number of beds are concentrated, had 48.9% of overnight stays in October, totaling 2.05 million, which is +7.6% or more than 144.7 thousand than in October 2019.

This was followed by 3-star hotels with 927.3k, but this increase was about half of 5-star hotels, by 7.6% or 65.5k, to 927.3k, and then 5-star hotels with 857. 4 thousand overnight stays, an increase of 15.9%. or 117.6 thousand compared to the same pre-pandemic month.

In contrast to the evolution in these categories, there were 2- and 1-star hotels, in which the number of overnight stays decreased by 2.7%, or ten thousand, to 360.8 thousand.

The cheapest apart-hotels (three and two stars) also saw a decrease in overnight stays, from -20.9% or less than 24.4 thousand, in hotels and farms in Madeira, from -0.4% or less, to about 300, and in tourist settlements, from -7.7. % or less than 17.5 thousand.

At the same time, the number of apart-hotels increased by 1.2%, or 8.5 thousand, to 717.5 million, due to the increase in 5-star hotels by 6.7%, or 6.6 thousand, to 104.9 thousand, and 4-star, by 5.4 thousand% or 26.4 thousand to 519.9 thousand.

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Overnight stays in tourist apartments also increased by 3.2%, or 13.6 thousand, to 437.8 million, local accommodation, by 0.6%, or 5.5 thousand, to 901.2 thousand, and , primarily tourism in rural areas and housing, with an increase of 45.2% or 67.3 thousand to 216.5 thousand people.

The INE data also shows that Portuguese tourist sites were the best in October in terms of overnight stays this year, with peaks achieved by 5-, 4- and 3-star hotels, 5- and 4-star apartment hotels, accommodation . and rural tourism and housing development.

See also:

The US market is already setting new annual records in Portuguese hotels

The Portuguese hospitality industry experienced the best October in terms of number of guests and overnight stays.

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Government approves strategy to combat “Portuguese underrepresentation” in Brussels

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Government approves strategy to combat "Portuguese underrepresentation" in Brussels

This afternoon the Council of Ministers will approve a national strategy to combat what it considers “underrepresentation de Portugal” in European institutions, in particular the European Commission.

“There is a significant shortage of Portuguese, especially those working for the Commission,” explains the Secretary of State for European Affairs in statements to Renaissance🇧🇷 The problem, according to Thiago Antunes, is not limited to middle management: “This is the first time Portugal does not have a CEO in the European Commission”.

The government wants to “correct this imbalance and fight this deficit in order to win.”ability to influence in decisions.” But it is not possible to increase the number of vacancies for the Portuguese, if only because there are no national quotas for employees working in institutions.

To go to Brussels or even work in Portugal on a full-time basis, you need to pass a series of tests prepared by EPSO (European Personnel Selection Office). 🇧🇷These are very difficult competitions.with very concrete evidence,” the official explains.

The strategy will be based on several pillars: training, increasing grants and encouraging the mobility of civil servants. The Portuguese government is going to create a national training center to “better prepare our candidates for competitions”; to bet on “dissemination of opportunities; increase the balls (by quantity and value); and create a statute that allows those who work in the public administration of Portugal to move into the European public administration.

The aim is to achieve “greater representation” in the European Commission in order to have “greater influence” on the decision. Although the strategy is to strengthen the Portuguese presence in Brussels and the employees do not work for Portugal.it doesn’t matter that they are portuguese“, he defends.

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Fruits may not appear early or may not even be measurable. “It will take some time until we see results,” admits the former secretary of state to the prime minister. But the wait does not stop the Portuguese government. “We have to start right now,” Thiago Antunes insists, pointing to the demographic problem among those working in Brussels. “There are a lot of Portuguese who came in at the time of our accession and are now retiring.”

The strategy aims to reverse the cycle of loss of Portuguese representation among the 27. The diploma will be approved this Wednesday in the Council of Ministers.

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“His manager is Portuguese and…”; The agent changes plans, and Luis Castro “arranges” the problem in the protection of “Botafogo”

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"His manager is Portuguese and...";  The agent changes plans, and Luis Castro "arranges" the problem in the protection of "Botafogo"

Botafogo

The defender must return from loan ahead of schedule, and the Glorioso coach will have to make a decision at the beginning of the preseason.

Photo: Jorge Rodriguez/AGIF.  First, Luis Castro does not have Diego Loureiro for 2023.
Photo: Jorge Rodriguez/AGIF. First, Luis Castro does not have Diego Loureiro for 2023.

With the end of the season Botafogo its reformulation is already underway with the participation of Luis Castro. Names like Carlinhos, for example, have already left General Severiano, but there is a tendency for the “purge” to continue a little longer. Especially with the return of borrowed athletes during the year.

goalkeeper case Diego Loureiro, who played on loan at Atlético GO, promoted to Serie B. Curiously, the Botafogo archer has a contract at Goiania until the end of 2023, but Dragao president Adson Batista is pessimistic about the player’s consistency.

“Diego Loureiro is a bit off because he still has a contract with Botafogo, his manager is Portuguese and he has a different vision.” said the director in an interview with radio Sagres from the capital of Goiás.

The goalkeeper played only two games for Atlético-GO, who were betting on Renan in the starting lineup. If he returns to Rio, Loureiro will likely see high competition in the black and white net as Luis Castro now has alternatives to Gatito Fernandes and Lucas Perry.

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