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AP News | Equities.com |

BRUSSELS (AP) — The European Union predicted Wednesday “a recession of historic proportions this year” due to the impact of the coronavirus as it released its first official estimates of the damage the pandemic is inflicting on the bloc’s economy.The 27-nation EU economy is predicted to contract by 7.5% this year, before growing by about 6% in 2021. The group of 19 nations using the euro as their currency will see a record decline of 7.75% this year, and grow by 6.25% in 2021, the Europe...


Reuters | Equities.com |

WASHINGTON (Reuters) - The U.S. trade deficit increased by the most in more than a year in March as a record drop in exports offset a shrinking import bill, suggesting the novel coronavirus outbreak was upending the global flow of goods and services.Other data on Tuesday showed the tough measures to slow the spread of COVID-19, the respiratory illness caused by the coronavirus, pushed the nation’s vast services ...


AP News | Equities.com |

WASHINGTON (AP) — The Treasury Department says it will need to borrow a record $2.99 trillion during the current April-June quarter to cover the cost of various rescue efforts dealing with the coronavirus pandemic.Treasury said Monday that the $2.99 trillion it plans to borrow this quarter will far surpass the $530 billion quarterly borrowing it did in the July-September 2008 quarter as it dealt with the 2008 financial crisis.The extraordinary sum of $2.99 trillion of borrowing in a single qua...


Reuters | Equities.com |

By Jeff Mason, Matt Spetalnick and Humeyra Pamuk.WASHINGTON (Reuters) - U.S. President Donald Trump said on Thursday his hard-fought trade deal with China was now of secondary importance to the coronavirus pandemic and he threatened new tariffs on Beijing, as his administration crafted retaliatory measures over the outbreak. Trump’s sharpened rhetoric against China reflected his growing frustration with Beijing over the pandemic, which has cost tens of thousands of lives in the United States ...


Reuters | Equities.com |

WASHINGTON (Reuters) - Millions more Americans filed claims for unemployment benefits last week, suggesting that layoffs were spreading to industries that were not initially directly impacted by business closures and disruptions related to the coronavirus.The Labor Department’s weekly jobless claims report on Thursday followed news on Wednesday that the economy in the first quarter suffered its sharpest contraction since the Great Recession. This ended the longest expansion in the United State...


Reuters | Equities.com |

WASHINGTON (Reuters) - The U.S. economy contracted in the first quarter at its sharpest pace since the Great Recession as stringent measures to slow the spread of the novel coronavirus almost shut down the country, ending the longest expansion in the nation’s history. The Commerce Department said gross domestic product fell at a 4.8% annualized rate in the January-to-March period after expanding at a 2.1% rate in the final three months of 2019. Economists in a Reuters poll had been looking fo...


Reuters | Equities.com |

The U.S. goods trade deficit widened in March amid a collapse in exports of motor vehicles and parts, but overall imports continued to decline likely as the novel coronavirus outbreak disrupted the flow of goods. The Commerce Department said on Tuesday the goods trade gap increased 7.2% to $64.2 billion last month. While the smaller import bill is a positive in the calculation of gross domestic product, de...


AP News | Equities.com |

WASHINGTON (AP) — The Federal Reserve has largely calmed turbulent financial markets. Yet a far tougher task remains: Helping rescue an economy and job market that appear to be free-falling into the worst catastrophe since the Great Depression.Fed policymakers will meet Tuesday and Wednesday against a backdrop of dismal data: More than 26 million Americans have applied for unemployment benefits since the coronavirus forced widespread business closures. Retail sales have dropped by a record pac...


Reuters | Equities.com |

A record 26 million Americans sought unemployment benefits over the last five weeks, confirming that all the jobs created during the longest employment boom in U.S. history were wiped out in about a month as the novel coronavirus savages the economy. The Labor Department said on Thursday 4.427 million more people applied for unemployment benefits for the first time last week, down from a revised 5.237 million the week before. The median expecta...


AP News | Equities.com |

The world is awash in oil, there’s little demand for it and we’re running out of places to put it. That in a nutshell explains Monday’s strange and unprecedented action in the market for crude oil futures contracts, where traders essentially offered to pay someone else to deal with the oil they were due to have delivered next month. The price of U.S. benchmark crude that would be delivered in May was selling f...