User blogs
As most of the world still struggles with the coronavirus pandemic,
China is showing once again that a fast economic rebound is possible
when the virus is brought firmly under control.To get more latest china economy news, you can visit shine news official website.
The Chinese economy surged 4.9% in the July-to-September quarter compared with the same months last year, the country’s National Bureau of Statistics announced Monday. The robust performance brings China almost back up to the roughly 6% pace of growth that it was reporting before the pandemic.Many of the world’s major economies have climbed quickly out of the depths of a contraction last spring, when shutdowns caused output to fall steeply. But China is the first to report growth that significantly surpasses where it was at this time last year. The United States and other nations are expected to report a third-quarter surge too, but they are still behind or just catching up to pre-pandemic levels.
China’s lead could widen further in the months to come. It has almost no local transmission of the virus now, while the United States and Europe face another accelerating wave of cases.
The vigorous expansion of the Chinese economy means that it is set to dominate global growth — accounting for at least 30% of the world’s economic growth this year and in the years to come, Justin Lin Yifu, a Cabinet adviser and honorary dean of the National School of Development at Peking University, said at a recent government news conference in Beijing.
Chinese companies are making up a greater share of the world’s exports, manufacturing consumer electronics, personal protection equipment and other goods in high demand during the pandemic. At the same time, China is now buying more iron ore from Brazil, more corn and pork from the United States and more palm oil from Malaysia. That has partly reversed a nosedive in commodity prices last spring and softened the impact of the pandemic on some industries.
Still, China’s recovery has done less to help the rest of the world than in the past because its imports have not increased nearly as much as its exports. This pattern has created jobs in China but placed a brake on growth elsewhere.
China’s economic recovery has also been dependent for months on huge investments in highways, high-speed train lines and other infrastructure. And in recent weeks, the country has seen the beginning of a recovery in domestic consumption.
The affluent and people living in export-oriented coastal provinces were the first to start spending money again. But activity is resuming now even in places like Wuhan, the central Chinese city where the new coronavirus first emerged.
“You’ve had to line up to get into many restaurants in Wuhan, and for Wuhan restaurants that are popular on the internet, the wait is two or three hours,” said Lei Yanqiu, a Wuhan resident in her early 30s.
George Zhong, a resident of Chengdu, the capital of Sichuan province in western China, said that he had made trips to three provinces in the last two months and has been actively shopping when he is home. “I spend no less than in previous years,” Zhong said.
China’s broadening recovery could also be seen in economic statistics just for September, which were also released Monday. Retail sales climbed 3.3% last month from a year ago, while industrial production was up 6.9%.
China’s model for restoring growth may be effective, but may not be appealing to other countries.
Determined to keep local transmission of the virus at or near zero, China has resorted to comprehensive cellphone tracking of its population, weekslong lockdowns of neighborhoods and cities and costly mass testing in response to even the smallest outbreaks.
China’s rebound also comes with some weaknesses, particularly a surge in overall debt this year by an amount equal to 15% to 25% of the economy’s overall output. Much of the extra debt is either borrowing by local governments and state-owned enterprises to pay for new infrastructure, or mortgages taken out by households and companies to pay for apartments and new buildings.
The government is aware of the risk of letting debt accumulate quickly. But reining in new credit would hurt real estate activity, a sector that represents up to a quarter of the economy.Another risk to China’s recovery is its heavy dependence on exports. The surge in exports in the last three months, along with lower prices for imports of commodities, accounted for a big chunk of economic growth, one of the largest shares of any quarter in a decade. Exports represent more than 17% of China’s economy, more than double the proportion that they make up in the U.S. economy.
China’s leaders recognize that the country’s exports are increasingly vulnerable to geopolitical tensions, including the Trump administration’s moves to unwind trade relations between the United States and China. Shifts in global demand might also threaten exports, as the pandemic batters overseas economies.
Xi Jinping, China’s top leader, has increasingly emphasized self-reliance, a strategy that calls for expanding service industries and innovation in manufacturing, as well as enabling residents to spend more.
The Chinese economy surged 4.9% in the July-to-September quarter compared with the same months last year, the country’s National Bureau of Statistics announced Monday. The robust performance brings China almost back up to the roughly 6% pace of growth that it was reporting before the pandemic.Many of the world’s major economies have climbed quickly out of the depths of a contraction last spring, when shutdowns caused output to fall steeply. But China is the first to report growth that significantly surpasses where it was at this time last year. The United States and other nations are expected to report a third-quarter surge too, but they are still behind or just catching up to pre-pandemic levels.
China’s lead could widen further in the months to come. It has almost no local transmission of the virus now, while the United States and Europe face another accelerating wave of cases.
The vigorous expansion of the Chinese economy means that it is set to dominate global growth — accounting for at least 30% of the world’s economic growth this year and in the years to come, Justin Lin Yifu, a Cabinet adviser and honorary dean of the National School of Development at Peking University, said at a recent government news conference in Beijing.
Chinese companies are making up a greater share of the world’s exports, manufacturing consumer electronics, personal protection equipment and other goods in high demand during the pandemic. At the same time, China is now buying more iron ore from Brazil, more corn and pork from the United States and more palm oil from Malaysia. That has partly reversed a nosedive in commodity prices last spring and softened the impact of the pandemic on some industries.
Still, China’s recovery has done less to help the rest of the world than in the past because its imports have not increased nearly as much as its exports. This pattern has created jobs in China but placed a brake on growth elsewhere.
China’s economic recovery has also been dependent for months on huge investments in highways, high-speed train lines and other infrastructure. And in recent weeks, the country has seen the beginning of a recovery in domestic consumption.
The affluent and people living in export-oriented coastal provinces were the first to start spending money again. But activity is resuming now even in places like Wuhan, the central Chinese city where the new coronavirus first emerged.
“You’ve had to line up to get into many restaurants in Wuhan, and for Wuhan restaurants that are popular on the internet, the wait is two or three hours,” said Lei Yanqiu, a Wuhan resident in her early 30s.
George Zhong, a resident of Chengdu, the capital of Sichuan province in western China, said that he had made trips to three provinces in the last two months and has been actively shopping when he is home. “I spend no less than in previous years,” Zhong said.
China’s broadening recovery could also be seen in economic statistics just for September, which were also released Monday. Retail sales climbed 3.3% last month from a year ago, while industrial production was up 6.9%.
China’s model for restoring growth may be effective, but may not be appealing to other countries.
Determined to keep local transmission of the virus at or near zero, China has resorted to comprehensive cellphone tracking of its population, weekslong lockdowns of neighborhoods and cities and costly mass testing in response to even the smallest outbreaks.
China’s rebound also comes with some weaknesses, particularly a surge in overall debt this year by an amount equal to 15% to 25% of the economy’s overall output. Much of the extra debt is either borrowing by local governments and state-owned enterprises to pay for new infrastructure, or mortgages taken out by households and companies to pay for apartments and new buildings.
The government is aware of the risk of letting debt accumulate quickly. But reining in new credit would hurt real estate activity, a sector that represents up to a quarter of the economy.Another risk to China’s recovery is its heavy dependence on exports. The surge in exports in the last three months, along with lower prices for imports of commodities, accounted for a big chunk of economic growth, one of the largest shares of any quarter in a decade. Exports represent more than 17% of China’s economy, more than double the proportion that they make up in the U.S. economy.
China’s leaders recognize that the country’s exports are increasingly vulnerable to geopolitical tensions, including the Trump administration’s moves to unwind trade relations between the United States and China. Shifts in global demand might also threaten exports, as the pandemic batters overseas economies.
Xi Jinping, China’s top leader, has increasingly emphasized self-reliance, a strategy that calls for expanding service industries and innovation in manufacturing, as well as enabling residents to spend more.
In a statement on its website, the Shanghai Wildlife Park said it was
"extremely distressed that such a tragedy occurred", adding that it also
"apologised to tourists for any inconvenience caused".To get more latest Shanghai news, you can visit shine news official website.
The park says it is currently looking into the incident, would improve its safety management and "do our best to handle the aftermath of the incident".
It has since temporarily closed the wild beast area, refunded tickets for visitors and "strengthened its safety operations".
The video, circulating on China's Weibo, shows tourists yelling as they sit inside a bus, while several bears can be seen gathered outside, crowded in one spot.
The area is only accessible to visitors by bus, with footage on social media site Weibo showing how animals are allowed to roam freely.
In the video, a man can be heard exclaiming "there's someone [there]", while someone else is heard asking "what's going on?".
The video quickly went viral and stirred debate about the existence of zoos.
Some argued that the bears were only acting as any wild animal would, proposing the only solution to eradicate such accidents was to "just close zoos... let animals be free".
Others condemned the zoo's lack of safety measures, and expressed sympathy for the tourists that witnessed the accident, saying they would be "deeply traumatised".
It is rare for zoo workers in China to be mauled to death by animals, but attacks are not entirely uncommon - although in most of these cases, these accidents are allegedly brought on by the visitors themselves.
In 2017, a man was bitten by a bear in a drive-through wildlife park in China after he ignored park warnings and rolled down his window to feed the bear.
The park says it is currently looking into the incident, would improve its safety management and "do our best to handle the aftermath of the incident".
It has since temporarily closed the wild beast area, refunded tickets for visitors and "strengthened its safety operations".
The video, circulating on China's Weibo, shows tourists yelling as they sit inside a bus, while several bears can be seen gathered outside, crowded in one spot.
The area is only accessible to visitors by bus, with footage on social media site Weibo showing how animals are allowed to roam freely.
In the video, a man can be heard exclaiming "there's someone [there]", while someone else is heard asking "what's going on?".
The video quickly went viral and stirred debate about the existence of zoos.
Some argued that the bears were only acting as any wild animal would, proposing the only solution to eradicate such accidents was to "just close zoos... let animals be free".
Others condemned the zoo's lack of safety measures, and expressed sympathy for the tourists that witnessed the accident, saying they would be "deeply traumatised".
It is rare for zoo workers in China to be mauled to death by animals, but attacks are not entirely uncommon - although in most of these cases, these accidents are allegedly brought on by the visitors themselves.
In 2017, a man was bitten by a bear in a drive-through wildlife park in China after he ignored park warnings and rolled down his window to feed the bear.
In the past two decades, we've seen mobile communication evolve from 1G to 4G LTE. In this process, key communication technologies changed and the amount of information processed is increased exponentially. The antenna is an integral part of this leap. As the middleware for transmitting and receiving signals, antennas have developed with the constant upgrades of communication technologies. In the 5G era, Antenna design has become more complex and systematic, from the initial single-array antennas to multi-array multi-unit antennas, from simple fixed-beam antennas to multi-beam antennas. Small size, multiband and wide band will be the main features of 5G antenna design.
5G will bring new experiences to users. Its transmission rate is ten times faster than 4G, which poses new requirements for the antenna system. At SIMCom Online Summit “5G accelerates economic growth, Cat. 1 helps to deploy New IoT”, famous domestic antenna manufacturer Sunnyway Technology’s CTO Zhou Yunfeng shared his ideas on 5G antenna design.
5G mainly adopts two frequency bands, namely SUB-6G and MMW. As we all know, the higher the frequency, the shorter the wavelength, the straighter the electromagnetic wave, the shorter the transmission distance, the worse the penetration, the greater the attenuation in transmission, the worse affected by cloudy, rainy and foggy weather. Therefore, we mainly adopt SUB-6G frequency band in China at present. The transmission rate of SUB-6G is greatly improved compared with 4G, and the cost is greatly reduced compared with MMW.
5G requires more antennas than 4G does. 4G adopts main antenna & diversity antenna design. Some LTE adopts dual antenna to realize the communication function. 5G adopts MIMO design. For example, 4x4 MIMO (Multiple Input Multiple Output) can effectively improve the communication capacity. With 4 antennas on the transmitting module and 4 antennas on the device, the number of antennas is greatly increased. Therefore, the positions and shapes of antennas need careful design to achieve good effect. To this end, Mr. Zhou Yunfeng gave some advice on 5G antenna design:
1.The further the antennas are from each other, the better the isolation is, so antennas should be spaced as far apart as possible.
2.At the same distance, isolation of low frequencies is higher than that of high frequencies, so antennas can be placed alternately, for example, two antennas containing low frequencies are separated by one with only high frequencies.
3.Antenna design can consider in different forms. The overall performance can be improved by changing the direction or polarization of the antenna.
After 5G antennas, let's look at modules. SIMCom 5G modules SIM8200EA-M2 and SIM8200G are 3G/4G/5G multimode and support 5G NR sub-6ghz frequency bands at the same time, such as N77, N78 and N79 frequency bands in China. SIM8200EA-M2 has been used in smart cities, online health care, drones and robotics, etc. SIM8300G-M2 that supports MMW is coming soon.
In the future, both the module and the antenna need to be customized according to their specific application scenarios. Instead of simply satisfying coverage and transmission capabilities, custom-made antennas and modules provide better communication quality.
Growth-oriented crude oil prices climbed to a 10-week high as market
sentiment broadly improved over the past 24 hours. The Dow Jones and
S&P 500 closed +1.52% and +1.67% respectively as my Wall Street
index attempted to make upside progress after idling for the better part
of the past 3 weeks. The Canadian Dollar – which can at times be
sensitive to swings in crude oil – struggled to capitalize on gains in
the commodity.To get more news about WikiFX, you can visit wikifx official website.
Recommended by Daniel Dubrovsky
What is the road ahead for Crude Oil？
Get My Guide
The upbeat tone in financial markets showed that investors shrugged off recent doubts over the potential viability of a coronavirus vaccine in the works from Moderna. Instead, traders may seem to be looking forward to a gradual easing in lockdown measures that should help restart economic growth. This may also explain why oil is now spending more time moving in tandem with global equities as of late.
Still, challenges may be ahead. Minutes from the FOMC meeting showed that policymakers see ‘extraordinary uncertainty’ and ‘considerable risks’ in the medium term. A few Fed officials also saw a ‘substantial likelihood’ of more Covid-19 waves. Meanwhile an oversight bill sent US-listed Chinese stocks dropping as tensions between the worlds largest economies seem to be heating up.
Develop the discipline and objectivity you need to improve your approach to trading consistently
Thursdays Asia Pacific Trading Session
With that in mind, Asia Pacific equities could echo the upbeat tone from the Wall Street trading session. This could bolster crude oil prices as the Canadian Dollar pressures resistance against an average of its major peers. Rising equities may also support the sentiment-linked Australian Dollar. AUD/USD will also be eyeing commentary from RBA Governor Philip Lowe.
Crude Oil Technical Analysis
On a daily chart, WTI crude oil prices have broken above ‘outer’ resistance from the beginning of this year. Follow-through at this point is absent. Rising support from Aprils bottom is also guiding the commodity higher – blue line. This has ultimately exposed former lows from August 2016 which could stand in the way as new resistance. A turn lower places the focus on resistance-turn-support at 29.11.
Recommended by Daniel Dubrovsky
What is the road ahead for Crude Oil？
Get My Guide
The upbeat tone in financial markets showed that investors shrugged off recent doubts over the potential viability of a coronavirus vaccine in the works from Moderna. Instead, traders may seem to be looking forward to a gradual easing in lockdown measures that should help restart economic growth. This may also explain why oil is now spending more time moving in tandem with global equities as of late.
Still, challenges may be ahead. Minutes from the FOMC meeting showed that policymakers see ‘extraordinary uncertainty’ and ‘considerable risks’ in the medium term. A few Fed officials also saw a ‘substantial likelihood’ of more Covid-19 waves. Meanwhile an oversight bill sent US-listed Chinese stocks dropping as tensions between the worlds largest economies seem to be heating up.
Develop the discipline and objectivity you need to improve your approach to trading consistently
Thursdays Asia Pacific Trading Session
With that in mind, Asia Pacific equities could echo the upbeat tone from the Wall Street trading session. This could bolster crude oil prices as the Canadian Dollar pressures resistance against an average of its major peers. Rising equities may also support the sentiment-linked Australian Dollar. AUD/USD will also be eyeing commentary from RBA Governor Philip Lowe.
Crude Oil Technical Analysis
On a daily chart, WTI crude oil prices have broken above ‘outer’ resistance from the beginning of this year. Follow-through at this point is absent. Rising support from Aprils bottom is also guiding the commodity higher – blue line. This has ultimately exposed former lows from August 2016 which could stand in the way as new resistance. A turn lower places the focus on resistance-turn-support at 29.11.
Market sentiment appeared to have a risk-off tilt as the anti-risk US
Dollar and Japanese Yen rose at the expense of the cycle-sensitive
Australian Dollar. US equity futures pointed in the same downward
direction while Asia-Pacific stocks traded mixed. RBA Governor Philip
Lowe gave a speech, warning that monetary policy has its limits and that
fiscal measures are crucial in combatting the coronavirus. Read the
full report here.To get more news about WikiFX, you can visit wikifx official website.
Euro Outlook Ahead of ECB Minutes
It is difficult to say how the Euro will react to the publication of ECB meeting minutes considering most of the attention now appears to be focused on the central banks tension with the German high court. It recently issued a ruling that deemed the 2015 asset purchases program and the subsequent growth of the ECB balance sheet to its current size illegal, giving the central bank three months to explain their policies.
The court said that unless such an explanation can be made, the Bundesbank will not participate in the quantitative easing program. ECB President Christine Lagarde defended the central banks decision and affirmed her support of the Pandemic Emergency Purchase Program (PEPP). This extraordinary measure by the ECB entails purchasing 750 billion euros of debt this year in order to contain the financial fallout from Covid-19.
If the underlying tone of the minutes strikes an unexpectedly gloomy tone, it could lead to heightened liquidation pressure in the Euro. Investors will be eagerly scanning the pages to find a more detailed outlook on the ECBs position for its PEPP program. In a recent interview, Mrs. Lagarde made it clear that monetary authorities “will not hesitate to adjust the size, duration and composition of the PEPP to the extent necessary”.
British Pound Braces for UK PMI Data
The British Pound may decline following the publication of flash PMI data for May. Manufacturing, services and the composite reading are expected to print at 37.2, 24.0 and 25.7 print, respectively. While this is far below the neutral 50.00 figure, it is an improvement from the prior month.
Worse-than-expected readings could inspire further rate cut bets from the Bank of England as officials contemplate the use of negative interest rates. Selling pressure in Sterling may also be amplified by growing uncertainty about the outcome of Brexit. Last week, EU and UK officials sent a chilling message about progress – or more accurately, the lack thereof – which subsequently sank the Pound.
EUR/GBP Outlook
EUR/GBP is testing the lower tier of the key inflection range between 0.8986 and 0.9091 (purple-dotted lines) where the pair had previously encountered both upside and downside friction amid market-wide volatility in March. If EUR/GBP shies away from clearing the multi-layered ceiling, a subsequent pullback may ensue. In this scenario, selling pressure may start abating when the pair hits familiar support at 0.8687 (red-dotted line).
Euro Outlook Ahead of ECB Minutes
It is difficult to say how the Euro will react to the publication of ECB meeting minutes considering most of the attention now appears to be focused on the central banks tension with the German high court. It recently issued a ruling that deemed the 2015 asset purchases program and the subsequent growth of the ECB balance sheet to its current size illegal, giving the central bank three months to explain their policies.
The court said that unless such an explanation can be made, the Bundesbank will not participate in the quantitative easing program. ECB President Christine Lagarde defended the central banks decision and affirmed her support of the Pandemic Emergency Purchase Program (PEPP). This extraordinary measure by the ECB entails purchasing 750 billion euros of debt this year in order to contain the financial fallout from Covid-19.
If the underlying tone of the minutes strikes an unexpectedly gloomy tone, it could lead to heightened liquidation pressure in the Euro. Investors will be eagerly scanning the pages to find a more detailed outlook on the ECBs position for its PEPP program. In a recent interview, Mrs. Lagarde made it clear that monetary authorities “will not hesitate to adjust the size, duration and composition of the PEPP to the extent necessary”.
British Pound Braces for UK PMI Data
The British Pound may decline following the publication of flash PMI data for May. Manufacturing, services and the composite reading are expected to print at 37.2, 24.0 and 25.7 print, respectively. While this is far below the neutral 50.00 figure, it is an improvement from the prior month.
Worse-than-expected readings could inspire further rate cut bets from the Bank of England as officials contemplate the use of negative interest rates. Selling pressure in Sterling may also be amplified by growing uncertainty about the outcome of Brexit. Last week, EU and UK officials sent a chilling message about progress – or more accurately, the lack thereof – which subsequently sank the Pound.
EUR/GBP Outlook
EUR/GBP is testing the lower tier of the key inflection range between 0.8986 and 0.9091 (purple-dotted lines) where the pair had previously encountered both upside and downside friction amid market-wide volatility in March. If EUR/GBP shies away from clearing the multi-layered ceiling, a subsequent pullback may ensue. In this scenario, selling pressure may start abating when the pair hits familiar support at 0.8687 (red-dotted line).
In an environment where many major currencies are range-bound, the
British Pound has put in a recent streak of weakness.To get more news
about WikiFX, you can visit wikifx official website.
Brexit remains as a driver but the notable item from this week was talk of potentially negative interest rates in the UK.
Next weeks economic calendar is rather light on high-impact data releases, pointing to the possible continuation of risk themes as a primary driver.
GBP Bounces After Last Weeks Support Breaks
It has so far been a brighter outlay this week for the British Pound as the currency has bounced against both the US Dollar and the Japanese Yen. Last week was marked by weakness in Sterling as sellers pushed each of those pairs down to fresh monthly lows; but at least a portion of that has been offset this week as both GBP/USD and GBP/JPY have thus far put in net gains, even as talk of negative interest rates from the BoE began to circulate through the headlines.
This dynamic isnt necessarily discounting the prospect of negative interest rates as much as it may be driven by a related theme in risk markets. As discussed on the topic of Gold and then US equities, an interview from FOMC Chair Jerome Powell that was broadcast on Sunday night has helped to add some heat to the current risk rally, and this looks to have taken a toll on both the US Dollar and Japanese Yen getting hit with another bout of weakness; which has helped to buoy both GBP/USD and GBP/JPY.
In Cable, the big question is whether sellers are going to react to that next spot of lower-high resistance, and there‘s a few possible areas where that may develop: From the below chart current support showed up around the 38.2% retracement of the March major move; and the 50% marker from that same study is very nearby, just above the 1.2300 handle. That area helped to provide a couple of spots of support in late-April and then again in early-May. Above that, the 61.8% retracement lines up very closely to the 1.2500 level, producing an element of confluence that may constitute an ’r2 zone of resistance.
Brexit remains as a driver but the notable item from this week was talk of potentially negative interest rates in the UK.
Next weeks economic calendar is rather light on high-impact data releases, pointing to the possible continuation of risk themes as a primary driver.
GBP Bounces After Last Weeks Support Breaks
It has so far been a brighter outlay this week for the British Pound as the currency has bounced against both the US Dollar and the Japanese Yen. Last week was marked by weakness in Sterling as sellers pushed each of those pairs down to fresh monthly lows; but at least a portion of that has been offset this week as both GBP/USD and GBP/JPY have thus far put in net gains, even as talk of negative interest rates from the BoE began to circulate through the headlines.
This dynamic isnt necessarily discounting the prospect of negative interest rates as much as it may be driven by a related theme in risk markets. As discussed on the topic of Gold and then US equities, an interview from FOMC Chair Jerome Powell that was broadcast on Sunday night has helped to add some heat to the current risk rally, and this looks to have taken a toll on both the US Dollar and Japanese Yen getting hit with another bout of weakness; which has helped to buoy both GBP/USD and GBP/JPY.
In Cable, the big question is whether sellers are going to react to that next spot of lower-high resistance, and there‘s a few possible areas where that may develop: From the below chart current support showed up around the 38.2% retracement of the March major move; and the 50% marker from that same study is very nearby, just above the 1.2300 handle. That area helped to provide a couple of spots of support in late-April and then again in early-May. Above that, the 61.8% retracement lines up very closely to the 1.2500 level, producing an element of confluence that may constitute an ’r2 zone of resistance.
After the 2008 financial crisis, the whole world is afraid of whether
there will be another financial crisis similar to that of 2008. When the
crisis really comes, people are still unprepared and unable to deal
with it. What is the real danger？ The largest economy starts to divide
due to trading, the whole country was hit by COVID-19. An uncoordinated
policy response between countries will prolong economic weakness and
trigger a new round of currency war.To get more news about WikiFX, you can visit wikifx official website.
Trade war, that means two or more countries have a conflict of trade taxes with each other. Generally, a country implements trade war in order to raise tariffs against other countries and expand its own exports. If the countries involved refused to compromise, they will face further increase of export tariffs.
Currency war means that countries maximize their benefits through their own currencies, usually by devaluing their currencies to stimulate exports and gain benefits from the exchange rate. When countries begin to devalue their currencies competitively, global currency wars and exchange rate wars will break out.
What's your leverage？
With the quantity of COVID-19 confirmed cases keep raising, the market investors have an unprecedented sense of urgency.
According to an analysis by MSIC, so far, global stock markets have fallen nearly 20 percent as a result of the spread of the COVID-19 epidemic and the collapse in oil prices, and volatility is expected to soar to more than 40 percent. It remains to be seen whether the crisis will follow a pattern similar to that of the past.
Underthe epidemic, major central banks around the world have begun to act.
The Fed cut interest rates by 50 bp and 100bp in a row, lowered the target range of the federal funds rate to 0- 0.25 percent, announced a new round of quantitative easing (QE) of $700 billion and cut the discount rate for emergency loans by 125bp. According to incomplete statistics, in addition to the Federal Reserve, more than a dozen central banks, including the Bank of Australia, the Bank of Canada and the Bank of Korea, have also entered the ranks of interest rate cuts.
Although the European Central Bank and the Bank of Japan, which are already in negative interest rates, did not cut interest rates further, they both stepped up quantitative easing. The ECB added an additional 120 billion euros in asset purchases until the end of the year, while the Bank of Japan announced an Y6,000bn increase of its annual ETF purchase target to Y12 trillion and a raise of the Japanese real estate investment trust (J-REITs) purchase target to Y180 billion.
It is worth noting that at present, a single monetary policy is no longer enough to boost market confidence. At present, the Fed is only one step away from negative interest rates, and there is a lot of speculation that the Fed will join the camp of negative interest rates in the future. However, whether negative interest rates can effectively boost the economy is still controversial, and the policy has also been criticized by many parties. The traditional monetary policy system, represented by the Federal Reserve, has been in trouble. Although extraordinary policy stimulus has become the norm, it cannot fundamentally break the situation and will deepen rather than alleviate the hidden risks.
Judging from the fiscal measures of major economies, the US Congress has passed an $8.3 billion bill to deal with the COVID-19 epidemic, and the Trump administration is planning to launch a nearly $1,000bn economic stimulus policy. Canada has also announced a new fiscal measure of C$1.1 billion. South Korea's parliament approved a supplementary budget of 11.7 trillion won to deal with the impact of the epidemic on the economy and support fragile businesses and domestic consumption.
Trade war, that means two or more countries have a conflict of trade taxes with each other. Generally, a country implements trade war in order to raise tariffs against other countries and expand its own exports. If the countries involved refused to compromise, they will face further increase of export tariffs.
Currency war means that countries maximize their benefits through their own currencies, usually by devaluing their currencies to stimulate exports and gain benefits from the exchange rate. When countries begin to devalue their currencies competitively, global currency wars and exchange rate wars will break out.
What's your leverage？
With the quantity of COVID-19 confirmed cases keep raising, the market investors have an unprecedented sense of urgency.
According to an analysis by MSIC, so far, global stock markets have fallen nearly 20 percent as a result of the spread of the COVID-19 epidemic and the collapse in oil prices, and volatility is expected to soar to more than 40 percent. It remains to be seen whether the crisis will follow a pattern similar to that of the past.
Underthe epidemic, major central banks around the world have begun to act.
The Fed cut interest rates by 50 bp and 100bp in a row, lowered the target range of the federal funds rate to 0- 0.25 percent, announced a new round of quantitative easing (QE) of $700 billion and cut the discount rate for emergency loans by 125bp. According to incomplete statistics, in addition to the Federal Reserve, more than a dozen central banks, including the Bank of Australia, the Bank of Canada and the Bank of Korea, have also entered the ranks of interest rate cuts.
Although the European Central Bank and the Bank of Japan, which are already in negative interest rates, did not cut interest rates further, they both stepped up quantitative easing. The ECB added an additional 120 billion euros in asset purchases until the end of the year, while the Bank of Japan announced an Y6,000bn increase of its annual ETF purchase target to Y12 trillion and a raise of the Japanese real estate investment trust (J-REITs) purchase target to Y180 billion.
It is worth noting that at present, a single monetary policy is no longer enough to boost market confidence. At present, the Fed is only one step away from negative interest rates, and there is a lot of speculation that the Fed will join the camp of negative interest rates in the future. However, whether negative interest rates can effectively boost the economy is still controversial, and the policy has also been criticized by many parties. The traditional monetary policy system, represented by the Federal Reserve, has been in trouble. Although extraordinary policy stimulus has become the norm, it cannot fundamentally break the situation and will deepen rather than alleviate the hidden risks.
Judging from the fiscal measures of major economies, the US Congress has passed an $8.3 billion bill to deal with the COVID-19 epidemic, and the Trump administration is planning to launch a nearly $1,000bn economic stimulus policy. Canada has also announced a new fiscal measure of C$1.1 billion. South Korea's parliament approved a supplementary budget of 11.7 trillion won to deal with the impact of the epidemic on the economy and support fragile businesses and domestic consumption.
All right. Here's a story about unexpected consequences. People are
buying fewer lottery tickets because of the pandemic, which is bad for
convenience stores and gas stations. But it also means hundreds of
millions fewer dollars for school funding. Peter Medlin of member
station WNIJ in DeKalb, Ill., explains what's going on.Get more news
about 包网公司,you can vist nb68.com
PETER MEDLIN, BYLINE: Last year, the Illinois Lottery set records sales. Proceeds from Powerball tickets to scratch-offs contributed $731 million to public education. That translates to more than 10% of the state's funding for school districts. But the receipts don't look nearly as good this year. With more strict reopening guidelines, sales have plummeted. And revenue has nosedived nearly $90 million during the pandemic. Victor Matheson teaches economics at the College of the Holy Cross in Massachusetts, where he researches sports and the lottery.
VICTOR MATHESON: So we do know, roughly, nationwide, money from lotteries plus other gambling constitutes about 2% of all state budgets in the country as a whole. So that's not huge. On the other hand, it's as much as states generate from, for example, state tobacco taxes, state alcohol taxes.
MEDLIN: Forty-five states and the District of Columbia run lotteries. More than half of state lotteries funnel a portion of their revenue into education. Fourteen completely devote their lottery money to public schools and scholarships. In fact, in North Carolina they even call it the North Carolina Education Lottery. Officials tout that more than 10,000 students received free pre-K last year thanks to the lotto.
Schools in that state are now projected to receive about $30 million less than what they expected from the lottery. The pandemic lottery dip in places like North Carolina and Illinois wouldn't normally be a huge loss for public education. But Matheson says since it's happening at the same time as the recession, it's a small but irreplaceable amount.
MATHESON: The drying up of lottery funding is just symbolic of drying up of all sorts of other types of revenue sources that state and local governments and schools all depend on.
MEDLIN: Jeff Craig is superintendent of the West Aurora School District, located west of Chicago. He's feeling a bit of whiplash. He says, just before the pandemic, he was planning to add resources.
JEFF CRAIG: All those folders are now in a filing cabinet because it's not something we can talk about for years to come now.
MEDLIN: Now, Craig is trying to figure out how to pay for additional costs, things like sanitation, protective equipment and ensuring the emotional health of his students. When trying to calculate it at all, the losses add up quickly. Michelle Jahr is the chief financial officer at Rockford Public Schools.
PETER MEDLIN, BYLINE: Last year, the Illinois Lottery set records sales. Proceeds from Powerball tickets to scratch-offs contributed $731 million to public education. That translates to more than 10% of the state's funding for school districts. But the receipts don't look nearly as good this year. With more strict reopening guidelines, sales have plummeted. And revenue has nosedived nearly $90 million during the pandemic. Victor Matheson teaches economics at the College of the Holy Cross in Massachusetts, where he researches sports and the lottery.
VICTOR MATHESON: So we do know, roughly, nationwide, money from lotteries plus other gambling constitutes about 2% of all state budgets in the country as a whole. So that's not huge. On the other hand, it's as much as states generate from, for example, state tobacco taxes, state alcohol taxes.
MEDLIN: Forty-five states and the District of Columbia run lotteries. More than half of state lotteries funnel a portion of their revenue into education. Fourteen completely devote their lottery money to public schools and scholarships. In fact, in North Carolina they even call it the North Carolina Education Lottery. Officials tout that more than 10,000 students received free pre-K last year thanks to the lotto.
Schools in that state are now projected to receive about $30 million less than what they expected from the lottery. The pandemic lottery dip in places like North Carolina and Illinois wouldn't normally be a huge loss for public education. But Matheson says since it's happening at the same time as the recession, it's a small but irreplaceable amount.
MATHESON: The drying up of lottery funding is just symbolic of drying up of all sorts of other types of revenue sources that state and local governments and schools all depend on.
MEDLIN: Jeff Craig is superintendent of the West Aurora School District, located west of Chicago. He's feeling a bit of whiplash. He says, just before the pandemic, he was planning to add resources.
JEFF CRAIG: All those folders are now in a filing cabinet because it's not something we can talk about for years to come now.
MEDLIN: Now, Craig is trying to figure out how to pay for additional costs, things like sanitation, protective equipment and ensuring the emotional health of his students. When trying to calculate it at all, the losses add up quickly. Michelle Jahr is the chief financial officer at Rockford Public Schools.
A Wentzville woman is millions of dollars richer after winning on a lotto ticket.Get more news about 牛博包网公司,you can vist nb68.com
According to the Missouri Lottery, Linda Barker purchased the winning ticket from the lottery's Oct. 7 drawing at Schnucks located at 1960 Wentzville Parkway.
Her Quick Pick ticket matched all six numbers drawn - 3,5,13,36,41,42 - to win the $6.9 million prize.
The Missouri Lottery said Barker is the second player to become a Missouri Lottery-made millionaire by winning a lotto jackpot in 2020.
In the last fiscal year, Missouri Lottery players in St. Charles County won more than $49.5 million in prizes. Retailers in the county received more than $5 million in commissions and bonuses, and an additional $11.6 million went to educational programs in the county.
All Missouri Lottery offices are currently open for claims of more than $600, by appointment only and in accordance with local health orders.
According to the Missouri Lottery, Linda Barker purchased the winning ticket from the lottery's Oct. 7 drawing at Schnucks located at 1960 Wentzville Parkway.
Her Quick Pick ticket matched all six numbers drawn - 3,5,13,36,41,42 - to win the $6.9 million prize.
The Missouri Lottery said Barker is the second player to become a Missouri Lottery-made millionaire by winning a lotto jackpot in 2020.
In the last fiscal year, Missouri Lottery players in St. Charles County won more than $49.5 million in prizes. Retailers in the county received more than $5 million in commissions and bonuses, and an additional $11.6 million went to educational programs in the county.
All Missouri Lottery offices are currently open for claims of more than $600, by appointment only and in accordance with local health orders.
A woman who won $1,000 in a second chance drawing on July 29 isn’t
getting her prize because the certified letter she sent to the Florida
Lottery’s headquarters never arrived.Get more news about https://www.loto98.com,you can vist loto98.com
Sue Burgess told WFLA that officials in Tallahassee told her “no ticket, no prize.”
The second chance lottery prize gives winners limited time to turn in a ticket to claim the prize. Their options are to either put the ticket in a dropbox at a local lottery office, which were not then open to the public due to the coronavirus pandemic, or mail them to the headquarters.
Burgess told the television station she felt it would be safer to send the ticket via certified mail with the U.S. Postal Service.
The tracking information shows the ticket arrived at a Tallahassee post office at 7:12 a.m. on Aug. 12. But the online tracking shows the ticket was never delivered to the lottery office.
When Burgess called, lottery officials told her that without a ticket, the prize would go to an alternate winner.
In a second chance game, the lottery has a record of winners because players register their names and contact information. Burgess told the station she was notified she won by a lottery official who called to give her the good news.
Typically, lottery winners of more than $600 can submit winning tickets in person at their local lottery office. But because of COVID-19, offices were closed to the public. Burgess says she was told she could send the ticket via certified mail or leave the ticket in a dropbox at a local lottery office.
Burgess said there was a one-week time frame to submit the ticket, but she missed an email about being a winner and by the time the office called her, she only had days to get the ticket post-marked.
“That’s why you choose certified mail,” Burgess told the station. “With COVID, I understand the mail is a little bit slow. But for safety sake, certified mail usually has priority.”Lottery officials told WFLA the claim was never received at the headquarters.
The claims department told Burgess to contact the postal service to find out what happened to the letter. The postal service said they are investigating what happened.In a statement to the station, the postal service offered an apology to Burgess for any “inconvenience.”
If the package arrives, lottery officials told the station they would bend the rules and pay Burgess the $1,000 if it was postmarked by the original deadline.“Ms. Burgess’ situation is an unusual circumstance and, to our knowledge, no other winner has experienced a similar issue,” the lottery said.
Sue Burgess told WFLA that officials in Tallahassee told her “no ticket, no prize.”
The second chance lottery prize gives winners limited time to turn in a ticket to claim the prize. Their options are to either put the ticket in a dropbox at a local lottery office, which were not then open to the public due to the coronavirus pandemic, or mail them to the headquarters.
Burgess told the television station she felt it would be safer to send the ticket via certified mail with the U.S. Postal Service.
The tracking information shows the ticket arrived at a Tallahassee post office at 7:12 a.m. on Aug. 12. But the online tracking shows the ticket was never delivered to the lottery office.
When Burgess called, lottery officials told her that without a ticket, the prize would go to an alternate winner.
In a second chance game, the lottery has a record of winners because players register their names and contact information. Burgess told the station she was notified she won by a lottery official who called to give her the good news.
Typically, lottery winners of more than $600 can submit winning tickets in person at their local lottery office. But because of COVID-19, offices were closed to the public. Burgess says she was told she could send the ticket via certified mail or leave the ticket in a dropbox at a local lottery office.
Burgess said there was a one-week time frame to submit the ticket, but she missed an email about being a winner and by the time the office called her, she only had days to get the ticket post-marked.
“That’s why you choose certified mail,” Burgess told the station. “With COVID, I understand the mail is a little bit slow. But for safety sake, certified mail usually has priority.”Lottery officials told WFLA the claim was never received at the headquarters.
The claims department told Burgess to contact the postal service to find out what happened to the letter. The postal service said they are investigating what happened.In a statement to the station, the postal service offered an apology to Burgess for any “inconvenience.”
If the package arrives, lottery officials told the station they would bend the rules and pay Burgess the $1,000 if it was postmarked by the original deadline.“Ms. Burgess’ situation is an unusual circumstance and, to our knowledge, no other winner has experienced a similar issue,” the lottery said.