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Manufacturing affected at a global level due to coronavirus Final economic activity figures at a global level in manufacturing confirmed that March was one of the worst months in many years for the sector, this after the closing of factories and damage seen occur in supply chains. In Europe, manufacturing activities deepened their contraction in

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Economic activity rebounds in China After the worst contraction in economic activity in February, China`s manufacturing sector (52 vs 35.7 prev.) along with its services sector (52.3 vs 29.6 prev.) recorded expansion in the month of March, exceeding analysts` expectations. The rebound in PMI`s is mainly attributed to the reactivation of economic activity in China,

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US economy will remain at a standstill President of the United States Donald Trump extended mitigation measures until April 30th, after being advised to do so by his council of experts. According to the president, resuming economic activities would risk increasing the number of deaths. It`s expected the US will record a decrease in new

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G-20 commits to a $5 trillion dollar stimulus Leaders of the 20 largest economies in the world had a videoconference meeting yesterday and talked about strategies that could mitigate the virus`s negative effects on health and the economy. The group of countries represents 80% of the global economy and they committed to injecting more than

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Historic increase in US jobless claims Unemployment claims on behalf of US citizens in order to receive benefits increased to 3.28 million, the highest level seen in the country`s history (vs 695 thousand in 1982), which is a sign that a recession in the world`s biggest economy has already begun. This reflects the shock`s severity

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Fiscal stimulus agreement reached in the US Congress and The White House have finally reached an agreement regarding a $2 trillion dollar fiscal stimulus to back the economy and American citizens in light of COVID-19`s negative economic effects. The Senate is expected to vote on it on Wednesday, for it then to be passed to

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Worldwide economic activity collapses in March The virus`s effects on the global economy have started to become evident after PMI`s were published in some of the world`s main economies. During March, economic activity came to an abrupt halt in Japan, Europe, and the United States, especially in the services sector. Manufacturing in Japan contracted for

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FED announces unlimited quantitative easing The Federal Reserve has announced new stimulus measures that include unlimited purchases of mortgage backed securities (MBS) and US Treasury bonds to maintain low costs of debt; and new programs that ensure credit keeps flowing to corporations as well as state and local governments. These measures seek to support the

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Historical contraction is expected in the United States According to the most recent estimates, the US economy could contract between 5% (annualized) and 9% during 2Q20, surpassing its worst contraction recorded during the global financial crisis a decade ago. The most negative scenarios forecast contractions of up to 14%, with the possibility of seeing the

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FED makes SWAP lines available for 9 new central banks In order to reduce the global economy`s great demand for dollars in recent weeks the Federal Reserve announced the establishment of temporary SWAP lines to ensure liquidity. These new lines include $60 billion dollars for central banks in Australia, Brazil, South Korea, Mexico, Singapore and

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