February 21, 2020
Farmers Are Not Ready to Buy Tractors Despite Trump China Trade Deal
“Farmers aren’t ready to heed Donald Trump’s advice to buy bigger tractors after his initial trade deal with China. More than half of U.S. farmers plan to spend less on capital equipment this year, and only 13% plan to spend more, according to a survey conducted by the American Farm Bureau Federation, the nation’s largest general farm organization. Fewer than a quarter of farmers expect higher prices for their crops or livestock in the coming year, according to the survey.”
U.K. Set to Beat Borrowing Forecast as Johnson Prepares Stimulus
“Chancellor of the Exchequer Rishi Sunak received a pre-budget boost on Friday as new figures left Britain on course to undershoot official borrowing forecasts this year. The last snapshot of the public finances before the March 11 budget show the budget deficit is rising more slowly than the Office for Budget Responsibility predicted. It means that borrowing in the fiscal year through March is likely to come in below the 47.6 billion pounds ($61 billion) estimated.”
Asia’s Big Economies Are Already Feeling the Coronavirus Impact
“Asia’s biggest economies are already feeling the brunt of the coronavirus shock. Key gauges for manufacturing in Australia and Japan fell while early export orders for South Korea showed a slump in Chinese demand. Data from China showed car sales sank 92% in the first half of February while its Commerce Ministry said trade and inbound investment would take an increasing hit from the epidemic.”
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