U.S. Initial Jobless Claims Signal Slowing Labor-Market Rebound
“Applications for U.S. unemployment benefits posted the smallest weekly decline since March after coronavirus cases surged and reopenings paused or reversed across the South and West. Initial jobless claims in regular state programs totaled 1.3 million in the week ended July 11, down 10,000 from the prior period, Labor Department figures showed Thursday. Economists surveyed by Bloomberg News had forecast a larger drop, to 1.25 million initial claims.”
ECB’s Lagarde Says Heightened Uncertainty Means Stimulus Key
“European Central Bank President Christine Lagarde, warning of “elevated uncertainty” and slack in the economy because of the coronavirus, pledged to continue taking whatever steps needed to shore up growth and inflation. The ECB chief spoke after her Governing Council agreed on Thursday to keep their pandemic bond-buying program unchanged at 1.35 trillion euros ($1.5 trillion) and the deposit rate at -0.5%.”
China’s Attack On Its Biggest Stock Wipes Out Record $25 Billion
“Kweichow Moutai Co. fell the most in nearly two years after the influential People’s Daily took aim at the high price of the liquor it makes, saying the alcohol was often used in corruption cases. Moutai, China’s biggest domestically listed company, tumbled 7.9% in its worst decline since October 2018, wiping out a record $25 billion of value. Moutai’s products are often involved in the country’s official corruption cases and used for bribery given their high prices, according to a commentary carried by a WeChat account owned by the People’s Daily.”
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