Overseas Headlines – July 17, 2020

United States:

The U.S. Set Up These Programs to Offset Covid Hardship. They’re All About to Expire

“America’s leaders face an urgent set of decisions on whether to extend history’s biggest rescue effort — or let parts of it lapse. The government approved more than $2 trillion of extra spending after the coronavirus brought swaths of industry and commerce to a sudden halt. Some measures targeted those who took the biggest hit, like the unemployed and small business. Others were across-the-board, reaching every corner of the economy.”



BOE Governor Isn’t Yet Convinced by Strength of U.K. Recovery

“Bank of England Governor Andrew Bailey said played down suggestions that the U.K.’s economic rebound is looking robust, saying it ultimately depends on factors that are difficult to foresee. The comments suggest he’s more wary about the outlook than Chief Economist Andy Haldane, who was optimistic about a V-shaped bounceback last month. Fellow Monetary Policy Committee member Silvana Tenreyro said this week that the recovery will hit a ceiling later this year.”



China Stocks’ Quickest Reversal Since 2015 Blindsides Investors

“After the worst weekly drop for China’s stock benchmark in four months, traders are now asking whether the once sizzling rally is over. The CSI 300 Index capped a 4.4% loss this week, after surging 7.6% the week before. That’s the fastest reversal since the yuan devaluation in August 2015. The plunge came after the government adopted a series of measures to slow the pace of gains in what had suddenly become the world’s hottest equity market.”




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