Overseas Headlines- March 12, 2020

United States:

U.S. Jobless Claims Fall to 211,000 in Week Ending March 7

“Filings for U.S. unemployment benefits unexpectedly decreased last week, indicating companies are holding on to workers even as the coronavirus outbreak starts to weigh on economic activity. Jobless claims fell by 4,000 to 211,000 in the week ended March 7, according to Labor Department figures released Thursday. The figures were lower than the median estimate in Bloomberg’s survey of economists. The four-week average, a less-volatile measure, increased by 1,250 to 214,000.”




Biggest U.K. Stimulus Since 1992 Relies on Borrowing Binge

“The U.K.’s largest fiscal giveaway in almost three decades will be rooted in a borrowing binge that takes advantage of rock-bottom interest rates. Rishi Sunak, the country’s finance minister, on Wednesday announced a 30 billion-pound ($39 billion) spending spree that ended years of austerity and laid out the most comprehensive response to the coronavirus threat among advanced economies. Just hours before his address, the Bank of England delivered an emergency interest-rate cut and unveiled other steps to help struggling businesses.”




Bank of Japan Likely to Strengthen Stimulus Next Week

“The Bank of Japan will likely expand its stimulus measures at its meeting next week as it seeks to limit the blow from the coronavirus outbreak and reassure volatile markets, according to people familiar with the matter. The central bank is likely to show a more aggressive stance on buying assets such as exchange-traded funds, the people said. Whether the BOJ will raise its 6 trillion yen ($58 billion) ETF-purchasing target remains unclear and could depend on the severity of market conditions at the time of the meeting, they added.”




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