Overseas Headlines – May 14, 2020

United States:

U.S. Jobless Claims in Millions Again, Higher Than Expected

“The number of Americans seeking unemployment benefits remained in the millions for an eighth straight week as the economy continued to reel from the coronavirus pandemic. Initial jobless claims in state programs totaled 2.98 million in the week ended May 9, Labor Department figures showed Thursday, following 3.18 million the prior week. While filings have eased for a sixth straight week, they failed to decline as much as economists had projected, with a median estimate of 2.5 million.”



BOE Not Considering Negative Rates Right Now, Bailey Says

“The Bank of England isn’t currently considering lowering interest rates below zero, according to Governor Andrew Bailey, a day after the U.S. central bank chief also pushed back against the idea. It is not something that we are currently planning for or contemplating,” Bailey said during a web conference with the Financial Times on Thursday. Still, he added that “it’s always wise, and particularly in these circumstances, not to rule anything out forever.”



Second Waves Are Plaguing Asia’s Virus Recovery

“An elderly woman with no travel history. An unexpected flare-up in a nightclub. A swelling cluster in towns near international borders with no discernible source. After containing their outbreaks through measures from strict lockdowns to rapid testing regimes, the Asian economies that have seen some of the most success in quelling the coronavirus — Hong Kong, South Korea and China — are now facing resurgences that underscore how it may be nearly impossible to eradicate it.”



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