Latest coronavirus: US debt will exceed 100% of GDP next year, according to CBO

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Wall Street began September with a strong rally as the S&P 500 closed at an all time high on the heels of its biggest August gain in decades. The S&P 500 closed 0.7% higher at 3,526.68 on Tuesday, led by technology and materials stocks. The rise followed August’s best gain for the benchmark since 1986. The Nasdaq Composite rose 1.4 percent to 11,939.67.
A split among American scientists using convalescent plasma to treat Covid-19 deepened on Tuesday, when a panel said there was not enough evidence. “There is currently no data … which demonstrates the efficacy and safety of convalescent plasma for the treatment of Covid-19,” said the National Institutes of Health panel, contradicting the Food and Drug Administration.
The Brazilian economy officially entered recession after oscillating impact of the coronavirus crisis, which has killed more than 120,000 Brazilians and pushed millions of people out of work. According to the Brazilian Institute of Geography and Statistics, gross domestic product fell 9.7% quarter over quarter, reflecting the effect of widespread closures.

Classes at New York City public schools, which are slated to begin September 10, will now begin September 21 after the city and a union agreed on a plan for more security measures related to coronavirus, including random testing. The deal avoided a strike vote scheduled for Tuesday by the United Teachers’ Federation. “It’s a beautiful day for all the students in public schools,” said Mayor Bill de Blasio, pictured.
Activity in the US manufacturing sector increased for the third consecutive month and reached its highest level since 2018, according to data from the Institute for Supply Management. Its purchasing managers index rose to 56 in August, from 54.2 the previous month. It was the highest reading since November 2018. Economists had predicted that the index would change little to 54.5.
Eurozone consumer prices have fallen year on year for the first time since 2016, prompting the European Central Bank to do more to support the failing economic recovery of the coronavirus pandemic. Consumer prices fell 0.2% in August compared with the same month in 2020, after rising 0.4% in July.

The number of international tourists visiting Spain collapsed by 75% in July compared to the same month in 2019, an indication of the severity of the pandemic. shook the country’s economy. Only 2.5 million foreign visitors arrived in Spain during the month, spending around 2.45 billion euros. The average expenditure of € 994 per tourist is also an 18% drop compared to last year.
Low-cost airline Wizz Air has warned it could cut its flight schedule and park part of its fleet this winter after Hungary added to travel restrictions in place in parts of Europe. Hungary, Wizz’s domestic market, close its borders to foreign nationals on Tuesday after registering 292 new cases of coronavirus on Sunday – its highest daily tally.
The number of unemployed in Germany fell for the second month in a row, the labor market has rebounded of the impact of the coronavirus pandemic. The Federal Employment Agency said the number of jobless people fell to around 9,000 in August, adding to signs that Europe’s largest economy is steadily shedding the pandemic disruption.

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