Prepare for the coronavirus global recession

 

 

 

https://www.theguardian.com/business/2020/mar/15/prepare-for-the-coronavirus-global-recession

 The Guardian

Larry Elliott

What initially seemed localised is worldwide and economic pain will go on for longer than first thought

Sun 15 Mar 2020 11.39 GMTLast modified on Mon 16 Mar 2020 00.50 GMT

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 If people do not go out to their weekly meal at their favourite local restaurant for the next two months they are not going to eat out four times a week when the fear of infection has been lifted. Photograph: Andy Rain/EPA

Travel bans. Sporting events cancelled. Mass gatherings prohibited. Stock markets in freefall. Deserted shopping malls. Get ready for the Covid-19 global recession.

Up until a month ago this seemed far-fetched. It was assumed that the coronavirus outbreak would be a localised problem for China and that any spillover

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Markets this week: Central banks to the rescue

 

 

 

https://asiatimes.com/2020/03/markets-this-weekcentral-banks-to-the-rescue/

The collapse in oil prices and fiscal measures have put downward pressure on inflationary expectations
The US Federal Reserve building in Washington, DC.

Economic events

Financial markets are hoping the US Federal Reserve will join the growing queue of central banks that are pledging to rescue markets after the precipitous fall not seen since the Black Monday plunge 33 years ago. Expectations of fiscal support measures are rising in addition to the deep rate cuts by various central banks already baked in bond prices.

China’s central bank on Friday cut reserve requirement ratio (RRR) by 50-100 basis points (bps) unleashing a wall of liquidity. It will release 550 billion yuan into the banking system. This liquidity adds to the 800 billion

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Venta de Armas.-

 
 

VENTA DE ARMAS

El “barco de la muerte” saudí no logra evitar las protestas en el puerto de Sagunto

El buque Bahri Abha, utilizado en varias ocasiones para trasladar armamento, ha atracado a las tres de la madrugada. Activistas contra la guerra le han recibido con carteles por la paz y contra el tráfico de armas.

 
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Protesta realizada esta madrugada en el puerto de Sagunto contra la llegada del barco saudí Bahri Abha. MOC

Global economy faces a ‘US$2 trillion hit’

 

 

 

ASIA TIMES

'Doomsday' scenario’ from the UN paints a chilling picture as WHO declares a pandemic
The Covid-19 epidemic could cost the world in GDP growth nearly US$2 trillion. Photo: Mark Wilson / Getty Images / AFP

The United Nations has warned that the global economy faces “a US$2 trillion hit” in a “doomsday scenario” after the World Health Organization declared a worldwide pandemic.

As the Covid-19 disease spreads across the planet and the battle switches from China to Europe and the United States, concerns are growing that global growth will be wiped out as consumer demand evaporates.

“From an economic perspective, the key issue is not just the number of cases of Covid-19, but the level of disruption to economies from containment measures,” Ben

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The VLCC market took a turn for the worse this week, as activity slowed in all areas and ships piled up.

Markets - VLCC activity slows

Mar 29 2019

Charterers received double digit offers, but initially at below last done levels. 

Thus, we expect rates to drop further as the week progresses, and owners could find themselves trading at OPEX levels before long, Fearnleys said in its weekly roundup.

At the time of writing (Wednesday), WS45 was concluded with a ship older than 15 years for MEG/East, and modern tonnage will probably follow suit soon.

In contrast, Suezmaxes saw fairly good activity in the West last week, and finally the tonnage list for cargoes out of West Africa on natural dates looked more healthy.

Rates are still scraping the bottom of what owners consider to be beneficiary, compared to anchoring and waiting for better times. At least

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