The markets are showing unsupported optimism. A bubble is growing.
The market continues to grow disregarding the fact that nearly 43 million Americans have filed for unemployment benefits during the pandemic
Sectors have essentially bounced back and there is little evidence that the market can go down before $ 3 trillion is spent.
Boeing is one of the leaders of the rally, which is a worrying sign given the situation on the market.
Another 2.4 million Americans file for unemployment benefits
New York (CNN Business)Millions of Americans again filed for unemployment benefits last week, as the coronavirus recession drags on. Another 1.9 million workers filed for initial unemployment aid last week, according to the US Department of Labor. More than a quarter of the labor force -- 42.6 million people -- has now claimed benefits since the pandemic began ravaging the US labor market.
Continuing claims, which count people who have filed benefits for at least two weeks in a row, climbed to 21.5 million, an slight increase from the week prior. Economists had expected a decrease.
Besides the filing for regular unemployment claims, more than 600,000 Americans filed for pandemic unemployment assistance last week. That's half of last week's 1.2 million PUA claimants.
America's unemployment rate is expected to have reached nearly 20% in March, with 28.5 million jobs eliminated over the past two months. That's an unemployment rate not recorded since the Great Depression, and the highest monthly level since the data collection began in 1948.
The market growth amid the protests, looting and epidemics looks surreal.
Possible measures to combat racism on the corporate level
Offer relief funds to black-owned businesses
Increase black home ownership
Support unions
Increase pay for essential workers
Hire and promote more black executives
Germany is spending billions of euros on subsidies that will slash the price of electric cars as part of a huge economic stimulus package that could help automakers such as Volkswagen to sell vehicles that are better for the environment.
The German government will double existing subsidies to €6,000 ($6,720) on electric vehicles that cost up to €40,000 ($44,800), according to Chancellor Angela Merkel's Christian Democratic Union party. The total incentive increases to as much as €9,000 ($10,080) when the existing contribution from manufacturers is included.
REAL ESTATE
Landlords control fate of some small businesses as shutdown wears on
This week, a citywide curfew raised the stakes further for several businesses, including restaurants hoping for an uptick in business. Some retailers even took to standing outside their business during the rallies — both in solidarity and as a protective measure.
Brookfield’s Brian Kingston on the firm’s mall strategy, $5B retail relief plan and response to George Floyd protests
The global investment giant’s private equity firm Oaktree Capital Management is looking to raise $15 billion for a distressed-debt fund, and its real estate arm Brookfield Property Partners has announced plans to launch a $5 billion fund for struggling retailers.
