Pandemic may push 130M people to extreme poverty

THE coronavirus disease 2019 (COVID-19) pandemic is projected to remove four years of growth from the global economy — or almost $8.5 trillion in total output — according to a new United Nations (UN) study.

A 3.2% reduction in global GDP is forecast this year, according to the United Nations World Economic Situation and Prospects report released on Wednesday. The projections follow the IMF World Economic Outlook report in April, which anticipated a 3% decline this year.

On Tuesday, International Monetary Fund (IMF) Managing Director Kristalina Georgieva said that the economic forecasts may be further downgraded next month based on weak data since the mid-April IMF report. READ MORE

Asian stocks set to rise on optimism of post-lockdown recovery, stimulus

Asian stocks were set to rise on Friday amid investor optimism about the re-opening of the U.S. economy from coronavirus lockdowns and possibly more stimulus that could fuel a recovery. READ MORE

TECHNICAL CHARTS

PSE is cautious as more companies reports negative or lower earnings
All major indices are consolidating and awaiting fresh news; second wave fall in the making
Will the USD continue to dominate all other currencies? We should see that in teh coming weeks.

KEY TAKEAWAYS

  • Earning reports
    • Bloomberry profit plunges as virus shuts casinos – Read more
    • JG Summit earnings plummet on dismal airline business, trading/forex losses – Read More
    • P8.6B per month in dole outs: Lucio Tan, Gokongwei, Mikee Romero asking for taxpayers’ money to rescue PAL, CebuPac, Air Asia from bankruptcy – Read more
  • There are many more bad news ahead & as a trader we should start moving to defensive position and not over-exposed our investments
  • Stay back and watch what happens in the next few weeks
  • Cash is King Now

FINWAZE TEAM

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