‘We can’t shut down the economy again,’ Treasury Secretary Mnuchin says as fears of a 2nd wave of COVID-19 mount

  • Treasury Secretary Steve Mnuchin said in a Thursday interview with CNBC that the US can’t shut down its economy again.
  • “I think we’ve learned that if you shut down the economy, you’re going to create more damage,” he said.
  • Parts of the US have seen new COVID-19 cases spike — and total US cases surpassed 2 million this week — as the economy reopens. (BusinessInsider)

Virus cuts G20 GDP by record 3.4 percent in first quarter: OECD

Measures to curtail the coronavirus outbreak caused a 3.4 percent drop in GDP for the Group of 20 major economies in the first three months of 2020, the largest decline since records began in 1998, the OECD said Thursday.

The steepest declines came in China, where the economy shrank 9.8 percent from the fourth quarter of 2019, and in France and Italy, down 5.3 percent each, the Organization for Economic Cooperation and Development said. (bilyonaryo)

TECHNICAL CHART – OIL & DOW

OIL demand will be a problem again – as the economy takes another round of weakness
DOW is waiting for a next wave – be ready

WHAT ABOUT PSEI – IT WILL TEST FIBO 50.00 – EQ

Strong resistance at Symmetrical Triangle

KEY TAKEAWAYS

  • Trade cautiously & always buy only at critical support
  • Look for businesses that have potential for a fast rebound
    • Energy sector
    • Transportation
    • Food (Online Delivery & Drive-thru)
  • Never rush to buy a company – always do your own research – remember without proper research & analysis is gambling
  • During adversity there are 100’s of Opportunities
  • Patience is a virtue; so always be patient and wait for good entries

FINWAZE TEAM

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