Caroline lets take account to City Private Bank chief economist, stephen whiting. How are you looking across assets at the moment in terms of where you allocate . Not only stocks falling but bonds falling on the same day. Optimism that perhaps yields have fallen too far, too fast. Well, we are a bit underweight global fist income global fixed income. A think this will still be volatile environment. No substitute except for u. S. Hedges,es, some literal not terribly well in the full economic recovery we expect. Underweight fixed income portfolio. There is really no substitute for the safe haven assets. The strategic return estimates have come down. Fortunately, u. S. Yields, when you look at missable bonds coastal eddy good premium to municipal bonds, still at a good premium to the world. They were already priced for crisis. With those, we want to really take them out of portfolios because of valuation issues. Romaine i was looking through your midyear outlook. Because, interesting am w
Demanded the director of the centers for Disease Control walk back his warning about a 2nd wave of coronavirus uncomfortably robert read thiel did not do so disputing the headline about the initial interview but confirming he had been accurately quoted i didnt say that this was going to be worse i said it was going to be more complicate our more difficult and potentially complicated because well have flu in coronavirus circulated same time. The president sought support from another of his medical experts dr Deborah Burkes and been very original this is years ago they will know. We dont know if its a small confined here or there we put it but 8 i think the great thing is will be able to find it earlier this time and i think thats what were talking about well find those cases earlier so what dr redfield said we would be able to stay in containment face president continue to push back against potential future threat and an answer to a reporters question argued the virus may not come back
A pathway back to normal life. But in other parts of the u. S. The scenes a very different across the country a small but growing protest movement is calling for restrictions to be eased from utah to wisconsin in both republican and democratic led states people are taking to the streets urging a return to normal life we are still a free country at least for now and people have to make a decision and thats their personal decision if they dont want to be 6 feet apart or 7 peter peter parker i cant i cant dictate to that to them despite declaring that individual governors are in charge President Donald Trump seemed to encourage the protests in a series of tweets on friday all 3 states have democratic governor has his tacit support is seen as deeply political in a time of crisis i know is there a lot of protests out there and i just think that some of the governors have gotten carried away you know you have a lot of people that dont have to be told to do what theyre doing theyve been reall
So weve seen a year on year 6. 8 percent drop in chinas g. D. P. Which is really significant and quite in line with peoples expectations analysts expectations because the current virus control measures that the government put in place for a few weeks in february and march really saw the economy come to a standstill factories were closed businesses were closed hundreds of millions of people were stuck in doors and just to unpack that figure a bit more also manufacturing vestment in the 1st quarter was down 25 percent year on year Infrastructure Investment also down 20 percent retail sales down 19 percent so really at the more when the government is doing all it can to get the economy restarted the National Bureau of statistics has said that the economy faces new difficulties and new challenges but the long term growth of the economy shouldnt be affected well at the moment there are questions as to whether that can be possible because this is really taking chinas economy is really taking
A white house that continues to try to put a positive spin on very negative news but thats going to become increasingly difficult because the numbers are expected to continue to rise in terms of the number of americans that are filing for unemployment claims in the United States in fact its expected that in the coming weeks that number that were at right now in the low 20 millions well it could double because the reality is that over night its predicted that roughly 46000000 americans lost their jobs and the only reason those numbers arent up at 46000000 right now is that the states where they processed these claims just cant cope with the sheer number of claims theyre overwhelmed theyre using antiquated Computer Systems and as a result the numbers we have are not really reflective of how many people dont have a job right now and just to make matters worse quickly the money that had been in that big rescue package the 2. 00 trillion dollars rescue package from congress well 35000000000