- New claims for unemployment benefits last week are expected to total about 5 million, bringing the number of Americans filing to more than 15 million.
- The claims initially were expected to have come from millions who lost their jobs in restaurants and travel-related fields, but now they are likely to include hundreds of thousands of retail workers.
- Economists say there could be more longer-term and permanent layoffs included in more recent claims, as companies look to trim costs. Source CNBC
Labour frontbenchers have criticised the chief executives of HSBC and Standard Chartered banks for supporting China’s political leaders, urging them to revoke their support for Beijing’s controversial security law, which they say threatens democratic rights in Hong Kong. They warned the banks that they could face a boycott. Source The Guardian
China’s oil demand has recovered to more than 90% of the levels seen before the coronavirus pandemic struck early this year, a surprisingly robust rebound that could be mirrored elsewhere in the third quarter as more countries emerge from lockdown. Source Reuters
- The European Central Bank increased its Pandemic Emergency Purchase programme by a further €600 billion ($676 billion) on Wednesday.
- Markets were largely expecting a €500 billion ($563 billion) increase.
- The new package takes the ECB’s total announced monetary stimulus to €1.35 trillion ($1.52 trillion).
- ECB also extended its horizon for net purchases until at least June 2021. Source Business Insider
