Headlines discussed at LNWM’s Monday morning briefing:
— China’s economy contracted 6.8% in 1st quarter 2020, the first drop in its GDP since at least 1992, amid fallout from the coronavirus.
— Oil prices plunged 39% to a 21-year low, as sinking global demand is causing a global supply glut and uncertainty about storage.
— Gilead Scientific’s drug remdesivir is showing promise in treating Covid-19 severely ill patients; drug is in late-stage clinical testing.
— US retail sales fell 8.7% in March, the biggest drop since the US government began keep this statistic in 1992, as consumers and business were under stay-at-home orders across most of the US.
— US builders started construction on 22% fewer homes in March vs. Feb., the biggest monthly drop since 1984; but new building permits fell by only 6.8%.
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