Closing Wrap - Thursday 25.06
Headlines
  • US Just Saw A Record 45,557 New Coronavirus Cases In A Single Day
  • Texas Pauses Reopening Plan As Coronavirus Cases, Hospitalizations Rise
  • Senate Passes Sanctions Bill On China Over Hong Kong Law
  • Latest US Sanctions On Iran Target Steel And Other Metal Companies
  • ECB’s Mersch: ECB Can Hold Back On Bond Buys If Markets Calm
  • Spanish Govt Reaches Deal To Extend Furlough Schemes Until Sept. 30
  • US GDP Annualized (Q/Q) Q1 F: -5.0% (est -5.0%; prev -5.0%)
  • US Advance Goods Trade Balance (USD) May: -74.3B (est -68.2B; prev R -70.7B)
  • Apple Will Re-Close 14 Stores In Florida Because Of Rising COVID-19 Rates
  • Delta Says Unlikely To Add 'Many More' Flights For Rest Of 2020
  • White House Considers Broad Federal Intervention To Secure 5G Future
  • US Warns UK Over Huawei Plan To Spend GBP1 Bln On Chip Facility
Commentary
Continued Claims Drop Below 20mln For First Time Since April

Claims beat the consensus estimate of 1.320mln but fell from the prior 1.540mln. This was revised higher by 32k from the previous 1.508mln. The four-week moving average declined to 1.621mln, a drop of 152k from the previous week’s average. This is the 14th straight week in which claims have topped 1mln, bringing the total to 47.18mln workers who have filed first-time unemployment claims since the start of the pandemic.

 

The Labour Department’s so-called insured unemployment rate fell from the previous week’s print of 14.4pct. This counts the number of people actively collecting benefits and is considered an alternative measure of joblessness. (LiveSquawk  - Continue Reading)

Jump In US Durable Goods Orders Biggest In Nearly Six Years

Overall orders for durable goods surged in May the most since July 2014, beating expectations of a rise of 10.5pct m/m. The April print was revised to -18.1pct versus the -17.7pct previously reported, the lowest on record. Economists are estimating second quarter GDP to post its steepest annualised decline since records began.

 

Orders for non-defence capital goods excluding aircraft, rose last month to beat the consensus forecast of 1pct after a revised 6.5pct drop in April. Orders remain well short of where they were three months earlier. (LiveSquawk  - Continue Reading)

Many Studies Of COVID-19 Antibody Test Accuracy Fall Short

Many studies assessing the accuracy of COVID-19 antibody tests had major shortcomings, a review released on Thursday concluded, offering further evidence the blood tests are of little use for people seeking to know with certainty if they have been infected.

 

Cochrane, a British-based journal that reviews research evidence to help decision makers adopt better health policies, looked at 54 studies, mostly from Asia, that sought to measure the reliability of tests purporting to show whether somebody has developed antibodies against the new coronavirus.

 

The studies were often small, did not use the most reliable methods, and results were often incomplete, Cochrane said in its 310-page report. (Reuters  - Continue Reading)

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