News

Valentino sues NYC landlord to exit 15-year Fifth Avenue store lease, alleging that the once prestigious shopping area is no longer ‘workable’ as a luxury shopping destination

Valentino filed a lawsuit against its landlord on Sunday seeking to terminate a 15-year lease on its Fifth Avenue store. In the court filing, Valentino said that it was “impossible” to operate its business at the four-story location in the wake of the coronavirus pandemic. “Even in a post-pandemic New […]
Valentino sues NYC landlord to exit 15-year Fifth Avenue store lease, alleging that the once prestigious shopping area is no longer ‘workable’ as a luxury shopping destination
Markets

This is not a recession, but just a long government-dictated public holiday

International institutions and economists across the world have been raising alarm bells over the global economy slipping into recession. But while the collapse in economic activity is clear, there are historical examples to suggest that this is not a recession. Instead of a recession, we have just experienced a long, […]
This is not a recession, but just a long government-dictated public holiday
Markets

Dow climbs 477 points as stocks rebound from their worst day since March

US stocks closed higher on Friday after a choppy trading session followed their worst single-day sell-off since March. Thursday’s slide was driven by fears that a second wave of coronavirus cases could devastate the US economy. Stocks tied to an economic reopening – including airlines, cruise operators, and retailers – […]
Dow climbs 477 points as stocks rebound from their worst day since March
Markets

Dow climbs 461 points as economic reopening spurs recovery hopes

US stocks rose on Monday to a 15-week high as economic recovery hopes led to rallies in airlines, cruise lines, and retail. The S&P 500 wiped out its year-to-date loss in the final minutes of trading. The gains continue a rally from Friday that came after the better-than-expected May jobs […]
Dow climbs 461 points as economic reopening spurs recovery hopes
Markets

Friday’s May jobs report surprised economists. It could be a sign that the government’s program to rescue small businesses is paying off

Friday’s May jobs report beat economists’ expectations, showing the US added jobs in the month and that the unemployment rate declined. The unexpected and dramatic rise in employment “is clearly linked to the effectiveness of the PPP and other federally-funded re-payrolling initiatives,” Dan Alpert, co-creator of the U.S. Private Sector […]
Friday’s May jobs report surprised economists. It could be a sign that the government’s program to rescue small businesses is paying off
News

America has become a nationwide body cam

Hello, everyone! Welcome to the new edition of Insider Today. Please sign up here . Please take a moment to complete the following three-minute survey so that we can better deliver you Insider in your inbox. QUOTE OF THE DAY “Tripped and fell” – how the Buffalo Police Department originally […]
America has become a nationwide body cam
Markets

US service industry creeps toward growth as lockdowns ease, ISM report shows

The US service industry, easily the biggest component of the nation’s economy, slowed its decline and inched toward growth in May, according to the Institute for Supply Management’s latest report. The organisation’s non-manufacturing index climbed to 45.4 in May from 41.8. Its new orders index rose 9 percentage points to […]
US service industry creeps toward growth as lockdowns ease, ISM report shows
News

Is this a classic ‘bear-market trap’… or a new bull market?

A version of this post first appeared in “Insider Today,” a daily email written by Henry Blodget and David Plotz. To receive it in your inbox, please sign up here . Many observers have been mystified by the stock market’s behaviour since mid-March. Despite a crippling blow to the economy, […]
Is this a classic ‘bear-market trap’… or a new bull market?
News

Why are the protests so much more intense?

Hello, everyone! Welcome to the new edition of Insider Today. Please sign up here . To view this newsletter on our site, click here. BLODGET & PLOTZ Why now? Why everywhere? And why so much more intense? The peaceful protests over George Floyd’s death have spread with amazing speed, as […]
Why are the protests so much more intense?
Markets

Dow climbs 325 points as investors cheer efforts to boost global economies

US stocks rose Wednesday as investors were encouraged by signs that global authorities are taking measures to boost economies. The European Commission on Wednesday proposed a $US826 billion stimulus package intended to aid recovery from the coronavirus-induced recession. Oil slipped after a report from the IEA forecasting a record drop […]
Dow climbs 325 points as investors cheer efforts to boost global economies
Markets

UBS lays out market strategies for all 3 economic-reopening scenarios, from a successful recovery to a COVID-19 resurgence

Uncertainty around the coronavirus pandemic’s trajectory has led Mark Haefele – chief investment officer at UBS– to detail three strategies for various economic-reopening scenarios. The bank’s more optimistic scenario sees the US avoiding a second wave of COVID-19 cases and reopening through June. Value and cyclical stocks would be best […]
UBS lays out market strategies for all 3 economic-reopening scenarios, from a successful recovery to a COVID-19 resurgence
Markets

China’s economy has bounced back from coronavirus in a V-shaped recovery, but ‘now comes the hard part,’ analysts say

Chinese industrial production bounced back in a ‘V-shaped’ recovery in April, but research shows its momentum is likely to fade in the short-term. A global rebound may be impacted by slow-moving investment in sectors reliant on household spending, according to Pantheon Macroeconomics. China’s industrial output rose 3.9% in April year-on-year, […]
China’s economy has bounced back from coronavirus in a V-shaped recovery, but ‘now comes the hard part,’ analysts say
Markets

The Fed won’t use negative interest rates to counteract the coronavirus recession, chairman Jerome Powell says

The Federal Reserve remains averse to negative interest rates despite the gloomy economic backdrop, Chairman Jerome Powell said Wednesday. The US economic trajectory is still “highly uncertain and subject to significant downside risks,” and additional aid is likely necessary stage a recovery, Powell added in a videoconference with the Peterson […]
The Fed won’t use negative interest rates to counteract the coronavirus recession, chairman Jerome Powell says
Markets

‘All crises leave scars’: One of Europe’s top economists said ‘dread risk’ from consumers could make coronavirus recessions even longer than expected

The Bank of England’s chief economist predicts higher savings by households and businesses could lead coronavirus-driven recessions to be even longer than expected. Households and companies dealing with a “dread risk” to get through any potential lockdown would build up more savings and drain the economy of spending, Andy Haldane […]
‘All crises leave scars’: One of Europe’s top economists said ‘dread risk’ from consumers could make coronavirus recessions even longer than expected
Markets

‘A truly terrible outcome’: Why one economist sees zero chance of a V-shaped recovery after April’s dismal jobs report

April’s dismal job report means there’s no chance for swift US economic recovery, James Knightley, chief international economist at ING, wrote in a Friday note. “With social distancing, consumer angst, travel restrictions and the depressing effects of mass unemployment mean that economic activity and employment will certainly not be exhibiting […]
‘A truly terrible outcome’: Why one economist sees zero chance of a V-shaped recovery after April’s dismal jobs report
Markets

‘We’re all going to be permanently scarred’: Billionaire Sam Zell cautions the coronavirus will leave a Great Depression-level dent in the economy

The coronavirus recession will likely fuel long-lasting economic fallout similar to that seen after the Great Depression, billionaire businessman Sam Zell said Tuesday on Bloomberg TV. “Too many people” expect the economy to rebound in a V-shaped trend, he said. “We’re all going to be permanently scarred by having lived […]
‘We’re all going to be permanently scarred’: Billionaire Sam Zell cautions the coronavirus will leave a Great Depression-level dent in the economy
Markets

‘The era of tax cuts is over’: The wealthy US ‘investor class’ will have to pick up the tab for coronavirus stimulus, Guggenheim co-chair says

The “investor class” that reaped the benefits of President Donald Trump’s 2017 tax cut will likely pay for much of the government’s coronavirus stimulus, Jim Millstein, co-chairman at Guggenheim Securities, said Monday. The national deficit is expected to quadruple to $US3.8 trillion in 2020, according to a federal watchdog agency. […]
‘The era of tax cuts is over’: The wealthy US ‘investor class’ will have to pick up the tab for coronavirus stimulus, Guggenheim co-chair says
Strategy

We surveyed the ‘rainy day’ funds of 6 states to see how prepared they were for a major emergency. The results paint a grim picture for the country’s economic recovery.

The novel coronavirus has already had a large impact on state economies across the US. Some states have projected budget shortfalls for the current and following fiscal years. States can use money reserved in their rainy day funds to help with economic downfalls, such as what we are seeing during […]
We surveyed the ‘rainy day’ funds of 6 states to see how prepared they were for a major emergency. The results paint a grim picture for the country’s economic recovery.
Strategy

Reopening the economy isn’t going to work if no one shows up — and people are already hesitant to return to events like sports and gaming conventions

Paul Constant is a writer at Civic Ventures, a cofounder of the Seattle Review of Books, and a frequent cohost of the “Pitchfork Economics” podcast with Nick Hanauer and David Goldstein. On the latest episode of “Pitchfork Economics,” Hanauer and Goldstein interview Sports Illustrated columnist Andrew Brandt about the coronavirus’ […]
Reopening the economy isn’t going to work if no one shows up — and people are already hesitant to return to events like sports and gaming conventions
Markets

Dow soars 530 points as coronavirus treatment optimism overshadows GDP slump

US equities soared on Wednesday as traders gained new hope from a successful coronavirus drug trial. Gilead announced Wednesday morning its remdesivir compound succeeded in a key trial. Investors’ optimism toward the positive drug news overshadowed a 4.8% contraction in US GDP through the first quarter. Economists expected the metric […]
Dow soars 530 points as coronavirus treatment optimism overshadows GDP slump
Markets

Dow climbs 400 points as COVID-19 drug hopes outweigh economic pain

US equities soared on Wednesday as traders gained new hope from a successful coronavirus drug trial. Gilead announced Wednesday morning its remdesivir compound succeeded in a key trial. Additional information on the study will be released later in the day. Investors’ optimism toward the positive drug news overshadowed a 4.8% […]
Dow climbs 400 points as COVID-19 drug hopes outweigh economic pain