Greetings,
United States: The first-quarter GDP contracted by 4.8% (annualized), the biggest decline since 2008.
This contraction in the GDP was just a taste for what’s to come in Q2. Here is a forecast from Oxford Economics.
Eurozone: Business confidence plummeted in April, with services sentiment hitting a record low.
Here is the overall economic sentiment index.
China: Banks are trading below book value. With delinquencies on the rise, the market doesn’t trust the reported book value.
Energy: US gasoline demand is recovering after the worst decline on record.
Global Developments: European banks set aside lower loan loss provisions than US lenders.
Food for Thought: The number of US companies going out of business each year:
Edited by Daniel Moskovits
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