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Recap May 16: Crisis 2020: Stocks fall on 2nd wave fears (Recap Ep071)

In this week, the main topic was the fears about the 2nd wave of coronavirus infections, which gripped financial markets, especially after a sobering warning from the World Health Organization that the coronavirus may never go away. Investors facing steep losses, due to the pandemic-driven shakeout in assets over the past few months, besides, they need to contend with renewed U.S.- China trade tensions. A rapid economic recovery seems ever more elusive with rising domestic unemployment.

Bitcoin -0.9% to $9619.00 in the U.S. pre-market, lower to $9,475.52 in the late morning on Friday, 05/15/2020, for a daily gain of 1.51%, but a weekly loss of 4.34%, despite the halving taking place earlier in the week, which is supposed to reduce the future supply of coins.

Dramatic shifts in U.S. consumer behavior is reflecting the unprecedented turmoil in the economy, caused by the pandemic. Americans are now slashing their spending, hoarding cash & shrinking their credit card balance, as they fear their jobs may well disappear during the present coronavirus pandemic.

France has summoned Venezuela’s envoy over accusations President Maduro’s government has been harassing its embassy in Caracas, including by cutting water & electricity to the ambassador’s residence. France is among many nations that no longer recognize Maduro’s disputed 2018 re-election & consider opposition leader Juan Guaido, to be Venezuela’s rightful president.

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