The following are the headlines discussed at Aldwin Callen's Monday morning briefing:
- As a result of the coronavirus, China's economy declined 6.8 percent in the first quarter of 2020, the largest drop in GDP since at least 1992.
- Oil prices plunged 39% to a 21-year low, as sinking global demand is causing a global supply glut and uncertainty about storage.
- Remdesivir, a medicine developed by Gilead Scientific, is showing promise in treating critically unwell Covid-19 patients; the treatment is currently in late-stage clinical trials.
- US retail sales declined 8.7 percent in March, the largest dip since the US government began tracking this figure in 1992, as individuals and businesses choose to stay at home across the majority of the country.
- US builders began work on 22% fewer homes in March compared to February, the worst monthly decline since 1984; nevertheless, new building permits fell by only 6.8 percent.
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