On the one hand, the coronavirus impact on the economy will continue for a period of time, which will increase the risk of unemployment. As of April, the accumulative number of new jobs in urban areas declined by 22.9 percent year-on-year, and the surveyed unemployment rate rose to 6 percent. Faced with huge uncertainty, consumers will be more cautious and their savings tend to rise. "Staying in house" has become a normal behavior, and the impulse to purchase will be suppressed.
On Thursday, governors of seven Northeast states — New York, New Jersey, Connecticut, Rhode Island, Delaware, Pennsylvania and Massachusetts – stressed the need for testing college students and said schools should isolate and quarantine those testing positive.
On average, in first-tier cities new home prices were at the same level in July as in June, and pre-owned home prices dropped some 0.1 percent month-on-month. In second-tier cities, new home prices rose some 0.4 percent month-on-month in July, slower than the 0.6 percent record in June.
On Wednesday, the PBOC conducted 160 billion yuan of seven-day reverse repos priced to yield 2.45 percent, 70 billion yuan of 14-day contracts with a yield of 2.6 percent, and 10 billion yuan of 63-day contracts with a yield of 2.9 percent.
On Wednesday, West Texas Intermediate crude, the gauge for US prices, dipped 2.21 percent to .58 a barrel after the Russian government said it may rescind plans for extended production cuts. US oil prices had risen for seven of the last eight trading sessions.
On Wednesday, New York Governor Andrew Cuomo asked at his daily press briefing: "Why are more African Americans and Latinos affected?"
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On economic globalization, Xi called upon all countries to "stick together through thick and thin."
On Thursday, via social media, he released an example of a future digital exhibition of porcelains at the gallery, offering three-dimensional close-ups of details. Digital Palace Museum, an upgraded comprehensive platform on WeChat offering a panoramic view of the museum's digitized resources, also went online on Thursday. Visitors can experience a virtual tour of the compound and view key collections in the museum on mobile devices, even while some parts of the museum are still under lock and key.
On Wednesday, investor Bill Ackman urged Trump and corporate America to shut down the country for 30 days to contain the fast-spreading coronavirus, calling it the only option to rescue the economy.
On Thursday, the UN Security Council denied international port access to four DPRK ships suspected of carrying or having transported goods banned by international sanctions targeting Pyongyang.