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Real Vision: Finance & Investing

Daily Briefing - June 22, 2020

Real Vision: Finance & Investing

Real Vision

Investing, Business News, News, Business

4.11.1K Ratings

🗓️ 22 June 2020

⏱️ 30 minutes

🧾️ Download transcript

Summary

Senior editor Ash Bennington and managing editor Ed Harrison explore the perilous state of the global markets amid the unrelenting spread of coronavirus. They discuss the disturbing “second wave” of coronavirus in the U.S. – in states like Florida, Texas, and Arizona – as well as around the world and evaluate how the continued spread will impact economic growth and financial returns across different asset classes. Ed hazards whether the U.S. yield curve will see bear-steepening (or bull flattening), and Ash puts the widening “breadth” of the U.S. rally in proper context. In the intro, Jack Farley explores why CLO managers are often rendered incapable just at the time that bold action is most required. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0

It's Monday, June 22nd, 2020, just after market close in New York. This is the real vision daily briefing.

0:19.0

I'm Ash Bennington from New York, joined shortly by our managing editor, Ed Harrison from

0:24.4

Washington. But first, Jack Farley with the day's stories. Jack. Thanks, Ash.

0:30.0

Here in New York today, we're entering phase two of the reopening, a major milestone for a city that for so long was the global epicenter of the pandemic.

0:38.0

But while New York can ease a sigh of relief, many states around the country face new hardship as the coronavirus

0:44.4

reasserts its grip on much of the nation. RT.5 has been tracking are not that

0:49.4

critical statistic demonstrating the rate of the virus's growth. And we can see that

0:53.5

23 of the 50 states have an R-0 above one, meaning that the virus will spread

0:58.0

more quickly. Below one, the virus will stop spreading over time. I know that

1:01.8

R-0 is focusing on that statistic a lot.

1:03.5

The states with an are not higher than one are concentrated in the south and in the west,

1:07.3

while northeast states are under one and most midwest states are also under one. Because of the speed

1:12.0

at which the virus is spreading, the U.S. reported

1:14.4

over 36,000 new cases just yesterday. But the scale of the spread goes beyond just the U.S.

1:19.9

Brazil reported over last night,

1:23.2

and the World Health Organization reported just last night

1:26.1

that there are more than 183,000 new cases

1:29.2

in the prior 24 hours.

1:30.7

That's the largest single day increase in coronavirus cases that we've ever seen since the outbreak.

1:35.2

Even countries with strict containment measures are having a hard time eradicating the virus completely.

1:41.0

In Germany, authorities have confirmed over 1,300 new cases among workers at the Taunus

1:46.3

pork processing plant in Rhine-Westphalia, Germany. Presently, Germany's infection rate is 2.7, the highest it's been since early March.

...

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