HONG KONG, July 31 — Asian markets struggled and the dollar extended losses today as data showing the US suffered its worst quarter on record highlighted the impact of the virus on the global economy. A tweet from Donald Trump suggesting delaying November’s elections also jolted investors. The...
A pedestrian walks past an electronic quotation board displaying share prices from the Tokyo Stock Exchange in Tokyo July 31, 2020. — AFP pic
While the GDP figures were expected to be bad, a more immediate report showed a second consecutive weekly increase in initial claims for unemployment benefits, with another 1.43 million filed last week. Wall Street’s S&P 500 and Dow dropped following the dour US readings. Frankfurt led steep losses in Europe yesterday after Germany announced the region’s biggest economy suffered a historic 10 per cent contraction.
Tokyo lost 2.8 per cent and Sydney shed 2.1 per cent, while Seoul, Mumbai, Bangkok and Taipei were also in the red. And expectations are for the greenback to continue to flail with lawmakers in Washington unable to find common ground on a new support package and the virus spreading fast. “2020 will be the most INACCURATE & FRAUDULENT Election in history. It will be a great embarrassment to the USA. Delay the Election until people can properly, securely and safely vote???” he said.“Do I want to see a date change? No. But I don’t want to see a crooked election. This election will be the most rigged election in history if that happens,” he said.
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