[ad_1]
The situation on Monday
7:26 p.m .: the US government USA Threatens the consequences in a trade dispute
Amidst the coronavirus pandemic controversy The United States warned China of thisto violate the trade agreement between the two countries signed in January. Treasury Secretary Steven Mnuchin threatened China with “consequences” on Monday if the country failed to honor the commitments it had made. “I hope they follow through on their commitments,” Mnuchin said on Fox Business. He did not elaborate on possible “consequences.” The United States and China signed an agreement in January to end a trade dispute that had been going on for almost two years. Beijing agreed to import additional goods worth $ 200 billion over a two-year period. The President of the United States, Donald Trump, had imposed punitive tariffs on his country’s trade deficit with China.
7:13 p.m.: General Electric is cutting around 13,000 jobs
The American Industrial Group General Electric (GE) announced major job cuts in the aviation sector in the corona crisis. It is slated to cut the global number of employees by about 25 percent this year, GE Aviation chief David Joyce said Monday in a memo to employees. This would affect a total of around 13,000 jobs. The recession in the industry is unprecedented, Joyce emphasized. The crown pandemic should lead to a drop in air traffic of around 80 percent in the second quarter. The stake of the parent company, General Electric, which had been badly affected for a long time, fell significantly in the US market.
6:58 p.m.: Before the car summit in Berlin – Critical Federal Environment Agency
Before the “car summit” with German Chancellor Angela Merkel (CDU), The President of the Federal Environment Agency spoke out against a large premium for new car purchases.. “I don’t think much of a flat-rate scrapping premium for old cars,” said Dirk Messner of the German Press Agency. “Even newer vehicles with the latest exhaust cleaning do little to help protect the weather.” In practice, their CO2 emissions are on average only slightly lower than those of end-of-life vehicles. “I can only imagine buying subsidies for really cheap cars with CO2 emissions of less than 95 grams per kilometer,” said Messner.
6:38 PM: Italy bonds threaten junk state
This Friday an important decision is pending for Italy, which has been particularly affected by the virus crisis. Moody’s rating agency then reviews the country’s credit rating. Currently, this is only one step above the so-called junk state. Government bonds classified in this way are considered at risk of default and are no longer an investment option for many large investors. But analysts expect the European Central Bank (ECB) to continue buying Italian debt securities as part of its bond purchase programs in case the credit rating of all the major rating agencies is reduced to garbage.
6:21 pm: Europe’s major stock exchanges clearly close in the loss zone
The main European stock exchanges stopped trading on Monday with significant losses. The Euro-Stoxx-50 lost 3.81 percent to 2,816.48 points. In Frankfurt, the DAX fell 3.64 percent to 10,466.80 units. The FTSE-100 in London, on the other hand, closed with lower discounts of 0.16 percent at 5,753.78 units. However, the leading British index had already anticipated negative market sentiment on Friday with significant losses when the other leading markets in Europe remained closed due to the holidays. The intensified rhetoric between the EE. USA And China caused uncertainty in the markets. Investors fear a new outbreak of the trade conflict between the world’s two largest economies.
6:15 p.m. – Largest creditors rejected offer to reschedule
Have a few days before the deadline The three largest groups of creditors rejected the Argentine government’s offer to restructure the public debt.. “We cannot accept the debt rescheduling offer because it imposes disproportionate losses on holders of Argentine government bonds that are neither justified nor necessary,” a joint statement said today. However, they are ready for further negotiations. Creditors include investment groups Blackrock, Fidelity, Greylock Capital and Ashmore.
5:52 p.m .: Very weak Vienna Stock Exchange
The Vienna Stock Exchange closed at a moderate volume on Monday with a very weak trend. The national leading index ATX fell 82.19 points or 3.69 percent from Thursday’s close (2,227.15) to 2,144.96 points.
5:18 p.m .: the US industry USA Is breaking orders
Orders are separating from the US industry due to the crown crisis. Orders fell 10.3 percent in MarchThe Ministry of Commerce announced Monday. This was almost as much as economists feared. In February, new business declined only minimally 0.1 percent. In April and the following months, the pandemic is likely to continue to slow down the situation of company orders.
4:15 p.m .: more for taller unemployed people than in Germany
The crown crisis has affected the labor market in Austria significantly more than in Germany in the last month and a half. In Austria, unemployment increased in April compared to the same month the previous year. 58 percent to 571,000 in Germany 19 percent to 2,644 million.
3:15 p.m.: Starting Wednesday, Opel will begin production in Vienna-Aspern
French automaker PSA, which includes Peugeot and Citroen, as well as Opel, will step up production gradually again next Monday. This also benefits the Opel site in Vienna-Aspern, where production will start again the day after tomorrow, on May 6. Operations at the French plants will resume on May 11.
14:48: 2020 the strongest economic recession since 1945
The crisis of the crown shakes the national labor market and has it April unemployment figures hit record since World War II let it rise. “We expect the strongest economic recession since 1945 to 2020. The gradual abolition of officially ordered business closings and more job vacancies should reduce unemployment in the coming months.” issue I see in tourism. I don’t think anything is going to be great in the coming months, “said IHS economist Hofer.
2:45 pm: According to the survey, Austrians use cash
The crisis has strengthened Austria’s love for cash. Almost half consider that cash is the safest form of payment, a quarter of the interviewees carry more than 280 euros in cash, revealed an international survey on behalf of the payment platform Paysafe. Three out of four Austrians would be concerned about restrictions on access to cash. In the west, cash approval is even higher than in the east, in Tyrol and Salzburg two thirds see it as the safest form of payment.
1:50 p.m .: Air Canada reports more losses than expected
The largest Canadian airline, Ari Canada, posted a higher-than-expected loss in the first quarter due to the crown crisis. Adjusted net loss was $ 392 million, compared to a gain of $ 17 million in the prior year quarterAir Canada said. “We assume that both the industry and our airline will be significantly smaller for some time, which unfortunately will lead to significant reductions in both the fleet and the number of employees,” said CEO Calin Rovinescu.
1:40 p.m.: falling profit in the home betting pool
Internet gambling company bet-at-home.com, which is listed in Frankfurt and has its roots in Upper Austria, earned less in the first quarter of 2020. At 9 million euros, EBITDA was significantly lower than in the same period of the previous year (12.7 million euros). Profit before tax (EBT) was 8.5 million euros after 12.2 million euros in the first quarter of 2019, the company said Monday.
12:15 p.m.: German travel industry loses € 11 billion
The German travel industry loses nearly € 11 billion in sales after the extended travel warning. These are losses until the end of June, the DRV association announced on Monday. “Additionally, there are huge burdens in the industry due to the reversal of reserved travel,” said DRV President Norbert Fiebig. “The existential situation in the travel industry is becoming increasingly dramatic.” The business of travel agencies and tour operators “came to a complete halt due to a government order” and no improvement is in sight.
11:58 a.m. – 91,460 applications for approved short-term crown jobs
As of May 1, the AMS approved 91,460 short-term job applications from companies with a total grant of almost 8,800 million euros. Last Friday, a total of 104,007 short-term job applications were processed, of which there is sufficient information for 100,281 applications, the Ministry of Labor announced Monday. These requests would include 1.25 million jobs.
11:55 am: 20 million jobs in Africa threatened
European development banks, including the Oesterreichische Entwicklungsbank (OeEB), raise the alarm about the crown crisis. Africa is facing a massive recession due to the crown pandemic. About 20 million jobs are threatened there, the bank said Monday.
11:25 a.m.: plus 130 percent unemployment in tourism
Unemployment (unemployed and training participants together) increased extremely across all sectors in April. However, the increase in accommodation and restaurants is outstanding, where the increase was even 130 percent over the previous year. 118,725 people were out of work here. Accommodation and catering establishments were closed in mid-March to contain the coronavirus.
10:35 am: Industry mood in the euro area is at an all-time low
The crisis of the crown has created the environment in industrial companies for one unprecedented decline Sent As the market research institute IHS Markit announced in London on Monday, the purchasing manager index for the industry fell to a record low in April. Compared to the previous month, the indicator, which results from a survey among purchasing managers, fell 11.1 to 33.4 points. In a first estimate, 33.6 points were still determined.
10:25 am: Consultations from the Lufthansa Supervisory Board
The supervisory board of AUA’s parent company Lufthansa wants to advise on Monday on the company’s crisis caused by the crown pandemic. It should be government aid and other future options for Germany’s largest airline. Lufthansa is currently negotiating state aid with the German government. The group is negotiating aid for Austrian Airlines (AUA) with the Austrian government. In a letter from the Executive Board to Lufthansa employees, which was released on Sunday, it was said that talks with the German government could likely end soon.
10:05 a.m.: 571,477 unemployed in April
Unemployment increased extremely in April due to the crown crisis and reached a new all-time high. The number of unemployed and training participants. increased 58.2 percent year-on-year to 571,477 people. With that they were At the end of April, 210,275 more people without work than in April of the previous year. There was also an increase compared to the end of March with 562,522 unemployed. The unemployment rate increased by 5.5 percentage points to 12.8 percent.
9:54 am: The business situation in the auto industry is worse than ever
According to the Ifo Institute, the business situation in the German auto industry has deteriorated more than ever in April due to the crown pandemic. The barometer fell to minus 85.4 points from minus 13.2 points in March, as Munich researchers announced Monday in their company survey. “We have never had such bad numbers for this key industry,” said Ifo expert Klaus Wohlrabe. During the financial crisis, the barometer fell to minus 82.9 points in April 2009. No prospect of rapid changeThe backlog speaks out against this: This barometer plummeted to minus 76.7 points in April from minus 10.1 previously. At the same time, inventories were significantly filled, while capacity utilization fell to 45 percent, the lowest level since reunification. Production, export and business expectations were also bleaker.
9:21 a.m .: billion euro injection to Air France approved
France is allowed Air France is helping the crown crisis with seven billion euros in the form of loan guarantees and shareholder loans. The EU Commission approved liquidity aid on Monday, among other things, noting that without state support bankruptcy of the airline could threaten. France had shown that all other options for raising money in the financial markets had been examined and exhausted. On the one hand, a state guarantee of up to 90 percent was approved for loans of up to four billion euros. The subordinated loan from the French State as a shareholder was approved in accordance with the rules of the EU treaty. According to the EU Commission, state aid is possible if there would otherwise be a serious disruption to the entire economy of a member state.
9:04 a.m .: German industry demands reliable guidelines
A few days before new consultations between the federal government and the state, the German Chamber of Industry and Commerce (DIHK) demanded a reliable timetable for the release of the crown restrictions. “After almost two months of closing, economic activity should be the rule again, and not stop,” said DIHK President Eric Schweitzer. the “Süddeutsche Zeitung”. “Clear criteria and pragmatic decisions” are necessary, especially with a view to protecting health. “The most important thing now is that we act on the basis of reliable dates and deadlines,” said Schweitzer.
08:58: Italians complain about rising food prices
Italians complain about rising food prices. After a period of hamster purchases and large shelf gaps, sales in the food industry are still on a growth path. However, due to more complicated transportation and the failure of harvest workers, prices are increasing, especially for agricultural products. Consumers have to pay more for many fresh foods. There were major seasonal worker failures for harvesting and planting, especially as many Eastern European workers were unable to enter Italy as a result of the coronavirus crisis, the Coldiretti Agriculture Association reported. Transportation had also become more complex due to precautionary measures. According to the Agriculture Association, supermarket prices for plant products have increased 24 percent since mid-March. The price of the fruit increased 14 percent. Italians are increasing their demand for agricultural products that they want to eat healthier in times of the crown virus.
8:08 a.m.: oil prices fell
Oil prices fell on Monday. A barrel (159 liters) of Brent type North Sea costs $ 26.21 in the morning. That was 44 cents less than the day before. The price of a barrel of the US intermediate West Texas Intermediate (WTI) fell by $ 1.36 to $ 18.42. Traders point to a recent tightening of the rhetoric of the President of the United States, Donald Trump, towards China due to the crisis in the crown. This has raised concerns about a resumption of the boil over the trade dispute. In a Western intelligence document, China is also heavily criticized for dealing with the crown crisis. A renewed trade conflict could weigh on the global economy and further reduce demand for crude oil.
8:00 a.m.: harsh austerity measures in Hapag-Lloyd
The German The Hapag-Lloyd shipping company is responding with a harsh austerity program to shipping turmoil caused by the new corona virus. A recently launched program should cut costs in the short term by an average triple-digit amount, said CEO Rolf Habben Jansen, the “Frankfurter Allgemeine Zeitung.” “We are analyzing our entire cost structure and preparing a great package to reduce our expenses and guarantee liquidity.” The focus is mainly on the fleet, which will adjust significantly, write the “FAZ”. Hapag-Lloyd is reducing capacity on some major routes, for example between Asia and Europe, by as much as 20 percent.
6:15 a.m. – Nonprofits completed nearly 17,000 apartments
The 185 nonprofit (VG) construction associations in Austria completed 16,970 apartments last year, almost 10 percent more than the previous year. This year there was only a slight setback of about a month due to the corona crisis because construction sites had been idle for two to six weeks.GBV President Bernd Rießland said in an APA interview. Construction delay of one month is on average “2020 can no longer be reached.” After the resumption of construction activity, it is now expected that major Polish construction workers can enter Austria again from May. The delay is alleviated in part by the fact that the nonprofit’s construction activity benefited from the warm winter of 2019/20. It is expected to be able to build on 2019 build volume this year, on its own it would have been higher in 2020, according to Rießland.
6:01 a.m.: Federal Council: SPÖ urges Aschbacher
The The record unemployment caused by the crown crisis is an occasion for the SPÖ to make an “urgent request” to Labor Minister Christine Aschbacher (ÖVP) in today’s Federal Council.. In justification of the initiative drawn up by parliamentary leader Korinna Schumann and former AK President Rudolf Kaske, the government is accused of leaving those affected in uncertainty. Poverty is explosive for the social fabric, for cohesion and solidarity. For this reason alone, everything possible must be done to avoid falling into poverty, write the red federal councilors. As measures, they expect, for example, an increase in unemployment benefits from 55 to 70 percent of the net replacement rate, as well as aid payments for particularly affected groups, such as single parents and people with marginal employment.
