I trust that all is well with you and your family this week. Below you will find a summary of this week’s market developments.
· North American markets again moved higher on continued optimism over re-openings; all 50 U.S. states have now at least partially re-opened their economies.
· White House health advisor Dr. Anthony Fauci stated that a second wave of coronavirus is “not inevitable” if states re-open correctly, and said there’s a “good chance” a vaccine could be deployed by year’s end. As of May 27, new cases in the U.S. rose at a rate of 1.2%, down from 1.4% in the week prior.
· The European Union is said to be preparing a fiscal package worth more than $800 billion, and Japan is planning new economic stimulus valued in excess of $1 trillion.
· Weekly jobless claims in the U.S. were 2.1 million, passing 40 million in 10 weeks. Real gross domestic product (GDP) contracted at 5% in the first quarter.
· Tensions between the U.S. and China escalated as the House of Representatives passed legislation calling for sanctions against Chinese officials.