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US GDP to contract 34% in Q2 2020 – Goldman Sachs

While revising its forecast for the US real GDP, Goldman Sachs recently mentioned, “We now forecast real GDP growth of -9% in Q1 and -34% in Q2 in q/q annualized terms.” It’s worth mentioning that the bank earlier estimated -6.0% and -24.00% reductions in the economic output figures. Further, the bank anticipates the unemployment rate rising to 15% by midyear.

Market implications

The news exerts additional downside pressure on the market’s risk-tone following US President Donald Trump’s expectations of tough times. While portraying the sentiment, S&P 500 Futures drop near 0.90% to 2,540 by the press time.

WTI struggles around $20.00, refreshed multi-year low on huge API build

WTI bounces off fresh 18+ years low while taking rounds to $20.00 amid the early Wednesday morning in Asia. Even so, the energy benchmark remains unde
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US Pres. Trump: Raised issue of oil prices with Russian President Putin

While giving details of his call with Russian leader Vladimir Putin, US President Donald Trump recently cleared that his call was about oil prices and
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