Bitcoin skids to two-week low, but technical analyst says the slump is not a ‘decisive breakdown’ — she’s watching the next two closes

Bitcoin was under fresh selling pressure Tuesday, dragging the world’s No. 1 cryptocurrency to lows not seen since late May. At least one technical analyst, though, says the slump doesn’t represent a decisive breakdown of the bitcoin uptrend unless and until the asset registers weaker closes today and tomorrow.

Read more at: Bitcoin skids to two-week low, but technical analyst says the slump is not a ‘decisive breakdown’ — she’s watching the next two closes - MarketWatch

Cryptocurrency market: Nearly $1 trillion has just been wiped off the cryptocurrency market. What happened?

If you follow the cryptocurrency markets you will have noticed it hasn't been a great week for them, with the sector as a whole losing almost $1 trillion (€820 billion) in the biggest one-day drop since March 2020.

The price of Bitcoin fell by almost a third at one point on Wednesday. Despite a later rally, Bitcoin lost around $70 billion (€57.3 billion) in market value in just 24 hours.

Rival coin Ethereum was among the other cryptocurrencies plummeting in value this week, dropping 28 per cent on Wednesday. Reddit favourite Dogecoin reached a low of $0.33 (€0.27) on Wednesday, before falling again to $0.31 (€0.25) on Thursday.

Read more at: Nearly $1 trillion has just been wiped off the cryptocurrency market. What happened? | Euronews

Global GDP to fall by 4.4%, not 4.6%, in 2020

Global economic growth will fall by 4.4% in 2020, according to international ratings agency Fitch Ratings, a slight upward revision from the 4.6% decline it projected in a previous report in June.

A slight recovery was seen after the peak period of the pandemic in March and April “but we expect the pace of expansion to moderate soon,” the agency said in a statement late on Monday.

Brian Coulton, a chief economist at the agency, said China’s economy has regained its pre-pandemic level and some European countries have exceeded February levels, but there is still doubt over a V-shaped recovery.

“Unemployment shocks lie ahead in Europe, firms are cutting capital expenditures, and social distancing continues to directly constrain private-sector spending,” he said.

The agency revised its GDP expectation target for the US from -5.6% to -4.6% and from 1.2% to 2.7% for China.

Read more at: 
Global GDP to fall by 4.4%, not 4.6%, in 2020: Fitch

European Stock Markets: European stocks rise after Wall Street sell-off

European share markets moved firmly higher on Monday, shrugging off the heavy falls in the US at the end of last week as investors turned to defensive stocks like healthcare, utility and energy companies.

Sterling fell sharply against the euro, shedding 0.8 per cent to €1.1137, as fears mounted that a trade agreement between the UK and the EU will be scuppered if Boris Johnson’s government goes through with plans to override elements of the withdrawal agreement. The pound fell by a similar degree against the dollar to $1.3157.

Read more at: 
European stocks rise after Wall Street sell-off | Financial Times

Dow futures briefly sink 400 points as Trump trade adviser declares China trade deal ‘over,’ then walks it back

U.S. stock-index futures Monday night briefly skidded by more than 400points, after White House trade adviser Peter Navarro implied to FoxNews in a late-Monday interview that a hard-fought trade agreement thatwas signed with China in January had been terminated by President Donald Trump.

Later, Navarro said his comments were taken out of context andthe phase-one pact remained in force. Trump also tweeted that the agreement was intact.

Read more at:
Dow futures briefly sink 400 points as Trump trade adviser declares China trade deal ‘over,’ then walks it back - MarketWatch

Italy's tourism industry braces for 'worst revenue slump in over 20 years'

The country, which welcomed over 60 million foreign tourists in 2018, according to the World Tourism Organization, is now expecting 56 million fewer overnight stays, according to a new survey from Florence's Centrefor Tourism Studies.

Read more at:
Italy's tourism industry braces for 'worst revenue slump in over 20 years' - The Local

The Netherlands: Connectedness of the Dutch Economy Leads to Lower GDP Growth Forecast

 In this blog written for IMF Country Focus, the IMF’s mission  brief for the Netherlands, Alfredo Cuevas, explains that this economic integration could signal a slower recovery for the country from the crisis.

The GDP growth forecasts for the Netherlands issued by the IMF in its April 2020 World Economic Outlook (WEO) surprised many, not only for the large negative 2020 number itself, but for it being weaker than some other leading European economies. Let me make some general considerations about orecasting amid today’s immense uncertainties, and then look at the Dutch
economy.

Economists often conceptualize macroeconomic variables, such as real GDP growth, as the sum of a predictable or systematic component and an unpredictable shock. We develop and estimate statistical models of the predictable part and use them to make forecasts.

Read more at: 
Connectedness of the Dutch Economy Leads to Lower GDP Growth Forecast

USA-Dow Jones:Stock futures fall 200 points as coronavirus spreads all over the world during the weekend - by Paul Davidson

Dow futures fell more than 200 points Sunday in a sign more turmoil on Wall Street is likely this week amid reports the coronavirus is spreading in the U.S. and globally.

The broader Standard & Poor's 500 stock index and the tech-heavy Nasdaq each fell about 1%.

“Theconcern is just as high as it was last week, so the big swings and volatility are likely here to stay in the near term ” said Ryan Detrick, senior market strategist at LPL Ffinancial.

Read more at: Dow Jones: Stock futures fall 200 points as coronavirus spreads

USA: Stocks could see a double-digit drop in the coming months, warns Wells Fargo

Read full report at: 
Stocks could see a double-digit drop in the coming months, warns Wells Fargo - MarketWatch

USA: Dow Jones Today: Stocks Drop On China Turmoil; Apple Algorithm Probed - by A.R. Elliot

Stocks came off their early lows in Monday's Veterans Day trading session, as political unrest in Hong Kong upended confidence across global markets. A slow start to a big earnings week left analyst actions and company news driving early trade. Cisco Systems (CSCO) and Home Depot (HD) lagged on the Dow Jones today, following downgrades. Apple (APPL) traded lower as New York regulators announced a company probe.

Read more at: Dow Jones Today: Stocks Drop On China Turmoil; Apple Algorithm Probed | Investor's Business Daily

Eurozone retail sales drop

According to estimates from Eurostat, in July compared with June, the seasonally adjusted volume of retail trade decreased by 0.6% in the euro area (EA19) and by 0.5% in the EU28.

In June, the retail trade volume increased by 1.2% in the euro area and by 1.3% in the EU28.

In July compared with July last year, the calendar adjusted retail sales index increased by 2.2% in the euro area and by 2.6% in the EU28.

Read more: Eurozone retail sales drop | New Europe

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USA: Tourists Beware - US Still Cowboy Country: Mass shootings past 24 hrs kill 30 people in Texas and Ohio

Tourism USA - Still No Gun Control ?

This year alone, there have been at least 32 fatal shootings in America,

Mass shootings in El Paso Texas, and Dayton Ohio. If I was a tourist deciding if I would go on vacation to America, and heard that 29 people were killed within 24 hrs today, in addition to the non-stop gun violence all around the country, and knowing the US has no real gun control laws which work, I would certainly think twice, before I would go to the US on vacation.

Statistics are also showing that the U.S. tourismvhas suffered heavily since 2016. Now it looks like the evidence is finally here.

The bigger picture shows the U.S.is specially  losing ground on the global stage. Arrivals to Europe and Asia-Pacific both increased by 6 percent, while the Middle East saw a 10 percent uptick in 2018. It seems that global travelers are looking elsewhere for their vacations.

“International travel markets posted disparate performance in 2018 including several notable surprises on the downside,” states the report from Tourism Economics.

“After registering average annual growth of 23 percent over the previous decade, Chinese travel to the US stopped in its tracks last year—perhaps in connection to trade tensions. Similarly, South Korea fell 3 percent after averaging 11 percent growth over the prior ten years. Japan also contracted; this continues the narrative of an ever important but languishing market. And Germany surprised with a steep decline in 2018, perhaps evidence of a reaction to unpopular U.S. diplomacy and policies.”

Among some of the major reasons foreign tourists are giving for not choosing the US as their tourist destination  are: inadequate Public Transportation Systens, personal safety, as a result of gun violence and poor infrastructure.

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EU Labor Statistics: Euro area unemployment at 8. 5 % EU28 at 7. 1 % - lowest since December 2008

The euro area (EA19) seasonally adjusted unemployment rate was 8.5% in February 2018 down from 8.6% in January 2018 and from 9.5% in February 2017

This is the lowest rate recorded in the euro area since December 2008.

Read the complete detailed report at Eurostat

US Economy: Dow Jones drops another 166.97 points today after a loss of 254 yesterday.

U.S. stocks on Wednesday ended a tumultuous session firmly lower after minutes from the Federal Reserve’s most recent policy-setting meeting sparked a fresh wave of volatility, as bond rates clambered higher and the dollar strengthened, weighing on equities.

Rea more: Dow gives up 300-point gain to end lower as bond yields rise after Fed minutes - MarketWatch

Spain Foreclosures Drop Most in 7 Years as Economy Grows - by Maria Tadeo and Esteban Duarte

The number of home foreclosures in Spain fell last year to the lowest level since 2008 as the economy expanded at the fastest pace since the European debt crisis.

Home repossessions became a symbol of the collapse of the housing bonanza that swept the nation fueled by cheap credit.

Read more: Spain Foreclosures Drop Most in 7 Years as Economy Grows: Chart - Bloomberg Business