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CNBC BusinessJul 12, 2020
Here are five charts illustrating U.S. economic trends amid the coronavirus pandemic
These five charts illustrate trends in important industries that help track reopening progress in the U.S.

MarketWatchJul 12, 2020
The Margin: ‘The beginning of a horror movie'? Disney World slammed as doors reopen amid spiking coronavirus cases
Florida on Sunday just broke the national record Sunday for the biggest single-day increase in positive coronavirus cases in any state since the beginning of the pandemic, following a week in which the Sunshine State saw 514 people die of the disease, or 73 each day, on average. Also, Disney World is now open!

Yahoo BusinessJul 12, 2020
Oil Drops on Signs OPEC Preparing to Taper Production Cutbacks
(Bloomberg) -- Oil dropped ahead of an OPEC meeting this week at which the group may announce plans to start tapering historic production cuts even as the coronavirus surges unabated in many parts of the world.Futures in New York fell toward $40 a barrel after closing up 2.4% on Friday. The producer bloc will review the state of the market at an online meeting on Wednesday amid expectations the alliance will soon begin unwinding the output curbs. Russia's top oil companies are preparing to increase output next month in the absence of other guidance from the Energy Ministry, according to two people from the industry who spoke on condition of anonymity.The increase in supply would come as the still-raging pandemic clouds the demand outlook. The U.S. is struggling to control the outbreak, with many states reversing re-opening plans. Australia's second-largest city, meanwhile, went back into lockdown last week as the virus made a comeback there.The OPEC cutbacks have been instrumental in driving the recovery in oil prices from their nadir in April and the challenge confronting the group is how to avoid an erosion of those hard-fought gains. The International Energy Agency said in a report Friday that fuel demand should rebound sharply over the next three months as economic activity resumes, while warning the virus is "casting a shadow over the outlook."West Texas Intermediate for August delivery fell 1.1% to $40.11 a barrel on the New York Mercantile Exchange as of 8:13 a.m. in Singapore. Brent for Septe

Yahoo BusinessJul 12, 2020
OPEC Readies Next Move in Bid to Avoid Oil Taper Tantrum
(Bloomberg) -- Saudi Oil Minister Prince Abdulaziz bin Salman likes the idea of OPEC acting as the central bank of oil. And he expresses admiration for Alan Greenspan, former chairman of the U.S. Federal Reserve.The challenge now confronting the oil producers' club is one that's all too familiar to the Fed: how to avoid a "taper tantrum," the market panic that ensued when the institution proposed tightening monetary policy in 2013.Having successfully doubled crude prices over the past few months through unprecedented output cuts, the OPEC alliance led by the Saudis and Russia is poised to begin unwinding these stimulus measures. As fuel demand recovers with the lifting of coronavirus lockdowns, the producers are about to open the taps a little.But as Greenspan's successors discovered seven years ago, taking away the punch bowl carries its own risks.A second wave of the pandemic threatens another slump in oil consumption, while the billion-barrel mountain of inventories that piled up during the first outbreak still looms. If OPEC increases supply just as the market falters then prices could crash once again."When they look at prices over the quarter, when they look at green shoots of demand pick-up, I think they feel good," said Helima Croft, head of commodity strategy at RBC Capital Markets LLC. "I do think they are cognizant though of some of the potential clouds on the horizon."It's a balancing act that Prince Abdulaziz and his counterparts must weigh on July 15, when they hold an online meeting of the Joint Minist

Yahoo BusinessJul 12, 2020
Asia Stocks Set for Higher Open; Currencies Steady: Markets Wrap
(Bloomberg) -- Asian stocks were set to gain on Monday as investors looked to the start of earnings season for further clues on how companies are faring with the pandemic.Futures rose in Japan, Australia and Hong Kong, while U.S. contracts pushed higher. Currency markets saw muted moves in early trading and oil retreated. Banks -- which kick off the U.S. reporting season this week -- led the S&P 500 to gains on Friday. Treasuries reversed a rise that saw the five-year yield hit a record low.With global equities trading near their highest since February, investors are waiting to hear what companies have to say about their outlook for profits. As governments gradually ease coronavirus shutdowns to revive growth, new outbreaks are causing further restrictions and leading some market players to wind back their expectations on the pace of recovery.On the virus front, Florida on Sunday posted the biggest one-day rise in cases since the coronavirus pandemic began in the U.S., reporting 15,300 new infections. South Carolina and Texas set new marks a day earlier, while New York's rate remained steady."The spectre of a global second wave of the pandemic has resulted in a renewed veil of caution being thrown across the risk asset space in recent days," said Simon Ballard, chief economist at First Abu Dhabi Bank Pjsc. "The global economy remains delicately balanced for now, all of which we believe should continue to favor a cautious approach to asset allocation and risk as we push through the summer months."He

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