Geo-political news
COVID-19 – The UK entered a state of complete lockdown this week. Prime Minister Boris Johnson issued a statement warning all UK residents they should stay inside, unless travel was essential. Any found to be breaching these rules were warned they would receive a financial penalty. This decision comes as the UK experienced a rapid increase of confirmed cases and a growing fatality figure. The announcement left many business owners unsure of the future of their companies however, these worries were addressed as Boris Johnson made a further announcement outlining the UK stimulus package in which 80% of salaries of individuals whose businesses were forced to close or under pressure were guaranteed to be covered.
In the US confirmed cases continued to rise, surpassing China for the most confirmed cases worldwide. Figures suggested many cases came from New York, who are said to be struggling with a shortage of ventilators. Confidence was restored somewhat amongst investors mid-week, evidenced by the largest rally experienced in weeks in US markets. This rally came on the back of news the US senate approved a historic $2 trillion rescue plan. Passed on a 96-0 vote, the stimulus package will aid those mid cap businesses nationwide from going under. This comes on the back of figures publishing a record 3.3m Americans filing for unemployment.
In more positive news, officials from Wuhan announced that transportation will be allowed to resume from April 8th pending a review next week. Wuhan announced no further confirmed cases from March 19th, however citizens have been in complete isolation for well over a month, so the announcement the transportation may soon resume helped improve investor sentiment worldwide.
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