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Weekly News Summary for May 29 to June 4, 2020

Friday, May 29, 2020: Renault Cuts Capacity to Cope with Industry Slump

The global automobile industry is taking more tough actions to maintain operations, as France’s Renault SA stated on Friday that it will cut nearly 15,000 jobs, of which almost 5,000 will be in the strictly controlled domestic market.

The move came a day after its Japanese partner Nissan Motor Co. announced similar cost-cutting measures, which included the shutdown of its plant in Barcelona, while Germany’s Volkswagen plans to spend $1.1 billion each to raise its stakes in Chinese EV-maker JAC Motors and a local battery maker.

Monday, June 1, 2020: US on Edge, Trump to Tag Antifa a Terrorist Group

The pressure is piling up on US President Donald Trump, as he faces accusations of stirring racial violence, as he appeared to invite his supporters to gather in counter-protest outside the White House, while he also said the US will declare the far-left Antifa group as a terrorist group.

The protests against police killings of black people in the US marked a new setback for the world’s largest economy, which has just recovered from a downturn similar to the Great Depression, with the Atlanta Federal Reserve expecting economic output to fall 51% annualized in the second quarter.

Tuesday, June 2, 2020: China Asks State Firms to Halt Farm Good Purchases

Chinese government officials have requested state-owned firms to suspend purchases of soybeans and pork from the US, according to sources familiar with the matter, after President Donald Trump ordered to eliminate special US treatment for Hong Kong in response to China’s planned security legislation.

State-owned traders Cofco and Sinograin were told to put purchases on hold, while state-buyers were also asked to pause US cotton and corn imports,

Wednesday, June 3, 2020: Recovery Hopes, Quieter Protests Send US Shares Up

US shares rallied on Wednesday as some of the tension from the protests in the country eased, allowing traders to return their attention to the pace of economic reopening.

The Dow gained 0.7% and closed at the 26,000 level for the time since March, the S&P 500 rose 0.5% or just below 3,100, and the Nasdaq 100 added 0.4%, while the US dollar index dropped to its lowest in nearly three months as the euro and sterling strengthened.

Thursday, June 4, 2020: Asian Stocks Post Two-month High on Recovery Hopes

Asian stocks were up to a two-month high on Thursday, as expectations over government stimulus raised investors’ optimism for an economic recovery from the COVID-19 pandemic.

MSCI’s broadest index of Asia-Pacific shares outside Japan climbed 0.4% earlier to post its highest since March 9, while markets in Japan ended a three-day winning streak, falling 0.06%, whereas the S&P/ASX 200 advanced 0.66% after Australia’s prime minister announced a fourth stimulus package.



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