Daily Digest 2/5 – Coronavirus Could Cause China’s Oil Demand To Plunge By 20%, College tuition is rising; wages aren’t keeping up

Economy

Nearly 14,000 want Alhambra schools to cancel class until coronavirus outbreak ends

As fear about novel coronavirus spreads — much faster than the disease itself — nearly 14,000 people have signed an online petition, urging Alhambra Unified to cancel all classes until the outbreak ends.
Officials say the movement is just part of a hysteria sweeping across the San Gabriel Valley, especially among the large Asian community, one full of conjecture and rumors.

As Out-Of-Pocket Health Costs Rise, Insured Adults Are Seeking Less Primary Care

“There is a lot of data showing that when you raise health care costs, people will receive less care,” Rask says. “But it doesn’t mean that they only stop unnecessary care. They will reduce both necessary and unnecessary care.”

College tuition is rising; wages aren’t keeping up

Another way to look at it: in 1983, it would take you 360 hours to pay off one year of tuition and fees. Today, it would take you more than 15-hundred (1,534 hours) hours or four times as much to pay off your year of tuition and fees. That’s not including housing, meal plans, books or other fees students commonly pay.

Coronavirus will ‘shake markets out of their buy-the-dip’ mentality, says El-Erian

El-Erian contends that the effects of the deadly outbreak are substantial in China and will cascade not only through the world’s second-largest economy but will also slow global growth. A weakening China is a problem for Europe, he warns, where the European Central Bank is largely out of monetary-policy ammunition to fight a downturn.

Poland pulls emerging markets into sub-zero sovereign club

The Polish sale also comes after the flight to safety caused by coronavirus worries have pushed the global universe of negative yielding bonds back up to almost $14 trillion.

Negative Real Yields Show Bond Traders’ Growth Worries Deepening

The so-called real yield on 10-year inflation-linked Treasuries fell on Friday to negative 0.147%, its lowest since 2013, when Europe’s sovereign debt crisis was raging. Now it’s the spread of the Wuhan coronavirus that’s fueling worries about the potential hit to the world economy.

Energy

Coronavirus Could Cause China’s Oil Demand To Plunge By 20%

China’s oil demand amid the coronavirus outbreak is likely inflicting the worst oil demand shock to markets since the financial crisis of 2008-2009, with Chinese demand plunging by 20 percent compared to the typical demand for the season, sources with inside knowledge of the Chinese industry told Bloomberg.

Russia’s Oil Production Hits Highest In Five Months

Russia’s production of crude oil and condensate inched up to 11.28 million barrels per day (bpd) in January, up from 11.26 million bpd in December and the highest production level since August last year, data from the Russian energy ministry showed on Sunday.

Gold & Silver

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