Links 7 May 2020

Global Macro / Markets / Investing:

• Airbnb is laying off a quarter of its staff – Vox
• How Bailout Backlash and Moral Hazard Outrage Could Endanger the Economy – NY Times
• Investors’ No. 1 concern is a US-China political face-off, says economist – CNBC
• Global Oil Demand Starts a Long, Painful and Uncertain Recovery – Bloomberg

Americas:

• Millions of baby boomers are getting caught in the country’s broken retirement system – Washington Post
• United Airlines to cut 30% of management in October and braces pilots for changes as well – CNBC
• U.S. Household Debt Reaches Yet Another Record on Home Loans – Bloomberg
• Share of Mortgage Loans in Forbearance Increases to 7.54% – MBA
• U.S. trade deficit soars 12% in March as coronavirus slams exporters and tourism – MarketWatch

Europe:

• British car sales fell by 97% in April to 4,321. The lowest figure since February 1946. – BBC
• German court calls on ECB to justify bond-buying programme – FT
• The EU programs for workers support have reached up to 40 million people – Economo
• Economic activity in the UK reported an unprecedented decline in April – Economo
• In 3Q19, Germany, France, Italy, and Spain (the 4 largest EU economies) each had >60% debt to GDP, which is the maximum benchmark for new EU applicants – Statista
• ECB to Lend to Europe’s Banks at a Negative Interest Rate – Fool

Asia:

• China’s overseas lending and the looming developing country debt crisis – Vox EU
• White House to ‘turbocharge’ plans to remove China from global supply chains – ShareCast
• China Is Bargain Hunting—and Western Security Is at Risk – Foreign Policy
• Japan: GDP forecast to shrink by 33% in quarter due to COVID-19 crisis – Asahi
• Trump administration pushing to rip global supply chains from China: officials – Reuters
• Indonesian economy sees weakest growth in almost two decades – South East Asia Globe

Trans-Tasman:

• Scott Morrison is now very popular in Australia. He hasn’t earned that. – Washington Post
• Coalition accused of dragging out legal battle to hide documents on $1.3bn arms deal – The Guardian
• Andrew Constance pulls out of Liberal pre-selection race for Eden-Monaro by-election – ABC
• Foxtel signs massive deal with WarnerMedia for HBOMax content – News.com
• Australians may not be ready to go back to normal even if coronavirus restrictions are lifted, survey finds – ABC
• Coronavirus numbers have put Australia’s growth factor back above one — should we be worried? – ABC
• Scott Morrison says Australia is doing better on COVID-19 than New Zealand despite a less extreme lockdown. Is he correct? – ABC
• Vaccine optimism is misplaced, the COVID-19 breakthrough will come elsewhere – The SMH
• Australian restaurants and cafes present plans to come out of coronavirus shutdown – The Guardian
• Coalition has ‘no excuse’ not to extend jobseeker to visa holders, ACTU says – The Guardian
• Cash is no longer King – except, apparently, in a pandemic – Interest.co.nz
• RBNZ: At Level 2 GDP will be 91% that of normal times – Interest.co.nz
• The unemployment calm before the storm – Interest.co.nz