The list of important news of this week includes Germany’s Manufacturing PMI, US final GDP report and the fate of Apple stores.
Main Events on the Economic Calendar
- Germany releases data on its manufacturing purchasing managers’ index (PMI) on March 24.
- US releases data on durable goods orders on March 25.
- US releases finalized data on the country’s Q4 GDP on March 26.
March 23. The Impact COVID-19 Had on Honda and NYSE
Honda will shut down four plants in the US due to lower demand for cars related to worsening epidemic situation in the country. However, plants will only be closed for 6 days. Does it mean that prudent managers expect the situation to improve by the end of the month?
The New York Stock Exchange will switch to electronic trading since March 23 to prevent the spread of the coronavirus infection among its employees and visitors. Experts say a change in trading format can affect the volatility.
March 24. Xiaomi Releases a New Smartphone
Xiaomi will release a budget smartphone Redmi K30, as well as its improved version Redmi K30 Pro. The new smartphone is unlikely to surprise customers with anything but its powerful processor – maybe this is why it’s targeted at the domestic market of China.
March 25. US and China: Truce Continues
This day was supposed to be the deadline for duty-free prices on $34 billion worth of Chinese goods for US citizens. But the White House decided to extend a duty-free benefit for another 12 months on March 18. In the current situation, a renewed competition between the world’s largest economies in not the best idea.
March 27. Will Apple Open Its Stores?
Apple’s might reopen its stores outside mainland China. Tim Cook, chief executive officer of Apple, has earlier set this deadline. Recall that Apple has pretty quickly closed its retail stores in many countries. All Apple stores in Italy were closed by March 12. But the number of COVID-19 cases keeps increasing, which may lead to the quarantine extension.