Major economic event last week
? A new round of stimulus bills is hopeless before the presidential election
The White House on Tuesday seemed to finally accept the opinion of most observers that an anti-epidemic stimulus would not be reached prior to the election. After the US stock market plunged on Wednesday, House Democrat leader Pelosi said that this could force Trump and the Republicans back to the negotiating table over the economic stimulus plan.
But on Friday, Pelosi listed seven major dissent points, and the White House dismissed Pelosi that she had no intention of giving in. The two sides blamed each other, although US President Trump reiterated that a "very large scale" stimulus plan would be approved. His ideal aid plan is larger than the one proposed by House Speaker Pelosi, but for now, the new round of stimulus bills will continue to come at a standstill.
? Under many negative, the oil market opened a plunge
Due to the severity of the epidemic, Germany and France have re-initiated blockade measures, which have verified previous market concerns about the impact of the epidemic on crude oil demand. Expected, panic will dominate the oil market, as of October 30, WTI crude oil fell nearly 10% this week, and Brent futures fell nearly 9% year-on-year.
US GDP grew by 33.1% in the third quarter, the largest increase in history
On Thursday evening, some of the economic data released by the United States did well. The initial value of the real annual GDP ratio in the third quarter was 33.1%, a record high and higher than expected. In addition, the number of first-time applications for unemployment benefits in the United States rose by 751,000 in the week to October 24, the lowest level since March 14 and less than 1 million for six consecutive weeks.
? European Central Bank announced its interest rate decision, implying further monetary easing in December
The European Central Bank announced on Thursday's resolution that it would keep the three main interest rates unchanged, in line with market expectations. The central bank's resolution on Thursday hinted that more easing measures would be added at the December meeting to support growth of the eurozone economy. If the euro zone applies more monetary stimulus, it will put pressure on the euro's trend and the euro may remain weak in the market outlook.
Lagarde said that due to the viral epidemic and the re-implementation of the city blockade that could lead to a second recession, "almost certainly" consensus will be reached on a new monetary stimulus in December and will evaluate all the tools.