What I'm looking at 3/22

Coronavirus

Italy's death toll is now 5,476. This now puts them with over 2,200 deaths more than the next country. While China seems to have contained the virus, other countries are increasing measures to prevent the spread of the virus. With US Senator Rand Paul testing positive and German Chancellor Angela Merkel coming in contact with a doctor who tested positive for the coronavirus fear is spreading amongst the leaders around the world.

Regardless of where you come in on how much we should panic, it is clear now that we are beyond the point of turning back. The economic damage is mounting up. According to Bloomberg, "Federal Reserve Bank of St. Louis President James Bullard predicted the U.S. unemployment rate may hit 30% in the second quarter because of shutdowns to combat the coronavirus, with an unprecedented 50% drop in gross domestic product." For perspective, the highest unemployment got during the Great Depression was 24%.

I think it is safe to say that we have not hit the bottom of the market. Until society stops shutting down and begins working again as a society, you can expect the markets to continue to drop. Let's just hope that we don't find ourselves with a 30% unemployment number starring us in the face in a few months.

It's not just small businesses who are feeling the pinch. Marriott announced it is furloughing about two-thirds of its corporate employees in the US.

Further Reading:

Coronavirus

• African airlines could lose over 4 billion
• Tarrant County, Texas clamps down
• Olympics might be postponed
• Hawaii is closed for business

Markets

• Here is where the big money is investing.
• China is expanding its blockchain footprint

Oil and Gas

• Lower for longer in Texas?
• Oil price collapse doesn't just feel historic, it is.
• Ichan and Oxy might start playing nice

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