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The coronavirus outbreak has already pushed main U.S. indices into the bear territory, ending their lengthy bull run. Furthermore, with the demise toll reaching no less than 41, more than 1,600 coronavirus-infected cases are being handled throughout the USA. Moreover, President Trump’s month-long restriction on passenger journey from 26 European nations to the USA, besides the UK, has fueled fears amongst market contributors. In such a situation, the newest Bloomberg survey reveals that analysts are trimming their second-quarter 2020 U.S. GDP progress estimates and are predicting a contraction in U.S. economic system (learn: ETF Areas to Mark as Coronavirus Snaps Dow’s 11-Year Bull Run).
Analysts from at least six financial firms, together with the Wells Fargo & Co., BMO Monetary Group, Canadian Imperial Financial institution of Commerce, ABN Amro, Rabobank and Berenberg, are estimating a contraction. Per the survey, annualized contraction of 0.1- 2% is being predicted for the second quarter of 2020.
Growing coronavirus instances in the USA, extreme market volatility and falling enterprise…