07.04.2020 CORONA VIRUS

07.04.2020 CORONA VIRUS

The novel coronavirus pandemic has brought the global economy to just stop functioning well-sending stock markets off balance and unemployment rates increased in every country. The total number of cases confirmed so far worldwide is 1,361,538 with 76,315 and 293,617 that recovered. Now because of this pandemic right now there is the lockdown that is currently taking place in the entire world to curb the spread of Coronavirus. Companies have been closed and people are not allowed to travel.USA has recorded more than 9.95 million people that filed for unemployment benefits in the US for the past two weeks and this was the latest official figures to highlight the devastating economic impact of the Covid-19 pandemic on the American economy. This number actually came as the highest number that has been recorded than that which was filed for the past 10 months. Today Switzerland Franc State announced that their unemployment rate went high from 2.6% to 2.8 percent. Most of the airlines have reduced their airlines that are working and some to even zero because people are not traveling from one country to another due to the fear of the pandemic, for example, Delta Air Lines (NYSE: DAL) is expecting its second-quarter 2020 revenues to be slashed by $10 billion and this is showing an 80% decline as compared to the one from last year. Hawaiian Holdings’ (NASDAQ: HA) subsidiary Hawaiian Airlines withdrew it’s first-quarter 2020 and full-year guidance due to the low travel demand as a result of the pandemic. The Alaska Air Group (NYSE: ALK) subsidiary Alaska Airlines announced plans to reduce capacity by 70% for April and May also because of the low travel demand.