Three-Year Note Auction Attracts Average Demand
The Treasury Department kicked off this week’s announcements of the results of its long-term securities auctions on Tuesday, revealing that its auction of $46 billion worth three-year notes attracted average demand.
The three-year note auction drew a high yield of 0.190 percent and a bid-to-cover ratio of 2.44.
Last month, the Treasury sold $44 billion worth of three-year notes, drawing a high yield of 0.280 percent and a bid-to-cover ratio of 2.55.
The bid-to-cover ratio is a measure of demand that indicates the amount of bids for each dollar worth of securities being sold.
The ten previous three-year note auctions had an average bid-to-cover ratio of 2.46.
Looking ahead, the Treasury is due to announce the results of its auction of $29 billion worth of ten-year notes on Wednesday and the results of its auction of $19 billion worth of thirty-year bonds on Thursday.
Serbs Plan to Reimpose Virus Curfew in Capital as New Cases Rise
Serbia is planning to reimpose a curfew in the capital Belgrade this weekend as a spike in new cases of Covid-19 has filled hospitals treating the virus to capacity, the president said.
The Balkan country of 7 million lifted one of Europe’s strictest lockdown regimes in May along with the rest of the continent after the social-distancing restrictions helped stifle contagion.
But now hospitals that treat the disease are filled to capacity, President Aleksandar Vucic said Tuesday.
“The situation in Belgrade is alarming,” he said in a televised news conference. “Hospitals are literally packed.”
Vucic, whose Serbian Progressive Partywon a constitutional majority in elections last month, said a new government would be formed by Aug. 25.
Serbia will quickly build a new hospital with 800 to 1,000 beds, said Vucic, adding that there’s a risk that the disease will persist into the winter, when it may coincide with the seasonal flu, Vucic said.
“We’ll be facing a difficult autumn with the coronavirus,” he said. “There won’t be a vaccine by then.”
Four other Serbian cities are also strongly affected, with 13 new deaths from coronavirus on Tuesday, the country’s highest daily death toll since the pandemic began. In all, 330 have died from Covid-19.
Airbus Plans To Cut 15,000 Jobs Worldwide
Airbus (EADSF.PK,EADSY.PK) plans to cut 15,000 jobs worldwide, after a nearly 40 percent drop in commercial aircraft business activity in recent months due to the Covid-9 crisis.
The European aerospace giant said that it doesn’t expect air traffic to return to pre-Covid-19 levels before 2023 and potentially as late as 2025.
The company also stated that the job cuts will need to be discussed with labor unions with a view to reaching agreements for implementation starting in autumn 2020. The Job cuts are expected to be completed no later than summer 2021.
It plans to cut 5,100 jobs in Germany, 5,000 in France, 1,700 in the U.K., 900 in Spain and 1,300 jobs at its other worldwide sites.
The Job cuts include the company’s subsidiaries Stelia in France and Premium Aerotec in Germany. However, it does not include about 900 positions stemming from a pre-Covid-19 identified need to restructure Premium Aerotec in Germany, which will now be implemented, the company said.
Airbus said it will work with its social partners to limit the impact of the plan by relying on all available social measures, including voluntary departures, early retirement, and long term partial unemployment schemes where appropriate.
Meanwhile, the Unite union said the company announcement is “another act of industrial vandalism” against the UK aerospace sector.
Tornado watch in southwest Saskatchewan
Environment Canada issued a tornado watch in some of the southwest areas of Saskatchewan on Tuesday.
The federal agency said atmospheric conditions are favourable for the development of severe thunderstorms that could produce tornadoes.
Oilsands companies restore production as demand growth spurs higher prices
Oilsands companies are restoring thousands of barrels of daily production to take advantage of higher oil prices as relaxed pandemic measures allow North American consumers to get back on the road.
US formally withdraws from WHO: Senator
WASHINGTON (AFP) – President Donald Trump has formally withdrawn the United States from the World Health Organisation (WHO), making good on threats over the UN body’s response to the coronavirus, a senator said on Tuesday (July 7).
“Congress received notification that POTUS officially withdrew the US from the @WHO in the midst of a pandemic,” Senator Robert Menendez, the top Democrat on the Foreign Relations Committee, wrote on Twitter.
Eagles’ DeSean Jackson Apologizes for Anti-Semitic Posts
Philadelphia Eagles wide receiver DeSean Jackson issued an apology afterposting anti-Semitic images of quotations incorrectly attributed to Adolf Hitler and praising Nation of Islam leader Louis Farrakhan.
“I post a lot of things that are sent to me. I do not have hatred towards anyone. I really didn’t realize what this passage was saying,” Jacksonwrote in an Instagram post along with a video apology.
The Eagles released a statement acknowledging their receiver’s comments, saying they spoke with Jackson and are continuing to evaluate the circumstances and will take appropriate action.
The statement and apology follow an earliercall from Philadelphia’s Anti-Defamation League requesting an apology from Jackson.