Ep.2: Implications of coronavirus for economies, markets, policy and the regulatory response
It’s a global medical emergency and a very unusual economic shock, a once-in-a-century event. The precipitous stock market drop has been faster than any in history. The monetary and fiscal response is equally unprecedented – extraordinary measures for extraordinary times. The economic toll will be severe, but the scale and duration of the damage are guesswork at this point.
To help understand what’s happening and what to look out for next, listen to Richard Mably, Head of News Performance at Refinitiv, as he chaired a discussion with Reuters journalists reporting on the story
After bird flu, SARS and MERS, did warnings about the risk of a global flu pandemic fail to get sufficient attention; were there credible voices warning it would spread out of China?
The policy reaction
Interest rates floored to zero again, QE relaunched, “helicopter” payments straight to workers, loan guarantees, debt forbearance, tax breaks. What else can be done?
Are the markets missing the kind of global leadership provided by the advent of the G20 in 2008?
The market reaction
Which are the industry sectors hit hardest and which are thriving. Any surprises on that front?
The rush to cash and the dollar is signalling a global funding crunch. Can that be averted?
What measures are being considered in Washington for a rolling back of post-2008 financial regulation?
What are the signs you’ll look for that the stock markets have bottomed a la March 6, 2009?
What are the sorts of range of forecasts you’re seeing for global economic contraction by quarter and for the year?
Once we’re in recovery, might there be another bout of deflation worries or, given all the money spent, is inflation going to be a concern?
Michelle is deputy finance editor for the Americas region at Reuters, based in Washington DC. She moved to the United States in August 2017 to run the financial policy file and lead coverage of the Trump administration’s financial regulation agenda, before which she was a reporter for Reuters in Hong Kong covering the opening up of the Chinese capital markets and the greater Asia region for four years. Born in London, England, Michelle was a technology and financial journalist in the UK for eight years before moving to Hong Kong. She has a B.A. Hons. and M.A. in history from the University of Cambridge.
Josephine Mason Breaking Company News Editor Europe, Reuters
Josephine Mason runs EMEA companies news coverage for Reuters in London. She has been at Reuters for nearly nine years, joining in the commodities team in New York. In 2016, she moved to Beijing to report on China’s vast commodities market and then turned her hand to stock markets in Europe. Before Reuters, she worked for metals trade publication Metal Bulletin and news wire AFX News.
MODERATOR: Richard Mably Head of News Performance, Refinitiv
Richard Mably joined Refinitiv in January as Head of News Performance after 33 years as a financial reporter and editor, 25 of them at Reuters where he specialised in energy and spent many happy years chasing oil ministers at OPEC meetings. He was Global Commodities and Energy editor at Reuters from 1997 to 2013, editor for Europe, Middle East and Africa from 2014-2016 and Global Editor for Financial Markets, Commodities and Energy from 2017-2019. Before that he worked for Lloyds of London Press, Platts – where he set the cash price of Brent before futures took off – and AP-Dow Jones.
Mike Dolan Editor-at-Large for Finance & Markets, Reuters
Mike Dolan is Reuters Editor-at-Large for Finance & Markets and has worked as an editor, correspondent and columnist at Reuters for the past 25 years - specializing in global economics, policymaking and financial markets across the G7 and emerging economies. A graduate in economics and politics from Trinity College Dublin, Mike previously worked with Bloomberg and Euromoney and received Reuters awards for his work during the financial crisis in 2007/2008 and on frontier markets in 2010. He was a regular Reuters columnist in the International New York Times between 2010 and 2015 and has this year re-started a twice weekly column for Reuters clients including Refinitiv.
Daniel Burns Editor, U.S Economics, Reuters
Dan Burns is Reuters’ U.S. Economics Editor. His team of reporters across the country is responsible for coverage of the U.S. Federal Reserve and the U.S. economy at large. He is also coordinates Reuters’ global central bank coverage in partnership with economics editors in Europe and Asia. A 1985 graduate of the University of Notre Dame, and with a masters degree in journalism from the University of Maryland, Mr. Burns has been in the news business for nearly three decades and has been with Reuters for more than 22 years. He joined Reuters in 1997 as a corporate news reporter in New York and has taken a series of more senior roles throughout his Reuters career. He oversaw the creation of Reuters’ first unified U.S. financial markets news unit in 2005, combining previously disparate teams reporting on the U.S. stock, bond and currency markets into a single operation positioned to better track and analyze the flow of money across assets. He has also held other leadership positions, including U.S. General News Editor and regional financial markets editor for the Americas, and has worked extensively with Reuters financial video operations.