MC 30 cutback bitumen
This article is about the way that the United States and the UK have affected the MC 30 cutback bitumen
and the oil market. Therefore, we have brought
some pieces of news in this regard. As you might know, to counter the
economic consequences of the Coronavirus, the US Federal Reserve has
cut bank interest rates by 0.5 percent without prior planning. To be more
specific, the base rate of bank interest rates in the United States has
reached 1 to 25.1 percent with the new decision.
MC 30 cutback bitumen and the United States decisions
In fact, the last time the United States abruptly cut interest rates dates
back to the 2008 global economic crisis. “The fundamentals of the US
economy remain strong, although the coronavirus is a growing threat
to economic activity,” the US Treasury Department said in a statement.
Reducing bank interest rates is not a good sign for a country’s economy; this is to
encourage more individuals and businesses to borrow from banks and
financial institutions. Earlier, the finance ministries and central bank
governors of the world’s seven industrialized nations, known as the
Group of Seven, said in a videoconference that they would take all
possible measures to protect the world economy against the coronavirus.
MC 30 cutback bitumen and the global financial crisis
Japanese Finance Minister Taro Aso has said that representatives of the
seven rich countries will take steps to support the world economy if
necessary, including financially. Yesterday, the European Central Bank
announced its readiness for the corona threat. Mr. Aso also said the type
of action would vary from country to country; Of course, they have released
no details about these actions. Generally, over 77 countries around the world
are currently sick with the coronavirus. This morning, the value of
European indices, which had strengthened since yesterday, improved and oil
also saw an increase in prices; the announcement of lower bank interest
rates in the United States also affected financial markets.
MC 30 cutback bitumen and the UK decisions
Needless to mention that the oil continued to strengthen in today’s trading,
and the price of a Brent barrel increased by half a percent compared to
yesterday, reached above $53, with the opening of world markets,
oil prices rose by more than two dollars and twenty cents per barrel after a
series of falls. Additionally, last week was one of the worst days of the
stock market; Investors worried about the negative consequences of
the coronavirus outbreak on the investment market in financial markets led
to a massive sell-off of stocks by many shareholders, the worst week since
the 2008 financial crisis, with gold hitting a seven-year high, which later
dropped in price.
It’s worth noting that on the last day of the market (Friday, February 28),
the overall stock index in the European, Asian and American markets fell.
While the coronavirus continues to spread beyond China’s borders, we do not know
the exact number of damages caused by the outbreak of this virus in the world. Besides,
the International Monetary Fund has warned of the consequences
for the growth of the global economy. According to the International
Monetary Fund, the global economy will grow by about 3.3% in 2020;
Of course, with recent events, this figure is likely to decrease. Generally,
we expect sales of airline tickets to the Middle East and the rest of the
world to decline in the coming weeks as they restrict passenger traffic,
and the industry will suffer.
Moreover, Shares of companies such as Germany’s Lufthansa,
Air France-Qalham and EasyJet have fallen. On the other hand,
the International Air Transport Association announced this week that
airlines are likely to lose $29 billion this year; accordingly, they say
that most of the losses will be by Chinese and Asian airlines.
The UK recession set a record in 2020
Roughly speaking, the National Bureau of Statistics says restrictions and
closures on the corona have shrunk the economy by nearly 10 percent,
which is almost unprecedented. According to Deputy Director Jonathan Otto,
the 9.9 percent decline in GDP in 2020 was “more than twice the largest
annual decline in the previous year.” In December last year, the easing of
some business restrictions caused the British economy to grow 1.2 percent
after falling negatively by 3.2 percent in the previous month. The reason for
this growth was the resumption of leisure and tourism services,
car deals, hairdressers and various stores.
MC 30 cutback bitumen and the corona crisis
December’s growth means that the British economy survived a double-dip
decline in one year, most recently in the 1970s. In other words,
the double downturn means two recessions in a short period,
while a recession is as negative growth over two consecutive quarters.
“Increasing the ability to test and track coronary arteries in November has allowed the
British economy to grow positively in the fourth quarter of last year,
despite some constraints,” Mr. Otto said.
Overall, between October and December 2020, the British economy grew by
one percent. The UK National Bureau of Statistics’ compilation of GDP
figures began for the first time since World War II, and according to it,
the UK’s economy had never shrunk by more than 1.4 percent in a year.
Nevertheless, the Bank of England, which has held gross domestic product
for centuries, says the decline last year may have been worse than the worst
of the recession of 1709. “Today’s figures show that the outbreak of the coronavirus
has seriously damaged the economy and has affected other
parts of the world,” said British Treasury Secretary Rishi Sonak.