Global Markets: China’s economy rebounds in second quarter

GDP grows by 3.2 per cent

By MarketsFarm

WINNIPEG, July 16 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– China reported on Thursday that’s its gross domestic product was bouncing back from the damage caused by the COVID-19 pandemic. In the second quarter of 2020, the world’s second largest economy grew by 3.2 per cent on a an annual basis after it plummeted 6.8 per cent in the first quarter. Reports stated the growth was largely due to a strong increase in industrial output. The economic growth surpassed expectations of a rebound of 2.4 per cent. However, consumer spending in China remains low.

– India was poised to become the third country to surpass 1 million reported cases of COVID-19. The country stood at nearly 969,000 cases, which have resulted in almost 25,000 deaths. There have been approximately 613,000 recoveries in India, according to Johns Hopkins University on Thursday. The United States leads the world with 3.5 million reported cases, followed by Brazil at nearly 2.0 million. There have been almost 13.6 million cases world-wide.

– U.S. President Donald Trump demoted campaign manager Brad Parscale to senior advisor on Thursday. Reports stated that Parscale was blamed for the disastrous turnout at a campaign rally in Tulsa, Okla., in which he claimed one million people would show up. Instead, the crowd was estimated at 6,200, and the president’s re-election bid has struggled since. Trump turned to election guru Bill Stepien to head up his floundering campaign. Previously in 2016, when Trump’s campaign was troubled, Stepien was brought in to fix it.

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