Market Talk for June 22nd, 2020

by Martin Armstrong
Armstrong Economics


China has suspended US poultry imports from a plant owned by a US-based meat processor, Tyson Inc, that has been hit by the coronavirus, as authorities struggle to bring an outbreak in Beijing under control. China’s general administration of customs said on its website it had decided on the suspension after the company confirmed a cluster of COVID-19 cases at the plant, which is located in the town of Springdale. The move came as the WHO reported a record increase in global coronavirus cases on Sunday, with the total rising by 183,020 in a 24-hour period.

China left its benchmark lending rate unchanged for the second straight month at its June fixing on Monday, matching market expectations, after the central bank kept borrowing costs on medium-term loans steady last week.

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