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Under60 Daily | 16 July 2020

Welcome to another edition of Under60 Daily - a brief rundown of the top happenings in the business world, curated by hand to exclude the clutter and ensure you get up to speed in under a minute.


[Aviation] American Airlines (AA) has warned that up to 25,000 employees may lose their jobs as the travel sector struggles to rebound from the global pandemic. AA’s June 2020 revenue was 80% lower than in June 2019. Over60: USA Today

[Oil and Gas] After an agreement in May that reduced supply by 9.7 million barrels per day (BPD), OPEC and its allies are now scaling back those cuts to 7.7 million BPD  until December.  Over60: Economic Times

[Europe] European Central Bank elects to leave its emergency bond purchase program valued at €1.35 trillion ($1.7 trillion) and interest rates unchanged ahead of European leaders’ meeting on economic recovery plan later this week. Over60: CNBC

[US] US mortgage finance juggernaut Freddie Mac announces that the 30-year mortgage rate drops to its lowest level of 2.98% in 50 years. Over60: WSJ, Seeking Alpha

[Business] Bank of America is the latest financial institution to release its Q2 results. Profits plunged 52%, while the company set aside $5.1 billion for loan losses. Over60: Yahoo Finance



[China] Chinese GDP grows 3.2% in Q2, a sharp turnaround from the 6.8% decline in Q1. Industrial production increased by 4.4% compared to Q2 2019, but retail sales fell by 3.9%. Despite the positive data, the CSI 300 was down 4.8%.  Over60: WSJ, Reuters




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