Phil Roberts knows better than most that looks can be deceiving.
Outdoor dining, federal bailout money and takeout service have allowed him to keep the doors open at Salut, Manny’s Steakhouse, Good Earth and other Twin Cities-area restaurants he and his partners own.
But profits? Forget about it.
“It’s carnage out there,” Roberts said. “People think that if restaurants are doing takeout that things are fine. But we’re not.”
And things are likely to get worse.
Outdoor dining, which allowed many restaurants to limp through an otherwise dreary summer, will soon end. State-mandated capacity restrictions at bars and restaurants remain in place, and luring customers indoors while a pandemic continues to rage across the state could be a tall order.
Help, in the form of more aid from Washington, appears unlikely to arrive soon.
About 100,000 restaurants have shut down since March, according to the National Restaurant Association, an industry
Global: Equities have been receiving some support in the past two weeks following their bear retracement in September, which has stabilized price volatility (VIX is trading slightly below 30) and therefore generate preference for risk-on assets. Even though it seems that participants rushed to buy the dips in markets as they are confident that the stock market will continue to trend higher in the last quarter of 2020, we are very cautious as there are a lot of uncertainties coming forward, starting with US elections, Brexit and the possibilities of a second lockdown that will dramatically reduce growth expectations. Leading indicators such as global trade is not showing any signs of improvements and the lack of stimulus (both monetary and fiscal in the US) will certainly limit the upside gains in the equity market. We saw that China credit impulse is one of the few liquidity indicators showing