Baystate Business: Preparing for Winter (Radio)

Bloomberg Baystate Business for Tuesday, October 13th, 2020

– Bloomberg News health care reporter Riley Griffin on the latest vaccine news, including Johnson & Johnson halting its trial (2:22)

– Greg Vasil, President and CEO of the Greater Boston Real Estate Board, on the current state of the market and the impact of the stress on renters and landlords on the market (17:34)

– Boston Globe real estate reporter Tim Logan on Governor Baker’s proposal concerning housing and the expiration of the eviction moratorium (28:38)

– Bloomberg Law reporter Kimberly Robinson on the Barrett confirmation hearings (34:21)

– State House News Service senior reporter Matt Murphy on calls by business organizations for no tax increases to balance the budget (41:51)

– Kathy Abbott, CEO, Boston Harbor Now, on how her organization is dealing with the pandemic, and issues surrounding the harbor, the ferries, climate change (49:23)

– Bloomberg News gaming

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With business down more than a third, restaurants dreading winter chill

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

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FX Weekly: The Winter Depression

Macro News

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

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