The economy struggles, again
It’s another bad day for global markets. Wall Street had its worst day since the Black Monday crash of 1987, while ASX futures are down 4.1%.
According to a report in The Australian Financial Review, most world airlines could be bankrupt by the end of May. Overnight, Scandinavian Airlines announced it was suspending commercial flights and cutting 90% of its staff (10,000 jobs). Qantas and Jetstar announced they would cut 90% of their international capacity and 60% of their domestic capacity until the end of May.
It’s that deterioration in global markets and sluggish economic activity that have continued to raise fears that we’re at the beginning of a recession.