Manufacturing PMI

Image placeholder title

Japan's Economic Outlook

Image placeholder title

Kiss the 2020 Summer Olympics Goodbye

Forget about the 2020 summer Olympics as well because All Signs Point to Tokyo Olympics Being Postponed.

"In the balance of probabilities, the information known about conditions in Japan and the COVID-19's effect on the rest of world clearly indicates the likelihood of postponement,” Reedie said. “The length of postponement is the major challenge for the IOC.”

RECOMMENDED ARTICLES

Earlier in the day, IOC member Dick Pound told USA Today that he had reached the same conclusion about the games, which are scheduled to start July 24. A tweet put out by the newspaper read: “The 2020 Summer Olympics Have Been Postponed Over Coronavirus Concerns.”

The IOC said no decision had been made, and Reedie was quick to acknowledge that he was speaking only for himself and not because of any insight provided to him by IOC president Thomas Bach, who will guide the final decision.

After that IOC announcement, however, both Canada and Australia — whose senior Olympic official is IOC member John Coates, the leader of the Tokyo inspection team — sent word that they would not or could not send teams to Japan for an Olympics that start in July.

"I know this is heartbreaking for so many people — athletes, coaches, staff and fans — but this was absolutely the right call, and everyone should follow their lead,” Canadian Prime Minister Justin Trudeau said.

There are already two cancellations. More are coming.

This show won't play.

Mike "Mish" Shedlock

Largest Collapse in Eurozone Business Activity Ever

The Eurozone economy has collapsed, led by services.

Speech Synthesized From Brain Activity

Scientists are working on creating speech from thought. They can do it now with 70% accuracy.

Wage Pressures in Japan, Devaluation in China: Renminbi has Worst Month Ever

The Renminbi had its worst month ever in June. Meanwhile, wage pressures mount in Japan.

Japan's Red Queen Race

Let's check in on Abenomics and Japan's effort to produce inflation via QE.

Hooray! Discretionary Services Spending Finally Back to 2007 Level

The current economic expansion is now the third-longest expansion in U.S. history. It's also extraordinarily weak. It took 10 years for consumer discretionary spending to reach the level hit in 2007.

Weather Service Issues First Ever Extreme Fire Warning for LA

More PG&E related fires rage in California. Hundreds of thousands evacuated. No one can figure out what to do.

Japan Isn't Headed for Recession, It's In Recession

The Japanese economy shrank at 6.3% annualized in the fourth quarter. Forget talk of recession, it's already underway.

Waymo Approved For Level-4 Paid Taxi Service: Direct Uber Competition

Waymo's fully autonomous, no backup human driver taxi service has been approved for commercial purposes in Phoenix.

Pending Home Sales Unexpectedly Dive to Lowest Level in 3.5 Years

Those who thought weakness in home sales was a temporary soft patch appear to have things wrong.