(25 JUNE 2020)DAILY MARKET BRIEF 1:Risk slide begins.

<p>Persistent bad news on coronavirus cases and mounting trade tensions on White House’s plans to impose $3.1 new tariffs on European and British imports battered the market mood and brought investors to realize profits and walk away. The IMF downgraded its outlook for the world economy, predicting a 5.4% contraction in global GDP this year, and a softer rebound in growth in 2021 pointing at a larger than expected supply shock during the early weeks of the lockdown and at a prolonged impact from the social distancing and other virus containment measures to the economy. Meanwhile, cases in Florida and California rose by record and the WHO warned that South America hasn’t reached a peak yet, despite 25% to 50% rise in cases during the past week. To make things worse, the US officials announced their plan to impose tariffs on $3.1 billion worth European and British goods. Rising risk of renewed trade tensions brought investors to scale back their recovery prospects for Europe, while Germany</p>