ICYMI: House lawmakers on Wednesday rejected a proposal pushed by Louisiana business groups to shield from the public information reported by companies receiving state tax incentives. Opponents say the measure would hide crucial details about those businesses that are benefiting from taxpayer-financed programs. The Baton Rouge Area Chamber supported the legislation by Sen. Mack “Bodi” White, R-Central. The bill easily won Senate approval earlier in the session, but lawmakers on the House and Governmental Affairs Committee raised several concerns about its secrecy provisions. Read the full story.
Big picture: This year will be the worst for many world stock markets in nearly a decade at least, although a majority of equity strategists polled by Reuters say top indexes will not revisit lows struck this March following an explosive rally since then. The May 12-27 Reuters polls of more than 250 analysts across Asia, Europe and the Americas, showed predictions broadly focused on economies and businesses swiftly reopening from lockdown, with 11 of the 17 indexes expected to rise from here by year’s end. Read the full story.
Sinking: April saw a record collapse in Americans signing contracts to buy homes nationwide, a reflection of the broader shutdown of economic activity in response to the coronavirus outbreak. The National Association of Realtors said this morning that its pending home sales index plunged 21.8% from the prior month to a level of 69, the largest decline registered in data going back to 2001. Pending home sales have fallen 33.8% from a year ago. However, this data reflects nationwide statistics, and not necessarily the Baton Rouge area market. Read the full report.
