GM closures; oil bounces back; Italian hopes

There was a spark of confidence in the markets overnight, as equities rose in the US, along with a bounce back in oil and a rise in Treasury yields. As NAB’s Tapas Strickland explains, none of this was offset by the news that GM would close seven factories in North America with thousands of job losses. Phil Dobbie asks, is it part of an industry restructure or a sign the economy is closing. There were hopes that the Italian government will toe the line on their budget but, after hours answering questions from MPs, it’s looking highly unlikely Theresa May will get her Brexit deal passed next month.

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