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Flying blind, destination unknown

Thursday 26th March 2020

Equities are on the rise in the US and Europe this morning. NAB’s Gavin Friend says on thin trade in the current environment you can expect volatility and it’s difficult to ascribe any reasoning behind some market moves. Certainly, the global picture continues to look dire, with rising COVID19 infection and mortality rates in Europe and the US, and government measures to keep the economy ticking over whilst retaining the spread are feeling the pressure. In Europe talk of Corona bonds are moving slowly, in the UK 5 million self-employed are still without any state assistance and in the US the Senate has yet to sign the $2 trillion stimulus bill – and, even when it does, how quickly can the money get into the hands of those who need it?

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