Wednesday 6th May 2020
The Euro and Italian bonds took a hit overnight with German judges challenging the ECB on its QE activity. NAB’s Tapas Strickland says it won’t interrupt the bank’s current bond buying, including the pandemic emergency purchase program, and would not over-rule any decision from the European Court of Justice. It does demonstrate, again, the complexity of the European experiment. Elsewhere, optimism abounds around a return to work, pushing equities up in the US and Europe, and helping a resurgence in oil. This has been helped by the news that Pfizer and BioNTech might have a vaccine ready by September if their trials in the US are successful. Did you notice the word IF in that sentence?
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Volatility ahead as US China trade dispute intensifies
Tariffs about to kick in and Trump says more on the way. How will the markets react? I talk to NAB’s David de Garis about the worsening trade stand-off.
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Risk on, for how long?
PMI numbers on Friday showed a sharp rise in services says NAB’s Tapas Strickland. All eyes are on the speed of the rebound in Europe now, whilst equities race higher in the US. With all this good news will there be even a hint of a change in future direction from the Fed this week.
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Markets retreat as Conte goes, but Merkel offers an olive branch
The markets have shown a complete reversal on yesterday. Phil Dobbie asks NAB’s David de Garis why the sudden change of fortune?
As always, brilliant macro-environment information from Phil; so vital especially now. This is the only place where I can find global economic news so clearly presented, so up-to-date and condensed into what’s most important to know for investors. Thanks, Phil, for the touches of humour that help to lift the news we need to have, and presenting this so well that I actually enjoy listening to what’s happened next with my first cup of tea.
Thanks Kerri 🙂