Thursday 25th March 2021
There’s a realisation emerging, says NAB’s Gavin Friend, that even though countries are pressing ahead with vaccine role outs, the speed of recovery might be slower than envisaged. The political wrangles over vaccines supplies from the EU have added to this feeling, with a risk-off mood returning slowly to markets. Oil rose sharply as an oversized ship has blocked the Suez Canal – expectations that it might quickly be moved have gone because, well, it’s still there. There’s a lot of bonds being auctioned in the US in the next 24 hours to keep a watchful eye on, and Joe Biden gives his first press conference, focusing on geopolitics and the Build Back Better infrastructure plans.