Last week finished in a risk-off mood. Why? NAB’s Rodrigo Catril talks about the impact of failing US China trade talks, Germany’s budget, Brexit uncertainty, mixed Fed attitudes and Iran-Saudi relations.
GDP in Q1 1.5% down on Q4. Hardly surprising given the lockdown. The economy is still 8.7% smaller than just before the pandemic, whereas US GDP is close to where it was, thanks to massive government spending.