Are we turning a very long and slow corner?

Monday 6th April 2020

Hope is a rare commodity these days – unlike oil. In parts of Europe the morbidity rate from the Carona virus seems to have slowed (slightly) as lockdowns seem to be having an impact. It’s also having a monstrous impact on the economy as well, of course. NAB’s Tapas Strickland says that, whilst Friday’s non-farm payrolls showed a 700k fall, there are estimates that the April number could see a fall of between 15 and 20 million. Meanwhile, could oil prices call today? They peaked at the end of the week on the hope that President Trump would engineer a solution to the Russia-Saudi standoff, but nothing has happened yet. The US has threatened tariffs to protect its domestic industry if no progress is made.

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