NAB – The Morning Call · Optimism knocked back by Trump announcement

Optimism knocked back by Trump announcement

Friday 29th May 2020

US equities continued to rally today as investors looked for signs that the economy would be getting back on track. But then, just to show how fickle trade is right now, all those gains were lost on the news that President Trump would be making an announcement later on his policy towards China. He’d already managed to knock almost 5 percent off Twitter shares at one stage, threatening action after they slapped a fact-check warning on his tweets. Europe is altogether less complicated, bond yields are down and the Euro is up, on the hope that the 750 billion euro recovery fund will proceed. Phil Dobbie talks to NAB’s Gavin Friend about market action this morning, as well as looking back at Philip Lowe’s statements yesterday and the take-out from Australian Q1 private capex numbers.

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