US equities gain as US GDP bounces back, but NAB’s Gavin Friend says even with today’s gains it is one of the worst weeks for global stocks for many months.
The markets hit the deck running from risk first thing in Europe, says NAB’s David de Garis. COVID infections and concerns over the transition of power in the US are top of mind.
Strong US data and lingering stimulus hopes helped US equities overnight. NAB’s Gavin Friend talks about the Presidential debate, new stimulus in the UK, mixed data from Europe and a swag of PMIs later today and tonight.
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.