Today’s moves reinforce the emerging story of two destinies, says NAB’s Gavin Friend on today’s morning Call. It’s the US and UK, versus a trailing Europe, driven largely by vaccine rollouts.
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.