The Day Today

• ECB “shouldn’t see itself as the ‘Master of the Universe’” said Peter Huber, the German judge who drafted the constitutional court’s opinion
• LA county looks likely to extend stay at home until August
• UK Treasury estimates the cost of coronavirus crisis likely to be £300bn this year,

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• BOE Deputy Governor Broadbent: “quite possible that more monetary easing will be needed”
• UK Health Secretary Hancock: “unlikely big, lavish international holidays will be possible this summer”
• German economic output declined 20-25% says KfW
• Denmark to use testing and a contact tracing system to prevent a second wave
• Saudi Aramco earnings slide 25%
• Morrisons says precipitous fall in fuel sales at its supermarkets has affected working capital

Equity markets are basically steady.

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• Governor of New York said three regions of the state will reopen this weekend “it’s a new phase”
• Australia Business Confidence -46 up from -65 and Business Conditions -34 from -22
• BOE Haldane: “all crisis leave scars” as there was a risk the virus would cause a long-term hit to spending
• China inflation eased to 3.3% vs exp 3.7%
• President Trump moved to block federal retirement funds from investing in Chinese equities
• China banned imports from four Australian abattoirs as the trade war escalates
• President Trump “not interested” in reopening the US/China trade deal
• Toyota expects annual operating profit to fall 80%
• Allianz earnings fell,

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• Ursula von der Leyen said of the German constitutional court ruling “the final word on EU law is always spoken in Luxembourg [ECJ]. Nowhere else” and said they are looking at “infringement proceedings”
• New Zealand Business Confidence saw a net 45.6% expect the economy to deteriorate
• Third UK/EU negotiating round starts today with EU officials saying they are “very disappointed” with the UK’s attitude so far,

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• US/China trade talks last night, both sides said they agreed they would meet their obligations under phase one
• RBA Statement of Monetary Policy sees ‘Baseline’

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