The Day Today

"The Day Today" - 13th May 2020

  • 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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"Elevenses" - 12th May 2020

  • 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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"The Day Today" - 12th May 2020

  • 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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"The Day Today" - 11th May 2020

  • 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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