A disjointed European Union
Today’s news headlines:
‘EU fails to rally behind recovery plan, clouding way forward’ – A sixteen-hour conference call between European finance ministers failed to create an agreed strategy to combat the economic crisis caused by the pandemic. France and nations in the south rubbed against hawkish northern nations, including Germany, over issuing joint debt. (Bloomberg)
‘Trump team preps plan to reopen economy that depend on testing’ – The Trump administration are developing plans to test significantly more people than has been possible so far while discussing opening parts of the US and even the whole nation. The director of the National Economic Council said reopening could begin within 4-8 weeks. (Bloomberg)
Today's events, rates, and data
Yesterday, equity indices across the board gained before fizzling out and bond yields ticked higher while the US Dollar sold-off over investor optimism that the peak of the pandemic is being passed across several countries. Overnight, the Euro fell along with European equity futures over news that EU finance ministers failed to reach an agreement on a response to the crisis. Oil prices remain choppy ahead of key meetings between suppliers.
Bloomberg’s US Consumer Comfort Survey could extend it’s fall from last week’s 56.3 reading, extending multi-year lows.