Consumer Confidence forecast to drop
Today's news headlines:
- ‘Europe struggles to get ahead of virus as death toll mounts’. Over the weekend, European leaders enforced stricter restrictions on the public to prevent the spread of COVID-19 and try to ensure health care systems can operate effectively. Germany banned gatherings of more than two people, and the UK threatened tougher measures if the British public continue to ignore advice and attend social gatherings. (Bloomberg)
- ‘Mnuchin sees emergency package on track for Monday passage’. Treasury Secretary, Steven Mnuchin said the Trump administration is close to agreement on a massive aid programme to support the US economy over the next 10 to 12 weeks. The plan, coordinated with the Federal Reserve, includes aid to small businesses, direct cash payments, unemployment insurance and a significant liquidity package.(Bloomberg)
Today's rates and data
Asian stocks fell overnight along with European and US equity futures. US Treasuries and oil ticked higher, while the US Dollar fell against most currencies. This was after the Fed introduced daily operations to provide US Dollar liquidity.
European Consumer Confidence is expected to show its lowest reading since 2014 at -14 following the virus pandemic.