Today’s news headlines:
‘UK death toll from coronavirus jumps by 381 in a day’ – Yesterday, following a sharp increase in the daily death toll, cabinet minister Michael Gove admitted that the UK is having trouble securing the supply of specific chemicals to make sure that coronavirus tests are reliable. Hospitals are struggling to administer the government’s target of 10,000 tests a day and the majority of tests are being used to assess patients instead of screening NHS staff on sick leave or self-isolating. (Financial Times)
‘Germany braced for jobless surge as companies rush for state funds’ – The rate of employment in Europe’s largest economy may plummet as a consequence of the coronavirus pandemic. This is despite a government-subsidised short-term work programme designed to avoid lay-offs. A record 470,000 firms had applied for funds under the scheme in comparison to last year’s monthly average of 1,300. Meanwhile, separate Eurozone figures showed that inflation fell sharply across the region in March due to a significant fall in energy prices and a freeze on activity in many areas of the economy. (Financial Times)
Today's events, rates, and data
Markets were characterised by a moderate risk-off move overnight as Gold, US Treasuries and the Dollar all rose. Asian markets were mixed following a surprisingly good Chinese Caixin manufacturing PMI figure. US and European stock futures tumbled overnight after the Dow capped its worst quarter since 1987.
ADP Non-Farm Employment Change – 1.15pm
ISM Manufacturing PMI – 3pm