Drowning in crude
Today’s news headlines:
‘Oil plummets to 17-year low as broken market drowns in crude’ – A market share war in conjunction with lockdowns in major economies has put oil on track for its worst quarter on record. Hopes of a deal to support oil prices have been crushed after it emerged there hasn’t been a discussion between Russia and Saudi Arabia to co-ordinate curbing output. It was thought direct output cuts and enlarging the OPEC group may take place. (Bloomberg)
‘Trump abandons Easter virus goal and steels Americans for deaths’ – President Trump shifted away from his optimistic two-week timescale to get through the worst of the Coronavirus pandemic. He set guidelines for Americans to practice social distancing through until at least April 30th. A divide within the White House emerged whereby several Governors have taken further measures in their own states such as issuing ‘stay at home orders’ and closed businesses. (Bloomberg)
Today's events, rates, and data
In overnight trading, US and European equity futures climbed along with Asian indices while WTI oil briefly dipped below $20 a barrel. The Yen ticked higher and Treasury bonds remained relatively flat.
Spanish year on year Flash CPI came in at 0.1%, wildly missing expectations of 0.6% growth.
German Preliminary CPI month on month is expected to read 0%, down from 0.4%.
UK GfK Consumer Confidence is expected to drop to -14 from -7 in Feb.