Johnson's three-point plan
Today’s news headlines:
‘Johnson faces UK Labour union pushback over back to work plan’ – On Sunday night, Johnson announced a three-point plan to get the UK economy re-opened and is expected to publish his plans in greater detail on Monday. Last night, the Prime Minister announced unlimited outdoor leisure time as well as allowing people to go to parks and beaches. He also added “work from home if you can, but you should go to work if you can’t”. (Bloomberg)
‘ECB heads for more stimulus even as courts spar over its limits’ – Despite a tense investigation by Europe’s top courts into the ECB’s asset purchase program, Lagarde has stressed the central bank will do what’s needed to carry the Eurozone through this economic crisis. Aside from supporting the Eurozone economy through the worst economic recession in decades, the ECB must justify its 2015 stimulus program within three months, else Germany’s central bank will have to drop out of the asset purchase program. (Bloomberg)
Today's events, rates, and data
US and European equity futures pointed to a green start to the week while Asian equities were mixed overnight, despite Friday’s historic surge in US unemployment. Sovereign yields ticked higher and the Japanese Yen slid while oil prices stabilised as we near the expiry for June’s oil futures contracts.
Norway CPI for April came in at 0.4% growth, beating expectations of 0.1%.
Italian Industrial Production for March is forecast -20% growth at 9am.