Energy & Commodities
On April 20th, 2020 futures for crude oil’s US benchmark (WTI) went into negative territory – meaning for the 1st time in history producers would pay traders to take oil off their hands.
While t’s unlikely you’ll be paid to take gas from the pump in the near future this does not give an indication of how out of whack the oil market is…click for full article.
The last few weeks have seen markets rally, as the virus has become more contained. Now, there is even more optimism around the potential arrival of a vaccine sooner than experts had been expecting.
Much of the selloff in stocks was regarding the uncertainty going forward. In addition to not knowing how long it will take to control the spread of the virus completely, we also don’t know what it will take to reopen the economy successfully.
Some have said mass testing will be sufficient, while others have said that won’t be enough. One thing’s for sure, though; a successful vaccine is the only sure way to get over this.
Last week, it was reported that Gilead Sciences saw early positive signs from its coronavirus vaccine testing. This suggests a vaccine could be ready sooner than the market had expected….CLICK for complete article
Once again, under the guise of COVID-19 and inside the beating heart of a disrupted election campaign, immigration is being used as a political punching bag, with Trump announcing his intentions to sign an executive order to suspend all immigration. There are two ostensible reasons given for this executive order. The first is to protect Americans from COVID-19 infection brought in from across borders, against the backdrop of a presidential support for anti-stay-at-home protests and calls to open up the US economy. The second is to protect American jobs at a time when 22 million are now officially unemployed.
For now, the suspension of immigration is an executive threat, not an order, and there is a pattern here of Trump making grand pronouncements that create a severe backlash and then are ‘refined’ before they are signed off on. In other words, this is only the entrance to a rather steep uphill path….CLICK for complete article
These Charts Put the Historic U.S. Job Losses in Perspective
When recessions hit, it’s not unusual to see millions of jobs lost.
Such episodes are a regular part of the business cycle and when they occur, most businesses do their best to tough things out. Then, as time progresses, it gradually becomes clear that spending must be curtailed, budget cuts must be made, and workers must unfortunately be sent home.
This economic process normally takes months, or even years, to unwind.
But, the COVID-19 pandemic has thrown a wrench into the economic status quo, creating a situation that is incomparable to any previous downturn. Instead of a gradual economic transition to slower growth prospects, business operations have suddenly screeched to a halt with no clear window to resume…CLICK for complete article
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