OK, we’re not there yet, but after yesterday, the S&P could see its best single month gain since Liverpool beat Newcastle 3-0 to win their second FA cup (If the index rallies more than 2.6% today it’ll be the best single month since 1938). Certainly tech sector earnings were a big factor. More, though, the EIA announced an oil inventory build of only 8.99million barrels – less-than-expected – plus oil prices rallied. Jerome Powell announced the Federal Reserve was committed to helping the economy, and the FDA announced they’ll aim to make remdesivir available “as quickly as possible”.
The FTSE 100 saw a leap of 2.77% to 6123 in just one day. A tremendous recovery since the low of 4993 on 29th March 2020.
Let’s raise a glass to a true inspirer – Captain Tom Moore – or should I say ‘Colonel’ Moore for raising £30 million for our NHS. Even reached No 1 in the charts and the oldest ever person to reach this accolade. Such a humble man who touched all our hearts and encourages us to be resolute to be strong during these times.
Boris Johnson returned to Downing Street on Monday for two full days in the office after overcoming this dreadful virus and before events overtook him once more. This time he took a more joyful trip to hospital as fiancée Carrie Symonds delivered a healthy baby boy.
As advanced economies begin to face the prospect of exiting lockdown, what could the profile of growth look like for the rest of 2020? Post-lockdown GDP trajectories will depend on the net effect of the pandemic’s impact on jobs and investment on the one hand, and consumers spending their forced savings on the other. Governments can influence the outcome by reassuring on the continuation of policy support.
While it’s hard to determine the path to normalisation, we believe that our Evolving Economy is well positioned to navigate the changing economic landscape of a post-COVID-19 world.
Stay strong, keep safe and we will get back to some form of normality – we just don’t know yet when this will be.