Oil prices surge after Trump claims Russia and Saudi Arabia agree deal - as it happened
Rolling coverage of the latest economic and financial news as oil prices jump by more than 30% and the US jobless report reveals scale of coronavirus damage
- US president claims oil production cut deal; Russia denies agreement
- US initial jobless claims hit record; 6.6m people signed on last week
- Earlier: One in four UK firms cut staff levels
- Coronavirus - latest updates
- See all our coronavirus coverage
6.11pm BST
Donald Trump sent oil markets into an unprecedented buying frenzy on Thursday afternoon, after tweeting that Saudi Arabia and Russia had reached a deal on production cuts.
Russia poured cold water on the details, saying there had been no deal, but it still put oil futures prices on track for the biggest daily rise ever. At the time of writing Brent crude futures prices had gained 22%.
Related: UK coronavirus live: Matt Hancock holds daily briefing, as hospital death toll rises by 569
Related: Coronavirus US live: Cuomo says New York only has enough ventilators for next six days
Related: Coronavirus live news: confirmed global cases approaching 1 million
6.00pm BST
BT staff are angry that the company is pressing ahead with plans to make around 40 Openreach employees redundant at the end of April as part of a restructuring programme.
Workers and the Prospect union are calling on the company to delay the redundancies, given the current pause in the jobs market, within the company and nationally.
One of the affected team said:
I feel like there is a moral obligation on a company like BT to give us more time to find another role, we're not asking for them to reverse the decision. Lots of the team have worked for BT for 20-30 years.
The business is still actively recruiting internally for roles within Openreach and across BT Group, and we're hopeful that a similar outcome can be achieved for the remainder over the next month as we continue the consultation process with unions and employee representatives.
5.42pm BST
We've been waiting all day for an announcement from British Airways. The Unite union has put out a statement, saying a deal has been struck, after the two sides had been negotiating for more than a week.
5.15pm BST
Oil prices are really volatile. Iraq, another member of Opec alongside Saudi Arabia, has said it backs fellow member Saudi Arabia's call for a meeting to discuss "balancing" the market.
Brent crude futures prices are up above $30.50. That's a 23% gain today.
5.08pm BST
Production at Nissan's Sunderland factory, the country's biggest car plant, (and a totemic part of the Brexit debate) is suspended throughout April.
"During this period the majority of plant employees will be furloughed," the company said, referring to a government scheme covering 80% of wage costs for staff placed on temporary leave, up to 2,500 pounds ($3,100) a month per employee.
Nissan's sites in Spain are also suspended until further notice, the Japanese carmaker said.
5.03pm BST
Some of the broadcasters with the biggest global reach have donated advertising space for public health information.
Here's the info from the Guardian's Mark Sweney:
BBC World News, CNN International and Euronews donate $50m of advertising space for public health bodies to combat the global coronavirus health crisis. Claimed TV and digital reach of 800m people per month.
4.53pm BST
Amid that excitement, European stock markets limped to a close, despite the boost to the share prices of their oil producers.
The FTSE 100 gained 0.47% to hit 5,480.22 points. Germany's Dax increased by 0.27%, while France's Cac 40 gained 0.33%.
4.50pm BST
There is some understandable scepticism around Trump's claim of a deal between Russia and Saudi Arabia.
A production cut of 10m barrels per day would be an enormous - equivalent to nearly half of the two countries' output.
After Mr Trump's tweet, which appeared to be an attempt to corner Russia into agreeing to resume talks with the Kingdom, Mr Peskov told the FT: "there was no conversation" between Mr Putin and Prince Mohammed.
4.31pm BST
If oil prices remain at these levels until the end of the day it would represent the biggest one-day move in the careers of anyone in the industry.
This table shows the data going back to 1965 for Brent crude oil futures, the North Sea benchmark. As you can see, there hasn't been a bigger daily move than 14.61% - and I believe that is a record for the contract.
4.14pm BST
Such a big move on the oil markets in such a short time is highly unusual. A lot of people will have made an awful lot of money.
Not least investors in the FTSE 100's oil companies. Royal Dutch Shell's two listings on the London Stock Exchange have both gained about 10%, while BP has gained 6.4%.
30% price inflation in 15 minutes on crude prices is great news for everyone.
*In the oil & gas industry
Let's see what they will actually do. https://t.co/CbB2KeUkFW
4.09pm BST
Saudi Arabia is calling for a meeting of Opec, the cartel of oil producers, and other producers such as Russia to discuss "restoring balance" to the oil market.
Here are the announcements via the Saudi Press Agency:
HRH Crown Prince, US President Discuss Situations of Global Energy Markets via Telephone Call.https://t.co/Wt6phzW2aa#SPAGOV pic.twitter.com/3Jyfp49Gww
The Kingdom calls for an urgent meeting for OPEC+ states and another group of countries, with aim of reaching a fair solution to restore a desire balance of the oil markets.#SPAGOV
This invitation comes within framework of the Kingdom's constant efforts to support the global economy in this exceptional circumstance, and in appreciation of the US President's request and the US friends' request.#SPAGOV
4.03pm BST
The output cut could be as high as 15m barrels, Trump adds in another tweet.
The US president seems to enjoy watching his tweets move markets.
.....Could be as high as 15 Million Barrels. Good (GREAT) news for everyone!
3.57pm BST
Here is the movement in Brent crude futures prices over the past 10 days. As you can see, Trump's tweet has been the biggest market mover over that period.
3.50pm BST
Oil prices are soaring after US President Donald Trump said that Russia and Saudi Arabia have agreed to cut production.
He expects a cut of 10m barrels, and possibly more, which would push prices up after a brutal selloff.
Just spoke to my friend MBS (Crown Prince) of Saudi Arabia, who spoke with President Putin of Russia, & I expect & hope that they will be cutting back approximately 10 Million Barrels, and maybe substantially more which, if it happens, will be GREAT for the oil & gas industry!
3.43pm BST
If all of the people who have filed for US jobless support in the last two weeks then that would mean the unemployment rate would hit 10% in April - already higher than the financial crisis as the previous chart shows.
By the time of the April payroll survey week Capital Economics estimates that 15m Americans will have filed a claim.
The upshot is that our seemingly super-bearish forecast that the unemployment rate would peak at 12.5%, as 14m people lost their jobs, is now looking a little optimistic. Our forecast that second-quarter GDP will slump by 40% annualised is still one of the most bearish in the market - but in light of this degree of devastation in the labour market, we suspect that other forecasters will be moving more into line with us.
3.20pm BST
More horrified reaction to the US jobless figures, from UK economists Stephen King and Gavyn Davies:
I never, ever, thought I'd see numbers as terrible as these. https://t.co/Deu2ZDYjP0
US initial claims up by an even worse than expected 6.6 million, a tenfold increase in just 2 weeks. ING reckons this already points to an unemployment rate of 9.5%, near previous recession peaks. pic.twitter.com/WoOAtYxEJb
3.16pm BST
Fears of a surge in unemployment spurred US politicians to approve a $2trn stimulus package last month.
It includes checks for less wealthy families, and hundreds of billions of loans for large firms and small companies - including support to help them pay furloughed workers.
Officials involved with implementing the legislation say federal agencies are staffing up, issuing guidance and working around the clock to prepare to disburse money quickly, but glitches in technology, delays and staffing and resource shortages are almost inevitable given the sheer size of the country's largest-ever stimulus package.
"This is a national consequence of passing a $2 trillion bill in two weeks," one person familiar with the implementation told CNN on background in order to speak freely about what they are hearing. "I don't know if we know all the implementation issues yet."
Everyone is bracing for whether the government can actually disburse $2 trillion fast enough to make the difference. https://t.co/vKf30hmQSA
3.03pm BST
In another blow, a survey of business conditions in the New York state region has tumbled:
ISM New York collapses pic.twitter.com/u1eNIbC5L6
U.S ISM NY BUSINESS CONDITIONS (MAR) ACTUAL: 12.9% VS 51.9% PREVIOUS
oof
2.46pm BST
The record surge in US jobless claims has worried investors - and reminded them that the world economy is entering a dangerous slump.
Hopes of a rebound rally on Wall Street have fizzled out, with the Dow Jones industrial average currently down 49 points or 0.24% at 20,893.
2.37pm BST
Today's US jobless claims report was worst than the more dire forecasts. That's a bad sign.
Usually, economists make a range of informed estimates, which gives us a median prediction. Now, sometimes that average doesn't prove too accurate. But it's unusual for even the gloomiest forecast to undershoot reality.
"Today's jobless claims report is troubling not just because it was record-breaking but also because it easily exceeded pessimistic consensus estimates.
This is disconcerting because it indicates that after a month in crisis, U.S. businesses and investors are still struggling to discern the basic contours of the economic fallout of coronavirus pandemic.
2.23pm BST
Economic data come in many forms. Good, mediocre, bad, and then occasionally so awful that you can't quite believe it's true.
Today's initial jobless claims fall squarely into the last category.
"Today's US jobless claims figure has a strong claim to being quite literally the worst single economic data release of all time, in terms of its significance for both the US economy and global markets."
2.18pm BST
Labor economist Heidi Shierholz has described today's unemployment report as a 'portrait of disaster'.
She also points out that some people who lost their jobs won't be counted in today's figures (as they don't qualify for support).
This chart is a portrait of disaster. I have spent the last twenty years studying the labor market and have never seen anything like it. Unemployment insurance claims for the last two weeks are mind-blowing. 1/ pic.twitter.com/IoRYyraW0V
To the naked eye, the last two observations look like they are in a vertical line because the x-axis covers more than 50 years and the increase in the last two weeks was so extreme. The next chart will show just the last year so you can see more detail. 2/
This chart shows initial unemployment insurance claims over the last year. The increase in the last two weeks boggles the mind. 3/ pic.twitter.com/z34xorSbTB
Today's UI claims, as extraordinary as they are, leave out many who are out of work due to the virus, including independent contractors, those who don't have long enough work histories, those who had to quit work to care for a child whose school closed, and on and on. 6/
This chart shows initial unemployment insurance claims over the last 50+ years, with recession-shading. What we are going through now dwarfs anything we've ever seen, including the worst weeks of the great recession. 8/ pic.twitter.com/FiD8UntoUm
Actually our prediction of nearly 20 million workers laid off or furloughed by July is based on new GDP forecasts that include the impact of the CARES Act AND assume that Congress will pass another relief package focused on aid to states. Unbelievable. 11/
Given the extraordinary deterioration of the labor market in a matter of weeks, federal policymakers will absolutely need to come back and provide more desperately needed relief, and more support for the recovery once the lockdown is over. 12/
2.09pm BST
Nearly 10 million Americans lost their jobs in the last two weeks of March (today's 6.6m plus last week's 3.3m).
It's simply astonishingly bad.
6.65 million new unemployment claims.
That means 10 million people have lost their jobs in just the last two weeks.https://t.co/HcxaSJPvwu pic.twitter.com/QqKP4HrhnW
1.59pm BST
Here's my colleagues Dominic Rushe and Lauren Aratani on the dreadful US jobless claims report:
More than 6.65 million people filed for unemployment benefits in the US last week, the latest official figures to highlight the devastating economic impact of the Covid-19 pandemic on the American economy.
As reports emerged of long lines at unemployment offices, jammed phone lines and broken websites across the US, the federal labor department said Thursday that a new record number of people sought benefits after losing their jobs in the week ending 27 March.
Related: Coronavirus continues to batter US economy with 6.65 million filing for unemployment last week
1.56pm BST
Josh Lipsky of the Atlantic Council says America's economy has come to a sudden stop, and millions of workers are the casualties:
The White House and Capitol Hill need to act fast, he adds, or risk a repeat of the unemployment crisis of the 1930s.
"Today's jobs report underscores the historic devastation that is happening in America's labor market. To put it bluntly, the US economy went from full speed to full stop and millions of workers were not wearing seat belts. Across many communities and throughout small businesses the situation is growing more desperate by the day.
We are beginning to see dangerous default rates in the mortgage markets. State officials are overwhelmed and unable to process unemployment claims.
1.51pm BST
Robert Alster, Head of Investment Services at wealth manager Close Brothers Asset Management, says Covid-19 is having a 'devastating' impact on America's economy:
Here's his take on the shocking news that 6.6 million people applied for unemployment welfare last week.
"Another record week for unemployment in the US confirms the worst fears of the Fed and the market alike. The impact Covid-19 is having on the service-led economy is devastating, with estimates of GDP contraction in Q2 as high as 34%. What's more, the unemployment figures are inevitably going to rise, as local labour offices process the backlog following a surge of new claims. The private nonfarm payrolls for March are expected to shrink for the first time in a decade.
"To soften the impact, fiscal and monetary levers will need to be used in tandem, and speed is of the essence. The $2.2 trillion rescue package will help, but huge numbers of small and mid-size businesses will be looking to the treasury for further support. Similarly, consumers will benefit from the helicopter payments but are lacking the income support that we've seen in the UK. Further questions arise over Federal independence; constitutional authority for public-health interventions lie primarily with the states, but any social or economic response needs to be co-ordinated or they risk failing.
1.49pm BST
Some snap reaction:
6.6M jobless claims. Massive. Terrifying.
US initial jobless claims up to 6.65 million in the week ending March 28. Mind-boggling number. pic.twitter.com/uhdMCAcAgN
So the biggest rises were in two of the most electorally significant states
1.41pm BST
The number of 'continued claims' for unemployment benefit has also soared, to 3.03 million people.
That covers Americans who have been claiming jobless help for more than a week -- so includes the first wave of joblessness reported a week ago.
1.38pm BST
The thought of 6.6 million Americans signing on for unemployment welfare in a single week is absolutely staggering.
There's never been anything like it in recent economic history:
Huge increase in US initial jobless claims - 6.64M v 4.88 M expected.
Absolutely staggering when viewed against past data:#joblessclaims #spx pic.twitter.com/0nKkIffSOG
1.34pm BST
NEWSFLASH: More than six million Americans filed new claims for unemployment benefit last week - a really terrible number.
The initial jobless claims total soared to 6.648m for last week -- smashing even the highest estimate.
1.27pm BST
Economists and investors around the world are bracing to discover how many Americans have lost their jobs since the Covid-19 pandemic struck.
The initial claims report, due any moment at 8.30am East Coast time or 1.30pm in the UK, is expected to show that many millions of US citizens signed on last week.
T-MINUS 20 MINUTES: US weekly jobless claims are going to be GRIM >> pic.twitter.com/CDEUCnyjep
1.16pm BST
Ratings agency Fitch has warned that its 'basecase forecast' is now for a deep global recession this year.
It now expects global economic activity to shrink by 1.9%, with the UK economy contracting by 3.9%:
*#FITCH SAYS DEEP GLOBAL RECESSION IN 2020 IS BASELINE FORECAST
*FITCH SEES WORLD ECONOMIC ACTIVITY TO DECLINE BY 1.9% IN 2020
*FITCH SEES 2020 U.S. ECONOMIC ACTIVITY DOWN 3.3%
*FITCH SEES 2020 EUROZONE ECONOMIC ACTIVITY DOWN 4.2%
*FITCH SEES 2020 U.K. GDP DOWN 3.9%
(Bloomberg) pic.twitter.com/ENW78CkxNk
12.53pm BST
BT staff are angry that the company is pressing ahead with plans to make around 40 Openreach employees redundant at the end of April as part of a restructuring programme.
Workers and the Prospect union are calling on the company to delay the redundancies, given the current pause in the jobs market, within the company and nationally.
"I feel like there is a moral obligation on a company like BT to give us more time to find another role, we're not asking for them to reverse the decision. Lots of the team have worked for BT for 20 - 30 years."
12.10pm BST
Newsflash: National Express has announced it is fully suspending its national network of scheduled coach services across the UK from midnight on Sunday.
"We kept a limited coach network running to be able to help those individuals with essential travel needs but it is no longer viable to continue to do this.
"Passenger numbers continue to fall as the public rightly follow government advice to avoid non-essential travel. The decision to temporarily suspend all services is the right one based on the current unprecedented circumstances and I hope our passengers understand this.
All of our coach services will be temporarily suspended from 23:59 on Sunday 5 April. When the time is right, we look forward to welcoming you back on board.https://t.co/gmsu38k7Ry
Stay home | Protect the NHS | Save Lives#StayHomeSaveLives pic.twitter.com/gnErjSvYr7
11.54am BST
The drop in UK employment levels last week is a very bad sign -- with further job cuts inevitable as the coronavirus crisis deepens.
So says Nye Cominetti, Senior Economist at the Resolution Foundation:
"The coronavirus-induced lockdown is having a profound impact on working families, with new ONS data showing that over a quarter of businesses have cut hours or jobs in recent weeks. This helps to explain why almost a million people have made a Universal Credit claim in the past fortnight. We have never seen this before.
"With almost half of firms saying that they have been impacted negatively by the crisis, we can expect further job losses in the near future.
27% of businesses say they have reduced staff levels in short-term
29% have decreased working hours
46% say staff have to work from home
(note: not exclusive categories)
11.24am BST
Supermarket chain Morrisons has announced its tripling its bonus for UK staff this year.
Following the surge in demand from shoppers, all frontline workers will receive a 6% bonus on their earnings for the next 12 months (corrected).
Morrisons is paying staff a special 12-month 'thank you bonus' for sterling work during coronavirus outbreak. Full time staff will be entitled to 1,050 vs 350 average last year. Another retailer doing the right thing.
11.06am BST
The ONS's new coronavirus-impact report shows that online prices rose by 1.1% last week.
That may not sound much, but it's actually a steep increase -- the UK's inflation target is for the cost of living to rise 2% over a year.
Overall prices up 1.1 per cent on the week.
That's quite a rate of inflation for heaivily used goods.....
11.00am BST
Brompton aren't the only people helping NHS staff cycle to work (see earlier post).
The Bike Club, which rents out cycles, is offering London-based frontline workers free membership for the next couple of months. That could help vital staff avoid catching viruses on the underground.
If you know any #LondonNHS & keyworkers, tell them about our free bike programme"ai We want to help them get to work more safely.
To apply, visit our post here -https://t.co/Wly3V5ylDz#freeNHSbikes #socialdistancing #jointhebikeclub #subscriptionkidsbikes
10.37am BST
Unions representing airline workers fear many more jobs will be cut unless the government helps the airline sector.
Prospect are urging ministers to heed pressure to aid companies such as Virgin Atlantic (which is seeking a state bailout), to help the wider UK aviation industry.
"The aviation industry is fighting for its survival. That means a million jobs, skills, vital regional, national and international connectivity, and the future of the economy are at risk if the government doesn't intervene.
"It is wholly unacceptable for ministers to glibly reference shareholders and a couple of unscrupulous owners as reason not to come to the industry's rescue. Perception is important and when you equate a whole industry to two or three individuals you completely dehumanise the hundreds of thousands of workers who could lose their jobs. Those workers deserve as much consideration as any other workers at this terrible time.
10.03am BST
The jump in paracetamol pricing (2.8% last week) follows a shortage of raw materials.
We reported earlier this month that wholesale prices for pain relief had spiked, forcing retailers to either push up their prices or take the hit.
Paracetamol is supply base costs rising I heard.
9.52am BST
You can read the ONS's new data on the UK economy here:
We've published our first weekly faster indicator data covering the economy and society in response to the #coronavirus pandemic.
Some of the metrics in this publication will become regular releases, while others will be one-off pieces of analysis https://t.co/1t7ZdHYna7 pic.twitter.com/qIHwHwOHma
9.47am BST
The Office for National Statistics has also found a sharp jump in prices charged online for cough and cold medicine last week.
Average online prices surged 10% between 16-22 March and 23-30 March, suggesting some retailers took advantage of rising demand (despite official warnings not to price gouge).
9.38am BST
Newsflash: A quarter of UK companies are already cutting staffing levels "in the short term" due to the coronavirus crisis.
That's according to a new survey of the British economy from the Office for National Statistics.
9.16am BST
Pets at Home has been deluged with demand since the Covid-19 crisis began.
The company, which supplies doggie chews, rabbit food, hutches, cages, bedding, vets services and cuddly animals themselves, has reported a surge in orders last month.
In the closing weeks of the financial year we have, however, experienced exceptional levels of demand, both in-store and online, as the COVID-19 crisis has developed, and have seen existing customers increase average basket size by pulling forward purchases as well as new customers access our pet products and healthcare services.
We are also providing support for the communities that need us through 1.1m of funding to nominated pet charities, a 1m crisis fund for colleagues and discounts to NHS workers as they care for the nation's health.
8.57am BST
UK energy provider Centrica has joined the (swelling) ranks of companies cancelling their dividends.
We also expect to see an increase in working capital outflows and customer bad debt, as certain customer segments defer payments due to the reduction of household incomes and business revenues.
We are following all advice from government and relevant health organisations, and as a consequence we have stopped all non-essential customer visits to minimise contact. However, our service engineers will continue to attend breakdowns, and across the business we will remain available to all our customers, whilst prioritising those who are vulnerable and may need additional support over the coming weeks.
We have several hundred UK service engineers who have volunteered to perform essential service visits to customers' homes even where there may be higher risk of Covid-19, to ensure they have continued access to heat, hot water and electricity.
8.33am BST
The oil price is surging this morning, after Donald Trump suggested that Saudi Arabia and Russia could end their price war.
Last night, the US president told reporters that:
"I have confidence in both that they'll be able to work it out,"
#Brent crude rose by nearly 12% - from $2.88 to $27.64 a barrel - on hopes of a supply deal among major oil producers led by Saudi Arabia and Russia to alleviate a price collapse triggered by coronavirus @FT https://t.co/zr5MPs7ytF
8.28am BST
European stock markets have opened higher, shaking off some of Wednesday's sharp losses.
In London, the FTSE 100 has gained 45 points, or 0.8%, having lost over 200 points yesterday. Energy companies are leading the rally, as oil prices surge back from their 17-year lows (more on this in a moment...)
8.16am BST
A couple of weeks ago Brompton Bicycle offered to lend 200 folding bikes to NHS staff at two London hospitals, free of charge, to help them get to work without having to risk infection on public transport.
Today, the company says it has been overwhelmed, with 500 healthcare workers signing up. It doesn't have enough bikes to meet demand, so Brompton is now unveiling a "Wheels for Heroes" plan to increase the number available to 1,000.
8.08am BST
In the UK, British Airways is expected to announce it will suspend tens of thousands of staff because of the coronavirus pandemic.
This would cover cabin crew, ground staff, engineers and head office employees, as BA reels from a slump in demand.
The airline, which grounded its planes at Gatwick airport earlier this week, has been negotiating with the Unite union for more than a week.
The two sides have reached a broad agreement but still need to hammer out some details, the BBC reported. A BA spokesperson said: "Talks continue."
Related: British Airways expected to suspend 36,000 staff amid coronavirus crisis
8.07am BST
The airline industry is feeling the full heat of the Covid-19 crisis.
Boeing is set to offer buyout and early retirement packages to employees, two people familiar with the matter said on Wednesday, a bid to mitigate the financial fallout from the coronavirus pandemic.
Boeing was initiating a voluntary layoff plan that allows eligible employees who want to exit the company to do so with a pay and benefits package, one of the people said.
8.03am BST
Reuters predicts that the number of Americans filing claims for unemployment benefits likely shot to a record high for a second week in a row:
"The U.S. labor market is in free-fall," said Gregory Daco, chief U.S. economist at Oxford Economics in New York. "The prospect of more stringent lockdown measures and the fact that many states have not yet been able to process the full amount of jobless claim applications suggest the worst is still to come."
Initial claims for state unemployment benefits probably raced to a seasonally adjusted 3.50 million for the week ended March 28, according to a Reuters survey of economists. Estimates in the survey were as high as 5.25 million.
The claims report "will likely reflect both newly laid-off workers as well as states catching up on previously filed claims that had not yet been captured in the system due to overwhelming demand," Wells Fargo economist Sam Bullard wrote in a note
While Friday's payroll figures are forecast to show a more-modest decline in jobs in March, they reflect data from earlier in the month before most virus-related shutdowns. So, the bigger job losses -- and an unemployment rate potentially rising by several percentage points -- are more likely to show up in the April data due in May.
7.34am BST
Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.
Focus today will be on the US initial jobless claims print, set to reach another record high
Median estimate is for 3.5mln, with a range between 800k and 6.5mln
The destructive impact of the coronavirus on the US labour market is clear for all to see pic.twitter.com/30xFcg86KA
Last week's print of just under 3.5 million is ripe for a dramatic upward revision. In particular, our US economists point out that despite California having reportedly seen one million claims through that week (according to the governor), less than 200k showed up in the number.
For this week, we are looking for another sizeable 4 million increase.
Related: 950,000 apply for universal credit in two weeks of UK lockdown
FT: Jobless claims rocket by 1m as virus delivers shock to economy #TomorrowsPapersToday pic.twitter.com/ANu9JyxAAE
With the global economy in freefall, markets have gone back to risk-off mode overnight as investors are struggling to look through President Trump's ominous forecast suggesting Americans could keep dying into June.
Now the markets dispute to come up with some alphabet letters to analogize a potential economic recovery. Still, it's going to be anything but a "V" shape recovery. That's for sure.
Continue reading...