Weekly Economic Perspectives: An Update on COVID-19 Economic Impacts
Last Week’s Highlights
The Economy: An update on Covid-19 economic impact. Data didn’t seem to matter this week as markets traded on virus news/fears. US housing data continued to impress. Canada’s Q4 GDP was underwhelming. Consumer sentiment improved in the UK. German unemployment remained low. The unemployment rate ticked up in Japan. Capex contracted in Australia.
The Market: Violent risk-off sentiment drives stocks to worst week since 2009. Bond yields jolt violently lower and US 10-year yields hit record lows. The dollar loses ground on virus worries and Fed cut expectations. Oil plummets; gold suddenly gives back much of its earlier gains.
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