Lockdown DAY 25 07 HOURS 24 MINUTES
By the close of trade on Monday, the South African rand weakened against the US dollar.
- The South African government announced that it would increase welfare provision to help poor households suffering because of the lockdown.
- In the US, the Chicago Fed national activity index declined in March. Meanwhile, the US Treasury Secretary, Steven Mnuchin, stated that the US government was close to reaching a deal to replenish a roughly $350.00bn small-business recovery programme.
- Trump suspends all future immigration to the US which will be carried out via executive order.
- The US is monitoring intelligence that North Korea’s leader, Kim Jong Un, is in grave danger after a surgery. The White House is closely studying the line of succession which is adding to the rumour mill that the North Korean president is in a coma.
- China’s crude oil futures edged down 3 percent on Tuesday’s opening, following an overnight slide from a major US oil benchmark into unprecedented negative territory. Analysts say the historic drop in oil prices offers China, a major source of oil imports, a good opportunity to “bottom out” certain oil assets and scale up strategic reserves.
- The yield on benchmark government bonds dropped yesterday. The yield on 2021 bond declined to 4.31% while that for the longer-dated 2030 issue fell to 10.29%.
In early trade on Tuesday, the US dollar is trading marginally higher against the South African rand at R18.8596, while the euro is trading 0.3% lower at R20.4262. The British pound has declined 0.2% against the South African rand to trade at R23.3840.
By the close of trade on Monday, the euro mostly advanced against most of the major currencies.
- The eurozone’s seasonally adjusted trade surplus widened in February.
- In contrast, the region’s producer price index (PPI) further dropped on an annual basis in March.
- Meanwhile, the German Bundesbank, in its monthly report, announced that the nation’s economy is expected to stay in a severe recession in 2020 and noted that the recovery was unlikely to be “quick and robust” due to coronavirus-related restrictions.
In early trade on Tuesday, the euro has slipped 0.3% against the US dollar to trade at $1.0831, while it has marginally gained against the British pound to trade at GBP0.8735.
NOVEL CORONAVIRUS MAP
2,469,325 confirmed cases
169,686 reported deaths
Last updated Apr 21, 2020