LOCKDOWN DAY 19
I hope everyone had a safe and blessed Easter.
Yesterday, the South African rand weakened against the US dollar.
- On Thursday, April 9, the market learned that the economy was even worse than most had thought, as the Labor Department reported that another 6.6 million Americans had joined the ranks of the jobless. That meant that in just a three-week period, about 16 million Americans, or 10% of the workforce had been sent to the unemployment line. To the naked eye, it looked like the U.S. economy was in freefall and with no hope of avoiding a downturn that would rival the Great Depression. The Federal Reserve has taken unprecedented actions to save the economy during the coronavirus crisis.
- The spring meetings of the World Bank and IMF will be held virtually this week amid a profound economic crisis spurred by the COVID-19 pandemic.
- President Trump has taken to twitter tweeting “having been involved in the negotiations, to put it mildly, the number that OPEC+ is looking to cut is 20 Million Barrels a day, not the 10 Million that is generally being reported. If anything near this happens, and the World gets back to business from the Covid 19”.
- The Producer price index (PPI) came in better-than-expected on a monthly basis in March.
- The Michigan consumer sentiment index deteriorated to a 9-year low in April, as coronavirus slammed the economy.
- The consumer price index (CPI) fell by the most in more than five years in March.
- Meanwhile, the Federal Reserve (Fed) Bank of Cleveland President, Loretta Mester, stated that the US central bank has probably not reached the end of its emergency actions to shelter the economy from the coronavirus pandemic.
- The yield on benchmark government bonds ended lower on Thursday. The yield on 2021 bond dropped to reach 5.00% while that for the longer-dated 2030 issue fell to 10.82%.
In early trade on Tuesday, the US dollar is trading 0.4% lower against the South African rand at R18.0565, while the euro is trading marginally lower at R19.7744. The British pound has gained 0.1% against the South African rand to trade at R22.6874.
Yesterday, the euro declined against most of the major currencies.
- The European Central Bank’s (ECB) recent monetary policy meeting accounts showed that the policymakers feared a rapid deterioration of the eurozone economy amid the coronavirus crisis but were far from united when they approved emergency measures.
- On the data front, German trade surplus widened in February.
- UK Government is looking to extend lockdown till 7th May 2020.
Yesterday, the euro advanced 0.3% against the US dollar to trade at $1.0948, while it has weakened 0.1% against the British pound to trade at GBP0.8717.
NOVEL CORONAVIRUS STATS
1,911,994 confirmed cases
119,311 reported deaths
Last updated Apr 14, 2020
The following link takes you to the presentation by Professor Karim to the Nation on Monday evening at 20h00. Karim, a world-renowned figure in the field of HIV research and epidemiology, is the chairperson of a Ministerial Advisory Committee (MAC) made up of more than 20 professors, doctors and scientists who advise Mkhize and the National Command Council chaired by President Cyril Ramaphosa.