Podcast: Surge in confirmed COVID-19 deaths spook markets
Saxo Market Call
Summary: The contours of a rebound yesterday were shattered first on new US regulation hitting Huawei and other Chinese technology companies and then rapidly surging confirmed COVID-19 deaths in Florida spooking the market. This is driving a renewed uncertainty over demand destruction as indicators suggest consumers are again changing behaviour in the Sun Belt states. Oil is following oil lower confirming our $30-40/brl range for now. We also talk about copper momentum driven by supply constraints from copper mines shut down in Chile due to COVID-19. We also talk about the Q2 earnings season starting next week and which got off to a bad start with Walgreens earnings yesterday missing estimates by 30%. Today with Peter Garnry on equities and Ole S. Hansen on commodities.
Listen to today's podcast and check out the slide deck.
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Outrageous Predictions 2023: The War Economy
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EU Army forces EU down path to full unionWith continued challenges in the region and a US military that isn't aggressively enacting its former role as global policeman, the European Union agrees to create its own armed forces, bringing the whole region closer.
A country agrees to ban all meat production by 2030In an effort to become one of the global leaders on the path to net-zero emissions, one country decides to not only put a heavy tax on meat, but to ban domestic production entirely.
UK holds UnBrexit referendumFollowing a recession and domestic pressure, the United Kingdom is thrown into political turmoil that will end with a vote to wind back Brexit.
Widespread price controls are introduced to cap official inflationHistory tells us that with the war economy comes rationing and price controls. And this time is no different, as policymakers introduce strict price controls that lead to a range of unintended consequences.
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